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1	The Effect of Loyalty on Employees Performance,A Case Study of ……	Business Admin/HR Mgt	M.Sc	75	15,555	17	US$100
2	The impact of Tax Evasion and Avoidance on Revenue Generation of the Govt A Case Study of …	Accounting	B.Sc	77	20,344	23	US$100
3	The Importance of Corporate Governance on Financial Reporting	Accounting/Business Admin	B.Sc	82	15,192	20	US$100
4	The Impact of Promotion on Organisational Performance, A Case  Study of…	Business Admin/Marketing	B.Sc/M.Sc	82	15,946	17	US$100
5	The Impact of Strategic Management on Organisational Performance, A Case	Business Administration	M.Sc/MBA	99	19,468	27	US$100
6	The Impact of Internal Audit Mechanism in Checking Fraud and Errors in Govt.	Accounting	B.Sc	74	15,411	23	US$100
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8	The Role of Auditors in Fraud Detection and Control, A Case Study of …..	Accounting	B.Sc/M.Sc	80	16,044	23	US$100
9	The Impact of Total Quality Management on Corporate Performance, A Study	Business Administration	B.Sc	72	11,311	16	US$100
10	The Effect of Inventory Control Management on Corporate Performance, A Study	Accounting	B.Sc.	70	14,156	15	US$100
11	The Effect of Personal Selling in the Marketing of Industrial Products, A Case	Marketing/Business Admin	B.Sc	81	16,160	21	US$100
12	Tax As a Veritable Source of Revenue to the Government: An Appraisal of ….	Accounting	B.Sc.	68	13,205	9	US$100
13	The Impact of Human Resource Management on Organisational Performance,	Business Admin/HR Mgt	B.Sc	84	15,751	10	US$100
14	An Investigation of Social Responsibility in Organisation Performance, A Case	Business Administration	B.Sc	80	13,199	11	US$100
15	Tax Evasion and Avoidance: An Investigation of The Causes and their Effect ,,,	Accounting	B.Sc./M.Sc	73	19,274	26	US$100
16	The Impact of Training and Development on Employees Performance, A Case	Business Admin/HR Mgt	B.Sc.	63	8,949	8	US$70
17	The Challenges and Prospects of Pay As You Earn Program Implentation	Accounting	B.Sc.	67	14,833	21	US$100
18	The Impact of Employees Benefits Plan on Organisational Commitment, A ….	Business Admin/HR Mgt	B.Sc/M.Sc	103	19,504	94	US$100
19	The Effect of Flexible Working Hours on Employees Performance, A Case of ..	Business Admin/HR Mgt	M.Sc	81	17,572	28	US$100
20	An Appraisal of Credit Admininstration in the Banking Industry, A Case Study	Banking and Finance	B.Sc	63	16,917	27	US$100
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Corporate Governance and Firms Growth in Nigeria: Evidence of Insurance Industry in Nigeria

CORPORATE GOVERNANCE AND

FIRMS GROWTH IN NIGERIA: EVIDENCE OF

INSURANCE INDUSTRY IN NIGERIA

RESEARCH PROJECT

BY

YOUR NAME

MATRIC NUMBER...........

PRESENTED TO THE POST GRADUATE STUDIES, UNIVERSITY OF....... IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF MASTER OF SCIENCE (M.Sc.) ACCOUNTING OF UNIVERSITY........

JANUARY, 2018

CHAPTER ONE

INTRODUCTION

1.1  Background of the Study

There have been widespread and growing interests in empirical analysis of corporate governance and growth of firms for insurance industry. Corporate government remains the central issue and factor that foster the economic decisions of not only the investors (providers of capital) but also various stakeholders. Firms having good corporate governance performance measures, performed well as compared to the firms having no or less corporate governance practice. Establishing the adequate corporate governance system is the necessary condition to enable the sustainable growth of firms and Nigerian economy. Insurance industry is considered vital for employment generation, social security, increase savings of life and non-life insurance and significantly vital to economic growth.

In many economies of the world, some identified significant contributions of business firms include contribution to the economy in terms of output of goods and services, creation of jobs, improvement of corporate social responsibility. Certain actors are responsible for efficient performance of firms either small, medium or large, even in industrialized countries. Such factors include infrastructure and enabling environment, availability of investment capital, production equipment, efficient manpower and availability of market.

In spite of all these afore mentioned factors, existence of corporate frontier had made many firms which had previously shown signs of spectacular success to be built on sand. This is evidential in insurance industry in Nigeria. In the last decade many firms in insurance industry in Nigeria finds it very difficult to meet up with the capitalization policy. This is revealed by hot lied of fraud and illicit dealings of the directors saddled with the responsibilities to run the activities of the firms. Performance of the firm is affected by practicing good corporate governance policies. Our focus in this study is to appraise the quality of firms-level corporate governance and firm’s growth for a period of twenty (20) years spanning from 1993 to 2013.

Meaning of Corporate Governance

The OECD (1999) defines corporate governance as follows: “Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring”.

Uwuigbe Olubukunola Ranti (2011) defines corporate governance in the context of banking as the manner in which systems, procedures, processes and practices of a bank are managed so as to allow positive relationships and the exercise of power in the management of assets and resources with the aim of advancing shareholders‟ value and shareholders‟ satisfaction together with improved accountability, resource use and transparent administration.

The importance of effective corporate governance cannot be overemphasized.  Corporate Governance is important to companies, to the communities as well as to the country. The need for corporate governance have been attributed to factors such as globalization, privatization, democratization, competition, high profile corporate abuse and failures, shareholders and stakeholders’ activism and the internalization of capital.

Corporate Governance becomes a vital issue when it is realized that good corporate performance leads to good financial performance. In other words if the management of a company manages the company’s asset efficiently there is a greater possibility that the company will be able to attract stable long term, inexpensive capital and will be able to improve its financial performance. More often than none the required fund needed to improve the financial and economic performance of these companies are sought from the capital market and companies are aware that with improved corporate governance on their part, the investing public is encouraged to become shareholders which invariably reduces the company’s cost of capital because investors are able to discount governance as a risk factor. In essence companies need to put in place arrangements that respond to the concerns of investors.

The application of good corporate governance is also important because it provides innumerable benefits not only to the company but also to the economy as a whole because a company that practices good corporate governance will certainly attract both local and foreign investment flow resulting to increase in profit and growth than a company that is lack good corporate practices, this is in addition to the fact that the latter company has high probability to fall or collapse.

Good corporate governance practices and responsible corporate behavior contribute to the long-term performance of public companies and are critical to well-functioning securities markets. Strong corporate governance helps reduce investment risk and ensures that shareholder capital is used effectively.

Research shows that growth is particularly strong for those industries most dependent on external finance. The quality of corporate governance can also affect firms’ behavior in times of economic shocks. Well-governed companies have less volatile share prices in times of crisis. Good corporate governance can help family-owned or -controlled companies survive succession battles that doom most such companies, say Joseph Fan, a finance professor and co-director of the Institute of Economics and Finance at the Chinese University of Hong Kong (The Economist Intelligence Unit, 2002)

1.2  Statement of the Problem

The quest for good corporate governance and ethical behaviour has a vital role in the growth process and pattern of the firm. The underlying principles of good corporate governance are based around the actions of the board of directors, how it is constituted, how it operates, how it sets the values for the growth of firms, and how it governs itself.  According to McConvill James (2005), there is a growing perception that company directors and executives are self interested actors, using their position in the company to pursue their own ends rather than being focused on pursuing what is best for the company and its stakeholders. This perception is aided by recent news of the record 25-year jail sentence handed down to former World.Com boss Bernard Ebbers for his part in the fraud that caused the $11 billion collapse of that company.

In public companies where the separation of ownership from management is much wider, Corporate Governance is much relevant because it is concerned with how power is shared and exercised by different group to ensure that the objectives of the organization are achieved. The thrust of Corporate Governance are the rights of shareholders and other stakeholders, how power is shared and exercised by the directors, and how holders of power in a company should be held accountable for what they do (Securities and Exchange Commission Journal Vol. 6, (2009).

The recent financial scandals affecting major American firms such as Enron, WorldCom, and Arthur Andersen, and the resulting loss of confidence by the investing public in the stock market have led to dramatic declines in share prices and substantial financial losses to millions of individual investors. Both the public and the experts have identified failed corporate governance as a principal cause of these scandals, and have therefore brought corporate governance issues to the fore front of management. When a company suffers a major governance failure, whether it’s due to an ethical or accounting violation, faulty risk management and oversight or ineffective board decision-making, the effects can be far-reaching. The share price can fall sharply, affecting shareholders and sometimes even the industry sector in which the company operates. The company might ultimately fail, leading to job losses and other harmful consequences for the region where it operates. In some extreme cases such as government bailouts, taxpayers can be left repaying the costs.

1.3  Objectives of the Study

The cardinal objective of this study is to identify the impact of corporate governance on the growth of firms in Nigeria, evidenced in insurance industry. Other objectives of this study include the following:-

(i)                 Establish the contribution of corporate governance to the growth of firms in Insurance Industry in Nigeria/

(ii)               Establish the contributions of corporate governance to the economic growth in Nigeria.

(iii)             Examine the impact of external corporate governance policy to growth of firms in insurance industry.

(iv)             Evaluate the response of investors to both internal and external corporate governance policies.

(v)               Examine the causal relationship between corporate governance and performance of firms in the insurance industry.

1.4  Research Questions

The following questions are examined in this study:

i)                    To what extent does corporate governance contribute to the growth of firms in insurance industry in Nigeria?

ii)                  To what extent does corporate governance contribute to the economic growth in Nigeria?

iii)                To what degree does external corporate governance policy impact on the growth of firms in insurance industry in Nigeria?

iv)                How have investors responded to both internal and external corporate governance policy in Nigeria?

1.5  Research Hypotheses

The following are the hypotheses of this study:-

1)      H₀: There is no significant contribution of corporate governance to the growth of firms in insurance industry.

2)      H₀: There is no significant contribution of corporate governance to the economic growth in Nigeria.

3)      H₀: There is no significant impact of external corporate governance policy on growth of firms in insurance industry.

4)      H₀: There is no significant causality between the corporate governance and growth of firms in Nigeria.

1.6  Significance of the Study

Globally, insurance industry is noted for their immense contributions to the development process and is one of the engines for economic growth. The importance of insurance-growth relationship is growing due to the increasing share of the insurance industry in the financial sector. This growth in importance is also reflected in the business volume of insurers, (Back and Webb, 2003).

They further asserted that insurance provides individuals and the economy as a whole with some financial services. First, insurance takes increasing magnitude as a way for individuals and families to manage income-risk. Next, insurance products expedite long-run savings and the re-investment of substantial sums in private and public sector projects. Insurance offer a means for disciplined contractual savings and have become effective as instrument for boosting substantial amount of savings.

Skipper (1997) noted that the insurance market activity, both as a provider of risk transfer and indemnification and as an institutional investor, may contribute to economic growth in the following ways:- a) mobilization domestic savings, b) allowing different risks to be managed more efficiently, thereby encouraging the accumulation of new capital, c) boosting financial stability, d) facilitating trade and commerce (the most efficient ancient insurance activity), e) supporting to reduce or mitigate losses, more efficiently allocation of domestic capital.

Many studies have been carried out with respect to insurance industry in Nigeria; productivity growth has been slow in Nigeria over last two decades, especially in comparison with the other countries. It has been argued that the lack of product market competition and poor corporate governance are two main reasons for the phenomenon. The performance of the sector still falls below the standard that will make it serve as catalyst for economic growth and development.

The significance of this study can further be understood by considering the importance of corporate governance in accomplishing corporate objectives. The importance of good governance practices is evidenced in strong leadership, a positive culture and robust risk management. These all encourage and reinforce behaviours that ensure company representatives act to protect the long-term interests of the company and its shareholders. The application of good corporate governance is also important because it provides innumerable benefits not only to the company but also to the economy as a whole because a company that practices good corporate governance will certainly attract both local and foreign investment flow resulting to increase in profit and growth than a company that is lack good corporate practices, this is in addition to the fact that the latter company has high probability to fall or collapse.

It is hoped that the findings of this study shall be made available to organizations by hosting this work on the net and at the library. The society at large shall also benefit from this work in the sense that when organizations are successful, this will lead to the improvement in the larger society.

1.7  Scope of the Study

This study will be limited to insurance industry in Nigeria. The availability of data leads us to consider for this current study the period 1993-2013. In an attempt to achieve our objectives, data and information shall be sourced from reliable institutions such as chartered.

Nigerian Stock Exchange, Nigerian Bureau of Statistics (NBS), UK Principles of Corporate Governance, USA Principles of Corporate Governance, Code of Corporate Best Practices in Nigeria as well as other relevant bodies to augment the impact of corporate governance on growth of insurance industry in Nigeria between the specified period.

1.8 Structure of the Work

The introductory chapter examines the background of the study, statement of the problem, objectives of the study, research questions, research hypotheses, as well as the justification/significance of the study. We equally formulated research questions which are expected to be answered by the objectives of the study.

The second chapter shall be devoted to review of relevant literatures, explain conceptual issues and provide a detailed overview of corporate governance. The theoretical framework shall as well be examined in this chapter focusing on theory of firm, the determinants of firm’s growth and growth of insurance industry in Nigeria.

The methodology of the study shall be highlighted in chapter three. The chapter outlines data collection methods and techniques, population, sample size and sampling technique, model specification and research instrument reliability and validity tests.

The fourth chapter shall present and analyze the results obtained from the field and the estimated models and various tests of the hypotheses shall be carried out. The hypotheses shall be restated for emphasis; the results of the hypotheses test shall be presented and discussed in detail.

The concluding chapter, that is chapter five, summarizes our findings, presents our conclusions, identifies areas of future studies and makes recommendations to management for action.

1.9 Definition of Terms

Words                                     Definitions

Corporate                              Forming a whole, united, organization, an entity, a firm.

Corporate Governance         Corporate governance is the system by which business corporations are directed and controlled. “Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined.

Corporation                           A body of people acting as one for administrative or business purposes.

Environment                          Surroundings in which someone or an organization lives and operates

Ethical                                    Having to do with right behaviour, Justice, duty, just honourable

Governance                            The act of controlling, ruling, administering an entity, an organization or a country; to control and direct the affairs of a group, a firm, or a country.

Leadership                             Leadership is the process of influencing the activities of an individual or a group towards the achievement of a goal in a given situation.

Management                          The art of managing a business, those in charge of a business. Management involves planning, organizing, leading and controlling the activities of employees and of utilizing organizational resources to accomplish organizational goals effectively and efficiently.

Moral                                      Of correct or acceptable behaviour or character, principles and standards of behaviour

Obligation                              A promise or a duty by which someone is bound. Debt of gratitude for a favour received.

Performance                          The act of doing something, the level of success of something, a car or an organization.

Profitability                            Gain, benefit, money gotten by selling an article for a higher price that was paid for it.

Social                                      Relating to society or to a community, living in communities, of companionship.

Social Responsibility             This refers to those actions taken by a business organization which in some ways assist the society to achieve the objectives of the society and enable the citizens to live better life.

Society                                    Humanity considered as a whole, a community of people, company, and companionship.

References

Gabrielle O’ Donovan (2000), The Ethics of Business, New-York: Oxford University Press.

OECD (1999). Principles of Corporate Governance. Organisation for Economic Co-operation      and Development

Security and Exchange Commission (2009), Review on the Code of Corporate Governance, The   Guardian, September 30, 2009

The Economist Intelligence Unit (2002) Corporate governance -The new strategic imperative, A   white paper from the Economist Intelligence Unit sponsored by KPMG International,      www.eiu.com

McConvill James (2005), Positive Corporate Governance and its Implications for Executive          Compensation, German Law Journal,

Uwuigbe Olubukunola Ranti (2011), Corporate Governance and Financial Performance of Banks: A study of Listed Banks in Nigeria,

The complete part of this project is available for sale

PROJECT PROPERTIES

Project Status	Available
Number of Chapters	5
Number of Pages	120
Number of Words	15,751
Number of References	10
Project Level	M.Sc.
Price	N15,000 (Non-Negotiable)
Abstract, Sample of Questionnaire are included
How to Pay for this Project . . . .23408028177177 or via email  danikingconsulting@yahoo.com

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