Emmanuel Adegbite

Corporate governance regulation in Nigeria

Purpose – Whilst taking Nigerias peculiar institutional configurations into consideration, this paper aims to critically evaluate the Nigerian corporate governance regulatory system, which is characterised by endemic corporate corruption, and to explore how regulatory policy responses can be strategically formulated to ensure corporate vitality and prevent market failures. The paper investigates the antecedents of effective corporate governance regulation in Nigeria.Design/methodology/approach – This paper employs research method triangulation in order to provide an informative and comprehensive account. The following data collection methods were employed to conduct a survey of corporate governance professionals in academia, in practice (including board directors, managers, current and former CEOs and chairmen across different industries, as well as members of professional accounting and audit associations), and in the Nigerian polity: in‐depth interviews, focus groups, direct observations and case studi...

Configurations of Capacity for Change in Entrepreneurial Threshold Firms: Imprinting and Strategic Choice Perspectives

Imprinting theory suggests that founding conditions are ‘stamped’ on organizations, and these imprinted routines often resist change. In contrast, strategic choice theory suggests that the firm can overcome organizational inertia and deliberately choose its future. Both theories offer dramatically different explanations behind an organizations capacity for change. IPO firms provide a unique context for exploring how imprinting forces interact with strategic choice factors to address organizational capacity for change as a firm moves from private to public firm status. Juxtaposing imprinting and strategic choice perspectives, we employ fuzzy set analysis to examine the multi-level determinants of organizational capacity for change. Our cross-national data reveal three effective configurations of organizational capacity for change within IPOs, and two ineffective configurations. Our results suggest that the antecedents of organizational capacity for change in entrepreneurial threshold firms are non-linear, interdependent, and equifinal.

Institutional determinants of good corporate governance: the case of Nigeria

Economic globalization has stimulated debate on the similarities and differences between national corporate governance systems (McCahery and Renneboog, 2002). Whilst the equilibrium of evidence appears to be tilted in favour of a convergence towards a focus on shareholder primacy, the literature remains puzzling and contradictory. In an attempt to reconcile the shareholder and stakeholder models of corporate governance, some scholars have talked about ‘enlightened shareholder value’, ‘instrumental stakeholder theory’, ‘strategic corporate social responsibility’ or ‘the good firm’ (Filatotchev et al., 2007; Jones, 1995; Kay and Silberston, 1995; Parkinson, 1995), as the hybrid model. However, in today’s world of corporate, economic and political globalization, how (and to what extent) is corporate governance shaped by firm and national level institutional environments? What are the different institutionalized expressions of corporate governance in varieties of capitalism? Which institutional parameters and arrangements constrain good corporate governance in emerging markets? Given that the spectacles of the influential agency theory do not explain these relations, our aim in this chapter is to conceptualize corporate governance structures and practices as institutionally determined and guided. We show that national corporate governance systems are endogenous responses to certain national and firm-specific institutional environments. This is critical to a better understanding of corporate governance. Specifically, we argue that corporate governance models, especially in developing countries, are inapplicable if they are not institutionally based and explained. In particular, we examine the extent to which certain underlying national conditions, such as the political, economic, legal and social environments as well as firm/industry values, culture, ethics and history, play a determining role in corporate governance.

Institutions and institutional maintenance implications for understanding and theorizing corporate governance in developing economies

This study is a data-driven attempt to explain why corporate governance systems remain largely unchanged despite regulatory reforms, especially in developing economies. It employs a qualitative research method triangulation to provide an informative and comprehensive account of Nigerian corporate governance complexity. The findings show that national corporate governance systems are endogenous responses to certain institutional environments. They further show the emergence of institutional maintenance in the wider Nigerian business environment. Consequently, the analysis and discussions not only forward a theory of corporate governance in sub-Saharan Africa but also add to the literature on the institutional theory of corporate governance, particularly, to the burgeoning literature on institutional work.

Institutional shareholder activism in Nigeria: An accountability perspective

Abstract Research has identified institutional shareholders and shareholders’ associations as separate groups that are able to interact and promote accountability through shareholder activism. This study employs a qualitative methodology to critically evaluate how institutional shareholders perceive the participation of Nigerian shareholders’ associations in shareholder activism. We examine three features of accountability that are vital in shareholder activism; dialectical activity, independence and agenda. We contribute to the accountability literature by showing how these three features shape institutional shareholders’ perception of shareholders’ associations as shareholder activists. Our findings show distinct differences between the views of representatives from active and passive institutional shareholders.

African management: concept, content and usability

Purpose – This paper aims to scrutinise the concept of “African Management” that increasingly fuels the debate on the management research of African organizations. Indeed, while management research in African context is all but invisible in management literature, the notion of “African management” emerges through a piecemeal corpus of literature that has arisen in response to the exclusion and marginalisation of Africa in the broad field of management literature. The idea underlying this reasoning is that the Western management model prevailing so far in Africa is inadequate because of cultural considerations. However, what is meant by “African management” still remains unfamiliar to both researchers and practitioners. Design/methodology/approach – The authors conduct a selective review of the fragmented “African management” literature to identify directions it follows. This is carried out through an analytical framework aiming at investigating the usability of the “African management”. Findings – The pap...

The impact of community expectations on corporate community involvement disclosures in the UK

Abstract Despite increase mistrust between corporations and societies in the aftermath of the global corporate misbehaviours, the literature examining the impact of community concerns on corporate communications is undeveloped. Our paper is timely; it contributes to the literature on corporate social responsibility (CSR) by considering the impacts of community expectations on Corporate Community Involvement Disclosures (CCID) using a ten-year panel study. We advance CSR communication research by providing a fresh theoretical perspective – media-agenda-setting theory – to the broad CSR debate and the CCID subset of this debate. Our findings support the media-agenda theoretical expectation and provide important practice and policy recommendations for improving interactions between corporations and their communities.

The influence of multinational enterprises on subsidiaries: context matters

Purpose: This paper examines how differences in the institutional environment of a multinational enterprise (MNE) shape the role of management control systems (MCSs) and social capital in the headquarters-subsidiary relationship of an emerging economy MNE. Design/methodology/approach: A case study design was adopted in this research. Data was gathered by means of semi-structured interviews, document analysis and observations. Interviews were conducted at the Nigerian headquarter (HQ) and United Kingdom (UK) subsidiary of the Nigerian multinational enterprise. Findings: The study found that the subsidiary operated autonomously, given its residence in a stronger institutional environment than the HQ. Instead of the HQ depending on MCSs as a means of coordination and control, it relied on social capital that existed between the HQ and the subsidiary to coordinate and integrate the operation of the foreign subsidiary studied. Originality/value: The reliance on social capital as a means of coordination and control of the foreign subsidiary in this study is significant, given that previous studies have indicated that multinational HQs normally employ MCSs as a means of control of foreign subsidiaries. Also, while previous studies have suggested that MNEs HQs have better expertise which enables them to design and transfer MCSs to foreign subsidiaries, this study found that such expertise relates to the institutional environment from which the HQ is operating from. Through the lens of institutional sociology theory and social capital theory, these findings directly contribute to the literature on the transference of practices and control systems in accounting and international business literatures.

Institutional shareholder activism in Nigeria

Purpose The purpose of this paper is to investigate institutional shareholder activism in Nigeria. It addresses the paucity of empirical research on institutional shareholder activism in sub-Saharan Africa. Design/methodology/approach This study uses agency theory to understand the institutional shareholder approach to shareholder activism in Nigeria. The data are collected through qualitative interviews with expert representatives from financial institutions. Findings The findings indicate evidence of low-level shareholder activism in Nigeria. The study provides empirical insight into the reasons why institutional shareholders might adopt an active or passive approach to shareholder activism. The findings suggest the pension structure involving two types of pension institutions affects the ability to engage in shareholder activism. Research limitations/implications The research study advances our understanding of the status quo of institutional shareholder activism in an African context such as Nigeria. Practical implications The paper makes a practical contribution by highlighting that regulators need to consider how the financial market conditions and characteristics affect effective promotion of better governance practices and performance through shareholder activism. Originality/value This study draws attention to the implication for shareholder activism of complexities associated with an institutional arrangement where two types of financial institutions are expected to operate and manage the private pension funds in a country.

Corporate Governance and Ethnicity

The extant literature suggests that corporate governance responds to a broad array of institutional influences. In extending the literature, this paper examines a largely overlooked concept (ethnic...