Corporate governance characteristics, company performance and executive compensation : the case of Nigeria

Executive compensation has attracted much attention as it is exacerbating the agency conflicts. This study extends prior research by examining the influence of corporate governance practice on executive compensation by listed companies in Nigeria, a country that is characterized by low investor prot...

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Main Author:	Odewale, Robert Waidi
Format:	Thesis
Language:	eng eng
Published:	2016
Subjects:	HD4801-8943 Labor Work Working Class
Online Access:	https://etd.uum.edu.my/6748/1/s94613_01.pdf https://etd.uum.edu.my/6748/2/s94613_02.pdf
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id	my-uum-etd.6748
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Kamardin, Hasnah Salim, Basariah
topic	HD4801-8943 Labor Work Working Class
spellingShingle	HD4801-8943 Labor Work Working Class Odewale, Robert Waidi Corporate governance characteristics, company performance and executive compensation : the case of Nigeria
description	Executive compensation has attracted much attention as it is exacerbating the agency conflicts. This study extends prior research by examining the influence of corporate governance practice on executive compensation by listed companies in Nigeria, a country that is characterized by low investor protection rights, weak enforcement and compliance mechanism that is very much different from the developed markets. Specific attention is paid to the role of multinational companies’ ownership. The data was from 215 company-year observations for the period 2009 to 2013. The time period coincides to the two years before and two years after the publication of the Code of Corporate Governance for Public Companies in Nigeria 2011 (CG Code 2011). The fixed-effects regression was used for testing the study’s hypotheses. The result shows there is no significant difference between the executive compensation of the multinational companies and those of the domestic companies. However, the executive compensation after the publication of CG Code 2011 was higher than that before its publication. Further, the findings indicate that board attributes (board size, board composition, Chief Executive Officer (CEO) duality, gender diversity, compensation committee, and compensation committee independence) do not constrain CEO from extracting higher compensation in Nigerian Listed Companies (NLCs). The independence of compensation committee shows significant positive association with executive compensation. The ownership structure (CEO ownership, directors’ ownership, and blockholders ownership) do not substitute for effective monitoring of the executives. However, the study shows multinational companies’ ownership to be negatively related to executive compensation. Finally, the study results indicate that there are latent weaknesses in the internal corporate governance mechanism operational in NLCs. This result has implication for regulators of Nigeria’s capital market, investors, board of directors, company management, researchers and other company stakeholders.
format	Thesis
qualification_name	other
author	Odewale, Robert Waidi
author_facet	Odewale, Robert Waidi
author_sort	Odewale, Robert Waidi
title	Corporate governance characteristics, company performance and executive compensation : the case of Nigeria
title_short	Corporate governance characteristics, company performance and executive compensation : the case of Nigeria
title_full	Corporate governance characteristics, company performance and executive compensation : the case of Nigeria
title_fullStr	Corporate governance characteristics, company performance and executive compensation : the case of Nigeria
title_full_unstemmed	Corporate governance characteristics, company performance and executive compensation : the case of Nigeria
title_sort	corporate governance characteristics, company performance and executive compensation : the case of nigeria
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2016
url	https://etd.uum.edu.my/6748/1/s94613_01.pdf https://etd.uum.edu.my/6748/2/s94613_02.pdf
_version_	1747828110822211584
spelling	my-uum-etd.67482021-04-19T06:15:19Z Corporate governance characteristics, company performance and executive compensation : the case of Nigeria 2016 Odewale, Robert Waidi Kamardin, Hasnah Salim, Basariah Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Puteri Intan Safinaz School of Accountancy (TISSA) HD4801-8943 Labor. Work. Working Class Executive compensation has attracted much attention as it is exacerbating the agency conflicts. This study extends prior research by examining the influence of corporate governance practice on executive compensation by listed companies in Nigeria, a country that is characterized by low investor protection rights, weak enforcement and compliance mechanism that is very much different from the developed markets. Specific attention is paid to the role of multinational companies’ ownership. The data was from 215 company-year observations for the period 2009 to 2013. The time period coincides to the two years before and two years after the publication of the Code of Corporate Governance for Public Companies in Nigeria 2011 (CG Code 2011). The fixed-effects regression was used for testing the study’s hypotheses. The result shows there is no significant difference between the executive compensation of the multinational companies and those of the domestic companies. However, the executive compensation after the publication of CG Code 2011 was higher than that before its publication. Further, the findings indicate that board attributes (board size, board composition, Chief Executive Officer (CEO) duality, gender diversity, compensation committee, and compensation committee independence) do not constrain CEO from extracting higher compensation in Nigerian Listed Companies (NLCs). The independence of compensation committee shows significant positive association with executive compensation. The ownership structure (CEO ownership, directors’ ownership, and blockholders ownership) do not substitute for effective monitoring of the executives. However, the study shows multinational companies’ ownership to be negatively related to executive compensation. Finally, the study results indicate that there are latent weaknesses in the internal corporate governance mechanism operational in NLCs. This result has implication for regulators of Nigeria’s capital market, investors, board of directors, company management, researchers and other company stakeholders. 2016 Thesis https://etd.uum.edu.my/6748/ https://etd.uum.edu.my/6748/1/s94613_01.pdf text eng public https://etd.uum.edu.my/6748/2/s94613_02.pdf text eng public other Universiti Utara Malaysia Abe, N., Gaston, N., & Kubo, K. (2005). Executive pay in Japan: the role of bank-appointed monitors and the main bank relationship. Japan and the World Economy, 17, 371–394. Abor, J. (2007). 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