Skip to main content
Article thumbnail
Location of Repository

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

By Emmanuel Olakanmi Adegbite, Kenneth Amaeshi and Olufemi O. Amao


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\ud corporate governance mechanism, can constitute a space for unhealthy politics and politicking. As a result, we point out some translational challenges, and suggest more\ud 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\ud political theorising of shareholder activism.\u

Topics: HD
Publisher: University of Warwick
Year: 2010
OAI identifier:

Suggested articles


  1. (2003). A new politics of engagement: Shareholder activism for corporate social responsibility’, doi
  2. (1998). A survey of shareholder activism: motivation and empirical evidence’ doi
  3. (1989). Accounting and Financial Reporting doi
  4. (1989). Agency theory: An assessment and review’ doi
  5. (2001). Analytic Induction International Encyclopaedia of the Social and Behavioural Sciences. doi
  6. (2008). Balancing corporate and social interests: Corporate governance theory and practice’
  7. (2007). Behave yourselves at AGMs, SEC warns shareholders’ associations’ Daily Sun. Available From World Wide Web:Page
  8. (2005). Business ethics and corporate governance in doi
  9. (2009). Co-evolution of politics and corporate governance, doi
  10. (1994). Company directors’ responsibility’
  11. (2005). Corporate governance and director accountability: An institutional comparative perspective’ doi
  12. (2001). Corporate governance in a Third World country with particular reference to Nigeria’ Corporate Governance: An International Review, doi
  13. (1998). Corporate governance in Nigeria: Private sector perspective’
  14. (2007). Corporate governance in Nigeria: The status quo’ Corporate Governance: An International Review, doi
  15. (2002). Corporate governance in Nigeria’ doi
  16. (2006). Corporate governance in South Africa: A bellwether for the continent? Corporate Governance: doi
  17. (2002). Corporate governance is becoming a global pursuit: What could be done in Egypt?’ doi
  18. (2005). Corporate governance mechanisms and firm financial performance in doi
  19. (2002). Corporate governance practices in Egypt: The road ahead’
  20. (2000). Corporate governance proposals and shareholder activism: The role of institutional investors’ doi
  21. (2006). Corporate Social Responsibility in Nigeria: Indigenous practices or Western influences?, doi
  22. (2007). Determinants of governance structure among companies: A test of agency theory predictions’
  23. (1987). Disclosure of Accounting Information in Developing Countries: a case study of Nigeria,
  24. (1999). Empirical evidence of long-termism and shareholder activism doi
  25. (2004). External-internal standards in corporate governance in doi
  26. (2008). Filling the gaps in the legislative framework for audit committees of listed companies in Nigeria’,
  27. (1990). Fragments of a democracy: Reflections on class and politics in doi
  28. (2008). Galvanising shareholder activism: A prerequisite for effective corporate governance and accountability in doi
  29. (2008). Governance Matters V: Aggregate and Individual Governance Indicators for 1996-2007. World Bank Policy Research Working Paper No. doi
  30. (2007). How Nigeria lost 75 banks to poor corporate governance’ In: 11th Seminar for Finance Correspondents and Business Editors Central Bank of Nigeria (CBN)
  31. (2002). Influences on the corporate governance framework and reporting on listed companies in a developing economy: A Nigerian case study’
  32. (2009). Institutional determinants of good corporate governance: Insights from Nigeria’ Paper to be presented at the Academy of Management Annual Meeting,
  33. (1995). Institutional investors and shareholder activism: Dealing with demanding shareholders’
  34. (1995). Institutional shareholders and corporate governance” in doi
  35. (1987). Institutional theories of organizations’Annual doi
  36. (2002). Inventing corporate governance: The mid-century emergence of shareholder activism’ doi
  37. (2000). Large shareholder activism in corporate governance in developing countries: doi
  38. (2005). Legal reform and shareholder activism by institutional investors in doi
  39. (2007). Legitimacy and corporate governance, doi
  40. (2004). Management of crisis: The response of the accounting profession in Nigeria to the challenge to its legitimacy’ doi
  41. (2008). Nigeria’ Country Brief The World Bank Group. doi
  42. (2002). Obtrusiveness as strategy in ethnographic research’
  43. (2006). Owners or traders? Conceptualizations of institutional investors and their relationship with corporate managers, Human Relations, doi
  44. (2008). Political connections of newly privatized firms' doi
  45. (2003). Political Determinants of Corporate Governance: Political Context, Corporate Impact Oxford doi
  46. (2005). Political Power and Corporate Control: The New Global Politics of Corporate Governance, doi
  47. (1972). Production, information costs and economic organization’ doi
  48. (2007). Responsible ownership, shareholder value and the new shareholder activism’ doi
  49. (2006). Returns to shareholder activism: Evidence from a clinical study of the Hermes U.K. Focus Fund’ Finance Working Paper 462 London Business doi
  50. (1957). Risk Uncertainty and Profit doi
  51. (1983). Separation of ownership and control’ doi
  52. (2008). Shareholder activism and the "eclipse of the public corporation": Is the current wave of activism causing another tectonic shift in the American corporate world?’
  53. (1996). Shareholder activism by institutional investors: Evidence from doi
  54. (2003). Shareholder activism in Korea: An analysis of PSPD's activities’ doi
  55. (1997). Socializing capital: The rise of the large industrial corporation in America Princeton, NJ: doi
  56. (2007). Socially and privately optimal shareholder activism. doi
  57. (2005). Stakeholders under Pressure: corporate governance and labour management in Germany and Japan, Corporate Governance: doi
  58. (1994). Strong Managers, Weak Owners: The Political Roots of American Corporate Finance doi
  59. (1987). The adolescence of institutional theory’ doi
  60. (1992). The Changing Investment climate Through Law and Policy
  61. (2003). The cross-national diversity of corporate governance: Dimensions and determinants’ doi
  62. (2009). The determinants of good corporate governance: A case of Nigeria’ Doctoral Thesis, Cass Business school,
  63. (2009). The ethics of corporate governance: A (South) African perspective’ doi
  64. (2007). The evolution of shareholder activism in the United States’ doi
  65. (1989). The legal problems of indigenisation in Nigeria: A lesson for developing countries’
  66. (1937). The nature of the firm’ doi
  67. (2007). The Netherlands: Shareholder activism under attack’
  68. (1997). The politics of corporate control and the future of shareholder activism in the United States’ Corporate Governance: An International Review, doi
  69. (2000). The purposes and accountability of the corporation in contemporary society: Corporate governance at cross roads’ Law and Contemporary Problems, doi
  70. (2004). The Sarbanes-Oxley Act and the making of quack corporate governance, Working Papers Yale School of Management's Legal Scholarship Network, doi
  71. (2000). The state of corporate Governance doi
  72. (1990). The transformation of corporate control doi
  73. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure? doi
  74. (2007). Towards a common good theory of the firm: The Tasubinsa case’ doi
  75. (2001). Towards a Comparative Institutional Analysis, doi
  76. (2007). Union shareholder activism in the context of declining labour law protection: Four Australian case studies’ Corporate Governance: An International Review, doi

To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.