Programme: Accounting
Permanent URI for this collectionhttp://itsupport.cu.edu.ng:4000/handle/123456789/28786
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Item Women on Corporate Boards and Their Influence on Firm Performance in Nigeria: Evidence From Panel Data Analysis(African Development Review, 2025) Ehikioya, Benjamin Ighodalo; Omankhanlen, Alexander Ehimare; Mac-Ozigbo, Ada; Okoye, Lawrence Uchenna; Ufua, Daniel EbakoleanehThere have been concerns about the impact gender inequality and board composition could have on the performance of firms, especially in emerging economies. Effective board composition is an essential factor in modern organisations. Thus, this study examines whether female inclusion in company boards impacts the performance of publicly traded firms in Nigeria from 2013 to 2022. The study employed data from firms trading on the Nigerian Exchange Group from 2013 to 2022, the Fixed Effects model for analysis and two-stage least squares for robustness checks. The empirical findings show that female inclusion in corporate boards positively impacts firm performance in Nigeria. The study also explores board experience and age diversity to address the issue of cognitive as well as demographic diversity. The impact of female inclusion in corporate boards is significant when the directors have experience in board matters and possess a minimum of a bachelor's degree or comparable professional qualifications. After addressing the likelihood of endogeneity problems associated with governance variables, the results from the robustness checks remain the same. The findings imply that firms should promote board gender diversity as well as engage experienced and educated female directors in board-related matters to enhance good governance and firm performance.Item A Cointegration Analysis of the Impact of Selected Macroeconomic Fundamentals on Stock Market Performance in Nigeria(Academy of Strategic Management Journal Vol: 20, 2021) Ehikioya, Benjamin Ighodalo; Omankhanlen, Alexander Ehimare; Omodero, Cordelia Onyinyechi; Isibor, Areghan Akhanolu; Akinjare, Victoria Abosede; Okoye, Lawrence UchennaThe stock market and macroeconomic fundamental variables are important elements with a significant impact on economic growth and development. Thus, using the Johansen cointegration technique and the Vector Error Correction Model, this paper examines the connection between stock market performance and macroeconomic fundamentals in Nigeria. The study employs data from the Nigerian Stock Exchange and the Central Bank of Nigeria from 2010 to 2019. The findings from the empirical analysis reveal evidence that a long-run equilibrium connection exists between stock market prices and several macroeconomic factors in Nigeria. The result of the study indicates that the exchange rate and inflation exerts a negative influence on stock prices. A positive connection exists between money supply, crude oil prices, financial openness and stock prices in Nigeria. However, the result from the post-2016 economic recession reveals a negative and significant influence of crude oil prices on stock prices while all other variables maintain their direction of relationship with stock prices. This result implies that there is a need for the government to embark on aggressive economic diversification to other sectors of the economy. Also, the government must reduce the interest rate to encourage investment in the stock market, in addition to creating an enabling environment through policies and programs that would stimulate the economy and boost investors’ confidence.Item An Empirical Investigation of the Impact of Ownership and Board Structure on Capital Structure of Listed Firms in Sub-Sahara African Countries(Academy of Strategic Management Journal, 2021) Ehikioya, Benjamin Ighodalo; Omankhanlen, Alexander Ehimare; Inua, Ofe Iwiyisi; Okoye, Lawrence Uchenna; Okafor, T. C.