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This research investigates how different types of executive compensation affect the risk-taking behavior of firms in Nigeria.

April 24, 2026Open Access

Executive Compensation and Risk-Taking Behaviour of Listed Nigerian Firms

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Analysis examines executive pay's impact on risk-taking in Nigerian firms, suggesting important governance implications.

This research investigates how different types of executive compensation affect the risk-taking behavior of firms in Nigeria.
Analyzed data from 148 listed firms over a 14-year period (2011-2025).
Utilized panel regression techniques with fixed effects and random effects estimators, applying Hausman tests.
Controlled for various firm-level and macro-level variables to assess their influence on outcomes.
Equity-based compensation positively impacts risk-taking behavior, aligning incentives as theory suggests.
Fixed salary negatively correlates with risk appetite among executives.
Cash bonuses show mixed effects depending on the model specifications.

Onipe Adabenege Yahaya (2026) studied this question.

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