
This replication package supports the study “Corporate Cash Holdings, Governance Quality, and Shareholder Value: Evidence from the Nigerian Exchange.” The processed analytical dataset contains an unbalanced panel of 73 non-financial firms and 961 firm-year observations covering 2012–2025. The package contains the final analytical workbook, Stata 18 analysis and diagnostic code, a variable codebook, replication documentation, and captured final Stata output. The principal System-GMM specification uses 547 observations from 57 firms, while the Faulkender–Wang specification uses 335 observations from 35 firms. The processed data were compiled from publicly available corporate reports, financial statements, Nigerian Exchange market information, governance disclosures, and macroeconomic information. Original third-party source documents are not redistributed.