Corporate governance, ownership structure and performance of manufacturing firms in Nigeria

Recognizing the weakness in the use of the OLS model in the panel data analysis of corporate governance and firm performance, this study augmented the model with the use of fixed effect model for a sample of 76 listed non-financial firms in Nigeria. Moreover, the study accounted for the role of some vital control variables excluded by previous researchers from Nigeria. Our results suggest that findings based on OLS models could be misleading. Foreign ownership that was found to have a negative impact on firm performance was the only positive and significant variable in the fixed effect model. Ownership concentration was found to have a negative impact on performance using the ROA. Our study confirmed the expropriation hypothesis for Nigeria.