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Abstract
Using a qualitative methodology (interviews), we examine the relationship between the effectiveness of corporate governance mechanisms and elitist interventions. In doing this, we identify three elitist groups – political, cultural and religious, and investigate how they shape the legitimacy and effectiveness (or otherwise) of the institutional drivers of corporate governance in Nigeria. We caution the widely-held notion in the literature which suggests that institutions act as a check on the behaviour of elites and influence how elites compete and emerge. Alternatively, we argue that elites, in the presence of institutional voids, can invent, circumvent and corrupt institutions.
Notes
This article majorly constitutes a part in Nakpodia, F. (2016). An Assessment of Institutional Influences on Corporate Governance in Nigeria: A Multi-Stakeholder Perspective. Unpublished Doctoral thesis, Newcastle Business school, Northumbria University, UK.
1 Collectivism indicates a preference for a tightly knit framework in society wherein individuals expect their relatives or group members to look after them in exchange for unquestioning loyalty (CitationHofstede et al., 2010).
2 The problem in penetrating elites (see CitationHertz & Imber, 1995) given the extent of power distance meant it was challenging accessing data respondents. The use of snowballing helped in minimising the effect of this limitation. Also, the sensitive nature of the research focus resulted in postponements and cancellations of scheduled interviews.
3 British colonialists introduced the indirect rule system, which had traditional rulers at its foundation. Traditional rulers acquire their status through succession hence their authority is often rooted in traditions and customs