Main Article Content
Abstract
Corporate governance is gaining importance as a strategy for increasing organizational performance. In recent years, corporate governance has become more significant in firms. In the 1980s and the 1990s, economic growth was widespread in many African nations; consequently, corporate governance efforts began to take shape, particularly in the private sector in Africa. At the same time, in other parts of the world, the financial and nonfinancial sectors have experienced significant failures. Most failures have been linked to ineffective transparency in corporate governance practices. Many private sector initiatives on corporate governance have begun to emerge in some developing African economies. This paper reviewed specific corporate governance concerns and challenges in Africa.
Keywords
Article Details
References
- Abu-Tapanjeh, A. M. (2009). Corporate governance from the Islamic perspective: A comparative analysis with OECD principles. Critical Perspectives on Accounting, 20(5), 556-567.
- Adebayo, M., Ibrahim, A. B., Yusuf, B., & Omah, I. (2014). Good corporate governance and
- organizational performance: An empirical analysis. International Journal of Humanities and Social Science, 4(7), 1.
- Adegbite, E., & Nakajima, C. (2012). Institutions and institutional maintenance: Implications for understanding and theorizing corporate governance in developing economies. International Studies of Management & Organization, 42(3), 69-88.
- Afolabi, A. A. (2013). The key challenge of corporate governance of firms: empirical evidence from sub-Saharan African Anglophone (SSAA) countries. (Doctoral dissertation). Brunel University London.
- Afolabi, A. A., & Sy, A. (2016). Corporate governance practices as a reflection of the institutions, economics, and political environment in Sub-Saharan Africa Anglophone countries. International Journal of Critical Accounting, 8(5-6), 417-432.
- Agbloyor, E. K., Kusi, B. A., Abor, P. A., & Ntim, C. G. (2022). Corporate Governance, Regulations and Banking Stability in Africa. In The Economics of Banking and Finance in Africa: Developments in Africa’s Financial Systems. Cham: Springer International Publishing.
- Agyemang, O. S., Aboagye, E., & Ahali, A. Y. O. (2013). Prospects and challenges of corporate governance in Ghana. MPRA Paper No. 47117. https://mpra.ub.uni-muenchen.de/47117/
- Agyemang, O. S., Gbettey, C., Gatsi, J. G., & Acquah, I. S. K. (2019). Country-level corporate governance and foreign direct investment in Africa. Corporate Governance: The International Journal of Business in Society, 19(5), 1133-1152.
- Ahmed Sheikh, N., Wang, Z., & Khan, S. (2013). The impact of internal attributes of corporate governance on firm performance: Evidence from Pakistan. International Journal of Commerce and Management, 23(1), 38-55.
- Alawattage, C., & Alsaid, L. A. (2018). Accounting and structural reforms: A case study of Egyptian electricity. Critical Perspectives on Accounting, 50, 15-35.
- Alsaid, L. A., & Mutiganda, J. C. (2018). Political and business leaderships in managing public service organisation. Corporate Ownership & Control, 15(4), 18-28.
- Anyanwu, J. C. (2012). Why does foreign direct investment go where it goes? New evidence from African countries. Annals of economics and finance, 13(2), 425-462.
- Ayogu, M. D. (2001). Corporate governance in Africa: The record and policies for good corporate governance. African Development Review, 13(2), 308-330.
- Bakre, O. M., & Lauwo, S. (2016). Privatisation and accountability in a “crony capitalist”
- Nigerian state. Critical Perspectives on Accounting, 39, 45-58.
- Barako, D. G., & Brown, A. M. (2016). The corporate governance of the Kenyan public sector. Corporate Governance in Africa: Assessing Implementation and Ethical Perspectives, 223-247.
- King, I. (2010). King III Report. https://cdn.ymaws.com/www.iodsa.co.za/resource/resmgr/king_iii/king_report_on_governance_fo.pdf
- Borralho, J., Gallardo-Vázquez, D., Hernández-Linares, R., & Paiva, I. (2020). The effect of corporate governance factors on the quality of financial reporting in family and non-family firms. Revista de Contabilidad Spanish Accounting Review 23(2), 167-179 https://www.doi.org/10.6018/rcsar.358451
- Callieris, R., Adinolfi, F., Capitanio, F., & Santeramo, F. G. (2017). Priority 3: Socio-economic dynamics and global markets. Options Méditerranéennes. Série A, Séminaires Méditerranéens, 120, 83-111.
- Chanda, S., Burton, B., & Dunne, T. (2017). The nature and potential of corporate governance in developing countries: Zambian perceptions. Accounting, Auditing & Accountability Journal, 30(6), 1257-1287.
- Crotty, J. (2009). Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’. Cambridge Journal of Economics, 33(4), 563-580.
- Cucari, N. (2019). Qualitative comparative analysis in corporate governance research: a systematic literature review of applications. Corporate Governance: The International Journal of Business in Society, 19(4), 717-734.
- Filatotchev, I., & Wright, M. (2017). Methodological issues in governance research: An editor's perspective. Corporate Governance: An International Review, 25(6), 454-460.
- Goergen, M., Mallin, C., Mitleton-Kelly, E., Al-Hawamdeh, A., & Chiu, I. H. Y. (2010). Corporate governance and complexity theory. Edward Elgar Publishing.
- Gómez, N. A., & García, S. M. (2020). Governance and type of industry as determinants of corporate social responsibility disclosures in Latin America. Latin American Business Review, 21(1), 1-35.
- Gregory, H. J. (2000). The globalization of corporate governance. Global Counsel, 5, 52-65.
- Gyakari, N. C. (2009). Internal Corporate Governance Structure Performance and Firm Financial Performance:“Evidence from South African Listed Firms” (Doctoral dissertation, Doctoral Thesis, University of Glasgow).
- Hope, O. K., & Lu, H. (2020). Economic consequences of corporate governance disclosure: Evidence from the 2006 SEC regulation on related-party transactions. The Accounting Review, 95(4), 263-290.
- Hopper, T. (2019). Stop accounting myopia: –think globally: a polemic. Journal of Accounting & Organizational Change, 15(1), 87-99.
- Hopper, T., Lassou, P., & Soobaroyen, T. (2017). Globalisation, accounting and developing countries. Critical Perspectives on Accounting, 43, 125-148.
- Jagannathan, M., Jiao, W., & Krishnamurthy, S. (2020). Missing them yet? Investment banker directors in the 21st century. Journal of Corporate Finance, 60, 101512.
- John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk‐taking. The journal
- of Finance, 63(4), 1679-1728.
- Johnson, S., Boone, P., Breach, A., & Friedman, E. (2000). Corporate governance in the Asian financial crisis. Journal of financial Economics, 58(1-2), 141-186.
- Kaen, F. (2003). A blueprint for Corporate Governance: Strategy, accountability, and the preservation of shareholder value. American Management Association
- Kent, P., Routledge, J., & Stewart, J. (2010). Innate and discretionary accruals quality and
- corporate governance. Accounting & Finance, 50(1), 171-195.
- Kimani, D., Ullah, S., Kodwani, D., & Akhtar, P. (2021). Analysing corporate governance and accountability practices from an African neo-patrimonialism perspective: Insights from Kenya. Critical Perspectives on Accounting, 78, 102260.
- Kyereboah-Coleman, A. (2007). Relationship between corporate governance and firm performance: An African perspective (Doctoral dissertation).University of Stellenbosch.
- Lassou, P. J., Hopper, T., & Ntim, C. (2021). Accounting and development in Africa. Critical Perspectives on Accounting, 78, 102280.
- Lau, C. M., Fan, D. K., Young, M. N., & Wu, S. (2007). Corporate governance effectiveness during institutional transition. International Business Review, 16(4), 425-448.
- Mangena, M., & Chamisa, E. (2008). Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis. The International Journal of Accounting, 43(1), 28-44.
- Masegare, P., & Ngoepe, M. (2018). A framework for incorporating implementation indicators of corporate governance for municipalities in South Africa. Corporate Governance: The International Journal of Business in Society, 18(4), 581-593.
- McNutt, P. A. (2010). Edited ethics: corporate governance and Kant's philosophy. International Journal of Social Economics, 37(10), 741-754.
- Monks, R. A., & Minow, N. (2011). Corporate governance. John Wiley & Sons.
- Moyo, N. J. (2010). South Africa principles of corporate governance: legal and regulatory restraints on powers and remuneration of executive directors (Unpublished Master’s Thesis). University of South Africa.
- Mulili, B. M., & Wong, P. (2011). Corporate governance practices in developing countries: The case for Kenya. International journal of business administration, 2(1), 14-27.
- Munisi, G., & Randøy, T. (2013). Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business, 70, 92-110.
- Nakpodia, F., & Adegbite, E. (2018). Corporate governance and elites. In Accounting Forum, 42(1), pp. 17-31.
- Ntim, C. G., & Soobaroyen, T. (2013). Corporate governance and performance in socially responsible corporations: New empirical insights from a Neo‐Institutional framework. Corporate Governance: An International Review, 21(5), 468-494.
- Ntim, C. G., Lindop, S., Osei, K. A., & Thomas, D. A. (2015). Executive compensation, corporate governance, and corporate performance: A simultaneous equation approach. Managerial and Decision Economics, 36(2), 67-96.
- Obeten, O. I., & Ocheni, S. (2014). Empirical study of the impact of corporate governance on the performance of financial institutions in Nigeria. Journal of Good Governance and Sustainable Development in Africa, 2(2), 57-73.
- Outa, E. R., & Waweru, N. M. (2016). Corporate governance guidelines compliance and firm financial performance: Kenya listed companies. Managerial Auditing Journal, 31(8/9), 891-914.
- Ozili, P. K. (2020). Corporate governance research in Nigeria: a review. SN Business & Economics, 1(1), 17.
- Rossouw, G. J. (2005). Business ethics and corporate governance in Africa. Business & Society, 44(1), 94-106.
- Rwegasira, K. (2000). Corporate governance in emerging capital markets: Whither Africa? Corporate Governance: An International Review, 8(3), 258-267.
- Siddiqui, K. (2015). Trade liberalization and economic development: A critical review. International Journal of Political Economy, 44(3), 228-247.
- Tosi, H. L. (2008). Quo Vadis? Suggestions for future corporate governance research. Journal of Management & Governance, 12, 153-169.
- Tsamenyi, M., Enninful‐Adu, E., & Onumah, J. (2007). Disclosure and corporate governance in developing countries: Evidence from Ghana. Managerial Auditing Journal, 22(3), 319-334.
- Tunay, K. B., & Yüksel, S. (2017). The relationship between corporate governance and foreign ownership of the banks in developing countries. Contaduría y administración, 62(SPE5), 1627-1642.
- Uddin, S., & Choudhury, J. (2008). Rationality, traditionalism, and the state of corporate governance mechanisms: Illustrations from a less‐developed country. Accounting, Auditing & Accountability Journal, 21(7), 1026-1051.
- Vaughn, M., & Ryan, L. V. (2006). Corporate governance in South Africa: a bellwether for the continent? Corporate Governance: An International Review, 14(5), 504-512.
- Ward, A. J., Brown, J. A., & Rodriguez, D. (2009). Governance bundles, firm performance, and the substitutability and complementarity of governance mechanisms. Corporate Governance: An International Review, 17(5), 646-660.
- Waweru, N. (2014). Determinants of quality corporate governance in Sub-Saharan Africa: evidence from Kenya and South Africa. Managerial Auditing Journal, 29(5), 455-485.
- Waweru, N., Mangena, M., & Riro, G. (2019). Corporate governance and corporate internet reporting in sub-Saharan Africa: the case of Kenya and Tanzania. Corporate Governance: The international Journal of Business in Society, 19(4), 751-773.
- West, A. (2006). Theorising South Africa’s corporate governance. Journal of Business Ethics, 68, 433-448.
- World Bank. (2018). World development report 2019: The changing nature of work. The World Bank.
- Zattoni, A., & Cuomo, F. (2008). Why adopt codes of good governance? A comparison of institutional and efficiency perspectives. Corporate governance: an International Review, 16(1), 1-15.
References
Abu-Tapanjeh, A. M. (2009). Corporate governance from the Islamic perspective: A comparative analysis with OECD principles. Critical Perspectives on Accounting, 20(5), 556-567.
Adebayo, M., Ibrahim, A. B., Yusuf, B., & Omah, I. (2014). Good corporate governance and
organizational performance: An empirical analysis. International Journal of Humanities and Social Science, 4(7), 1.
Adegbite, E., & Nakajima, C. (2012). Institutions and institutional maintenance: Implications for understanding and theorizing corporate governance in developing economies. International Studies of Management & Organization, 42(3), 69-88.
Afolabi, A. A. (2013). The key challenge of corporate governance of firms: empirical evidence from sub-Saharan African Anglophone (SSAA) countries. (Doctoral dissertation). Brunel University London.
Afolabi, A. A., & Sy, A. (2016). Corporate governance practices as a reflection of the institutions, economics, and political environment in Sub-Saharan Africa Anglophone countries. International Journal of Critical Accounting, 8(5-6), 417-432.
Agbloyor, E. K., Kusi, B. A., Abor, P. A., & Ntim, C. G. (2022). Corporate Governance, Regulations and Banking Stability in Africa. In The Economics of Banking and Finance in Africa: Developments in Africa’s Financial Systems. Cham: Springer International Publishing.
Agyemang, O. S., Aboagye, E., & Ahali, A. Y. O. (2013). Prospects and challenges of corporate governance in Ghana. MPRA Paper No. 47117. https://mpra.ub.uni-muenchen.de/47117/
Agyemang, O. S., Gbettey, C., Gatsi, J. G., & Acquah, I. S. K. (2019). Country-level corporate governance and foreign direct investment in Africa. Corporate Governance: The International Journal of Business in Society, 19(5), 1133-1152.
Ahmed Sheikh, N., Wang, Z., & Khan, S. (2013). The impact of internal attributes of corporate governance on firm performance: Evidence from Pakistan. International Journal of Commerce and Management, 23(1), 38-55.
Alawattage, C., & Alsaid, L. A. (2018). Accounting and structural reforms: A case study of Egyptian electricity. Critical Perspectives on Accounting, 50, 15-35.
Alsaid, L. A., & Mutiganda, J. C. (2018). Political and business leaderships in managing public service organisation. Corporate Ownership & Control, 15(4), 18-28.
Anyanwu, J. C. (2012). Why does foreign direct investment go where it goes? New evidence from African countries. Annals of economics and finance, 13(2), 425-462.
Ayogu, M. D. (2001). Corporate governance in Africa: The record and policies for good corporate governance. African Development Review, 13(2), 308-330.
Bakre, O. M., & Lauwo, S. (2016). Privatisation and accountability in a “crony capitalist”
Nigerian state. Critical Perspectives on Accounting, 39, 45-58.
Barako, D. G., & Brown, A. M. (2016). The corporate governance of the Kenyan public sector. Corporate Governance in Africa: Assessing Implementation and Ethical Perspectives, 223-247.
King, I. (2010). King III Report. https://cdn.ymaws.com/www.iodsa.co.za/resource/resmgr/king_iii/king_report_on_governance_fo.pdf
Borralho, J., Gallardo-Vázquez, D., Hernández-Linares, R., & Paiva, I. (2020). The effect of corporate governance factors on the quality of financial reporting in family and non-family firms. Revista de Contabilidad Spanish Accounting Review 23(2), 167-179 https://www.doi.org/10.6018/rcsar.358451
Callieris, R., Adinolfi, F., Capitanio, F., & Santeramo, F. G. (2017). Priority 3: Socio-economic dynamics and global markets. Options Méditerranéennes. Série A, Séminaires Méditerranéens, 120, 83-111.
Chanda, S., Burton, B., & Dunne, T. (2017). The nature and potential of corporate governance in developing countries: Zambian perceptions. Accounting, Auditing & Accountability Journal, 30(6), 1257-1287.
Crotty, J. (2009). Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’. Cambridge Journal of Economics, 33(4), 563-580.
Cucari, N. (2019). Qualitative comparative analysis in corporate governance research: a systematic literature review of applications. Corporate Governance: The International Journal of Business in Society, 19(4), 717-734.
Filatotchev, I., & Wright, M. (2017). Methodological issues in governance research: An editor's perspective. Corporate Governance: An International Review, 25(6), 454-460.
Goergen, M., Mallin, C., Mitleton-Kelly, E., Al-Hawamdeh, A., & Chiu, I. H. Y. (2010). Corporate governance and complexity theory. Edward Elgar Publishing.
Gómez, N. A., & García, S. M. (2020). Governance and type of industry as determinants of corporate social responsibility disclosures in Latin America. Latin American Business Review, 21(1), 1-35.
Gregory, H. J. (2000). The globalization of corporate governance. Global Counsel, 5, 52-65.
Gyakari, N. C. (2009). Internal Corporate Governance Structure Performance and Firm Financial Performance:“Evidence from South African Listed Firms” (Doctoral dissertation, Doctoral Thesis, University of Glasgow).
Hope, O. K., & Lu, H. (2020). Economic consequences of corporate governance disclosure: Evidence from the 2006 SEC regulation on related-party transactions. The Accounting Review, 95(4), 263-290.
Hopper, T. (2019). Stop accounting myopia: –think globally: a polemic. Journal of Accounting & Organizational Change, 15(1), 87-99.
Hopper, T., Lassou, P., & Soobaroyen, T. (2017). Globalisation, accounting and developing countries. Critical Perspectives on Accounting, 43, 125-148.
Jagannathan, M., Jiao, W., & Krishnamurthy, S. (2020). Missing them yet? Investment banker directors in the 21st century. Journal of Corporate Finance, 60, 101512.
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk‐taking. The journal
of Finance, 63(4), 1679-1728.
Johnson, S., Boone, P., Breach, A., & Friedman, E. (2000). Corporate governance in the Asian financial crisis. Journal of financial Economics, 58(1-2), 141-186.
Kaen, F. (2003). A blueprint for Corporate Governance: Strategy, accountability, and the preservation of shareholder value. American Management Association
Kent, P., Routledge, J., & Stewart, J. (2010). Innate and discretionary accruals quality and
corporate governance. Accounting & Finance, 50(1), 171-195.
Kimani, D., Ullah, S., Kodwani, D., & Akhtar, P. (2021). Analysing corporate governance and accountability practices from an African neo-patrimonialism perspective: Insights from Kenya. Critical Perspectives on Accounting, 78, 102260.
Kyereboah-Coleman, A. (2007). Relationship between corporate governance and firm performance: An African perspective (Doctoral dissertation).University of Stellenbosch.
Lassou, P. J., Hopper, T., & Ntim, C. (2021). Accounting and development in Africa. Critical Perspectives on Accounting, 78, 102280.
Lau, C. M., Fan, D. K., Young, M. N., & Wu, S. (2007). Corporate governance effectiveness during institutional transition. International Business Review, 16(4), 425-448.
Mangena, M., & Chamisa, E. (2008). Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis. The International Journal of Accounting, 43(1), 28-44.
Masegare, P., & Ngoepe, M. (2018). A framework for incorporating implementation indicators of corporate governance for municipalities in South Africa. Corporate Governance: The International Journal of Business in Society, 18(4), 581-593.
McNutt, P. A. (2010). Edited ethics: corporate governance and Kant's philosophy. International Journal of Social Economics, 37(10), 741-754.
Monks, R. A., & Minow, N. (2011). Corporate governance. John Wiley & Sons.
Moyo, N. J. (2010). South Africa principles of corporate governance: legal and regulatory restraints on powers and remuneration of executive directors (Unpublished Master’s Thesis). University of South Africa.
Mulili, B. M., & Wong, P. (2011). Corporate governance practices in developing countries: The case for Kenya. International journal of business administration, 2(1), 14-27.
Munisi, G., & Randøy, T. (2013). Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business, 70, 92-110.
Nakpodia, F., & Adegbite, E. (2018). Corporate governance and elites. In Accounting Forum, 42(1), pp. 17-31.
Ntim, C. G., & Soobaroyen, T. (2013). Corporate governance and performance in socially responsible corporations: New empirical insights from a Neo‐Institutional framework. Corporate Governance: An International Review, 21(5), 468-494.
Ntim, C. G., Lindop, S., Osei, K. A., & Thomas, D. A. (2015). Executive compensation, corporate governance, and corporate performance: A simultaneous equation approach. Managerial and Decision Economics, 36(2), 67-96.
Obeten, O. I., & Ocheni, S. (2014). Empirical study of the impact of corporate governance on the performance of financial institutions in Nigeria. Journal of Good Governance and Sustainable Development in Africa, 2(2), 57-73.
Outa, E. R., & Waweru, N. M. (2016). Corporate governance guidelines compliance and firm financial performance: Kenya listed companies. Managerial Auditing Journal, 31(8/9), 891-914.
Ozili, P. K. (2020). Corporate governance research in Nigeria: a review. SN Business & Economics, 1(1), 17.
Rossouw, G. J. (2005). Business ethics and corporate governance in Africa. Business & Society, 44(1), 94-106.
Rwegasira, K. (2000). Corporate governance in emerging capital markets: Whither Africa? Corporate Governance: An International Review, 8(3), 258-267.
Siddiqui, K. (2015). Trade liberalization and economic development: A critical review. International Journal of Political Economy, 44(3), 228-247.
Tosi, H. L. (2008). Quo Vadis? Suggestions for future corporate governance research. Journal of Management & Governance, 12, 153-169.
Tsamenyi, M., Enninful‐Adu, E., & Onumah, J. (2007). Disclosure and corporate governance in developing countries: Evidence from Ghana. Managerial Auditing Journal, 22(3), 319-334.
Tunay, K. B., & Yüksel, S. (2017). The relationship between corporate governance and foreign ownership of the banks in developing countries. Contaduría y administración, 62(SPE5), 1627-1642.
Uddin, S., & Choudhury, J. (2008). Rationality, traditionalism, and the state of corporate governance mechanisms: Illustrations from a less‐developed country. Accounting, Auditing & Accountability Journal, 21(7), 1026-1051.
Vaughn, M., & Ryan, L. V. (2006). Corporate governance in South Africa: a bellwether for the continent? Corporate Governance: An International Review, 14(5), 504-512.
Ward, A. J., Brown, J. A., & Rodriguez, D. (2009). Governance bundles, firm performance, and the substitutability and complementarity of governance mechanisms. Corporate Governance: An International Review, 17(5), 646-660.
Waweru, N. (2014). Determinants of quality corporate governance in Sub-Saharan Africa: evidence from Kenya and South Africa. Managerial Auditing Journal, 29(5), 455-485.
Waweru, N., Mangena, M., & Riro, G. (2019). Corporate governance and corporate internet reporting in sub-Saharan Africa: the case of Kenya and Tanzania. Corporate Governance: The international Journal of Business in Society, 19(4), 751-773.
West, A. (2006). Theorising South Africa’s corporate governance. Journal of Business Ethics, 68, 433-448.
World Bank. (2018). World development report 2019: The changing nature of work. The World Bank.
Zattoni, A., & Cuomo, F. (2008). Why adopt codes of good governance? A comparison of institutional and efficiency perspectives. Corporate governance: an International Review, 16(1), 1-15.