Mapping Corporate Governance: Exploring the Adaptation of Regulatory Frameworks in African Markets
DOI:
https://doi.org/10.23918/ejmss.V5i2p1Keywords:
Corporate Governance Africa, Emerging Markets Governance, Governance Adaptation, Governance Compliance in Africa, Regulatory FrameworkAbstract
This study aims to provide a comprehensive review of the sources of corporate governance regulations in Africa, by examining their origins and adaptation within the context of diverse African markets. While acknowledging the influence of regulatory frameworks from developed countries, this study focuses on the unique challenges and dynamics shaping corporate governance practices in the African markets. To achieve this aim, an in-depth analysis of key regulatory sources and their implementation across various African nations was done by reviewing the literature and the regulatory frameworks. The study shed light on the interplay between global standards and local realities, focussing on the evolving corporate governance landscape in Africa. By synthesizing existing literature and empirical insights from 2018 to 2023, the study offers valuable perspectives, emphasizing the need for tailored approaches that address continental disparities, challenges, and national culture in the adoption of corporate governance regulations across diverse African jurisdictions.
References
Abubakar, H., Misiran, M., Idris Sayed, A. A., & Karaye, A. B. (2024). Optimization of Weibull Distribution Parameters with Application to Short-Term Risk Assessment and Strategic Investment Decision-Making. Statistics, Optimization & Information Computing, 12(6), 1684–1709. https://doi.org/10.19139/SOIC-2310-5070-2099
Abubakar, H., Misiran, M., Karaye, A. B., & Gambo, N. (2024). Iteratively Reweighted Least Squares-based Generalized Linear Model for Assessing the Impact of Macroeconomic Indicators on Property Investment. Journal of Reliability and Statistical Studies, 17(1), 241–266. https://doi.org/10.13052/JRSS0974-8024.17110
Afolabi, A. M. (2015). Impact of Institutional Characteristics of Corporate Governance on Corporate Governance System in Sub-Saharan Africa Anglophone Countries (SSAA). European Journal of Accounting Auditing and Finance Research, 3(2), 30–69. https://doi.org/10.37745/ejaafr.2013
Agyemang, O. S., Gbettey, C., Gatsi, J. G., & Acquah, I. S. K. (2019). Country-level corporate governance and foreign direct investment in Africa. Corporate Governance (Bingley), 19(5), 1133–1152. https://doi.org/10.1108/CG-07-2018-0259
Apochi, J. G. . M. S. G. . O. J. M. & Y. O. A. (2022). Does Corporate Governance Improve Financial Performance? Empirical Evidence from Africa Listed Consumer Retailing Companies. Management Studies, 12(1), 111–124. https://doi.org/http://dx.doi.org/10.5539/ms.v12n1p111
Areneke, G., & Kimani, D. (2019). Value relevance of multinational directorship and cross-listing on MNEs national governance disclosure practices in Sub-Saharan Africa: Evidence from Nigeria. Journal of World Business, 54(4), 285–306. https://doi.org/10.1016/J.JWB.2018.10.003
Bala, H., Abdulwahab, A. I., Kwanbo, M. L., Khatoon, G., & Karaye, A. B. (2022). Audit Committee Attributes and Whistle-Blowing Policy. Koya University Journal of Humanities and Social Sciences, 5(1), 1–6. https://doi.org/10.14500/kujhss.v5n1y2022.pp1-6
Bala, H., Ahmad, W., Khatoon, G., & Karaye, A. B. (2022). Audit firm attributes and income smoothing: the moderating influence of audit committee accounting expertise. Cogent Business & Management, 9(1), 1–17. https://doi.org/10.1080/23311975.2022.2127194
Bala, H., Sani, A. A., Al-Absy, M. S. M., Pantamee, A. A., & Karaye, A. B. (2024). Proposed Conceptual Framework for the Effect of Female Representation in the Board and Statutory Audit Committee on Creative Accounting Practice. In Allam Hamdan & Udo Braendle (Eds.), Studies in Systems, Decision and Control (Harnessing AI, Mach…, Vol. 550, pp. 91–100). Springer, Cham. https://doi.org/10.1007/978-3-031-66218-8_7
Berhad, B. (2020). Corporate Governance Report 2020. http://myagric.upm.edu.my/id/eprint/17925/1/CGReport2020.pdf
CACG. (1999). CACG Guidelines: Principles for Corporate Governance in the Commonwealth: Towards Global Competitiveness and Economic Accountability.
Cadbury, A. (1992). Report of the Committee on the Financial Aspects of Corporate Governance. The Committee and Gee.
Chanda, S., Burton, B., & Dunne, T. (2017). The nature and potential of corporate governance in developing countries: Zambian perceptions. Accounting, Auditing and Accountability Journal, 30(6), 1257–1287. https://doi.org/10.1108/AAAJ-08-2015-2208
Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/J.EMEMAR.2012.03.002
Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á., Muñoz-Torres, M. J., Rivera-Lirio, J. M., León-Soriano, R., & Escrig-Olmedo, E. (2014). Is corporate governance related to corporate social responsibility? The case of South Africa. Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus, 437–473. https://doi.org/10.1142/9789814520386_0016
Gorman, L., & Ward, A. M. (2020). Hampel Report (UK). In S. Idowu, R. Schmidpeter, N. Capaldi, L. . Zu, Del Baldo, & R. Abreu (Eds.), Encyclopedia of Sustainable Management (pp. 1–5). Springer, Cham. https://doi.org/10.1007/978-3-030-02006-4_51-1
Greenbury. (1995). Report on Directors Remuneration.
Gstraunthaler, T. (2010). Corporate Governance in South Africa: The Introduction of King III And Reporting Practices at the JSE ALT-X. Corporate Ownership and Control, 7(3), 157. https://doi.org/10.22495/COCV7I3P11
Hampel, R. (1998). Committee on corporate governance: the combined code.
Kajananthan, R., & Achchuthan, S. (2013). Corporate Governance Practices and Its Impact on Working Capital Management: Evidence from Sri Lanka. Research Journal of Finance and Accounting, 4(3), 23–31.
Karaye, A. B. (2014). The impact of corporate governance on the performance of listed companies: the comparison of Nigeria and Turkey [Cankaya University]. https://platform.almanhal.com/Details/Thesis/2000182082
Karaye, A. B., & Büyükkara, G. (2021). The Impact of Corporate Governance on Financial Performance of Companies in Southern Africa. İşletme Araştırmaları Dergisi, 13(2), 1817–1834. https://doi.org/10.20491/ISARDER.2021.1231
Karaye, A. B., Musa, A. Z., Bala, H., & Khatoon, G. (2024). The nexus between board audit committee attributes and financial performance of firms in Africa. International Journal of Applied Economics, Finance and Accounting, 19(2), 313–328. https://doi.org/10.33094/IJAEFA.V19I2.1734
King, I. (2016). Report on Governance for South Africa, and the Draft Code of Governance Principles.
Mohamad Ariff, A., Kamarudin, K. A., Musa, A. Z., & Mohamad, N. A. (2024). Financial constraints, corporate tax avoidance and environmental, social and governance performance. Corporate Governance (Bingley), 24(7), 1525–1546. https://doi.org/10.1108/CG-08-2023-0343
Munisi, G., & Randøy, T. (2013). Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business, 70, 92–110. https://doi.org/10.1016/J.JECONBUS.2013.08.003
Nakpodia, F., & Adegbite, E. (2018). Corporate governance and elites. Accounting Forum, 42(1), 17–31. https://doi.org/10.1016/J.ACCFOR.2017.11.002
Ntim, C. G. (2013). An Integrated Corporate Governance Framework and Financial Performance in South African-Listed Corporations. South African Journal of Economics, 81(3), 373–392. https://doi.org/10.1111/J.1813-6982.2011.01316.X
Ntim, C. G. (2018). Defining Corporate Governance: Shareholder Versus Stakeholder Models. Corporate Governance: An International Review, 17(3), 376–387. https://doi.org/10.1111/J.1467-8683.2009.00737.X
Nusrathunnisa, Khatoon, G., Bala, H., Belgacem, S. Ben, & Karaye, A. B. (2023). Valuation of Indian IPO’s Allotment and Current Price Analysis - Are Indian IPOs Overvalued? International Journal of Professional Business Review, 8(5), 1–12. https://doi.org/10.26668/businessreview/2023.v8i5.700
O’connell, M., & Ward, A. M. (2020). Greenbury Report (UK). In Idowu S, Schmidpeter R., Capaldi N, Zu L, Del, Baldo M., & Abreu R. (Eds.), Encyclopedia of Sustainable Management. Springer, Cham. https://doi.org/10.1007/978-3-030-02006-4
OECD. (2015). The OECD principles of corporate governance. In cya.unam.mxO OecdContaduría y Administración, 2004•cya.unam.mx. http://www.cya.unam.mx/index.php/cya/article/view/562
Okeahalam, C. C., & Akinboade, O. A. (2003). A Review of Corporate Governance in Africa: Literature, Issues and Challenges. Global Corporate Governance Forum , 1–35.
Para, I., Bala, H., Khatoon, G., Karaye, A., & Abdullah, H. (2022). IFRS Adoption and Value Relevance of Accounting Information of Listed Industrial Goods Firms in Nigeria. Humanities Journal of University of Zakho, 10(2), 564–571. https://doi.org/10.26436/hjuoz.2022.10.2.776
Roy, B., Prabawani, B., & Wijayanto, A. (2023). Examining the Effect of Corporate Governance on Firm Performance: Cases of Companies Listed on the Uganda Securities Exchange (USE). International Journal of Innovative Science and Research Technology, 8(6), 927–984. https://doi.org/10.5281/ZENODO.8085916
Sarbanes-Oxley Act. (2002). Public Company Accounting Reform and Investor Protection Act. .
Şener, İ., & Karaye, A. B. (2014). Board Composition and Gender Diversity: Comparison of Turkish and Nigerian Listed Companies. Procedia - Social and Behavioral Sciences, 150, 1002–1011. https://doi.org/10.1016/j.sbspro.2014.09.112
Şener, İ., & Karaye, A. B. (2015). The Effect of Ownership Concentration and Board Committees on Financial Performance: Evidence from Turkish and Nigerian Listed Companies. ICAN Journal of Accounting and Finance, 2, 118–135.
Temba, G. I., Shukrani, P., Chirongo, K. &, Keregero, M., Kasoga, S., & Keregero, C. M. (2023). Corporate governance and financial performance: Evidence from commercial banks in Tanzania. Cogent Economics & Finance, 11(2). https://doi.org/10.1080/23322039.2023.2247162
Wanyama, S., Burton, B. M., & Helliar, C. V. (2017). Corporate governance and accountability in Uganda : A Stakeholder Perspective. In Corporate Citizenship in Africa (1st Edition, pp. 54–66). Routledge. https://doi.org/10.4324/9781351281768-5
Waweru, N. M. (2014). Determinants of quality corporate governance in Sub-Saharan Africa: Evidence from Kenya and South Africa. Managerial Auditing Journal, 29(5), 455–485. https://doi.org/10.1108/MAJ-07-2013-0897
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Dr. Abubakar Balarabe Karaye
Eurasian Journal of Management & Social Sciences (EJMSS)
Creative Commons Attribution Non-Commercial 2.0 Generic Licence (CC BY-NC 2.0)
