Ex-post facto research design was employed. The research population comprised the fifteen deposit money banks quoted on the Nigerian Stock Exchange as of December 31, 2017. Total enumeration method was used. Validated data were obtained from the Nigerian Stock Exchange and audited financial statements of the sampled deposit money banks. The data were analyzed using descriptive and inferential statistics.
Results indicated that corporate governance proxies of board size, board composition and audit quality jointly had a significant and positive effect on volume of shares traded (F(4,130) =13.43; Adj. R2 = 0.0753; p = 0.0093); corporate governance and control variables of firm size and profitability had a joint and positive effect on volume of shares traded (F(6,126) =20.15; Adj. R2 = 0.0654; p = 0.0026).
The study concluded that corporate governance affects volume of shares traded and firm size and profitability of firms have controlling influence on volume of shares traded. Management and board of directors should imbibe transparent corporate governance culture in their organizations to attract investors when making investment decision.
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