Corporate Governance Disclosure Attributes and Organisational Performance in Sub-Sahara Africa


  • Joy Ososuskpor Igbenedion University, Okada
  • Ehijiele Ekienabor



corporate governance disclosure attributes, organisational performance, chief executive officer, share ownership, return on capital employed


Purpose of the article: There seems to be lack of studies on the link between corporate governance disclosure attributes and organisational performance, particularly for consumer and industrial goods companies in sub-Sahara Africa in a single study. Consequently, this study was carried out with the view to evaluating whether certain corporate governance disclosure attributes (chief executive officer compensation and share ownership) affect organisational performance (return on capital employed) in sub-Sahara Africa.
Methodology/Methods: Secondary data from 2012–2021 were obtained from the annual reports and accounts of sixteen (16) companies, of which four (4) were selected from each region of sub-Saharan Africa (West Africa: Nigeria; Southern African: South Africa, East Africa: Kenya; and Central Africa: Egypt). Data obtained were analysed via descriptive (mean, median, standard deviation, minimum and maximum values, kurtosis, skewness and Karl Pearson correlation matrix), post estimation (factor and principal component analyses, variance inflation factor and heteroscedasticity) and inferential (Ordinary Least Square, Fixed and Random Effects Regression) statistical tools.
Scientific aim: This paper assessed corporate governance disclosure attributes and organisational performance in sub-Sahara Africa.
Findings: The fixed and random regression result indicated that while chief executive officer compensation had significant relationship with organisational performance (coefficient = –1.1971; z_value = –3.40 and prob_z = 0.001), chief executive officer share ownership (coefficient = 0.00087, z_value = 0.04 and prob_z = 0.082) had insignificant relationship with organisational performance in sub-Saharan Africa.
Conclusion: The study advocates the need to decrease chief executive officer share ownership concentration, as it may probably reduce decision-making process, transparency and objectivity of the board. Thus, concentration of chief executive officer sharehodling should be taken seriously by top management in that chief executive officers should not be accorded too much opportunity to aquire companies’ stocks.