Deconstructing Board Capital in Emerging Market Firms: Human, Social, and Relational Capital Dimensions and Their Governance Effects in Nigeria

This dissertation deconstructs the multidimensional construct of board capital in Nigerian listed firms and examines the independent and interactive governance effects of human, social, and relational capital dimensions. While board capital theory posits that the aggregate knowledge, skills, and network resources of directors enhance board functioning, existing empirical work has rarely disaggregated its dimensions or examined their interaction effects in an emerging market context. This study addresses this gap by developing and validating a disaggregated Board Capital Assessment Instrument specifically designed for the Nigerian governance environment, drawing on content analysis of director profiles, cross-directorship mapping, and surveys of 200 directors across fifty listed firms. Human capital dimensions assessed include academic qualifications, industry expertise, and professional tenure. Social capital dimensions include network centrality, political affiliations, and institutional affiliations. Relational capital captures board cohesion, trust climate, and interaction norms. Governance effects are assessed using a composite governance quality outcome measure spanning financial oversight quality, strategic contribution ratings, and accountability robustness. Structural equation modelling with multi-group analysis tests interaction effects across sectors. The study contributes theoretically by extending board capital theory into an emerging market context, methodologically by developing a validated Nigerian-specific measurement instrument, and empirically by providing disaggregated evidence on board capital-governance relationships. Findings have implications for director nomination practices and board development policy. Keywords: board capital, human capital, social capital, emerging markets, corporate governance.