Title: Corporate governance and maximisation of the shareholder value: theoretical evidence from CFA zone in Africa

Authors: Benjamin Ouedraogo Nosseyamba

Addresses: Université de Koudougou, 01 B.p. 376, Koudougou 01, Burkina Faso, Africa

Abstract: This research looks at the theoretical impact of corporate governance on shareholder value maximisation in some countries of the CFA zone in Africa. Data from Burkina Faso, Cameroon, Côte d'Ivoire and Gabon covering the period 2005 to 2009 were used and theoretical analysis done. Theoretical results show that, though highly dispersed, both within and between enterprises, corporate boards in the selected countries are relatively not independent. Our paper also shows that both sector and country-specific effects have an impact on shareholder value maximisation. While the mining sector is dominant in maximising shareholder value, it also suffers from higher taxes and interest payments.

Keywords: corporate governance; shareholder value; value maximisation; corporate performance; CFA zone; Africa; Burkina Faso; Cameroon; Ivory Coast; Gabon; mining industry.

DOI: 10.1504/AJAAF.2012.048071

African Journal of Accounting, Auditing and Finance, 2012 Vol.1 No.2, pp.209 - 222

Available online: 18 Jul 2012 *

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