CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANIES IN NIGERIA
Abstract
The broad objective of this study is to examine the effect of corporate governance practices on the financial performance of listed manufacturing companies in Nigeria. Specifically, the study seeks to determine how board independence, board size, board gender diversity, and board meeting frequency influence the return of equity(ROE) of listed manufacturing companies in Nigeria. The study employed an ex post facto research design and utilized secondary data collected from published annual reports and financial statements of 24 manufacturing companies listed on the Nigerian Exchange Group from 2020 to 2024. Data were analyzed using fixed-effects and random-effects regression models. The findings revealed that board independence, board gender diversity, and board meeting frequency had positive and statistically significant effects on return on equity, while board size had a negative but statistically insignificant effect. The study concludes that corporate governance attributes such as board independence, board gender diversity, and meeting frequency significantly influence the financial performance of listed manufacturing firms in Nigeria. The study recommends strengthening governance frameworks and promoting boards that are active, independent, and gender-diverse to enhance firm profitability and strategic oversight.
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