Global Advanced Research Journal of Management and Business Studies (GARJMBS) ISSN: 2315-5086 January 2015 Vol. 4(1), pp 016-035

Copyright © 2015 Global Advanced Research Journals   


Original Research Articles

The Impact of External Factors on Corporate Governance system of firms: Empirical Evidence from Sub-Saharan Africa Anglophone Countries (SSAA) 

Dr. Adeoye Amuda Afolabi 

26, Aguyi Ironsi Street, PMB 237 Garki GPO Maitama Abuja Nigeria 

Accepted 18 January 2015


In this study, we explored the impact of external factor on corporate governance system using survey questionnaire based on international corporate governance norms. Data were collected from listed firms in Ghana, Nigeria and South Africa. The conclusions are follows: (1) .In all the selected countries in the sub-region (SSAA) political environment affect the corporate governance system. (2) Macro-economic policies seem to hinder good corporate governance practices. (3) The accounting system operating in each country plays a vital role in promoting sound corporate governance system. (4) Ownership structure (method for acquisition of stock) of firms’ delays promotion of sound corporate governance in Ghanaian and Nigerian firms. (5) Societal and cultural factors seem to deter corporate governance system in Ghanaian firms. Corruption may likely affect corporate governance practice in South African firms. We recommend that there is need for proper implementation of macro-economic policies in the sub-region. The political elite should not interfere with regulatory and supervisory agencies. The Ghanaian Code of corporate governance need to take into consideration the socio-cultural environment in formulating corporate governance policies. Finally, the acquisitions for stock of firms in Nigeria need to follow proper due process.                                                               

Keywords: Corporate governance, external factors, OLS regression

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