Corporate governance mechanisms and firms' financial performance in Nigeria
AbstractThis paper investigates the effects of certain corporate governance mechanisms on the performance of firms listed on the Nigerian Stock Exchange. Based on a sample of 93 firms for the period 1996 through 1999, our results show an optimal board size of ten, favour concentrated over diffused ownership, and support separation of posts of CEO and chair. Moreover, while director shareholding is found to be an insignificant factor affecting firm performance, the results show expatriate CEOs performing better than their local counterparts. We need to err on the side of caution as sampling selection was based on data availability rather than any probability criterion.
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Bibliographic InfoArticle provided by Inderscience Enterprises Ltd in its journal Afro-Asian J. of Finance and Accounting.
Volume (Year): 2 (2010)
Issue (Month): 1 ()
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Web page: http://www.inderscience.com/browse/index.php?journalID=214
corporate governance; agency theory; stakeholder theory; concentration effect; director shareholding effect; Nigeria; financial performance; firm performance; expatriate CEOs; board size; board of directors.;
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