BOARD OWNERSHIP AND CORPORATE PERFORMANCE: EVIDENCE FROM QUOTED CONGLOMERATES IN NIGERIA

Abstract

This study investigates the impact of Board ownership and corporate performance of
quoted Conglomerate firms in Nigeria. The population of the study consists of eight (8)
quoted Conglomerate firms as at 31st December 2021. The study period covered 2017 –
2021 (both years inclusive). The sample of the study is 50% of the population. The study
employs multiple regression as a tool of analysis to examine the impact of Executive
Directors' ownership and Non-executive Directors' ownership on corporate performance
of quoted conglomerate firms in Nigeria. The study reveals a negative and significant
impact of Executive Directors ownership on corporate performance and a negative but
not significant impact of Non-executive directors' ownership on corporate performance.
The study revealed that the size of Executive Directors' ownership has significant impact
on corporate performance of quoted Conglomerate firms in Nigeria. Therefore, it was
recommended that the management of conglomerate firms in Nigeria should emphasize
more on corporate ownership structure by offering minimal ownership to executive
directors while increasing the size of ownership of non-executive directors.