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One of the mechanisms to make better bank management rests on improved corporate governance practices with diverse backgrounds including foreign representation. However, bank performance remains poor. The purpose of this study is to investigate whether foreign directors have moderating effects on the influence of board characteristics on the performance of banks in the Nigerian context.

The quantitative explanatory design of this study was based on a cross-sectional survey of respondents (executive and non-executive directors including independent directors) of the population of 285 bank directors in 26 Nigerian banks.

Using a sample of 121 respondents, the structural equation modelling results reveal that foreign nationality had a positive moderating effect on the influence of each board independence and audit committee on banks’ performance. However, foreign nationality negatively moderated the effect of board size and nomination committees on banks’ performance. In addition, foreign directors’ membership on boards positively moderates the relationship between remuneration committees and banks’ performance.

The findings of this study extend our understanding of the strategic composition of the board in Nigerian banks. The findings are useful in encouraging business corporations to further strengthen their corporate governance practices. Also, foreign board members’ effectiveness is case-sensitive and committee-dependent.

Banks desirous of having foreign directors need to ensure that, they have the necessary capacity and fit into the local environment as well as engage foreign directors in tailored integration programmes.

This study aims to investigate the moderating influence of board composition on the relationship between capital structure and stock price volatility in Ghanaian listed firms.

Utilizing data from 20 Ghanaian listed firms spanning 2011–2021, the study employs the generalized method of moments (GMM) technique for analysis.

The results indicate that both capital structure and board composition significantly influence stock price volatility in Ghanaian listed firms. Specifically, a higher debt-to-equity ratio leads to higher stock price volatility, while a better board composition reduces stock price volatility. The study further establishes a negative and significant moderating effect of board composition on the relationship between capital structure and stock price volatility, implying that firms with a well-structured board experience a more pronounced reduction in stock price volatility as they adjust their capital structure.

The findings offer practical insights for regulators, shareholders, managers and creditors on enhancing corporate governance practices and optimizing capital structure decisions to mitigate financial risk and improve firm value.

This paper contributes to the existing literature by presenting novel insights into how board composition influences the link between capital structure and stock price volatility from a developing country perspective, making it a pioneering effort in the Ghanaian context.