Studying Corporate Governance Reforms in Nigeria: Reflections on methodological challenges and solutions Olabisi O. Daodu 1

Outline Overview of the study; Research aim and questions Methodology Research approach and methods Data collection Challenges and solutions Lessons

Research Aim To critically explore the perceptions of key actors in the Nigerian corporate governance context, with a view to understanding the implication of the dynamics in the institutional environment of Nigeria, for the basic intentions of corporate governance reforms in such context. Research Questions: What is the applicability of the universal corporate governance best practices to the Nigerian institutional context? What are the influences/ relevance of these corporate governance reforms on the corporate governance practices in Nigeria? What is the implication of these reforms for the legitimation (efficiency) of corporate governance practices in Nigeria? What is the implication of the above findings for the harmonisation and diffusion of the global best practices and the legitimation (efficiency) of corporate governance practices.

Why Nigeria? Nigeria (largest African economy): Distinct Corporate Governance system, Institutional challenges or variances; Ownership structure (concentrated block holders/ dispersed shareholders). Shareholder group activism (and/ opportunism) Level of literacy/ (Illiteracy) in the country Corruption. Institutions and infrastructure Existing regulatory framework and prevailing corporate governance structure Corporate Boards and executives; Role, composition and appointment. Labour Market for skilled personnel. Informal rules: Varied opinions, culture, values, beliefs, norms, mores

Methodology Research Approach: This study adopts the qualitative research approach. “ The very essence of qualitative research is to gain detailed insights that can be enabled by the in-depth examination of a phenomenon” (Simons et al., 2008: 120). Ontology and the philosophy (epistemology) Perspectives: Social constructivism and Interpretivism.

Data collection Research Methods: Mixed qualitative method approach; o In- depth semi structured: one- on- one and group interviews o Documentary (archival) analysis: official gazette, circular, internal memos, company annual reports. Sampling technique: Purposive (Judgemental) and Snowball sampling

Key Corporate Governance Stakeholders Nigerian corporate governance Context : Okike (2007); Akinkoye and Olasanmi (2014)

In-depth semi structured interview: One on one and group interviews o Interview duration: 60 – 90 minutes o 70% tape recorded o Authentication of responses; Probing, follow up questions o Duration - 3 months: December 2015 to March interviews: Data saturation Archival Research Actual Data Gathering Procedure

Challenges and Solutions Challenges Getting access to top management team was difficult (physical letters vs s) Power distance Unnecessary bureaucracy and unpredictability Preference for anything foreign Poor understanding of research ethics (e.g. confidentiality issues) Aversion to and lack of appreciation of research Solutions Using personal social networks to overcome power distance Patience and perseverance Durham image helps Constant reassurance of confidentiality

Lessons Always prepare for challenges and uncertainties Start early; don’t underestimate time requirements and other resources Social networks are very important – especially in power distant cultures Don’t rely on a single data collection technique Understand people’s psyche and leverage on it

Thank You