Published: 2020-12-08

Page: 23-34


Department of Accounting, Faculty of Arts and Social Sciences, Gombe State University, Gombe, Nigeria.


Department of Accounting, Faculty of Arts and Social Sciences, Gombe State University, Gombe, Nigeria.


Department of Accounting, Faculty of Arts and Social Sciences, Gombe State University, Gombe, Nigeria.

*Author to whom correspondence should be addressed.


This study investigates the moderating effect of selected board attributes on the relationship between directors' remuneration and financial performance of listed insurance companies in Nigeria. Data was generated from annual reports and accounts of listed Insurance companies in Nigeria from 2012 to 2017. The study comprises of all 28 insurance companies listed on the floor of the Nigerian stock exchange market, out of which 19 insurance companies were randomly selected as sample for the study. Data was analyzed using pooled OLS, fixed and random effects regression. It was found that directors' remuneration is positively and significantly related to financial performance at 10% level of significance. On the interaction variables, it was found that the presence of more independent directors on the board strengthens the positive impact of directors' remuneration on firm performance. The study recommends that remuneration of directors' be given priority by insurance companies, as shown that it affects performance. Also, strict compliance should be enforced regarding board attributes by the regulatory bodies on the insurance companies to enhance the interaction effects.

Keywords: Board attributes, Directors remuneration, financial performance, moderating, insurance companies.

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