IMPACT OF CORPORATE GOVERNANCE REGULATION IN DEVELOPING COUNTRIES STOCK EXCHANGE: A CASE STUDY OF THE NIGERIAN STOCK EXCHANGE
1Tony IkechukwuNwanji, 2Wilson Ozuem3Kerry E. Howell, 4Sainey Faye, 5Adegbola OlubukolaOtekunrin, &6Damilola Felix Eluyela
1,3,5,6Department of Accounting and Finance, Landmark University, Nigeria
2University of Cumbria and University of Warwick UK
3School of Business, Teesside University, UK.
4Department of Accounting and Finance, New University, Buckingham, UK
Email:1nwanji.tony@lmu.edu.ng; 2wilson.ozuem@cumbria.ac.uk
3kerry.howell@northumbria.ac.uk;4sainey, faye@bucks.ac.uk,
5otekunrin.adegbola@lmu.edu.ng, 6eluyela.damilola@lmu.edu.ng
ABSTRACT
This study examined the impact of corporate governance regulations in developing countries Stock Exchange using Nigerian Stock Exchange as a case study. The paper highlighted the fact that even though most companies prepare an excellent annual report and accounts, still, if they have a weak system of corporate governance systems in their organisation, the probability of the enterprise going under is high. Many countries around the world have made efforts to forestall corporations operating within their economy collapsing by constituting various bodies and committees to fashion out the best corporate governance principles to adopt, which would be in tandem with their peculiar socio-economic makeup. In Nigeria, the Securities and Exchange Commission (SEC) in collaboration with the Corporate Affairs Commission was mandated to identify weaknesses in the current corporate governance practices.Finding from this study suggest that the Nigerian Stock Exchange hascarried out their regulatory functions. While this is so, the management of the NSE must ensure that it has an arrangement for continual training of its supervisors to get them to gully knowledgeable about modern trends and new technologies to aid them efficiently discharge their duties.
Keyword: Corporate Governance, Regulation, Shareholder and Stakeholder Theories, Stock Exchange.