Corporate governance mechanism, corporate disclosure and firm performance in Nigeria

Many corporate governance and disclosure studies in developed countries have established links between corporate governance and firm performance. However, in developing countries like Nigeria, very little attention has been given to transparency and disclosure in relation to firm performance. This s...

Full description

Saved in:

Bibliographic Details
Main Author:	Edogbanya, Adejoh
Format:	Thesis
Language:	eng eng
Published:	2018
Subjects:	HD2709-2930.7 Corporations
Online Access:	https://etd.uum.edu.my/7951/1/s95603_01.pdf https://etd.uum.edu.my/7951/2/s95603_02.pdf
Tags:	Add Tag No Tags, Be the first to tag this record!

id	my-uum-etd.7951
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Kamardin, Hasnah
topic	HD2709-2930.7 Corporations
spellingShingle	HD2709-2930.7 Corporations Edogbanya, Adejoh Corporate governance mechanism, corporate disclosure and firm performance in Nigeria
description	Many corporate governance and disclosure studies in developed countries have established links between corporate governance and firm performance. However, in developing countries like Nigeria, very little attention has been given to transparency and disclosure in relation to firm performance. This study examines the relationship between corporate governance, corporate reporting disclosure and firm performance in Nigeria Stock Exchange (NSE) based on a sample of 62 non-financial companies in Nigeria between the years 2010 to 2013. This study considers the corporate reporting disclosure in three categories which are disclosure of board process transparency, financial process transparency, and ownership transparency. Value added intellectual capital (VAIC) is one of the proxies for firm performance other than return on assets (ROA) and Tobin’s Q. The multiple regression analysis with panel corrected standard errors (PCSEs) was used in the analysis. The findings of the study provide empirical evidence that corporate governance mechanism is significant and positively related to firm performance. The study further reveals that there is a significant relationship between transparency and disclosure and firm performance. Thus, it is recommended that disclosure of relevant information should be highly practiced by public companies in Nigeria. This study contributes immensely to the field of corporate governance. Firstly, it introduces Nigerian companies’ disclosure and transparency features. Secondly, the study expands the proxy for performance measurement by introducing VAIC method of measuring performance in Nigerian studies. Lastly and most importantly, this study considers the disclosure and transparency and internal corporate governance efficiency in Nigeria and its disclosure in the non-financial sectors of the Nigerian economy.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Edogbanya, Adejoh
author_facet	Edogbanya, Adejoh
author_sort	Edogbanya, Adejoh
title	Corporate governance mechanism, corporate disclosure and firm performance in Nigeria
title_short	Corporate governance mechanism, corporate disclosure and firm performance in Nigeria
title_full	Corporate governance mechanism, corporate disclosure and firm performance in Nigeria
title_fullStr	Corporate governance mechanism, corporate disclosure and firm performance in Nigeria
title_full_unstemmed	Corporate governance mechanism, corporate disclosure and firm performance in Nigeria
title_sort	corporate governance mechanism, corporate disclosure and firm performance in nigeria
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2018
url	https://etd.uum.edu.my/7951/1/s95603_01.pdf https://etd.uum.edu.my/7951/2/s95603_02.pdf
_version_	1747828295313915904
spelling	my-uum-etd.79512021-08-09T06:52:08Z Corporate governance mechanism, corporate disclosure and firm performance in Nigeria 2018 Edogbanya, Adejoh Kamardin, Hasnah Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Puteri Intan Safinaz School of Accountancy (TISSA) HD2709-2930.7 Corporations Many corporate governance and disclosure studies in developed countries have established links between corporate governance and firm performance. However, in developing countries like Nigeria, very little attention has been given to transparency and disclosure in relation to firm performance. This study examines the relationship between corporate governance, corporate reporting disclosure and firm performance in Nigeria Stock Exchange (NSE) based on a sample of 62 non-financial companies in Nigeria between the years 2010 to 2013. This study considers the corporate reporting disclosure in three categories which are disclosure of board process transparency, financial process transparency, and ownership transparency. Value added intellectual capital (VAIC) is one of the proxies for firm performance other than return on assets (ROA) and Tobin’s Q. The multiple regression analysis with panel corrected standard errors (PCSEs) was used in the analysis. The findings of the study provide empirical evidence that corporate governance mechanism is significant and positively related to firm performance. The study further reveals that there is a significant relationship between transparency and disclosure and firm performance. Thus, it is recommended that disclosure of relevant information should be highly practiced by public companies in Nigeria. This study contributes immensely to the field of corporate governance. Firstly, it introduces Nigerian companies’ disclosure and transparency features. Secondly, the study expands the proxy for performance measurement by introducing VAIC method of measuring performance in Nigerian studies. Lastly and most importantly, this study considers the disclosure and transparency and internal corporate governance efficiency in Nigeria and its disclosure in the non-financial sectors of the Nigerian economy. 2018 Thesis https://etd.uum.edu.my/7951/ https://etd.uum.edu.my/7951/1/s95603_01.pdf text eng public https://etd.uum.edu.my/7951/2/s95603_02.pdf text eng public https://sierra.uum.edu.my/record=b1698390~S1 Ph.D. doctoral Universiti Utara Malaysia Abbasi, F. B., Asadipour, E., & Pourkiyani, M. (2017). Investigate the effect of ownership structure on the performance of companies listed on the Tehran Stock Exchange, 3(1), 26–32. https://doi.org/10.21634/SJAM.3.1.2632 Abdulazeez, D., Ndibe, L., & Mercy, A. (2016). Corporate Governance and Financial Performance of Listed Deposit Money Banks in Nigeria. Journal of Accounting & Marketing, 5(1), 1–6. https://doi.org/10.4172/2168-9601.1000153 Abdul Latif, R. A., Kamardin, H., Nisham, K., Mohd, T., & Adam, N. C. (2013). Multiple directorships, board characteristics and firm performance in Malaysia. Journal of Management, 3(2), 105–111. https://doi.org/10.5923/j.mm.20130302.07 Abidin, Z. Z., Resort, I., Kamal, N. M., Centre, E. O., Centre, E. S., & Haven, N. (2000). Board structure and corporate performance in Malaysia. International Journal of Economics and Finance, 1(1), 150–164. Abiola, J. (2012). Corporate governance in Nigerian banking sector and relevance of internal auditors. British Journal of Art and Social Sciences, 5(1), 66–74. Abubakar, K. (2012). Agency problem in corporate governance in the Nigeria banking industry: A review. Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance☆. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007 Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The Role of boards of directors in corporate governance : a conceptual framework and survey. Journal of Economics Literature, 48(1), 58–107. Adams, R. B., & Mehran, H. (2012). Bank board structure and performance: Evidence for large bank holding companies. Journal of Financial Intermediation, 21(2), 243–267. https://doi.org/10.1016/j.jfi.2011.09.002 Adegbite, E. (2012). Corporate governance regulation in Nigeria. Corporate Governance, 12(2), 257–276. https://doi.org/10.1108/14720701211214124 Adegbite, E. (2015). Good corporate governance in Nigeria: antecedents, propositions and peculiarities. International Business Review, 24(2), 319–330. https://doi.org/10.1063/1.2756072 Adekoya, A. A. (2012). Corporate governance reforms in Nigeria : challenges and suggested solutions. Journal of Business System, Governance and Ethics, 6(1), 38–50. Adelopo, I. (2011a). Voluntary disclosure practices amongst listed companies in Nigeria. Advances in Accounting, 27(2), 338–345. https://doi.org/10.1016/j.adiac.2011.08.009 Adetunji, B., & Olaniran, O. (2009). Corporate ownership and control. Journal of Corporate Ownership and Control, 7(2), 327–396. Adewuyi, A. O., & Olowookere, A. E. (2013). New corporate code and immediate performance change of the Nigerian firms. Corporate Governance: The International Journal of Business in Society, 13(2), 169–183. https://doi.org/10.1108/14720701311316643 Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders, 31(3), 377–398. Ahmad, A. C., Ishak, Z., Aziah, N., & Manaf, A. (2003). Corporate Governance, Ownership Structure and Corporate Diversification: Evidence from The Malaysian Listed Companies. Asian Academy of Management Journal, 8(2), 67–89. Ahmed, K. (1999). Associations between Corporate characteristics and disclosure level in annual reports: A metal-analysis. British Accounting Review, 31(June 1996), 35–61. Ahunwan, B. (2002). Corporate governance in Nigeria. Journal of Business Ethics, 37(3), 269–287. https://doi.org/10.1023/A:1015212332653 Aiken, L. S., & West, S. G. (1991a). Multiple regression: Testing and interpreting interactions. (Thousand Oaks, Ed.). CA: SAGE. Aiken, L. S., & West, S. G. (1991b). Multiple regression: Testing and interpreting interactions. Sage. Newbury Park: Aina, K. (2013). Board of directors and corporate governance in. International Journal of Business, Finance and Management Researh, 1(October 2012), 21–34. Aina, K., & Adejugbe, B. (2015). A Review of Corporate Governance Codes and Best Practices in Nigeria. Journal of Law, Policy and Globalization, 38(July 2013), 24–26. Akhtaruddin, M. (2005). Corporate mandatory disclosure practices in Bangladesh. The International Journal of Accounting, 40(4), 399–422. https://doi.org/10.1016/j.intacc.2005.09.007 Akhtaruddin, M., Hossain, M., & Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Management Reviw, 7(1), 1–12. Akindayomi, A. (2012). Earning Management and the Banking Crisis of the 1990s: Evidence from Nigeria. Academy of Accounting and Fianancial Studies, 16(3), 119–136. Akindele, R. I. (2012). Risk management and corporate governance performance—Empirical evidence from the Nigerian banking sector.. IFE Psychologia: An International Journal, 20(1), 103–120. Akinkoye, E. Y., & Olasanmi, O. O. (2014). Corporate governance practice and level of compliance among firms in Nigeria : Industry analysis. Journal of Business and Retail Management Research, 9(1), 13–26. Akpan, E. O., & Amran, N. A. (2014). Board characteristics and company performance : Evidence from Nigeria, 2(3), 81–89. https://doi.org/10.11648/j.jfa.20140203.17 Aksu, M., & Kosedag, A. (2006). Transparency and disclosure scores and their determinant in the Instabul Stock Exchange. Al-Ajmi, J. (2008). Audit and reporting delays: Evidence from an emerging market. Advances in Accounting, 24(2), 217–226. https://doi.org/http://dx.doi.org/10.1016/j.adiac.2008.08.002 Al-Matar, E. M., Al-Swidi, A. K., & Bt Fadzil, F. H. (2014). The effect of board of directors characteristics, audit committee characteristics and executive committee characteristics on Firm performance in Oman: An Empirical Study. Asian Social Science, 10(11), 149–171. https://doi.org/10.5539/ass.v10n11p149 Al-matari, Y. A., & Al-matari, E. M. (2012). Board of directors, audit committee characteristics and performance of Saudi Arabia listed companies. International Review of Management and Marketing, 2(4), 241–251. Al-Razeen, A., & Karbhari, Y. (2004). Interaction between compulsory and voluntory disclosure In Saudi Arabian corporate annual reports. Managerial Auditing Journal, 19(3), 351–360. Aldamen, H., Duncan, K., & Kelly, S. (2012). Audit committee characteristics and firm performance during the global financial crisis, 52(June 2011), 971–1000. Alexandrina, tefnescu C. (2009). Accounting Practices from Financial Instruments Disclosure Perspective - the Case of Romanian Banking System. Economic Science Series. Alexandrina, Ş. C. (2007). Ownership concentration and corporate governance Disclosure – The Case of Financial Institutions. Econonomic Science Series. Amran, N. A., & Ahmad, A. C. (2009). Family business, board dynamics and firm value: Evidence from Malaysia. Journal of Financial Reporting and Accounting, 7(1), 53–74. https://doi.org/10.1108/19852510980000641 Andersson, U., & Nielsen, B. B. (2014). From the Editors : Explaining interaction effects within and across levels of analysis. Journal of International Business Studies, 45(9), 1063–1071. https://doi.org/10.1057/jibs.2014.50 Ariffin, N. mohd. (2005). Enhancing Transparency and Risk Reporting in Islamic Banks. Ashbaugh, H., & Pincus, M. (2001). Domestic accounting standards, international accounting standards, and the predictability of earnings. Journal of Accounting Research, 39(3), 417–434. https://doi.org/10.1111/1475-679X.00020 Aßländer, M. S. (2005). How Could it Happen ? Enron and the Architecture of Wrongdoing, 2005(2), 63–74. Atinc, G., & Ocal, Y. (2014). The moderating effect of organizational environment on post-IPO corporate governance changes and firm performance relationship. Journal of Leadership & Organizational Studies, 21(3), 286–298. https://doi.org/10.1177/1548051814529824 Babalola, A., & Adebipe, O. A. (2014). Corporate governance and sustainable banking sector : Evidence from Nigeria. Research Journal of Finance and Accounting, 5(12), 32–44. Babío Arcay, M. R., & Muiño Vázquez, M. F. (2005). Corporate characteristics, governance rules and the extent of voluntary disclosure in Spain. Advances in Accounting, 21(3), 299–331. https://doi.org/http://dx.doi.org/10.1016/S0882-6110(05)21013-1 Bajtelsmit, V. (1999). Gender differences in defined contribution pension decisions. Financial Services Review, 8(1), 1–10. https://doi.org/10.1016/S1057-0810(99)00030-X Ball, R., Robin, A., & Wu, J. S. (2003). Incentives versus standards: properties of accounting income in four East Asian countries. Journal of Accounting and Economics, 36(1–3), 235–270. https://doi.org/10.1016/j.jacceco.2003.10.003 Ballou, B., Heitger, D., Walker, P. L., Beasley, M., Chen, A., & Wright, L. (2012). Enterprise risk management: A process for enhanced management and improved performance. Management Accounting Quarterly Quarterly, 13(3), 28–39. Baltagi, B. (2005). Econometric analysis of panel data. England: John Wiley and Sons. Baltagi, B. (2008). Econometric analysis of panel data (fourth edi). Barako, D. G. (2007). Determinants of voluntary disclosures in Kenyan companies annual reports. Determinants of Voluntary Disclosures in Kenyan Companies Annual Reports, 1(August), 113–128. Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: An International Review, 14(2), 107–125. https://doi.org/10.1111/j.1467-8683.2006.00491.x Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual , strategic , and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. Barth, M. E., & Schipper, K. (2007). Financial reporting transparency. Journal of Accounting, Auditing and Finance, 173–191. Bartram, S. M., Brown, G. W., & Conrad, J. (2009). The effects of derivatives on firm risk and value. https://doi.org/org/10.1017/S0022109011000275 Bascle, G. (2008). Controlling for endogeneity with instrumental variables in strategic management research. Strategic Organization, 6(3), 285–327. https://doi.org/10.1177/1476127008094339 Basmann, R. . (1957). A generalized classical method of linear estimation of coefficients in a structural equation. Econometrica, 25(1), 77–83. Baysinger, B. D., & Butler, H. N. (1985). Corporate governance and the board of directors : Performance effects of changes in board composition. Journal of Law, Economics and Organization, 1(1), 101–124. Beasley, M. S. (2014). Empirical analysis the of board the relation of financial Between composition statement fraud. American Accounting Association, 71(4), 443–465. Beasley, M. S., Carcello, J. V., Hermanson, D. R., & Lapides, P. D. (2000). Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms. Accounting Horizons, 14(4), 441–454. https://doi.org/http://dx.doi.org/10.2308/acch.2000.14.4.441 Beasley, M. S., Clune, R., & Hermanson, D. R. (2005). Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24(6), 521–531. https://doi.org/10.1016/j.jaccpubpol.2005.10.001 Beck, T., & Levine, R. (2008). Finance, firm size, and growth. Journal of Money, Credit and Banking, 40(7), 1380–1405. Bhagat, S., & Bernard, B. (2002). The non- correlation between board independence and long term firm performance. Bhagat, S., & Black, B. (2001). The Non-Correlation Between Board Independence and Long Term Firm Performance. Journal of Corporation Law, 1(1), 231–274. https://doi.org/10.2139/ssrn.133808 Biao, X., Davidson, W., & Dadalt, P. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295–316. https://doi.org/doi.0rg.10.1016/s09291199(02)00006-8 Bickel, R. (2007). Multilevel analysis for applied research. New York: The Guilford press. Bijalwan, J. G., & Madan, P. (2013). Corporate governance Practices , transparency and performance of Indian companies. IUP Journal of Corporate Governance, 12(3), 46–79. Blundell-wignall, A., Atkinson, P., & Lee, S. H. (2009). Dealing with the financial crisis. OECD Journal of Financial Market Trends, 2009(1), 11–29. Bøhren, Ø. (2007). Aligned, informed, and decisive : Characteristics of valuecreating boards. SSRN. Bontis, N. (1998). Intellectual capital : an exploratory study that develops measures and models. Management Decision (Vol. 36). https://doi.org/http://dx.doi.org/10.1108/00251749810204142 Botosan, C. (1997). Disclosure level and the cost of equity capital. The Accounting Review, 72(3), 323–349. Botosan, C. A., & Harris, M. S. (2000). Motivations for a Change in disclosure frequency and Its consequences : An examination of voluntary quarterly segment disclosures. Journal of Accounting Research, 38(2), 329–353. Boyd, C. (1996). Ethics and corporate governance: The issues raised by the Cadbury report in the United Kingdom. Journal of Business Ethics, 15(2), 167–182. https://doi.org/10.1007/BF00705585 Bradley, N. (2004). The link between corporate governance and performance indicators : in search of the holy grail. Blackwell Publishers, 12(1), 9–16. Brammer, S., Millington, A., & Rayton, B. (2007). The contribution of corporate social responsibility to organizational commitment. The International Journal of Human Resource Management, 18(10), 1701–1719. https://doi.org/10.1080/09585190701570866 Brandes, P., Hadani, M., & Goranova, M. (2006). Stock options expensing: An examination of agency and institutional theory explanations. Journal of Business Research, 59(5), 595–603. https://doi.org/10.1016/j.jbusres.2005.09.018 Brickley, J. A., Coles, J. L., Jarrell, G., Chapman, D., Coles, J., Denis, D., …Zirnmer-, J. (1997). Leadership structure : Separating the CEO and Chairman of the Board 1. Journal of Corporate Finance, 3(January 1994), 189–220. Brown, L. D., & Caylor, M. L. (2008). Corporate governance and firm operating performance. Review of Quantitative Finance and Accounting, 32(2), 129–144. https://doi.org/10.1007/s11156-007-0082-3 Brunner, K., & Meckling, W. H. (1976). The perception of man and the conception of government. Bryant, P., & Davis, C. (2012). Regulated change effects on boards of directors: A look at agency theory and resource dependency theory. Academy of Strategic Management Journal, 11(2), 1–16. Burkart, M., Gromb, D., & Panunzi, F. (2001). Large shareholders, monitoring, and the value of the firm. Quarterly Journal of EConomics, 112(3), 694–728. https://doi.org/10.1162/003355397555325 Byrnes, J. P., Miller, D. C. ., & Schafer, W. D. (1999). Gender differences in risk taking: A meta-analysis. Psychological Bulletin, 125(3), 367–383. https://doi.org/oi.org/10.1037/0033-2909.125.3.367 Cameron, A. (2014). Evaluating board performance. Campbell, K., & Mínguez-Vera, A. (2007). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y Caprio, G., Laeven, L., & Levine, R. (2009). Governance and bank valuation. Journal of Financial Intermediation., 16(4), 584–617. https://doi.org/10.1016/j.jfi.2006.10.003 Carcello, J. V, Hermanson, D. R., Neal, T. L., & Riley, R. A. (2002). Board characteristics and audit fees. Contemporary Accounting Research, 19(3), 365–384. https://doi.org/10.1506/CHWK-GMQ0-MLKE-K03V Carolina, N. (1998). the moderating effect of environmental dynamism on the ownership and performance relationship. Strtegic Management Journal, 19(February 1997), 169–179. Carter, D. a., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. The Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034 Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034 Charitou, A. (2013). Corporate Governance, Agency Problems, and Firm Performance: Empirical Evidence from an Emerging European Market. Charlie, W., David, L., & Phillip, J. M. (2002). Internal and external governance mechanisms: Their impact on the performance of large UK public companies. Journal of Business Finance & Accounting, 29(5), 579–611. Charreaux, G., & Desbrières, P. (2001). Corporate governance : stakeholder value versus shareholder value. Journal of Management and Governance, 3, 107–128. Che Haat, M. H., Rahman, R. A., & Mahenthiran, S. (2008). Corporate governance, transparency and performance of Malaysian companies. Managerial Auditing Journal, 23(8), 744–778. https://doi.org/10.1108/EL-01-2014-0022 Cheffins, B. R. (2011). The past , present , and future of shareholder activism by hedge funds. The Journal of Corporation Law, (136), 51–103. Chemmanur, T. (2016). Innovation beyond Firm Boundaries : Common Blockholders, Strategic Alliances , and Corporate Innovation. FMA Conference 2016. Chen, J., Chen, D.-H., & Chung, H. (2006). Corporate control, corporate governance and firm performance in New Zealand. International Journal of Disclosure and Governance, 3(4), 263–276. https://doi.org/10.1057/palgrave.jdg.2040082 Chen, J., & Cheng, P. (2007). Corporate governance and the harmonisation of Chinese accounting practices with IFRS practices. Corporate Governance: An International Review, 15(2), 284–293. https://doi.org/10.1111/j.1467-8683.2007.00560.x Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86–105. https://doi.org/10.1016/j.jcorpfin.2017.01.001 Chen, M., Cheng, S., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771 Chen, Y.-C. (2013). Improving transparency in the financial Sector. Public Performance & Management Review, 37(2), 241–262. https://doi.org/10.2753/PMR1530-9576370203 Chiang, H. (2005). An empirical study of corporate governance and corporate performance. The Journal of Amecan Academy of Business, Cambridge, 95–102. Cho, M.-H. (1998). Ownership structure, investment, and the corporate value: an empirical analysis. Journal of Financial Economics, 47, 103–121. Chow, C. W., & Wong-boren, A. (1987). Voluntary financial disclosure by mexican corporations. The Accounting Review, 62(3), 533–541. Chrisman, J., Chua, J., & Litz, R. (2001). Compromising the agency cost of family and non-family firms: conceptual issues and exploratory evidence. Entrepreneuship Theory and Practice, 28(4), 335–354. Christensen, J., Kent, P., & Stewart, J. (2010). Corporate governance and company performance in Australia. Australian Accounting Review, 20(4), 372–386. https://doi.org/10.1111/j.1835-2561.2010.00108.x Chuanrommanee, W., & Swierczek, F. W. (2007). Corporate governance in ASEAN financial corporations: Reality or illusion? Corporate Governance: An International Review, 15(2), 272–283. https://doi.org/10.1111/j.1467-8683.2007.00559.x Chung, K. H., & Pruitt, S. w. (1994). Simple approximation of Tobin’s q. Financial Management, 23(3), 70–74. Clatworthy, M. A., & John, M. (2006). Differential patterns of textual characteristics and company performance in the chairmans Statement. Accounting, Auditing and Accountability Journal, 19(4), 493–511. https://doi.org/dx.org/10.1108/09513570610679100 Coakes, S. J., & Ong, C. (2011). SPSS Version 18.0 for Windows: Analysis Without Anguish. Australia: JohnWiley & Son Australia Ltd. Coffee, J. c. (1999). Privatization and corporate governance: The lesson from security market failure. Journal of Corporation Law, 6–39. Cohen, B. D., & Dean, T. J. (2005). Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal. Strategic Management Journal, 26(7), 683–690. https://doi.org/10.1002/smj.463 Cohen, J., Holder-Webb, L., Nath, L., & Wood, D. (2011). Retail investors’ perceptions of the decision-usefulness of economic performance, governance, and corporate social responsibility disclosures. Behavioral Research in Accounting, 23(1), 109–129. https://doi.org/10.2308/bria.2011.23.1.109 Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2010). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419 Core, J. E., Guay, W. R., & Rusticus, T. O. (2006). Does weak governance cause weak stock Returns? An examination of firm operating performance and investors’ expectations. The Journal of Finance, 18(2), 655–687. Courtis, J. (1998). Annual report readability variability: test of the obfuscation hypothesis. Accounting, Auditing and Accountability, 11(4), 459–472. Cox, T. H., & Blake, S. (1991). diversity : Managing cultural implications for competitiveness organizational. The Executive (Academy of Management), 5(3), 45–56. https://doi.org/10.5465/AME.1991.4274465 Craft, B. R. C., & Benson, R. G. (2006). How to assess and improve your board ’s performance. Craswell, A., Taylor, S., & Saywell, R. (1997). Ownership structure and corporate performance: evidence from Australia. Pcific-Basin Finance Journal, 5, 301–323. Cremers, K. J. M., & Nair, V. B. (2006). Governance mechanisms and equity prices. CFA Digest., 36(2), 26–28. Cuijpers, R., & Buijink, W. (2005). Voluntary adoption of non-local GAAP in the European Union: A study of determinants and consequences. European Accounting Review, 14(3), 487–524. https://doi.org/10.1080/0963818042000337132 Dahya, J. (2000). Does the one man show pay? theory and evidence on the dual CEO revisited. European Financial Management, 6(1), 85–98. Dahya, J., Garcia, L. G., & van Bommel, J. (2009). One man two hats: what’s all the commotion! Financial Review, 44(2), 179–212. https://doi.org/10.1111/j.1540-6288.2009.00215.x Dahya, J., & Nickolaos, T. (2000). Professional forum does the one man show pay? Theory and evidence on the dual CEO revisited. European Financial Management, 6(1), 85±98. Daily, C. M., & Dalton, D. R. (1994). Bankruptcy and corporate governance: the impact of board composition and structure. Academy of Management Journal, 37(6), 1603–1617. https://doi.org/10.2307/256801 Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta-analytic review of board composition, leadership structure, and financial performance. Strategic Management Journal, 19(February 1996), 269–290. https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AIDSMJ950>3.0.CO;2-K Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, a. E. (1999). Number of Directors and Financial Performance: a Meta-Analysis. Academy of Management Journal, 42(6), 674–686. https://doi.org/10.2307/256988 Daske, H., & Gebhardt, G. (2006). International financial reporting standards and experts’ perceptions of disclosure quality. Abacus, 42(3–4), 461–498. https://doi.org/10.1111/j.1467-6281.2006.00211.x Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5). https://doi.org/10.1111/j.1475-679X.2008.00306.x Davies, B. (2013). Papers How do boards address risk management and oversight ? Journal of Risk Management in Financial Institution, 6(4), 352–365. Dawna, L. R., Paula, L. R., & Sundaramurthy, C. (2001). A meta-analysis of board leadership structure and financial Performance: are `two heads better than one’’? Blackwell Publishers, 9(4), 311–320. Deegan, C. (2002). The legitimising effect of social and environmental disclosures - a theoretical foundation. Accounting, Auditing and Accountability, 15(3), 282–310. https://doi.org/+%&’ Degroote, M. G., Bontis, N., Chua, W., & Keow, C. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 85–100. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: causes and consequences. Journal of Political Economy, 93(6), 1155–1177. Demsetz, H., & Lehn, K. ennet. (1985). The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93(6), 1155–1177. Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. https://doi.org/10.1016/S0929-1199(01)00020-7 Denis, D. J., Denis, D. K., & Saein, A. (1997). Agency problems, equity ownership, and corporate diversification, LII(1), 135–161. Denis, D. J., Denis, D. K., & Sarin, A. (1999). Research note and communication of agency theory and influence of equity ownership structure on corportae diversifiaction strategies. Strategic Management Journal, 20(1), 1071–1076. Denis, D. J., & Kruse, T. A. (2000). Managerial discipline and corporate restructuring following performance declines. Journal of Financial Economics, 55, 391–424. Denis, D., & Mcconnell, J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1–36. Dholakia, P. (2013). A perceptual study of the implementation of international financial reporting standards for enhancing accounting financial transparency. IUP Journal of Accounting Research and Audit Practices, 12(1), 63–80. Díez, J. M., Ochoa, M. L., Prieto, M. B., & Santidrián, A. (2010). Intellectual capital and value creation in Spanish firms. Journal of Intellectual Capital, 11(3), 348–367. https://doi.org/10.1108/14691931011064581 Ding, D. K., & Charoenwong, C. (2014). Women on board: Is it boon or bane? In Financial Management Association European Conference, Zurich (pp. 1–20). Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: Ausralian Journal of Management, 16(1), 49–65. Dowen, R. J. (2001). board of director quality and firm performance. International Journal of Economics of Business, 2(1), 123–131. Du Rietz, A., & Henrekson, M. (2000). Testing the female underperformance hypothesis. Small Business Economics, 14(1), 1–10. https://doi.org/10.1023/A:1008106215480 Duppati, G., Sune, A., & Samanta, N. (2017). Corporate governance, research and development volatility and firm performance - Evidence from Spain and Ireland. Cogent Economics & Finance, 5(1), 1–16. https://doi.org/10.1080/23322039.2017.1317117 Durukan, B., Ozkan, S., & Dalkilic, F. (2012). CEO turnover and corporate performance relationship in pre- and post- IFRS period: evidence from Turkey. Journal of Business Economics and Management, 13(3), 421–442. https://doi.org/10.3846/16111699.2011.620145 Dye, A. R., & Sridhar, S. A. (2014). Industry-wide disclosure dynamics. Journal of Accounting Research, 33(1), 157–174. Dye, R. (2014). Disclosure of nonproprietary information. Journal of Accounting Reseach, 23(1), 123–145. Earley, C. P., & Elaine, M. (2000). Creating hybrid team cultures: An empirical test of transnational team functioning. Academy of Management, 43(1), 26–49. Edogbanya, A., Ekpa, S., & Kamardin, H. (2015). Corporate governance mechanism and the applicable legal regimes in Nigeria. International Journal of Administration and Governance., 1(4), 123–127. Edogbanya, A., & Kamardin, H. (2014). Adoption of international financial reporting standards in Nigeria: concepts and issues. Journal of Advanced Management Science, 2(1), 72–75. https://doi.org/10.12720/joams.2.1.72-75. Edogbanya, A., Ekpa, S., & Kamardin, H. (2015). Corporate governance mechanism and the applicable legal regimes in Nigeria. International Journal of Administration and Governance., 1(4), 123–127. Edogbanya, A., & Kamardin, H. (2014). Adoption of international financial reporting standards in Nigeria: concepts and issues. Journal of Advanced Management Science, 2(1), 72–75. doi:10.12720/joams.2.1.72-75 Edogbanya, A., & Kamardin, H. (2015). Corporate Financial transparency, Information Asymmetry and Firm Performance of Public Listed Firm in Nigeria : A Conceptual Review. Research Journal of Social Sciences, 8(8), 15–20. Edogbanya, A., & Kamardin, H. (2015). The concepts and Issues of Value added intellectual capital Disclosures and Firm Performance in Nigeria. 2nd Internanational Conference on Innovation and Sustanability 2(1) 1–675) Edogbanya, A., & Kamardin, H. (2015). The relationship between audit and risk management committees on financial Performance of non-financial companies in Nigeria : A conceptual review. Mediterranean Journal of Social Sciences, 6(3), 206–211. doi:10.5901/mjss.2015.v6n3p206 Edogbanya, A., & Kamardin, H. (2016). Company reporting transparency and firm performance in Nigeria. Asia Pacific Journal on Advanced Research, 2(2), 346– Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: evidence from Nigeria. Corporate Governance, 9(3), 231–243. https://doi.org/10.1108/14720700910964307 Eisenberga, Theodore Sundgrenb, S., & Martin, W. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48(1), 35–54. Ellstrand, A. E., Tihanyi, L., & Johnson, J. L. (2002). Board structure and international political risk. Academy of Management Journal, 45(4), 769–777. https://doi.org/10.2307/3069310 Epstein, M. J. (2012). Governing globally: Convergence, differentiation, or bridging. Studies in Managerial and Financial Accounting, 25(1), 3–39. https://doi.org/10.1108/S1479-3512(2012)0000025004 Erah, D. O., Samuel, E., & Izedonmi, F. (2012). Chief executive officer duality and financial performance of firms in Nigeria. International Journal of Business and Social Research, 2(6), 125–134. Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011 Fama, E. F., & Jensen, M. C. (1983a). Agency problems and residual claims. Journal of Law and Economics, 26(1), 327 of 327-349. Fama, E. F., & Jensen, M. C. (1983b). Seperation of Ownership from Control. Journal of Law and Economices, 26(2), 300–325. Fan, J. P. ., & Wong, T. . (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401–425. https://doi.org/10.1016/S0165-4101(02)00047-2 Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance, 11(1–2), 85–106. https://doi.org/http://dx.doi.org/10.1016/j.jcorpfin.2003.12.001 Filatotchev, I., Isachenkova, N., & Mickiewicz, T. (2007). Corporate governance, managers’ independence, exporting, and performance of firms in transition economies. Emerging Markets Finance and Trade, 43(5), 62–77. https://doi.org/10.2753/REE1540-496X430504 Finegold, D., Benson, G. S., & Hecht, D. (2007). Corporate boards and company performance: review of research in light of recent reforms. Corporate Governance: An International Review, 15(5), 865–878. https://doi.org/10.1111/j.1467-8683.2007.00602.x Forman, J., & Argenti, P. A. (2005). Top of mind how corporate communication influences strategy implementation , reputation and the corporate brand : An exploratory qualitative study. Corporate Communication, 8(3), 245–264. Freeman, J., & Hannan, M. T. (2014). Setting the record striagt on organisational ecology: Rebutal to young. American Journal of Sociology, 95(2), 425–439. Friedman, S. D., & Singh, H. (1989). Ceo Succession and Stockholder Reaction: the Influence of Organizational Context and Event Content. Academy of Management Journal, 32(4), 718–744. https://doi.org/10.2307/256566 Froot, K. a., & Stein, J. C. (1998). Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach. Journal of Financial Economics, 47(1), 55–82. https://doi.org/10.1016/S0304-405X(97)00037-8 García-Sánchez, I.-M. (2009). The effectiveness of corporate governance: board structure and business technical efficiency in Spain. Central European Journal of Operations Research, 18(3), 311–339. https://doi.org/10.1007/s10100-009-0112-4 Garcia-Sanchez, I.-M., & Prado-Lorenzo, J.-M. (2010). The Role of the Board of Directors in Disseminating Relevant Information on Greenhouse Gases. Business Ethics, 97(3), 391–424. Garg, A. K. (2007). Influence of board size and independence on firm performance: A study of Indian companies. VIKALPA, 32(3), 39–61. Ghabayen, M. A. (2012). Board characteristics and firm performance: Case of Saudi Arabia. International Journal of Accounting and Financial Reporting (Vol. 2). https://doi.org/10.5296/ijafr.v2i2.2145 Gill, A., Sharma, S. P., Mand, H. S., & Mathur, N. (2012). The relationship between corporate governance and the investment decision of small business firms in India, 1(2), 41–59. Gillan, S. L. (2006). Recent developments in corporate governance: An overview. Journal of Corporate Finance, 12(3), 381–402. https://doi.org/10.1016/j.jcorpfin.2005.11.002 Gitman, L., & Vandenberg, P. A. (2000). Cost of capital techniques used by major US firms. Goh, P. C. (2005). Intellectual capital performance of commercial banks in Malaysia. Journal of Intellectual Capital, 6(3), 385–396. https://doi.org/10.1108/14691930510611120 Gompers, P., And, J. I., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107–156. Goodstein, J., Gautam, K., & Warren, B. (1994). The effects of board size and diversity on strategic change. Strategic Management Journal, 15(3), 241–250,. Goodwin, J., Ahmed, K., & Heaney, R. (2009). Corporate governance and the prediction of the impact of AIFRS adoption. Abacus, 45(1), 124–145. https://doi.org/10.1111/j.1467-6281.2008.00271.x Gordon, L. A., & Pound, J. (1993). Information , ownership structure , and shareholder voting : Evidence from shareholder-sponsored corporate governance proposals, XLVIII(2). Gordon, L., Loeb, M. P., & Tseng, C.-Y. (2009). Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy, 28(4), 301–327. https://doi.org/10.1016/j.jaccpubpol.2009.06.006 Goyal, A., & Santa-clara, P. (2003). Idiosyncratic risk matters ! Journal of Finance, 53(3), 976–1005. Graham, J. R., & Rogers, D. A. (2002). Do firms hedge in response to tax Incentives ? Journal of Finance, LV52(2), 815–839. Greene, W. H. (2003). Econometric analysis (5th ed.). Upper Saddle River: Prentice Hall. Griffith, J. M., Fogelberg, L., & Weeks, H. S. (2002). CEO ownership, corporate control, and bank performance. Journal of Economics and Finance, 26(2), 170–183. https://doi.org/10.1007/BF02755984 Grossman, S. J., & Hart, O. D. (1982). Corporate financial structure and managerial incentives (Vol. I). Grove, H., Patelli, L., Victoravich, L. M., & Xu, P. T. (2011). Corporate governance and performance in the wake of the financial crisis: Evidence from US commercial banks. Corporate Governance: An International Review, 19(5), 418–436. https://doi.org/10.1111/j.1467-8683.2011.00882.x Guay, W., & Kothari, S. . (2003). How much do firms hedge with derivatives? Journal of Financial Economics, 70(3), 423–461. https://doi.org/10.1016/S0304-405X(03)00179-X Gugler, K., Mueller, D. C., & Burcin Yurtoglu, B. (2003). The impact of corporate governance on investment returns in developed and developing Countries. The Economic Journal, 113(491), F511–F539. https://doi.org/10.1046/j.0013-0133.2003.00167.x Gujarati, D. N. (2004). Basic econometrics (fouth E). TATA McGraw-Hill. Gujariti, D. . (2009). Essential of econometrics (2nd ed.). Boston: Irwin McGraw-Hill. Gürbüz, A. O. (2010). Corporate governance and financial performance with a perspective on institutional ownership : Empirical evidence from Turkey. Journal of Applied Management Research, 8(2), 22–37. Hadlock, C. J., & Schwartz-ziv, M. (2017). Blockholder Heterogeneity, Multiple Blocks, and the Dance Between Blockholders. Hair, J. . F. (2006). Multivariate data analysis. Upper Saddle River, NJ Pearson Prentice Hall. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2010). Multivariate Data Analysis (7th Editio). Upper Saddle River: Pearson Prentice Hall. Haniffa, R., & Hudaib, M. (2006). Corporate governance structure and performance of Malaysian listed companies. Journal of Business Finance & Accounting, 33(7), 1034–1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x Haniffa, R., & Cooke, T. (2002). Culture, Corporate Governance and Disclosure in Malaysian Corporations. Abacus, 38(3), 317–349. https://doi.org/10.1111/1467-6281.00112 Harold, D., & Kenneth, L. (1985). Structure of corporate ownership. Political Economy, 93(6), 1155–1175. Hausin, M. (2012). How to hedge disclosure. England. Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0 Heenetigala, K., Armstrong, A., & Clarke, A. (2014). Corporate regulation and corporate governance of small businesses in Australia. Journal of Business Systems, Governance & Ethics, 6(3), 43–53. https://doi.org/10.15209/jbsge.v6i3.208 Henderson, B. C., & Kaplan, S. E. (2000). An examination of audit report lag for banks: A panel data approach. AUDITING: A Journal of Practice & Theory, 19(2), 159–174. https://doi.org/10.2308/aud.2000.19.2.159 Hermalin, B. E. (2005). Trends in corporate governance. Journal of Finance, 60(5). Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial Management, 20(4), 101. https://doi.org/10.2307/3665716 Hermalin, B. E., & Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution : A survey of the economic literature. Economic Policy Review, (April), 7–26. Hermalin, B. E., & Weisbach, M. S. (2012). Information Disclosure and Corporate, LXVII(1). Hetherington, J. A. . C. (2014). Fact and legal theory : shareholders, managers, and corporate social responsibility. Stanford Law Reviw, 21(2), 248–292. Hillier, D., Linn, S. C., & McColgan, P. (2005). Equity issuance, CEO turnover and corporate governance. European Financial Management, 11(4), 515–538. https://doi.org/10.1111/j.1354-7798.2005.00295.x Hillman, A., Cannella, A. J., & Paetzold, R. (2000). The resource dependence role of corporate directors: strategic adaptation of board composition in response to environmental change. Journal of Management …, 37(March), 235–256. https://doi.org/DOI: 10.1111/1467-6486.00179 Hillman, A. M. Y. I., & Dalziel, T. (2003). Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives, 28, 383–396. https://doi.org/10.5465/AMR.2003.10196729 Hla, D. T., Hassan, A., & Shaikh, J. M. (2013). IFRS compliance and nonfinancial information in annual reports of malaysian firms. Ho, S. S. ., & Shun Wong, K. (2001). A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation, 10(2), 139–156. https://doi.org/10.1016/S1061-9518(01)00041-6 Hofstede, G. (1980). Culture's Consequences: International Differences in Work- Related Values. London: Sage. Holderness, C. G., Kroszner, R. S., & Sheehan, D. P. (1999). Were the good old Days that good Changes in managerial stock ownership since the great depression. The Journal of Finance, LIV(2), 435–469. Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x Hsu, W.-Y., & Petchsakulwong, P. (2010). The Impact of Corporate Governance on the Efficiency Performance of the Thai Non-Life Insurance Industry. The Geneva Papers on Risk and Insurance Issues and Practice, 35(S1), S28–S49. https://doi.org/10.1057/gpp.2010.30 Hughes, J. J. (1995). The greenbury report on directors ’ remuneration. International Journal of Mampower, 17(1), 4–9. Hurdle, G. J. (1974). Leverage, risk, market structure and profitability. The Review of Economics and Statistics, 56(4), 478–485. Ikoh, I. M., Nsien, C. Ben, & Tamuno-Inam, W. N. (2013). Corporate Governance and Banks’ Turmoils: Assessment of Shareholders Response. Journal of Educational and Social Research, 3(8), 39–48. https://doi.org/10.5901/jesr.2013.v3n8p39 Ishak, Z., & Napier, C. (2006). Expropriation of minority interests and corporate diversification in Malaysia. Asian Academy of Management Journal, 2(July 2004), 85–113. Ismail, H., Iskandar, T. M., & Rahmat, M. M. (2008). Corporate reporting quality, audit committee and quality of audit. Malaysian Accounting Review, 7(1), 21–43. Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India’s Top companies. Corporate Governance: An International Review, 17(4), 492–509. https://doi.org/10.1111/j.1467-8683.2009.00760.x Jackson, R. (2003). Getting what they desreve. EBSCO Publishing, 54–59. Jelic, R., & Kingdom, U. (2001). The financial performance of privatised firms: evidence from three transition economies. EFM Meeting -–Lugano, (June), 1–36. Jensen, E., & Fama, M. (1983). Seperation of ownership and control. Journal of Law & Economics, 31(3), 302–325. Jensen, M. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of American Finace Association, 48(3). https://doi.org/10.1111/j.1540-6261.1993.tb04022.x Jensen, M. C. (1994). Self-interest , altruism , incentives , and agency theory, (Summer). Jensen, M., & Meckling, W. (1976). Theory of the firm : managerial behavior , agency Costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. Jermakowicz, E. K., & Gornik-Tomaszewski, S. (2006). Implementing IFRS from the perspective of EU publicly traded companies. Journal of International Accounting, Auditing and Taxation, 15(2), 170–196. https://doi.org/10.1016/j.intaccaudtax.2006.08.003 Jesen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–350. Jhunjhunwala, S., & Mishra, R. K. (2009). Corporate governance and corporate performance. International Journal of Business Research, 9(2), 62–68. Jianakoplos, N., & Bernasek, A. (1998). Are Women More Risk Averse. Economic Inquiry, 10(4), 307–324. https://doi.org/10.1111/j.1465-7295.1998.tb01740.x Joh, S. W. (2003). Corporate governance and firm profitability: evidence from Korea before the economic crisis. Journal of Financial Economics, 68(2), 287–322. https://doi.org/10.1016/S0304-405X(03)00068-0 John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of Banking and Finance, 22(1), 371–403. Johnson, J. L., Ellstrand, A. E., Dalton, D. R., & Dalton, C. M. (2005). The influence of the financial press on stockholder wealth: the case of corporate governance. Strategic Management Journal, 26(5), 461–471. https://doi.org/10.1002/smj.457 Johnson, R. a., & Greening, D. W. (1994). Relationships Between Corporate Social Performance, Financial Performance, and Firm Governance. Academy of Management Proceedings, 1994(1), 314–318. https://doi.org/10.5465/AMBPP.1994.10345720 Johnson, S., Boone, P., Breach, A., & Friedman, E. (2000). Corporate governance in the Asian financial crisis. Journal of Financial Economics, 58(1–2), 141–186. https://doi.org/http://dx.doi.org/10.1016/S0304-405X(00)00069-6 Kald, M., & Nilsson, F. (2000). Performance measurement at Nordic companies. European Management Journal, 18(1), 113–127. https://doi.org/http://dx.doi.org/10.1016/S0263-2373(99)00074-2 Kamardin, H., Bakar, R. A., Ishak, R., Norizah, K., Ismail, K., & Yusof, M. A. (2013). Does intellectual capital add value to malaysian companies ? In Proceedings of 7th Global Business and Social Science Research Conference (pp. 1–21). Kamardin, H., & Haron, H. (2011). Internal corporate governance and board performance in monitoring roles: Evidence from Malaysia. Journal of Financial Reporting and Accounting, 9(2), 119–140. https://doi.org/10.1108/19852511111173095 Kamardin, H., Abdul Latif, R. A., Mohd, T. N. K., & Che-Adam, N. (2012). Are multiple directorship benefits or cost to Malaysian listed companies. In International Conference on Management, Economics and Finance (pp. 747–764). Kang, S., & Kim, Y. (2011). Does earnings management amplify the association between corporate governance and Firm performance?: Evidence from Korea. International Business & Economics Research Journal, 10(2), 53–66. Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting Research, 43(3), 453–486. https://doi.org/10.1111/j.1475-679X.2005.00177.x Karasek, R., & Bryant, P. (2012). Signaling theory: past present and future. Academy of Sretegic Management Journal, 11(1), 91–100. Karioti, V. (2007). The Analysis of Outliers in Statistical Data (THALE Proj). THALE Project. Kasum, A. S. (2012). The impact of compliance with standards on asset and profitability of Nigerian quoted companies. The Journal of Commerce, 3(3), 57–68. Kesten, J. B. (2011). Managerial Entrenchment and Shareholder Wealth Revisited : Theory and Evidence from a Recessionary Financial Market. Khanchel, I. (2008). Corporate governance: measurement and determinant analysis. Managerial Auditing Journal, 22(8), 740–760. Khanchel, I. (2011). Corporate governance: measurement and determinant analysis. Managerial Auditing Journal, 22(8), 740–760. Khanna, T., & Palepu, K. (1999). Emerging Market Business Groups, Foreign Investors, and Corporate Governance. Nber Working Paper Series. King, R., Pownall, G., & Waymire, G. (1990). Corporate disclosure and price discovery associated with NYSE temporary trading halts *. Contemporary Accounting Research, 8(2), 509–531. Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375–400. Kosedag, A., & Aksu, M. (2005). The Relationship between Transparency and Disclosure and Firm Performance. Krause, R., Semadeni, M., & Cannella, a. a. (2013). CEO Duality: A Review and Research Agenda. Journal of Management (Vol. 40). https://doi.org/10.1177/0149206313503013 Krejcie, R. V, & Morgan, D. W. (1970). Determining sample size for Research Activities. Educational and Psychological Measurement, 38, 607–610. Kroll, M., Walters, B. A., & Wright, P. (2008). Board Vigilance, Director Experience, and Corporate Outcomes. Strategic Management Journal, 382(March 2005), 363–382. https://doi.org/10.1002/smj Kumar, P., & Zattoni, A. (2017). Advancing the Literature on Ownership Structure and Corporate Governance. Corporate Governance: An International Review, 25(1), 2–3. https://doi.org/10.1111/corg.12191 Kyereboah-Coleman, A. (2007). Corporate governance and shareholder value maximization: An African perspective. African Development Review, 19(2), 350–367. https://doi.org/10.1111/j.1467-8268.2007.00165.x La, R., Lopez-de-silanes, F., Shleifer, A., & Vishny, R. (2014). Investor Protection and Corporate Valuation, 57(3), 1147–1170. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27. https://doi.org/10.1016/S0304-405X(00)00065-9 Laeven, L., & Levine, R. (2007). Complex ownership structures and corporate valuations. Review of Financial Studies, 21(2), 579–604. https://doi.org/10.1093/rfs/hhm068 Lambert1, R. A., And, C. L., & Verrecchia1, R. E. (2012). Information Asymmetry, Information Precision, and the Cost of Capital. Review of Finance, 16(1). https://doi.org/doi: 10.1093/rof/rfr014 Lang, M. H., & Lundholm, R. J. (2014). Corporate Disclosure Policy and Analyst Behavior. The Acounting Review, 71(4), 467–492. Larcker, D. F. (2016). Chairman And CEO: The controversy over broad leadership structure. Stanford Closer Look Series, 6(1), 1–5. Larcker, D. F., Richardson, S. A., & Tuna, I. (2007). Corporate governance, accounting outcomes, and organizational performance. The Accounting Review, 82(4), 963–1008. https://doi.org/10.2308/accr.2007.82.4.963 Latin, J., J., Douglas, C., & Green, P. E. (2003). Analyzing Multivariate Data. Canada: Thomson Learning, Inc. Lau, D. C., & Murnighan, J. K. (1998). Demographic diversity and faultlines: The compositional dynamics of organizational groups. Academy of Management, 23(2), 325–340. Lawrence, J., Banking, I., & Barney, S. S. (1999). Is board composition important? A study of listed Australian companies. https://doi.org/://dx.doi.org/10.2139/ssrn.193528 Lee, P. M., & James, E. H. (2007). SHE???-E-OS: Gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal, 28(3), 227–241. https://doi.org/10.1002/smj.575 Lee, S. Y., Rosenstein, S., & Wyatt, J. G. (1999). The value of financial outside Directors on corporate boards. International Review of Economics and Finance, 8, 421–431. Leech, D., & Leahy, J. (1991). Ownership structure, control type, classifications and performance of large British companies. The Ecocomic Journal, 101(1), 1418–1437. Lei, A. C. H., & Song, F. M. (2012). Board structure, corporate governance and firm value: evidence from Hong Kong. Applied Financial Economics, 22(15), 1289–1303. https://doi.org/10.1080/09603107.2011.650329 Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance, 58(4), 1445–1468. https://doi.org/10.1111/1540-6261.00573 Leng, A. C. A. (2004). The impact of corporate governance practices on Firms´ financial performance: Evidence from Malaysian companies. Asean Economic Bulletin, 21(3), 308–318. https://doi.org/10.1355/AE21-3D Leuz, C., & Verrecchia, R. E. (2001). The economic consequences of increased disclosure. Journal of Accounting Research, 38(1), 93–122. Levy, H. (2014). Equilibrium in an imperfect market : A constraint on the number of securities in the portfolio. American Economic Review Association, 68(4), 643–658. Liedorp, F., Mosch, R., van der Cruijsen, C., & de Haan, J. (2013). Transparency of banking supervisors. IMF Economic Review, 61(2), 310–335. https://doi.org/10.1057/imfer.2013.11 Lin, C. (2013). Corporate governance and firm performance:The Case of Chinese AD Rs. The International Journal of Finance, 25(1), 7580–7595. Lindenberg, E. B., & Ross, S. A. (1981). Tobin â€TM s q Ratio and Industrial Organization Author ( s ): Eric B . Lindenberg and Stephen A . Ross Published by : The University of Chicago Press Stable URL : http://www.jstor.org/stable/2352631 Accessed : 20-04-2016 09 : 58 UTC Tobin â€TM s q Ratio and In. Journal of Business, 54(1), 1–32. Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13–37. https://doi.org/10.2307/1924119 Lipton, M., & Lorsch, J. W. (1992). A Modest Proposal for Improved Corporate Governance. The Business Lawyer, 48(1), 59–77. Retrieved from http://www.jstor.org/stable/40687360 Lipton, M., & Lorsch, J. W. The lead director (1993). Lockhart, J., & Crow, P. (2011). An exploration of the board management nexus from agency to performance. In Proceedings of the European cConference Management, Leadership and Governance (pp. 177–184). Long, D. (2000). Environmental dynamism, capital structure and performance: A theoretical intergration and an emperical test. Strategic Management Journal, 49(August 1999), 31–49. Lorsch, M. L. and J. W. The lead director, Journal of Academy of business and Economics 21–37 (2011). Lückerath-Rovers, M. (2011). Women on boards and firm performance. Journal of Management & Governance, 17(2), 491–509. https://doi.org/10.1007/s10997-011-9186-1 Lukviarman, N. (2004). Equity ownership and firm value in emerging market. Journal of Financial and Quantitative Analysis, 38(4), 159–184. Mac, F., & Mae, F. (2011). Transparency means greater reliability. Bottom Line, (March), 2011. Madawaki, A. (2014). Adoption of international financial reporting standards in developing countries : The case of Nigeria, 7(3), 152–161. https://doi.org/10.5539/ijbm.v7n3p152 Madichie, N. O. (2009). ‘Breaking the glass ceiling in Nigerian: a review of women’s entrepreneurship’. Journal of African Business. Vol 10. No. 1. pp 51-65. Major, E., & Marques, A. (2009). IFRS introduction , corporate governance and firm performance : Evidence from Portugal. Journal of Applied Management Research, 7(2), 55–70. Malak, A. D. seri siti. (2012). The Impact of changes in Malaysian regulatory framework on the disclosure of executive directors remuneration. University of Adelaide, Australia. Mande, B., Ishak, Z., Idris, K., & Ammani, S. (2013). Using structural equation modeling to explain board process and board performance in a developing economy. International Journal of Global Business, 6(June), 58–80. Markowitz, H. (1952). Portfolio selection·. The Journal of Finance, 60(1), 77–91. https://doi.org/DOI: 10.1111/j.1540-6261.1952.tb01525 Markus, M. L., & Sor, C. (1994). How it creates business value: A Process theory synthesis. Marshall, J. B. (2015). Development of corporate governance codes in the GCC: an overview. International Journal of Business and Law Research, 3(3), 315–338. https://doi.org/10.1108/CG-11-2013-0124 Marston, C., & Polei, A. (2004). Corporate reporting on the Internet by German companies. International Journal of Accounting Information Systems, 5(3), 285–311. https://doi.org/http://dx.doi.org/10.1016/j.accinf.2004.02.009 Mary, J., Okoye, A. E., & Samson, O. (2013). Accounting standards in Nigeria , the journey so far. Journal of Business Management and Accounting, 2(January), 1–10. Maury, B. (2006). Corporate performance , corporate governance and top executive turnover in Finland. European Financial Management, 12(2), 221–248. McConnell, J. ., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612. Mcconnell, J. J., & Servaesb, H. (1995). Equity ownership and the two faces of debt. Journal of Financial Economics, 39, 131–157. McShane, M. K., Nair, A., & Rustambekov, E. (2011). Does enterprise risk management increase firm value? Journal of Accounting, Auditing & Finance, 26(4), 641–658. https://doi.org/10.1177/0148558X11409160 Meek, G. k, Roberts, C. B., & Gray, S. J. (2014). Factors Influencing Voluntary Annual Report Disclosure by US, UK and Continental European Multinational Corporation. Journal of International Business Studies, 26(3), 555–572. Meek, G., Robert, C., & Sidney, G. (1995). Factors influencing voluntary annual report disclosure by U.S., U.K. and continental European multinational corporations. Journal of Revenue & Pricing …, 27(5), 905–927. https://doi.org/10.1057/palgrave.rm.8250002 Millstein, I. M., & Macavoy, P. W. (1999). The active board of directors and performance of large publickly treaded corporation. Columbia Law Review, 98(5), 1283–1322. Ming, T. C., & Gee, C. S. (2008). The influence of ownership structure on the corporate performance of Malaysian public listed companies. Asean Economic Bulletin, 25(2), 195–208. https://doi.org/10.1355/AE25-2E Mishra, C. S., & Nielsen, J. F. (2000). Board independence and compensation policies in large bank holding companies. Blackwell Publishers, 51–70. Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics, 64(2), 215–241. https://doi.org/10.1016/S0304-405X(02)00076-4 Mohammed Al Matari, E., Kaid Al Swidi, A., & Hanim Bt Fadzil, F. (2014). Audit committee characteristics and executive committee characteristics and firm performance in Oman: Empirical study. Asian Social Science, 10(12), 98–113. https://doi.org/10.5539/ass.v10n12p98 Mohd Ghazali, N. A., & Weetman, P. (2006). Perpetuating traditional influences: Voluntary disclosure in Malaysia following the economic crisis. Journal of International Accounting, Auditing and Taxation, 15(2), 226–248. https://doi.org/http://dx.doi.org/10.1016/j.intaccaudtax.2006.08.001 Monks, R. A. G., & Minow, N. (1989). The high cost of ethical retrogression. Morck, R., Shleifer, A., & Vishny, R. (2001). Alternative mechanism for corporate control. American Economic Review, 79(4), 843–880. Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics., . 20(1), p293–315. 23p. Mossin, J. (1966). Equilibrium in a capital asset market. The Econometric Society, 34(4), 768–783. https://doi.org/10.2307/1910098 Murali, R., & Welch, J. (1989). Agent, owners control and performance. Journal of Business and Accounting, 16(May 1987), 385–399. Mustapha, M., & Ahmad, A. C. (2011). Agency theory and managerial ownership: evidence from Malaysia. Managerial Auditing Journal, 26(5), 419–436. https://doi.org/10.1108/02686901111129571 Mustapha, M., & Ahmad, A. C. (2013). Blockholders and corporate monitoring costs: Evidence from Malaysia. International Journal of Economics and Management, 7(1), 28–44. Nanka-Bruce, D. (2011). Corporate governance mechanisms and firm efficiency. International Journal of Business and Management, 6(5), 28–41. https://doi.org/10.5539/ijbm.v6n5p28 Ntim, C. (2013). The king reports, independent non - executive directors and firm Valuation on the Johannesburg stock exchange. Corporate Governance Ownership and Control, 9(1), 1–31. Ntim, C., & Osei, K. (2013). The Impact of Corporate Board Meetings on Corporate Performance in South Africa. African Review of Economics and Finance, 2(2), 83–103. Retrieved from http://www.ajol.info/index.php/aref/article/view/86950 Nur, R., Nurcahyo, B., A, S. K., & Sugiharti, B. (2013). Implementation of good corporate governance and its impact on corporate performance : The mediation Role of firm Size ( empirical study from Indonesia ). Global Busines and Management Research, 5(3), 91–104. Nuryaman, A. (2012). The influence of corporate governance practices on the company’s financial performance. Journal of Global Business and Economics, 5(1), 1–16. Obembe, O. B., Adebisi, S. A., & Adeleye, O. K. (2010). Corporate governance, ownership structure and performance of manufacturing firms in Nigeria. Corporate Ownership & Control, 8(1), 665–740. Ogbechie, C. (2011). Corporate governance Practices in the Nigerian banking industry. ICBE-RF Report, 5(11), 1–55. Ogbechie, C., & Koufopoulos, D. N. (2010). Corporate governance and board practices in the Nigerian banking industry, 1–38. Oghuma, R., & Iyoha, F. (2006). (2006). Compliance with accounting standards by quoted insurance companies in Nigeria: An empirical investigation. Nigerian Journal of Education Research, 7(2), 18–27. Okpala, K. E. (2012). Adoption of IFRS and financial statements effect: the perceived implication on FDI and Nigeria economy. Australian Journal of Business Management, 2(5), 76–83. Oliveira, J., Rodrigues, L. L., & Craig, R. (2011). Risk-related disclosure practices in the annual reports of Portuguese credit institutions: An exploratory study. Journal of Banking Regulation, 12(2), 100–118. https://doi.org/10.1057/jbr.2010.20 Othman, H. Ben. (2013). The effect of board structure and process disclosure on corporate performance in the emerging African markets. Managerial Auditing Journal, 27(2), 156–174. https://doi.org/10.1108/02686901211189844 Oyewunmi, O. A., Olusanmi, O., Olujobi, O. J., & Adegboye, F. (2017). Corporate Regulation of Unethical Practices : Assessment of Nigeria ’ s Commercial Banking Industry. International Journal of Economics and Financial Issues, 7(2), 551–555. Pallant, J. (2003). SPSS Survival Manual: A step by Step Guide to Data Analysis using SPSS for Windows. (Allen and Uwin, Ed.) (2nd ed.). Australia: McGram Hill, Open University Press. Payerle, G., & Pfeffer, J. (1978). A social information processing approach to job attitudes and task design. Administrative Science Quarterly, 3(1), 45. https://doi.org/10.2307/302397 Payne, G. T., Benson, G. S., & Finegold, D. L. (2009). Corporate board attributes, team effectiveness and financial performance. Journal of Management Studies, 46(4), 704–731. https://doi.org/10.1111/j.1467-6486.2008.00819.x Pearce, J. A., & Zahra, S. A. (1992). Board composition from a srategic constingengy perspective. Journal of Management Studies, 29(4), 412–439. Peel, M., & Donnel, E. (1995). Board structures, corporate performance and auditors independence. Blackwell Publishers, 3(4), 207–230. Pena, I. (2002). Intellectual capital and business start-up success, 3(2), 180–198. Peng, M. W., Li, Y., Xie, E., & Su, Z. (2009). CEO duality, organizational slack, and firm performance in China. Asia Pacific Journal of Management, 27(4), 611–624. https://doi.org/10.1007/s10490-009-9161-4 Peni, E., & Vähämaa, S. (2011). Did good corporate governance improve bank performance during the financial crisis? Journal of Financial Services Research, 41(1–2), 19–35. https://doi.org/10.1007/s10693-011-0108-9 Phillips, T. J., & Luehlfing, M. S. (2010). Transparency in financial reporting: A look at rules-based versus principles-based standards. Academy of Accounting and Financial Studies Journal, 14(4), 11–29. Pratt, J. W., & Zeckhauser, R. J. (1990). Principals and agents: The structure of business. Premuroso, R. F., & Bhattacharya, S. (2007). Is There a relationship between firm performance, corporate governance, and a firm’s decision to form a technology committee? Corporate Governance: An International Review, 15(6), 1260–1276. https://doi.org/10.1111/j.1467-8683.2007.00645.x Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 Quick, R., Kffr, D., & Wiemann, D. (2011). The quality of corporate governance reporting -empirical evidence from Germany. Advances In Management, 4(8), 29–42. Ramanna, K., & Sletten, E. (2009). Why do countries adopt international financial reporting standards? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1460763 Rambo, C. M. (2013). Influence of the markets authority’s corporate governance guidelines on finamcial performnce of commercial bank in Kenya. International Journal of Business and Finance Research, 7(3), 77–93. Rebeiz, K. S., & Salameh, Z. (2006). Relationship between governance structure and financial performance in construction. Journal of Management in Engineering, 20–27. Rebeiz, K., & Salameh, Z. (2006). Relationship between governance structure and financial performance in construction. Journal of Management in Engineering, 22(1), 20–26. https://doi.org/10.1061/(ASCE)0742-597X(2006)22:1(20) Rechner, P. L., & Dalto, D. R. (1989). The impact of CEO as board chairperson on corporate performance : Evidence vs . rhetoric. Academy of Management Journal, III(2), 141–143. Rechner, P. L., & Dalton, D. A. N. R. (1990). Communications, CEO duality and organisational performance: A longitudinal analysis. Strategic Management Journal, 12, 155–160. Reddy, K., Stuart, L., & Frank, S. (2010). The efficacy of principle-based corporate governance practices and firm financial performance An empirical investigation. International Journal of Managerial Finance, 6(3), 190–219. https://doi.org/10.1108/17439131011056224 Rehman, R. (2012). Does corporate governance influence banking performance? Journal of Leadership Accountability and Ethics, 9(3), 86–93. Renders, A., & Gaeremynck, A. (2007). The impact of legal and voluntary investor protection on the early adoption of international financial reporting standards (IFRS). De Economist, 155(1), 49–72. https://doi.org/10.1007/s10645-006-9041-y Reynald, M., & Ii, S. B. (2009). The impact of selected corporate governance variables in mitigating earnings management in the Philippines. Business and Economic Review, 19(1), 17–27. Richard, B. (2001). CEO mind (pp. 1007–1010). Rogers, D. A. (2002). Does executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage. Journal of Banking & Finance, 26(2–3), 271–295. https://doi.org/10.1016/S0378-4266(01)00222-9 Rogers, M. (2008). Corportae governance and financial performance of selected commercial bank in Uganda. CRRC, 1–18. Rohald, W. (2009). Does private equity create wealth? The effects of private equity and derivatives on corporate governance. Management, 3(4), 234–258. Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404–413. https://doi.org/10.1111/j.1467-8683.2007.00570.x Ross, B. S. A. (1973). The Economic Theory of Agency : The Principal â€TM s Problem. American Economic Review, 63(2), 134–139.

Corporate governance mechanism, corporate disclosure and firm performance in Nigeria

Similar Items