Board Characteristics and Effectiveness of Consolidated Financial Statements: A Study of Selected Firms in Nigeria

The study determined the impact of board characteristics and effectiveness of consolidated financial statements of selected firms in Nigeria. A panel regression model, a quantitative technique, data from the 2014-2023 annual reports of the ten Nigerian companies that were selected were employed in the study. The findings demonstrated the statistical significance of the board's regulatory framework, executive leadership, and board independence. The results showed that executive leadership, board independence, and the board's regulatory structure are statistically significant. The study concludes, that executive leadership, regulatory frameworks, and board independence play a crucial role in determining how a firm/company is governed and how it should pursue its strategic direction. Boards must successfully steer organisations towards long-term success and sustainable growth and incorporating multiple perspectives; regularly assessing and upgrading governance frameworks to ensure openness, accountability, and compliance across all operations is advised, as regulatory requirements change and best practices adapt. It is recommended that there should be a balanced board that reflects the strategic needs of the company and also supports sustainable growth by creating a strong pipeline of executives with the ability to take on difficult tasks and a culture of integrity.