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PROJECT TOPIC- Corporate Governance and Business Failures in Nigeria: A Focus on the Nigerian Banking Industry

PROJECT TOPIC- Corporate Governance and Business Failures in Nigeria: A Focus on the Nigerian Banking Industry

Abstract

The project examines the Corporate Governance and Business Failures in Nigeria: A Focus on the Nigerian Banking Industry. The study main objective is to find out the relationship between corporate governance and business failure. The primary source of data collection was used in gathering data from respondents. A structure questionnaire was designed by the researcher and validity by two experts from the statistics department was used to obtain data and chi-Square (X2) was used to test hypotheses formulated. It was discovered that business failure in Nigeria are caused by poor corporate governance. It also found that government and corporate codes i.e. best practices play a crucial role in the corporate governance of firms. It was concluded that the different roles of the participants in corporate governance are pre-requisite for the survival of a firm. As a way of recommendation, corporate Nigeria therefore needs to raise the consciousness and institutionalize good corporate governance and business sustainability beyond lip service.

CHAPTER ONE

INTRODUCTION

  • Background to the Study

Long before the highly publicized corporate scandal and failures worldwide, the global community has shown increasing concern on the issue of corporate governance. The reason for this trend is viewed from the perspective that corporate governance is about ensuring that the business is run well and investors receive a fair return (Magdi & Nadereh, 2002). According to Wolfensohn (1999) and Akinsulire (2006), the distribution of rights and responsibilities amongst different participants such as the board, managers, shareholders and other stakeholders in spelling out the rules and procedures for making decision on corporate affairs is basically specified by the corporate governance structure.

Another school of taught viewed corporate governance from two perspectives: A “Narrow’ one that basically concerned with the structure within which a corporate entity or enterprise receives its basic orientation and direct ion (Rwegasira, 2000). A “Broad” perspective that is regarded as the heart of both a market economy and a democratic society (Sullivan, 2000).

However, these ideologies have been compromised and the resultant effect t is seen in prob5ressive increase in mortality rates of hitherto global corporate giants in developed economies.
Enron, Pamalat, Barynx Bank and WorldCom are recent and vivid examples and as such the study intends to examine these issues and suggest the way forward.

1.2   Statement of Problem

In Nigeria like most countries, the failure of companies can be due to internal or external factors or in rare cases, the combination of both which basically has to do with poor corporate governance. The researcher intends to focus on reforms as aspect of corporate governance and indicators of business failure as well as the linkage between the two concepts.

The study also intends to raise the consciousness and institutionalize good corporate governance and business sustainability. For effective corporate governance reduces “control rights” shareholders and creditors confer on managers, increasing the probability that managers invest in positive net present value projects (Shieifer & Vishny, 1997).

1.3   Research Questions

The following questions direct the thrust of the study:

  1. Is there any significant relationship between corporate governance and business failure?
  2. What is the role of the participants in corporate governance structure as regard business failure?

iii.    What are the roles played by corporate governance participants?   

 

1.4   Objective of the Study

  1. To find out if there is any significant relationship between corporate governance and business failure.
  2. To find out the relationship between participants in corporate governance structure and business failure.

iii.    To find out the role played by corporate governance participants.

1.5   Statement of Hypothesis

Hypothesis One

HO:   There is no significance relationship between corporate governance and business failure.

HI:    There is a significance relationship between corporate governance and business failure.

Hypothesis Two

HO:   There is no significant relationship between business failure and the role played by corporate governance participants.

HI:    There is a significant relationship between business failure and the role played by corporate governance participants.  

PROJECT TOPIC- Corporate Governance and Business Failures in Nigeria: A Focus on the Nigerian Banking Industry

  • Significance of the Study

In regards to the relevance of the study, it covers areas which are useful to the board of directors as regards to their mission, vision, objectives and strategy of a company. It is relevance to shareholders by boosting their confidence to invest in a particular business which involves protecting their rights.

Companies will benefit as it ensures the financial viability of business. It also indicates the way in which companies are directed and controlled through basic governance principles of disclosure and accountability of a company. It is also relevant to the public sector. Public sector will benefit as it will ultimately improve economic growth and functional position of the country on a global level. It is also used as a determinant in developing policy, social economic analysis and poverty resolute issue.

  • Scope of the Study

The study is not directed at explaining or providing solutions to all corporate failures in Nigeria because some failures are actually outside the organization’s frontiers.

It is narrowed down to those failures that could be averted if organization would embrace corporate codes and play by the rules.

The geographical scope of this study is Nigeria and Edo State in particular and a sample size of 96 was used.

1.8   Limitations of the Study

Corporate governance is not a physical phenomenon, so it cannot be measured ordinarily as there are different dimensions to the concept.

The factors that militate against the researcher’s ability to come out with concrete findings during the course of researching includes:

  1. Lack of necessary materials: The materials sought were not sufficient for the research as for text works and business journal needed were not gotten at the right time.
  2. The problem of retrieving the questionnaire: Some questionnaires issued to respondents were lost during the attitudes of the respondents to disclose their personal information.

1.9   Definition of Terms

  1. Corporate Governance: It is the system by which business corporations are directed and controlled (OECD, 1999)
  2. Business Failure: It is a situation in which a company finds itself unable to generate enough funds both internally and from outside source to finance its operations (Osaze & Anao, 1990).
  3. Corporate Governance Structure: This constitutes yardsticks by which corporate governance can be measured in an organization i.e. (board size, board composition, CEO status, audit committee).
  4. Participants in the Corporate Governance Structure: They are the various groups which has stake in the company i.e. (Board of Dir3ector, Shareholders, Stakeholders, etc).
  5. Corporate Codes: These are institutional arrangements and regulatory authority providing the best practices for companies in Nigeria.

6.     OECD: The Organization for Economic Cooperation and Development.

PROJECT TOPIC- Corporate Governance and Business Failures in Nigeria: A Focus on the Nigerian Banking Industry

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