| Summary: | This study combines qualitative and quantitative research methods to investigate the nature, actuality and environmental underpinnings of corporate governance in publicly listed corporations in Nigeria and to ascertain whether there are links between aspects of corporate governance and an economic measure of company performance, specifically value added intellectual capital. The empirical aspect of this study aimed at determining whether there were links between corporate governance features (such as board size and composition; ownership structure; and leadership nature) and measures of company performance in terms of value added and return on assets using the OLS multiple regression method. Publicly listed companies were the centre of focus in this study, with a total of 104 companies listed in the Nigerian Stock Exchange (NSE) constituting the sample frame. The overall empirical results indicated there to be little overall explanatory power in the multiple regression run and, with the exceptions of the percentage of females in the boards of companies listed in the NSE and size of the firm being positively associated with all the measures of corporate performance and gearing being positively associated with the measure of return on physical capital (TVAPC), very few significant relationships existed between the dependent and independent (whether explanatory or control) variables. The quantitative analysis was supplementary to the conduct of semi-structured interviews, which constituted the core research data collection method for this study. Interviews were conducted with key players of the Nigerian business environment covering commercial institutions such as banks, manufacturing companies; government agencies include the Central Bank of Nigeria; academia; and private sector participants such as shareholders, non-executive directors, etc as key participants. The interviewee sample frame was also representative geopolitically with all the major regions of the Nigerian state covered. The interview sessions covered the following major themes: the meaning of corporate governance; corporate governance development and process in the Nigerian context; and the Nigerian business and regulatory environment. It was found that there was a reasonable level of understanding amongst the interviewees of what the corporate governance concept stands for and how it relates to the Nigerian business environment-although it was noted that the concept was relatively new to Nigeria. The interviewees were of the consensus that at this stage of development in Nigeria, there was need for government intervention in the determination of the nature and appropriate level of corporate governance. The study considers the extent to which the interview results are fully representative of the true nature of the evolution of corporate governance in Nigeria against the background of its turbulent political past, and widespread external perceptions of corruption and the influence of tribal and gender stereotypes and power relationships The study concludes with some observations about corporate governance in Nigeria and makes recommendations as to the need for the review of the Companies and Allied Matters Act, 1990. The importance to create awareness of governance issues amongst the investing public is emphasised. Furthermore there are suggestions for possible further research
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