Corporate Governance and Working Capital Management of Listed Insurance Companies in Nigeria

Adequate working capital is essential for sustaining operations and achieving corporate objectives. For listed insurance companies in Nigeria, effective working capital management supports timely claims settlement, improves financial performance, and strengthens public confidence. This study examined the effect of corporate governance on the working capital management of listed insurance companies in Nigeria, with ownership structure serving as a moderating variable.
An ex-post facto research design was adopted. The study covered 23 insurance companies listed on the Nigerian Exchange Group as of 31 December 2022, from which 15 companies with complete data were selected using judgmental sampling. Panel data covering 2013–2022 were obtained from externally audited published financial statements and analyzed using descriptive and inferential statistics.
The findings showed that corporate governance, measured by board size, board independence, and audit committee composition, significantly influenced accounts receivable period (ARP) Adj. R2 = 0.151, F(3, 146) = 2.62, p < 0.05; and accounts payable period (APP) Adj. R2 = 0.166, F(3, 146) = 2.62, p < 0.05. Ownership structure, proxied by concentrated ownership, also significantly moderated the relationships between corporate governance (CG) and ARP (Adj. R2 = 0.319, F(6, 143) = 2.13, p < 0.05), and between CG and APP (Adj. R2 = 0.147, F(6, 143) = 2.13, p < 0.05).
The study concluded that corporate governance significantly influences the working capital management of listed insurance companies in Nigeria, with ownership structure strengthening this relationship. It recommended that insurance companies should prioritize effective working capital management to improve liquidity, sustainability, and performance. The regulators should strengthen corporate governance standards and establish appropriate limits for ownership concentration to enhance governance, working capital efficiency, and minority shareholder protection. Future research should examine these relationships across other industries and geographical contexts using additional moderating variables.

Accounts payable period, Accounts receivable period, Corporate governance

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