Effect of Controlling Shareholders on Financial Performance of Listed Consumer Goods Firms in Nigeria

This study examined the effect of controlling shareholders on financial performance of listed consumer goods companies in Nigeria between the period of2008 to 2017. To achieve the objective of this study, fifteen (15) firms were selected as a sample to test the above relations. The data was obtained from annual report of the companies. Using Random Effect model as a method of estimation and after controlling for three firm-specific characteristics, our results showed a positive and insignificant impact between controlling shareholders andf irm financial performance. Therefore, the study recommends that controlling shareholders should be encouraged by the supervisory bodies because of the role that it plays in constraining managers to act in a manner that favors thefirm.