Nigerian Banking Sector

This study investigates the value relevance of accounting information and the moderating role of board characteristics in the Nigerian banking sector. Using panel data from twelve banks listed on the Nigerian Exchange Group (NGX) over the period 2018 to 2023, the study examines how earnings per share (EPS), book value per share (BVPS), cash flow from operations per share (CFOPS), and dividend per share (DPS) influence market valuation, proxied by share price, while considering the moderating effects of board size and board independence. Descriptive statistics reveal significant variation in accounting metrics across banks, while correlation analysis indicates strong positive relationships between share price and key accounting variables. Fixed effects panel regression results confirm that EPS, BVPS, CFOPS, and DPS are significant determinants of share price, affirming their value relevance. The moderated regression analysis further demonstrates that board independence significantly strengthens the relationship between EPS and share price, while board size exhibits a more nuanced moderating effect limited to earnings. These findings underscore the critical role of independent governance in enhancing the credibility of financial reporting and its usefulness for investors. The study contributes to the literature by highlighting the interplay between accounting information and corporate governance in emerging markets and offers practical implications for regulators, bank management, and investors seeking to improve market valuation and financial transparency