Corporate Governance and Capital Structure of Listed Manufacturing Firms in Nigeria (Published)
The study examines the impact of corporate governance on capital structure of the quoted manufacturing firms in Nigeria. This study used secondary data methodology to obtained annual report and sample of 28 out of 68 listed manufacturing firms on the Nigeria stock exchange over a period of ten years 2013-2022. The findings revealed significant and positive relationship between corporate governance and financial leverage of listed manufacturing firms in Nigeria. Specifically, the board size coefficient is positive and statistically significant at the 0.01 level and shows a significant positive relationship between board size and financial leverage. The results further indicate a significantly positive relationship between CEO duality and leverage. The coefficient of dual in the model is positive (coef=0.402) and is significant (t=2.640) at the 0.01 level. However, board composition revealed a negative but significant relationship with financial leverage of the listed manufacturing firms in Nigeria. It is recommended that management of manufacturing companies in Nigeria should always display creativity that will ensure good corporate governance so as to significantly drive down the gearing level of their companies.
Keywords: Capital Structure, Corporate Governance, Firms, Manufacturing, Nigeria
The Role of Cooperative Model as Moderation on Effect of Corporate Governance on Performance (Published)
The research objective analyzes the effect of corporate governance, entrepreneurship, and the culture of innovation on the performance that is moderated by the cooperative business model. The object of research in the small business (SMEs) in the Kenjeran tourist area of Surabaya in Indonesia. The research samples, of sixty-three SME respondents from four types of businesses. Primary data were analyzed using structural equation modeling – partial least squares (SEM–PLS) software. The results showed that the cooperative business model strengthens the effect of entrepreneurship and a culture of innovation on performance. The effect of corporate governance is not directly on performance but through entrepreneurship. While the culture of innovation does not directly affect the performance of SMEs.
Keywords: Cooperation, Corporate Governance, Entrepreneurship, Innovation, Performance
Cost Information and Business Strategy: A Synergistic Approach of Ensuring Valid Business Decision and Growth (Published)
This paper examines cost information and business strategy as a synergistic approach of ensuring valid business decision and growth. This was hinged on the premise that cost accounting information is one of the enduring tools of management for planning, decision making and control. If this information is wrongly applied, it can jeopardize the revenue aspect of the business and by extension the overall performance of the entity. To this end, the ex-post facto and descriptive research designs were adopted to elicit information from respondents. The paper adopted the ordinary least square analytical technique for data analysis. Findings revealed that inadequate cost information, obsolete costing techniques and ineffective corporate governance mechanisms impact on organizational performance. Indeed, it was recommended that corporate entities should place more priority on cost information, modern costing techniques and effective corporate governance to facilitate growth especially in all sectors of human endeavors.
Keywords: Business Strategy, Corporate Governance, Cost Information, Growth
International Standards As Corporate Governance Mechanisms And Credibility Gap In Jordan Financial Managers’ Point Of View (Published)
This study aimed to examine what financial managers think about auditors implementation in relation with corporate governance mechanisms and credibility gap, by using an inferential descriptive statistical analysis. Corporate governance has shown flaws; where part of it was done to the weakness of financial managers activism, and since auditing is a very important avenue of faithful representation (credibility gap) of financial statements, and since shareholders depend on auditors’ reports, this article utilized primary data by distributing a questionnaire to the financial managers in Jordanian industrial companies regestered in Amman Stock Exchange to study the effect of implementation. The paper focused on the affect and relationship of the auditors’ implementation of International Audit Standards and International Standards on Quality Control; on the credibility gap by using regression analysis, and the demographic factors by using one way anova. Results showed a positive relationship between auditors’ implementation of International Audit Standards on the credibility gap as well as to the International Standards on Quality Control, and results also showed that respondants elder than 45 years were more realizable of the credibility gap than the younger ones, as well as to the PhD degree holders and those above 15 years of experience.
Keywords: Corporate Governance, Credibility Gap, International Audit Standards, International Standards, Quality control
The Impact of Corporate Governance on Firm Performance: Evidence from Bahrain Stock Exchange (Published)
Corporate governance is recognized as one of the most important implications to build a marketplace confidence and to attract positive investors in the organization specifically and the economy generally. Promoting good corporate governance standards considered to be very important in attracting investment capital, reducing risk and developing firms’ performance. The aim of this research was to examine the impact of corporate governance characteristics on firm performance in Bahrain Stock Exchange. Previous literature reviews presented in the study found that corporate governance are successful in improving firm’s performance. The study sample contained 42 Out of 48 Bahrain’s financial companies which are listed in Bahrain Stock Exchange during the period 2007-2011. The descriptive results indicated that our sample firms fulfill corporate governance variables about 61.2% for the entire period in the study. The empirical results indicate that performance measures such as Return on Assets and Return on Equity are significantly related to corporate governance in Bahrain. However, Earning Per share performance measure is not showing any significance impact related to corporate governance. Overall, this study found a positive influence of corporate governance mechanisms on performance for the entire firm in Bahrain Stock Exchange. Thus, it is recommended that further research be undertaken from different aspects: The effect of corporate governance variables and their impact on firm’s performance in the Gulf Cooperation Council (GCC) and the effect of Global Corporate Governance on performance during the current Global Financial Crisis.
Keywords: Bahrain Stock Exchange (BSE), Corporate Governance, Firm Performance
Effects of the Implementation of Good Corporate Governance on Profitability (Published)
The Indonesian Institute for Corporate Governance (IICG) always conducts research about the proper application of corporate governance every year, especially in public companies in Indonesia’s Stock Exchange. Basically, Good Corporate Governance is the procedure of company management in running their goals that result in optimal profitability or profit for the investors. In theory, the application of good corporate governance will increase the profitability of a company. But in reality, it is necessary to conduct research on the issue. Some problem identifications that arise are the questions about the implementation of good corporate governance, the level of profitability (return on assets) and how much the implementation of Good Corporate Governance affects the profitability (return on assets). This study involved 9 companies which participated in The Indonesian Institute for Corporate Governance (IICG) research. For this study, the authors used quantitative research method to test the hypothesis that has been set. The variables correlation is causal or causal associative. The statistical test measurement used to determine the effects is simple regression. The statistical tool to measure the effect of the used measurement scale is ratio and interval. Based on the research conducted by the author, the result that is obtained is the implementation of CGPI that is measured through CGPI increased and decreased, although in general it increased. Meanwhile profitability that is measured through average ROA increased. Based on the result of hypothesis testing, the implementation level of Good Corporate Governance has a positive effect on the sampled company’s profitability (return on assets). The effect is 19.8%.
Keywords: Corporate Governance, Profitability