Editorial Board


Professor Rafiu Oyesola Salawu

Department of Management & Accounting, Faculty of Administration, Obafemi Awolowo University, Ile-Ife

Managing Editor

Professor Godwin Emmanuel Oyedokun

Department of Management & Accounting, Lead City University, Ibadan, Nigeria

Editorial Board Secretary

Mary-Fidelis Chidoziem Abiahu

Director, Research and Professional Standard, Chartered Institute of Taxation of Nigeria

Editorial Board Members

Professor Chinedum Nathaniel Nwezeaku

Federal University of Technology, Owerri

Professor John Adeoti

Nigeria Institute of Social and Economic Research (NISER), Ibadan

Professor Uche Jack-Osimiri

Faculty of Law, River State University, Port Harcourt

Professor Aruwa Suleiman Akwu-Odo Salihu

Nasarawa State University, Keffi Nasarawa State Nigeria

Dr. Eiya Ofiafoh Ofiafoh (Associate Professor)

Department of Accounting, University of Benin, Benin City, Nigeria

Dr. Stephen Chukwuemeka Mark Abani

MCSA Worldwide Projects Limited, Abuja, Nigeria

Dr. Kenny Adedapo Soyemi

Department of Accounting, Olabisi Onabanjo University, Ago Iwoye, Ogun State, Nigeria

Professor Joseph Uchenna Uwaleke

Department of Banking & Finance, Nasarawa State University, Keffi Nasarawa State, Nigeria

Barrister Chukwuemeka Eze

Faculty of Law, Nasarawa State University, Keffi Nasarawa State, Nigeria

Mr. Simon Nwanmaghyi Kato

Federal Inland Revenue Service, Chairman’s Office, Abuja, Nigeria





Peter Okoeguale IBADIN and Nosakhare OGBOMO


This study examined corporate governance and cash holdings in Nigeria. To realize this general objective, a sample of one hundred and twenty-seven (127) companies, determined with the use of Yamane’s (1967) sampling size technique, was used and drawn from the Nigeria Stock Exchange (NSE), the selection of which was made through the simple random sampling to allow every listed firm, the equal chance of being selected. The NSE became the focal point of this study because of the assumption that the Stock Market represents the ‘economic hub’ of the nation. Specifically, the study evaluated four independent variables of corporate governance as well as two (2) control variables and a dependent variable of Cash Holding (CASH). The corporate governance variables were Board Size (BSZE), Audit Committee Size (ADC), Board Meetings (BODMET), Board Independence (BIND). The control variables were Leverage (LEV) and Firm Age (AGE). The CASH was regressed on the variables of BSZE, BIND, BODMET and ACS using a multiple regression technique, comprising a total of 1016 observations in eight years, 2009 to 2016. The outcome of the data analyses involved the use of descriptive statistics, correlation matrix, diagnostic tests and regression estimations. The findings revealed that Audit Committee Size (ADC) had a significant relationship with CASH in publicly listed companies in Nigeria. Besides, BODMET and CASH were found to have positive relationships and were statistically significant. It was, therefore, suggested that the boards of companies should sustain their meetings regularly to constantly have a review of the managers’ operational and timely business decisions that impinge on the cash holdingrelated transactions. In addition, the Audit Committee Size of the firm should be sustained and further strengthened through some incentives to keep in check any possible drain on cash holding.