1

Introduction

There is a persistent shortage of female leaders in upper echelons of large

organisations around the world (Báez et al., 2018). Recent data indicates that in
premier Nigerian corporations, merely 11% of executive board appointments are held
by women pointing to a major gender imbalance (African Development Bank (n.d.).
Moreover, a 2021 examination of board membership across leading Nigerian
enterprises found fewer than 25% of directors were women (Onwuamaeze, 2021).
The situation appears consistent across multiple industries. For example, in the vital
sector, which drives industrialization and jobs growth in Nigeria, under 10% of
directors are female as per available statistics (IFC, 2021).
Such pronounced gender disparity on governing boards risks severely limiting
diversity of perspectives in charting organisational strategy. This can undermine the
quality and innovativeness of decision-making while also damaging external
legitimacy and stakeholder linkages (Wicker, Feiler and Breuer, 2020). However,
research provides evidence that gender-balanced company leadership is associated
with superior financial returns, governance practices and social accountability
relative to predominantly male-dominated boards (Al-Shaer and Zaman, 2016)

The gender pay gap refers to the difference in average earnings between men and
women across the workforce (Moyser, 2019). It is a persistent challenge globally,
with women earning around 20% less than men on average according to the World
Economic Forum (Masterson, 2022). In Nigeria, recent data indicates women earn
approximately 40% less than men when doing the same jobs (Van den Broeck, Kilic,
and Pieters, 2023).

There are multiple factors that contribute to the gender pay gap. One is occupational
segregation, with women overrepresented in lower-paying fields and roles (Boll,
Rossen and Wolf, 2017). For instance, women may be steered toward caregiving
professions or flexible jobs, which tend to pay less. Another factor is the
"motherhood penalty" where women's earnings are adversely impacted by career
interruptions due to childbearing and childcare responsibilities Cukrowska-Torzewska
 2

and Lovasz, 2020). On average, women who have children sacrifice 15% of their
wages to provide care, resulting in significant lifetime losses (Johnson, Smith and
Butrica, 2023). Discrimination in hiring, promotion, and pay decisions based on
gender also plays a major role (Blau and Kahn, 2017)
The consequences of the gender pay gap are far-reaching. It reinforces gender
inequality by perpetuating the societal perception that women's work is less valuable
than men's (Blau and Kahn, 2020). This can diminish women's economic security as
their earning potential is limited. Furthermore, it represents a sub-optimal use of a
nation's human capital as it discourages women from fully participating in the
workforce (Kassenboehmer and Sinning, 2014). The skills, talents, and perspectives
that women can offer are thus excluded from the marketplace. Closing the gender
pay gap has been estimated to boost economic growth, increase labour force
participation rates, and reduce poverty (Prata et al., 2020). When women are paid
equally, they are more likely to participate in the labour force. This increases the
overall productivity of the economy, and their increased income can lift households
out of poverty.

Board Gender Diversity and Gender Pay Gap Linkages

There is a growing body of research examining the potential connections between
board gender diversity and an organisation's gender pay gap. Several studies have
found that companies with more gender-balanced boards tend to have smaller wage
disparities between male and female employees (Isidro & Sobral, 2015;
Pucheta-Martínez & Bel-Oms, 2016).
This could be due to a variety of factors, including the influence of diverse
perspectives on decision-making, increased awareness and prioritisation of gender
equity issues, and the establishment of a corporate culture that values fairness and
equality.
One of the mechanisms that have been proposed to link board diversity to lower
gender pay gaps is diversity promoting diversity (Roberts, 2015). Gender-balanced
boards prioritise equity and are more attuned to gender discrimination issues like pay
gaps (Pucheta-Martínez & Bel-Oms, 2016). They are more likely to be aware of, and
take action against, gender discrimination issues such as wage disparities, due to
their diverse composition and the different perspectives that this brings.
 3

Role modelling effects is another mechanism that has been discussed. Senior
female leaders provide mentorship and role models to other women, aiding their
career progression and pay rises (Cardador, 2017). In other words, mentorship and
the visibility of successful women in high positions can help break down barriers and
lead to career progression for women in the workforce.
Different leadership styles that women bring is another mechanism to lower the gap.
Female directors tend to adopt more participative decision-making styles that
emphasises fairness (Pletzer et al., 2015) This approach is great for inclusivity and
respect within the organisation. It also helps to ensure that decisions are made in a
way that is equitable and just.
However, some studies find that the direction of the association is in the opposite
direction (Pucheta-Martínez & Bel-Oms, 2016) or that the relationship depends on
particular contexts and gender diversity levels (Wang & Kelan, 2013). More research
is still needed to fully understand the dynamics involved and this is where this study
comes in.
Moving forward, this report aims to contribute to the existing body of research on the
relationship between board gender diversity and the gender pay gap, with a specific
focus on the context of publicly listed companies in Nigeria. The subsequent sections
of the report will show a detailed analysis of the current state of board gender
diversity across Nigerian companies listed on the Nigerian Stock Exchange (NSE).
Drawing from secondary data sources, statistics and trends related to female
representation on executive boards will be examined to provide knowledge about the
level of gender imbalance present at the highest levels of corporate leadership in
Nigeria.
Building on this foundation, the report will then critically analyse the potential
connections between the degree of gender diversity observed on company boards
and the persistent gender pay gap prevalent in Nigeria's workforce. Using insights
from the global literature reviewed, as well as Nigeria-specific reports and studies,
the analysis will explore how increased female presence in boardrooms could
potentially influence organisational policies, practices, and cultures in ways that help
mitigate gender-based pay disparities.
Through a rigorous thematic analysis of the collected data, key themes and patterns
will be identified, allowing for an examination of the factors and dynamics that may
shape the relationship between board diversity and the gender pay gap in Nigeria.
 4

Particular attention will be given to understanding how global trends and findings
may manifest differently or be moderated by unique socio-cultural, economic, or
regulatory factors specific to Nigeria.
The report will end in a synthesis of findings and recommendations drawn from the
analysis. These recommendations will aim to provide actionable insights for
policymakers, corporate leaders, and other stakeholders seeking to build on the
potential benefits of board gender diversity as a means to address the longstanding
challenge of the gender pay gap in Nigeria's formal employment sector.
Throughout the report, care will be taken to acknowledge limitations, such as the
reliance on secondary data sources and the absence of direct gender pay gap data
for Nigerian companies. Ethical considerations, including the transparent and
rigorous handling of data and adherence to intellectual property rights, will also be
prioritised.
 5

Methodology
Research Aim: To investigate the relationship between board diversity in Nigeria's
publicly listed companies and the gender pay gap in Nigeria.
Objectives
1. To evaluate the current level of female representation on executive boards across
NSE-listed companies in Nigeria
2. To investigate potential connections between the degree of gender diversity on
boards and gender pay gap
3. To summarise recommendations from research on utilising board gender diversity
to reduce the gender pay gap.

Data Collection and Analysis

The data selection process for this research aimed to establish a representative
sample of publicly listed companies in Nigeria. Specifically, companies listed on the
Nigerian Stock Exchange (NSE) were targeted, as these firms are subject to
stringent reporting requirements and auditing standards. This ensures that the
research has access to reliable and up-to-date information on various aspects of
their operations, including board composition. A key criterion for inclusion in the
sample was the availability of audited and published data on the gender makeup of
each company's board of directors for the year 2023. This specific timeframe was
chosen to capture the most recent data and reflect the current state of board gender
diversity within Nigerian corporations.
To gather the necessary data, two key sources were utilised. First was the Nigerian
Stock Exchange's documents database, which serves as a centralised repository for
the disclosure filings and reports of listed companies. This provided access to the
required board composition information. Additionally, the Orbis global intelligence
database, a platform offering company data from around the world, supplemented
the information obtained from the NSE. The use of Orbis ensured access to a
broader range of data points, especially in the instances when triangulation of data
was needed.
The Orbis database is a valuable resource for this research as it aggregates
information from various reputable sources, like regulatory filings, company reports,
and news publications. Its global reach and extensive coverage of companies across
industries and regions make it a reliable and efficient tool for obtaining data on
 6

corporate entities worldwide. Taking advantage of the strengths of these two data
sources ensured that the study was able to curate a deep dataset, comprising board
composition data for 28 publicly listed companies in Nigeria that met the
predetermined selection criteria.
The research approach employed in this study is grounded in secondary data
analysis, a methodology that involves the examination and interpretation of data that
has been previously collected by other entities for different purposes (Àjàyí, 2017).
This approach was deemed appropriate as it offers a cost-effective and efficient
means of obtaining the needed dataset.
Complementing the secondary data analysis, a thematic analysis technique was
employed to investigate deeper into the patterns and relationships to provide
meaning to the collected data. Thematic analysis is a qualitative research method
that involves the identification, analysis, and reporting of themes or patterns that
emerge from the data (Braun and Clarke, 2023). This approach allows for an
exploration of the context and underlying factors influencing the observed
phenomena, in this case, the relationship between board gender diversity and the
gender pay gap.

The decision to incorporate thematic analysis stemmed from its suitability for
analysing secondary data sources, such as reports, literature, and other textual
materials. Systematically coding and categorising the qualitative data obtained from
these sources helped the research to uncover meaningful themes related to the
connections between the variables. Furthermore, the thematic analysis helped to get
a deeper understanding of the dynamics and factors that may shape this relationship
within the context of Nigerian corporations and the broader socio-economic
landscape of the country.
The data analysis methods employed in this research were carefully selected to align
with the objectives and the nature of the data collected. Firstly, descriptive statistics
were utilised to provide a clear overview of the current state of board gender
diversity across the sampled companies. Summarising and organising the board
composition data through numerical techniques, enabled the identification and
patterns that exist within the sample. Descriptive statistics played a crucial role in
establishing a baseline understanding of the extent of gender representation at the
highest levels of corporate leadership in Nigerian publicly listed firms.
 7

To complement the quantitative analysis, qualitative coding techniques were

employed to systematically analyse the texts obtained from various reports and
literature sources. Qualitative coding involves assigning labels or codes to segments
of text or data, facilitating the organisation and analysis of qualitative information
(Elliott, 2018). For this study, this method was instrumental in identifying and
categorising themes and patterns related to board diversity, gender pay gaps, and
the interconnections between these two phenomena.
The decision to use both descriptive statistics and qualitative coding stemmed from
the recognition that an understanding of the research topic required a two pronged
approach. While descriptive statistics provided a numerical representation of board
gender diversity in Nigeria, qualitative coding ensured that inferences can still be
made on how board diversity influences gender pay gap even without reliable pay
gap data for the country. It allowed for an in-depth exploration of the contextual
factors, underlying mechanisms, and theoretical underpinnings that could determine
the relationship between board composition and gender-based pay disparities from a
global and local perspective.
Ethical Considerations
Ethical considerations have been an integral part of this research endeavour, guiding
every aspect of the study's design and implementation. From the outset, a firm
commitment was made to commit to the highest ethical standards and principles that
govern the conduct of responsible and ethical research. This dedication to ethical
practices has ensured that the pursuit of knowledge is undertaken in a manner that
upholds the integrity, transparency, and respect for the rights and dignity of all parties
involved.
As such, before any data was sourced, an application was made to the university
ethics board outlining what the potential ethical considerations were and measures
that will be taken to ensure that the highest ethical standards will be maintained.
Moreover, a paramount consideration throughout this study has been the respect for
intellectual property rights and the proper attribution of sources. This study
recognizes that knowledge is a collective and cumulative effort that is built upon the
contributions of countless scholars and researchers who have come before. As such,
great care has been taken to meticulously cite and acknowledge the works and ideas
of others. This practice upholds the principles of academic integrity.
 8

Transparency and rigour have also been integrated into the research approach. They
have guided every stage of the process, from data collection and analysis to the
reporting of findings. An effort has been made to document and disclose
methodological choices, analytical techniques, and decision-making processes. This
allows others to evaluate the validity and reliability of the work.
Embedding ethical principles into the research has ensured the credibility and
trustworthiness of the findings. It has also contributed to the broader effort of
advancing knowledge in an ethical and responsible manner.
 9

Findings
(Objective 1)
Presence of Female Leadership in Sampled Firms
Upon examining 28 selected firms, it was found that 24 of them have female
executives as part of their leadership teams. This accounts for 85.71% of the total
number of companies surveyed.
Table 1: Presence of Female Leadership in Firms
Table 1: Companies with at Least One Female Executive
Metric Value
Companies with at least 1 female
executive 24
Percentage 85.71%

Proportion of Women in Executive Roles

Out of a combined executive count of 233 across the sampled companies, 68 are
women. This constitutes 29.18% of the total executive workforce.

Table 2: Proportion of Women in Executive Positions

Table 2: Female Representation among Executives
Metric Value
Total number of female executives 68
Percentage of female executives 29.18%

Mean Female Executive Count per Firm

With 68 female executives identified among the 28 companies, the mean number of
female executives per firm is calculated to be 2.43.

Table 3: Mean Female Executive Count per Firm

Table 3: Average Number of Female Executives per Company
Metric Value
Total number of female executives 68
Number of companies 28
Average number of female executives
per company 2.43
 10

Company Distribution Based on Female Executive Count

The study of female executive numbers within each company shows the following
distribution:

Table 4: Company Distribution Based on Female Executive Count

Table 4: Distribution of Companies by Number of Female Executives
Number of Female Percentage of
Executives Number of Companies Companies
0 4 14.29%
1 4 14.29%
2 6 21.43%
3 7 25.00%
4 5 17.86%
5 1 3.57%
6 1 3.57%
Total 28 100.00%

Gender Representation Comparison

The female-to-male executive ratio stands at 0.41, indicating that there are roughly 4
female executives for every 10 male executives.

Table 5: Gender Representation Comparison

Table 5: Ratio of Female to Male Executives
Total number of female executives 68
Total number of male executives 165
Ratio of female to male executives 0.41
 11

Table 6: Board Gender Diversity in Sampled Companies

Company Code Female Male

Cadbury Nigeria
Plc A1 4 3
Cap Plc A2 4 4
Champion Brew.
Plc A3 1 2
Cutix Plc A4 3 6
Dangote Cement
Plc A5 4 11
Dangote Sugar
Refinery Plc A6 4 6
Academy Press
Plc A7 1 6
Arbico Plc A8 1 5
Berger Paints Plc A9 1 4
Beta Glass Plc A10 3 6
Bua Cement Plc A11 0 6
Bua Foods Plc A12 0 6
PZ Cussons
Nigeria Plc A13 2 5
Unilever Nigeria
Plc A14 2 4
UACN Plc A15 3 5
Vitafoam Nigeria
Plc A16 0 11
Nascon Allied
Industries Plc A17 4 6
Nestle Nigeria Plc A18 0 7
Nigerian
Breweries Plc A19 3 6
 12

Okomu Oil Palm

Plc A20 2 5
GlaxoSmithKline
Consumer Nigeria
Plc A21 3 6
Greif Nigeria Plc A22 3 4
Guinness Nigeria
Plc A23 6 4
Honeywell Flour
Mill Plc A24 5 4
Meyer Plc A25 2 6
Eterna Plc A26 2 7
Fidson Healthcare
Plc A27 2 8
Flour Mills of
Nigeria Plc A28 3 12
68 165

The data offers a view into the gender composition of the executive boards of
companies listed on the Nigerian Stock Exchange (NSE). An encouraging 85.71% of
these companies have embraced female leadership by including at least one woman
in their executive ranks.
Nonetheless, the fact that women make up only 29.18% of the total executive
population signals that there is significant potential for enhancing gender balance.
The average figure of 2.43 female executives per company underscores the
necessity for more strategic efforts to elevate women into top-tier management roles.
A closer look at the distribution of female executives among the companies indicates
a concentration of firms with 2 to 4 female executives. Yet, the existence of 4
companies without any female executive presence (14.29%) calls attention to the
need for specific measures to correct this imbalance and promote fair female
representation across the sector.
The prevailing ratio of female to male executives, at 0.41, points to a pronounced
gender disparity at the leadership level. Bridging this divide is imperative for
 13

cultivating a diverse and inclusive corporate culture that can harness the distinct
contributions and viewpoints of women leaders.
This investigation delivers an evaluation of the status of women on the executive
boards of listed entities on the NSE in Nigeria. The insights reveal that there
remains a considerable journey ahead to establish a truly equal and supportive
environment for female leadership. Continuous observation, purposeful initiatives,
and a dedicated embrace of diversity and inclusion principles are essential to effect
enduring and impactful transformation in this domain.

Objective 2
A thematic analysis conducted systematically to uncover the relationship between
both gender diversity and gender pay gap turned out three important themes. These
themes will be the basis upon which the findings of this analysis will be presented.
The themes are women helping women, moderating factors and the mechanics of
influence. The Women Helping Women theme shows the positive impact of female
leadership on gender diversity and wage policies within firms. The moderating
factors theme demonstrates the role of organisational hierarchies, industry
characteristics, and cultural norms in shaping the effects of female leadership.
Finally, the mechanisms of influence theme brought out how mentoring, role
modelling, and decision-making styles exhibit as channels through which female
leaders influence gender outcomes.
I. Women Helping Women
Thematic analysis of literature shows that there are positive effects of female
leadership on female representation and wages at higher levels. For instance, some
of those studies have documented the positive impact of female leadership on the
representation and wages of women in top positions within organisations. Flabbi et
al. (2015) found that female leadership has a positive effect on female wages at the
top of the distribution, suggesting that women in leadership roles are better equipped
to reward the productivity signals of their female subordinates. This finding is
corroborated by Bell (2005), who reported that women executives earn significantly
higher pay in firms led by women CEOs and board chairs compared to male-led
firms.
Similarly, Matsa and Miller (2012) observed a positive association between the
female share of the board of directors and the female share among current top
 14

executives. This may indicate a potential mentoring and sponsorship effect. Notably,
this relationship held even after accounting for reverse causality concerns. This
suggests that causality runs from boards to managerial ranks rather than the
reverse.
The benefits of female leadership extend also beyond the top ranks of organisations.
Evidence shows that there are spillover effects on lower-level female employees.
Kunze and Miller (2014) found that the presence of female bosses in higher ranks is
associated with narrower gender gaps in promotions for workers in lower ranks. In
other words, policies that increase female representation in corporate leadership can
have trickle-down benefits. Bertrand et al. (2019), in their study of Norway's board
quota reform, found some evidence of improved representation of female employees
at the very top of the earnings distribution within affected firms, although the effects
did not appear to cascade down to lower levels. However, they acknowledged
substantial uncertainty around these estimates.
A consistent finding across multiple studies is the reduction in the gender wage gap
within firms led by women. Cardoso and Winter-Ebmer (2010) reported that when
women lead, the wage gap between female and male workers is reduced by 1.5%,
regardless of the gender composition of the firm's workforce. They attributed this
effect to the mentoring and promotion of female employees by female leaders, which
can counteract biases in male-dominated leadership teams. Hensvik (2014) further
corroborated this finding, observing a negative association between the
representation of female managers and the establishment's gender wage gap.
Crucially, this association persisted even after accounting for sorting on unobserved
worker skills. This suggests that the effect is not solely driven by the sorting of
high-wage women into firms with female managers.
In addition to direct wage effects, female leaders have been shown to implement
policies that indirectly narrow gender disparities. Devicienti et al. (2018) found that
female managers are more likely to limit the employment of involuntary part-time
workers and grant part-time arrangements to employees requesting them. This
shows a leadership style that promotes work-life balance and reduces
underemployment among women.
What the evidence shows is the critical role played by female leadership in
developing more equitable outcomes for women in organisations. Those outcomes
may be in terms of representation, wages, and family-friendly policies.
 15

II. Moderating Factors

Automatic analysis also brought to the front burner there moderating factors between
board gender diversity and gender pay gap.
One important factor is how the impact of female leadership on gender outcomes is
moderated by the dynamics of organisational hierarchies and power structures.
Gagliarducci and Paserman (2014) highlighted the importance of considering
interactions between the gender composition of top and middle management layers.
They found that while women in top leadership positions tend to raise employment
and wages for both genders, these effects are reversed as the share of women in
the second layer of management increases. This is interesting and may suggest
resistance from other forces toward women in leadership roles, The influence of
female leadership also appears to vary across different hierarchical ranks. Kunze
and Miller (2014) observed positive spillovers from higher-ranking women to
lower-ranking women, facilitating their career advancement. However, they also
found negative spillovers within ranks, potentially due to increased competition for
promotions. This is a demonstration of the complexities in the dynamics of gender
interactions across different organisational levels.
Findings also show that the degree to which female leadership translates into more
equitable gender outcomes is contingent on industry-specific factors and the extent
of gender segregation within firms.
Flabbi et al. (2016) documented significant variations in the prevalence and impact of
female corporate leadership across different regions and sectors in Latin America
and the Caribbean. For instance, they found a stronger positive correlation between
female board membership and firm performance in the Caribbean and Southern
Cone companies compared to other regions. These differences could be attributed to
variations in industry structures, regulatory environments, and cultural norms across
different contexts.
Studies have also highlighted the role of workforce gender composition in
moderating the effects of female leadership. Flabbi et al. (2015) found that the
positive impact of female leadership on firm performance increases with the share of
female workers. This is an indication that female leaders may be more effective in
managing and motivating a predominantly female workforce. Conversely,
 16

Gagliarducci and Paserman (2014) observed that establishments with a higher

fraction of women in top management are more likely to implement female-friendly
policies, such as providing childcare facilities or promoting female junior staff.
The cultural and institutional contexts in which organisations operate can also play a
role in shaping the dynamics between female leadership and gender outcomes.
It has been said that cross-country and regional variations in cultural attitudes toward
gender roles and gender equity can significantly influence the effectiveness of
female leadership in addressing gender disparities. For instance, Matsa and Miller
(2012) found that the introduction of Norway's board quota led to impacted firms
undertaking fewer workforce reductions and increasing employment levels compared
to unaffected firms. This suggests that the boards' gender composition affected
corporate strategy and decision-making in ways that favoured more gender-equitable
outcomes.
Moreover, government policies and regulatory interventions aimed at promoting
gender equality can have a substantial impact on the representation and influence of
female leaders. Bertrand et al. (2014) investigated the effects of Norway's board
quota reform and found that while it significantly increased female representation on
corporate boards, the spillover effects on women in other positions were limited in
the short run. Maida and Weber (2019) evaluated a similar board gender quota in
Italy and found only moderate and imprecisely estimated spillover effects on the
representation of women in top executive or top earnings positions.
These findings show that the relationship between female leadership and gender
equity outcomes is not linear. It is a dynamic interplay of organisational, industry,
cultural and institutional factors

III. Mechanisms of Influence

One of the key mechanisms through which female leaders influence gender
outcomes within organisations is through mentoring and sponsorship of female
employees. Cardoso and Winter-Ebmer (2007) posit that female managers can act
as protectors and mentors for female employees, providing them with higher wages
and better opportunities for advancement compared to male-led firms. This
mentoring effect is supported by the findings of Bell (2005), who reported that
women executives are more likely to be among the highest-paid individuals in firms
led by women CEOs and board chairs.
 17

Furthermore, Matsa and Miller (2011) documented a positive association between

the female share of the board of directors and the subsequent female share among
top executives, suggesting a potential mentoring and sponsorship effect flowing from
boards to managerial ranks. This perhaps shows how important female
representation is in creating pathways for the advancement of women in lower ranks.
Beyond direct mentoring, female leaders can also shape organisational culture and
serve as role models for other women within the firm. Lucifora and Vigani (2016)
found that having a female "boss" is associated with lower overall gender
discrimination at work, particularly among female employees. This effect is attributed
to the creation of a more supportive and inclusive environment fostered by female
leadership. Moreover, Matsa and Miller (2012) suggested that female leadership can
influence corporate strategy and decision-making in ways that align with a "female
leadership style." Additionally, the decision-making styles and leadership approaches
adopted by female leaders can have an impact on various aspects of workforce
management and human resource policies. Devicienti et al. (2016) found that female
managers are more likely to limit the employment of involuntary part-time workers
and grant part-time arrangements to employees requesting them.
Furthermore, Hensvik (2014) observed that organisations with more female
managers tend to recruit more non-managerial, high-wage women. This finding
indicates that female leaders may prioritise equitable hiring and promotion practices.
These findings are consistent with the notion that female leaders are more attuned to
the needs and concerns of their employees, especially in terms of work-life
integration.
In addition to their influence on workforce policies, female leaders may also exhibit
distinct decision-making styles when it comes to strategic choices and risk-taking
behaviour within firms. Faccio et al. (2016) found that firms with female CEOs tend to
be more risk-averse and have lower leverage ratios, potentially reflecting a more
conservative approach to financial and operational decisions. Similarly, Adams and
Ferreira (2009) documented that gender-diverse boards exhibit better monitoring and
oversight, which can lead to more ethical and risk-averse decision-making. However,
they also noted that excessive gender diversity on boards could potentially impede
effective communication and decision-making processes, highlighting the importance
of striking an appropriate balance.
 18

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