This research paper examines the effect of corporate governance attributes: board size, board gender composition, and board independence, on the financial performance of listed commercial banks in Rwanda between 2019 and 2023. Using panel data drawn from the annual reports of four banks listed on the Rwanda Stock Exchange (Bank of Kigali, Kenya Commercial Bank, Equity Bank, and I&M Bank; N = 20 bank-year observations), the study applied descriptive statistics, Pearson correlation, and multiple linear regression, controlling for bank size and bank age, to model Return on Average Assets (ROA) and Return on Average Equity (ROE). The regression model explained 69.8% of the variance in ROA, R² = .698, F (5, 14) = 6.49, p = .003, and 53.5% of the variance in ROE, R² = .535, F (5, 14) = 3.22, p = .038.
Board gender composition: the ratio of female to male directors, was the strongest and most consistent predictor of performance, showing a significant positive association with both ROA (β = .43, p = .042) and ROE (β = .60, p = .024). Board independence was significantly and negatively associated with ROA (β = –.59, p = .025) but not with ROE (β = –.30, p = .318), while board size showed no statistically significant effect on either outcome.
- Quote paper
- Emmanuel Ntirandekura (Author), 2026, Corporate Governance Attributes as Predictors of Financial Performance in Listed Commercial Banks. A Panel Regression Analysis of Rwanda's Banking Sector (2019–2023), Munich, GRIN Verlag, https://www.grin.com/document/1743409
