A DISUCUSSION ON MODERATING EFFECT OF AGENCY COST ON BOARD DYNAMICS AND FINANCIAL PERFORMANCE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA

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A DISUCUSSION ON MODERATING EFFECT OF AGENCY COST ON BOARD DYNAMICS AND FINANCIAL PERFORMANCE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA

CHAPTER ONE

INTRODUTION

BACKGROUND OF THE STUDY

Financial performance is a measure of how well an enterprise used it assets and other resources from its business in order to generate revenues. Capital structure of corporate entities may have a link with firm performance (Zeitun & Tian, 2007). Capital structure can be considered as mixture of debt and equity that financed business, how a firm structure its capital will affect performance either positively or negatively. Performance can be measured using either Return on investment (ROI), Residual Income (RI), Earning per share (EPS), Dividend Yield, return on assets (ROA), Return on equity (ROE) (Barbosa & Louri, 2005). These measures portray how efficient managers utilize their available resources to generate earnings. Effective performance is the overriding objective of every profit-making-organisation, it is the aim of every manager to see that this objective is realized (Tanko & Saman, 2019). In order to achieve this goal firm used optimised capital structure. The survival of any firm is largely dependent on its performance which the mixture of its capital contribute massively to enhance the performance. Furthermore, most company carryout activities with the goal of making profit and having reasonable performance. Firms’ performance is of concerned to management, supplier, government, shareholders, creditors, among others.

Capital structure is one of the most incomprehensible matters in finance literature (Barine, 2012). Capital structure is the mixture of both debt and equity used by any organisation to finance its business for the purpose of generating profit or rendering service to consumers without expecting anything in return. In addition, short-term debt

is as well part of the capital structure. Debt is one of the sources that companies can raise capital in the capital market. Firm sometime preferred debt to equity in order take Literacy

advantage of tax, if firm finances its business with debt the interest on debt is exempted from tax while debtholders pays taxes on their interest income. Debt is most available to be access and with low interest rate while equity is quite expensive than debt.

Equity is the entitlement or contribution on future earnings of firm as part of owner funds. Firms ratio of short-term debt and long-term debt is put into cognizance when determining capital structure. When predictors analyse capital structure, they are referring to a firm’s ratio of debt- to – equity, which more insightful on how perilous a company is (Hovakimian, Opler, & Titman, 2001). The lower the interest rate on long term debt the more a firm will choose it, but higher leverage increase the risk of financial risk. High level of debt can cause firm’s to be less attractive to potential investors and other stakeholders as the probability of financial distress increases (Flannery & Rangan, 2006). This can occur when company ROA is not higher than interest on loan, this will greatly reduce company ROE and profitability. According to Barine (2012), the implication is that the firm will face challenges in rising capitals on positive terms, lenders will demand higher interest rate, and suppliers will carry out business with firm on rigorous terms and competitors’ ferociousness will feat the firm’s perceived financial feebleness. This indicates that capital structure is one of the determinants that affects the performance of most corporate bodies.

The separation of owners from controlling of firms have created agency problems where by managers incline to exploit their own interest at the decrement of the firm value and the interest of the owners. In order to remedy this problem, it important for firm to include members that are financial literate to render financial advice and discover any fraudulent act that occurred through capital structures which will adversely affect the performance of firm. On this study, we examine how financial literate board member will influence financing decision.

Nigeria non-financial industry has been vibrant for long period of time which contribute significantly to Nigeria economy. The sector was largely dominated by national and multinational corporations. The sector is one of the important sector in the economy according to recent report of Nigeria Bureau of Statistics (NBS) this sector is made up agriculture sector which accounts for over 22.12%, trade accounted for 15.61% to the total nominal GDP followed by manufacturing companies, 11.64, information and communication 10.68 and 8.85% from mining and quarrying. Firms need to take some sound decision with regards to access to finance. Companies frequently carry out certain business activities in order to get resources and further utilise these resources effectively (Stadler, Helfat, & Verona, 2013).To be able to carry out these activities efficiently and effectively, firms may depend on some capabilities of the management and board members such as financial literate members, which may assist companies to turn resources into diversity of uses such as formation, extension and adjustment of resources (Adomako, Danso, & Ofori Damoah, 2015).

From the above mentioned, it is therefore imperative to comprehend how firm choice of capital affects their performance. It is obvious that internal factors and external factors could be very vital in explaining the performance of firms in an economy. In Nigeria, investors, shareholders and other stakeholders pay more attention to have an insight on how capital structure affect firm performance as well what role Board of Director play to have an outstanding performance. Furthermore, this study would be considering how financial literacy of board members help to make better decision on capital structure and how this choice contribute to firms’ performance. In addition, wrong choice of capital in a firm has the capacity to cause insolvency and have an adverse effect on firm performance the capital is not properly employed.

A lot of studies have been conducted on the subject matter however, these studies are from the developed economies. Furthermore, in Nigeria based on the researchers best of knowledge only Liuraman and Dabari (2020) considered the moderating effect of board quality on the relationship between capital structure and firm performance. However, their study covered from 2015 to 2019 and they used 12 industrial goods firms in Nigeria. Most findings end in 2016 but this study is extended to 2018. It is based on this that this study examines the moderating effect of board financial literacy on the relationship between capital structure and performance of listed non-financial companies in Nigeria. The remaining part of the paper includes literature review, methodology, results and discussions finally conclusions and recommendations.

Studies have shifted focus from board independence which is one of the measures for quality of board attribute to board financial literacy, which is mostly considered as board quality as well. Board quality signifies the excellence of the board members in terms of their professional qualification, academic qualifications, industry experience, financial literacy among others Board financial literacy is the inclusion of persons who has educational qualification, professional qualification in field of finance and related field as member of Board of Director (BOD). Considering board financial literacy in term of capital structure decision may improve financial performance because of board knowledge and experience in finance and other financial related issues. According to Reformed USAID (2009) a financially educated SME manager and owner are those that can identify what are the suitable financing decisions for the business at the different growth stages, identifies where to get the best services and products and collaborates with self-assurance with the suppliers.

Studies have shown the relationship between board financial literacy and firm performance. These studies include (Kahveci & Wolfs, 2019; Peters, Miller, & Kusyk, 2010). Agrawal & Chadha (2005), in their study, they concluded that any company that have an independent director with academic qualification in accounting or finance have a higher tendency to improve company performance compared to other firms without director with accounting or finance academic qualification. Similarly, Haniffa & Cooke (2002), study assert that board members with financial education have the knowledge to improve firm performance. Erin, Arumona, & Omotayo (2019) studied board financial education and firm performance of Nigerian healthcare sector. The study used

fixed effect multiple regression to analyse the data. The study documented that board member with first degree, post graduate qualification and professional qualification in Literacy

finance and other related field improved firm performance. Akhtar & Liu (2018) explore the relationship between Small and Medium scale Enterprises (SMEs) managers and financial literacy; they investigate if financial literacy really matters in Pakistan. The study applied structural equation modelling approaches. The study revealed that firm owners-manager’s financial attitude, financial knowledge and financial awareness increase firm performance. They further stated that financial awareness and financial knowledge of SME managers are evidently not the only requirement that will increase SMEs performance, hitherto entrepreneur tactics in making decisions and association to financial attitude increased performance. Pereira & Filipe (2018) examined the how quality of board members’ training will affect financial performance of Portuguese banks. The study employed a sample of 276 board members. Return on average assets (ROAA) and return on average equity (ROAE) were the measures for financial performance. Three indexes were used as proxies for board members’ educational qualifications, this includes Educational index, for all academic qualifications gained in areas of business or economics; Educational index, for all qualifications obtained from prestigious domestic business schools; and Educational index for all qualifications obtained in prestigious foreign business schools. The study revealed a positive relationship between all the educational indexes with firm performance.

Moderating effect of Board Financial Literacy on Capital structure and Firm Performance

According to Liu (2006), board is the crucial part of corporate governance that has the clout to influence management planning. Board of Director (BOD) is an important indicator of internal corporate governance mechanism that has the power to direct the performance of any firms. Board financial literacy can have positive or negative influence on firm performance measures, this rely on financial know how of the Board of Directors (BOD) in terms of capital structure which will influence firm performance positively. According to Lusardi (2012), financial literacy includes knowledge and intellectual skills with a set of required attitudes, conducts and external enabling factors. Financial literacy also encompasses knowledge and experiences on accounting, finance, taxation, economic and other related fields. These skills include their ability to make decision on how to source for funds, payment of debt among others. The achievement of these skills is crucial for companies in developing economies to enhance firm performance.

Based on the knowledge of the researchers only few studies have been carried out with regard to how board financial literacy moderate the relationship between capital structure and firm performance. However, none of these studies used financial literacy as moderator except (Adomako et al., 2015; Liuraman & Dabari, 2020). Adomako et al., (2015) study centres on SMEs in Ghana. Adomako et al., (2015) studied the moderating effect of financial literacy on the relationship between finance and firm growth in Ghana, they used primary data. Their findings show that financial literacy positively moderate finance which lead to growth of firm. Liuraman & Dabari (2020) evaluate the moderating role of board quality on capital structure and financial performance of listed industrial goods companies in Nigeria from 2015 to 2019. The study used 12 firms. Pooled regression was used to analysed the secondary data generated from company annual report. The study documented a positive moderating effect of board experience on debt to equity, current ratio, debt to assets and firm performance. However, the measurement of the variables of there is difference from this study. Okiro, Aduda, & Omoro (2015) examined the effect of corporate governance and capital structure on performance of firms listed at the East African. The study revealed that there is a positive significant moderating effect of capital structure on the relationship between corporate governance and firm performance. Recently, Iqbal & Javed ( 2017) confirmed that the corporate governance positively influenced the interaction between capital structure and financial performance. Ahmed (2017) investigate the impact of capital structure and firm performance; moderating role of business strategy and competitive intensity in Pakistan. The findings of moderation analysis showed that cost leadership strategy positively moderate the relationship between capital structure and firm performance.

Corporate governance is a critical determinant of the success and sustainability of businesses in the modern economic landscape. The dynamics within a board of directors play a pivotal role in shaping a firm’s strategic decisions, risk management, and overall financial performance. In the context of listed non-financial firms in Nigeria, where diverse economic forces and regulatory environments are at play, understanding the intricate relationship between board dynamics and financial performance becomes imperative for stakeholders, investors, and policymakers.

The agency theory provides a lens through which to examine this relationship, acknowledging the potential conflicts of interest between shareholders and management. Agency costs, arising from these conflicts, can influence the effectiveness of board dynamics in steering firms toward optimal financial outcomes. This study aims to investigate the moderating effect of agency costs on the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Nigeria’s economic landscape has witnessed significant transformations, with listed non-financial firms serving as crucial contributors to the nation’s growth. The board of directors, as a central governing body, is entrusted with the responsibility of ensuring ethical conduct, strategic vision, and effective oversight. However, the extent to which the interplay of board dynamics translates into enhanced financial performance can be influenced by agency costs, stemming from the separation of ownership and control.

Understanding the moderating effect of agency costs is essential for several reasons. First, it provides insights into the nuances of corporate governance practices within the Nigerian context, where agency challenges may differ from those in more developed markets. Second, it contributes to the existing body of literature by unraveling the complexities of board dynamics and financial performance, considering the unique challenges faced by non-financial firms in emerging economies. Finally, the findings of this study can offer practical recommendations for policymakers, executives, and investors seeking to optimize corporate governance structures for improved financial outcomes.

There are quite a few motives for the separation of management and ownership in industry companies. Most corporations require massive amounts of capital to achieve economies of scale. Professional managers are better qualified to control and lead their businesses because of their experience, technical expertise, and personality traits. The separation of management and ownership allows for an unlimited change in ownership via share transfers without disrupting the firm’s operations. However, managers may attempt to reach a specific degree of acceptable performance in terms of shareholder welfare. All the above crises listed are the causes of the raise agency theory.

In financial management, understanding the application of agency theory is vital because it provides greater insight for stockholders, investors, and those concerned with this issue, which will create a specific burden named agency cost (Abdullah and Tursoy, 2022). The agency costs are the costs incurred in examining and monitoring the managers and trying to put off their exploitation. Using debt is a potential way to reduce the agency problem. Less debt is thought to be associated with higher financial performance in the presence of agency costs. The agent usually desires to boost individual interest through increasing personal wealth and job security, while the principal wants to maximize their own wealth (Kalash, 2019). Agency costs of equity arise when the interests of the shareholders differ from those of the managers. These costs may be reduced by good planning. Agency theory is the most well-known and widely used theoretical framework for investigating the conflict of interest during the operation of a company and its management decision process. The current research is mostly concerned with agency theory.

According to the primary assumption of this theory, agency theory has a positive impact on financial performance (Tarazi, 2019). In addition, some of the studies have different results in determining the relationship between capital structure and firm performance by controlling different variables (Kontus, 2021; Imelda and Dewi, 2019). The capital structure of a company is a combination of both equity and debt, which is disclosed on the statement of financial position (Abdullah, 2020). The assets of the firm are also listed on the same statement, which is financed through equity or debt. A firm’s capital structure can be a combination of its short-term debt, long-term debt, preferred stock, and common stock. A firm’s percentage of long-term debt versus short-term debt is considered when scrutinizing its capital structure (Abdullah and Tursoy, 2021a). Previous empirical research has given some support for the relationship between capital structure and company financial performance in both developed and emerging economies. However, some of the studies have different results in determining the relationship between capital structure and firm performance by controlling different variables, such as (Ankmah et al., 2021; Abdullah, 2020; Jouida, 2018).

The current study varies from previous studies in that it explores how agency theory affects financial performance through its relationship with the capital structure in Iraqi industrial firms using a large body of data. The current study includes a vast number of observations, 187 firm-years, over a long duration, 2004–2020, and the sample consists of 11 firms’ data from 17 years of time series data. This paper studies the relationship between capital structure and financial performance, considering the moderating effect of agency theory on this anticipated relationship. Previous research provides some support for the relationship between the capital structure and financial performance in various economies. Nonetheless, no research, to our best knowledge, has studied the moderating role of agency theory transition on that association. However, from the literature, some studies analyze the effect of capital structure on financial performance in Iraq (see, for instance, Salah and Maysa, 2019). This study provides an important insight into the relationship between capital structure and financial performance over a prolonged period from the financial statements of the industrial sector on the Iraq stock exchange, while controlling the impact of some changes in financial regulations. It uses the Pooled Mean Grope approach to control for homogeneity problems. Moreover, the study provides an important insight into the nature of the relationship between agency theory and financial performance over a long period of time. Most importantly, this study investigated insight into the nature of the effect of agency theory on the relationship between capital structure and financial performance among Iraqi industrial companies on the Iraq stock exchange over an extended period.

According to the study’s aims, the study seeks to answer the following questions: What is the nature of Iraq’s capital structure and financial performance relationship? How does agency theory moderate the relationship between capital structure and financial performance? Do the results differ between long-term and short-term equations? Moreover, does the size of a corporation affect its performance? The development of our paper proceeds as follows: literature review and hypothesis development; methodology; data analysis; discussion of the results; and conclusions.

STATEMENT OF THE PROBLEM

In the dynamic landscape of corporate governance within listed non-financial firms in Nigeria, the relationship between board dynamics and financial performance stands as a critical focal point. While substantial literature examines the influence of board structures, leadership composition, and committee effectiveness on financial outcomes, the potential moderating impact of agency costs introduces a layer of complexity and ambiguity to this relationship.

The separation of ownership and control, inherent in the agency theory, creates the potential for conflicts of interest between shareholders and management. This divergence can lead to agency costs, encompassing managerial entrenchment, information asymmetry, and other factors that may impede the effective translation of board dynamics into improved financial performance. Despite the recognized importance of corporate governance, there exists a gap in understanding how agency costs moderate the intricate interplay between board dynamics and financial outcomes in the context of Nigerian non-financial firms.

The key problems addressed by this study include:

Uncertainty Regarding Optimal Corporate Governance Practices: The Nigerian business environment grapples with evolving corporate governance norms. The optimal configuration of board dynamics that effectively navigates agency costs while enhancing financial performance remains uncertain.

Lack of Clarity on Agency Cost Dynamics: The specific agency costs affecting listed non-financial firms in Nigeria, and their varying degrees of influence, lack comprehensive exploration. Identifying these costs and understanding their moderating impact is essential for devising targeted governance interventions.

Limited Empirical Evidence in the Nigerian Context: While global studies have explored the relationship between board dynamics and financial performance, there is a scarcity of empirical evidence specific to the Nigerian context, especially concerning the moderating effect of agency costs. This gap hampers the development of contextually relevant governance frameworks.

Risk of Suboptimal Financial Performance: Failure to address the moderating influence of agency costs on the relationship between board dynamics and financial performance may expose non-financial firms to the risk of suboptimal financial outcomes. This poses a threat to the long-term sustainability and competitiveness of these firms in the Nigerian market.

Need for Practical Guidance: Stakeholders, including regulators, executives, and investors, lack practical guidance on how to navigate the nuanced landscape of board dynamics, agency costs, and financial performance in Nigerian non-financial firms. The absence of such guidance may hinder efforts to foster effective corporate governance.

Addressing these problems requires a nuanced understanding of the contextual dynamics within which non-financial firms in Nigeria operate. By investigating the moderating effect of agency costs, this study aims to contribute valuable insights that can inform evidence-based governance practices tailored to the unique challenges faced by these firms in the Nigerian business environment.

OBJECTIVES OF THE STUDY

The primary objective of this study is to investigate the moderating effect of agency costs on the relationship between board dynamics and the financial performance of listed non-financial firms in Nigeria. To achieve this overarching goal, the specific objectives include:

Examine the Relationship Between Board Dynamics and Financial Performance: Assess how various dimensions of board dynamics, such as board composition, leadership structure, and committee effectiveness, correlate with financial performance metrics.

Evaluate the Impact of Agency Costs: Investigate the influence of agency costs, including managerial entrenchment, information asymmetry, and conflicts of interest, on the relationship between board dynamics and financial performance.

Provide Practical Recommendations: Propose practical recommendations for enhancing corporate governance practices, considering the moderating effect of agency costs, to foster improved financial performance in listed non-financial firms in Nigeria.

RESEARCH QUESTIONS

1.To guide the inquiry, the study addresses the following research questions:

2. How do different aspects of board dynamics influence the financial performance of listed non-financial firms in Nigeria?

3.To what extent do agency costs moderate the relationship between board dynamics and financial performance in these firms?

RESEARCH HYPOTHESIS

Null Hypothesis (H0): There is no significant relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Alternative Hypothesis (H1): There is a significant relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Null Hypothesis (H0): Agency costs do not moderate the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Alternative Hypothesis (H1): Agency costs moderate the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Null Hypothesis (H0): There is no significant impact of managerial entrenchment on the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Alternative Hypothesis (H1): Managerial entrenchment significantly impacts the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Null Hypothesis (H0): Information asymmetry does not moderate the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Alternative Hypothesis (H1): Information asymmetry moderates the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Null Hypothesis (H0): Conflicts of interest do not have a moderating effect on the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

Alternative Hypothesis (H1): Conflicts of interest have a moderating effect on the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria.

JUSTIFICATION FOR THE STUDY

The investigation into the moderating effect of agency costs on the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria is justified for several compelling reasons:

Contribution to Academic Knowledge:

This study adds to the existing body of academic literature by providing insights into the complex interplay between board dynamics, agency costs, and financial performance within the Nigerian context. The empirical evidence generated contributes to the theoretical foundations of corporate governance and agency theory.

Contextual Relevance in Nigeria:

Nigeria, as a developing economy, presents a unique business environment with distinctive challenges and opportunities. Understanding how agency costs moderate the relationship between board dynamics and financial performance is crucial for tailoring governance practices that align with the specific dynamics of the Nigerian non-financial sector.

Practical Implications for Corporate Governance:

The findings of this study will offer practical guidance to regulators, executives, and investors on optimizing corporate governance structures. By uncovering the moderating impact of agency costs, stakeholders can develop and implement targeted governance interventions to enhance the effectiveness of board dynamics in improving financial performance.

Risk Mitigation for Non-Financial Firms:

Non-financial firms in Nigeria face inherent risks related to agency costs, potentially impeding their financial performance. By identifying and understanding these risks, this study contributes to the development of risk mitigation strategies, aiding firms in safeguarding their financial interests and long-term sustainability.

Investor Confidence and Decision-Making:

Investors, both local and international, rely on effective corporate governance structures as indicators of the health and potential returns of their investments. Understanding the moderating effect of agency costs provides investors with a nuanced view of the governance landscape, enabling more informed decision-making and fostering confidence in the Nigerian non-financial sector.

Policy Formulation and Reform:

Regulatory bodies and policymakers play a pivotal role in shaping the governance landscape. The outcomes of this study can inform policy formulation and reform initiatives, ensuring that regulations align with the specific challenges faced by non-financial firms in Nigeria. This, in turn, contributes to the creation of an enabling environment for sustainable business growth.

Enhancement of Stakeholder Value:

The study aims to enhance stakeholder value by facilitating the adoption of governance practices that contribute to improved financial performance. This, in turn, benefits shareholders, employees, customers, and the broader community, fostering a positive impact on the overall economic development of Nigeria.

Benchmarking and Best Practices:

The research findings can serve as a benchmark for non-financial firms in Nigeria, enabling them to compare their governance practices with industry peers and global best practices. This benchmarking process can guide firms in identifying areas for improvement and adopting strategies that align with global corporate governance standards.

SCOPE OF THE STUDY

The scope of this research focuses on investigating the relationship between board dynamics and financial performance in listed non-financial firms in Nigeria, with a specific emphasis on the moderating effect of agency costs. The study encompasses several key dimensions to provide a comprehensive understanding of these dynamics within the Nigerian business environment.

Geographical Scope:

The study will primarily concentrate on non-financial firms listed on stock exchanges in Nigeria. The geographical scope includes firms operating across various sectors within the Nigerian market.

Time Frame:

The research will cover a specified time frame to capture relevant data for analysis. The time frame will include historical financial performance data and governance structures over the past decade, allowing for a comprehensive examination of trends.

Non-Financial Firms:

The study is limited to non-financial firms to ensure a focused analysis of the unique governance challenges faced by companies operating in sectors other than finance. This includes firms in industries such as manufacturing, telecommunications, energy, and other non-financial sectors.

Board Dynamics:

Board dynamics will be assessed based on various dimensions, including board composition, leadership structure, committee effectiveness, and other relevant factors. The study aims to identify how these dynamics contribute to or impede financial performance.

Financial Performance Indicators:

Financial performance will be evaluated using key performance indicators (KPIs) such as profitability ratios, return on assets (ROA), return on equity (ROE), and other relevant financial metrics. These indicators will provide a quantitative assessment of a firm’s financial health.

Agency Costs:

The study will delve into the moderating effect of agency costs on the relationship between board dynamics and financial performance. This includes examining the impact of managerial entrenchment, information asymmetry, and conflicts of interest on the effectiveness of board dynamics.

Corporate Governance Practices:

The research will consider the corporate governance practices adopted by non-financial firms in Nigeria. This includes exploring the adherence to governance codes, the existence of governance committees, and other mechanisms aimed at ensuring transparency and accountability.

Regulatory Environment:

The study will consider the regulatory environment in which non-financial firms operate. This encompasses an analysis of relevant regulatory frameworks, guidelines, and policies that influence corporate governance practices in Nigeria.

Stakeholder Perspectives:

The research will incorporate stakeholder perspectives, including the views of executives, shareholders, and regulatory bodies, to provide a holistic understanding of how board dynamics impact financial performance and the role of agency costs in shaping these dynamics.

Comparative Analysis:

A comparative analysis may be undertaken to benchmark the governance practices and financial performance of non-financial firms in Nigeria against global best practices and industry standards

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