Board Dynamics and Corporate Performance: The Moderating Effects of CEO Power A Study of Listed Non-Financial Firms in Sub-Sahara Africa
Résumé
The Board of Directors (BoD) is a company's highest executive body and the entity responsible for strategic decision-making and representation. The board of directors of a company can have an impact on the formulation of business and investment strategies, policies, and performance. In addition to examining the CEO power's moderating impact on the association between board independence and financial performance of listed non-financial companies in Sub-Saharan Africa, this study also investigated the relationship between board dynamics and corporate performance. Since the study used an ex post facto research design, secondary sources were used to collect the data. All listed non-financial firms in Sub-Saharan Africa made up the study's population. The study found a positive but non-significant link between board size, board independence, and CEO power and firm financial performance utilising financial statement statistics and exploratory factors in a regression model. The study's findings also suggest that the CEO's influence reduces the association between board independence and corporate financial performance. Therefore, the study draws the conclusion that board dynamics affects the corporate financial performance of listed non-financial corporations in Sub-Saharan Africa. It also makes several recommendations, such that companies adopt a manageable board size in order to enhance corporate financial performance.
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