ESTIMATING A PREDICTION MODEL FOR SHARE PRICE BASED ON THE INFLUENCE OF THE BOARD ATTRIBUTES IN NIGERIA

Share price plays an important role in determining a firm's value. However, existing studies mainly focus on the role of the organizational bottom line in influencing the share price. Also, these studies lack empirical studies. This study therefore explores the effects of the board of directors on the share price of the 153 publicly traded companies in Nigeria examined for 10 years (2014-2023). Board attributes are proxied in this paper by board gender diversity, board independence, and board size. The share price is the closing share price at the year's end. A mixed method of quantitative analysis was employed using a panel regression model. After accounting for diagnostic tests, the findings show that board gender diversity, board independence, board size, and firm profitability have significant effects on the share price. However, in contrast, firm size and firm leverage have no significant effects. Given these results, we conclude that board gender diversity, board independence, and board size, firm profitability are drivers of share price among listed companies in Nigeria. However, the study relies on three board attributes, which may not capture all board characteristics. Also, the study uses 10-year panel data, which may not be sufficient. Nonetheless, the study is novel, as it is the first to examine the nexus between board attributes and share price in Nigeria.