Institutions and institutional maintenance: implications for understanding and theorizing corporate governance in developing economies

This study is a data-driven attempt to explain why corporate governance systems remain largely unchanged despite regulatory reforms, especially in developing economies. It employs a qualitative research method triangulation to provide an informative and comprehensive account of Nigerian corporate governance complexity. The findings show that national corporate governance systems are endogenous responses to certain institutional environments. They further show the emergence of institutional maintenance in the wider Nigerian business environment. Consequently, the analysis and discussions not only forward a theory of corporate governance in sub-Saharan Africa but also add to the literature on the institutional theory of corporate governance, particularly, to the burgeoning literature on institutional work.