Investment response to business environment and governance: evidence from select quoted companies in Nigeria

This study examined the response of investment to business environment and governance of select quoted companies in Nigeria from the year 2020 to the year 2024. Using the Random effect panel data regression model, the study utilized various proxies of governance and business environment. The study employed control of corruption, voice and. accountability, political stability, crime rate, interest rate, exchange rate, total kilometer of rail and roads, financial development, exchange rate and interest rate as measures for governance and business environment, while share capital was used as proxy for investment. The study discovered that interest rate, total kilometer of rail lines, political stability, exchange rate and government effectiveness were found to have negative impact on investment. Moreover, total electricity generation, rule of law, total kilometer of roads, voice and accountability, Regulatory quality and financial development were found to have positive impact on investment. Crime rate had a negative and insignificant relationship with investment.