Corporate Attribute of Board Size and Market Value of Firms in the Nigerian Chemical and Paints Industry
Hamidu, Ibrahim; Aliyu Modibbo, Salihu

Abstract
This study examines the relationship between corporate attribute of board size and market value of firms in Nigerian chemical and paints industry. A sample of six companies was used for the period of 2004 to 2012. The study uses board size as corporate governance attribute while market price of shares was used to proxy market value of equity. Using correlation and multiple regression analysis, the results of the study shows that board size (BS) has insignificant and negative impact on market value of equity implying that increasing the number of directors on the board decreases the market value of equity. This suggests that the industry should maintain a small but an effective board capable of exercising better control and monitoring of management activities.

Full Text: PDF