Effect of Audit Committee Characteristics and Financial Reporting Lag of Quoted Industrial Goods Firms in Nigeria

The effectiveness of board characteristics has become a critical issue in enhancing the financial performance and stability of quoted deposit money banks, especially in emerging economies such as Nigeria where the banking sector plays a pivotal role in economic development. This study examines the effect of board characteristics on tax aggressiveness of quoted deposit money banks in Nigeria. The population comprises of all the fourteen (14) deposit money banks quoted on Nigeria Exchange Group while filtering criteria was used to arrive at thirteen (13) sampled deposit money banks covering the periods of 2012 to 2024. The hypotheses were tested using the robust effect regression model after conducting some diagnostics tests. The results show that board independence has a significant positive effect on return on asset of quoted deposit money banks in Nigeria for the period under review. The results also show that board size has an insignificant positive effect on return on asset of quoted deposit money banks in Nigeria. The results further show that board gender diversity has an insignificant negative effect on return on asset of quoted deposit money banks in Nigeria for the period under review. The study recommends among others that Regulators such as the Central Bank of Nigeria (CBN) should provide clearer guidelines on acceptable board size limits to prevent excessively large or undersized boards, as both can hinder effective monitoring and negatively affect financial performance. Independent directors should be appointed based on competence, integrity, and relevant banking or financial expertise rather than personal or political affiliations. This will help reduce agency problems and improve financial performance. Also, quoted deposit money banks should promote gender diversity by ensuring greater female representation on their boards. Diverse boards are more likely to benefit from varied perspectives, improved risk management, and innovative decision-making.