THE IMPLEMENTATION OF OECD CORPORATE GOVERNANCE PRINCIPLES IN NIGERIA: EVIDENCE FROM STAKEHOLDERS’ PERSPECTIVES

OLAYEMI SIMON-OKE, OLUYEMI OLOGUNWA, TAJUDEEN EGBETUNDE

Abstract:

This study investigates the stakeholders’ perspectives on the implementation of Organization for Economic Cooperation and Development (OECD) corporate governance principles in Nigeria. The study adopted an ex-post research design with a structured questionnaire to elicit information from the respondents. The descriptive statistical method was also considered as analytical techniques. Findings revealed that shareholders in Nigerian firms have the right to participate in profits of the firm; they have the right to vote in general meetings and also have the right to obtain information about voting rights before purchase of shares. However, the study found that the details about the capital structure, financial and operating reports of firms were not fully disclosed. It was also discovered from the study that ownership transfer among shareholders was poorly facilitated, with minority shareholders not fairly treated. The study concludes that board of directors usually takes the interest of shareholders’ more important than the stakeholders interest in the firms. It was however suggested that corporate governance framework in Nigeria should recognize the rights of stakeholders established by law or through mutual agreements; and encourage wealth creation and employment opportunities for sound financial sustainability of corporate firms.

Keywords:
Corporate Governance, OECD Principles, Stakeholders, Firms’ Performance and Nigeria

DOI: 10.20472/BM.2019.7.1.007

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APA citation:
OLAYEMI SIMON-OKE, OLUYEMI OLOGUNWA, TAJUDEEN EGBETUNDE (2019). The Implementation of OECD Corporate Governance Principles in Nigeria: Evidence from Stakeholders’ Perspectives. International Journal of Business and Management, Vol. VII(1), pp. 87-103. , DOI: 10.20472/BM.2019.7.1.007

Copyright © 2019, Olayemi Simon-Oke et al, oosimon-oke@futa.edu.ng