Do corporate governance codes matter in Africa?

Geofry Areneke, Wafa Khlif, Danson Kimani and Teerooven Soobaroyen

Chapter 13 in Research Handbook on Corporate Board Decision-Making, 2022, pp 273-301 from Edward Elgar Publishing

Abstract: Africa is often depicted in the literature as the 'patron late to the party' on account of her low uptake of corporate governance codes. Notwithstanding, countries that have an existing corporate governance code continue to exhibit weak corporate accountability and governance practices. This prompted a critical analysis based on a detailed review of published articles and existing codes in the African multiple-contexts. Our findings reveal that the efficacy of many codes remains very limited in terms of pragmatic outcomes whilst firms in countries that have adopted codes continue to face uneven performance and poor accountability. We conclude by urging for an understanding of the reasons underlying such results. We recommend an African-led re-think (independence, ownership, board processes) of existing codes to make them more aligned with the governance needs of African firms and their complex sociocultural background. We call for further research to illuminate Africa's actual governance experiences and necessities.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2022
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