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• W3122236370 abstract "(ProQuest: ... denotes formulae omitted.)IntroductionCorporate Governance means different things to different people. The process of ensuring that business performs smoothly and investors receive a fair profit is described as corporate governance (Magdi and Nadereh, 2002). Following the work of Al-Faki (2006), the performance of the banking sector depends on the behavior and patronage of the people towards its services. Metrick and Ishii (2002) see corporate governance as a commitment to pay a fair return on the capital invested and the willingness to operate a firm efficiently given investments. This complements the position of Shleifer and Vishny (1997) that shareholders and creditors confer on managers the responsibility to invest in projects with positive net present values. In achieving this objective, Al-Faki (2006) contends that the relationship subsisting between the board and management should be characterized by transparency to shareholders, and fairness to other stakeholders.The distribution of rights and responsibilities among different stakeholders in the firms such as the board, managers and shareholders is analyzed in any corporate governance system. It specifies the rules and procedures for decision making, usually in a check and balance manner. The Cadbury Report (1992) saw it as the system by which companies are managed. This stand has been emphasized in the work of Solomon and Solomon (2004) by analyzing the concept as the system of checks and balances, both internal and external to companies, which ensures that companies discharge their accountability to all their stakeholders and act in a socially responsible way in all areas of their business activity. By doing this, corporate governance also provides the structure through which the company's objectives and the means of attaining those objectives and monitoring performance are set (Onakoya et al., 2012).In ensuring and sustaining the nation's financial stability, Afrinvest (2010) considers effective corporate governance as being fundamental since poorly governed firms are expected to be less profitable with greater tendency to bankruptcy risks and lower equity valuations. The developments in the Nigerian banking industry suggest the obvious neglect of good corporate governance, which over time has caused the grimy performance of the industry with its stench lingering on the economic growth. The rot in the industry left in its wake unrecoverable loans and portfolios of toxic assets. The bank consolidation exercises in 2005 and 2009 arose from the erosion of shareholders' funds largely due to unethical managerial practices in the banking sector of Nigeria's economy. The outcome of the 2009 exercise led to the removal of some bank chiefs and N620 bn ($4.16 bn) injected into the affected banks, which also necessitated continued reform in the industry aimed at strengthening its institutional framework.The greater problem besetting the banking sector may as well be the sincerity of corporate board of directors and the competence of the regulatory agencies overseeing their activities. Is the company's governance geared towards a general enhancement of firm performances, which would somewhat boost confidence of the public and generate greater values to the stakeholders through proper management of assets? Or is the bank governance mechanisms more interested in enriching their principal holders as the agency theory would suggest? The colossal corporate collapses resulting from puny systems of corporate governance have highlighted the need to reform governance.The research problem of this paper is to enquire into the possibility of a relationship between the corporate governance initiative and the growth in the performance of selected banks from 2006 to 2010. This study, which in addition to corporate governance, considers the impact of key macroeconomic variables and the influence factor of the regulatory body, the Central Bank of Nigeria on bank performance, is an upgradation of the earlier study by Onakoya et al. …" @default.
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• W3122236370 date "2014-01-01" @default.
• W3122236370 modified "2023-09-26" @default.
• W3122236370 title "Corporate Governance as Correlate for Firm Performance: A Pooled OLS Investigation of Selected Nigerian Banks" @default.
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