This paper assesses the impact of institutional characteristics of corporate governance on corporate system of firms using survey questionnaire based on international corporate governance norms. Data were collected from listed firms in Ghana, Nigeria and South Africa. The conclusions are follows: (1) In Ghanaian and South African firms show that regulatory framework and enforcement of corporate governance have a positive significant impact on corporate governance system. However, in Nigerian firms’ regulatory framework has a negative significant relationship with corporate governance system. This result suggests that in Ghanaian and South African firms’ regulatory frameworks and enforcement may be stronger than that in Nigerian firms. (2) In Nigerian firms, there are violations of minority shareholders right. (3) Ownership concentration is significant with corporate governance system in the region. This indicates that ownership concentration is prevalent in firms of Sub-Saharan African Anglophone countries. We recommend that there should be prudent monitoring of corporate governance rules and enforcement
Keywords: Corporate Governance, institutional characteristics and OLS regression
