International records / African Development Bank
Working Paper 250- Quality of Corporate Governance on Dividend Payouts: The Case of Nigeria
In advanced economies, only firms who have relatively grown in size and need more capital for operations approach capital markets for finance, implying that their ownership would be diffused and enlarged. To attract more investors, corporate governance standards that could protect the interests of shareholders need to be enforced (Kowalewski, Stetsyuk and Talavera, 2007). This phenomenon is relatively new in Nigeria, since firms, formerly owned by colonial allies and administrators were transferred to some Nigerians as a result of the indigenisation policy of 1970s. Another major economic tran…
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