EXECUTIVE GOVERNANCE QUALITY AND FINANCIAL PERFORMANCE OF LISTED FIRMS IN NIGERIA

This study examines the impact of executive governance quality on the financial performance of listed firms in Nigeria from 2015 to 2024. Executive governance quality is proxied by board educational qualification (BEDU), foreign board composition (FBCO), and board gender diversity (BOGD), while financial performance is measured by return on assets (ROA), with earnings per share (EPS) as a control variable. The research addresses gaps in corporate governance literature, particularly in emerging markets like Nigeria, where board characteristics influence firm outcomes amid economic volatility and regulatory challenges. Employing an ex-post facto design, the study analyzes secondary data from 53 purposively selected firms (530 observations) on the Nigerian Exchange Group (NGX). Pooled Ordinary Least Squares (OLS) regression is used, supplemented by robust regression to address heteroscedasticity. Diagnostic tests, including descriptive statistics, Spearman correlation, Variance Inflation Factor (VIF), and Breusch-Pagan tests, confirm model validity. Results from robust regression reveal that BEDU has a positive but insignificant effect on ROA (coef. = 0.459, p = 0.471), leading to acceptance of the null hypothesis. In contrast, FBCO (coef. = 0.059, p = 0.007) and BOGD (coef. = 0.059, p = 0.001) exhibit significant positive effects, rejecting their null hypotheses. EPS shows a strong positive influence (coef. = 0.956, p = 0.000). The model explains 71% of variations in ROA (R² = 0.710). Findings underscore the importance of diverse and internationally oriented boards for enhancing financial performance. Recommendations include policy reforms to promote gender diversity and foreign expertise in Nigerian boardrooms, contributing to sustainable corporate growth and investor confidence.