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Corporate Governance and Firms' Growth in Nigerian Listed Manufacturing Firms

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Abstract

This study examined the relationship between corporate governance and firms' growth of selected listed manufacturing firms in Nigeria. Data were collected via secondary sources from the annual reports and accounts of forty (40) listed manufacturing firms during the period 2010-2019. Data of corporate governance (board size, independence and diversity) and firms' growth (revenue growth and market to book value) obtained were analyzed using multiple ordinary least square regression. The empirical findings among others showed that all corporate governance measures of the study had negative and insignificant relationship with revenue growth while significant and positive relationship was found for corporate governance and firms' market to book value (a growth measure of the study). On the basis of the findings, the study recommends that management of listed manufacturing firms on the NSE should maintain the statutory requirement of size of the board, diversity and independence because of its significant role they play in enhancing market to book value of the firm

Suggested Citation

  • Ogheneovo Helen, Ovedje, & Mary , Josiah, & Modupeola Atoke, Adeolu-Akande,, 2022. "Corporate Governance and Firms' Growth in Nigerian Listed Manufacturing Firms," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 4(2), pages 15-25, June.
    • Handle: RePEc:ris:amjoms:0052
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    File URL: https://www.afarng.org/wp-content/uploads/2022/12/MJMS-Vol.-4-Issue-2-June-2022.pdf
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    More about this item

    Keywords

    Board size; Board independence; Board diversity; Board meetings; Market to book value;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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