• Adebowale OGUNSOLA
  • Amos Oluwatimilehin AWE
Keywords: Board characteristics, company’s value


The study investigated institutional ownership, board characteristics and firm’s value in Nigeria. The population of the study comprised 21 consumer goods companies listed on Nigerian Exchange as at 31st December 2021, while 10 firms were randomly picked as sample size using predetermined criteria. The data used for the study covered a period from 2012 to 2021, and analyzed using GLS Regression Model. Results showed that the influence of board size on company’s value is positive and substantial. It was also revealed that board independence negatively and significantly affects company’s value. Moreover, findings showed that board expertise has insignificant negative effect on company’s value among the studied companies. Results further showed that institutional ownership positively and significantly moderates the impact of board characteristics on company’s value. It is concluded that board size and board independence are likely to positively and negatively influence company’s value respectively, meanwhile the possibility of financial expertise influencing company’s value is negligible. Besides, institutional ownership is likely to moderate the impact of board characteristics on firm’s value. Therefore, it is recommended for companies to focus more on institutional ownership to improve the value of their companies.


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