A Meta-Analysis of Corporate Governance in a Developing Country
top of page
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute

Economics and Business

Quarterly Reviews

ISSN 2775-9237 (Online)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
crossref
doi
open access

Published: 31 March 2018

A Meta-Analysis of Corporate Governance in a Developing Country

John J. Chizea, Araniyar C. Isukul

Baze University (Nigeria), Rivers State University of Science and Technology (Nigeria)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

Download Full-Text Pdf

doi

10.31014/aior.1992.01.01.8

Abstract

There is an increasing body of research on corporate governance in Nigeria. This academic paper endeavours to classify, categorize, map and synthesize the research on this topic during 1998–2017. In the analysis of the body of research in corporate governance in Nigeria, five key themes emerge. (1) Several research studies focus on institutional influences of corporate governance and discussions centre on how a country’s culture, laws, regulations, norms and institutions inform corporate governance practice. (2) Other studies address concerted effort by international organizations and the Nigerian government to change corporate governance practices in Nigeria. (3) Further, studies have been conducted on the state of shareholder activism in Nigeria (4) corporate governance disclosure of publicly listed companies and (5) corporate governance and firm performance (6) corporate social responsibility in Nigeria. Based on the extensive review, missing perspectives on corporate governance research in Nigeria have been identified and propositions are made for future research directions.

References

Adebimbe, U. and Okougbo, P. (2011) "Corporate governance, company attribute and voluntary disclosure." International Journal of Research in Computer Application, 1(2):20-29.

Adegbite, E. (2010) A Scrutiny of Corporate Governance: Journal of the Society for Corporate Governance in Nigeria, 2 (1). pp. 242-265.

Adegbite, E. (2012) "Corporate governance regulation in Nigeria," Corporate Governance, Vol. 12 Is. 2, pp.257 - 276

Adegbite, E. (2010). The Determinants of Good Corporate Governance: The case of Nigeria. Doctoral thesis, Cass Business School, City University, London.

Adegbite, E. (2015) "Good corporate governance in Nigeria: Antecedents, propositions and peculiarities," International Business Review, 24(2), 319-330

Adegbite, E., Amaeshi, K., & Amao, O. (2012). The politics of shareholder activism in Nigeria. Journal of Business Ethics, 105(3), 389-402.

Adegbite, E. and Nakajima, C. (2012) "Institutions and Institutional Maintenance: Implications for Understanding and Theorizing Corporate Governance in Developing Economies," International Studies of Management and Organization, 42 (3), 69-88.

Adekoya, A. A. (2011) “Corporate Governance Reforms in Nigeria: Challenges and Suggested Solutions.” Journal of Business Systems, Governance, and Ethics, Vol. 6. No. 1, pp. 38-50

Agrawal, Anup and Knoeber, C.R. (1996) Firm performance and mechanisms to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis31, 377-397.

Agarwal, R., Erel, I., Stulz, R., & Williamson, R. (2009) Differences in governance practices between US and foreign firms: Measurement, causes, and consequences. The Review of financial studies, 22(8), 3131-3169.

Agyei-Mensah, B.K. (2015) "The Determinants of financial ratio disclosure and quality: evidence from an emerging market," International Journal of Accounting and Financial Reporting, 5(1), 188-211.

Agyei-Mensah, B.K. (2017) "Does the corruption perception level of a country affect listed firms’ IFRS 7 risk disclosure compliance?", Corporate Governance: The International Journal of Business in Society, Vol. 17 Issue: 4,pp.727-747,

Agyei-Mensah, B.K. (2017)”The relationship between corporate governance mechanisms and IFRS compliance: evidence from an emerging market," Corporate Governance: The International Journal of Business in Society, 17(3),446-465.

Akhtaruddin, M. (2005) "Corporate disclosure practices in Bangladesh," International Journal of Accounting, 40, 399-422.

Aliyu, S., Jamil, M. and Mohamed, R. (2014)"The mediating role of management control system in the relationship between corporate governance and the performance of bailed-out banks in Nigeria." Procedia-Social Science and Behavioral Sciences, 164:613-620.

Amaeshi (2010) “International financial institutions and discursive institutional change: Implications for CSR in a developing country. Journal of Change Management, 11,111-128.

Amaeshi, Adegbite and Nakijima (2013) "Multiple influences of corporate governance practices in Nigeria: agents, strategies and implications." International Business Review, 22:524-538.

Amao and Amaeshi (2008)” Galvanizing shareholder activism: a prerequisite for effective corporate governance and accountability. Journal of Business Ethics, 82(1):119-130.

Amao (2008)"Mandating corporate social responsibility: emerging trends in Nigeria." Journal of Common Wealth, Law and Legal Education

Ahunwan, B. (2002) "Corporate Governance in Nigeria." Journal of Business Ethics, 37 (3), 269-287.

Babatunde, A.M. and Olaniran, O. (2009)" The effects of external and internal mechanisms on governance performance of corporate firms in Nigeria." Corporate Ownership and Control, 7(2):330-342.

Barako, D.G. (2007) Determinants of voluntary disclosure in Kenyan companies annual reports. African Journal of Business Management, 1(5), 113-128.

Borcean, C. and Barbu, C. (2007) Corporate governance and firm performance, Management and Marketing Journal, 5(1), 125-131

Brennan, N. and Solomon, J. (2008) "Corporate governance, accountability and mechanisms of accountability: an overview," Accounting, Auditing, and Accountability Journal, Vol. 21, Is. 7, pp. 885-906.

Bryman, A. and Bell, B. (2007) Research Methods for Business. Oxford, Oxford University Press.

Chanda, S. Burton, B. and Dunne, T. (2017) The nature and potential of corporate governance in developing countries, Accounting, Auditing and Accountability Journal, 30(6), 1257-1287.

Church, R. M. (2002). The effective use of secondary data. Learning and Motivation, 33(1), 32-45.

Collis, J. and R. Hussey (2009) Business Research: A Practical Guide for Undergraduate and Postgraduate Students. London, Palgrave/Macmillan.

Core, John E., Robert W. Holthausen, and Larcker, F. (1999) Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics, 51, 371-406.

Cowton, C.J. (1998) "The Use of Secondary Data in Business Ethics Research," Journal of Business Ethics, 17(4):423-434.

Dembo. A.M. and Rasaratnam, S. (2014) “Corporate governance and disclosure in Nigeria: An Empirical Study”. Procedia- Social and Behavioural Science 164:161-171.

Dobers, P. and Halmes, M. (2009) Corporate social responsibility and developing countries, Corporate Social Responsibility and Environmental Management, 16, 237-249.

Doidge, C., Karolyi, G. A., & Stulz, R. M. (2007)”Why do countries matter so much for corporate governance?” Journal of financial economics, 86(1), 1-39.

Eweje, G. (2007)”Multinational oil companies CSR initiatives in Nigeria”. Managerial Law, 49(5/6):218-235.

Ehikioya, B.I. (2009) “Corporate governance performance structure and firm performance in developing economies evidence from Nigeria”. Corporate Governance: The International Journal of Business in Society, 9(3):231-243.

Farvaque, E., Refait-Alexandre, C. & Saidane,D. (2011) “Corporate disclosure: a review of its (direct and indirect) benefits and costs,” International Economics, 128, 5-32.

Gillian, S. L., and Starks, L.T. (2003). "Corporate Governance, Corporate Ownership and Role of Institutional Investors: A Global Perspective." Journal of Applied Finance 13: 4-22.

Gillian, S. L. (2006). "Recent Development in Corporate Governance: An Overview." Journal of Corporate Finance 12(3): 381-402.

Gillian, S. L. and L. T. Starks (2007)."The Evolution of Shareholder Activism in the United States." Journal of Applied Corporate Finance 19(1): 55.

Gompers, Paul A., Ishii, L., and Metrick, A. (2003) Corporate governance and equity prices, Quarterly Journal of Economics,118, 107-155.

Guttentag, M.D. (2004) "An Argument for Imposing Disclosure Requirements on Public Companies," Florida State University Law Review, Vol. 32, pp. 123-196

Hills, C. W. and T. M. Jones (1992)."Stakeholder-Agency Theory." Journal of Management Studies 29: 131-154.

Hugill, A., & Siegel, J. I. (2014). Which does more to determine the quality of corporate governance in emerging economies, firms or countries?.

Huse, M. (2007). Board, Governance and Value Creation: the Human Side of Corporate Governance. London, Cambridge University Press.

Idemudia, U, and Ite, U.E. (2006) Corporate-community relations in Nigeria's oil industry: Challenges and Imperatives. Corporate Social Responsibility and Environmental Management 13: 194-206.

Idemudia, U. (2007). Community perceptions and expectations: reinventing the wheels of corporate social responsibility practices in the Nigerian oil industry. Business and Society Review 112 (3), pp. 369–405.

Idemudia U. (2011). Corporate social responsibility and developing countries: moving the critical CSR research agenda in Africa forward. Progress in Development Studies 11 (1), 1–18.

Idemudia, U. (2014), Corporate Social Responsibility and Development in Africa: Issues and Possibilities. Geography Compass, 8: 421–435.

Isukul, A. C., and Chizea, J. J. (2015) Environmental influences of corporate governance: The Nigerian reality, Sage Open 5(2), 1-11.

Isukul, A. C., and Chizea, J. J. (2016) Institutional governance reforms: Examining the case of ECOWAS. Asian Research Journal of Arts and Social Science, 1(4), 1-11.

Isukul, A. C., and Chizea, J. J. (2017) An evaluation of corporate governance disclosure in Ghanaian and Nigerian Banks, International Journal of Innovation and Economic Development, 3(1), 51-71.

Isukul, A. C., and Chizea, J. J. (2017b)  Corporate governance in developing countries: a comparative analysis of Nigerian and South African Banks, Sage Opens 7(3)1-17

Ite, U. E. (2004) ‘Multinationals and corporate social responsibility in developing countries: a case study in Nigeria.’ corporate social responsibility and environmental management, Vol. 11, pp. 1-11.

Jamali, D. (2007). The case for strategic corporate social responsibility in developing

countries. Business and Society Review, 112(1):1-27

Jensen, M. and W. Mecklings (1976). "Theory of the Firm: Managerial Behaviour, Agency Cost, and Capital Structure." Journal of Financial Economics 3(4): 305-360.

Kulik, B. W. (2007). "Agency theory, reasoning and culture at Enron: in search of a solution." Journal of Business Ethics 59: 347-360.

La Porta, R.  Lopez-de-Silanes, F., and Shleifer, A. (2002). "Government Ownership of Banks." Journal of Finance, Vol. 57, Is. 1, pp. 256-301

La Porta, R. Lopez-de-Silanes, F. Shleifer, A and Vishny, R. (2000) "Investor Protection and Corporate Governance." Journal of Financial Economics, 58: 3-27.

Lantos, G.P. (2001) The boundaries of strategic corporate social responsibility. Journal of Consumer Marketing, 18(7), 595-630.

Larcker, D. F., S. A. Richardson, and I. Tuna. (2005) "How Important is Corporate Governance?" Working paper. The University of Pennsylvania.

Monks, R. A. G. and N. Minow (2008).Corporate governance. Chichester, John Wiley & Sons.

Lederman, R. P. (1991). Content analysis of word texts. MCN: The American Journal of Maternal/Child Nursing, 16(3), 169.

Long-Sutehall, T., Sque, M., & Addington-Hall, J. (2011). Secondary analysis of qualitative data: a valuable method for exploring sensitive issues with an elusive population?. Journal of Research in Nursing, 16(4), 335-344.

Maingot, M. and Zeghal, D. (2008) "An analysis of corporate governance information disclosure by Canadian banks," Corporate Ownership and Control, Vol. 5, Is. 2, pp. 225-236.

Matten, D. and J. Moon: 2008, ‘‘‘Implicit’’ and‘‘explicit’’ CSR: a conceptual framework for a comparative understanding of corporate social responsibility’, Academy of Management Review 33(2), 404–424.

Nakpodia, F., Adegbite, E., Amaeshi, K., & Owolabi, A. (2016). Neither principles nor rules: Making corporate governance work in Sub-Saharan Africa. Journal of Business Ethics, 1-18.

Nelson, J. M. (2006). "The “CalPERS" Effect” Revisited Again." Journal of Corporate Finance 12(2): 187.

Okoye, N. & Siwale, J.(2017) "Microfinance regulation and effective corporate governance in Nigeria and Zambia," International Journal of Law and Management, 59 (1),102-121.

Ntim, C.G. Lindop, S., and Thomas, D.A. (2013) "Corporate governance and risk reporting in South Africa: a study of corporate risk disclosure in the pre- and post -2007/2008 financial crisis periods", International Review of Financial Analysis, 30, 363-383.

Okike, E.N. (2007) "Corporate Governance in Nigeria: the Status Quo." Corporate Governance: An International Review, 15 (2):173-193

Okike, E.N., Adegbite, E., Nakpodia, S., & Adegbite, S. (2015) "A review of internal and external influences of corporate governance and financial accountability in Nigeria," International Journal of Business and Governance Ethics, 10(2),165-185.

Oman, C., Fries, S., & Buiter, W. (2003). Corporate governance in developing, transition and emerging-market economies. OECD Policy Brief No. 23.

Oyejide, A. T., & Soyibo, A. (2001). "Corporate Governance in Nigeria." Paper presented at the Conference on Corporate Governance, Accra, Ghana 29-30, January

Patel, S. A., and Dallas, G. (2002) Transparency and Disclosure: Overview of Methodology and Study Results. United States: Standard & Poor’s European Corporate Governance Institute, October 2002.

Reed, D. (2004). Corporate Governance Reforms in Developing Countries. Corporate Governance, Economic Reforms, and Development, 1-24.

Romano, R. (2001). "Less is More: Making Shareholder Activism a Valuable Mechanism of Corporate Governance." Yale Journal of Regulations 18: 174-251.

Samaha, K., &Dahawy, K. (2011). An empirical analysis of corporate governance structures and voluntary corporate disclosure in volatile capital markets: The Egyptian experience. International Journal of Accounting, Auditing and Performance Evaluation, 7(1-2), 61-93,

Sheheta, N., Dahawy, K. & Ismail, T. (2014) “The relationship between firm characteristics and mandatory disclosure level: when Egyptian accounting standards were first adopted,” Mustang Journal of Accounting and Finance, 5, 85-103.

Siddiqui, J. (2010) Developments of corporate governance regulations: the case of an emerging economy, Journal of Business Ethics, 91, 253-274.

Siegel, J. (2005). Can foreign firms bond themselves effectively by renting US securities laws?. Journal of Financial Economics, 75(2), 319-359.

Sjostrom, E. (2008) “Shareholder activism for corporate social responsibility: what we do know? Sustainable Development, 16, 141-154.

Stewart, D.W. (1984) Secondary research: information sources and methods. Sage, Beverly Hills.

Tsamenyi, M. and Uddin, S. (2008) Introduction to corporate governance in less developed and emerging countries. Emerald Group Publishing Limited. Bingley

Trickster, R. L. (1984) Corporate Governance: Practices, Procedures, and Powers in British Companies and Their Boards of Directors, Gower Press, Aldershot.

Uche, C. O., Adegbite, E., & Jones, M. (2016). Institutional shareholder activism in Nigeria: An accountability perspective.  Accounting Forum 40(2), 78-88.

Uche, C., Adegbite, E., and  Jones, M. (2016). Institutional shareholder activism in Nigeria. Corporate Governance, 16(4), 680-692.

Visser, W, Matten, D, Pohl, M and Tolhourst, N. (2007) The A to Z of corporate social responsibility. A complete reference guide to concepts, codes, and organizations. John Wiley & Sons: Chichester

Wanyama, S. Burton, B. and Helliar, C. (2009) Framework underpinning corporate governance: evidence from Uganda perspective, Corporate Governance: An International Review, 17(2), 159-175.

Wanyama, S. Burton, B. and Helliar, C. (2013) Stakeholder accountability and the theory-practice gap in developing nations' corporate governance systems: evidence from Uganda, Corporate Governance, 13(1), 18-38.

Weber, R. P. (1990) Basic content analysis. Sage, London.

Yakasai, G.A (2001). "Corporate Governance in a Third World Country with Particular Reference to Nigeria." Corporate Governance: An International Review, 9, (3): 238-253.

bottom of page