• ISSN:2971-7949(E) == ISSN:2672-4367 (Print)

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THE JOURNAL OF ACCOUNTING (JOA)
Separator

The Journal of Accounting (JOA) is a product of the Nigerian College of Accountancy as its contribution to the field of Accounting Research and education.

The Nigerian College of Accountancy (NCA) is a Post-graduate Professional College established under Section 8(1)(d) and Section 20 of ANAN Act. It is an educational institution in Jos established as a Training Arm of the Association of National Accountants of Nigeria (ANAN) located in Kwall, near Jos.

NCA as the training arm of ANAN follows International Federations of Accountants standards and pronouncements in training its students. It is a member of the International Association for Accounting Education and Research (IAAER), The institution is headed by Director-General Dr. Friday E. Akpan, Ph.D., FCNA, FCTI, FCTM.

The College is home to a Center for Forensic and Accounting Research(CEFAR) that manages a number of accounting research centers set up in various universities. The main objective is centrally to promote research, develop competence and to advance the science of accounting.

INSTRUCTIONS/ POLICIES

The Editorial Board of the Journal of Accounting Committee (JOA) calls for scholarly articles on relevant current and contemporary issues from academics in Accounting, finance, and other related multidisciplinary fields of study for publication. JOA is a biannual refereed journal published in June and December each year. All submissions must be made not later than two months before any issue.

PEER REVIEW

JOA has a comprehensive peer review procedure that, in the majority of circumstances, entails a double-blind appraisal of the work with at least two independent reviewers and a final judgment on acceptance or rejection by the Editor in chief. Before articles are published, all submitted manuscripts go through a peer-review procedure. The following provides a synopsis of the editorial procedures carried out.

Recent Articles

FIRM ATTRIBUTES AND DIVIDEND PAYOUT: STUDY OF DEPOSIT MONEY BANKS LISTED IN NIGERIAN.
Volume No: VOL. 11 (1) January - June 2022

Authors: Musa Success Jibrin
Categories: Accounting

Nigerian financial sector especially deposit money banks serve as an engine for economic growth and development with it function as the intermediary between the surplus and the deficit unit of the economy. However, recent banking distress constrain these banks for distributing dividend to their investors which pores fair to so many investors both individual and institutional. Therefore, the study investigates the effect of firm’s attributes on dividend payout in the Nigerian deposit money banks. A correlation research design was used for the study. The population of the study was all the listed Nigerian deposit money banks as at 2020 out of which 10 were arrived at, as the sample size, multivariate technique of data analysis was employed using multiple regression model, structured using longitudinal panel data. The findings of the study revealed that bank size, liquidity, and growth have a significant effect on the dividend payout of the Nigerian deposit money banks. Base on the findings of the study, it is therefore recommending among others that, the investors and portfolio analysts who want to select the dividend paying firms might have to look into the five mentioned attributes before selecting the investing bank. in other to have a promising and good investment.

Keywords: Firm attributes, Dividend, Payout, Deposit money banks & Nigeria

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HUMAN RESOURCE MANAGEMENT AND SUSTAINABLE DEVELOPMENT
Volume No: VOL. 11 (1) January - June 2022

Authors: Musa Success Jibrin
Categories: Accounting

Measuring and equating sustainability in an uncontrollable environment both in a short or  long term performance is important issues globally especially from business perspective.  The study sought to find out some important issues concerning “organizational or company “sustainability and the role Human Resources is playing”. The study adopted the survey research design. It was conducted using information gathered from five viable   companies in Nigerian. The population of the study was made up of 100 Human Resource managers from target manufacturing companies. The hypothesis was tested using the spearman’s rank correlation coefficient that was subject to significant test using student t- test. the study established that a sustainable Human Resource Management involves developing employees, managing Human Resource issues, strategically taking employees on capacity building, conducive work life, incentives, cooperation, job promotion and employment in the work environment is also considered very crucial.

KEYWORDS:    Sustainable     Development, Human Resources Management, Work, Environment and Managing Personnel.

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EFFECTS OF FISCAL AND MONETARY POLICIES ON PRIVATE SECTOR INVESTMENT IN NIGERIA
Volume No: VOL. 11 (1) January - June 2022

Authors: Okwuchukwu Odili, Paul Ede Ugwu
Categories:

The study investigated the effects of fiscal and monetary policies on private sector investment in Nigeria from 2000 to 2020. Data were sourced from Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics. The explanatory variables include monetary policy rate, real exchange rate, broad money supply, outstanding balance of certificates of deposit, taxes, and government expenditure, while, the explained variable is private sector investment in Nigeria. he study employed ordinary least squares multiple regression analysis and error correction mechanism in its data estimation. The findings of the study revealed that monetary policy rate, real exchange rate and outstanding balance of certificates of deposit have negative and significant effect on private sector investment in Nigeria. Taxes had negative but insignificant effect on private sector investment in Nigeria, while, broad money supply and government expenditure had positive and significant effect on private sector investment in Nigeria, The study recommends adopting persuasive monetary policy measures to direct banks to provide funds at controlled or subsidized interest rate for private sector investment. The study further recommends that the federal government of Nigeria should cut down on her recurrent expenditure profile.

Keywords: Money supply, monetary policy rate, private sector investment, certificates of deposit

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EFFECT OF AUDITOR SWITCH DECISIONS ON FINANCIAL PERFORMANCE OF QUOTED FIRMS IN NIGERIA
Volume No: VOL. 11 (1) January - June 2022

Authors: Okerekeoti Chinedu U., Ezejiofor Raymond A.
Categories: Accounting

This study examined the effect of auditor switch decisions on financial performance of firms in Nigeria. 

Specifically, the study ascertained the effect of auditor switch decisions on Tobin’s Q of Nigerian firms. Ex-Post

Facto research design was employed and data were extracted from the annual reports and accounts from 2012 to 2020 from a sample size of 75 firms in Nigeria. Data obtained were analysed via descriptive statistics and lest regression analysis. The results revealed that auditor switch decisions and corporate performance variables fitwell in the estimated models, since it is statistically significant at 0.05%, hence auditor switch decisions and Tobin’s Q were significantly affected.  Based on the findings, The analysis suggested that auditor switch would not considerably alter Tobin's Q in light of its findings. Tobin's Q) of their companies would significantly increase further; Nigerian businesses should assess the quality of the auditor before transferring.

Keywords: Audit Switch, Financial Performance, Audit Fee, Firms, Nigeria

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RESTRUCTURING OF THE ASSETS OF MICROFINANCE BANKS AFFECTED BY COVID 19 PANDEMIC IN NIGERIA
Volume No: Vol. 11 (1) January - June 2022

Authors: Nwadighoha Chinedum E
Categories: Accounting

The study is an empirical survey aimed at examining the restructuring of the assets of Microfinance Banks affected by COVID 19 Pandemic in Nigeria. The area of study, population and sample size are all current status of Microfinance Banks in Nigeria.The research design is centred on the empirical survey of 10 National Microfinance Banks, 135 State MFBs and 766 Unit MFBs in the country. Some of the findings revealed that there is the need for extension of the mandatory restructuring of MFBs as directed by the CBN, that merger and acquisition processes take a long time exercise and may require the engagement of experts and some indices that are critical for the survival and growth of MFBs are not yet put in place by the operators of MFBs in Nigeria and it is recommended that assets revaluation, assets equity swap, new capital injection, private placement of shares and introduction of attractive products by the MFBs to their customers and potential investors are also recommended.

Keywords: Assets Restructuring, Microfinance banks, COVID 19 Pandemic

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COMPANY INCOME TAX REFORM AND INTERNALLY GENERATED REVENUE IN NIGERIA.
Volume No: Vol. 11 (1) January - June 2022

Authors: John-Akamelu Chitom Racheal
Categories:

The study is set out to evaluate the effects of Company Income Tax (CIT) reforms on internally generated revenue in Nigeria from 2004 to 2019. Data were extracted from Central Bank Statistical Bulletin. The study employed regression analysis to test the formulated hypothesis with aid of E-View 9.0. Based on the data analyzed, the study revealed that Company Income Tax (CIT) has a significant effect on internally generated revenues in Nigeria. Consequently, the researchers recommended that there should be continuous review and reforms in the Nigeria company income tax to reflect the current realities of the modern economy since tax reform was found to have significant effect on revenue performance.

Keywords: CIT, Reforms, Internally Generated, Revenue, Economy, Nigeria

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RELATIONSHIP BETWEEN UNIVERSITY ENTRY REQUIREMENTS AND ACADEMIC PERFORMANCE OF ACCOUNTING STUDENTS IN NIGERIA
Volume No: Vol. 11 (1) January - June 2022

Authors: Ibrahim Umar
Categories: Accounting

Prior studies have associated academic performance of accounting students to learning facilities and structure, learning method and entry qualification. Although it is expected that these entry qualifications would have an impact on the students’ performance, studies have given contradictory findings. This study was therefore conducted to examine the relationship between university entry requirements and the performance of accounting students. Data were collected from the official records of 317 accounting students who graduated from three universities in Nigeria in the 2018/2019 academic session. The data were analyzed using correlation and multiple regression statistics with the aid of SPSS. The findings of this study show a positive and strong correlation but statistically insignificant relationship between Senior Secondary Certificate Examination (SSCE) grade in English language, Mathematics, Economics and Accounting and the final Cumulative Grade Point Average (CGPA). The implication of the findings and recommendations are provided.

Keywords: - academic performance, accounting students, CGPA, entry requirements, SSCE.

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VALUE RELEVANCE OF PERFORMANCE DISCLOSURE AND TRANSPARENCY ON SHAREHOLDERS’ REWARD: AN EMPIRICAL INVESTIGATION OF NIGERIAN BANKS
Volume No: Vol. 11 (1) January - June 2022

Authors: Ejike Sunday Okoroigwe
Categories:

The main objective of this paper was to carry out an empirical investigation of the value relevance of Performance Disclosure and Transparency on Shareholders’ Reward of Nigeria banks in 2020. The paper is quantitative research and employed descriptive research design via correlation study. The population of the study consists of the 23 banks listed in the Nigeria Stock Exchange as at December, 2020.  Secondary data was collected from the fact book of the Nigeria Stock Exchange and websites of the selected banks for the year 2020. The study adopted a similar model used by Haat, et al. (2008) and Hamad, et al. (2021) to estimate the combined effects of Performance disclosures and transparency proxies on the shareholders rewards of selected banks. The data collected was analyzed using both descriptive and inferential statistics (using the Ordinary Least Squares-OLS-regression) via the Statistical Package for Social Sciences (SPSS). The findings show that all the three performance disclosures and transparency indicators are very influential in ensuring Shareholders’ reward. The implication of these findings is that the interests of shareholders, in the form of their rewards, are guaranteed with enhanced performance disclosure and transparency by management of these banks. This would in turn build owners confidence and subsequently guarantee more funds from while solidifying the continuity and going concern of the Nigeria banks. The paper recommended that the various stakeholders should always ensure that these banks meet up to standard of performance disclosures and transparency to guarantee that shareholders always receive their appropriate rewards.

Keywords: Earning per share; Dividends per share; Performance disclosure and transparency;

Return on Investment; Shareholders’ reward 

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OWNERSHIP STRUCTURE AND FINANCIAL REPORTING QUALITY OF LISTED OIL COMPANIES IN NIGERIA
Volume No: Vol. 11 (1) January - June 2022

Authors: Michael Chidiebere Ekwe
Categories: Accounting

This paper assessed the effect of ownership structure on financial reporting quality of listed oil companies in Nigeria. The ownership structure was proxy by the proportion of the total number of common shares owned by the board of directors to the total number of common share outstanding, while the financial reporting was computed through the 1991 Jones model of financial reporting quality. Data for the study was sourced from the annual reports and accounts of the sampled study oil companies. Time series data from 2006-2019 were used. The hypotheses were tested using regression analysis technique. The result shows that ownership structure has a significant effect on quality of financial reports of listed oil companies in Nigeria. The study among others recommends that shareholders and investors to reconsider in the level of the ownerships in the companies especially the institutions that invest in other companies in other to increase their supervisory role on the management performance when preparing financial statement, it also went further to say that with regard to structure of company’s share ownerships that the government and the institution should consider the influence of shareholders control over the quality of the financial reporting.

Keywords: Ownership Structure, Oil Company, Shareholders, Financial Reporting Quality

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DETERMINANTS OF LABOUR PRODUCTIVITY IN NIGERIA
Volume No: Vol. 11 (1) January - June 2022

Authors: Okwuchukwu Odili
Categories: Politics, Economics, Accounting

This study examined the determinants of labor productivity proxied with human capital development index, capital intensity, wage rate, per capita income, globalization index, governance and usage of information and communication technology. Thus, empirical model is estimated using Vector Auto Regressive (VAR) technique. The study spans from 1990 to 2018. The findings show that human capital development index, capital intensity, wages, per capita income, globalization index, governance and application of ICT collectively influenced productivity of labour. The VAR estimates showed that human capital development index, capital intensity, wages, globalization index and governance had positive effect on labour productivity while per capita income and ICT usage had negative effects on labour productivity. This study therefore, recommends that Nigeria should take advantage of the globalization waves to attract foreign resources and knowledge to enhance labour productivity in the country as well as compete in the international labour market. Consequently, there is need for trade liberalization that will permit new technology and innovation transfer needed for the upgrade of workers skills. It further recommends improvement in public administration, institutional reforms and application of appropriate policies and regulations towards promoting and enhancing national productivity of labour, as well as ensuring accountability of public funds.

Key words: Labour, productivity, human capital, wages, ICT, governance

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CORPORATE GOVERNANCE AND FIRM VALUE: IS POOR CORPORATE GOVERNANCE RESPONSIBLE FOR THE PERSISTENT CRISES IN NIGERIA BANKING SECTOR?
Volume No: Vol. 11 (1) January - June 2022

Authors: Ejike Sunday Okoroigwe
Categories: Politics, Economics

The broad objective of this study was to investigate the relationship between corporate governance and firm value of Nigeria banks. It is quantitative research that used correlation descriptive design. The study adopted a similar model used by Haat, et al. (2008) and Hamad, et al. (2021) to estimate the combined effects of corporate governance proxies on the firm value of selected banks. Secondary data was collected from the published financial reports of the selected banks for the year 2010 to 2020, which is the scope of the study. The data was analyzed using both descriptive and inferential statistics (using the Ordinary Least Squares-OLS-regression) via the Statistical Package for Social Sciences (SPSS). The findings indicated that corporate governance has significant effect on the Return on Investment, Dividend per Share, as well as on the Net Assets per share of the banks in Nigeria. The paper recommends that all the stakeholders involved in monitoring the institutionalization of an effective system of corporate governance in Nigeria banks should do more to ensure that bank directors adhere to good and transparent corporate governance to reverse the continuous trend of bank failures in Nigeria.

Keywords: Corporate governance; Firm value; Dividends per share; Return on Investment; Net Assets per Shares

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EFFECT OF BOARD CHARACTERISTICS ON FINANCIAL DISCLOSURES OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
Volume No: Vol. 12(1) January - June 2023

Authors: Mamman Suleiman, Ame Jacob Ojobo, Usman Musa Musa, Liman A. Mohammed
Categories: Economics

The issue of financial disclosures in annual report has been a persistent problem over the years, with high-profile sandals occurring both in the past and in more recent times. Certain characteristics of the board of directors that can improve their monitoring function are suggested in the literature as corporate governance mechanisms. Thus, this study examined the effect of board characteristics on the financial disclosures of listed industrial goods firms in Nigeria. The study adopted an ex-post facto research design. The population of the study comprised all the 13 quoted industrial goods firms on the Nigeria Exchange Group Limited as of 31st December 2022 on which filters were employed to arrive at an adjusted population of 10 firms. Panel data were extracted from the annual financial statements of the firms for the period 2014 – 2022 to examine the effect of board financial expertise, independent directors, board gender diversity and board foreign directors on the financial disclosures of the firms.  The panel data were analysed using dynamic panel regression or the Generalized Method of Moment. The findings of the study shows that board financial expertise, independent directors and board foreign directors have a positive significant effect on financial  disclosures of listed industrial goods firms in Nigeria. While board gender diversity has a positive insignificant effect on financial disclosures of listed industrial goods firms in Nigeria. In line with the findings and conclusions, the study recommends among others that the listed industrial goods firms in Nigeria should prioritize the appointment of independent directors to improve financial  disclosures in their annual reports. To achieve this, firms should aim to have a board composition that includes a significant proportion of independent directors.

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EFFECT OF BOARD NATIONALITY AND GENDER DIVERSITY ON RISK DISCLOSURE OF QUOTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
Volume No: Vol. 12(1) January - June 2023

Authors: Emmanuel Victor Yoko, Prof. Abdullahi D. Zubairu, Dr. Musa M. Naburgi
Categories: Economics

Past accounting scandals, the 2007/2008 global financial crisis and the recent collapse of giant companies across the globe have triggered the need for vibrant risk management and high quality of risk reporting through sound corporate governance. Corporate governance codes have recognized the need to improve corporate risk disclosure and provide guidance for such disclosures. Understanding the drivers for firms to disclose risk-related information may assist regulators and standards setters in promoting both the spread and the improvement of such disclosures through the issuance of corporate governance codes and reporting. This study responds to recent calls for more research on this subject by empirically examining the effect of board of nationality and gender diversity of industrial goods firms listed on the Nigerian Exchange Group. This study adopts Ex post facto research design. The population of the study comprised of all the 13 listed industrial goods firms. However, filters were employed to arrive at an adjusted population of 11 companies. Data were extracted from the published financial statements of manufacturing companies, covering a period of ten (10) years from 2013 to 2022. Risk disclosure is measured using a checklist of 22 items.  The study employs multiple regression technique as the technique of analysis with aid of STATA version 16 as a tool for analysis. The results indicate that board nationality has a positive and statistically significant effect (p=0.004) on the extent of risk disclosure. On the other hand, the probability for the variable board gender diversity is not statistically significant. This study recommends that the Nigerian industrial goods sector compose boards with diversities especially foreign directors who can bring their experiences to bear in making decisions in respect to risk information disclosures.

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ANALYSIS OF DEBT FINANCING ON FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA
Volume No: Vol. 12(1) January - June 2023

Authors: Nwadighoha Chinedum E, Dr. Ebe Emmanuel Chukwuma, Dr. Nwankwo Peter Emeka, Obaji Samuel Itumo, Inyaeze Chibuike Isaac
Categories: Accounting

The study investigated the effect of debt financing on financial performance of listed consumer goods companies in Nigeria. The study addressed a number of objectives: to examine the effect of debt to equity ratio on return on assets of listed consumer goods companies in Nigeria; ascertain the effect of total debt ratio on the return on assets of listed consumer goods companies in Nigeria; and determine the effect of long-term debt ratio on the return on assets of listed consumer goods companies in Nigeria. The study adopted secondary panel data obtained from firms’ annual reports and accounts from 2011 to 2022 and expo facto research design. Descriptive statistics was used to analyze the data and OLS Regression analysis was employed to test the hypotheses at 5% level of significance. The results revealed that debt-equity ratio was insignificant and negative effect on return on assets of listed consumer goods companies in Nigeria, similarity total debt ratio is not significant also documented negative relationship on return on assets of listed consumer goods companies in Nigeria, while long term debt ratio was also not significant at 5% level though has positive effect on return on assets of listed consumer goods companies in Nigeria. Based on these findings, the recommendation among others is that management of these firms should be careful when using debt as its source of financing its activities, they should seek to finance their activities with retained earnings and use debt as a last option as supported by the pecking order theory. Long term debt finance is mostly used by highly tangible firms, hence, policies that would encourage growing firms accumulate huge tangible assets should be pursued. Hence, tax concession and exemptions can be approved.

Key words: Leverage, Consumer Goods Sector, Profitability 

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EFFECT OF CREDIT FACILITIES ON THE FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANIES IN NIGERIA: SURVEY OF SURVIVAL STRATEGIES OF SMES IN ABA METROPOLIS ABIA STATE NIGERIA POST COVID-19
Volume No: Vol. 12(1) January - June 2023

Authors: Dr. Ebe Emmanuel Chukwuma, Dr. Nwankwo Peter Emeka, Ugo Celina Amauchechukwu Ph.D, Okoro Ijeoma Nkama
Categories:

This study examined the effect of credit facilities on the financial performance of listed manufacturing companies in Nigeria: Survey of survival strategies of SMEs in Aba Metropolis Abia State Nigeria post Covid-19. The specific objectives were to: examine the effect of maintaining liquidity through credit facilities on survival of SMEs in the post Covid-19 era, determine the effect of technology-driven investment on survival of SMEs in the post Covid-19 era and ascertain the effect of business remodelling/identification of new revenue opportunities on survival of SMEs in the post Covid-19 era. The study adopted a survey research design and structured questionnaire for the instrument of the study with five (5) SMEs and 219 employees, ranging from managerial positions, proprietors of SMEs and there level categories of workers; ie senior, middle and junior staff.  SPSS version 20 was used to analyse the variables. Descriptive statistics and OLS were used to analysis the variables of respondents and to determine the relationship between variables of business survival strategies and performance of SMEs. The results revealed that maintaining liquidity through credit facilities has significant effect on survival of SMEs in the post Covid-19 era, technology-driven investment significantly affects survival of SMEs in the post Covid-19 era, while business remodelling/identification of new revenue opportunities significantly forecasts survival of SMEs in the post Covid-19 era. Implication of the study is that Small and medium enterprises (SMEs) should seek for facility and other advances from deposit money banks and other credit financial institutions for loans to keep SMEs in a reduced interest rates. Government should also find means of grant and other ways to assist Small and Medium Enterprises financially to recover from sustained losses due to COVID 19. Small and medium enterprises should expedient means of capitalizing extra in technology, digital marketing and other operative marketing approaches, thus; creative personal selling, customer-oriented product  services, skilful advertising, among others.

 

Key words: SMEs, COVD.19, survival strategy, performance evaluation

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BOARD OF DIRECTORS, INSTITUTIONAL INVESTORS AND FINANCIAL REPORTING QUALITY: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS IN NIGERIA
Volume No: Vol. 12(1) January - June 2023

Authors: Enebi Kester Danjuma, Dr. Nuraddeen Usman Miko, Dr. Abdullahi Murtala
Categories:

This study investigated the impact of board of directors and institutional investors on financial reporting quality of Nigerian non-financial listed enterprises over the period 2012 to 2021. The research utilized a sample of 53 businesses, representing a population of 112 firms. To assess the dependent variable, discretionary accruals, the Modified Jones Model, as outlined by Dechow, Sloan, and Sweeny (1995), was employed. The study employed an ex-post facto research design and collected secondary data from annual reports and accounts available on the Nigerian Stock Exchange website. For data analysis, multiple regression analysis was the primary statistical method used during the descriptive phase. The findings from the fixed effect regression analysis revealed a positive and significant relationship between the financial expertise of the board and the quality of financial reporting. In contrast, board independence was found to have a minimal and adverse effect on the accuracy of financial reporting. Furthermore, the study identified that institutional investors' ownership had a statistically significant moderating effect on the association between board financial expertise and financial reporting quality, although it did not have a similar influence on the relationship between board independence and financial reporting quality in Nigerian non-financial listed firms. In light of these findings, the study suggests that the presence of institutional investors in Nigerian non-financial listed enterprises enhances their influence by strengthening their monitoring role through active participation in the companies' policies and decision-making processes.

 

Keywords: Board of Directors, Board Independence, board financial expertise, institutional Investors, financial reporting quality

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INTELLECTUAL CAPITAL AND EARNINGS PREDICTABILITY
Volume No: Vol. 12(1) January - June 2023

Authors: Gospel J. Chukwu, Ineye Odoemenam
Categories:

This study investigated the relationship between intellectual capital efficiency (ICE) and earnings predictability (ENPRED) of insurance firms in Nigeria.  The study used three dimensions of ICE, human capital efficiency (HCE), structural capital efficiency (SCE) and capital employed efficiency (CEE), and obtained data from a sample of twelve firms over nine years, 2012 – 2020. Regression analysis was used to explore the relationship between ICE components and ENPRED. Results showed that human capital efficiency (HCE) has a significant and positive relationship with earnings predictability, but the other ICE components were not significantly associated with earnings predictability. The results support the view that human capital constitutes a valuable resource which should be efficiently utilised to achieve more predictable earnings and survive in the knowledge economy. The findings have implications for insurance firms as they should constantly seek to enhance their human capital efficiencies to sustain competiveness and achieve more effective insurance penetration in Nigeria. More efficient investments in structural capital and capital employed will help the industry to reap greater benefits of IC investments.

 

Key words:  Intellectual capital, human capital efficiency, structural capital efficiency, capital employed efficiency, earnings predictability

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EFFECTS OF BUDGET IMPLEMENTATION ON ECONOMIC GROWTH IN NIGERIA
Volume No: Vol. 12(1) January - June 2023

Authors: Azubuike Mba Nnachi, Dr. Ibiam Chioma Iheruome, Dr. Josephe O. Elom, Dr. Ugwu Monday Okereke, Dr. Nwogo Justin E.
Categories:

The focus of the study is on the effect of budget implementation on economic growth in Nigeria. The study adopted the adopted the Ordinary Least Square (OLS) regression method. The major findings of the study are: capital expenditure has significant positive impact on the real gross domestic product in Nigeria; recurrent expenditure has significant positive impact on the gross domestic product in Nigeria; debt servicing has significant negative effect on the economic growth in Nigeria; there is significant impact of government statutory transfers on the gross domestic product in Nigeria. Based on the findings, the study recommends that government should prioritize capital expenditure in order to provide the critical economic infrastructures that help to generate growth, since they positively impact significantly on the gross domestic product; there is need for the government to continue to implement recurrent expenditure as contained in the budget in order to continuously influence the gross domestic product; government should reconsider random borrowing of money as greater percentage of the budget is spent servicing debts and that every debt should be project linked, also anti-graft agencies should be allowed to independently discharge their duties; and there is need for the government to further adopt vigorous implementation strategy for the budget and also ensure statutory transfers are not handled with laissez faire.

Keywords: Budget Implementation, Recurrent Expenditure, Capital expenditure, Debt servicing, and Economic Growth

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THE MODERATING EFFECT OF FIRM SIZE ON TAX SAVING AND INVESTMENT EXPENDITURE IN NIGERIA
Volume No: Vol. 12(1) January - June 2023

Authors: Patrick Amechi Egbunike, Ifeanyi Francis Osegbue
Categories:

This study examines how taxation and firm characteristics influence investment expenditure. It differs from previous taxation-led investment expenditure narrative that probe whether taxation exerts a positive effect on investment expenditure. The empirical evidence is based on Pooled Ordinary Least Square regression techniques. The study engages data on 119 non-financial firms in Nigeria from 2010 to 2022. Results from the Pooled Ordinary Least Square show that: (1) tax savings exerts a positive effect on investment expenditure. (2) the interaction effect of tax savings and firm size is positive however not significant. This implies that tax savings raises investment expenditure. Also, that expansion in firm size raises the impact of tax savings on investment expenditure. This is on the grounds that managers lessens taxable income to raise investment expenditure. Based on the findings, the following recommendations are made for non-financial firms in Nigeria: (1) concentrate on the increase in total asset to increase their total investment expenditure which will increase profitability. (2) tax authorities should initiate an organized and flexible tax system to avoid negative tax savings from non-financial firms.

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DETERMINANTS OF AUDIT QUALITY OF LISTED NON-FINANCIAL COMPANIES IN NIGERIA
Volume No: Vol. 11(2) July - December 2022

Authors: Mamman Suleiman, Yahaya B. Abdullahi, M.A. Mainoma, I.A. Olotu
Categories:

This study is driven by the motivation to examine the determinants of audit quality of listed non-financial companies in Nigeria. Specifically, the study examined the auditor industry specialization, audit tenure, audit engagement partner disclosure, and audit committee expertise as determinants of audit quality.  The study employed longitudinal research design. The data were collected from published annual financial reports of the sampled non-financial companies in Nigeria.  This study uses the Generalized Method of Moments (GMM) as an estimation model employing panel data analysis during the observed period from 2012 to 2021. The results from GMM indicate that auditor industry specialization, audit engagement partner disclosure, and audit committee are determinants of audit quality of listed non-financial firms in Nigeria.  Based on this, the study recommended among others that regulatory bodies such as the Security and Exchange Commission (SEC) or Financial Reporting Council of Nigeria (FRCN) should encourage auditor industry specialization through regulation since it ensures audit quality.

Keywords: Audit Quality, auditor industry specialization, audit tenure, audit engagement partner disclosure, and audit committee expertise

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EFFECT OF RECAPITALIZATION ON ASSET QUALITY OF QUOTED DEPOSIT MONEY BANKS IN NIGERIA
Volume No: Vol. 11(2) July - December 2022

Authors: Ambrose A. Okwoli, Saratu L. Jim- Suleiman, Godfrey Datong Daboer
Categories:

The objective of this study was to examine the effect of bank recapitalization on asset quality of quoted Deposit Money Banks in Nigeria. Relevant literature were reviewed. Casual research design was adopted while secondary data in terms of the annual report of Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), and Deposit Money Banks in Nigeria were employed. The data were analysed using pooled regression analysis through STATA window 14 packages. The finding from the study shows that recapitalization does not improve asset quality of Deposit Money Banks in Nigeria. The implication of the finding is that recapitalization has not enhanced the asset quality Deposit Money Banks in Nigeria. The study therefore, recommends that bank management should develop and implement strategies to improve asset quality of the banks through setting up good credit policies that will reduce loan losses and non-performing loans and thereby increasing the earning of the banks.

 

Key Words: Recapitalisation, asset quality, shareholders’ fund, deposit money bank, and Ratio of non-performing loan to total loan.

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EFFECTS OF FORENSIC ACCOUNTING AND FRAUD DETECTION IN NIGERIAN DEPOSIT MONEY BANKS
Volume No: Vol. 11(2) July - December 2022

Authors: Deshi Nengak Nentawe, Freeman Ngatuwa Tumba
Categories:

The spate of financial fraud has brought into question the services of a traditional auditor in the fight against fraud. Due to the increase in the rate of financial fraud, the need to detect fraud became a necessity in companies. The study examines the impact of forensic accounting on financial fraud detection and prevention in deposit money banks in Nigeria. Primary source of data was adopted Data were collected from internal control, audit and compliance staff from the eight (8) deposit money banks license with international authorization operating in Nigerian banking sector through well-structured Likert scale questionnaire. 120 questionnaires were issued to respondents from eight banks. The statistical tool used in the analysis of the data collected was Descriptive Statistics and multiple regression analysis. The data were processed using Statistical Packages for Social Sciences (SPSS). The study found that there is a positive relationship between Forensic Accounting Investigation, and fraud detection, also, Reviewing Financial Transactions and Analyzing Accounting Records have a positive impact on fraud detection. The study concluded from the findings that conducting forensic accounting investigation has a positive and significant effect on financial fraud detection in DMBs in Nigeria. On the other hand, analyzing financial transactions has a negative or no significant effect on financial fraud detection in DMBs operations. However, it was concluded that analyzing financial records positively and significantly influences fraud detection money deposit banks in Nigeria. The study recommended that, Forensic Accountants’ services should be maintain in the Nigerian Deposit Money Banks as independent concern in order to mitigate fraudulent financial transactions.

 

Keywords: Forensic Accounting, Fraud Detection and Deposit Money Banks.

 

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SUKUK AS A VIABLE OPTION INSTRUMENT OF FINANCING INFRASTRUCTURAL DEVELOPMENT IN NIGERIA
Volume No: Vol. 11(2) July - December 2022

Authors: Abdulrahman Bala Sani, A. Kaoje Nasir, Taophic Olarewaju Bakare
Categories:

Infrastructure deficit is a major source of concern for stakeholders, as bad infrastructure is one of the country's biggest roadblocks to smooth corporate operations and capital inflows. Given the rise of population growth in Nigeria and the consequent need for infrastructure development to enhance the standard of living, it becomes necessary for government to build infrastructure at minimal cost. The present mode of financing infrastructure is usually marred due to high cost of servicing the debt secured to finance the infrastructure deficit in Nigeria. This has call for the best alternatives to finance the capital projects in Nigeria. Sukuk financing is one of the strategies for enhancing growth and development through capital project financing. Using content analysis, the study examines sukuk as a panacea for financing infrastructural deficit in Nigeria. The findings revealed that with the recent over-subscription with 346% (N865bn) of just concluded offered, sukuk can be used to generate needed funds to finance infrastructural deficit in Nigeria. The study therefore concludes that if alternatives source with minimum cost are pursued, Sukuk can be a viable option for funding large-scale infrastructure investments in Nigeria instead of seeking external loans which usually have a negative effect on Nigeria's economy. The study therefore recommends that government should take immediate steps to increase non-Muslim awareness of sukuk by engaging in more interactions with influential religious organisations, as sukuk might be utilized to fund Nigeria's deficit budget. This will improve capital market intermediation and stimulate the issuance of more sukuk as a reliable source of funding.

Keywords: Development of SUKUK, Hybrid SUKUK, SUKUK Bonds, Special Purpose Vehicle

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BOARD OF DIRECTORS’ ATTRIBUTES AND PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
Volume No: Vol. 11(2) July - December 2022

Authors: Musa Adeiza Farouk, Aisha Oyiza Otori, Latifat Muhibudeen
Categories:

Argument rages on, on the extent to which board attributes affect the financial performance of firms. This study examines the role of board size, composition, meeting, nationality and gender in the performance of listed Deposit Money Banks in Nigeria. Using a sample of 14 banks and covering a study period of 11 years from 2009 to 2019, data was collected from the annual reports of the sampled firms and analysed using the multiple regression techniques. The findings reveal that board size has a significant positive effect on firm performance while board composition and nationality have a significant negative effect on firms’ performance. The study recommends that board size should be maintained at an average size in order to optimize firm performance.

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EFFECT OF CORPORATE GOVERNANCE ON PERFORMANCE OF QUOTED CONSUMER COMPANIES IN NIGERIA
Volume No: Vol. 11(2) July - December 2022

Authors: Lot Earnest Obiri
Categories:

The main objective of this study is to determine the effect of corporate governance on financial performance of quoted consumer goods companies in Nigeria over a period of ten (10) years (2011- 2020). This study employed Board Gender Diversity (BGD), Audit Committee meeting (ACM), Board Size (BS), and Board Independence (BI) to represent mechanisms in determining their effect on performance of the Return on Asset(ROA) as proxies dependent variable. The ex-post-facto research design was used study; the secondary data was obtained from the panel variable (strongly balanced) of the selected consumer goods companies quoted on the Nigeria Exchange Limited (NEL). Descriptive statistics, Correlation, and panel regression analysis in the form of Generalized Least Squares (GLS) is the main technique used for the analysis. The results showed that Board size has positive and insignificant effect on Return on Assets (ROA) of quoted consumer’s goods firms in Nigeria. Secondly, Board independence has positivity and significant effect on ROA of quoted consumer’s goods firms in Nigeria. Thirdly, Board diversity (women directors) has a positive and significant impact on ROA of quoted consumer’s goods firms in Nigeria. Fourthly, Audit Committee meeting has a positive and significant effect on ROA of quoted consumer’s goods firms in Nigeria at a 5% level of significance. The study recommended the BS and BI directors should be streamlined, structured, widen, and increased the diverse expertise and skills, hence increasing performance and improving the health and wealth of consumer goods companies.   

 

Keywords: Audit Committee Meeting, Board Gender diversity, Board size, Corporate Governance, and Financial Performance.

 

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EFFECT OF RECAPITALIZATION ON ASSET QUALITY OF QUOTED DEPOSIT MONEY BANKS IN NIGERIA
Volume No: Vol. 11(2) July - December 2022

Authors: Ambrose A. Okwoli, Saratu L. Jim- Suleiman, Godfrey Datong Daboer
Categories: Economics

The objective of this study was to examine the effect of bank recapitalization on asset quality of quoted Deposit Money Banks in Nigeria. Relevant literature were reviewed. Casual research design was adopted while secondary data in terms of the annual report of Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), and Deposit Money Banks in Nigeria were employed. The data were analysed using pooled regression analysis through STATA window 14 packages. The finding from the study shows that recapitalization does not improve asset quality of Deposit Money Banks in Nigeria. The implication of the finding is that recapitalization has not enhanced the asset quality Deposit Money Banks in Nigeria. The study therefore, recommends that bank management should develop and implement strategies to improve asset quality of the banks through setting up good credit policies that will reduce loan losses and non-performing loans and thereby increasing the earning of the banks.

 

Key Words: Recapitalisation, asset quality, shareholders’ fund, deposit money bank, and Ratio of non-performing loan to total loan.

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EFFECTS OF TAX COMPLIANCE DETERMINANTS ON TAX EVASION IN NIGERIA: AN EMPIRICAL INSIGHT
Volume No: Vol. 12(2) July - December 2023

Authors: Alfred Ilemona Sani
Categories:

Tax evasion is an illegal activity common in the Nigerian environment, especially among operators in the informal sector of the economy. It is for this reason that measures have been put in place by the government to motivate compliance of taxpayers with relevant tax laws in Nigeria. However, there are contradictory views regarding the effectiveness of the compliance measures. The study, therefore, seeks to examine the effects of the tax compliance determinant on tax evasion in Nigeria. The study employed a survey design research approach to achieve the stated objective. A quantitative method was used where data were collected using a structured questionnaire from a sample of Small and Medium Enterprises (SMEs) operators in six states in North-eastern, North-central zones, and Federal Capital Territory (FCT) Abuja. The reliability and viability of the measuring instrument were done using Cronbach’s Alpha and Kaiser-Meyer Olkin (KMO) tests. Tax Morale (TM), Tax Education (TE), Tax Holiday (TH), and Tax Deterrent (TD) are explanatory variables while Tax compliance (TC) is the response variable. The analysis of the data was done using multiple regression.  The result showed that while TM, TE, and TH have positive impact on the TC behaviour of taxpayers that of TD was negative. The study recommended that government should use tax compliance factors such as TM, TE and TH rather than punitive TD measures that triggers alienation of taxpayers instead of compliance.

Keywords: Tax compliance, Tax Morale, Tax education, Tax deterrent, Taxpayer 

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EFFECT OF CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF SELECTED COMMERCIAL BANK IN NIGERIA
Volume No: Vol. 12(2) July - December 2023

Authors: Sharon Ugonne Oketah, Fabian Udum Ulo, Kenneth Chukwuma Nwekpa, Louis Chinedu Nkwagu
Categories:

This study examined the effect of capital structure on financial performance of Selected Commercial Banks in Nigeria with emphasis on the extent to which debt ratio, equity ratio, and debt equity ratio affect financial performance of commercial banks in Nigeria. The study adopted expost facto research design. Use was made of secondary data obtained from annual report and accounts of selected commercial banks in Nigeria. Panel regression method was used to estimate the variables in addition to the descriptive statistics analysis used  carry out to describe ascertain the characteristics of the dependent and independent variables. Findings reveal that debt ratio has negative significant impact on financial performance of selected commercial banks in Nigeria while, equity ratio has positive and significant effect on financial performance. The debt equity ratio also has positive significant impact on financial performance of selected commercial banks in Nigeria. The study consequently recommends that there should be an optimal debt mix that will improve financial performance of commercial in Nigeria. More so, there should be an increase in the level of equity ratio in order to improve on the profitability of commercial banks in Nigeria. Finally, commercial banks in Nigeria should increase the level of debt equity ratio in order to allow a positive liquidity.   

Keywords: debt ratio, equity ratio, debt equity ratio, financial performance

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EFFECT OF AUDIT COMMITTEE INDEPENDENCE AND GENDER DIVERISTY ON SUSTAINABILITY REPORTING DISCLOSURE OF QUOTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
Volume No: Vol. 12(2) July - December 2023

Authors: Lukman Olatunji Ojo, Kayode Olusola Fasua, Abdullahi Abdulsalam Yusuf
Categories:

This study examined the effect of audit committee independence and audit committee gender diversity on sustainability reporting disclosure of quoted industrial goods companies in Nigeria. The study adopted ex-post facto research design. Secondary data were collected from the annual reports of all the 13 industrial companies for a period of ten years from 2010 to 2019. Descriptive statistics and multiple regression were employed for Data analysis. The result revealed that audit committee independence has positive and significant effect on sustainability reporting disclosure while audit committee gender diversity has insignificant and negative effect on sustainability reporting disclosure of industrial goods companies in Nigeria. Based on the research findings the study recommended that the Nigerian corporate business most especially industrial goods companies should consider increasing the number of independent directors on the board because this will contribute to improving corporate sustainability disclosure and consequently reduce information asymmetry, which not only clarifies the conflicts of interests between shareholders and management but also makes management more accountable.

 

Keywords: sustainability reporting, audit committee independence, audit committee gender diversity.

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COMPARATIVE EFFECTS OF HISTORICAL COST ACCOUNTING AND FAIR VALUE ACCOUNTING ON EARNINGS PERFORMANCE OF QUOTED FIRMS IN NIGERIA
Volume No: Vol. 12(2) July - December 2023

Authors: Jacob Sackey PhD
Categories:

The work examined the comparative effects of historical cost accounting and fair value accounting measurement bases on earnings performance of 10 listed manufacturing firms in Nigeria, between the periods 2009-2020.The choice of the manufacturing sector was pertinent as the manufacturing industries are considered vital to economic growth and development. The study adopted the ex-post facto research design, with data collected from published financial statements of 10 manufacturing firms quoted on the Nigerian Exchange Group Ltd. A cross sectional analysis of the financial reports of the 10 manufacturing firms was carried out between eras 2009 - 2012(HCA) and 2013 – 2020(FVA).The regression results revealed that depreciation, dividend and taxation under fair value accounting (FVA) have more positive and significant effect on ROA (earnings performance) than depreciation, dividend and taxation under historical cost accounting (HCA). The work concludes that fair value measurement choice has superior effect on bottom lines of manufacturing firms than the historical cost measurement choice. The empirical findings imply or provide strong support for the proposition that fair value measurement choice has superior effect on bottom lines of manufacturing firms than the historical cost measurement choice. It was recommended amongst others that: Accounting bodies in Nigeria should organize enlightenment workshops for practicing accountants and managers of firms to create awareness of current cost accounting and the need to deviate from the historical cost accounting method during inflationary period.

Keywords: Earnings Performance, Fair Value Accounting, Historical Cost Accounting, Return on Assets, Global Financial Reporting Standards.

 

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TRANSFER PRICING AUDIT AND TAX COMPLIANCE LEVEL OF MULTINATIONAL COMPANIES IN NIGERIA
Volume No: Vol. 12(2) July - December 2023

Authors: Louis Chinedu Nkwagu, Sunday Ede Awoke, Felix Nweke Awa, Chibuike Christian Nkwagu
Categories:

This study examined the effect of Transfer Pricing Audit on Tax Compliance Level of Multinational Companies in Nigeria. Specifically, the study sought to determine the effect of probability of transfer pricing audit, corporate tax rate, tax penalty imposition, and shared tax information on tax compliance level of multinational companies in Nigeria. Survey design was adopted and data were sourced through structured questionnaires using 5 point Likert scale. Ordered Logistic Regression technique was employed to analyse the responses. The result showed significant and positive relationship between transfer pricing audit and multinational tax compliance level. The probability of transfer pricing audit, tax penalty and shared tax information jointly has significant and positive effect on tax compliance of multinational companies. The finding also indicates that corporate tax rate has significant but negative effect on the tax compliance of multinational companies. The implication of the findings is that if transfer pricing audit is effectively and efficiently carried out, government revenue for domestic infrastructural development would be improved as most of the multinational companies which accounts for greater portion of Nigeria tax base and revenue will comply thereby increasing their compliance level in Nigeria. The study recommends that government and tax authority (FIRS) in particular should give more emphasis and greater attention on the role of transfer pricing audit as it has the capacity to improve multinational taxpayer’s tax compliance in order to curtail illicit financial outflows, generate more tax revenue and improve tax to GDP ratio in Nigeria.

Keywords: Probability of transfer pricing audit, Tax rate, Penalty imposition, Shared tax information, Compliance level

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THE MODERATING EFFECT OF FIRM SIZE ON TAX SAVING AND INVESTMENT EXPENDITURE IN NIGERIA
Volume No: Vol. 12(2) July - December 2023

Authors: Patrick Amechi Egbunike, Ifeanyi Francis Osegbue
Categories:

This study examines how taxation and firm characteristics influence investment expenditure. It differs from previous taxation-led investment expenditure narrative that probe whether taxation exerts a positive effect on investment expenditure. The empirical evidence is based on Pooled Ordinary Least Square regression techniques. The study engages data on 119 non-financial firms in Nigeria from 2010 to 2022. Results from the Pooled Ordinary Least Square show that: (1) tax savings exerts a positive effect on investment expenditure. (2) the interaction effect of tax savings and firm size is positive however not significant. This implies that tax savings raises investment expenditure. Also, that expansion in firm size raises the impact of tax savings on investment expenditure. This is on the grounds that managers lessens taxable income to raise investment expenditure. Based on the findings, the following recommendations are made for non-financial firms in Nigeria: (1) concentrate on the increase in total asset to increase their total investment expenditure which will increase profitability. (2) tax authorities should initiate an organized and flexible tax system to avoid negative tax savings from non-financial firms.

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CENTRAL BANK OF NIGERIA FINANCIAL INCLUSION STRATEGY: A PERFORMANCE REVIEW (2012 - 2022)
Volume No: Vol. 12(2) July - December 2023

Authors: Fabian Udum Ulo, Louis Chinedu Nkwagu, Dr. Godfrey Chinedu Nwambeke, Patrick Ejike Okoye
Categories:

The performance of the National Financial Inclusion Strategy (NFIS) of the Central Bank of Nigeria from 2012 to 2022 was assessed in this paper. The study's specific objectives were to assess the performance of the Central Bank of Nigeria's financial inclusion plan with regard to financial access, financial usage, and extent of financial inclusion. The study employed content analysis, which involves examining earlier works. The study found that financial usage has significantly expanded and that due to technological advancements, several aspects of the plan, such as point-of-sale terminals, are at present not the greatest or optimum channel for offering financial services. The inability of the NFIS to lower financial exclusion to 20% before 2020 was also determined to be a failure. The study concluded that the degree of financial inclusion is still inadequate, especially in the northern regions of Nigeria where religious and cultural variables decreased financial inclusion due to restricted access to financial services. The report suggested that NFIS should work with financial institutions to develop technological and regulatory environments to support the expansion of readily available and reasonably priced digital financial services. The government needs to guarantee that nationwide agent networks quickly expand and that Know Your Customer standards are uniformly applied when opening and managing accounts and mobile wallets across every one of the financial platforms. Since uncontrolled bank fees and charges inflict an unnecessary burden on the most vulnerable members of society, NFIS should develop an atmosphere that is conducive to serving the most excluded.

Keywords: Financial Access, Financial Usage, Financial Inclusion, Financial Services.

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DIRECT TAXES AND INCOME REDISTRIBUTION IN NIGERIA
Volume No: Vol. 12(2) July - December 2023

Authors: Michael Igbinovia Ikponmwosa, Imas Iyoha Agbonrha-Oghoye
Categories:

This study examines direct taxes and income redistribution in Nigeria. The Ex-Post-facto research design was used in the study. The study, which covered a 33-year period from 1990 to 2022, was especially concerned with the Nigerian economy. The study makes use of secondary data that was directly sourced from FIRS annual reports, CBN statistics bulletins, and yearly reports from the National Bureau of Statistics. The research employed the econometric technique of fully modified ordinary least squares (FMOLS) to assess the empirical model and investigate the impact of direct taxes on income redistribution in Nigeria. The data was subjected to time series analysis using the Dickey-Fuller test extension known as Augmented Dickey-Fuller (ADF) to check for stationarity or non-stationarity issues. Subsequently, a cointegration test was employed to determine the cointegration of the non-stationarity variables and to validate the presence of a long-term equilibrium relationship between them. The study's analysis showed that capital gains tax had a little but detrimental impact on Nigeria's redistribution of income. The study also discovered that income redistribution in Nigeria is positively and considerably impacted by the petroleum profit tax, personal income tax, and corporation income tax. According to the study's findings, Nigeria's tax structures should be reviewed. The capital gains tax should be adjusted to ensure that income is redistributed effectively, petroleum profit tax revenue should be optimised for social welfare, company income tax mechanisms should be strengthened to prevent evasion, and personal income tax collection and progressive rates should be improved to align with redistributive goals.

Keywords: Direct Taxes, Inequality, Government Expenditure, Income Redistribution.

           

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EFFECT OF AUDITOR SWITCH DECISIONS ON FINANCIAL PERFORMANCE OF QUOTED FIRMS IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: Okerekeoti Chinedu U., Ezejiofor Raymond A.
Categories:

Abstract

This study examined the effect of auditor switch decisions on financial performance of firms in Nigeria. 

Specifically, the study ascertained the effect of auditor switch decisions on Tobin’s Q of Nigerian firms. Ex-Post

Facto research design was employed and data were extracted from the annual reports and accounts from 2012 to 2020 from a sample size of 75 firms in Nigeria. Data obtained were analysed via descriptive statistics and lest regression analysis. The results revealed that auditor switch decisions and corporate performance variables fitwell in the estimated models, since it is statistically significant at 0.05%, hence auditor switch decisions and Tobin’s Q were significantly affected.  Based on the findings, The analysis suggested that auditor switch would not considerably alter Tobin's Q in light of its findings. Tobin's Q) of their companies would significantly increase further; Nigerian businesses should assess the quality of the auditor before transferring. Keywords: Audit Switch, Financial Performance, Audit Fee, Firms, Nigeria

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HUMAN RESOURCE MANAGEMENT AND SUSTAINABLE DEVELOPMENT
Volume No: Vol. 11(1) January - June 2022

Authors: Musa Success Jibrin
Categories:

Measuring and equating sustainability in an uncontrollable environment both in a short or  long term performance is important issues globally especially from business perspective.  The study sought to find out some important issues concerning “organizational or company “sustainability and the role Human Resources is playing”. The study adopted the survey research design. It was conducted using information gathered from five viable   companies in Nigerian. The population of the study was made up of 100 Human Resource managers from target manufacturing companies. The hypothesis was tested using the spearman’s rank correlation coefficient that was subject to significant test using student t- test. the study established that a sustainable Human Resource Management involves developing employees, managing Human Resource issues, strategically taking employees on capacity building, conducive work life, incentives, cooperation, job promotion and employment in the work environment is also considered very crucial.

KEYWORDS:      Sustainable    Development,    Human    Resources    Management,     Work

Environment and Managing Personnel.

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EFFECTS OF FISCAL AND MONETARY POLICIES ON PRIVATE SECTOR INVESTMENT IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: Okwuchukwu Odili, Paul Ede Ugwu
Categories:

Abstract

The study investigated the effects of fiscal and monetary policies on private sector investment in Nigeria from 2000 to 2020. Data were sourced from Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics. The explanatory variables include monetary policy rate, real exchange rate, broad money supply, outstanding balance of certificates of deposit, taxes, and government expenditure, while, the explained variable is private sector investment in Nigeria. he study employed ordinary least squares multiple regression analysis and error correction mechanism in its data estimation. The findings of the study revealed that monetary policy rate, real exchange rate and outstanding balance of certificates of deposit have negative and significant effect on private sector investment in Nigeria. Taxes had negative but insignificant effect on private sector investment in Nigeria, while, broad money supply and government expenditure had positive and significant effect on private sector investment in Nigeria, The study recommends adopting persuasive monetary policy measures to direct banks to provide funds at controlled or subsidized interest rate for private sector investment. The study further recommends that the federal government of Nigeria should cut down on her recurrent expenditure profile.  

Keywords: Money supply, monetary policy rate, private sector investment, certificates of deposit

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RESTRUCTURING OF THE ASSETS OF MICROFINANCE BANKS AFFECTED BY COVID 19 PANDEMIC IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: Nwadighoha Chinedum E, Bashir Muyiwa Ogungbangbe , Chikodi Ferdinand Ogbonna
Categories:

The study is an empirical survey aimed at examining the restructuring of the assets of Microfinance Banks affected by COVID 19 Pandemic in Nigeria. The area of study, population and sample size are all current status of Microfinance Banks in Nigeria.The research design is centred on the empirical survey of 10 National Microfinance Banks, 135 State MFBs and 766 Unit MFBs in the country. Some of the findings revealed that there is the need for extension of the mandatory restructuring of MFBs as directed by the CBN, that merger and acquisition processes take a long time exercise and may require the engagement of experts and some indices that are critical for the survival and growth of MFBs are not yet put in place by the operators of MFBs in Nigeria and it is recommended that assets revaluation, assets equity swap, new capital injection, private placement of shares and introduction of attractive products by the MFBs to their customers and potential investors are also recommended.

Keywords: Assets Restructuring, Microfinance banks, COVID 19 Pandemic

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COMPANY INCOME TAX REFORM AND INTERNALLY GENERATED REVENUE IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: John-Akamelu Chitom Racheal
Categories:

The study is set out to evaluate the effects of Company Income Tax (CIT) reforms on internally generated revenue in Nigeria from 2004 to 2019. Data were extracted from Central Bank Statistical Bulletin. The study employed regression analysis to test the formulated hypothesis with aid of E-View 9.0. Based on the data analyzed, the study revealed that Company Income Tax (CIT) has a significant effect on internally generated revenues in Nigeria. Consequently, the researchers recommended that there should be continuous review and reforms in the Nigeria company income tax to reflect the current realities of the modern economy since tax reform was found to have significant effect on revenue performance. Keywords: CIT, Reforms, Internally Generated, Revenue, Economy, Nigeria

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RELATIONSHIP BETWEEN UNIVERSITY ENTRY REQUIREMENTS AND ACADEMIC PERFORMANCE OF ACCOUNTING STUDENTS IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: Ibrahim Umar
Categories:

Prior studies have associated academic performance of accounting students to learning facilities and structure, learning method and entry qualification. Although it is expected that these entry qualifications would have an impact on the students’ performance, studies have given contradictory findings. This study was therefore conducted to examine the relationship between university entry requirements and the performance of accounting students. Data were collected from the official records of 317 accounting students who graduated from three universities in Nigeria in the 2018/2019 academic session. The data were analyzed using correlation and multiple regression statistics with the aid of SPSS. The findings of this study show a positive and strong correlation but statistically insignificant relationship between Senior Secondary Certificate Examination (SSCE) grade in English language, Mathematics, Economics and Accounting and the final Cumulative Grade Point Average (CGPA). The implication of the findings and recommendations are provided

.

Keywords: - academic performance, accounting students, CGPA, entry requirements, SSCE.

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VALUE RELEVANCE OF PERFORMANCE DISCLOSURE AND TRANSPARENCY ON SHAREHOLDERS’ REWARD: AN EMPIRICAL INVESTIGATION OF NIGERIAN BANKS
Volume No: Vol. 11(1) January - June 2022

Authors: Ejike Sunday Okoroigwe
Categories:

The main objective of this paper was to carry out an empirical investigation of the value relevance of Performance Disclosure and Transparency on Shareholders’ Reward of Nigeria banks in 2020. The paper is quantitative research and employed descriptive research design via correlation study. The population of the study consists of the 23 banks listed in the Nigeria Stock Exchange as at December, 2020.  Secondary data was collected from the fact book of the Nigeria Stock Exchange and websites of the selected banks for the year 2020. The study adopted a similar model used by Haat, et al. (2008) and Hamad, et al. (2021) to estimate the combined effects of Performance disclosures and transparency proxies on the shareholders rewards of selected banks. The data collected was analyzed using both descriptive and inferential statistics (using the Ordinary Least Squares-OLS-regression) via the Statistical Package for Social Sciences (SPSS). The findings show that all the three performance disclosures and transparency indicators are very influential in ensuring Shareholders’ reward. The implication of these findings is that the interests of shareholders, in the form of their rewards, are guaranteed with enhanced performance disclosure and transparency by management of these banks. This would in turn build owners confidence and subsequently guarantee more funds from while solidifying the continuity and going concern of the Nigeria banks. The paper recommended that the various stakeholders should always ensure that these banks meet up to standard of performance disclosures and transparency to guarantee that shareholders always receive their appropriate rewards.

Keywords: Earning per share; Dividends per share; Performance disclosure and transparency;

Return on Investment; Shareholders’ reward

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FIRM ATTRIBUTES AND DIVIDEND PAYOUT: STUDY OF DEPOSIT MONEY BANKS LISTED IN NIGERIAN
Volume No: Vol. 11(1) January - June 2022

Authors: Musa Success Jibrin
Categories:

 

Nigerian financial sector especially deposit money banks serve as an engine for economic growth and development with it function as the intermediary between the surplus and the deficit unit of the economy. However, recent banking distress constrain these banks for distributing dividend to their investors which pores fair to so many investors both individual and institutional. Therefore, the study investigates the effect of firm’s attributes on dividend payout in the Nigerian deposit money banks. A correlation research design was used for the study. The population of the study was all the listed Nigerian deposit money banks as at 2020 out of which 10 were arrived at, as the sample size, multivariate technique of data analysis was employed using multiple regression model, structured using longitudinal panel data. The findings of the study revealed that bank size, liquidity, and growth have a significant effect on the dividend payout of the Nigerian deposit money banks. Base on the findings of the study, it is therefore recommending among others that, the investors and portfolio analysts who want to select the dividend paying firms might have to look into the five mentioned attributes before selecting the investing bank. in other to have a promising and good investment.

Keywords: Firm attributes, Dividend, Payout, Deposit money banks & Nigeria

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DETERMINANTS OF LABOUR PRODUCTIVITY IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: Okwuchukwu Odili, Kingsley Onyekachi Onyele, Joseph Onyemaechi Ihekwereme
Categories:

This study examined the determinants of labor productivity proxied with human capital development index, capital intensity, wage rate, per capita income, globalization index, governance and usage of information and communication technology. Thus, empirical model is estimated using Vector Auto Regressive (VAR) technique. The study spans from 1990 to 2018. The findings show that human capital development index, capital intensity, wages, per capita income, globalization index, governance and application of ICT collectively influenced productivity of labour. The VAR estimates showed that human capital development index, capital intensity, wages, globalization index and governance had positive effect on labour productivity while per capita income and ICT usage had negative effects on labour productivity. This study therefore, recommends that Nigeria should take advantage of the globalization waves to attract foreign resources and knowledge to enhance labour productivity in the country as well as compete in the international labour market. Consequently, there is need for trade liberalization that will permit new technology and innovation transfer needed for the upgrade of workers skills. It further recommends improvement in public administration, institutional reforms and application of appropriate policies and regulations towards promoting and enhancing national productivity of labour, as well as ensuring accountability of public funds.  

Key words: Labour, productivity, human capital, wages, ICT, governance

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OWNERSHIP STRUCTURE AND FINANCIAL REPORTING QUALITY OF LISTED OIL COMPANIES IN NIGERIA
Volume No: Vol. 11(1) January - June 2022

Authors: Michael Chidiebere Ekwe, Kalu Ogbonnaya Amah
Categories:

This paper assessed the effect of ownership structure on financial reporting quality of listed oil companies in Nigeria. The ownership structure was proxy by the proportion of the total number of common shares owned by the board of directors to the total number of common share outstanding, while the financial reporting was computed through the 1991 Jones model of financial reporting quality. Data for the study was sourced from the annual reports and accounts of the sampled study oil companies. Time series data from 2006-2019 were used. The hypotheses were tested using regression analysis technique. The result shows that ownership structure has a significant effect on quality of financial reports of listed oil companies in Nigeria. The study among others recommends that shareholders and investors to reconsider in the level of the ownerships in the companies especially the institutions that invest in other companies in other to increase their supervisory role on the management performance when preparing financial statement, it also went further to say that with regard to structure of company’s share ownerships that the government and the institution should consider the influence of shareholders control over the quality of the financial reporting.

Keywords: Ownership Structure, Oil Company, Shareholders, Financial Reporting Quality.

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CORPORATE GOVERNANCE AND FIRM VALUE: IS POOR CORPORATE GOVERNANCE RESPONSIBLE FOR THE PERSISTENT CRISES IN NIGERIA BANKING SECTOR?
Volume No: Vol. 11(1) January - June 2022

Authors: Ejike Sunday Okoroigwe, Habiba Mohammed-Bello Umar, Abdullahi Ndagi
Categories:

The broad objective of this study was to investigate the relationship between corporate governance and firm value of Nigeria banks. It is quantitative research that used correlation descriptive design. The study adopted a similar model used by Haat, et al. (2008) and Hamad, et al. (2021) to estimate the combined effects of corporate governance proxies on the firm value of selected banks. Secondary data was collected from the published financial reports of the selected banks for the year 2010 to 2020, which is the scope of the study. The data was analyzed using both descriptive and inferential statistics (using the Ordinary Least Squares-OLS-regression) via the Statistical Package for Social Sciences (SPSS). The findings indicated that corporate governance has significant effect on the Return on Investment, Dividend per Share, as well as on the Net Assets per share of the banks in Nigeria. The paper recommends that all the stakeholders involved in monitoring the institutionalization of an effective system of corporate governance in Nigeria banks should do more to ensure that bank directors adhere to good and transparent corporate governance to reverse the continuous trend of bank failures in Nigeria.

Keywords: Corporate governance; Firm value; Dividends per share; Return on Investment; Net Assets per Shares

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