Effectiveness of Mandated Approaches to Increasing Board Independence in Achieving Intended Governance Outcomes: Professional Investors’ Perspective
基于对27位专业投资者的访谈，从资源依赖理论视角，研究了强制提高董事会独立性的方法在尼日利亚银行业实现预期治理目标的有效性，识别出三种有效性类别和七种影响因素。
Drawing on interviews with 27 professional investors and proceeding from a resource dependence theoretical lens, this study investigates how professional investors perceive the effectiveness of mandated approaches to increasing board independence in achieving intended governance goals in the Nigerian banking sector. We inductively identify three distinct effectiveness categories for board independence approaches: quixotic, symbolic, and practical. We further unpack seven contextual factors that influence these perceptions, namely person-specific utility; board cronyism; loss of independence over time; disconnection with business realities despite their technical competence; non-executive directors’ (NEDs’) concern for business survival; NEDs’ subservience to the major shareholder; and NEDs’ reputational standing. We provide insights that demonstrate that the mandated approaches to increasing board independence are not universally effective in achieving intended governance goals and must instead be evaluated within their institutional and contextual realities.