GENDER DIVERSITY AND MARKET PERFORMANCE OF LISTED OIL AND GAS COMPANIES IN NIGERIA

Abstract

This study investigated the effect of gender diversity on the market performance of listed oil and gas companies in Nigeria. Specifically, it examined the effect of gender diversity on share price, Tobin's Q and market capitalisation, controlling for firm size and leverage. Data were collected from listed Nigerian oil and gas companies, yielding sixty firm year observations. The study employed descriptive and inferential statistics, including Pearson correlation analysis, Variance Inflation Factor (VIF) diagnostics, Hausman specification testing, and pooled, random effects and fixed effects regression analysis to test the hypotheses. The results revealed that gender diversity had a significant positive effect on share price (coefficient = 0.267, p-value = 0.004), Tobin's Q (coefficient = 0.241, p-value = 0.009) and market capitalisation (coefficient = 0.284, p-value = 0.003). Firm size had a consistently positive and significant effect across all three models, while leverage had a consistently negative and significant effect. The correlation analysis showed moderate positive relationships between gender diversity and each market performance measure, and the VIF results confirmed the absence of multicollinearity. These findings highlighted the importance of gender inclusive governance and management structures in shaping investor perception of firm value in a historically male dominated sector. The study concluded that Nigerian oil and gas companies that pursued greater female representation in governance and management were likely to be rewarded with stronger market valuation.