Title: (Mis)emphasis of Bourdieusian capital in Nigerian banking

Authors: Jonathan Njoku

Addresses: Kuwait Maastricht Business School, P.O. Box 9678 Salmiya, 22097, Kuwait

Abstract: This paper aims to examine the emphasis on bank capital in securing the stability of Nigerian bank financial condition. Cast within the Bourdieusian theory, this paper assesses the role of capital in the historical development of banking in Nigeria. This study shows that symbolic capital has received more emphasis relative to habitus and other capital types. In particular, over the years symbolic capital continues to feature in policy developments to the apparent neglect of cultural capital and social capital. The findings show that the emphasis on symbolic capital does not necessarily match the policy objectives of ensuring stability of the banking system. Rather, it suggests a fire brigade approach of providing medicine after the death of banks. Furthermore, the paper reveals that social capital was negatively exploited to deepen the instability of the banking system. Critically, cultural capital should enter the mix of the capital framework of Nigerian banking in order to promote its safety and soundness.

Keywords: bank capital; bank financial condition; Bourdieusian theory; banking development; symbolic capital; social capital; cultural capital; habitus; Nigeria.

DOI: 10.1504/AJAAF.2015.073445

African Journal of Accounting, Auditing and Finance, 2015 Vol.4 No.3, pp.207 - 231

Published online: 09 Dec 2015 *

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