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THE EFFECT OF
CORPORATE GOVERNANCE ON THE PERFORMANCE OF MOBIL NIGERIA PLC, ENUGU
ABSTRACT
This study examined the corporate
governance and its impact on the management of Mobil Nigeria Plc Enugu.
Research questions guided the study. A survey method was used for this study.
The population consisted of all the management staff of Mobil Nigeria Plc Enugu
with a total population of twenty five (25) persons. The entire 25 person were
selected for the study. A questionnaire developed by the researcher based on
liker 5 point scale was used for the study.
Mean scores and frequencies were used to analyze the data based on the
research questions. Research results shows that internal and external mechanism
of corporate governance are used to regulate the performance of Mobil Nigeria
Plc. The control mechanism put in place by Mobil Nigeria Plc include internal
and external auditing as well as board of director monitoring and balance of
power. The systemic problems militating against corporate governance include
high cost of monitoring, inadequate supply of accounting information to
shareholders.
TABLE OF CONTENTS
Title
page i
Declaration ii
Approval
Page iii
Dedication iv
Acknowledgment v
Abstract vi
Table
of Contents vii
CHAPTER ONE:
INTRODUCTION
1.1
Background of the
Study 1
1.2
Statement of the
Problem 3
1.3
Objective of the Study 4
1.4
Significance of the
Study 5
1.5
Research Questions 5
1.6
Scope of the Study 6
1.7
Definition of Terms 6
CHAPTER TWO:
LITERATURE REVIEW
2.0 Introduction 8
2.1 The Concept of Corporate Governance 8
2.2 Principles of Corporate Governance 10
2.3 The Impact of Corporate Governance on the Performance of
Corporate Organizations 12
2.4 Internal
and External Corporate governance control mechanism 15
2.5 The Systemic Problems of Corporate
Governance 18
2.6 Corporate Governance Models around the World 19
2.7 Regulation in Corporate Governance 22
2.8 Parties to Corporate Governance 25
2.9 Summary of the Literature Review 31
CHAPTER THREE: METHODOLOGY
3.1 Introduction 32
3.2 Research Design 32
3.3 Area of Study 32
3.4 Population of the Study 32
3.5 Sample Size and Sampling Technique 33
3.6 Instrument of Data Collection 33
3.7 Validation of the Instrument 33
3.8 Reliability of Instrument 34
3.9 Method of Data Collection 34
3.10 Method of Data Analysis 34
CHAPTER FOUR: DATA
PRESENTATION AND ANALYSIS
4.1 Introduction 36
4.2 Characteristics of Respondents 36
4.3 Data Analysis 37
4.4 Summary of Findings 43
4.5 Discussion of Findings 44
CHAPTER
FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.0 Introduction 46
5.1 Summary 46
5.2 Conclusion 47
5.3 Recommendations 48
References 50
Appendix 52
CHAPTER ONE
INTRODUCTION
1.1
Background
of the Study
Corporate Governance is a number of process,
customers, policies, laws and institutions which impacts on the way a company
is controlled. An important theme of corporate governance is the nature and
extent of accountability of people in the business and mechanisms that try to
decrease the principal agent problem (Wikipedia, 2011).
Corporate Governance also includes the
relationships among the many stakeholders involved and the goals for which the
corporation is governed. In contemporary business corporations, the main
external stakeholder groups are shareholders, debt holders, trade creditors,
suppliers, customer and communities affected by the corporation’s activities.
Informal stakeholders are the board of directors, executives and other
employees. It guarantees that an enterprise is directed and controlled in a
responsible, professional, and transparent manner with the purpose of
safeguarding its long-tem success it is intended to increase the confidence of
shareholders and capital market investors.
The World Bank (2009) states that corporate
governance comprises two mechanisms, internal and external corporate
governance. Internal corporate governance, giving priority to shareholder’s
interest, operated on the board of directors to monitor top management. On the
other hand, external corporate governance monitors and controls manager’s
behaviors by means of external regulations and force, in which many parties,
such as suppliers, debtors (stakeholders), accountants, lawyers, and providers
of credit and investment bank.
In the past, so many corporate organizations have
been caught of getting involved in unethical practices, for example the
discovery of financial scam by the Central Bank of Nigeria after the
consolidation exercise, involving seven top bank executives in Nigeria, which
puts the credibility of their corporate image under suspicion, which further
shocking investors confidence. Consequently, corporate governance mechanism has
been a crucial issue discussed again.
It is against this background that the researcher
see the subject matter; corporate governance and its impact on the management
of Mobil Nigeria Plc, Enugu as an issue worthy of being investigated.
1.2
Statement
of Problem
In the past, so many organizations in
1.3
Objective
of the Study
The main objective of the study is to examine the
corporate governance and its impact on the management of Mobil Nigeria Plc. The
specific objectives are:
i)
To examine the effect
of corporate governance on the performance of Mobil Nigeria Plc.
ii)
To examine the
internal and external corporate governance control mechanism in Mobil Nigeria
Plc.
iii)
To identify the
systemic problems of corporate governance in Mobil Nigeria Plc.
iv)
To proffer workable
solutions to the identified problem of corporate governance in Mobil Nigeria
Plc.
1.4
Significance
of the Study
The study will be significant to Mobil Nigeria Plc
especially as they utilize the findings of this research in enhancing policy
governance in their organization. The study will also add to the existing
knowledge on the subject matter and will also be a reference material for
further research on corporate governance.
1.5
Research
Questions
The central research question is: What is the
impact of corporate governance on the management of Mobil Nigeria Plc? The
specific questions are:
i)
How does corporate
governance affect the performance of Mobil Nigeria Plc?
ii)
What are the internal
and external corporate governance control mechanism in place in Mobil Nigeria
Plc?
iii)
What are the systemic
problems militating against corporate governance in Mobil Nigeria Plc?
iv)
What are the solutions
to such problems?
1.6
Scope
of the Study
The study covers the examination of the impact of
corporate governance on Mobil Nigeria Plc. The collection of empirical data is
limited to Mobil Nigeria Plc Enugu main office. The study covers a time from
2006 – 2011.
1.7 Limitation
of the Study
The limitation of this study arise from the
shortcoming of the research design, the instrument of data collection and the
non-challant attitude of respondents. For the fact that the survey study is
used it is not certain whether other research design such as the descriptive
design, historical design or ex-post design will yield the same result. It is
not also certain if the same result would be obtained if other kind of
instrument of data collection other than the questionnaire is used to obtain
data. Besides, the non-challant attitude of the respondents and the over
exaggeration or understatement of their responses when scoring the items in the
questionnaire could affect the validity of their responses. These limitations
should be taken cognizance of by other researchers conducting similar studies.
1.8
Definition
of Terms
Corporate Governance: This
is relationship that exists between the different participants, and defining
the direction of the firm.
Corporation:
This refers to corporate entity or a body by means of which capital is
acquired, used for investing in assets producing goods and services.
Shareholders:
People who have invested in a company through subscribing to the company’s
stock.
Board Structure:
Management at the top comprising of board of directors.
Ownership Structure:
Shareholders and directors.
CEO:
Acronym for Chief Executive Officer.
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