Abstract
The main purpose of this study is to ascertain whether alternative corporate ownership and control structures give rise to significant differential firm performance in light of Nigeria’s conflicting polices regarding the ownership structure of the state owned enterprises. The data obtained from a sample of 73 companies listed on the Nigerian Stock Exchange is analyzed through the Wilcoxon ranks tests for two independent samples. The evidence obtained suggests that firms with foreign ownership and control outperform their indigenous counterparts. However, firms controlled by single shareholders do not perform better than those controlled by multiple shareholders. The study recommends that foreign ownership and control of Nigerian firms be encouraged due to their affirmative features, while single shareholder control of firms, embedded in the core investor mode of ownership, is reconsidered.
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