BOARD GENDER DIVERSITY AND SIZE: IMPLICATION ON THE MARKET PRICEPER SHARE OF LISTED MANUFACTURING COMPANIES IN NIGERIA

Abstract

This study examines the effect of board gender diversity and board size on the market price
per share of listed manufacturing companies in Nigeria. The study population consists of
sixty-three manufacturing companies whose shares are listed on the Nigerian stock
exchange between 2008 and 2018. A sample size of fifty-one firms was selected using some
filters. The data were collected from annual reports and accounts of the sampled
companies for eleven years from 2008 to 2018. Multiple regression with Ordinary Least
Square (OLS) estimation technique was used to test the study hypotheses through STATA
software version 13.0. Board size and board gender diversity have a significant positive
impact on the market price per share. However, It is, therefore, recommended that for the
effective and efficient discharge of the responsibilities of the board of directors of listed
manufacturing firms, there should be an appropriate balance of skills and diversity
(including experience and gender) without compromising competence, independence and
integrity of the board and not just its size. Emphases should be on the quality of members
on the board (male or female), as this will go a long way in creating enabling atmospheric
conditions for enhanced productivity and profit maximization that could enhance the
wealth of the shareholders.