CORPORATE GOVERNANCE AND FIRM PERFORMANCE OF NON-FINANCIAL LISTED COMPANIES IN NIGERIA

ABSTRACT                                                  

The study examined corporate governance and firm performance. The objective of the study is to examine the effect of corporate governance mechanisms on financial performance of listed non-financial firms in Nigeria. The study used a sample of sixty (60) listed non-financial companies in the Nigerian Stock Exchange that have consistently published their audited annual financial report for the period of 2013 to 2019 through the application of Taro Yamane (1967) statistical tool. The secondary data collected are analyzed using descriptive statistics, correlation analysis and quantile regression approach. The empirical findings from the quantile regression approach revealed amongst others that board sizehas a significant positive effect on firm performance at 25^th and 75^th percentiles, board independencehas insignificant effect on firm performance, Chief Executive Officer (CEO) ownershiphas a significant negative effect on firm performance at 50^th percentile and audit committee independencehas a significant positive effect on firm performance at 50^th percentile. Based on the research findings, it was recommended that the management of listed companies in Nigeria should increase the number of board members for an improved firm performance. The study suggested that further empirical study should be conducted in the area of corporate governance and firm performance using the entire listed firms on the Nigeria Stock Exchange.