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EFFECT OF AUDIT COMMITTEE CHARACTERISTICS AND OWNERSHIP STRUCTURE ON FINANCIAL PERFORMANCE OF LISTED OIL AND GAS FIRMS IN NIGERIA
ABSTRACT
Financial performance is a rallying point for all stakeholders, be it management, regulators,
investors and potential investors. The continuous survival and growth of any business is
dependent on its performance and as such the need to look for factors to enhance the continuous
performance of firms. It is to this end that the study examines the impact of audit committee
characteristics, ownership structure on financial performance of listed Oil and Gas companies
in Nigeria over the period of 2010 -2015. The populations consist of nine listed Oil and Gas
companies as at 31st December, 2015 while a sample of seven companies were used after
eliminating two through criteria. Secondary source of data was used and were obtained through
the annual reports and accounts of the selected companies. Panel multiple regression technique
was used and Stata 13 was used as tool for data analysis. The result indicates that audit
committee composition, audit committee financial expertise, managerial ownership and
institutional ownership have significant positive impact on financial performance of listed oil
and gas firms in Nigeria. Audit committee size revealed significant negative influence on
financial performance of firms. However, the study did not find any significant impact of audit
committee meetings on financial performance. The study recommends amongst others that; the
members of the audit committee should highly be composed of members with knowledge of
finance in order to make them effective which will affect financial performance positively. At
least 45% of audit committee members should be financially literate.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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