Project Risk Governance and Firm Financial Performance: Evidence from Listed Construction Companies on the Nigerian Stock Exchange

The relationship between project risk governance quality and firm-level financial performance has not been empirically established for listed construction companies in Nigeria. This study examines project risk governance and its relationship to financial performance in construction companies listed on the Nigerian Exchange Group. A longitudinal panel study will analyze five years of annual report data (2019-2023) from eight listed construction firms, supplemented by a cross-sectional survey of 200 risk management officers and board directors. Risk governance quality will be assessed through corporate governance disclosure scores and project-level risk management documentation ratings. Financial performance will be measured using return on assets, revenue growth, and Tobin's Q. Fixed-effects panel regression will examine the risk governance-performance relationship over time. This study makes an original contribution by linking firm-level project governance to capital market performance indicators, creating a business case for risk management investment that is directly relevant to investor relations and corporate governance reform discourse. Keywords: project risk governance, financial performance, listed construction companies, Nigerian Stock Exchange, panel data