This study investigated the effect of corporate governance on financial performance of Insurance companies in Nigeria. The study adopted ex-post facto research design and panel data covering five year period from 2011-2015 for twenty insurance companies. The study examined a range of corporate governance mechanisms such as board size, board independence, executive directors' remuneration, non-executive directors' remuneration, directors' ownership, institutional ownership, foreign ownership and the study controlled the effect of the firm size using log of total assets. The Fixed effects model was used to evaluate the effect of these corporate governance mechanisms on financial performance of Nigerian insurance companies. The fixed effect econometric estimates showed that, board size and non-executive directors' remuneration have negative and significant effect on financial performance proxy by return on assets (ROA). While board independence, and institutional ownership indicated positive and significant impact on the financial performance as predicted by agency theory. However, contrary to theoretical predictions executive directors' remuneration, directors' ownership, and foreign ownership did not make significant impact on the financial performance of Nigerian insurance companies. However, the fixed effect econometric estimator employed in this study indicated that corporate governance mechanisms affects the financial performance of Insurance companies in Nigeria. Therefore, the study recommends among other things that the board be restructured to a manageable size, and suggested that a performance-based remuneration be design for the directors. In addition, more non-executive directors should be appointed to the corporate board to enhance the effectiveness of the board in aligning the interest of the stakeholders.
The main objective of this study gears towards evaluating monetary policy transmission paths and money supply in Sub- Saharan Africa: evidence from Nigeria and Ghana from1981- 2018. The Central Bank of Nigeria, Bank of Ghana and World Bank, World Development Indicator of 2018 furnished us with the data used for analysis. This study explored three different monetary policy transmission channels: interest rate, credit and asset pricing transmission channels and these variables were regressed on money supply in both countries using Auto Regressive Distributed Lag (ARDL) Model estimation technique. The study also employed other diagnostic tests such as: Normality, Auto correlation test, Heteroskedasticity test and Breusch-Godfrey Serial Correlation LM test and they confirmed the validity and reliability of the model employed. The inferential results revealed that credit to private sector transmission channels in both Nigeria and Ghana had positive and significant impact on money supply but lending rate transmission paths in the two countries impacted insignificantly on money supply. This study concludes that monetary policy transmission channels in Nigeria were more robust in impacting on money supply than in Ghana. As such, the study recommends that monetary authorities of both countries need to formulate stringent monetary policies that will reduce the circulation of money outside the financial systems and there should be a synergy between monetary and fiscal policies in both economies so as to aid the instruments of macroeconomic policies achieve their objectives.
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