A meta-analysis of female directors and instability in firm value in Nigeria

This paper investigates the effects of female directors on corporate value in the Nigerian institutional context. The sample consists of 99 listed firms after excluding 57 companies with regulatory compliance challenge. The study data covers a period of ten (10) years (2012 - 2021). The data is hand-picked from the annual reports and accounts of the sampled firms and analysed through multiple regression models. Model 1 shows that a higher proportion of female directors, either as board member, CEO, member of audit committee, nomination committee, remuneration committee and risk committee is associated with a higher level of firm value. The positive effects of female directors on firm value is important to regulators, shareholders, boards of directors, CEOs, lenders, and other corporate stakeholders. The association between female directors and firm value is significant. This result calls for greater inclusion of women in the boards of directors of listed firms in Nigeria, in particular, and generally in other emerging markets. These findings indicate the importance of considering the inclusion of more women when appointing boards of directors for corporations in Nigeria.