Chief Executive Officer (CEO) Attributes and Firm Performance Among Listed Deposit Money Banks in Nigeria
DOI:
https://doi.org/10.61143/umyu-jafr.9(1)2026.005Keywords:
Profitability, Heteroskedasticity, Shareholders, Inclusivity, CompetenceAbstract
This study investigates Chief Executive Officer (CEO) attributes and firm performance among listed deposit money banks (DMBs) in Nigeria from 2015 to 2024. Anchored on Agency Theory and Upper Echelon Theory, the study adopts an ex-post facto research design using secondary data extracted from the annual reports of 13 listed banks. Firm performance was measured by Return on Assets (ROA), and the data were analyzed using Panel Estimated Generalized Least Squares (PEGLS) regression to account for potential heteroskedasticity and serial correlation. The empirical findings reveal that CEO age (β = 0.0098, p < 0.01), CEO ownership (β = 16.6319, p < 0.05), and CEO professional experience (β = 0.0078, p < 0.01) exert a positive and statistically significant effect on firm performance. This indicates that mature, experienced, and equity-holding CEOs tend to make better strategic and operational decisions that enhance profitability and align managerial interests with shareholders. Conversely, CEO tenure (β = −0.0005, p > 0.05), CEO education (β = 0.0011, p > 0.05), and CEO gender (β = 0.0027, p > 0.05) exhibit insignificant effects on performance, implying that prolonged tenure, academic qualifications, or gender differences do not necessarily translate into improved profitability within Nigerian banks. The study concludes that leadership maturity, ownership alignment, and professional competence are critical determinants of banking performance. It recommends that boards prioritize the appointment of experienced and equity-participating CEOs, adopt performance-based retention policies to optimize tenure, and encourage gender inclusivity in top management roles to promote diversity and innovation.
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