The Impact of Board Size on Strategic Decision-Making in Real Estate Firms in Sokoto State
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- NGN 5000
Background of the Study
Strategic decision-making is pivotal for the sustainability and competitiveness of firms, particularly in dynamic industries such as real estate. Board size, a critical aspect of corporate governance, has been identified as a determinant of organizational effectiveness and strategic direction. Larger boards may provide diverse perspectives, broader expertise, and enhanced decision-making capacity. However, they may also encounter challenges related to coordination and efficiency (Ciftci et al., 2023). Conversely, smaller boards may foster agility and prompt decision-making but risk limited diversity in viewpoints.
The real estate sector in Sokoto State is characterized by rapid urbanization, infrastructural development, and a competitive market environment. These dynamics necessitate robust strategic decisions to adapt to market trends and ensure profitability. Studies by Adeniyi and Yusuf (2024) have highlighted the role of board characteristics in shaping strategic outcomes, particularly in industries reliant on large capital investments and long-term planning. Despite the recognized importance of board composition, limited empirical evidence exists regarding its influence on strategic decision-making in real estate firms within the region.
This study seeks to bridge this gap by examining the impact of board size on strategic decision-making in real estate firms in Sokoto State. Insights from this research will contribute to a deeper understanding of how governance structures influence firm performance, providing practical recommendations for optimizing board composition in the sector.
Statement of the Problem
Despite the acknowledged significance of board composition in corporate governance, the influence of board size on strategic decision-making remains contentious. While some studies argue that larger boards enhance decision quality due to diversity, others suggest that excessive size can hinder effective collaboration and lead to decision paralysis (Okafor et al., 2023). In the real estate sector of Sokoto State, firms face unique challenges, including fluctuating property values, regulatory constraints, and rising operational costs. Strategic decisions in this context are critical for addressing these challenges and achieving long-term goals.
However, the extent to which board size impacts these decisions is underexplored in the regional context. Without evidence-based guidance, real estate firms may struggle to establish optimal board structures that balance diversity with efficiency. This gap in knowledge not only limits the potential for improved governance practices but also affects the strategic agility of firms in an increasingly competitive environment.
Objectives of the Study
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To evaluate the relationship between board size and the quality of strategic decisions in real estate firms in Sokoto State.
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To analyze the challenges associated with different board sizes in the strategic decision-making process.
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To provide recommendations for optimizing board size to enhance strategic decision-making in the real estate sector.
Research Questions
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How does board size influence the quality of strategic decisions in real estate firms in Sokoto State?
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What challenges are associated with board size in the strategic decision-making process?
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What is the optimal board size for enhancing strategic decision-making in the real estate sector?
Research Hypotheses
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H₀: There is no significant relationship between board size and the quality of strategic decisions in real estate firms in Sokoto State.
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H₀: Board size does not significantly affect the challenges faced in the strategic decision-making process.
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H₀: Board size does not significantly contribute to the optimization of strategic decision-making in real estate firms.
Scope and Limitations of the Study
This study focuses on real estate firms operating in Sokoto State, Nigeria. The scope includes an analysis of board size, strategic decision-making processes, and governance practices. The study will be limited to data collected from firms within Sokoto State due to logistical and financial constraints. Additionally, the findings may not be generalizable to other regions or industries.
Definitions of Terms
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Board Size: The number of directors constituting the governing board of a company.
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Strategic Decision-Making: The process of selecting long-term strategies to achieve organizational objectives.
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Real Estate Firms: Companies engaged in the buying, selling, and management of property and land.
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