Political analysis of shareholder activism in emergent democracies : a case study of Nigeria

Abstract

Shareholder activism has become a force for good in the extant corporate governance literature. In this paper, we present a case study of Nigeria, characterised by a very turbulent polity, to show how shareholder activism, as a corporate governance mechanism, can constitute a space for unhealthy politics and politicking. As a result, we point out some translational challenges, and suggest more caution, in the diffusion of corporate governance practices across different institutional environments. We primarily contribute to the literature on corporate governance in Africa, whilst creating an understanding of the political embeddedness of shareholder activism in different institutional contexts – i.e. a step closer to a political theorising of shareholder activism