Moderating Effect of Board Independence on Capital Structure and Financial Performance of Listed Conglomerates Companies in Nigeria

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Authors: Bukar Musa, Abubakar Mahmud Bello and Suleiman Abdullahi

Abstract

The aim of this paper is to examine the moderating effect of board independence on the relationship between capital structure and financial performance of listed conglomerates companies in Nigeria. The study uses an ex post facto design to obtain secondary data from published annual report of the listed conglomerates companies in Nigeria. Pooled data regression was employed to establish an association between the dependent and independent variables as moderated by board independence and results show a mixed and insignificant influence of moderator in the relationship between the dependent and independent variables. The study therefore recommended other studies be conducted using other moderating variables such as board ownership concentration, board gender diversity, board nationality etc. to obtain a more clearer picture of how moderation affects the relationship between capital structure and financial performance.

Keywords: Moderating, board independence, capital structure, financial performance, conglomerates

2025 - NIJAF - 17 - 103 Bukar ET AL..pdf

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