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An exclusive form of disclosure of corporate governance is provided on the internet, which allows the organizations to provide instantaneous information to the audience globally (Abdelsalam et al.; 2007).
Nigeria has been ranked as one of the largest growing economies recently in Africa.
Corporate governance mechanism helps in setting corporate objectives and defines the means for the attainment of those objectives.
According to Eng and Mak (2003), the disclosure of corporate governance’s information in the annual reports helps investors in investment decisions as the investors perceive that the business is conducted by the management in the ethical and transparent way by showing commitment towards the core values of the firm.
It builds up a framework which is legal for the achievement of the objectives of the corporation.
Poor Corporate Governance is the principal factor behind the failure of the Nigerian Banking system in the past.A robust disclosure regime brings transparency, and it is a strong tool for enhancing stakeholder management.Better corporate governance and improved internet disclosure should result in the attraction of more capital, reduction of fraud and sustaining the confidence of the investors in the capital markets.For example, weak mechanisms of corporate governance have led to the extreme economic shocks in the economies of Thailand, Malaysia, and Indonesia at the macro level while the collapse of corporate like Enron and World Com at micro level affected the US economy.Nigeria, as a case study, is not free from these shocks and economic downturns as a result of bad corporate governance practices.
Additionally, it outlines field of possible changes in the corporate legislation aimed to increase the efficiency of corporate governance (Yap, Saleh, and Abessi, 2011).