Corporate Governance, Institutional Voids, and Firm Internationalisation: A Multi-Level Analysis of Nigerian Multinationals

This dissertation examines the relationship between corporate governance quality and firm internationalisation strategies in Nigerian multinationals, explicitly accounting for institutional voids that characterise the domestic governance environment. Nigerian multinationals, including firms in banking, telecommunications, cement, and consumer goods, have expanded into multiple African markets and beyond, yet the governance determinants of their internationalisation success remain theoretically and empirically underspecified. Drawing on institutional theory, the eclectic paradigm, and the governance internationalisation nexus literature, this study develops a multi-level analytical model that incorporates country-level institutional quality, firm-level governance attributes, and board-level international orientation as co-determinants of internationalisation outcomes. A mixed-method research design is adopted, combining event study analysis of internationalisation announcements for thirty Nigerian multinationals over twelve years with qualitative case studies of three firms representing diverse governance trajectories. Internationalisation outcomes are assessed using foreign asset ratios, host market performance metrics, and regulatory compliance records in destination markets. The institutional void concept is operationalised through a composite index constructed from World Bank governance indicators and Nigeria-specific regulatory quality measures. The study contributes an original multi-level governance internationalisation model and provides the first systematic empirical analysis of this nexus for Nigerian multinationals. Findings will guide international business strategy, governance reform, and investment policy. Keywords: corporate governance, institutional voids, internationalisation, Nigerian multinationals, multi-level analysis.