Board Gender Diversity and Sustainable Market Value of Listed Conglomerate Business Firms in Nigeria

Abstract

The extent to which board gender diversity contributes to long-term market stability and shareholder value in Nigerian business firms remains underexplored. Therefore, the study examined the nexus between board gender diversity and Sustainable Market Value of listed conglomerate business firms in Nigeria. The study employed a causal comparative research design with a population of 173 listed conglomerate business firms in Nigeria, as documented by the Nigerian Exchange Group. A combination of purposive and random sampling techniques was used to select a sample size of the Big Five (5) business firms in Nigeria. These business firms in Nigeria were selected based on the prompt availability of their annual financial statement and performance in the markets. These business firms are Dangote Flour Mill, Unilever, Berger Paint, BUA Cement, and PZ Cussons. Data were obtained from the audited annual financial statements of the selected business firms in Nigeria (2014 – 2023). Descriptive and regression analyses were used to test the research hypotheses. The EViews 13.0 version software was used to analyse the data. The findings of this study revealed that female representation on corporate boards positively influence the Sustainable Market Value of listed conglomerate business firms in Nigeria. Based on these findings, the implication for the study was that female managers and other key stakeholders should incorporate board gender policies and regulations to improve the Sustainable Market Value. Stakeholders should formulate strategies and policies that will enhance board gender diversity and improve the Sustainable Market Value in Nigeria.