CORPORATE GOVERNANCE AND THE FINANCIAL PERFORMANCE OF PENSION FUND ADMINISTRATORS IN NIGERIA

ABSTRACT

This study was designed to empirically investigate the effect of corporate governance on the financial performance of pension fund administrators in Nigeria within the period of 2004 – 2014. The study employed the use of secondary data sourced from the websites and audited financial statements of pension fund administrators in Nigeria. For the purpose of the study, board size and board composition were used as the proxy for corporate governance and return on asset was used a proxy for the financial performance of pension fund administrators. These variables were then subjected to a multiple regression analysis using the Ordinary Least Squares (OLS) estimator at 5% level of significance with the return on asset as the dependent variable. From the study, it was found that board size has a positive and statistically insignificant relationship with the return on asset of pension fund administrators. On the other hand, board composition measured by ratio of board members with financial expertise (experience in banking/investment, insurance and/or pension), to total number of the board members was found out to have a negative but no statistically significant relationship with the return on asset of pension fund administrators. This could be as a result of involving more board members who are not financial expertise in the board of pension fund administrators and as such, their decisions and their inexperience of financial matters tends to be detrimental to the performance of the pension fund administrators in Nigeria. The study therefore recommended that, in board composition, there should be a reduction in the number of board members who do not have financial expertise especially in the area of banking/investment, insurance and/or pension as this professional expertise is vital for high profitability of pension fund administrators in Nigeria.

 

TABLE OF CONTENTS

Title Page

Declaration

Certification

Dedication

Acknowledgment

Abstract

Table of Contents

CHAPTER ONE

INTRODUCTION

1.1   Background to the Study

1.2   Statement of Problem

1.3   Objective of the Study

1.4   Research Question

1.5   Statement of Hypothesis

1.6   Significance of the Study

1.7   Scope of the Study

1.8   Limitation of the Study

1.9   Definition of Terms

1.10 Organization of the Study

Reference

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1 Theoretical Framework

2.1.1 Theories of Corporate Governance

2.1.2 Theories of Pension Fund

2.1.3 Discussion of the Theoretical Framework

2.2   Conceptual Framework

2.2.1 An overview of Corporate Governance and pension funds

2.2.2 Overview of the Pension Reform Act

2.2.3 Pension Administration in Nigeria

2.2.4 Reasons for the creation of corporate governance in Nigeria

2.2.5 Corporate Governance and the Pension Reform Act 2004

2.2.6 Factors challenging the Corporate Governance

practices in Nigeria

2.2.7        Relationship between corporate governance and

the financial performance of pension fund

Administrators in Nigeria

2.3 Empirical Review

2.4 Gap in Literature                                                                     References

CHAPTER THREE

RESEARCH METHODOLOGY

3.0   Introduction

3.1   Research Design

3.2   Population of the Study

3.3   Sample Size and Sampling Techniques

3.4   Data Collection Techniques

3.5   Operational Measure of Variables

3.6   Model Specification

3.6   Method of Data Analysis

References

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1   Data Presentation

4.2   Data Analysis

4.3   Discussion of Findings

4.4   Hypothesis Testing

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

5.1   Summary of Findings

5.2   Conclusion

5.3   Recommendations                                                                Bibliography

Appendices

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