Impact of board independence and gender diversity on corporate performance among quoted firms in Nigeria

This study examines the influence of board independence and gender diversity on corporate performance among 153 quoted Nigerian firms, utilizing balanced panel data from 2015 to 2024. The problem motivating the research is persistent mixed evidence on whether independent directors and greater female representation enhance firm value in emerging markets, and the scarcity of comprehensive Nigeria-specific longitudinal analyses. The purpose is to estimate the distinct and joint effects of board independence and female board representation on financial performance measures (ROA, ROE, and Tobin’s Q), controlling for firm size, leverage, and liquidity. Methodology employs panel regression techniques—fixed and random effects, Hausman tests for specification, and robustness checks including clustered standard errors and instrumental-variable estimation to address endogeneity. Findings indicate that board independence has a modest positive association with market-based performance, while gender diversity exhibits stronger and more consistent positive effects on both accounting and market performance; the interaction term suggests complementary benefits when independence and gender diversity coexist. Research limitations include potential measurement error from disclosure variance and remaining endogeneity concerns. Practical and social implications encourage regulators and firms to promote balanced boards to strengthen performance and stakeholder trust. Originality lies in combining a decade-long Nigeria-wide sample with rigorous causal checks to clarify governance–performance links.