CEO attributes and financial performance of listed firms in Nigeria

Abstract Drawing on the CEO attributes and financial performance literature, we use a pooled data design to investigate the effect of CEO nationality and tenure on the financial performance of listed firms in Nigeria over a period of ten years using data collected from 112 listed firms. The data were handpicked from the annual reports and accounts of the sampled firms and analysed using both descriptive and inferential statistical analyses techniques based on a multiple regression model. It is found that financial performance is significantly affected by CEO nationality and tenure. This study provides some evidence to support the Agency theory and the cost and benefit hypothesis. The study is limited by the number of samples, specifically 112 listed firms. It is expected that further research can increase the total sample of companies by adding to the research period or using total population of listed firms in Nigeria. Our study results show that the R-square value is 17 percent, further research is expected to be able to add to this figure. This reflects differences between the financial performance value in Nigeria and stakeholder approaches more common in other climes. Our results could help regulators, and others (e.g., investors) to better understand the potential performance implications of the appointment of directors of different nationality and tenure