Corporate governance and maximization of shareholder value: Theoretical analysis from Francophone countries in Africa

Abstract

This research looks at the theoretical impact of corporate governance on shareholder value maximization in some
Francophone countries in the CFA Zone in Africa. Data from Burkina Faso, Cameroon, Côte d’Ivoire and Gabon
covering the period 2005 to 2009 were used and theoretical analysis done. Theoretical results show that, though
highly dispersed, both within and between enterprises, corporate boards in the selected countries are relatively not
independent. Our paper also shows that both sector and country-specific effects have an impact on shareholder
value maximization. While the mining sector is dominant in maximizing shareholder value, it also suffers from
higher taxes and interest payments.
Key words: , , .