Corporate Governance Structure and Free Cashflow of Non-
Financial Firms in Nigeria

Lawrence; U. Egbadju

doi:https://doi.org/10.56201/ijefm.v9.no2.2024.pg167.191

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Corporate Governance Structure and Free Cashflow of Non- Financial Firms in Nigeria

Lawrence, U. Egbadju

Abstract

This study investigates if there is any relationship between certain corporate board characteristics and financial performance of non-financial listed firms in Nigeria. It uses secondarily sourced panel data over the period from 2007 to 2022 of 75 such firms listed on the floor of the Nigerian Exchange Group (NXG). The generalized method of moments (GMM) results reveal that board independence, board gender diversity, board meetings, board financial expertise, institutional ownership, board busyness, audit committee financial expertise and audit committee gender diversity are positively significant with free cash flow; board size, foreign ownership, chief executive officer (CEO) with financial expertise and number of foreign directors are negatively significant while managerial ownership, top5 ownership or ownership concentration and chief executive officer (CEO) with military experience are not significant. The study concludes with some recommendations.

Keywords

Corporate GovernancePerformance

References

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Corporate Governance Structure and Free Cashflow of Non- Financial Firms in Nigeria

Abstract

Keywords

References

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