This study examines the moderating role of the corporate governance index (CGI) in the relationship between ownership structure and firm value among 151 listed firms on the Nigerian Exchange Group (NGX) for the period 2011–2025. Ownership structure is operationalised through three dimensions: ownership concentration, institutional ownership, and family ownership. Firm value is captured using Tobin's Q and the market-to-book (MTB) ratio. Employing an ex-post facto research design and panel regression techniques — including pooled OLS, fixed effects, and random effects — with Hausman specification tests, the study controls for firm size, leverage, and profitability. Results reveal that ownership concentration exerts a significant positive influence on firm value, while institutional ownership demonstrates a positive but context-dependent relationship with firm value. Family ownership is found to reduce firm value, consistent with entrenchment theory. Critically, the corporate governance index significantly moderates each of these relationships, strengthening positive effects and attenuating negative ones. Post-estimation diagnostics, including the Breusch-Pagan LM test, heteroskedasticity tests, and serial correlation tests, confirm the robustness of the findings. The study makes original contributions to the corporate governance literature in the Nigerian context and offers actionable policy recommendations for regulators, board members, institutional investors, and policymakers.
Onipe Adabenege Yahaya (Mon,) studied this question.
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