Artificial Intelligence, Corporate Governance, and Firm Value: Empirical Evidence from Listed Non-Financial Firms in Nigeria

This study examines the effect of Artificial Intelligence (AI) and Corporate Governance (CG) on the firm value of listed non-financial firms in Nigeria. The increasing adoption of digital technologies and the growing need for robust governance structures have made AI and corporate governance critical determinants of organizational performance. The study employs a quantitative research design using primary data collected through structured questionnaires administered to 200 respondents selected from listed non-financial firms via purposive sampling. Data were analyzed using descriptive statistics, Pearson correlation, and multiple regression analysis with the aid of SPSS version 25. Findings reveal that AI has a positive and significant effect on firm value (β = 0.467, t = 9.729, p < 0.05) through improved operational efficiency, enhanced decision-making, and innovation adoption. Corporate governance also significantly and positively influences firm value (β = 0.382, t = 7.490, p < 0.05) by promoting transparency, accountability, and investor confidence. The regression model jointly explains 64.5% of the variation in firm value (R² = 0.645, F = 181.03, p < 0.05). The study concludes that firms that effectively combine AI technologies with strong governance mechanisms achieve superior market performance and competitive advantage. Practical recommendations include increased investment in AI infrastructure, strengthened governance frameworks, and targeted employee training programs.

Artificial Intelligence; Corporate Governance; Firm Value; Nigeria; Non-Financial Firms; Tobin's Q; Agency Theory

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