BOARD DIVERSITY AND FIRM VALUE OF NIGERIAN MANUFACTURING FIRMS: MODERATING ROLES OF GENDER, ETHNICITY, AGE, AND FINANCIAL EXPERTISE

The study investigates Board Diversity and Firm Value of Listed Manufacturing Firms in Nigeria and examines whether
gender diversity, ethnic diversity, age diversity, and financial expertise influence firm value among manufacturing firms
listed on the Nigerian Exchange Group over the period 2015–2025. Specifically, the study assessed the effects of
gender diversity, ethnic diversity, age diversity, and financial expertise on firm value, measured by Tobin’s Q. An ex-post
facto research design was adopted, while purposive sampling was used to select ten manufacturing firms with adequate
disclosures. Secondary data were obtained from audited annual reports, corporate governance reports, and other
authoritative disclosures. Descriptive statistics, Pearson correlation, pooled multiple regression, fixed-effects and
random-effects models, the Hausman specification test, and variance inflation factor were employed. The descriptive
results indicated variation in board diversity, while correlation analysis showed no statistically significant association
between any board-diversity dimension and firm value. The pooled regression revealed that gender diversity had a
negative but insignificant effect, whereas ethnic diversity, age diversity, and financial expertise had positive but
insignificant effects. The fixed- and random-effects estimations produced similar conclusions, and the Hausman test
supported the random-effects model. The study concludes that board diversity does not significantly determine firm
value within the sampled firms. It recommends that manufacturing firms prioritize competent, independent, and actively
participating directors alongside demographic diversity. The study implies that diversity policies should emphasize
effective governance and strategic contribution rather than representation alone, while future research should
incorporate other firm-specific and market determinants of value.