Board Gender Diversity and Corporate Performance: A Comparative Analysis of Listed Deposit Banks and Insurance Companies in Nigeria

Abstract

This study examines the relationship between board gender diversity and corporate performance among listed Nigerian deposit money banks and insurance companies. Using descriptive statistics, trend analysis, and correlation analysis, it compares female board representation and its effect on firm performance in both sectors. Between 2020 and 2024, female board representation in listed banks rose from 25% to 38%, while in 2024, insurance companies averaged 30%. Both sectors showed a steady increase in gender diversity from 2020 to 2024, but at different rates. However, the analysis found no strong or statistically significant link between female board representation and corporate performance in either sector. These findings contrast with some previous Nigerian studies but reflect the mixed results found elsewhere in Africa. While board gender diversity grew substantially, its direct effect on firm performance remains inconclusive and differs between banks and insurance companies.