The Impact of Institutional Ownership on Board Accountability in Listed Firms in the North East Zone

This study examines the impact of institutional ownership on board accountability in listed firms operating in or connected to the North East geopolitical zone of Nigeria. Institutional investors, including pension funds, investment trusts, and insurance companies, hold significant stakes in many listed Nigerian firms and are increasingly expected to exercise active governance oversight. Board accountability, encompassing transparency in decision-making, responsiveness to shareholder concerns, and adherence to governance codes, is a central corporate governance outcome. In the North East zone, institutional investment remains relatively underdeveloped compared to South West and South South zones, making governance dynamics in this region a worthwhile subject of inquiry. The study adopts a descriptive and correlational design, using secondary data from annual reports of twenty listed firms with partial operations in the North East over four years. Institutional ownership is measured as the proportion of shares held by institutional investors, and board accountability is assessed using a composite index. Panel regression is employed with firm size and profitability as controls. The study expects institutional ownership to be positively associated with board accountability. Findings will assist institutional investors, listed companies, and regulators in the North East in advancing governance improvement agendas. Keywords: institutional ownership, board accountability, listed firms, corporate governance, North East Nigeria.