TY - JOUR
T1 - Corporate governance reform in Nigeria
T2 - upstream and downstream interventions
AU - Nakpodia, Franklin
AU - Olan, Femi
PY - 2022/6/14
Y1 - 2022/6/14
N2 - Purpose: Internal (e.g. firm performance, internal stakeholders) and external pressures (e.g. globalisation, technology, corporate scandals) have intensified calls for corporate governance reforms across varieties of capitalism. Yet, corporate governance practices among developing economies remain problematic. Drawing insights from Africa’s largest economy (Nigeria) and relying on the resource dependence theorisation, this study aims to address two questions – what are the prerequisites for effective reforms; and what reforms yield robust corporate governance? Design/methodology/approach: This study adopts a qualitative methodology comprising semi-structured interviews with 21 executives in publicly listed Nigerian firms. The interviews were analysed using the content analysis technique. Findings: This study proposes two sequential reforms (i.e. the upstream and downstream). The upstream factors highlight the preconditions that support corporate governance reforms, i.e. government commitment and enabling environment, while the downstream reforms combine elements of awareness and regulation to proffer robust corporate governance interventions. Originality/value: This research further stresses the need to consider a bottom-up approach to corporate governance in place of the dominant top-down strategy. This strategy allows agents to participate actively in corporate governance policy-making rather than a top-down model, which imposes corporate governance on agents.
AB - Purpose: Internal (e.g. firm performance, internal stakeholders) and external pressures (e.g. globalisation, technology, corporate scandals) have intensified calls for corporate governance reforms across varieties of capitalism. Yet, corporate governance practices among developing economies remain problematic. Drawing insights from Africa’s largest economy (Nigeria) and relying on the resource dependence theorisation, this study aims to address two questions – what are the prerequisites for effective reforms; and what reforms yield robust corporate governance? Design/methodology/approach: This study adopts a qualitative methodology comprising semi-structured interviews with 21 executives in publicly listed Nigerian firms. The interviews were analysed using the content analysis technique. Findings: This study proposes two sequential reforms (i.e. the upstream and downstream). The upstream factors highlight the preconditions that support corporate governance reforms, i.e. government commitment and enabling environment, while the downstream reforms combine elements of awareness and regulation to proffer robust corporate governance interventions. Originality/value: This research further stresses the need to consider a bottom-up approach to corporate governance in place of the dominant top-down strategy. This strategy allows agents to participate actively in corporate governance policy-making rather than a top-down model, which imposes corporate governance on agents.
KW - Awareness
KW - Bottom-up
KW - Corporate governance
KW - Developing economies
KW - Downstream
KW - Reforms
KW - Regulation
KW - Upstream
UR - http://www.scopus.com/inward/record.url?scp=85122815025&partnerID=8YFLogxK
U2 - 10.1108/CG-09-2021-0347
DO - 10.1108/CG-09-2021-0347
M3 - Article
VL - 22
SP - 979
EP - 1003
JO - Corporate Governance (Bingley)
JF - Corporate Governance (Bingley)
SN - 1472-0701
IS - 5
ER -