ABSTRACT
Corporate governance reforms have continued to attract global attention in the wake of various corporate scandals (Coffee, 2005). This is evident in the increasing legal reforms and issuance of codes of conduct in both developed and developing countries (Aguilera and Cuervo-Cazurra, 2004, 2009; Zattoni and Cuomo, 2008). Particularly, developing countries such as Nigeria have witnessed significant (external) pressure to adopt good corporate governance practices (Krambia-Kapardis and Psaros, 2006; Okike, 2007). This drive has been significantly advocated by international economic agents, such as the Organization for Economic Co-operation and Development (hereafter referred to as the OECD), World Bank, and the International Monetary Fund (IMF), among others (Adegbite, Amaeshi and Nakajima, 2013).
