CEO Characteristics and the Profitability of Listed Firms in Nigeria

This study examines the influence of CEO characteristics on the profitability of 148 firms listed on the Nigerian Exchange (NGX) from 2019 to 2025. Utilizing a robust panel regression framework, the research evaluates how CEO age, education, tenure, and gender impact Return on Assets (ROA) and Return on Equity (ROE), while controlling for firm-specific (size, leverage, liquidity, asset tangibility, sales growth, age, earnings volatility, diversification, and risk management) and macroeconomic variables (GDP growth, inflation, FX exposure, political connections, and regulatory stringency). The findings suggest that CEO education and tenure have a statistically significant positive effect on profitability, whereas the impact of CEO age is non-linear. The study further reveals that political connections significantly moderate the relationship between CEO characteristics and firm performance in the Nigerian context. These results provide critical insights for boards of directors and investors regarding the optimal composition of executive leadership in emerging markets.