Journal Screenshot

International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Corporate Governance and Sustainable Development in Nigeria- Perspectives and Challenges

Sunday C Okaro, Grace N Ofoegbu, Gloria O. Okafor

http://dx.doi.org/10.6007/IJARBSS/v8-i9/4551

Open access

The objective of this study is to explore the link between corporate governance and sustainable development in Nigeria. The study adopted a mixed research design. A survey design was used to identify the perceptions of Accountants, Auditors, Accounting Academics and regulators on whether there is a nexus between good corporate governance and sustainable development in Nigeria. Once identified, a Likert-type research questionnaire was drawn to elicit information from the respondents.
Additionally, focused group discussions, comprising accounting academics at a premier Nigerian University was convoked to also throw light on the issues involved. Descriptive statistics of percentages, mean and standard deviation were used to analyse the data generated by the study. T-test statistic was used to determine the homogeneity of the opinion of the various classes of respondents. The findings of the study include the fact that there is a positive relationship between good corporate governance principles and sustainable development in Nigeria. The findings have implications for company management and regulation as Africa charts its course in attaining the United Nations sustainable development goals.

Adejumo, A. V. & Adejumo, O. O. (2014). Prospects for achieving sustainable development through the millennium development goals in Nigeria. European Journal of Sustainable Development, 3(1), 33–46. http://doi.org/10.14207/ejsd.2014.v3n1p33
Al-material, E. M. & Al-Swidi, A. K. (2012). The Impact of board characteristics on Firm Performance?: Evidence from Nonfinancial Listed Companies in Kuwaiti Stock Exchange. International Journal of Accounting and Financial Reporting, 2(2), 310–332. http://doi.org/10.5296/ijafr.v2i2.2384
Amao, O. O. & Amaeshi, K. M. (2007). Olufemi O. Amao and Kenneth Galvanising shareholder activism?: A prerequisite for effective corporate governance and accountability in Nigeria (CSGR No. 228/07). London.
Anyaehie, M. C., & Areji, A. C. (2015). Economic diversification for sustainable development in Nigeria. Open Journal of Political Science, 5(March), 87–94.
Arguden, Y. (2010). A corporate governance model: building responsible boards and sustainable businesses (17 No. 53891). Washington.
Asaolu, T. O., Adedokun, S. A., & Monday, J. U. (2016). Promoting good governance through internal audit function ( IAF ): The Nigerian experience. International Business Research, 9(5), 196–204. http://doi.org/10.5539/ibr.v9n5p196
Azim, M. I. (2012). Corporate governance mechanisms and their impact on company performance: A structural equation model analysis. Australian Journal of Management, 37(3), 481–505. http://doi.org/10.1177/0312896212451032
Babalola, A., & Adedipe, O. A. (2014). Corporate governance and sustainable banking sector?: Evidence from Nigeria. Research Journal of Finance and Accounting, 5(12), 32–44.
Boo, E., & Sharma, D. (2008). Effect of Regulatory Oversight on the Association between Internal Governance characteristics Audit Fees. Accounting and Finance, 48, 51–71.
Dabor, E. L., & Adeyemi, S. B. (2009). Corporate Governance and the Credibility of Financial Statements in Nigeria. Journal of Business Systems, Governance and Ethics, 4(1), 13–24.
Dembo, A. M., & Rasaratnam, S. (2015). Corporate governance and sustainability practices?: Evidence from Nigeria. In International Conference on Accounting Studies (pp. 1–13). Johor Bahru, MALAYSIA: ISSAD.
Editor. (2015, September). ICAN queries efficacy of audit committees in Nigeria. Vanguard, p. 1. Lagos.
Editor. (2016, November). Investors laud suspension of FRCN corporate governance code. The Guardian. Lagos.
Enofe, A. O., Mgbame, C., Aderin, A., & Ehi-oshio, O. U. (2013). Determinants of Audit Quality in the Nigerian Business Environment. Research Journal of Finance and Accounting, 4(4), 36–44.
Ibadin, I. M. (2012). The association between selected corporate governance attributes, company attributes and timeliness of financial reporting in Nigeria. Research Jornal of Finance and Accounting, 3(9), 137–145.
ICAEW. (2005). Agency theory and the role of audit. Audit Quality. London.
Idowu, S., Tudor, A. T., & Farcas, T. (2016). From CSR and sustainability to integrated reporting. International Journal of Entrepreneurship and Innovation, (March), 1–16. http://doi.org/10.1504/IJSEI.2016.076687
Jafaru, J., & Iyoha, F. O. (2012). Directors and corporate governance in the banking sector. ICAN Journal of Accounting and Finance, 1(4), 157–167.
Karayel, M., Sayli, H., & Gormus, A. S. (2009). Corporate governance and sustainable development, A comparative analysis on Turkey and Bosnia Herzegovina. In International Symposium on Sustainable Development, (pp. 74–80). Sarajevo: Afyon Kocatepe University.
Kaya, C. T., & Turegun, N. (2014). Integrated reporting for Turkish small and medium-sized enterprises. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1), 358–364. http://doi.org/10.6007/IJARAFMS/v4-i1/659
Kent, P., & Stewart, J. (2008). Corporate Governance and Disclosures on the Transition to International Financial Reporting Standards. Accounting and Finance, 48, 649–671.
Kocmanová, A., Hrebicek, J.,

In-Text Citation: (Okaro, Ofoegbu, & Okafor, 2018)
To Cite this Article: Okaro, S. C., Ofoegbu, G. N., & Okafor, G. O. (2018). Corporate Governance and Sustainable Development in Nigeria- Perspectives and Challenges. International Journal of Academic Research in Business and Social Sciences, 8(9), 90–104.