Moderating Role of Board Gender Diversity on Credit and Market Risks Information Disclosure and Market Value of Listed Companies in Financial Sector of Nigeria

The study examines the moderating role of board gender diversity on the relationship between credit and market risk information disclosure and market value of listed companies in Nigeria's financial sector. Using a Generalized Method of Moments (GMM) approach, the analysis covers a sample of 432 company-year observations. The results reveal a significant negative relationship between credit risk information disclosure and firm market value, while market risk information disclosure has a positive effect on market value. Additionally, board gender diversity moderates these relationships differently: it reduces the negative impact of credit risk information disclosure on market value but diminishes the positive effect of market risk information disclosure. The study highlights the critical role of board gender diversity in influencing how risk information is perceived by the market. Diverse boards, particularly those involving women, bring varied perspectives that improve governance and risk management, helping firms manage investors’ reactions to risk information disclosures. Based on the findings, the study recommends that listed companies in the financial sector of Nigeria should increase board gender diversity by involving women, adopt balanced risk communication strategies, and leverage diverse boards for more effective governance. The results have important implications for policymakers, corporate governance practitioners, and investors, emphasizing the need for robust and transparent risk information disclosure frameworks within the financial sector