---

Author(s): Odrano Lucas Mwanana.

Volume/Issue: Volume 9, Issue 2 (2026)

Page No: 92-107

Journal: African Journal of Accounting and Financial Research (AJAFR)

---

Abstract:

This paper examines the moderating effect of corporate governance on the impact of covid-19 on the performance of financial firms listed in the Dar es Salaam stock exchange and Nairobi securities exchange. Specifically, the study examines how board size, board independence and gender diversity moderate the effect of COVID-19 on the performance of financial firms listed in the Dar es Salaam stock exchange and Nairobi securities exchange. The study developed a composite indicator that aggregates corporate governance’s key components, mainly gender diversity, board size, and board independence. The study adopted a descriptive research approach and the data collected was analyzed using inferential econometric regression (random effect model). The study found that a robust of corporate governance practices, including board size, gender diversity, and board independence, positively influence firm performance however, the interaction between corporate governance and the COVID-19 variable was found to be negative but not statistically significant. This study contributes on the moderating role of corporate governance enhancing firm performance during periods of economic uncertainty.

Keywords:

Corporate Governance, COVID-19, Firm Performance, Agency Theory and Signalling Theory.

No. of Downloads: 0