Corporate Board Attributes and Capital Structure of Listed Food Products Companies in Nigeria

Table of Contents

DECLARATION .......................................................................................................................ii

CERTIFICATION ....................................................................................................................iii

APPROVAL .............................................................................................................................iv

ACKNOWLEDGEMENTS ....................................................................................................... v DEDICATION.........................................................................................................................vii ABSTRACT.............................................................................................................................. xi

CHAPTER ONE INTRODUCTION

1. 1.1  Background to the study.......................................................................................1

2. 1.2  Statement of the Research Problem ...................................................................4

3. 1.3  Objectives of the study.........................................................................................5

4. 1.4  Hypotheses of the study .....................................................................................5

5. 1.5  Significance of the Study .....................................................................................6

6. 1.6  Scope of the study ................................................................................................9

   
   CHAPTER TWO LITERATURE REVIEW

1. 2.1  Introduction........................................................................................................10

2. 2.2  The Concept of Corporate Governance..............................................................10

   2.2.1 Basic Principles of Corporate Governance ............................................................. 12

   2.2.2 Corporate Governance Code...........................................................................15

   2.2.3 Concept of Board of Directors ................................................................................ 16

   2.3 Concept of Capital Structure..............................................................................18

   2.3.1 Factors Determining Capital Structure ...................................................................22

2.4. Review of Empirical Studies on Corporate Board Attributes and Capital Structure ...................................................................................................................24

2.4.1 Board Size and Capital Structure............................................................................24

2.4.2 Board Composition and Capital Structure .............................................................. 27

2.4.3 COE duality and Capital Structure..........................................................................29

2.4.4 Other factors Affecting Capital Structure ............................................................... 31

2.5 Theoretical Framework ......................................................................................34

2.5.1 Corporate Governance and Agency Theory............................................................34

2.5.2 Capital Structure and the Pecking Order Theory .................................................... 36

2.5.3 Capital Structure and the Static Trade-off Theory...........................................37

viii

CHAPTER THREE RESEARCH METHODOLOGY

3.1  Introduction........................................................................................................43

3.2 Research Design..............................................................................................43

3.3 Population of the Study....................................................................................43

3.4 Sample Size and Sampling Technique...........................................................44

3.5 Sources and Method of Data Collection .........................................................45

3.6 Variables Definition and Measurement..............................................................45

3.7 Technique for Data Analysis...........................................................................47

3.8 Robustness Test of Independent and Dependent Variables ...............................50

CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS

4.1 Introduction ........................................................................................................51
4.2 Analysis of Data .................................................................................................51
4.3. Descriptive Statistics.........................................................................................51

4.4 Correlation Matrix of the Variables ...................................................................53

4.5 Data Presentation and Discussion of Results.....................................................54

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary ............................................................................................................60

5.2 Conclusions........................................................................................................62

5.3 Recommendation................................................................................................62

5.4 Frontiers for Further Research ...........................................................................63

List of Tables
Table 3.1: Population of the Study................................................ 44

Table 3.2: Sample Size............................................................. 45

Table 4.1: Descriptive Statistics of the Data......................................52

Table 4.2: Correlation Matrix of the Variables....................................53

Table 4.3: Regression Results.......................................................55