Effect of Stakeholders Collaboration on Corporate Governance in Nigerian Tertiary Institutions (A Study of University of Cross River State (Unicross)

Effect of Stakeholders Collaboration on Corporate Governance in Nigerian Tertiary Institutions (A Study of University of Cross River State (UNICROSS))

Dr. Cassiuss A. Ogar¹, Utibe Edet Bassey² & Dr. Charles Ojiji³

Department of Business Administration/ Entrepreneurship Studies Faculty of Management Sciences  University of Cross River State (UNICROSS)^1&2

Nile University Abuja³

DOI: https://dx.doi.org/10.47772/IJRISS.2025.914MG0069

Received: 03 February 2025; Accepted: 07 February 2025; Published: 08 May 2025

ABSTRACT

With the advancement of multinational enterprises globally and Nigeria in particular, and with the multifaced drivers as factors for consideration, the need for stakeholders’ inclusivity in operational decisions has become a necessity, it is in view of this that this paper seek to x-ray the effect of Corporate Governance on Stakeholders collaboration   in Multinational Enterprises in Sub-Saharan Africa with an empirical perspective on University of Cross River State (UNICROSS). The key objective of the study w as to examine the effect of stakeholders’ collaboration  on corporate governance structure of tertiary institutions in Nigeria. One of the hypotheses of the study assumed that there is no significant effect of stakeholders’ collaboration  on corporate governance structure of tertiary institutions in Nigeria. The   population of the study covers 464 senior and junior staff of University of Cross River State (UNICROSS), through the application of Taro Yamane formula, the sample size of the study is 215 respondents. The study deployed Linear Regression analysis technique in analyzing the sourced primary data through Statistical Tool for Social Sciences (SPSS) version 25. The findings revealed that there is a significant positive effect of stakeholders’ collaboration  on corporate governance structure of multinational enterprises. The implication of this study is that, it helps to creates a corporate culture on the need for stakeholders’ consultation in policy formulation and implementation in corporate organizations.

Key words: Corporate, Corporate governance, tertiary institution, organization and Stakeholders.

INTRODUCTION

Background of the Study

The world of business has been characterized by intense competition that has shaped the way firms operate, interact with their clients for sustainability and growth (Adegbite (2015: Karpoff, 2021). This business scenario has generated lots of controversies over the years on the need for a collaborative interaction between key stakeholders of tertiary institutions  and their boards of Directors for a sustainable decision making of their organizations (Zemko, 2005: Akingunola, Adekunle & Adedipe (2013).

The way and manner corporate decisions are formulated, implemented, and evaluated has become a subject interest to stakeholders of both quoted and unquoted companies across the globe (Atekebo, Okolo, Olajide & Anegbe, 2023: Akinkoye, & Olasanmi, 2014). Furthermore, the need for corporate administrators to conform with the National regulatory policies on business ethics and conduct has also accounted for the need for a more collaboratory approach between boards of directors and other stakeholders of enterprises (Ngu & Amram, 2018). Similarly, with the demand of host communities to be ethically and socially responsible in their business operations profitable, the need to strike a balance between stakeholders’ expectations and company goals and objectives has become eminent (Okeke & Okoigbo 2019: Ayuso, Rodríguez, García-Castro, & Ariño, 2014).

Statement of the Problem

With the stratified nature of business environment in Nigeria, the business governance climate has remained unhealthy in terms of agitations for stakeholders’ attention in companies’ brands, operations and interactions that should guarantee more inclusions in public policy formulation of enterprises. In view of this, a lot of company administrators marginalize their stakeholders and second vent their interest in corporate decision-making processes. The absence of strategic stakeholders’ collaboration  in corporate operations in terms of proper consultation has led to several challenges in some reputable enterprises globally such as loss of profit, loss of share capital value, unwarranted business clashes with stakeholders’ interest, loss of corporate reputation/goodwill, rejection of company brands (products and services) etc.

It has also been noted with dismay that most corporate organization do not carry their stakeholders along in the areas of involvement in decision making, impact assessment, responsibility appropriation, participation in policy dispensation and administration, including sponsorship in key programmes and activities of the enterprises. Enterprise administrators most times forget that stakeholders greatly serve as measures for the need assessment of their enterprises performances in terms of  risk management, they sometimes forget as well that there are accountable to the stakeholders of their organization, these also negate the fact that one of the easiest way to enhance social compliance of corporate policies is through stakeholders collaboration  and finally, there is strong gap between the understanding that stakeholders assess the transparency of corporate organizations through their engagements in corporate processes. It is upon this background that this paper is developed.

Objectives of Study

The cardinal objective of this research proposal is to ascertain the effect of stakeholders’ collaboration on corporate governance of tertiary institutions in Nigeria. Other specific objectives include;

1. To determine the effect of stakeholders’ collaboration on corporate decision making in tertiary institutions in Nigeria.
2. To ascertain the effect of stakeholders’ collaboration on impact assessment in Nigerian tertiary institutions and
3. To determine the effect of stakeholders’ collaboration on corporate governance compliance in Nigerian tertiary institutions.

Research Questions

The researchers seek to address the following research questions;

1. To what extent does stakeholders’ collaboration affect corporate decision making in tertiary institutions in Nigeria.
2. To what extent does stakeholders’ collaboration affect impact assessment in Nigerian tertiary institutions and
3. To what extent does stakeholders’ collaboration affect corporate governance compliance in Nigerian tertiary institutions.

Research Hypotheses

The following are the hypothetical assumption of this research;

H₀₁      – There is no significant effect of stakeholders’ collaboration on corporate decision making in tertiary institutions in Nigeria.

H₀₂       – There is no significant effect of stakeholders’ collaboration on impact assessment in Nigerian tertiary institutions and

H₀₃       -There is no significant effect of  stakeholders’ collaboration on corporate governance compliance in Nigerian tertiary institutions..

Research Implication

This paper seeks to create the need for corporate culture of strategic interaction between corporate managers, board of directors and key stakeholders of tertiary institutions  in Nigeria. It will shape the public orientation of corporate policy makers on the need for proper collaboration   with stakeholders in their corporate processes, activities and programs.

REVIEW OF RELATED LITERATURE

Conceptual Framework

Conceptual framework developed by the researchers (Ogar & Utibe, 2024).

Concept of Corporate Governance

The subject of Corporate Governance has been recurrent at almost every facet gathers as conglomerate attempt to express their depth of leadership structure and demonstrate their organizational resource allocation processes, procedures and leadership integration at all levels of organizational operations (Alabdula, 2016: Camilleri (2015). Grantham, (2020: Camilleri, 2015) opined that there has been global interest on the subject of corporate governance emphasizing that with the adoption and implementation of quality assurance practices expected to benefit owners, leaders are hither to committed to using the principles and mechanism which in the broadest sense amounts to an effective monitoring of company’s operation/activities in attempt for even disclosure, transparency and accountability ((She, & Michelon, 2023; Uysal, & Tsetsura, 2015).

Shirwa and Onuk, (2020: Cosma, Leopizzi, Pizzi, & Turco, 2021) defined corporate governance as institution that affects the way tertiary institutions  administer resources and returns. O’Sullivan, (2000: Dewi, Saraswati, Rahman, & Atmini, 2023) observed that corporate governance further incapsulate the laws or rules by which corporations are operated, administered and monitored.

With diversity of corporate governance models across the globe, there have been increasing controverses on the concept as many scholars globally oppose some tenets of corporate governance, for instance, Doni, Corvino, and Martini, (2022: Greenwood, 2007, Isnurhadi, Oktarini, Meutia, & Mukhtaruddin, (2020), advanced that, corporate governance in most cases create agency problems, market competitive challenges, ownership concentration challenges, and challenges associated with corporate control and administration. In the area of agency problem, corporate governance sometimes opposes to the constant demand on return on investment by stakeholders which often create conflict of interest among the stakeholders and the enterprises (Rensburg, & De Beer, 2011, Rossouw, 2005).

Concept of Stakeholders collaboration 

Unarguably, tertiary institution  can do without her stakeholders; this class of individuals shape the way corporate administrators operates, they range from employees, government, customers, suppliers/vendors, non-governmental organizations, international observers, investors, social activist, and host communities etc. (Zenko, 2005: Kiradoo, 2020, Konadu, Ahinful, & Owusu-Agyei, 2021). It has been substantiated that corporate governance framework should recognize the right of stakeholders established by law or through mutual agreement and encourage active cooperation between entities, including family-owned businesses and state-owned/controlled enterprises. And stakeholders in creating wealth, jobs and the sustainability of financially sound enterprises” (Zenko, 2005). It is argued that stakeholder’s interest in corporate governance can only be achieve through transparency and disclosure, duties of auditor and professional care in conduct of audit, protection of minority stakeholders’ rights, access to information etc (Karpoff, 2020: Lawrence, 2017, Low, & Cowton (2004).

Wogu (2016: Manning, Braam, & Reimsbach, 2019, McLaren, 2004) stressed that there are group of people whose impact affect the corporate governance architecture of the enterprise. Wogu (2016: Min Foo, 2007, Mrabure, & Abhulimhen-Iyoha, (2020) classified stakeholders into two broad categories; internal stakeholders which includes; shareholders, board of directors and management while external stakeholders group include; employees, customers, creditors, investors, suppliers, Government regulatory authorities and host communities.

Zaid, Abuhijleh, and Pucheta‐Martínez, (2020) stressed that the need for collaboration   through due consultation in the collaboration  of all critical stakeholders in organizational process cannot be overemphasized. The impact of stakeholders’ collaboration  suffice that stakeholders become satisfied, compliant, collaborative, committed and supportive to the growth and sustainability of the enterprise (Okike, 2007:Oyejide, & Soyibo, 2001). This further orchestrate that stakeholders indirectly exert some level of control to the internal management of enterprises, hence the need for their proper collaboration  through adequate consultation and inclusivity in decision making. It has also been substantiated according to Payne & Calton (2017) that stakeholders sometimes serve as experts, technical advisers, representatives of special interest co-implementers, co-monitors etc. and as such should be engaged in virtually all critical strategic areas of corporate decision making for wider acceptability and transparency (Zollinger, 2009).

Furthermore, stakeholders contributions in the area capital, equity or debt ratio in financial market recognition through reducing borrowing costs and risk, development of human capital through collaborative workplace relations, workforce stability, conflict resolution brand loyalty and reputation, repeated or related purchases collaborative design, development and problem solving, networking and value chain efficiencies, collaborative cost reducing processes and technologies, strategic resources and capabilities alignment as well as license to operate substantiate the need for stakeholders collaboration  (Doni, Corvino & Martini, 2021: Prado‐Lorenzo, Gallego‐Alvarez, & Garcia‐Sanchez, 2009, Pucheta‐Martínez, Gallego‐Álvarez, & Bel‐Oms, 2020).

Theoretical Framework

This paper is anchored on stakeholders’ theory

Stakeholders Theory

This theory was propounded by Edward Freeman in 1984. He postulated that the organization must developed taking into account the interest of the groups (employees, clients, suppliers and creditors) without contradicting the ethical principles on which the organization is based. Freeman expressed that the only social responsibility of companies is to use resources in the development of activities that increase profits, obviously within the rules of free enterprises. In the stakeholders’ approach, it is assumed that the stakeholders are the only ones with the right to participate in income created by the company therefore in this case, the value created is measured by what they receive.

Freeman (1984) advanced that stakeholders are any group or individual that can be affect or be affected by the achievement of the company objectives.

It was also assumed by Freeman that stakeholders are all participants in the creation of value and thus have the right to participate in the value that is added in the development of the value chain. This approach implies that corporate governance is oriented to safeguard and manage the remuneration of all participant occurs, taking into account their opportunity cost.

With the expansion of globalization trend, scholars like, Clement (2005; Palmar, Freeman, Harrison, 2010) argued that a variety of forces are changing the way managers and executives make sense of their responsibilities. There is a broader variety of participants into organization in contemporary times, such technology innovation which has increase the pace of change and manages are discovering that the potential to affect a broader range of people all over the globe. They further argued that the pursuit of corporate objectives can be interrupted by the action of unexpected groups. From the forgoing, the stakeholder’s theory was considered suitable for this research it majorly seeks for the protection of stakeholders’ interest in enterprises development and growth.

Empirical Review

Ebimobowei and Felix (2023) in their work titled; Corporate Governance Mechanisms and Financial Performance of Listed companies in Nigeria. The study adopted ex-post factor and correlational research design. The population of the study covered 21 listed consumers goods manufacturing firms. The study applied Descriptive research design, correlation Coefficient and multivariate analysis in data interpretation. Their finding revealed that board size has a negative and significant and insignificant relationship with return. They recommended that board size should be enhanced as this allows for appropriate combination of directors.

Alfonso and Castrillon (2021) in their work titled; Concept of Corporate Governance, in Colombia, identified the different concepts of corporate governance. Being a conceptual paper, there was a review of critical areas of corporate governance and issues. The paper failed to statistical justify their advances on the subject matters.

Similarly, Doni, Corvino and Martini, (2021) in their work titled; Corporate Governance model stakeholders collaboration  and Social issues evidence from European oil and Gas industry in Italy aimed at x-raying the sustainability concerns and corporate governance feature and practices. They adopted multi-theoretical framework that includes the legitimacy theory the stakeholder’s theory and the resource-based theory. The auto-run fixed regression model was adopted in testing the theoretical assumptions of the study. The finding reveals that stakeholder’s collaboration  is positively associated with corporate social performance and it can be considered an important internal driver able to shape the corporate culture and most likely address corporate social responsibility issues. They recommended that managers should opt for a sustainable corporate governance model as it is positively correlated with social performance.

Ngu and Amran (2018) in similar research titled; The Relationship between corporate governance and stakeholders’ collaboration  and material Disclosure in Sustainability Reporting in Malaysia aimed at conceptually collaboration  and materiality disclosure in sustainable reporting from the perspective of stakeholder’s theory. Their study revealed and that Good Corporate governance and materiality disclosure are good corporate practices in enhancing their relations with stakeholders. This paper failed to empirically justify the assertion of the topic through statistical measurements.

Guan, Hinna, and Monteduro (2011) considered the topic; Corporate Governance and Management Practice; Stakeholders involvement, quality and sustainability tools adoption evidence in local public utilities in Italy. The paper applied Linear regression analysis technique in data analyses with a consideration of 678 joint stock companies in Italy. They recommended that, to ensure good corporate governance practices, focusing on relations with stakeholders is key.

METHODOLOGY

The study deployed a descriptive research design with an interpretivist philosophy. Quantitative approve was adopted in sourcing for the primary data. Similarly, the cross-sectional time horizon was applied the study was conducted on a snap shot, while a deductive reasoning approach was initialized in inferring the result of the study and the works of other scholars on the subject.  In the same vein, the case study strategy was adopted to keep the study under manageable stratum in terms of data collection in relation to the time frame of the study.  The population of study were made up of 464 Senior and Junior staff of University of Cross River State  The Taro Yamane formula was applied to determine the sample size of the study which was made up of 215 respondents. Simple random sampling technique was applied to the target respondents of the study through the distribution of structured online questionnaire. The study deployed simple Linear Regression analysis technique in analyzing the sourced primary data through the assistance of SPSS 25 software application.

RESULTS AND DISCUSSION

Data Presentation

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Source: Field survey Ogar, Utibe, & Ojiji 2024

Test of Hypotheses

The following hypotheses were tested in the research paper;

H₀₁ – There is no significant effect of stakeholders’ collaboration on corporate decision making in tertiary institutions in Nigeria.

H₀₂ –  There is no significant effect of stakeholders’ collaboration on impact assessment in Nigerian tertiary institutions

H₀₃       -There is no significant effect of  stakeholders’ collaboration on corporate governance compliance in Nigerian tertiary institutions

FINDINGS AND DISCUSSIONS

From the statistical interpolation, the summary demonstrated that in hypothesis one the mean value is 3.7848, standard deviation of 0.6518, and correlational value of 1.000, R- value of 0.828, Adjusted R value of 0.680, Durbin Watson value of 1.642, sum of square of regression at 54.573, residual value of 25.524, sig value of 0.000, F-value of 395.707 and a confidence level of 95.00%. Thus, the alternate hypothesis implying that there is a significant effect of corporate governance and stakeholders’ participation in decision making in Multinational Enterprises is accepted.

Similarly, for hypothesis two, from the statistical interpolation, the summary demonstrated that in hypothesis one the mean value is 3.7848, standard deviation of 0.6518, and correlational value of 1.000, R- value of 0.571, Adjusted R value of 0.571, Durbin Watson value of 1.480, sum of square of regression at 45.97, residual value of 34.170, sig value of 0.000, F-value of 248.598 and a confidence level of 95.00%. Thus, the alternate hypothesis implying that there is a significant effect of corporate governance on stakeholders’ impact assessment in multinational enterprises is accepted.

Finally, for hypothesis three, from the statistical interpolation, the summary demonstrated that in hypothesis one the mean value is 3.7848, standard deviation of 0.6518, and correlational value of 1.000, R- value of 0.177, Adjusted R value of 0.172, Durbin Watson value of 1.480, sum of square of regression at 14.153, residual value of 65.934, sig value of 0.000, F-value of 39.710 and a confidence level of 95.00%. Thus, the alternate hypothesis implying that there is a significant effect of corporate governance on stakeholders’ compliance in multinational enterprises operations is accepted.

CONCLUSION

Judging from the effect of an interactive market situation in our Nigeria business environment, the need for an integrated market operation is necessary. Business executives must realize that there is a diversity of interest from several stakeholders and thus need to strike a balance between stakeholders’ expectations in terms of their return on investment at other claims as well as the organizational vision and mission statements in attempt to maximize profit, business growth and development sustainably. Therefore, a more collaborative consultative approach is key. From this perspective, enterprise managers must be willing to engage all the key stake holders of their enterprises in making inform decisions that will affect the organizational efficiency and effectiveness and position her competitively.

RECOMMENDATIONS

The researchers hereby recommend the following based on the findings and the study objectives;

1. Tertiary education executive managers should always critically engage stakeholders of their institution before making long-term decisions that will affect the institution sustainable corporate governance system.
2. Tertiary institution administrators must realize the import of stakeholders’ assessment of the day-to-day operation of their institution and as such make adequate provisions to gather meaningful feedback from stakeholders across boards that will help to improve the quality of their decisions and social interaction with the general public.
3. For more collaborative approach in terms of compliance from stakeholders, adequate consultation or collaboration of primary stakeholders in institutional processes such as employees, customers, vendors, institutional regulator etc. should be constantly maintained. This way, there will be ease in accessing the compliance of stakeholders involve.

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