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CORPORATE GOVERNANCE AND ITS IMPACT ON PROFITABILITY OF THE PHARMACEUTICAL INDUSTRY IN NIGERIA
Abstract
This paper examines the relationship between corporate governance and profitability of the national and multinational pharmaceutical firms in Nigeria. Corporate Governance has extensively debatable topic for researchers, corporate managers, financial analyst, academicians and strategists. This study has measured corporate governance dimensions in terms of board size, independent director, board committees, board remuneration, and firm size. whereas, profitability of the pharmaceutical firms are measured in terms of return on assets, return on equity and return on sales. The result of this study exhibits that board size, independent director, board committees, board remuneration and firm size are positively associated with corporate performance. By and large corporate governance has a strong impact on the corporate performance. Thus, the study has concluded that corporate governance has a strong significant impact on the profitability of the pharmaceutical firms in Nigeria.
Keywords: Corporate governance, Profitability, ROA, ROE, ROS,
Pharmaceutical firm