Title: Comparative analysis on the role of corporate boards: empirical evidence from sub-Saharan Africa

Authors: Adeoye Amuda Afolabi

Addresses: National Universities Commission, 26, Aguyi Ironsi Street, PMB 237 Garki GPO Maitama Abuja, Nigeria

Abstract: This paper examines the role and responsibilities of a firms' board of directors on corporate governance. Using survey questionnaire based on international corporate governance norms, data were collected from listed firms in Ghana, Nigeria and South Africa. The conclusions are as follows: 1) the results show that commitment of board of directors to disclosure and communication may provide effective corporate practices; 2) however, in Nigerian firms, we find that separation of role and responsibilities of chairman and CEO is likely to hinder corporate governance practices; 3) the attention to executive compensation by the board of directors has a negative influence on rule and laws of corporate governance of firms, this is probably arising from the absence of an executive compensation committee. We recommend that the regulatory bodies of corporate governance need to put emphasis on nonbinding advisory vote by shareholders on executive compensation. There may be separation of role and responsibilities between chairman and CEO in Nigerian firms, however there is need for more effective chairman and CEO.

Keywords: corporate governance; board of directors; OLS; corporate boards; SSA; sub-Saharan Africa; Ghana; Nigeria; South Africa; disclosure; communication; duality; dual roles; executive compensation.

DOI: 10.1504/IJEA.2015.071815

International Journal of Economics and Accounting, 2015 Vol.6 No.3, pp.217 - 247

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 19 Sep 2015 *

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