EFFECT OF CORPORATE GOVERNANCE ATTRIBUTES ON BUSINESS EFFICIENCY OF LISTED MANUFACTURING FIRMS IN NIGERIA

Abstract

The main objective of this study is to examine the effect of corporate governance on business efficiency of listed manufacturing firms in Nigeria. Specifically, the study sought to examine the effect of board size and board independent on business efficiency of listed manufacturing firms in Nigeria. The study utilized an Ex-post facto research design, chosen for its suitability in analyzing pre-existing data from annual reports. Data for all variables were extracted from the published annual reports and financial statements of listed consumer goods companies in Nigeria, covering the years 2013 to 2022. The study sampled 13 out of the 21 manufacturing companies listed on the Nigerian Exchange Group as of December 31, 2022. The study employed descriptive statistics, correlation analysis and multiple linear regression as techniques for data analyses. The findings of the study reveal that board size has no significant effect on business efficiency. On the other hand, board independence has a significant effect on business efficiency. In conclusion, the findings concerning board size indicate a lack of significant impact on business efficiency. The study recommendation organizations should prioritize enhancing board independence by appointing more independent directors and fostering an environment where they can effectively oversee managerial decisions.