Corporate Governance and Firm Value: Evidence from Quoted Nonfinancial Firms in Nigeria

Abstract

The crisis of confidence and credibility that marked the investment scene following the collapse of many companies around the world has increased public criticism of corporate governance practices. This paper used ex post facto research design to examine whether corporate governance mechanism accelerate firm market value. Data was extracted through content analysis from annual report of 93 non-financial firms listed on the Nigerian stock exchange from 2006 to 2015 base on availability of data. Data were analysed with pooled ordinary least square regression conducting diagnostic test to confirm the assumptions of the regression. Analysis revealed that: board size, board value. Board independence and board remuneration has insignificant negative effect on market value while auditors’ credibility has positive but insignificant effect on the threshold specified in the code of Corporate Governance for the private sector or code of governance for non-for-profit entities as the case may be so that monitoring cost associated with corporate with corporate governance will not exceed the overall benefit.