IIARD International Institute of Academic Research and Development

IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 11 NO. 5 2025
DOI: 10.56201/ijebm.vol.11.no5.2025.pg39.48

---

CEO Gender Diversity and Financial Expertise of Nigerian Oil and Gas Companies: Do They Affect Real Earnings Management?

OZAH Alphonsus Nduka

---

Abstract

This study examined the influence of chief executive officers gender diversity and financial expertise on real earnings management of listed Nigerian oil and gas companies from 2013 to 2022. In specific, the study answered questions relating to the influence of chief executive officer gender diversity and financial expertise on real earnings management. To provide answers to the questions, secondary data were obtained for 10 listed oil and gas companies in Nigeria. Panel data regression (panel corrected standard error fixed effect model) was used because the variables of the study had time series and cross-sectional data attributes. Findings indicated that chief executive officer gender diversity and financial expertise had significant influence on real earnings management. Consequently, the study concludes that financial expertise and gender diversity are major drivers of real earnings management. On this note, the study recommends that more females should be appointed as CEO positions as they tend to reduce and avert real earnings management practices to a very large extent. Also, those that have the authority to appoint CEOs should consider people with financial expertise to emerge as CEOs.

keywords:

CEO gender diversity; CEO financial expertise; Real earnings management; Oil and gas companies

---

References:

Agyemang-Mintah, P. &Schadewitz, H (2019) Gender diversity and firm value: evidence from
UK financial institutions. International Journal of Accounting & Information
Management, 27(1)2-26.
Ayman, I., Jalal, R. H., Mostafa I. E. &Irfan, U (2019). The Impact of Board Gender Diversity
on Firm Value: Evidence from Kuwait. International Journal of Applied Science and
Research, 2(1) 23-43.
Bouaziz, D., Salhi, B., &Jarboui, A. (2020). CEO Characteristics and Earnings Management:
Empirical Evidence from France. Journal of Financial Reporting and Accounting,
18(1), 77–110.
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of management
review, 32(2), 334-343.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of
its top managers. Academy of Management Review, 9(2), 193-206.
Hambrick, Donald C.; &Mason, p A. (1984). Upper echelons: the organization as a reflection
of its top managers. The Academy of Management Review, 9(2), 193–206.
Ifeanyichukwu, O. O., &Ohaka, J., (2019).Effect of audit committee characteristics on
financial reporting quality.Journal of Accounting Information and Innovation, 5(11),
Imade,O. G (2019).Board gender diversity, non-executive director’s composition and
corporate performance: evidence from listed firms in Nigeria. African Journal of
Business Management,13 (9), 283-290.
Ipino, E., &Parbonetti, A., (2017). Mandatory IFRS adoption: The tradeoff between accrual-
based and real earnings management. Accounting and Business Research, 47(1), 91-
Jacoby, G., Li, J., & Liu, M., (2019). Financial distress, political affiliation, and earnings
management: The case of politically affiliated private firms. The European Journal of
Finance, 25(6), 508-523.
Jaffar, R., &AbdulShukor, Z., (2016). The role of monitoring mechanisms towards company’s
performance: evidence from politically connected companies in Malaysia. Journal of
Accounting in Emerging Economics, 6(4), 408–428.
Javad, O. &Javad I (2019) Audit committee gender diversity and financial reporting: evidence
from restatements. Managerial Auditing Journal, 35(167)-92 - 34,
Magnanelli, B.S., Raoli, E. &Tiscini, R (2017). Female directors in Italy: the state of art after
the mandatory gender quota. Corporate Ownership & Control, 14(3)157-169.
Marinova, J., Plantenga, J. &TACery, C (2020). Gender Diversity and Firm Performance:
Evidence from Dutch and Danish Boardrooms. The international journal of human
management, 27(15), 1777-1790,
Martín-Ugedo, J. F. Mínguez-Vera, A. & Palma- Martos.L (2017). Female CEOs, Returns and
Risk in Spanish Publishing Firms. European Management Review,7(9)1-10,
Omah, P. C. (2023). Financial statement fraud and financial performance of selected food
beverage companies in Nigeria.BW Academic Journal, 1(1), 17-17.
Qi, B., Lin, J., Tian, G. & Lewis, X. (2018). The impact of top management team characteristics
on the choice of earnings management strategies: Evidence from China. Accounting
Horizons, 32(1), 143-164.
Sani, A., Abubakar, I. A., Aliyu, U. &Sule, S (2019).The Influence of Board Gender Diversity
on Financial Performance of Listed Companies in Nigeria. Management & Accounting
Review, 18(3), 51-57,
Satriyo, H. and Harymawan, I (2018). The Role of Female CEOs on Firm Performance: Some
Evidence from Indonesian Listed Firms. Journal of Contemporary Accounting and
Economics Symposium, 3(8),309-315.
Seraj, S., Nikoomaram, H., Yaghobnezhad, A., &Vakilifard, H. (2022). The Impact of
Corporate Political Connection on Earnings Management Sensitivity: GMM Approach.
International Journal of Finance & Managerial Accounting, 6(24), 175-189.
Seyaningrum, G. C., Sekarsari, P. S. S., &Damayanti, T. W. (2019).PengaruhEksekutifWanita
(Female Executive) TerhadapManajemenLaba.JurnalEkonomi Dan Perbankan, 4(1),
98– 110.
Shaki, D. L., Falack, V., Maurice, A. &Bassey, E. U (2020). Board diversity on firm value of
financial institutions. International Journal of Advanced Academic Research (Social
and Management Sciences) 6(9), 74-82,
Syamsudin, S., Setiany, E. &Sajidah, S (2018). Gender diversity and firm value: A study on
boards of manufacturing firms in Indonesia. Problems and Perspectives in
Management, 15(3), 276-284.
Tahir, S.H., Ullah, M.R., Ahmad, G., Syed, N. &Qadir, A (2021). Women in Top Management:
Performance of Firms and Open Innovation. Journal of Open Innovation: Technology,
Market, and Complexity, 7(87), 1-15.
Ujunwa, A., Nwakoby, I. &Ugbam, C.O (2017). Corporate board diversity and firm
performance: evidence from Nigeria. Corporate Ownership & Control, 9(2) 216-226.

DOWNLOAD PDF

---

Back