CHIEF EXECUTIVE OFFICER CHARACTERISTICS AND FINANCIAL DISTRESS OF LISTED FINANCIAL SERVICE FIRMS IN NIGERIA: MODERATING ROLE OF WHISTLE BLOWING POLICY
Anas Idris Abdulwahab ,Hussaini Bala , Murtala Abdullahi and Haruna Daddau
Volume 5 Issue 1
Abstract
The purpose of this work is to examine the interaction of whistle blowing policy on the relationship between chief executive officers’ characteristics and financial distress of listed financial services firms Nigeria. Empirical studies were reviewed to scrutinize the upshot of chief executive officers’ characteristics in connection to the financial distress of firms. As the result of the foregoing, this study introduces whistle blowing policy as a moderator variable to interact between chief executive officers’ characteristics with financial distress of listed financial services firms Nigeria. A correlational and ex-post facto research designs were adopted. Population and sample size of the study consists of 49 listed financial services firms on the floor of Nigeria Exchange Group for the period 2008 to 2023. A multiple regression was employed using panel corrected standard error (PCSE). Diagnostic test was conducted to confirm the validity of the statistical inferences of the study. The result shows that WBP moderated the correlation involving CEO tenure and CEO female gender with a negative and statistically significant influence on financial distress of the firms. Also, the unmoderated result found that CEO tenure and CEO female gender documented a positive and statistically significant effect on financial distress of listed financial services firms in Nigeria. This study recommends that regulatory authorities should maintain CEO tenure as well as CEO female gender with positive performance and adequate experience in the financial sector. The Nigerian legislature are required to implement the whistle blower protection bills in other to avert victimization to the whistle blowers. Research in future should consider other attributes of CEO like education and shareholding. Keywords: financial, CEO tenure, CEO female gender, authorities and whistle blowing policy
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