Impact of Corporate Governance and Firm-Specific Factors on the Sustainability of Fast-Moving Consumer Goods (FMCGs) Manufacturing Companies in Nigeria

Suleiman, Mustapha Aikins (), Dopemu Olawale Samson () and Oyedokun, Godwin Emmanuel ()
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Suleiman, Mustapha Aikins: Executive Director, Postal: Nasco Town, Free Trade Zone, Lagos, Nigeria, https://www.afarng.org/jfafi/
Dopemu Olawale Samson: Federal Inland Revenue Service, Postal: Large Tax Audit Ibadan, Nigeria, https://www.afarng.org/jfafi/
Oyedokun, Godwin Emmanuel: Department of Management & Accounting, Postal: Lead City University, Ibadan, Nigeria, https://www.afarng.org/jfafi/

Journal of Forensic Accounting & Fraud Investigation (JFAFI), 2023, vol. 8, issue 1, 41-69

Abstract: Over the years, numerous manufacturing firms have been reported to have closed their operations in Nigeria or migrated to neighbouring African countries with a perceived business-friendly climate that be􀄴er sustains their operations. The dynamic environment in the country has continued to mount pressure on the Corporate governance (CG) of existing firms which is seen to incline corporate strategies towards reconfiguration firm size to sustain their operation in the country. The development raises the question of the relevance of CG and firm-specific factors (FSF) in addressing the sustainability of the Fast- Moving Consumer Goods Manufacturers (FMCGMs) in Nigeria. The study is anchored on the Resources-Based View Theory. The cross-sectional survey design was employed to obtain data from 432 employees of the selected FMCGMs in Nigeria. Data collected were analysed using Partial least-square-structural equation model to examine the one-way direct hypotheses. Findings show that CG significantly affects sustainability of FMCGs manufacturers in Nigeria (Adj R2 =0.710, p=0.000, Q2 =0.391); FSF significantly affect the sustainability of FMCGs manufacturers in Nigeria 8 (Adj. R2 =0.428, p=0.000, Q2 =0.234). The study recommends FMCGs manufacturers in Nigeria to pay particular a􀄴ention to performance of Corporate Governance in ensuring harmonious collaboration with their diverse stakeholders, while continuously appraising their firm-specific factors to improve efficiency and firm capability in mitigating the turbulence in the dynamic environment within which they operate in the country.

Keywords: Corporate Governance; Firm Size; Firm-specific factors; Manufacturing companies; Sustainability (search for similar items in EconPapers)
Date: 2023
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Journal of Forensic Accounting & Fraud Investigation (JFAFI) is currently edited by Godwin Emmanuel Oyedokun, Muhammad Akaro Mainoma and Suleiman A. S. Aruwa

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