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The Relationship Between Corporate Governance and Organizational Performance in Nigerian Companies Toyin Ishola Lasisi Walden University

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The Relationship Between Corporate Governance and Organizational Performance in Nigerian Companies Toyin Ishola Lasisi Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2017 The Relationship between Corporate Governance and Organizational Performance in Nigerian Companies Toyin Ishola Lasisi Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Accounting Commons, Business Administration, Management, and Operations Commons, and the Management Sciences and Quantitative Methods Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral dissertation by Toyin Lasisi has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Godwin Igein, Committee Chairperson, Management Faculty Dr. Doreen McGunagle, Committee Member, Management Faculty Dr. Danielle Wright-Babb, University Reviewer, Management Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2017 Abstract The Relationship between Corporate Governance and Organizational Performance in Nigerian Companies by Toyin Ishola Lasisi MS, Walden University, 2014 LL.B, University of London, 2002 Dissertation Submitted in Partial Fulfillment of the Requirements of the Degree of Doctor of Philosophy Management Walden University February 2017 Abstract The growing lack of confidence in public companies arises from the recent accounting scandals and corporate collapses, which have been attributed to the consequences of separation of ownership and control in modern firms. Agency theory predicts a conflict of interest between managers and shareholders that leads to agency costs and weak performance. This study used agency, stakeholders’, and stewardship theories as the theoretical framework and multiple regression analysis to examine the relationship between corporate governance mechanisms and organizational performance in nonfinancial firms listed on the Nigerian Stock Exchange. The results of the study could help clarify understanding of corporate governance to managers, investors, and regulators who seek to understand how corporate governance impact firms’ performance. In this study, corporate governance mechanisms included board independence, audit committee independence, board size, number of board meetings, and executive compensation. The data were collected from the firms’ published accounts on their websites and on the archives of the Nigerian Stock Exchange for a period starting from January 1, 2011 to December 31, 2015. The measures of financial performance in the study were return on assets, return on capital employed, and Tobin’s Q. The study found a positive but not statistically significant relationship between corporate governance mechanisms and financial performance. This study has implications for positive social change by showing managers and other stakeholders of firms how a good corporate governance system assures investor confidence, employee loyalty and commitment, the reduction in conflict of interest and agency costs, and a strong financial performance . The Relationship between Corporate Governance and Organizational Performance in Nigerian Companies by Toyin Ishola Lasisi MS, Walden University, 2014 LL.B, University of London, 2002 Dissertation Submitted in Partial Fulfillment of the Requirements of the Degree of Doctor of Philosophy Management Walden University February 2017 Dedication I dedicate this work to the late sage, Chief Obafemi Awolowo, the former Governor of Western Nigeria, for his believe in equal access to education, knowledge, and progress. Without his program of free education in Western Nigeria in the 1950s and 1960s, I would have had no access to any form of formal learning. Acknowledgments I like to acknowledge and thank all my teachers and mentors at Walden University who have encouraged and supported me throughout this program. Specifically, I thank Dr. Godwin Igein, the chair of my committee, Dr. Doreen McGunagle, committee member, Dr. Danielle Babb, the University Research Reviewer, and the my Program Director, for their support and understanding. The committee members have encouraged me to learn and achieve what I originally set out to accomplish. I also thank Dr. David Bouvin, my mentor, for his advice and support since I enrolled as a KAM student at Walden University. I would also like to thank members of the faculty that I met at the residencies and online throughout this journey, and also all the departments that have assisted me, including the library, writing center, support, research, and international advising. Finally, I thank members of my family for their perseverance, encouragement, and support for this program. My wife, Olayemi Omodeleola Toyin-Lasisi, bought dozens of statistics text books from the U.S. and brought them to me in Nigeria at considerable financial and personal costs. I also thank her for enduring many inconveniences when I attended residency and other programs. Thank you all. Table of Contents List of Tables…………………………………………………………...………... xi List of Figures ................................................................................................................. xiix Chapter 1: Introduction to the Study .. .................................................................................1 Introduction ..........................................................................................................................1 Background of the Problem……….……………....................................................7 Statement of the Problem……………......………………………………....….…16 Purpose………………………………………….……….……………………….16 Significance of the Study…………….………………….……………………….17 Significance to Theory……………………..…………….………………………18 Significance to Practice…………………………………………………………..18 Significance to Social Change…………………………………………………...20 Background…………….……………………………………………………..…20 Theoretical Framework…………………….……………………………………23 Research Questions……………….…………………………………………….29 Research Hypotheses……………..…………………………………………..…31 Nature of the Study………..……………………………………….…………….34 Possible Types and Sources of Data…..…………………………….…………...36 Analytical Strategies…………………….….........................................................38 Other Information……...………………………………………………………...43 i Assumptions………………………..……………………………………………45 Scope and Limitations……………………..………………………………….....47 Scope…………………………………………………………………………….47 Delimitations…………………………………………………………………….48 Limitations………….…………………………………………………..………50 Definition of Terms………………………………………………………………53 Summary…………………………………………………………….……….......57 Chapter 2: Literature Review………………….………………….…….…….………….64 Introduction………………………………….…….………………….………...64 Theories of Corporate Governance….......………...………….…………………64 Agency Theory………………………………………………………………..…65 Stakeholders' Theory………………………………………………………….…81 Stewardship Theory……………………………………………………………...86 Corporate Governance: The Historical Context, Attributes, and Principles…....89 The Historical Context of Corporate Governance……………………………….90 Attributes of Corporate Governance……………………………………………..96 Principles of Corporate Governance……………………………………………101 The Effect of Conflict of Interest on Firm Performanc……………….…….…111 Conflict between Managers Attitude to Risk and Shareholders Need to Embrace Risk……………………………………………………………………..………114 ii Shortterm Profit versus Longterm Sustainable Performance……………..…....114 Conflict of Interest between Shareholders and Managers………………..….....115 Conflict of Interest between Shareholders and Bondholders……………..........116 Conflict of Interest between Firm and Society…………………………..…..…117 Major Areas of Focus in Corporate Governance Resear……………...…….....119 The Board of Directors…………………………………………………..……..121 Shareholders' Rights…………………………………………………..………..128 Executive Compensation………………………………………………..……...131 Audit Oversight………………………………………………………..……….132 Committees………………………………………………………….……….…135 Financial Performance………………………………………….………………138 Evaluating the Corporate Governance Structure of a F..………………....…….152 Independence of the Board…………………………………………….……….153 Accountability of the Board of Directors……………………………….………156 Shareholders' Rights…………………………………………….……………...158 Sources of Information for Corporate Governance Analys..……………..…….161 Corporate Governance in Nigeria….…………………………………...….......162 Introduction…………….……………………………………..………………..162 The Listed Securities Market on the Nigerian Stock Exchange………………..162 Enforcement of Corporate Governance Codes in Nigeria………………...……164 iii Corporate Governance Research in Nigeria…………………………...……….167 Summary……………………..…………………..……...……………….….....171 Chapter 3: Research Methods………….………………….….………………………...173 Introducti………………………………………….…………………..……….173 Research Design……...……………………………………………….……...…173 Dependent Variables……………………………………,,………….…….……174 Independent Variables………………………………………………..………...174 The Different Types of Research Desig…………..………………..…………..176 Target Population………..…..……………………….…………….………….185 Sampling Methods…………………………………….……………..……...…187 Instrumentation…………………..………….…………….………..…….…....193 Board Independence………………………………………………..…………...199 Independence of the Audit Committee…………………………….…………...199 Executive
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