Corporate Governance Characteristics and Financial Performance of Listed Pharmaceutical Companies in Nigeria


  • Arzizeh Tiesieh Tapang, Charles Effiong, Eme Joel Efiong, Peter A. Oti, Ashishie Peter Uklala, and Peter Kekung Bessong


The report looks at the features of corporate governance and financial results of pharmaceutical firms in Nigeria. A study framework for content analysis was introduced, and data obtained from secondary sources were analyzed using techniques of panel regression. The findings showed that both the composition of the board and the proportion of outside directors contribute strongly but adversely to the financial success of the pharmaceutical companies listed in Nigeria. Although the ownership interest of the directors and the amount of disclosed corporate governance things are substantially positive in comparison to the results. Accordingly, the study concludes that the declaration of corporate governance characteristics rendered by listed pharmaceutical firms in Nigeria is not systematic. While they both reveal their corporate governance policies, what is exposed does not adhere to any common standard. The report advises that steps for compulsory compliance with the corporate governance code should also be taken. This is also important to establish an appropriate regulatory structure that defines the rights and responsibilities of the firm, its directors, creditors, relevant accounting standards and allows for efficient implementation of the law.