Corporate governance and maximisation of the shareholder value: theoretical evidence from CFA zone in Africa

This research looks at the theoretical impact of corporate governance on shareholder value maximisation in some countries of 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 maximisation. While the mining sector is dominant in maximising shareholder value, it also suffers from higher taxes and interest payments.