Linking Corporate Governance with Organizational Performance: New Insights and Evidence from Nigeria

Abstract

Past studies on corporate governance among Nigerian firms have been limited to quoted companies, thereby excluding insights into the behavior of privately-owned firms that form the bulk of the existing formal business organizations. Using a balanced sample of quoted and unquoted firms, this study attempted to establish a nexus between corporate governance and organizational performance. Strong relationships were found between a number of corporate governance variables and firm performance measures. The study also found that there were no material differences between the reliability of financial reporting between quoted and unquoted firms. It recommended a combination of principles and rules-based approaches to dealing with governance infractions, mandatory self-reporting of the degree of compliance with governance codes in company annual reports and setting of high standards for selection of non-executive and independent board members.

The Dialectics of Science and Magnetism

March 16, 2026