Record Details

Still on board configuration: SEC recommendations and the efficiency of adhering firms in Nigeria

Journal of Economic & Financial Studies

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Title Still on board configuration: SEC recommendations and the efficiency of adhering firms in Nigeria
 
Creator Lawal, Bello
 
Subject —
Board structure; Corporate governance; Firm performance; Macroeconomic variables.
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Description This paper scrutinizes the effects of adherence to an encoded board configuration on firm efficiency in terms operational and financial performances using an integrated research framework that combines four distinct theories including agency, stewardship, stakeholders and resource dependency models. The research explores three main aspects of compliance outcomes; benefits accrued to conforming firms in terms of enhanced efficiency and market value, board level drivers as well as the external moderators of these benefits using a sample of 127 listed companies on the Nigerian Stock Exchange covering for the period of 1999-2010. Result show that board independence, directors’ cognitive competencies as measured in terms of their educational qualifications and professional experiences are positively associated with efficient management of assets (ROA) and firm stock marketability (Tobin’s q).  I find no substantive empirical evidence to suggest that either the adoption of specific leadership structure or directors’ ethnic representation affects firm performance. Moreover, country-level macroeconomic variables, especially the degree of economic openness play a significant role in determining the strength of association between board structure variables and firm performance measures. 
 
Publisher LAR Center Press
 
Contributor —
 
Date 2016-03-26
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://journalofeconomics.org/index.php/site/article/view/215
10.18533/jefs.v4i02.215
 
Source Journal of Economic & Financial Studies; Vol 4, No 02 (2016): April; 01-23
2379-9471
2379-9463
 
Language eng
 
Relation http://journalofeconomics.org/index.php/site/article/view/215/282
 
Rights Copyright (c) 2016 Bello Lawal
http://creativecommons.org/licenses/by/4.0