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CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA

Authors: JACOB ADEMOLA osundina

Publication Type: Journal article

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Abstract

The objective of this study is to empirically investigate the relationship between corporate governance (measured by Board Structure index, Ownership Structure index and Audit Committee index) and firmâ€™s performance (measured by Return on Asset) of selected Nigerian manufacturing companies. The study adopted ex-post facto research design. Random sampling was used to select 30 companies out of a total population of 45 manufacturing companies listed on the Nigerian Stock Exchange, for a time period of 2010 to 2014. Secondary data (financial and non-financial) were collected from the annual reports and accounts of the selected listed manufacturing companies. Multiple regression analysis and descriptive statistics were used in analyzing the data. F-stat and t-stat were used to test the hypothesis. The results of the study show that Board structure index had a significant positive relationship with performance (ROA) of the sampled manufacturing companies. Also, it was found that Audit committee index had a positive but insignificant relationship with the performance (ROA) of the sampled manufacturing companies, while Ownership structure index had an insignificant negative relationship with performance (ROA) of the sampled manufacturing companies. In conclusion, the study revealed that the performance indicator (ROA) related with each component of the Corporate Governance Index in a peculiar manner. It is therefore suggested that reform efforts should be directed towards improving the corporate governance of listed Nigerian manufacturing companies, especially emphasis should be devoted to the variables of Ownership Structure and Audit Committee.

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,J. . (0000). CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA , 0 (), 0-0.

,J. . "CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA " 0, no (), (0000): 0-0.

,J. and . (0000). CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA , 0 (), pp0-0.

J, . CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA . 0000, 0 ():0-0.

,JACOB ADEMOLA osundina , . "CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA ", 0 . (0000) : 0-0.

.JACOB ADEMOLA osundina , "CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF SELECTED MANUFACTURING COMPANIES IN NIGERIA " vol.0, no., pp. 0-0, 0000.

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