REGULATORY FRAMEWORK EFFECT ON THE NEXUS BETWEEN EXTERNAL CORPORATE GOVERNANCE MECHANISMS AND FINANCIAL PERFORMANCE OF CROSS-LISTED COMPANIES AT EAST AFRICAN COMMUNITY REGION
Abstract
Purpose of the Study: The general objective was to investigate the regulatory compliance index effects on the external corporate governance mechanisms and financial performance interactions. It was based on the ideas of agency, stewardship, stakeholders, and resource dependence theory.
Statement of the Problem: Despite EAC region partners investing heavily to improve market infrastructure and promote securities integration, the companies cross-listed in these markets have recorded significant decline in financial performance with dwindling liquidity and profitability evidenced by the increasing number of profit warnings issued, closed operations, securities markets suspensions, mergers & acquisitions, and restructuring.
Methodology: This study was grounded in the positivistic research philosophy. Explanatory non-experimental research design was used. Through purposive sampling, 9 companies formed the sample size. Secondary panel data extracted from audited annual reports from 2013 to 2022 was used. Diagnostic tests were performed to validate adherence to the principles of the classical linear regression model. Data was analyzed with descriptive and inferential statistics. The Whisman and McClelland (2005) moderation procedure was employed to investigate the effect of the regulatory framework.
Results: The Feasible Generalised Least Squares panel multiple regression analysis yielded a significant relationship between the corporate block holding and ROA however there was no statistically significant association between corporate block holding and Tobin Q. The study also discovered a statistically significant association between product market dominance and ROA. Independent auditors demonstrated an inverse relationship with ROA, while their connection with Tobin Q was not statistically significant. The findings of this study documented that the regulatory framework moderates the correlation between independent auditors, product market dominance, and ROA and does not have a statistically significant effect on corporate block holding and ROA correlations.
Recommendation: This study proposes that market policy makers should work together to develop and administer the regulations and guidelines on board independence to bolster the significance of board autonomy and boost transparency to improve decision-making.
Keywords: Corporate governance, regulatory frameworks, financial performance, cross-listed, moderating variable, east African community region.
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Published
2024-04-15
How to Cite
Mweta, T. M., Jagongo , A., & Mithi, F. (2024). REGULATORY FRAMEWORK EFFECT ON THE NEXUS BETWEEN EXTERNAL CORPORATE GOVERNANCE MECHANISMS AND FINANCIAL PERFORMANCE OF CROSS-LISTED COMPANIES AT EAST AFRICAN COMMUNITY REGION. African Journal of Emerging Issues, 6(5), 45 - 74. Retrieved from https://ajoeijournals.org/sys/index.php/ajoei/article/view/570
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