Ownership structure and female board representation in selected Nigeria-listed firms

Imaobong Judith Nnam; David Chukwunwike; Marian Mukosolu Okobo

doi:10.22219/jameela.v2i2.35014

Authors

Imaobong Judith Nnam Department of Accountancy, University of Nigeria, Nigeria
David Chukwunwike Department of Accountancy, University of Nigeria, Nigeria
Marian Mukosolu Okobo Department of Accountancy, University of Nigeria, Nigeria

DOI:

https://doi.org/10.22219/jameela.v2i2.35014

Keywords:

Gender diversity,, ownership structure, corporate governance, non-finance firms, ownership concentration, institutional ownership, foreign ownership

Abstract

Purpose

This paper examines the influence of various ownership structures on female participation on the boards of listed firms in Nigeria between 2012 and 2021. It focuses on how ownership concentration, institutional ownership, and foreign ownership impact gender diversity at the board level.

Methodology

The study uses ownership concentration, institutional ownership, and foreign ownership as proxies for ownership structure, while firm size is included as a control variable to improve the model's goodness of fit. Pooled binary logistic regression was employed to test the hypotheses.

Findings

The results reveal that ownership concentration significantly decreases the presence of females on the boards of quoted companies in Nigeria. In contrast, both institutional ownership and foreign ownership significantly increase female board representation during the study period.

Practical Implications

The study recommends diversifying ownership structures by reducing concentration while promoting institutional and foreign ownership to enhance female representation on corporate boards in Nigeria. These changes could foster gender diversity in corporate governance.

Originality

This research contributes to the literature on board gender diversity by identifying specific ownership structures that facilitate female participation on boards. It provides valuable insights for policymakers seeking to encourage greater institutional and foreign ownership to support gender diversity in Nigerian firms.