Factors Influencing Board Gender Diversity in the Nigerian Capital Market

This study examines the internal and structural factors that influence gender diversity on the boards of publicly listed companies in Nigeria. To investigate this issue, a sample of 80 publicly listed companies on the Nigerian stock exchange from 2005 to 2015 was examined through ordinary least squares (OLS), Two-limit Tobit and Probit estimation techniques. According to the findings, board size, independence, ownership concentration, company size, and industry are significantly and positively associated with women’s representation on corporate boards. However, CEO gender and foreign directorship are negative. These findings suggest that these factors may shape the gender makeup of Nigerian companies’ boards of directors. Hence, in a country with weak institutional frameworks like Nigeria, companies themselves can promote good corporate governance through gender. This study sheds insight on internal governance and structural factors influencing women’s representation and adds to the body of literature already accessible on ethical and equality concerns for women’s representation on corporate boards.