Corporate Governance and Shareholder Value Maximization: An African Perspective

This study looks at corporate governance and its impact on shareholder value maximization in Africa. Data from South Africa, Ghana, Kenya and Nigeria covering the period 1997-2001 were used and analysis done within the panel data framework. Results show that, though highly dispersed, both within and between firms, corporate boards in the selected countries are relatively not independent. The regression result shows that large board sizes enhance corporate performance and shareholder value maximization. The study also shows that both sector and country-specific effects have an impact on shareholder value maximization. While the mining sector is dominant in maximizing shareholder value, it also suffers from higher taxes and interest payments. Bibliogr., sum. [Journal abstract]

Title: Corporate Governance and Shareholder Value Maximization: An African Perspective
Author: Kyereboah-Coleman, Anthony
Year: 2007
Periodical: African Development Review
Volume: 19
Issue: 2
Period: September
Pages: 350-367
Language: English
Geographic term: Subsaharan Africa
External link: https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8268.2007.00165.x/pdf
Abstract: This study looks at corporate governance and its impact on shareholder value maximization in Africa. Data from South Africa, Ghana, Kenya and Nigeria covering the period 1997-2001 were used and analysis done within the panel data framework. Results show that, though highly dispersed, both within and between firms, corporate boards in the selected countries are relatively not independent. The regression result shows that large board sizes enhance corporate performance and shareholder value maximization. The study also shows that both sector and country-specific effects have an impact on shareholder value maximization. While the mining sector is dominant in maximizing shareholder value, it also suffers from higher taxes and interest payments. Bibliogr., sum. [Journal abstract]

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