Board Characteristics, Corporate Performance and CEO Turnover Decisions
An Empirical Study of Listed Non- Financial Companies
This study examines the influence of board characteristics and corporate performance on CEO turnover decisions using a sample of 144 firms from non-financial companies listed on the Nigerian Stock exchange between the periods of 2011 to 2015. The study adopts agency and resource dependency theories to support its objectives and applies a logistic regression statistical technique to analyse the results. The results show that board nominating committee has a significant positive relationship with CEO turnover and board gender diversity has a negative influence on CEO turnover. Also, the study also finds that poor corporate performance leads to CEO turnover. On the overall, the findings indicate that company performance, board nominating committee and gender diversity in the boardroom are consequential in the Nigerian corporate landscape. In line with the findings, this study suggests that the government should enact legislation on gender quota for more women appointment to the board of the corporation to better the performance of the firm, and as well to enhance the monitoring role of the board.
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