BOARD STRUCTURE AND FINANCIAL PERFORMANCE OF LISTED PHARMACEUTICAL FIRMS IN NIGERIA

This research attempts to investigate how corporate board structure affects the financial performance of Nigerian pharmaceutical companies that are publicly traded. The study discovered that female directors, institutional directors, and non-executive directors have a strong significant impact on the profitability of the sampled pharmaceutical firms in Nigeria during the period covered by the study using multiple regression technique. The study used a correlational research design and a panel regression technique of data analysis on a sample of seven pharmaceutical firms for a period of ten years (2012-2020). The research found that, the size of the board of directors had no discernible effect on the selected firms' profitability. According to the research, institutional directors have a positive effect on the profitability of Nigeria's publicly traded pharmaceutical businesses, whereas female directors and non-executive directors have a negative impact on the profitability of their organizations. According to the research, a big board does not always increase a company's profitability. Therefore, management and the board of directors of pharmaceutical companies in Nigeria are advised to reduce the size of their boards to a maximum of six members. Additionally, it was advised that the number of institutional directors on the boards of Nigerian pharmaceutical companies that are publicly traded be expanded since their presence contributes to rising profits. The report's conclusion urges policymakers and other interested parties to start a process to limit the number of women who may serve as directors on the boards of publicly traded pharmaceutical companies in Nigeria since their participation does not increase profitability.