Relationship between Gender Diversity and Board Size on Corporate Performance of Listed Insurance Firms in Nigeria

Abstract

The heterogeneity of the board is a sensitive issue because theories emphasized on how important it is to have female directors. Therefore, this study examined the female on board and board size on the corporate performance of listed insurance firms in Nigeria. uses a sample of 25 insurance firms for the years 2011 through 2021. The MachameRatios Database and the annual reports of the sampled companies from the Nigerian Stock Exchange provided the study's data, which were then analyzed using ordinary least square regression. The study discovered that the financial success of businesses is influenced by female directors and board size. The results supported the argument that gender diversity enhances the financial outcomes of firms. Therefore, the study recommended that the management of insurance firms should have the right board member consisting of women inclusion to increase financial performance. The regulators or policymakers should make sure firms in NSC maintain the appropriate board size by ensuring that corporate governance code compliance is painstaking.