Corporate Governance And Accountability On The Sustainability Of The Nigerian Economy

Abstract

Organizations are revising their corporate governance practices while establishing corporate governance, which has become a priority for emergent economies like Nigeria and China. This paper aims to determine the director's independence, transparency, delivery, and efficiency in the sustainability of the Nigerian economy. It also assesses the impact of accountability and regular compensation review on the effectiveness of selected government establishments in Southeast East Nigeria. A population of three thousand three hundred and twenty-seven (3327) comprising the aggregation of senior, junior, and low-level management of selected firms of Federal Parastatals in the South East was used. The trend indicates a significant effect of directors' independence, transparency, diversity, and efficiency in the sustainability of the Nigerian economy. The study indicates a significant effect of directors' independence, transparency, diversity, and efficiency on the sustainability of the Nigerian economy. The study recommends that there is a need for government parastatals to adopt corporate governance mechanisms in order to make the board of directors more independent and avoid the unnecessary intervention of managing directors in important committees' commitment. The study also recommends that there is a need for the public account committee to maintain a stronger auditor's independence and transparency operation with no political influence to sustain an efficient and effective collection and accounting of public funds as well as adequacy in safeguarding assets and misappropriation for the sustainability of the Nigerian economy.