Institutional determinants of good corporate governance: the case of Nigeria

In this paper, we present a case study of Nigeria to show that national corporate governance systems are endogenous responses to certain national and firm-specific institutional environments. We further show the emergence of institutional maintenance, a situation where regulatory reforms at the macro-industry level are unable to deconstruct the self-reinforcing institutional landscape, and effect a change in behavior. Consequentially, we point out some translational challenges in enacting uniform corporate governance practices across different institutional environments.We contribute to the literature on corporate governance in Africa, whilst creating an understanding of the institutional embeddedness of corporate governance in varieties of capitalism.