ACCOUNTING PROJECT TOPIC : IMPACT OF CORPORATE GOVERNANCE ON FINANCIAL PERFORMANCE OF QUOTED MANUFACTURING COMPANIES IN NIGERIA

This study investigated the impact of corporate governance on the financial performance of quoted manufacturing companies in Nigeria. The specific objectives of the study were to examine the relationship between board size, board composition, audit committee size, number of board meetings, and return on assets of manufacturing firms. An ex-post facto research design was employed, and secondary data were extracted from the annual reports of ten selected manufacturing companies listed on the Nigerian Exchange Group covering the period 2019–2024. Descriptive statistics, correlation analysis, unit root test, and fixed-effects regression were used for data analysis and hypothesis testing. The findings revealed that board size had a positive but statistically insignificant relationship with return on assets, while audit committee size also showed a weak positive association that was not significant. Board composition was found to exert a statistically significant negative effect on financial performance, suggesting that a higher proportion of independent directors may not always improve profitability. Furthermore, the number of board meetings exhibited a negative but insignificant relationship with return on assets, indicating that frequent meetings alone do not guarantee improved performance. These results imply that corporate governance mechanisms, while essential, do not uniformly enhance profitability in Nigerian manufacturing firms. The study therefore recommends that companies should place greater emphasis on the quality, expertise, and strategic orientation of board members rather than focusing only on the size or composition of the board. Achieving an effective balance between independent and executive directors is important, but independence should not come at the expense of industry knowledge. Audit committees should be strengthened with members who possess technical and financial expertise, while board meetings should prioritize the quality of deliberations and strategic decisions rather than frequency