Attributes of Board of Directors and Organizational Performance: A Case of Information and Communication Technology Companies in Nigeria

Abstract

There are evidences revealing that attributes of the corporate board contribute to increased organizational performance; however, studies are not forthcoming coming as to whether certain attributes of the board of directors like board diversity and board meetings may drive the performance of information and communication technology companies in Nigeria. Consequently, this study was carried out with the view to assessing whether attributes of the board of directors drive the performance of information and communication technology companies in Nigeria. Using ex-post facto research design, secondary data were gotten from financial statements of quoted information and communication technology companies on the floor of the Nigerian Exchange Group from 2012-2021. Data obtained were analyzed via descriptive and inferential statistical techniques. In specific, the fixed and random effect regression model showed that board diversity and board meetings contribute significantly to driving the performance of information and communication technology companies. Remarkably, it was found that while board diversity negatively drives performance, board meetings positively drive the performance of information and communication technology companies in Nigeria. In view of the findings, this study recommended that the management of information and communication technology companies should increase the number of board meetings while at the same time, keeping a moderate level of gender diversity in the boardroom in order to ensure increased market-to-book-value of their company.