Sumawe, SadikiTago, Gwatako2025-11-182025-11-182025-06-302591-6815https://repository.tia.ac.tz/handle/123456789/251The purpose of this paper is to investigate the relation between board structure and firm risk-taking in a sample of 8 extractive firms listed on the Nairobi Securities Exchange (NSE). The agency theory provided the theoretical foundation for this study. The study adopted a descriptive research design. It employed a purposive sampling technique to determine the sample size of extractive firms on the NSE from 2019-2023. The data was retrieved from annual reports of sampled firms. Further, Fixed Effect Model and Two-stage Least Squares (2SLS) methods supported data analysis and reliability check, respectively. Using 5 years of balanced panel data, the results show that board size and female gender diversity are statistically significant, negatively and positively associated with firm risk-taking (z-score), respectively. Additionally, evidence indicates that the interaction between independent directors and female gender terms is positively related to the z-score. In contrast, the findings on the relationship between independent directors and risk-taking are considerably mixed. Besides, the study highlights practical implications for policy reforms that require more extractive firms to list on stock exchanges and mandate female board representation. Finally, the study offers a literature review on the linkage between risk-taking and board structure in the extractive industry.Corporate GovernanceBoard structureRisk-takingExtractive FirmsArticle