Corporate governance, Code of Best Practice and governance structure


The study evaluates corporate governance practices among selected non-financial quoted firms across industries and analysed the level of compliance with the 2003 code of best practices in Nigeria. A data set on corporate governance mechanism was obtained from the firms’ annual reports, the publication of the Nigeria Stock Exchange (NSE) as well as the website of the firms and analysed using descriptive analysis. A corporate governance index was constructed to represent Nigerian corporate governance standard and listed firms were ranked according to the index. The results showed that firms observed between 2003 and 2010 have embedded corporate governance initiatives with an average compliance level of 72.15 percent and a growth rate of 5.83 percent. While the analysis showed a structural shift in corporate governance structure, a slow-down in change of corporate governance practice among firms in Nigeria was however observed.

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