European Journal of Accounting, Auditing and Finance Research (EJAAFR)

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Do Drivers of Corporate Governance Influence shareholder Value

Abstract

This study examines effect of drivers of corporate governance on shareholder value. Data from annual financial reports of listed manufacturing companies in Nigeria were analysed and tested using panel dynamic ordinary least square model and panel unit root tests. Most variables used as proxies for shareholder value responded positively to variations in audit independence while there is a non-significant effect of audit independence on all variables used as proxies for shareholder value. Board independence has a positive and non-significant effect on shareholder value whereas board size and audit size negatively and non-significantly affect shareholder value.  The study further reveals that audit size, board size and board independence have negative and non-significant impact on the economic value added which represents the market value of shareholder assets. Only audit independence has a positive and non-significant impact on economic value added. Corporate governance drivers are efficacious but do not influence shareholder value significantly.   

 

Keywords: Audit Committee, Board size, Corporate Governance, Environment, Independence, Shareholder value

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This work by European American Journals is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 4.0 Unported License

 

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Email ID: editor.ejaafr@ea-journals.org
Impact Factor: 7.77
Print ISSN: 2053-4086
Online ISSN: 2053-4094
DOI: https://doi.org/10.37745/ejaafr.2013

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