Board Size and Performance of Deposit Money Banks in Nigeria

Abstract

The study investigates the effect of board size on performance of deposit money banks in Nigeria and used ex-post facto research design. The population of this study comprises of all deposit money banks in Nigeria which is 24. However, the study used purposively sampling method to select 19 deposit money banks that have international, National and regional authorization. Data were collected from banks financial statement; corporate governance was measured by board size and performance was measured with return on asset. Descriptive statistics, correction test and Panel regression were used for analysis of the data, the study used panel regression to analyzed the data and the findings showed that there was a positive and significant effect of board size on performance of deposit money banks in Nigeria in terms of return on asset (ROA). Deposit money banks in Nigeria should continue to maintain or improve standard of board size and monitor board composition such as remuneration committee, management committee and audit committee for continued improvement in their performance.