ISSN: 1204-5357

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Research Article Open Access

Ownership Structure and Financial Disclosure Quality: Evidence from Listed Firms in Nigeria


This paper examined the impact of ownership structure on financial disclosure quality of 75 firms listed on the Nigerian Stock Exchange (NSE) during the period 2011-2015. The study modeled financial disclosure quality using both accounting measure (ACCR) and market based measure (RET). The study used foreign ownership, managerial ownership and institutional investors as ownership structure attributes. The data used for the study were collected from the annual reports, company’s website and African financials website for the periods of 2011 to 2015. The General least square (GLS) regression method was used to estimate the parameters of the model. Findings from the study revealed that there is significant relationship between institutional investors, managerial ownership and quality of financial disclosure. The study recommends that Securities and Exchange Commission (SEC) should make it mandatory that all listed firms in Nigeria should have a proportion of institutional investors in their shareholdings because institutional investors have proved to be of good influence on financial disclosure quality based on the empirical results in this study.

Uwalomwa Uwuigbe

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