Board Characteristics, Ownership Structure and Firm Value of Listed Petroleum Firms in Nigeria

Description

– Board Characteristics, Ownership Structure and Firm Value of Listed Petroleum Firms in Nigeria –

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Abstract

This research work studied the relationship between board characteristics,ownership structure and the firm value of listedpetroleum firms in Nigeria.

From a population of fifteen firms, the study used six listed petroleum firms that had consistently published their annual audited financial reports from 2008 to 2015.

The data was analyzed using the robust pooled-OLS multiple regression technique in view of the absence of panel effect in the data as confirmed by the result of Breusch Pagan Lagrangian Multiplier test.

The results of the robust pooled-OLS regression analysis revealed that board independence, board size as well as managerial shareholding had a negative but significant relationship with firm value.

Introduction

The sensitivity of Nigeria‟s petroleum industry is clearly reflected in its importance to the Nigerian economy, because as a major foreign exchange earnerit contributes over 80% of government revenues and also provides for the development of Nigeria‟s infrastructures and other industries (Anya, 2002; Chukwu, 2002; Mathiason, 2006).

According to the British Petroleum (BP) Statistical Energy Surveyas cited in Mbendi (2014), Nigeria is a leading oil and gas producer in Africa and is ranked as the tenth largest oil producer in the world with proved oil reserves of about 37.2 billion barrels, and estimates in excess of 187.5 trillion standard cubic feet of natural gas as at the end of 2011.

The foregoing underscores the vast investments potentials of the Nigerian petroleum industry; hence, investment decisions is likely to be influenced by the value of firms in the industry.

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