Board gender diversity and firm performance nexus: a literature review of recent research from Nigeria
DOI:
https://doi.org/10.26661/2522-1566/2025-3/33-03Keywords:
board diversity, gender diversity, firm performance, NigeriaAbstract
This study aimed to review recent empirical research on the relationship between board gender diversity (BGD) and firm performance, with a specific focus on the Nigerian context. The study employed a literature review based on 24 empirical studies. The peer-reviewed articles were searched and extracted from the Google Scholar and African Journals Online databases. The study meticulously analysed the 24 articles to provide an overview of the current relationship between BGD and firm performance. The articles included in this review were peer-reviewed empirical papers with a focus on Nigeria, published not earlier than 2020. The review indicated that a majority of the articles supported the significant and positive effect of BGD on firm financial performance. Our results demonstrate the considerable attention paid to financial performance compared to other performance aspects. However, literature emphasized the importance of BGD for furthering social and environmental performance. Therefore, BGD contributes to different firm performance parameters. The review also highlighted that the empirical evidence of the relationship is fragmented, yet studies have not fully articulated the contextual influences by identifying mediators and moderators. In this regard, research has not evolved substantially beyond the simple linear relationship, which limits the ability to develop and internalize best practices with wide acceptance and application. A linear research focus contributes to the uncertainty about the performance benefits of BGD, providing limited insights for the Nigerian firms. To make progress in research, future studies should be informed by the need to enhance our understanding of how BGD affects firm performance and whether it plays other contextual roles that impact firm performance. This is the first study to review recent empirical research on BGD and firm performance in Nigeria, thereby enhancing our current understanding by integrating the findings of various studies.
JEL Classification: M10, M140, L250
References
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Adamu, A. I., Yusuf, I., & Bala, A. J. (2024). Do gender diversity and CEO culture affect sustainability performance in the Nigerian banking industry? Journal of Central Banking Law and Institutions, 3(1), 37–56. https://doi.org/10.21098/jcli.v3i1.168
Adekunle, S. A., Okere, O. O., Kokogho, E., Kokogho, E., & Odio, P. E. (2024). Board characteristics and corporate performance: Evidence from the Nigerian oil and gas companies. Oradea Journal of Business and Economics, 9(1), 87–97. https://doi.org/10.47535/1991ojbe184
Afolabi, B., Aribaba, O. F., Ahmodu, L. O., Akinrinola, O. M., & Oyadendan, E. A. (2022). Board gender diversity and financial performance of listed deposit money banks in Nigeria. Gender and Behavior, 20(4), 20754–20762.
Ahiase, G., Nugraha, N., Sari, M., Andriana, D., Kpodo, C. P., & Ampomah, P. (2024). Board gender diversity and financial stability: The moderating effect of board independence. Jurnal Aset, 16(1), 151–162.
Ali, M. A., & Aminu, Y. I. (2021). Board attributes and financial performance of listed oil and gas companies in Nigeria. Lapai Journal of Economics, 5(1), 109–122.
Bui, H., & Krajcsák, Z. (2023). The impacts of corporate governance on firms’ performance: from theories and approaches to empirical findings. Journal of Financial Regulation and Compliance, 32(1), 18–46. https://doi.org/10.1108/jfrc-01-2023-0012
Chijoke-Mgbame, A. M., Boateng, A., & Mgbame, C. O. (2020). Board gender diversity, audit committee and financial performance: evidence from Nigeria. Accounting Forum, 44(3), 262–286. https://doi.org/10.1080/01559982.2020.1766280
Egbunike, C. F., Igbinovia, I. M., Oranefo, C. P., & Iyoha, A. I. (2023). Gender heterogeneity in the boardroom and corporate sustainability performance of quoted manufacturing firms in Nigeria. Asian Journal of Accounting Research, 8(4), 334–347. https://doi.org/10.1108/ajar-01-2022-0014
Elaigwu, M., Ugwu, J. I., Alghorbany, A., Ngwoke, O. M., Ude, A. O., Desmond, O. C., & Audu, P. (2024). Sustainability disclosure quality of Nigerian listed firms: the role of female leadership, board communication, and external assurance. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2376774
Erin, O., Adegboye, A., & Bamigboye, O. A. (2021). Corporate governance and sustainability reporting quality: evidence from Nigeria. Sustainability Accounting Management and Policy Journal, 13(3), 680–707. https://doi.org/10.1108/sampj-06-2020-0185
Herbert, W. E., & Agwor, T. C. (2021). Board composition and corporate performance: X-raying the Nexus in Nigerian banks. Global Business Review. https://doi.org/10.1177/09721509211049593
Igbekoyi, O. E., Adegbayibi, A. T., & Adesina, A. S. (2021). Female Directors and Corporate social performance of listed deposit Money Banks in Nigeria. Journal of African Research in Business & Technology, 1–14. https://doi.org/10.5171/2021.811467
International Finance Corporation. (2019). Women on boards in Nigeria. Washington DC: International Finance Corporation
Isola, W. A., Adeleye, B. N., & Olohunlana, A. O. (2020). Boardroom female participation, intellectual capital efficiency and firm performance in developing countries. Journal of Economics Finance and Administrative Science, 25(50), 413–424. https://doi.org/10.1108/jefas-03-2019-0034
Jayaraman, J., Smita, R., & Nilakantan, N. (2025). The impact of board gender diversity on firm performance: Does critical mass matter? Journal of Applied Accounting Research. https://doi.org/10.1108/jaar-12-2022-0336
Kabara, A. S., Khatib, S. F. A., Bazhair, A. H., & Sulimany, H. G. H. (2022). The Effect of the Board’s Educational and Gender Diversity on the Firms’ Performance: Evidence from Non-Financial Firms in Developing Country. Sustainability, 14(17), 11058. https://doi.org/10.3390/su141711058
Kabir, A., Ikra, S. S., Saona, P., & Azad, M. a. K. (2023). Board gender diversity and firm performance: new evidence from cultural diversity in the boardroom. LBS Journal of Management & Research, 21(1), 1–12. https://doi.org/10.1108/lbsjmr-06-2022-0022
Lee, K. W., & Thong, T. Y. (2023). Board gender diversity, firm performance and corporate financial distress risk: international evidence from tourism industry. Equality Diversity and Inclusion an International Journal, 42(4), 530–550. https://doi.org/10.1108/edi-11-2021-0283
Low, D. C., Roberts, H., & Whiting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35, 381–401. https://doi.org/10.1016/j.pacfin.2015.02.008
Marquez-Cardenas, V., Gonzalez-Ruiz, J. D., & Duque-Grisales, E. (2022). Board gender diversity and firm performance: evidence from Latin America. Journal of Sustainable Finance & Investment, 12(3), 785–808. https://doi.org/10.1080/20430795.2021.2017256
Mensah, E., & Onumah, J. M. (2023). Women on boards, firm earnings management (EM) and performance nexus: does gender diversity moderate the EM–performance relationship? Corporate Governance, 23(5), 945–976. https://doi.org/10.1108/cg-06-2022-0262
Mustapha, F. G., Adamu, I. A., & Abdullahi, Z. (2024). Why is Gender Diversity Important for Corporate Boards? Deleted Journal. https://doi.org/10.47852/bonviewjcbar42022467
Mwakitalima, H., & Mnzava, B. (2023). Board Characteristics and Bank Performance: Evidence from Selected African Countries. African Journal of Accounting and Social Sciences, 5(2), 144–167.
Olanrewaju, I. S., Ishola, A. K., Nurudeen, S. O., & Ayuba, I. A. (2020). Impact of board diversity on corporate social responsibility of listed oil and gas firms in Nigeria. International Journal of Management and Sustainability, 9(4), 194–206. https://doi.org/10.18488/journal.11.2020.94.194.206
Okeyide, O.D. (2023). Does the presence of ethnic and gender diverse directorships impact firm performance? A Multisector Study of Board Diversity in Nigeria. In: Mordi, C., Ajonbadi, H.A., Adekoya, O.D., Adisa, T.A. (eds) Managing Human Resources in Africa. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-33878-6_7
Okoyeuzu, C., Ujunwa, A., Ujunwa, A. I., & Onah, E. O. (2021). Independent board, gender diversity and bank performance in Nigeria: a system-GMM approach. Gender in Management an International Journal, 36(6), 677–696. https://doi.org/10.1108/gm-04-2020-0129
Omenihu, C. M., Abdrakhmanova, M., & Koufopoulos, D. N. (2025). Board Gender Diversity and Environmental, Social, and Governance (ESG) disclosure in developed countries. Administrative Sciences, 15(4), 141. https://doi.org/10.3390/admsci15040141
Osahon, O. H. & Hassan, Y. G. (2021). Board Cultural Diversity and Firm Performance. Humanities and Social Sciences Letters, 9(2), 152–161. https://doi.org/10.18488/journal.73.2021.92.152.161
Trireksani, T., Djajadikerta, H. G., Kamran, M., & Butt, P. (2024). The impact of country characteristics on Board Gender Diversity and Sustainability Performance: A Global Perspective. Sustainability, 16(7), 3057. https://doi.org/10.3390/su16073057
Tuo, S. J., Chang, L., Tesfagebreal, M., & Edjoukou, A. J. R. (2021). Gender diversity inclusive board structure and firm performance: Evidence from West Africa. Journal of Corporate Accounting & Finance, 32(4), 118–131. https://doi.org/10.1002/jcaf.22519
Urhoghide, O. R., & Obera, O. J. J. (2020). Board attributes and financial performance of food and beverage companies quoted on the Nigerian Stock Exchange. Lapai Journal of Economics, 4(2), 42–55
Pal, K. K., Piaget, K., Baller, S., & Zahidi, S. (2024). Global gender gap 2024 – Insight report. Geneva: World Economic Forum
Zhang, L. (2020). An institutional approach to gender diversity and firm performance. Organization Science, 31(2), 439–457. https://doi.org/10.1287/orsc.2019.1297
Adamu, A. I., Yusuf, I., & Bala, A. J. (2024). Do gender diversity and CEO culture affect sustainability performance in the Nigerian banking industry? Journal of Central Banking Law and Institutions, 3(1), 37–56. https://doi.org/10.21098/jcli.v3i1.168
Adekunle, S. A., Okere, O. O., Kokogho, E., Kokogho, E., & Odio, P. E. (2024). Board characteristics and corporate performance: Evidence from the Nigerian oil and gas companies. Oradea Journal of Business and Economics, 9(1), 87–97. https://doi.org/10.47535/1991ojbe184
Afolabi, B., Aribaba, O. F., Ahmodu, L. O., Akinrinola, O. M., & Oyadendan, E. A. (2022). Board gender diversity and financial performance of listed deposit money banks in Nigeria. Gender and Behavior, 20(4), 20754–20762.
Ahiase, G., Nugraha, N., Sari, M., Andriana, D., Kpodo, C. P., & Ampomah, P. (2024). Board gender diversity and financial stability: The moderating effect of board independence. Jurnal Aset, 16(1), 151–162.
Ali, M. A., & Aminu, Y. I. (2021). Board attributes and financial performance of listed oil and gas companies in Nigeria. Lapai Journal of Economics, 5(1), 109–122.
Bui, H., & Krajcsák, Z. (2023). The impacts of corporate governance on firms’ performance: from theories and approaches to empirical findings. Journal of Financial Regulation and Compliance, 32(1), 18–46. https://doi.org/10.1108/jfrc-01-2023-0012
Chijoke-Mgbame, A. M., Boateng, A., & Mgbame, C. O. (2020). Board gender diversity, audit committee and financial performance: evidence from Nigeria. Accounting Forum, 44(3), 262–286. https://doi.org/10.1080/01559982.2020.1766280
Egbunike, C. F., Igbinovia, I. M., Oranefo, C. P., & Iyoha, A. I. (2023). Gender heterogeneity in the boardroom and corporate sustainability performance of quoted manufacturing firms in Nigeria. Asian Journal of Accounting Research, 8(4), 334–347. https://doi.org/10.1108/ajar-01-2022-0014
Elaigwu, M., Ugwu, J. I., Alghorbany, A., Ngwoke, O. M., Ude, A. O., Desmond, O. C., & Audu, P. (2024). Sustainability disclosure quality of Nigerian listed firms: the role of female leadership, board communication, and external assurance. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2376774
Erin, O., Adegboye, A., & Bamigboye, O. A. (2021). Corporate governance and sustainability reporting quality: evidence from Nigeria. Sustainability Accounting Management and Policy Journal, 13(3), 680–707. https://doi.org/10.1108/sampj-06-2020-0185
Herbert, W. E., & Agwor, T. C. (2021). Board composition and corporate performance: X-raying the Nexus in Nigerian banks. Global Business Review. https://doi.org/10.1177/09721509211049593
Igbekoyi, O. E., Adegbayibi, A. T., & Adesina, A. S. (2021). Female Directors and Corporate social performance of listed deposit Money Banks in Nigeria. Journal of African Research in Business & Technology, 1–14. https://doi.org/10.5171/2021.811467
International Finance Corporation. (2019). Women on boards in Nigeria. Washington DC: International Finance Corporation
Isola, W. A., Adeleye, B. N., & Olohunlana, A. O. (2020). Boardroom female participation, intellectual capital efficiency and firm performance in developing countries. Journal of Economics Finance and Administrative Science, 25(50), 413–424. https://doi.org/10.1108/jefas-03-2019-0034
Jayaraman, J., Smita, R., & Nilakantan, N. (2025). The impact of board gender diversity on firm performance: Does critical mass matter? Journal of Applied Accounting Research. https://doi.org/10.1108/jaar-12-2022-0336
Kabara, A. S., Khatib, S. F. A., Bazhair, A. H., & Sulimany, H. G. H. (2022). The Effect of the Board’s Educational and Gender Diversity on the Firms’ Performance: Evidence from Non-Financial Firms in Developing Country. Sustainability, 14(17), 11058. https://doi.org/10.3390/su141711058
Kabir, A., Ikra, S. S., Saona, P., & Azad, M. a. K. (2023). Board gender diversity and firm performance: new evidence from cultural diversity in the boardroom. LBS Journal of Management & Research, 21(1), 1–12. https://doi.org/10.1108/lbsjmr-06-2022-0022
Lee, K. W., & Thong, T. Y. (2023). Board gender diversity, firm performance and corporate financial distress risk: international evidence from tourism industry. Equality Diversity and Inclusion an International Journal, 42(4), 530–550. https://doi.org/10.1108/edi-11-2021-0283
Low, D. C., Roberts, H., & Whiting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35, 381–401. https://doi.org/10.1016/j.pacfin.2015.02.008
Marquez-Cardenas, V., Gonzalez-Ruiz, J. D., & Duque-Grisales, E. (2022). Board gender diversity and firm performance: evidence from Latin America. Journal of Sustainable Finance & Investment, 12(3), 785–808. https://doi.org/10.1080/20430795.2021.2017256
Mensah, E., & Onumah, J. M. (2023). Women on boards, firm earnings management (EM) and performance nexus: does gender diversity moderate the EM–performance relationship? Corporate Governance, 23(5), 945–976. https://doi.org/10.1108/cg-06-2022-0262
Mustapha, F. G., Adamu, I. A., & Abdullahi, Z. (2024). Why is Gender Diversity Important for Corporate Boards? Deleted Journal. https://doi.org/10.47852/bonviewjcbar42022467
Mwakitalima, H., & Mnzava, B. (2023). Board Characteristics and Bank Performance: Evidence from Selected African Countries. African Journal of Accounting and Social Sciences, 5(2), 144–167.
Olanrewaju, I. S., Ishola, A. K., Nurudeen, S. O., & Ayuba, I. A. (2020). Impact of board diversity on corporate social responsibility of listed oil and gas firms in Nigeria. International Journal of Management and Sustainability, 9(4), 194–206. https://doi.org/10.18488/journal.11.2020.94.194.206
Okeyide, O.D. (2023). Does the presence of ethnic and gender diverse directorships impact firm performance? A Multisector Study of Board Diversity in Nigeria. In: Mordi, C., Ajonbadi, H.A., Adekoya, O.D., Adisa, T.A. (eds) Managing Human Resources in Africa. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-33878-6_7
Okoyeuzu, C., Ujunwa, A., Ujunwa, A. I., & Onah, E. O. (2021). Independent board, gender diversity and bank performance in Nigeria: a system-GMM approach. Gender in Management an International Journal, 36(6), 677–696. https://doi.org/10.1108/gm-04-2020-0129
Omenihu, C. M., Abdrakhmanova, M., & Koufopoulos, D. N. (2025). Board Gender Diversity and Environmental, Social, and Governance (ESG) disclosure in developed countries. Administrative Sciences, 15(4), 141. https://doi.org/10.3390/admsci15040141
Osahon, O. H. & Hassan, Y. G. (2021). Board Cultural Diversity and Firm Performance. Humanities and Social Sciences Letters, 9(2), 152–161. https://doi.org/10.18488/journal.73.2021.92.152.161
Trireksani, T., Djajadikerta, H. G., Kamran, M., & Butt, P. (2024). The impact of country characteristics on Board Gender Diversity and Sustainability Performance: A Global Perspective. Sustainability, 16(7), 3057. https://doi.org/10.3390/su16073057
Tuo, S. J., Chang, L., Tesfagebreal, M., & Edjoukou, A. J. R. (2021). Gender diversity inclusive board structure and firm performance: Evidence from West Africa. Journal of Corporate Accounting & Finance, 32(4), 118–131. https://doi.org/10.1002/jcaf.22519
Urhoghide, O. R., & Obera, O. J. J. (2020). Board attributes and financial performance of food and beverage companies quoted on the Nigerian Stock Exchange. Lapai Journal of Economics, 4(2), 42–55
Pal, K. K., Piaget, K., Baller, S., & Zahidi, S. (2024). Global gender gap 2024 – Insight report. Geneva: World Economic Forum
Zhang, L. (2020). An institutional approach to gender diversity and firm performance. Organization Science, 31(2), 439–457. https://doi.org/10.1287/orsc.2019.1297
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Published
2025-10-20
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Section
Management
How to Cite
Ononye, U.H. and Aloamaka, J.I. (2025) “Board gender diversity and firm performance nexus: a literature review of recent research from Nigeria”, Management and Entrepreneurship: Trends of Development, 3(33), pp. 38–49. doi:10.26661/2522-1566/2025-3/33-03.
