Corporate governance and performance of Nigerian listed firms: Further evidence
Corporate Ownership and Control
Department of Economics, University of Ibadan, Nigeria
This work, in an agency framework, adds to the few literatures on Nigeria by examining the impact of corporate governance on firm financial performance. Using a sample of 64 listed non-financial firms for the period 2002 to 2006, the study is able to capture the impact of the New Code of Corporate Governance released in 2003 on previous findings. Introductory investigations on the Nigerian capital market operations and regulations depict low, but improving, states. Empirically, Panel regression estimates show that board size, audit committee independence and ownership concentration aid performance. Higher independent directors and directors' portion of shares unexpectedly dampen performance, while firms vesting both the roles of CEOs and chairs in the same individual perform better.