A panel regression analysis of corporate governance mechanism and financial performance of listed cement industries in Nigeria

https://doi.org/10.35912/ijfam.v7i2.2812
Published: Sep 10, 2025

Abstract:

Purpose: Inquire into the significant correlation allying corporate governance mechanisms (CGMs) with financial performance (FP) of the prominent quoted cement firms in Nigeria.

Methodology/approach: The study use panel data statistical modelling to investigate the time-dependent effects across different firms. The data analysis is based on a purely numerical dataset obtained through desk research, which was then scrutinized using the STATA 14.0 software package along with suitable statistical and econometric tools.

Results/findings: The findings indicate a positive correlation between board structures and the FP of the selected cement companies in Nigeria. While the size of the board does not significantly influence performance, the presence of independent directors on the board positively affects financial performance. Conversely, there is a negative correlation between directors' compensation and the financial performance of these firms, suggesting that an increase in directors' compensation may lead to a decline in financial FP.

Conclusion: The study concludes that there is a positive relationship between board structures and the financial performance, though board size is not a critical factor but the presence of independent directors on the board positively impacts financial performance.

Limitations: The analysis is confined to five years Annual report and financial statements of three major firms in the Nigerian cement industry, covering a period from 2019 to 2023 using Panel-Corrected Standard Errors Regression model.

Contribution: This comprehensive study evaluates the current state of corporate governance practices (CGPs) in Nigeria, aiming to identify improvements for CG policies.

Keywords:
1. Board Structure
2. Board Independence
3. Directors' Compensation
4. Performance
5. Return on Asset
Authors:
1 . Aminu Abdulrahim Olayinka
Federal University Gashua, Yobe State, Nigeria
2 . Emmanuel John Kaka
Federal University Gashua, Yobe State, Nigeria
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Olayinka, A. A. ., & Kaka, E. J. . (2025). A panel regression analysis of corporate governance mechanism and financial performance of listed cement industries in Nigeria. International Journal of Financial, Accounting, and Management, 7(2), 245–259. https://doi.org/10.35912/ijfam.v7i2.2812
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Issue & Section
Vol. 7 No. 2 (2025): September
Articles
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References

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    Abu, S. E., & Bamidele, O. M. (2022). Effect of board characteristics on the financial performance of listed healthcare firms in Nigeria. Annals of Management and Organization Research, 3(3), 193-206. doi:https://doi.org/10.35912/amor.v3i3.1327

    Abu, S. O., Okpeh, A. J., & Okpe, U. J. (2016). Board characteristics and financial performance of deposit money banks in Nigeria. International Journal of Business and Social Science, 7(9), 159-173.

    Ahmadi, A., Nakaa, N., & Bouri, A. (2018). Chief Executive Officer attributes, board structures, gender diversity and firm performance among French CAC 40 listed firms. Research in International Business and Finance, 44, 218-226. doi:https://doi.org/10.1016/j.ribaf.2017.07.083

    Ahmed, A. M., Ali, M. N., & Hágen, I. (2023). Corporate governance and capital structure: Evidence from Europe. International Journal of Professional Business Review, 8(7), 21. doi:http://dx.doi.org/10.26668/businessreview/2023.v8i7.1663

    Akingunola, R. O.-O., Olaniyan, J. D., & Soyemi, K. A. (2018). Corporate governance and financial performance of quoted manufacturing companies in Nigeria. NIU Journal of Social Sciences, 4(3), 189-199.

    Akinleye, G. T., Olarewaju, O. M., & Fajuyagbe, B. S. (2019). Corporate governance and financial performance: an empirical analysis of selected multinational firms in Nigeria. Problems and Perspectives in Management(17, Iss. 1), 11-18. doi:http://dx.doi.org/10.21511/ppm.17(1).2019.02

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    Alqatamin, R. M. (2018). Audit committee effectiveness and company performance: Evidence from Jordan. Accounting and Finance Research, 7(2), 48. doi:http://dx.doi.org/10.5430/afr.v7n2p48

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    Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273. doi:https://doi.org/10.1016/j.jcorpfin.2008.03.006

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    Dabor, A. O., Isiavwe, D. T., Ajagbe, M. A., & Oke, A. O. (2015). Impact of corporate governance on firms’ performance. International Journal of Economics, Commerce and Management, 3(6), 634-653.

    ??ng, R., Houanti, L. H., Reddy, K., & Simioni, M. (2020). Does board gender diversity influence firm profitability? A control function approach. Economic Modelling, 90, 168-181. doi:https://doi.org/10.1016/j.econmod.2020.05.009

    E-Vahdati, S., Zulkifli, N., & Zakaria, Z. (2019). Corporate governance integration with sustainability: a systematic literature review. Corporate Governance: The International Journal of Business in Society, 19(2), 255-269. doi:https://doi.org/10.1108/CG-03-2018-0111

    Edwin, O., & Victor, O. (2019). Corporate board characteristics and tax aggressiveness: a study of manufacturing firms in Nigeria. Global Journal for Research Analysis, 8(4), 245-251. doi:https://www.doi.org/10.36106/gjra

    Ejuvbekpokpo, S., & Esuike, B. (2013). Corporate governance issues and its implementation: The Nigerian experience. Journal of Research in International Business and Management, 3(2), 53-57.

    El Idrissi, I., & Alami, Y. (2021). The financial impacts of board mechanisms on performance: The case of listed Moroccan banks. International Journal of Financial, Accounting, and Management, 3(2), 93-113.doi:https://doi.org/10.35912/ijfam.v3i2.536

    Enilolobo, O., Adesanmi, A., & Aigbe, Z. (2019). Corporate governance and financial performance of firms: A comparative study of food and petroleum products industries in Nigeria. International Journal of Advancements in Research & Technology, 8(5), 1-12.

    Gallego?Álvarez, I., & Pucheta?Martínez, M. C. (2020). How cultural dimensions, legal systems, and industry affect environmental reporting? Empirical evidence from an international perspective. Business Strategy and the Environment, 29(5), 2037-2057. doi:https://doi.org/10.1002/bse.2486

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    Gujarati, D. (2014). Econometrics by example: Bloomsbury Publishing.

    Haque, S., Deegan, C., & Inglis, R. (2016). Demand for, and impediments to, the disclosure of information about climate change-related corporate governance practices. Accounting and business research, 46(6), 620-664. doi:https://doi.org/10.1080/00014788.2015.1133276

    Herdjiono, I., & Sari, I. M. (2017). The effect of corporate governance on the performance of a company. Some empirical findings from Indonesia. Central European Management Journal, 25(1), 33-52. doi:http://dx.doi.org/10.7206/jmba.ce.2450-7814.188

    Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The stata journal, 7(3), 281-312. doi:https://doi.org/10.1177/1536867X0700700301

    Iheyen, C. (2021). Audit committee attributes and the value of firm: Evidence from listed Insurance companies in Nigeria. Journal of Contemporary Issues in Accounting, 2(1), 21-35.

    Junarsin, E. (2011). Executive compensation and firm performance: An empirical examination. European Journal of Economics, Finance and Administrative Sciences, 28(1), 163-179.

    Kibiya, M. U., Che-Ahmad, A., & Amran, N. A. (2016). Audit committee independence, financial expertise, share ownership and financial reporting quality: Further evidence from Nigeria. International Journal of Economics and Financial Issues, 6(7), 125-131.

    Kong, X. (2017). Relationship between CEO Pay Slice and firm performance. Available at SSRN 2957769. doi:https://dx.doi.org/10.2139/ssrn.2957769

    Lungu, C. I., Mititean, P., Caraiani, C., & Constantinescu, D. (2020). A structured literature review of corporate governance and performance research within an emerging country setting. Journal of Accounting and Management Information Systems (JAMIS), 19(4), 707-733. doi:https://doi.org/10.24818/jamis.2020.04004

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    Okolie, A. O., & Ogbaragu, J. S. (2022). Audit committee effectiveness and corporate financial performance of quoted deposit money banks in Nigeria. International Journal of Economics and Management Studies, 9(3), 24-34. doi:https://doi.org/10.14445/23939125/IJEMS-V9I3P104

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    Olayinka, A. A. (2022). Financial statement analysis as a tool for investment decisions and assessment of companies’ performance. International Journal of Financial, Accounting, and Management, 4(1), 49-66. doi: https://doi.org/10.35912/ijfam.v4i1.852.

    Olayinka, A. A., & Mustapha, S. (2022). Analysing financial performance of listed cement industries in Nigeria: Financial Ratio Approach. Annals of Management and Organization Research, 3(4), 231-244. doi:https://doi.org/10.35912/amor.v3i4.1394

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    Salawu, O., Okpanachi, J., Yahaya, O., & Dikki, C. (2017). Effects of audit committee expertise and meeting on audit quality of listed consumer-goods companies in Nigeria. European Journal of Accounting, Auditing and Finance Research, 5(10), 61-79.

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    Sima, X. (2024). Effect of corporate governance on financial performance in China. American Journal of Accounting, 6(2), 20-30. doi:https://doi.org/10.47672/ajacc.2167

    Studenmund, A. H. (2014). Using econometrics a practical guide: Pearson education limited.

    Tachizawa, E. M., & Wong, C. Y. (2015). The performance of green supply chain management governance mechanisms: A supply network and complexity perspective. Journal of Supply Chain Management, 51(3), 18-32. doi:https://doi.org/10.1111/jscm.12072

    Tosin, I. O., & Otonne, A. (2019). A comparative analysis of the determinants of profitability of commercial and microfinance banks in Nigeria. International Journal of Financial, Accounting, and Management, 1(3), 173-182. doi:https://doi.org/10.35912/ijfam.v1i3.135

    Urhoghide, R. O. O., & Omolaye, K. (2017). Effect of corporate governance on financial performance of quoted oil and gas in Nigeria. International Journal of Business and Social Science, 8(7), 114-124.

    Yang, P., Riepe, J., Moser, K., Pull, K., & Terjesen, S. (2019). Women directors, firm performance, and firm risk: A causal perspective. The Leadership Quarterly, 30(5), 101297. doi:https://doi.org/10.1016/j.leaqua.2019.05.004

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  2. Abu, S. E., & Bamidele, O. M. (2022). Effect of board characteristics on the financial performance of listed healthcare firms in Nigeria. Annals of Management and Organization Research, 3(3), 193-206. doi:https://doi.org/10.35912/amor.v3i3.1327
  3. Abu, S. O., Okpeh, A. J., & Okpe, U. J. (2016). Board characteristics and financial performance of deposit money banks in Nigeria. International Journal of Business and Social Science, 7(9), 159-173.
  4. Ahmadi, A., Nakaa, N., & Bouri, A. (2018). Chief Executive Officer attributes, board structures, gender diversity and firm performance among French CAC 40 listed firms. Research in International Business and Finance, 44, 218-226. doi:https://doi.org/10.1016/j.ribaf.2017.07.083
  5. Ahmed, A. M., Ali, M. N., & Hágen, I. (2023). Corporate governance and capital structure: Evidence from Europe. International Journal of Professional Business Review, 8(7), 21. doi:http://dx.doi.org/10.26668/businessreview/2023.v8i7.1663
  6. Akingunola, R. O.-O., Olaniyan, J. D., & Soyemi, K. A. (2018). Corporate governance and financial performance of quoted manufacturing companies in Nigeria. NIU Journal of Social Sciences, 4(3), 189-199.
  7. Akinleye, G. T., Olarewaju, O. M., & Fajuyagbe, B. S. (2019). Corporate governance and financial performance: an empirical analysis of selected multinational firms in Nigeria. Problems and Perspectives in Management(17, Iss. 1), 11-18. doi:http://dx.doi.org/10.21511/ppm.17(1).2019.02
  8. Al-Jalahma, A. (2022). Impact of audit committee characteristics on firm performance: Evidence from Bahrain. Problems and Perspectives in Management, 20(1), 247. doi:http://dx.doi.org/10.21511/ppm.20(1).2022.21
  9. Alagathurai, A. (2013). Impact of corporate governance practices on firm capital structure and profitability: A study of selected hotels and restaurant companies in Sri Lanka. Research Journal of Finance and accounting, 4(10).
  10. Alimi, A. A., Adegun, E. A., & Agboola, O. S. (2023). Board Structure, Remuneration and Corporate Financial Performance: Evidence from Nigerian Firms. International Journal of Research in Education Humanities and Commerce, 4(6). doi:https://doi.org/10.37602/IJREHC.2023.4607
  11. Alqatamin, R. M. (2018). Audit committee effectiveness and company performance: Evidence from Jordan. Accounting and Finance Research, 7(2), 48. doi:http://dx.doi.org/10.5430/afr.v7n2p48
  12. Aminu, A., & Murtala, S. (2018). The influence of corporate governance mechanisms on capital structure of listed firms in Nigeria. Open Journal of Management Science, 1(1), 18-32.
  13. Annuar, H. A., & Abdul Rashid, H. M. (2015). An investigation of the control role and effectiveness of independent non-executive directors in Malaysian public listed companies. Managerial auditing journal, 30(6/7), 582-609. doi:https://doi.org/10.1108/MAJ-09-2013-0936
  14. Bailey, D., & Katz, J. N. (2011). Implementing panel-corrected standard errors in R: The pcse package. Journal of statistical software, 42, 1-11. doi:https://doi.org/10.18637/jss.v042.c01
  15. Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273. doi:https://doi.org/10.1016/j.jcorpfin.2008.03.006
  16. Bui, H., & Krajcsák, Z. (2024). The impacts of corporate governance on firms’ performance: from theories and approaches to empirical findings. Journal of Financial Regulation and Compliance, 32(1), 18-46. doi:https://doi.org/10.1108/JFRC-01-2023-0012
  17. Chi, N. T. K. (2021). Innovation capability: The impact of e-CRM and COVID-19 risk perception. Technology in Society, 67, 101725. doi:https://doi.org/10.1016/j.techsoc.2021.101725
  18. Dabor, A. O., Isiavwe, D. T., Ajagbe, M. A., & Oke, A. O. (2015). Impact of corporate governance on firms’ performance. International Journal of Economics, Commerce and Management, 3(6), 634-653.
  19. ??ng, R., Houanti, L. H., Reddy, K., & Simioni, M. (2020). Does board gender diversity influence firm profitability? A control function approach. Economic Modelling, 90, 168-181. doi:https://doi.org/10.1016/j.econmod.2020.05.009
  20. E-Vahdati, S., Zulkifli, N., & Zakaria, Z. (2019). Corporate governance integration with sustainability: a systematic literature review. Corporate Governance: The International Journal of Business in Society, 19(2), 255-269. doi:https://doi.org/10.1108/CG-03-2018-0111
  21. Edwin, O., & Victor, O. (2019). Corporate board characteristics and tax aggressiveness: a study of manufacturing firms in Nigeria. Global Journal for Research Analysis, 8(4), 245-251. doi:https://www.doi.org/10.36106/gjra
  22. Ejuvbekpokpo, S., & Esuike, B. (2013). Corporate governance issues and its implementation: The Nigerian experience. Journal of Research in International Business and Management, 3(2), 53-57.
  23. El Idrissi, I., & Alami, Y. (2021). The financial impacts of board mechanisms on performance: The case of listed Moroccan banks. International Journal of Financial, Accounting, and Management, 3(2), 93-113.doi:https://doi.org/10.35912/ijfam.v3i2.536
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  25. Gallego?Álvarez, I., & Pucheta?Martínez, M. C. (2020). How cultural dimensions, legal systems, and industry affect environmental reporting? Empirical evidence from an international perspective. Business Strategy and the Environment, 29(5), 2037-2057. doi:https://doi.org/10.1002/bse.2486
  26. Griffin, M. M., & Steinbrecher, T. D. (2013). Large-scale datasets in special education research International review of research in developmental disabilities,45,155-183, doi: https://doi.org/10.1016/b978-0-12-407760-7.00004-9.
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  30. Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The stata journal, 7(3), 281-312. doi:https://doi.org/10.1177/1536867X0700700301
  31. Iheyen, C. (2021). Audit committee attributes and the value of firm: Evidence from listed Insurance companies in Nigeria. Journal of Contemporary Issues in Accounting, 2(1), 21-35.
  32. Junarsin, E. (2011). Executive compensation and firm performance: An empirical examination. European Journal of Economics, Finance and Administrative Sciences, 28(1), 163-179.
  33. Kibiya, M. U., Che-Ahmad, A., & Amran, N. A. (2016). Audit committee independence, financial expertise, share ownership and financial reporting quality: Further evidence from Nigeria. International Journal of Economics and Financial Issues, 6(7), 125-131.
  34. Kong, X. (2017). Relationship between CEO Pay Slice and firm performance. Available at SSRN 2957769. doi:https://dx.doi.org/10.2139/ssrn.2957769
  35. Lungu, C. I., Mititean, P., Caraiani, C., & Constantinescu, D. (2020). A structured literature review of corporate governance and performance research within an emerging country setting. Journal of Accounting and Management Information Systems (JAMIS), 19(4), 707-733. doi:https://doi.org/10.24818/jamis.2020.04004
  36. Mappadang, A., Wijaya, A. M., & Mappadang, L. J. (2021). Financial performance, company size on the timeliness of financial reporting. Annals of Management and Organization Research, 2(4), 225-235. doi:https://doi.org/10.35912/amor.v2i4.975
  37. Miko, N. U., & Kamardin, H. (2016). Prospect and challenges of corporate governance development in Nigeria: Pre-and post-independence. Academic Journal of Management Science Research, 1(1), 33-39.
  38. Oji, O., & Ofoegbu, G. N. (2017). Effect of audit committee qualities on financial reporting of listed companies in Nigeria: A perspective study. International Journal of Scientific and Research Publications, 7(10), 278-290.
  39. Okolie, A. O., & Ogbaragu, J. S. (2022). Audit committee effectiveness and corporate financial performance of quoted deposit money banks in Nigeria. International Journal of Economics and Management Studies, 9(3), 24-34. doi:https://doi.org/10.14445/23939125/IJEMS-V9I3P104
  40. Olayinka, A. A. (2018). Corporate Governance Mechanisms, Firm’s Characteristics And Capital Structure In Nigerian Listed Firms.
  41. Olayinka, A. A. (2022). Financial statement analysis as a tool for investment decisions and assessment of companies’ performance. International Journal of Financial, Accounting, and Management, 4(1), 49-66. doi: https://doi.org/10.35912/ijfam.v4i1.852.
  42. Olayinka, A. A., & Mustapha, S. (2022). Analysing financial performance of listed cement industries in Nigeria: Financial Ratio Approach. Annals of Management and Organization Research, 3(4), 231-244. doi:https://doi.org/10.35912/amor.v3i4.1394
  43. Oranefo, P., & Egbunike, C. (2022). Debt financing and firm valuation of quoted non-financial firms in Nigeria stock exchange. International Journal of Financial, Accounting, and Management, 4(2), 199-218. doi:https://doi.org/10.35912/ijfam.v4i2.1064
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  50. Salawu, O., Okpanachi, J., Yahaya, O., & Dikki, C. (2017). Effects of audit committee expertise and meeting on audit quality of listed consumer-goods companies in Nigeria. European Journal of Accounting, Auditing and Finance Research, 5(10), 61-79.
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  53. Sima, X. (2024). Effect of corporate governance on financial performance in China. American Journal of Accounting, 6(2), 20-30. doi:https://doi.org/10.47672/ajacc.2167
  54. Studenmund, A. H. (2014). Using econometrics a practical guide: Pearson education limited.
  55. Tachizawa, E. M., & Wong, C. Y. (2015). The performance of green supply chain management governance mechanisms: A supply network and complexity perspective. Journal of Supply Chain Management, 51(3), 18-32. doi:https://doi.org/10.1111/jscm.12072
  56. Tosin, I. O., & Otonne, A. (2019). A comparative analysis of the determinants of profitability of commercial and microfinance banks in Nigeria. International Journal of Financial, Accounting, and Management, 1(3), 173-182. doi:https://doi.org/10.35912/ijfam.v1i3.135
  57. Urhoghide, R. O. O., & Omolaye, K. (2017). Effect of corporate governance on financial performance of quoted oil and gas in Nigeria. International Journal of Business and Social Science, 8(7), 114-124.
  58. Yang, P., Riepe, J., Moser, K., Pull, K., & Terjesen, S. (2019). Women directors, firm performance, and firm risk: A causal perspective. The Leadership Quarterly, 30(5), 101297. doi:https://doi.org/10.1016/j.leaqua.2019.05.004