Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa

Dheseviano Emiaso; Gloria Ogochukwu Okafor

doi:doi:10.11648/j.jfa.20231103.16

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Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa

Dheseviano Emiaso, Gloria Ogochukwu Okafor

Published in Journal of Finance and Accounting (Volume 11, Issue 3)

Received: 2 May 2023 Accepted: 14 June 2023 Published: 27 June 2023

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Abstract

The Board of Directors (BoD) is a company's highest executive body and the entity responsible for strategic decision-making and representation. The board of directors of a company can have an impact on the formulation of business and investment strategies, policies, and performance. In addition to examining the CEO power's moderating impact on the association between board independence and financial performance of listed non-financial companies in Sub-Saharan Africa, this study also investigated the relationship between board dynamics and corporate performance. Since the study used an ex post facto research design, secondary sources were used to collect the data. All listed non-financial firms in Sub-Saharan Africa made up the study's population. The study found a positive but non-significant link between board size, board independence, and CEO power and firm financial performance utilising financial statement statistics and exploratory factors in a regression model. The study's findings also suggest that the CEO's influence reduces the association between board independence and corporate financial performance. Therefore, the study draws the conclusion that board dynamics affects the corporate financial performance of listed non-financial corporations in Sub-Saharan Africa. It also makes several recommendations, such that companies adopt a manageable board size in order to enhance corporate financial performance.

Published in	Journal of Finance and Accounting (Volume 11, Issue 3)
DOI	10.11648/j.jfa.20231103.16
Page(s)	107-112
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Board Size, Board Independence, CEO Power, Non-Financial Firms, Sub-Sahara Africa

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APA Style

Dheseviano Emiaso, Gloria Ogochukwu Okafor. (2023). Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa. Journal of Finance and Accounting, 11(3), 107-112. https://doi.org/10.11648/j.jfa.20231103.16

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ACS Style

Dheseviano Emiaso; Gloria Ogochukwu Okafor. Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa. J. Finance Account. 2023, 11(3), 107-112. doi: 10.11648/j.jfa.20231103.16

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AMA Style

Dheseviano Emiaso, Gloria Ogochukwu Okafor. Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa. J Finance Account. 2023;11(3):107-112. doi: 10.11648/j.jfa.20231103.16

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@article{10.11648/j.jfa.20231103.16,
  author = {Dheseviano Emiaso and Gloria Ogochukwu Okafor},
  title = {Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa},
  journal = {Journal of Finance and Accounting},
  volume = {11},
  number = {3},
  pages = {107-112},
  doi = {10.11648/j.jfa.20231103.16},
  url = {https://doi.org/10.11648/j.jfa.20231103.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20231103.16},
  abstract = {The Board of Directors (BoD) is a company's highest executive body and the entity responsible for strategic decision-making and representation. The board of directors of a company can have an impact on the formulation of business and investment strategies, policies, and performance. In addition to examining the CEO power's moderating impact on the association between board independence and financial performance of listed non-financial companies in Sub-Saharan Africa, this study also investigated the relationship between board dynamics and corporate performance. Since the study used an ex post facto research design, secondary sources were used to collect the data. All listed non-financial firms in Sub-Saharan Africa made up the study's population. The study found a positive but non-significant link between board size, board independence, and CEO power and firm financial performance utilising financial statement statistics and exploratory factors in a regression model. The study's findings also suggest that the CEO's influence reduces the association between board independence and corporate financial performance. Therefore, the study draws the conclusion that board dynamics affects the corporate financial performance of listed non-financial corporations in Sub-Saharan Africa. It also makes several recommendations, such that companies adopt a manageable board size in order to enhance corporate financial performance.},
 year = {2023}
}

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TY  - JOUR
T1  - Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa
AU  - Dheseviano Emiaso
AU  - Gloria Ogochukwu Okafor
Y1  - 2023/06/27
PY  - 2023
N1  - https://doi.org/10.11648/j.jfa.20231103.16
DO  - 10.11648/j.jfa.20231103.16
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 107
EP  - 112
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20231103.16
AB  - The Board of Directors (BoD) is a company's highest executive body and the entity responsible for strategic decision-making and representation. The board of directors of a company can have an impact on the formulation of business and investment strategies, policies, and performance. In addition to examining the CEO power's moderating impact on the association between board independence and financial performance of listed non-financial companies in Sub-Saharan Africa, this study also investigated the relationship between board dynamics and corporate performance. Since the study used an ex post facto research design, secondary sources were used to collect the data. All listed non-financial firms in Sub-Saharan Africa made up the study's population. The study found a positive but non-significant link between board size, board independence, and CEO power and firm financial performance utilising financial statement statistics and exploratory factors in a regression model. The study's findings also suggest that the CEO's influence reduces the association between board independence and corporate financial performance. Therefore, the study draws the conclusion that board dynamics affects the corporate financial performance of listed non-financial corporations in Sub-Saharan Africa. It also makes several recommendations, such that companies adopt a manageable board size in order to enhance corporate financial performance.
VL  - 11
IS  - 3
ER  -

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Author Information

Dheseviano Emiaso

Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria
Gloria Ogochukwu Okafor

Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

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APA Style

Dheseviano Emiaso, Gloria Ogochukwu Okafor. (2023). Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa. Journal of Finance and Accounting, 11(3), 107-112. https://doi.org/10.11648/j.jfa.20231103.16

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ACS Style

Dheseviano Emiaso; Gloria Ogochukwu Okafor. Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa. J. Finance Account. 2023, 11(3), 107-112. doi: 10.11648/j.jfa.20231103.16

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AMA Style

Dheseviano Emiaso, Gloria Ogochukwu Okafor. Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa. J Finance Account. 2023;11(3):107-112. doi: 10.11648/j.jfa.20231103.16

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@article{10.11648/j.jfa.20231103.16,
  author = {Dheseviano Emiaso and Gloria Ogochukwu Okafor},
  title = {Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa},
  journal = {Journal of Finance and Accounting},
  volume = {11},
  number = {3},
  pages = {107-112},
  doi = {10.11648/j.jfa.20231103.16},
  url = {https://doi.org/10.11648/j.jfa.20231103.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20231103.16},
  abstract = {The Board of Directors (BoD) is a company's highest executive body and the entity responsible for strategic decision-making and representation. The board of directors of a company can have an impact on the formulation of business and investment strategies, policies, and performance. In addition to examining the CEO power's moderating impact on the association between board independence and financial performance of listed non-financial companies in Sub-Saharan Africa, this study also investigated the relationship between board dynamics and corporate performance. Since the study used an ex post facto research design, secondary sources were used to collect the data. All listed non-financial firms in Sub-Saharan Africa made up the study's population. The study found a positive but non-significant link between board size, board independence, and CEO power and firm financial performance utilising financial statement statistics and exploratory factors in a regression model. The study's findings also suggest that the CEO's influence reduces the association between board independence and corporate financial performance. Therefore, the study draws the conclusion that board dynamics affects the corporate financial performance of listed non-financial corporations in Sub-Saharan Africa. It also makes several recommendations, such that companies adopt a manageable board size in order to enhance corporate financial performance.},
 year = {2023}
}

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TY  - JOUR
T1  - Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa
AU  - Dheseviano Emiaso
AU  - Gloria Ogochukwu Okafor
Y1  - 2023/06/27
PY  - 2023
N1  - https://doi.org/10.11648/j.jfa.20231103.16
DO  - 10.11648/j.jfa.20231103.16
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 107
EP  - 112
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20231103.16
AB  - The Board of Directors (BoD) is a company's highest executive body and the entity responsible for strategic decision-making and representation. The board of directors of a company can have an impact on the formulation of business and investment strategies, policies, and performance. In addition to examining the CEO power's moderating impact on the association between board independence and financial performance of listed non-financial companies in Sub-Saharan Africa, this study also investigated the relationship between board dynamics and corporate performance. Since the study used an ex post facto research design, secondary sources were used to collect the data. All listed non-financial firms in Sub-Saharan Africa made up the study's population. The study found a positive but non-significant link between board size, board independence, and CEO power and firm financial performance utilising financial statement statistics and exploratory factors in a regression model. The study's findings also suggest that the CEO's influence reduces the association between board independence and corporate financial performance. Therefore, the study draws the conclusion that board dynamics affects the corporate financial performance of listed non-financial corporations in Sub-Saharan Africa. It also makes several recommendations, such that companies adopt a manageable board size in order to enhance corporate financial performance.
VL  - 11
IS  - 3
ER  -

Copy | Download