Corporate Board Diversity and Performance of Deposit Money Banks in Nigeria
Ogboi Charles PhD; Aderimiki Victor Opemipo; Enilolobo Oluwafemi Sunday PhD

Abstract
This study investigated the relationship between corporate board diversity and performance of quoted deposit money banks in Nigeria. The aspects of board diversity studied consist of gender diversity, ethnic diversity, board composition, and foreign directorship. Return on asset (ROA) and Tobin Q were used as performance indicators. The fixed effect Generalized Least Square Regression was used to examine the effect of board diversity on bank performance for the period: 2011-2015. Results showed that gender diversity and board composition was positively linked to financial performance, while ethnic diversity and foreign directorship were not significantly related to financial performance. The results also revealed that ethnic diversity is positively related to market performance, while board composition and foreign directorship are negatively related to market performance. The study recommends among other things, that there should be more representation of female directors on corporate boards and that hiring of foreign directors should be discouraged by Deposit Money Banks in Nigeria.

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