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Neither Principles Nor Rules: Making Corporate Governance Work in Sub-Saharan Africa
Open Access articleCorporate governance is often split between rulebased
and principle-based approaches to regulation in different
institutional contexts. This split is often informed by the
types of institutional configurations, their strengths, and the
complementarities within them. This approach to corporate
governance regulation is mostly discussed in the context of
developed economies and their regulatory demands. However,
in developing and weak market economies, such as in
Sub-Saharan Africa, there is no such explicit split and the
debates on such contexts in the comparative corporate governance
literature have been meagre. Nonetheless, there are
sparks of good corporate governance practices in the region.
Drawing from institutional theory and a case study of a largest
economy, we explore the appropriateness or suitability of
corporate governance regulatory frameworks in Sub-Saharan
Africa. Our findings suggest that Nigeria needs an integrated
system that combines elements of both rule-based and principle-
based regulation, supported by a multi-stakeholder coregulation
strategy. This paper departs from the mainstream
rule-based and principle-based categorisations by forging
ahead new perspectives on corporate governance regulation,
especially in weak market economies