Corporate Governance and Investment Decisions of Quoted Consumer Goods Firms in Nigeria

Abstract

This study examined the effect of corporate governance on investment decisions of quoted consumer goods firms in Nigeria. An ex-post facto research design was adopted using secondary data obtained from the audited annual financial statements of selected quoted consumer goods firms in Nigeria. The study population comprised twenty (20) quoted consumer goods firms, from which fifteen (15) firms were purposively selected. Data covering the period from 2020 to 2024 were analyzed using descriptive statistics, correlation analysis, and panel multiple regression techniques. Based on the model specification tests, the Fixed Effects Model was employed. The findings revealed that all corporate governance variables individually had no statistically significant influence on investment decisions. The study concluded that corporate governance variables did not significantly influence investment decisions during the period under review. The study recommends periodic reviews of corporate governance practices and board structures to enhance board effectiveness, strengthen strategic decision-making, and promote sustainable shareholder value.