Corporate governance and equity value multiple : evidence from Nigerian listed firms

The failure of corporate entities has continued to draw the attention of various stakeholders across the globe. As a result of this problem, different countries have issued Corporate Governance (CG) guidelines. Part of the objective of these guidelines is to improve firm values. In Nigeria, similar...

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Main Author:	Isah, Shittu
Format:	Thesis
Language:	eng eng
Published:	2016
Subjects:	HC Economic History and Conditions HD61 Risk Management
Online Access:	https://etd.uum.edu.my/7957/1/s95981_01.pdf https://etd.uum.edu.my/7957/2/s95981_02.pdf
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id	my-uum-etd.7957
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Che Ahmad, Ayoib Ishak, Zuani
topic	HC Economic History and Conditions HD61 Risk Management
spellingShingle	HC Economic History and Conditions HD61 Risk Management Isah, Shittu Corporate governance and equity value multiple : evidence from Nigerian listed firms
description	The failure of corporate entities has continued to draw the attention of various stakeholders across the globe. As a result of this problem, different countries have issued Corporate Governance (CG) guidelines. Part of the objective of these guidelines is to improve firm values. In Nigeria, similar guidelines (known as the Codes of Corporate Governance) were issued for corporate organizations to align the country with the global best practice. However, researchers, investment analysts, and other stakeholders continue to argue whether those governance mechanisms increase the value of stockholders. Others recommend that firm governance practices should be considered before making investment decisions while others argue that governance practices are not important in Nigeria. In order to address the problem, this research empirically examined the effects of eight corporate governance variables on the equity value multiple (EVM) of Nigerian firms. The study used data of 100 firms listed on the Nigerian Stock Exchange (NSE) for the period of 2009-2013. The study used the Generalized Method of Moment (GMM) to estimate the regression due to the endogeneity problem among the variables. The study applied the Principal Component Analysis (PCA) method to generate equity value multiple from the four equity valuation multiples. The results reveal a significant positive relationship between board size, board independence, board gender diversity, audit committee independence, managerial shareholding, and disclosure of corporate governance information at 1% level of significance. This study contributes to the understanding of the governance-equity value relationship by examining some corporate governance variables. The results further provide an insight for practitioners and policy makers on the importance of corporate governance codes consideration towards investment decision in Nigeria. Therefore, the study recommends consideration of the above CG variables in making investment decision.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Isah, Shittu
author_facet	Isah, Shittu
author_sort	Isah, Shittu
title	Corporate governance and equity value multiple : evidence from Nigerian listed firms
title_short	Corporate governance and equity value multiple : evidence from Nigerian listed firms
title_full	Corporate governance and equity value multiple : evidence from Nigerian listed firms
title_fullStr	Corporate governance and equity value multiple : evidence from Nigerian listed firms
title_full_unstemmed	Corporate governance and equity value multiple : evidence from Nigerian listed firms
title_sort	corporate governance and equity value multiple : evidence from nigerian listed firms
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2016
url	https://etd.uum.edu.my/7957/1/s95981_01.pdf https://etd.uum.edu.my/7957/2/s95981_02.pdf
_version_	1747828296216739840
spelling	my-uum-etd.79572021-04-05T02:40:00Z Corporate governance and equity value multiple : evidence from Nigerian listed firms 2016 Isah, Shittu Che Ahmad, Ayoib Ishak, Zuani Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Puteri Intan Safinaz School of Accountancy (TISSA) HC Economic History and Conditions HD61 Risk Management The failure of corporate entities has continued to draw the attention of various stakeholders across the globe. As a result of this problem, different countries have issued Corporate Governance (CG) guidelines. Part of the objective of these guidelines is to improve firm values. In Nigeria, similar guidelines (known as the Codes of Corporate Governance) were issued for corporate organizations to align the country with the global best practice. However, researchers, investment analysts, and other stakeholders continue to argue whether those governance mechanisms increase the value of stockholders. Others recommend that firm governance practices should be considered before making investment decisions while others argue that governance practices are not important in Nigeria. In order to address the problem, this research empirically examined the effects of eight corporate governance variables on the equity value multiple (EVM) of Nigerian firms. The study used data of 100 firms listed on the Nigerian Stock Exchange (NSE) for the period of 2009-2013. The study used the Generalized Method of Moment (GMM) to estimate the regression due to the endogeneity problem among the variables. The study applied the Principal Component Analysis (PCA) method to generate equity value multiple from the four equity valuation multiples. The results reveal a significant positive relationship between board size, board independence, board gender diversity, audit committee independence, managerial shareholding, and disclosure of corporate governance information at 1% level of significance. This study contributes to the understanding of the governance-equity value relationship by examining some corporate governance variables. The results further provide an insight for practitioners and policy makers on the importance of corporate governance codes consideration towards investment decision in Nigeria. Therefore, the study recommends consideration of the above CG variables in making investment decision. 2016 Thesis https://etd.uum.edu.my/7957/ https://etd.uum.edu.my/7957/1/s95981_01.pdf text eng public https://etd.uum.edu.my/7957/2/s95981_02.pdf text eng public https://sierra.uum.edu.my/record=b1698385~S1 Ph.D. doctoral Universiti Utara Malaysia Abbott, L. J., Park, Y., & Parker, S. (2000). The effects of audit committee activity and independence on corporate fraud. Managerial Finance, 26, 55–68. doi:10.1108/03074350010766990 Abdullah, S. N., Ku Ismail, K. N. I., & Nachum, L. (2016). Does having women on boards create value? 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Corporate governance and equity value multiple : evidence from Nigerian listed firms

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