Effect of Board Size on Corporate Performance in the Nigerian Telecommunications Sector

This study investigates the effect of board size on corporate performance in the Nigerian telecommunications sector. The telecommunications industry plays a pivotal role in Nigeria's digital economy and has attracted significant governance scrutiny given the sector's regulatory complexity and competitive landscape. While agency theory suggests that smaller boards are associated with better decision-making efficiency, stewardship theory posits that larger boards bring broader expertise beneficial to complex industries. Drawing on both theoretical perspectives, this study evaluates how board size relates to performance indicators including return on assets, net profit margin, and market capitalisation. An ex-post facto design is adopted, utilising secondary data from the annual reports of six major telecommunications companies over five years. Panel data regression is employed with firm age, leverage, and revenue as control variables. The study anticipates a non-linear (inverted U-shaped) relationship between board size and performance, consistent with recent empirical evidence from comparable emerging market contexts. Findings will assist board nomination committees and regulatory bodies such as the Nigerian Communications Commission in formulating evidence-based governance guidelines. This study addresses a specific gap in Nigerian telecommunications governance research and contributes broadly to the agency-stewardship governance debate within the South West and North Central zones, where major telecom headquarters are located. Keywords: board size, corporate performance, telecommunications, corporate governance, Nigeria.