GREY DIRECTORS ATTRIBUTE AND IDIOSYNCRATIC RISK OF LISTED MANUFACTURING FIRMS IN NIGERIA
Keywords:
Grey Director Nationality, Grey Director Overlap, Idiosyncratic RiskAbstract
The study investigated the nexus between grey directors’ attribute and idiosyncratic risk of listed manufacturing firms in Nigeria using a ten (10) year time frame that span through 2014 to 2023. To achieve the stated broad objectives, specific attributes of grey directors’ which have been widely employed in related extant literature to include, grey director nationality, and grey director overlap function were selected to ascertain the extent to which they affect idiosyncratic risk. This study employed ex-post facto and descriptive research design on a panel data set sourced from annual financial reports of a sample of forty-six listed manufacturing firms in Nigeria. Further, Iterated Generalized Least Squares (IGLS) Random Effects with Heteroskedastic Panels regression model was employed to test the formulated hypotheses. The findings revealed that grey director attributes and overlapping roles did not exhibit significant relationship with firm-specific risk, nationality of grey directors showed a strong negative relationship with idiosyncratic risk. Therefore, based on the foregoing empirical outcomes, this study recommends among others that stakeholders in the manufacturing industry should refrain from formulating or implementing governance reforms solely on the assumption that dual-role occupancy inherently enhances risk oversight.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Journal of Global Accounting
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Articles submitted to JOGA should not have been published or are currently under review by another Journal. Kindly see the guide for the preparation of the manuscript for details. Successful submission of articles by author(s) for publication clearly implies that the work is not an infringement of any existing copyright warranty as JOGA reserves the right to be indemnified by the author(s) where any breach of such warranty is proven. For ease of dissemination and to ensure proper policing of use, papers and contributions become the legal copyright of JOGA once published unless otherwise agreed.
Permission clearance should be obtained by the author(s) where applicable for the use of any content of interest not originally created by them. This must be done before the submission of the article to JOGA. Failure to do so may lead to a lengthy delay in publication, as JOGA is unable to publish any article which has permissions pending. Thus, the rights JOGA requires are:
- Non-exclusive right to reproduce the material in the article or book chapters.
- Print and electronic rights.
- To use the material for the life of the work (for instance, there should be no time restrictions on the re-use of material).
Where tables, figures or excerpts of more than 250 words are reproduced from another source, it is expected that:
- Author(s) should obtain the necessary written permission in advance from any third-party owner of the copyright for the use in print and electronic formats of any of their text, illustrations, graphics, or other material in their manuscript. Permission must also be cleared for any minor adaptations of any work not originally created by the author(s). The author (s) should not assume that any content freely available on the web is free to use.
- Where the author adapts a significant number of any material, the author(s) must inform the copyright holder of the original work.
- Author obtains any proof of consent statements
- The author must acknowledge figure(s) and content adopted or adapted in work utilizing source(s) and further capture them in the list of references.
