Effects of Board Globalizing on Financial Performance of Banks in Nigeria

The Board of Directors (BoD) is the body of strategic decision-making, representation and highest executive body of a firm. A firm`s board can influence the formation of business and investment strategies and policies and ultimately performance. The objective of the study was to examine the effect of banks’ board globalizing on financial performance of quoted banks in Nigeria. The study made use of secondary data which were obtained from the annual reports of ten banks for the years 2011- 2015. The study adopted the ordinary least square (OLS) regression as the basic techniques of analysis and employed both normality and the multi-collinearity tests to examine the features of the data for analysis. Findings of the study reveal that foreign board membership, asset growth and institutional ownership have a significant positive relationship with financial performance of banks. The study also finds no significant relationship between board gender diversity and financial performance as well as a negative relationship between bank riskiness and financial performance of banks in Nigeria. The study recommends amongst others the consolidation of the code of corporate governance and concludes that board globalizing and diversity improves financial performance of banks in Nigeria.