Posted: March 22nd, 2022
In 2002, The CapitalMarkets Authority (CMA) of Kenya issued the CMA guideline on Corporate Governance. Listed Companies are required to comply or give reasons for non-compliance with the “guideline”. Recent empirical work in developed markets investigating the link between compliance and performance of companies has documented weak or non-existent relationship. Furthermore the direction of causality of any relationship is debatable. Despite the prominence of the issue, academics and practitioners in developing markets have been niggardly in devoting commensurate efforts and attention on this issue with the result that few if any studies exist. We investigate the extent to which differences in the extent of firm level corporate governance reporting help to explain firm performance in a cross-section of companies listed at the Nairobi Stock Exchange. Constructing a broad Kenyan corporate governance index (KCGI) for Kenyanpublic firms, we document a positive relationship between governance practicesand firm performance. This has implications for investing community if an investment strategy that bought high- KCGI firms and shorted low-KCGIfirms would earn significant abnormalreturns.
Key words: Corporate governance, Corporate governance index,Firm performance,
Corporations have become the preferred way of organizing productive activities in most countries. Yet one feature of corporations is both its strength and its Achilles heel at the same time. This is the divorce of control from ownership. In a corporation the separation, facilitates the corporation to be run professionally. Yet this separation is the genesis of the agency conflicts that bedevil the corporate form. Proper corporate governance has been touted as the panacea that mitigates the agency conflicts, achieving a level of convergence in the inherentlydivergent of interestsof management and shareholders.
Cognizant of the need to enhance the good governance of corporation, a host of global initiatives have been mooted to providegovernance principles for the effectivemanagement and control of these organizations. Most of the initiatives have featured the developed economies like the UK, the US, Canada, France, and Germany. However developing countries are not far behind as witnessed by the recent proliferation of “Codes of Best Practice”from South Africa,Nigeria, and Brazil etc.
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