Data on chief financial officer attributes and risk management strategies for Nigerian listed financial institutions

This data article is related to the research article “Chief Financial Officer Roles and Enterprise Risk Management: An Empirical Based Study” Ojeka et al. (2019). The study explores the impact of CFO roles on the execution of ERM strategies sampled with Nigerian financial institutions for the period of 2013–2017. The study develops three distinct indexes representing the CFO roles namely CFO power, CFO experience and CFO knowledge via principal component factoring. The study also measures ERM components simultaneously to capture the extent of sophisticated ERM system. This article presents the data collected from 33 financial companies listed on Nigerian stock exchange. The data were extracted from the annual reports of the sample companies using quantitative content analysis about Enterprise Risk Management, Chief Finance Officer Roles and Firm level data.


Data
The dataset consists of 165 year-firm observation extracted from the thirty-three (33) financial institutions listed on Nigerian Stock Exchange during 2013e2017. We consider five (5) years from 2013 to 2017 because the period covers the fully implementation and disclosures of financial institutions Risk Management following the Central Bank of Nigeria directives. Table 1 shows the descriptive data on enterprise risk management while the subsequent Table 2 reveals the proxy for CFO attributes and  Table 3 depicts the data relating to firm performance and other firm-level characteristics.

Experimental design, materials, and methods
We obtained ERM measure using a two-step approach in line with Florio & Leoni (2016) [2]. The first approach aggregates all the identified ERM indicators components, which include if the annual report of a firm includes risk management report (RiskReport), if firms have CRO (CROx), if the firm designated risk management to specific committee (RCommittee), if the sole responsibility of risk management is saddled with the corporate governance that is the board of director (RBoard), if the firm at least biannually performs risk assessment (Rfrequency), inclusive risk assessment procedure (Rlevel), and if the firm adopts both qualitative and quantitative methods (Rmethod). The ERM score (ERMsco) ranges from 0 to 6, then we adopt a binary variable for ERMsopH, which equals 1 if ERMsco is higher than 3 and 0 otherwise.
As mentioned earlier, this study emphasizes on the CFO attributes as the basic explanatory variable of ERM. We adopt quantitative content analysis to obtain the CFO characteristics from annual reports. Utilizing data available publicly, we gather data relating to the CFO attributes such as CFO educational background that if the CFO possesses MBA or equivalent, the CFO professional experience (i.e. has experience in auditing or consultancy) with possession of any accounting professional certification (ACA, ACCA or CPA). These data tend to reveal the CFO with or without managerial competence (and with or without accounting background. We also examine the level of Specifications  [1].

Value of the Data
The dataset provides firm characteristics indicators used in the sample for the period 2013e2017. The dataset encompasses CFO attribute score calculated using Principal Component Analysis, enterprise risk management and firm financial data.
The data can be used to evaluate the dimensions of enterprise risk management in Nigerian context at the firm level. The research could unveil the sensitivity of risk management strategies to firm level and country level characteristics. The dataset is useful for researchers to explore the different corporate governance dynamics especially from the CFO perspective and firm's performance. Future studies can explore the bi-dimensional relationship between corporate governance, CFO attributes, firm performance and enterprise risk management.
CFO directorship that is if the CFO is on the board or not. In addition, one variable related to the CFO gender, another variable on CFO directorship and CFO retention. We obtain the data for the firm's characteristic like the firm size (Size); firm leverage (leverage; TobinQ; and the return on asset (ROA). We identify data for Board size.

Conflict of Interest
No conflict of interest.