The impact of corporate governance on business sustainability: A study of selected firms in Uyo Local Government Area, Akwa Ibom State.
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Background of the study
Corporate governance encompasses the system of rules, practices, and processes by which companies are directed and controlled, and it plays a vital role in ensuring business sustainability. In Uyo, selected firms have increasingly adopted robust governance frameworks to enhance accountability, transparency, and long-term performance (Igbinedion, 2023). This study investigates how effective corporate governance practices contribute to business sustainability by mitigating risks, attracting investment, and promoting ethical behavior. Emphasis is placed on the interplay between board composition, management practices, and regulatory compliance. Recent trends indicate that firms with strong governance structures experience improved operational efficiency and stakeholder trust (Okafor, 2024). The research integrates qualitative case studies with quantitative analysis to evaluate the relationship between governance practices and sustainable business performance. By examining governance mechanisms in a dynamic economic environment, the study aims to provide actionable insights for managers and policymakers seeking to strengthen corporate governance and drive sustainable growth (Chukwu, 2023).
Statement of the problem
Selected firms in Uyo face challenges in achieving business sustainability due to lapses in corporate governance practices (Akinyele, 2023). Inadequate oversight, weak board structures, and non-compliance with regulatory standards have undermined stakeholder confidence and impeded long-term growth. Despite recognition of the importance of governance, many firms struggle to implement effective practices that ensure sustainability. This study aims to identify the gaps in current corporate governance mechanisms and assess their impact on business performance, providing recommendations for improvement (Olayinka, 2024).
Objectives of the study:
- To assess the relationship between corporate governance and business sustainability.
- To identify gaps in current governance practices in selected firms.
- To recommend strategies for strengthening corporate governance.
Research questions:
- How does corporate governance influence business sustainability in Uyo?
- What are the main challenges in implementing effective governance practices?
- What measures can enhance corporate governance and sustainability?
Research Hypotheses:
- H₁: Strong corporate governance is positively correlated with business sustainability.
- H₂: Inadequate governance practices are associated with lower firm performance.
- H₃: Enhanced regulatory compliance improves long-term business sustainability.
Significance of the study
This study offers valuable insights into the role of corporate governance in promoting business sustainability. Its findings are intended to guide corporate leaders and policymakers in implementing robust governance frameworks, thereby improving accountability and long-term performance. The research contributes to academic discussions on governance and offers practical recommendations for enhancing sustainability in business operations (Ifeanyi, 2023).
Scope and limitations of the study:
This study is limited to examining the impact of corporate governance on business sustainability in selected firms within Uyo Local Government Area, Akwa Ibom State. It focuses exclusively on current governance practices.
Definitions of terms:
- Corporate Governance: The system by which companies are directed and controlled.
- Business Sustainability: The ability of a business to maintain long-term performance and viability.
- Selected Firms: Companies chosen for the study based on specific criteria within the designated area.
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