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Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

Impact Factor: 6.41 

Journal Homepage: https://americaserial.com/Journals/index.php/ARJEFM 

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BOARD COMMITTEE AND BANKRUPTCY RISK: A STUDY OF 

DEPOSIT MONEY BANKS IN NIGERIA 

 

Omowumi Olanike Oshatimi, Dinatu Nna Alabadan and Abiloro Rafiyat 

Bosede 
Department of Accounting, Federal University Oye-Ekiti, Ekiti State 

Email: omowumi.oshatimi@fuoye.edu.ng; dinatu.alabadan@fuoye.edu.ng; 

bosede.olaniyi@fuoye.edu.ng. 

DOI: https://doi.org/10.5281/zenodo.17370304 

 

Abstract: This ascertained the effect of board committee on bankruptcy risk in deposit money 

banks in Nigeria, using audit committee independence and board gender diversity, while Altman 

model for bankruptcy was employed for bankruptcy risk. Ex Post Facto research design was 

adopted for the study. Data were extracted from 2012 to 2024 from the audited annual reports and 

accounts of the sampled deposit money banks in Nigeria. From the analysis, the study show that 

audit committee independence had a positive and significant effect on bankruptcy risk for Nigerian 

deposit money banks. The study showed that board gender diversity had a negative and significant 

effect on bankruptcy risk for Nigerian deposit money banks. Based on the analysis, the study 

recommended among others  that the audit independence should be encouraged to create an avenue 

for mutual reflection on matters that are significant to the banks such as straighten their 

operations, as well preventing it from going bankruptcy. 

Keywords: Board committee, Bankruptcy risk, Audit committee independence and Board gender 

diversity. 

 

Introduction  

The gruesome impact of ill health in the banking sector has affected almost all facets of the society - 

the government, regulatory authorities, creditors, equity investors, the bankers as well as the general 

public. Bankruptcy risk (BR), sometimes, also known as bankruptcy likelihood, or financial distress 

likelihood, is a source of concern to corporate shareholders, boards, creditors (lenders), market 

participants, scholars and regulators in recent time. Furthermore, there are growing concerns about 

firms titling toward bankruptcy and many factors have been traced to be responsible for this scenario 

(Mohammed & Onipe, 2023). However, these concerns continue to generate more inconclusive 

findings and therefore creating room for more research in the area.  

Prior studies have mainly utilized ordinary least square, fixed or random effects; these techniques 

despite offering certain advantages are weak in the presence of endogenous variables that can lead to 

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American Research Journal of Economics, Finance and Management 
Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

Impact Factor: 6.41 

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biased and inconsistent estimates. In addition, prior studies on the bankruptcy prediction were 

carried out both locally and internationally using Altman Z score model. In foreign countries; Begum, 

Sarker and Nahar (2023); Khiem (2022); Handriani et al. (2021) and Safrida et al. (2021) tested the 

effect of corporate governance on bankruptcy prediction risk. A review of several empirical studies 

from continents in the world shows different results. The prior literature ended their financial data in 

2022, this present study seek to improve the existing study to 2024. The study therefore, assesses the 

effect of board committee on bankruptcy risk in deposit money banks in Nigeria form 2012 to 2024. 

Specifically, the study sought to ascertain the effect of audit committee independence and board 

gender diversity on bankruptcy risk of deposit money banks in Nigeria. 

Review of Related Literature  

Board committee characteristics refer to features of corporate boards that are tasked with overall 

management of the firms. Some other studies Marwa et al. (2017) refer or attribute these 

characteristics to the concept of corporate governance. The success or collapse of firms is thus 

associated with the role acted by the management and firm governance as a process. While studies, 

(Modest & Khaled 2020) consider a broad variety of matters in corporate management, some process 

such as exposes, rights of voting, rules among others 

Since audit committee independence can strengthen internal control systems, audit procedures may 

increase and thus audit fees will decrease (Ohidoa & Okun, 2018).  The auditors discovered that in the 

UK, the existence of audit committee independence has a positive and significant effect on audit fees; 

in contrast, Ho and Hutchinson (2010), find that in Hongkong, auditors expect that the presence of 

audit committee independence lower audit risk, thereby leading to lower audit fee charged.  

Finally, it can be argued that each industry has its own peculiar characteristics and this might dictate 

the audit style and audit approach which could invariably impinge on the annual fee charge by the 

auditor. Auditors take different audit procedures for different industries. In this sense, audit fees 

charged will be different. For instance, Gonthier-Besacier & Schatt (2007) subdivided French listed 

firms into firms in information technology (IT) sector and others to test the impact of industrial 

sector on audit fees. The result indicates that audit fees paid by companies in IT sector were much 

higher than that paid by the others. 

However diversity, which is a key attribute of teams, is a complex construct because individuals can 

differ on several characteristics (Jackson, Joshi & Erhardt, 2003; Harrison & Klein, 2007; Joshi & 

Roh, 2009). Moreover, research remains inconclusive concerning its effects on performance 

(Johnson, Schnatterly, & Hill, 2013).  

Board gender diversity is regarded as the ratio of female directors to total board size. Traditionally, 

corporate Boards are predominantly made up of male directors. The presence of the female gender on 

the board constitutes gender diversity (Onatuyeh & Ukolobi, 2020).Gender diversity is a part of the 

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American Research Journal of Economics, Finance and Management 
Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

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board diversity concept, which suggests that boards should reflect society’s structure, with 

appropriate representation of gender and professional backgrounds. For a number of reasons, 

including a moral obligation to shareholders, creative decision making process, corporate altruism, 

and financial considerations, board diversity is encouraged (Onourah & Imene, 2016). Since diversity 

in the boardroom encourages improved decision-making and inventiveness, board gender diversity is 

vital for enhancing corporate governance practices in a company (Wang, 2015). 

Central to this view is the notion that unobservable or cognitive diversity may produce differences in 

information, knowledge, heuristics and perspectives (Akpokerere & Onatuyeh, 2023). Through 

encouragement of greater questioning, information elaboration and search for solutions, task-

oriented diversity is expected to have positive effects on team performance (Mengge, Codou & 

Seemantini, 2016). 

Altman Prediction Models of Bankruptcy 

Business failure models can be broadly divided into two groups: quantitative models, which are based 

largely on published financial information; and qualitative models, which are based on an internal 

assessment of the company concerned. Both types attempt to identify characteristics, whether 

financial or non-financial, which can then be used to distinguish between surviving and failing 

companies (Robinson and Maguire, 2001). 

Most credit managers use traditional ratio analysis to identify future failure of companies. Altman 

(1968) is of the opinion that ratios measuring profitability, liquidity, and solvency are the most 

significant ratios. However, it is difficult to know which is more important as different studies 

indicate different ratios as indicators of potential problems. For example, a company may have poor 

liquidity ratios and may be heading for liquidation. That same company’s good profitability may 

undermine the potential risk that is highlighted by the poor liquidity ratios. As a result, interpretation 

using traditional ratio analyses may be incorrect (Odipo & Sitati, 2008). 

Altman set out to combine a number of ratios and developed an insolvency prediction model - the Z–

Score model. This formula was developed for public manufacturing firms and eliminated all firms 

with assets less than $1 million. This original model was not intended for small, nonmanufacturing, 

or non-public companies, yet many credit granters today still use the original Z score for all types of 

customers. Two further prediction models were formulated by Altman (sometimes referred to as 

model ‘A’ and model ‘B’) to the original Z score (Altman, 1968). 

The model ‘A’ z-score was developed for use with private manufacturing companies. The weighting of 

the various ratios is different for this model as well as the overall predictability scoring. In addition, 

while the original score used the market value of equity to calculate the equity to debt formula, model 

‘A’ used shareholder’s equity on the balance sheet. Model ‘B’ was developed for private general firms 

and included the service sector. In this statistical model, the ratio of sales to total assets is not used, 

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American Research Journal of Economics, Finance and Management 
Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

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the weighting on this model is different, and the scoring again, different. Although computerized 

statistical modeling would aid in determining the weighting of each ratio, common sense helps us 

understand the purpose of each ratio (Odipo & Sitati, 2008). 

Empirical Review  

Mohammed and Onipe (2023) examined the extent firms overall quality of board of directors reduces 

their bankruptcy risk from 2017 to 2021. The study used the Generalized Method of Moments 

approach to cope with possible endogeneity. The study revealed that board of directors’ characteristic 

show that board independence, board female gender, board size show negative significant effects and 

board meetings (positive) and board ownership (negative) show insignificant effects. Aliyu, Onipe 

and Samuel (2023) determined the effects of board characteristics on financial performance in 

Nigeria from 2018 to 2022. Data were extracted from the annual reports and accounts of the listed 

banks. Correlational research and regression method employed was panel data regression. The study 

showed that board meetings, board gender diversity and board independence show insignificant 

effects on financial performance. Begum, Sarker and Nahar (2023) ascertained the relationship 

between corporate governance and the likelihood of financial distress. Altman Z-score was used to 

show financial distress. The study imply that financial distress is effected by corporate governance 

variables (board independence, auditor independence, auditor opinion, sponsor directors ownership, 

and foreign shareholders), and firm-level variables (sales growth, performance, liquidity, firm size). 

Rabiu, Muhammed, Umar and Ramatu (2023) determined the effect of board characteristics on 

financial performance of listed consumer firms in Nigeria. Data were extracted from annual report 

and account of the sampled companies from 2011 to 2021. Correlation and regression analysis has 

been used in order to determine the relationship between the dependent and the independent 

variables. The study established that board size and experience have positively influenced financial 

performance while board independence and women director have negatively influenced the financial 

performance of listed consumer goods firms. Dalia (2023) determined the effect of intellectual capital 

and corporate governance mechanisms on the bankruptcy risk of Egyptian companies listed on the 

EGX 100 index from 2017-2021. The modified Altman Z Score model was used to measure 

bankruptcy risk, and the value-added intellectual coefficient (VAIC) model was used to measure 

intellectual capital. The study found that board size, board meetings, and audit committee meetings 

have a significant positive effect on intellectual capital efficiency with its three components of human 

capital efficiency, structural capital efficiency, and capital employed efficiency. Keerthana and 

Balagobei (2022) ascertained the effect of board characteristics on the financial distress of listed 

companies in Sri Lanka from 2019 to 2021. Panel regression analysis was used and 36 listed 

companies representing the consumer service sector in Sri Lanka were selected as the sample. The 

study revealed that board size, board composition, and directors' ownership have a positive 

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American Research Journal of Economics, Finance and Management 
Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

Impact Factor: 6.41 

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significant effect on financial distress whereas CEO duality has a significant negative effect on 

financial distress. Lamidi et al, (2022) determined the characteristics of risk committees as well as 

their effects on the financial performance of deposit money banks (DMBs) in Nigeria. Data were 

analyzed using the panel regression approach. The study discovered that the size and independence of 

risk management committees have a negative impact on the financial performance of deposit money 

banks in Nigeria, while the size of the committees is insignificant. Khiem (2022) ascertained the 

effect of Corporate Governance on the relationship between the macro and micro factors causing 

financial distress in 240 Vietnamese listed non-financial firms. The study used an endogenous 

switching regression model (ESRM). Moreover, the risk of financial distress is significantly reduced 

when improving the corporate governance practice. Alberto, et al (2022) compared the performance 

of corporate governance variables in predicting corporate defaults, using both the Logit and Random 

Forest models, which previous researchers have deemed to be the most efficient machine learning 

techniques. They study show that the use of corporate governance variables – especially with regards 

to CEO renewal and stability in the composition of the board of directors – increases the accuracy of 

the Random Forest technique and influences the success of the turnaround process.  Okoye and 

Okoye (2022) determined the effect of corporate governance on bankruptcy risk in deposit money 

banks in Nigeria. Ex Post Facto research design was adopted for the study. A sample of nine deposit 

money banks was used for the study. Data were obtained from the annual reports and audited 

accounts of the banks under assessment. Altman's original model for public companies was used to 

extract data and the formulated hypothesis was tested with regression analysis with aid of E-View 9.0. 

The study indicated that board of directors’ independence has a positive significant effect on 

bankruptcy risk of deposit money banks in Nigeria. Maier and Yurtoglu (2022) estimated classic Z-

Score models using panel data comprising 2,519 listed non-financial firms from 29 European 

countries over the 2012 to 2020 period. They found that board independence is associated with lower 

risk of bankruptcy. The presence of female directors on board reduces bankruptcy risk. While board 

independence and diversity decrease bankruptcy risk in financially non-distressed firms, they have 

the opposite effect in financially distressed firms. Cho et al. (2021) examined the effect of the gender-

diversity on bankruptcy risks in Chinese-listed manufacturing firms from 2005–2016. The study 

found that at the executives’ level, firms with greater gender-diversity have a propensity for 

bankruptcy risk compared to firms with lower gender-diversity. Handriani et al. (2021) examined the 

effect of board size, board independence, and institutional ownership on financial distress for a 

sample of nine manufacturing companies listed on the Indonesia Stock Exchange from 2010 to 2018. 

The study revealed that institutional ownership and board independence have a significant positive 

impact on avoiding financial distress. However, board size was found to have an insignificant positive 

effect on financial distress.  

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American Research Journal of Economics, Finance and Management 
Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

Impact Factor: 6.41 

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Methodology 

This study adopted the ex-post facto research design. In Ex-Post Facto studies investigation starts 

after the fact has occurred without interference from the researcher.  

The population of the study comprised of listed banks in Nigeria. Given the above, the study 

population is made up of twenty eight (28) banks in Nigeria. As a result, the "purposive sampling 

technique was applied. The study selected eight banks based on data availability up to date. The data 

were extracted from the annual reports and accounts of the selected banks in Nigeria from 2012 to 

2024.  

Model Specification 

Altman prediction model (working capital, retained earnings, earnings before interest and tax, equity 

as well as total assets and total book debts) and independent variables: Committee Independence and 

Board Gender Diversity. This was obtaining from the audited reports and accounts of the banks under 

assessment.  

The study used Altman Model given as Zeta “Z” 

Z=1.2X1 + 1.4X2+ 3.3X3 + 0.6X4 + 1.0 X5,  

Where: 

          X1         =       Working capital to total assets 

          X2         =       Retained earnings to total assets 

          X3      =       Earnings before interest and taxes to total asset 

          X4         =       Value of equity to total book debt 

          X5         =       Gross earnings to total assets 

The decision rule is that: 

 (i). For Z<1.81 Bankruptcy region 

 (ii). For 1.81<Z>2.675 High bankruptcy potential 

 (iii). For 2.675<Z<2.99 Low bankruptcy potential 

 (iv). For Z>2.99 Strong (No sign of bankruptcy at all). 

The following regression equation can be derived from the model.  

Y= X1 + X2  

Where 

Y = Altman  

X1 = Audit committee Independence 

X2 = board gender diversity 

β1 = Regression Weights Coefficients  

A (Constant)  

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The model for this study took the following form: 

Y   = βo + β1X1 + β2X2 + µ 

Where:  

Y  =   Bankruptcy Risk (dependent variable) 

X =   Board committee characteristics (explanatory/independent Variable) 

β0 =   constant term (intercept) 

β1- β2 = Coefficients of job performance 

µ =   Error term (stochastic term) 

Explicitly, the equation can be defined as: 

Board committee  characteristic = ƒ (Altman) + µ 

The Altman Model was modified thus to incorporate corporate governance: 

ATMNit = a0 + β1ACI +β2BGDit + it urt ……………..........................i 

Where; 

ATMN= Altman Prediction Model 

ACI= Audit committee Independence 

BGD = board gender diversity 

Method of Data Analysis  

Data were analyzed with descriptive statistics, and the hypotheses were tested with Pearson 

correlation, and multiple regression analysis. Since the focus of the study is to examine the effect of 

asset composition on financial performance, regression analysis becomes appropriate tool for it.  

Descriptive statistics employed to summarily describe the mean, median, standard deviation, kurtosis 

and skewness of the study variables. Inferential statistics will also be utilized with the aid of E-Views 

9 using panel Regressions analysis: Regression analysis predicts the value the dependent variable 

based on the value of the independent variable and explains the impact or effect of changes in the 

values of the variables. 

Decision Rule 

Accept the alternative hypothesis, if the Probability value (P-value) of the test is less than 0.05 (5%). 

Otherwise reject. 

Data Analysis and Results 

Table 1 Descriptive Statistics 

  ATMN ACI BGD 

 Mean  54.87547  4.000000  0.274615 

 Median  0.210044  4.000000  0.300000 

 Maximum  652.9549  5.000000  0.330000 

 Minimum  0.055106  3.000000  0.240000 

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ISSN: 2836-9416 

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 Std. Dev.  174.1820  0.682656  0.033120 

 Skewness  3.132913  0.000000  0.041185 

 Kurtosis  10.90951  2.166667  1.337082 

 Jarque-Bera  441.2242  3.009259  12.01235 

 Probability  0.000000  0.222100  0.002463 

 Sum  5707.049  416.0000  28.56000 

 Sum Sq. 

Dev.  3124955.  48.00000  0.112985 

Observations  104  104  104 

Source: E-views 9 (2025) 

From the above Table 1, the analysis revealed the mean values of the bankruptcy risk (ATMN) at 

54.875. Also, the mean value of audit committee independence (ACI) run using the dummy value of 

showed an average value of 4.000. The mean values of board gender diversity (BGD) showed that 

Nigerian BGD were jointly 0.275.  

The kurtosis of    10.90951, 2.166667, and 1.337082 for ATMN, ACI, and BGD showing a distribution 

that is strong, suggesting a concentration of values around the mean with potential outliers, while 

4.563804, 4.681818 and 1.023810 for banks ATMN, ACI and BGD, showed similar results. The 

Jarque-Bera probability of 0.000000, 0.222100, and 0.002463 confirms that the ATMN, ACI and 

BGD data is significantly non-normally distributed showed that traditional parametric analyses may 

need to be approached with caution.  

Hypothesis One 

Ho1: Audit committee independence has no significant effect on bankruptcy risk of deposit money 

banks in Nigeria. 

 

 

 

 

 

 

 

 

 

 

 

 

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Table 2: Regression analysis between ACI and ATMN  

Dependent Variable: ATMN   
Method: Panel Least Squares   
Date: 08/25/25   Time: 07:47   
Sample: 2012 2024   
Periods included: 13   
Cross-sections included: 8   
Total panel (balanced) observations: 104  
     
     Variable Coefficient Std. Error t-Statistic Prob.   
     
     C -419.0138 90.78364 -4.615521 0.0000 
ACI 118.4723 22.37548 5.294738 0.0000 
     
     R-squared 0.415591     Mean dependent var 54.87547 
Adjusted R-squared 0.407901     S.D. dependent var 174.1820 
S.E. of regression 155.0219     Akaike info criterion 12.94405 
Sum squared resid 2451242.     Schwarz criterion 12.99491 
Log likelihood -671.0908     Hannan-Quinn criter. 12.96466 
F-statistic 28.03425     Durbin-Watson stat 2.296975 
Prob(F-statistic) 0.000001    
     
     Source: E-views 9 Output (2025) 

In table 2, a simple least square regression analysis was conducted to test the effect on audit 

committee independence (ACI) on bankruptcy risk (ATMN) in Nigerian deposit money banks. The R-

squared is coefficient of determination which explains the changes in the dependent variable due to 

changes in the independent variable. From the findings in the table indicate that the value of R 

squared was 0.41, showing that there was variation of 41% on ATMN due to changes in ACI.  

The Durbin-Watson Statistic of 2.30 suggests that the both model does not contain serial correlation. 

The F-statistic of the regression is equal to 28.034. The associated F-statistic probability is equal to 

0.000. 

The evidence provided by the regression result of model showed that the variable of audit committee 

independence had a positive coefficient of 118.4723 and a p-value of 0.000 which was significant at 

5% level for Nigerian deposit money banks. This study therefore reject null hypothesis and accept 

alternative hypothesis which stated that audit committee independence has a significant effect on 

bankruptcy risk of deposit money banks in Nigeria. 

 

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Hypothesis Two 

Ho2: Board gender diversity has no significant effect on bankruptcy risk of deposit money banks in 

Nigeria. 

Table 2: Regression analysis between BGD and ATMN  

Dependent Variable: ATMN   
Method: Panel Least Squares   
Date: 08/25/25   Time: 08:31   
Sample: 2012 2024   
Periods included: 13   
Cross-sections included: 8   
Total panel (balanced) observations: 104  
     
     Variable Coefficient Std. Error t-Statistic Prob.   
     
     C 533.1327 135.9004 3.922966 0.0002 
BGD -1741.553 491.3490 -3.544432 0.0006 
     
     R-squared 0.309660     Mean dependent var 54.87547 
Adjusted R-squared 0.300931     S.D. dependent var 174.1820 
S.E. of regression 165.1580     Akaike info criterion 13.07073 
Sum squared resid 2782272.     Schwarz criterion 13.12158 
Log likelihood -677.6778     Hannan-Quinn criter. 13.09133 
F-statistic 12.56300     Durbin-Watson stat 2.498224 
Prob(F-statistic) 0.000595    
     
     Source: E-views 9 Output (2025) 

In table 3, a simple least square regression analysis was conducted to test the effect of board gender 

diversity (BGD) on bankruptcy risk (ATMN) in Nigerian deposit money banks. The R-squared is 

coefficient of determination which tells us the changes in the dependent variable due to changes in 

the independent variable. From the result, the value of R squared was 0.30, an indication that there 

was variation of 30% on ATMN due to changes in BGD.  

The Durbin-Watson Statistic of 2.50 suggests that the model does not contain serial correlation. The 

F-statistic of the regression is equal to 12.563. The associated F-statistic probability is 0.000. 

The hypothesis stated that board gender diversity has no significant effect on bankruptcy risk of 

deposit money banks in Nigeria. The evidence provided by the regression result of model showed that 

the variable of board gender diversity had a negative coefficient of -1741.553 and a p-value of 0.000 

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which was significant at 5% level for Nigerian deposit money banks. It meant that board gender 

diversity has significant effect on bankruptcy risk in Nigeria.  

Discussion of Findings 

The evidence from hypothesis one regression result showed that audit committee independence had a 

positive coefficient of 118.4723 and a p-value of 0.000 which was significant at 5% level for Nigerian 

deposit money banks; while the outcome of model 2 showed a positive coefficient of 5.845797 (p-

value 0.000) for deposit money banks in South Africa, and also has a significant effect.  The result is 

in collaboration with Safrida et al. (2021) who demonstrated a significant positive effect of the audit 

committee on the prediction of bankruptcy; Maina (2020) established the relationship between audit 

committee and independent directorship and financial distress of commercial banks; Partha, 

Widanaputra, Ratnadi and Mimba (2019) found that audit committee independence had positive and 

significant moderating effect on the relationship between financial distress and income maximization 

actions.  

 The hypothesis two regression result revealed that board gender diversity had a negative coefficient 

of -1741.553 and a p-value of 0.000 which was significant at 5% level for Nigerian deposit money 

banks; while showed a positive coefficient of 0.484690 (p-value 0.607) for deposit money banks in 

South Africa, but has no significant effect. This result agreed with Maier and Yurtoglu (2022) who 

found that presence of female directors on board reduces bankruptcy risk, also the result of 

Mohammed and Onipe (2023) who reported that board female gender, show negative significant 

effects. However, the study disagreed with Aliyu, Onipe and Samuel (2023) showed that board gender 

diversity show insignificant effects.  

Conclusion and Recommendations 

This ascertained the effect of board committee on bankruptcy risk in deposit money banks in Nigeria, 

using audit committee independence, ad board gender diversity, while Altman model for bankruptcy 

was employed for bankruptcy risk. Data were extracted from 2012 to 2024 from the audited annual 

reports and accounts of the sampled deposit money banks in Nigeria. From the analysis, the study 

show that audit committee independence had a positive and significant effect on bankruptcy risk for 

Nigerian deposit money banks. The study showed that board gender diversity had a negative and 

significant effect on bankruptcy risk for Nigerian deposit money banks. 

Based on the analysis, the following recommendations were made; 

1. The audit independence should be encouraged to create an avenue for mutual reflection on 

matters that are significant to the banks such as straighten their operations, as well preventing it from 

going bankruptcy.  

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2. As the female board has negative and insignificant in Nigerian banks, the presence of the 

female gender on the board should be increased to reflect society’s structure, with appropriate 

representation of gender and professional backgrounds. 

 

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https://ideas.repec.org/a/rbs/ijfbss/v10y2021i1p11-19.html
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Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

Impact Factor: 6.41 

Journal Homepage: https://americaserial.com/Journals/index.php/ARJEFM 

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Volume 13 Issue 4, October-December 2025 

ISSN: 2836-9416 

Impact Factor: 6.41 

Journal Homepage: https://americaserial.com/Journals/index.php/ARJEFM 

Email: contact@americaserial.com 
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