Corporate Governance Attributes and Financial Performance of Listed Industrial Goods Companies in Nigeria
DOI:
https://doi.org/10.33003/fujafr-2023.v1i3.55.40-51Keywords:
Corporate Governance Attributes, Financial Performance, Industrial Goods Companies, Nigeria.Abstract
This study investigates the relationship between corporate governance attributes and the financial performance of listed industrial goods companies in Nigeria. The specific objectives of the study were to determine whether corporate governance attributes – board size, board composition, and board committee have any effect on the financial performance of listed industrial goods companies in Nigeria. An ex-post facto research design was used. The study used secondary data from the financial statements and annual reports of the quoted industrial goods companies for the relevant years under consideration (2018-2022). The study, which uses the panel least square regression technique, discovered that the return on assets of listed industrial goods companies in Nigeria is not significantly impacted by the size of the board. The make-up of the board significantly improves the return on assets of Nigerian-listed industrial goods businesses. However, it was discovered that the board committee had no appreciable favorable impact on the return on assets. The present study shows that the financial performance of listed industrial goods businesses in Nigeria is positively impacted by corporate governance. The study concluded that the regulatory body should keep improving regulations that reinforce the makeup of the board of directors based on its results.
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