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Corporate governance mechanisms and firms' financial performance in Nigeria


  • Ahmadu U. Sanda
  • Aminu S. Mikailu
  • Tukur Garba


This 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.

Suggested Citation

  • Ahmadu U. Sanda & Aminu S. Mikailu & Tukur Garba, 2010. "Corporate governance mechanisms and firms' financial performance in Nigeria," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 2(1), pages 22-39.
  • Handle: RePEc:ids:afasfa:v:2:y:2010:i:1:p:22-39

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    Cited by:

    1. Collins Ntim, 2013. "Corporate Governance, Affirmative Action and Firm Value in Post-apartheid South Africa: A Simultaneous Equation Approach," African Development Review, African Development Bank, vol. 25(2), pages 148-172.
    2. Collins Gyakari Ntim, 2012. "Does the South African stock market value an independent dual board leadership structure?," Economics and Business Letters, Oviedo University Press, vol. 1(1), pages 35-45.
    3. Collins Ntim, 2015. "Board diversity and organizational valuation: unravelling the effects of ethnicity and gender," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 167-195, February.
    4. Adegbite, Emmanuel, 2015. "Good corporate governance in Nigeria: Antecedents, propositions and peculiarities," International Business Review, Elsevier, vol. 24(2), pages 319-330.


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