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EXAMINING THE IMPACT OF WORKING CAPITAL MANAGEMENT ON THE FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS ENTITIES IN NIGERIA
No full textThe main objective of this study is to examine the influence of working capital management on the financial performance of listed industrial goods firms/entities in Nigeria. The study collected data from the yearly reports of selected companies between 2011 and 2021, using the purposive sampling method. The generalized method of moments (GMM) estimator technique was employed for data analysis. The findings indicate that inventory turnover and receivable collection positively impact financial performance. the finding revealed that inventory turnover, and receivable collection have statistical significant effect on return on equity with the coefficient (-0.6150, and 0.0067) and p[1]value (0.000and 0.009) at 5% level of significant respectively. The study concluded that inventory turnover was noted to have increased the likelihood of financial performance and thereby Governments should endeavor to provide adequate infrastructure such as constant and stable electricity supply, good road network and rail system to facilitate the cost of production at minimum cost and movement of goods
INFLUENCE OF SOCIALIZATION ON MSME COMPLIANCE BY MEDIATING UNDERSTANDING AND MODERATING KNOWLEDGE OF TAX VISITS
No full textThis study aims to determine the role of tax knowledge in being able to strengthen the relationship between tax socialization and understanding of taxpayers and understanding of taxpayers being able to mediate the relationship of socialization of tax visits or picktime to 151 MSMEs in the "Selecta" destination, Batu City - East Java - Indonesia. This research is included in survey research, but from a number of MSMEs that are eligible for data analysis, there are 148 because 3 respondents are considered unfit for processing. Testing mediation and moderation using WarpPLS in order to determine the mediating role of the taxpayer understanding variable and the moderating role of the taxpayer knowledge variable. WarpPLS is also used to test the fit of external models which include convergent validity tests and composite reliability, compositer Realiability, Model Fit and Quality Indices. The results show that understanding taxpayers is able to mediate the impact of "Picktime" socialization on taxpayer compliance, while knowledge of tax visits can strengthen the relationship of tax visit socialization to taxpayer compliance, especially knowledge related to providing ease of use of the picktime application and being able to increase the influence of socialization on taxpayer understanding tax to get a queue number make a face-to-face appointment with the tax office
AUDIT COMMITTEE AND FINANCIAL REPORTING QUALITY: THE MODERATING EFFECT OF BOARD INDEPENDENCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
No full textThe widely publicized corporate accounting scandals perpetrated under the watchful eye of audit committee despite their roles and function-ns in financial reporting processes, casts doubt in the minds of users on its relevance and credibility. This study examines the moderating role of board independence on the relationship between audit committee and financial reporting quality of listed Nigerian deposit money banks from 2012 to 2021. The study utilized correlation research design, extracted secondary data and OLS multiple regression for analysis. The finding reveals that board independence has a significant negative moderating effect on audit committee characteristics and financial reporting quality represented by discretionary loan loss provision, thereby strengthen the nexus. Based on the findings, the study recommends the appointment of more outside directors, holding strategic regular meeting and appointment of members with financial expertise into the audit committee to guarantee independence, assure discussion and handling of complex financial issues which would improve the financial reporting quality
CAPITAL STRUCTURE AND PROFITABILITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
No full textBank management and providers of funds are of the view that capital structure is of supreme importance, the use of a wrong mix of capital structure could seriously affect the performance and subsistence of such a bank. Consequently, this research examines the impact of capital structure on the net interest margin of deposit money banks in Nigeria. Panel data analysis was employed, analysing the fixed effect and random effect models. The population of the study is 14 listed banks at the NSE. The sample is the six systemically important banks in Nigeria and covered the period of 2012 to 2020. Findings shows that Long Term Debt to Total Asset and Total Debt to Total Asset are statistically significant determinants of the net interest margin in Nigerian deposit money banks while Total Equity to Total Asset, Total Asset, Risk and Income Tax Expenses to Earnings before Taxes are not statistically significant determinant deposit money banks’ net interest margin in Nigeria. Therefore, it is concluded that the net interest margin of deposit money banks in Nigeria is statistically significantly determined by long term debt and equity. As such, the study recommended that deposit money banks in Nigeria should take into cognizance, the leverage level incurred in the capital structure as it significantly determines bank’s net interest margin
VALUE RELEVANCE OF ACCOUNTING INFORMATION FOR LISTED FINANCIAL SERVICE FIRMS IN NIGERIA
No full textOver a 5-year period from 2016 to 2020, this paper compares the value relevance of accounting numbers of banks and insurance firms listed on the Nigerian Stock Exchange market. The analysis used data from annual accounts of these companies and the Nigerian Stock Exchange facts sheet to apply Ohlson's (1995) valuation model to test the comparative value validity of accounting numbers of these two sub-sectors in the financial service industry. The findings of the empirical analyses revealed the importance of accounting information's value relevance to listed group financial service firms in Nigeria. Furthermore, the accounting numbers of banks have been found to be more important in terms of information quality than the accounting numbers of insurance firms. As a result, the paper proposes that firms' operations be sustained in order to improve profits, performance, and shareholder wealth
NEXUS BETWEEN TAXATION AND FOREIGN DIRECT INVESTMENT IN NIGERIA
No full textThis paper explored taxation and foreign direct investment (FDI) using the case of Nigeria with limited investigation. Taxation was proxy by company income tax (CITX) and value added tax (VATX), while FDI was proxy by FDI inflows. Data employed for the analyses were from 2000 to 2020 and obtained from Central Bank of Nigeria (CBN) Statistical Bulletins as well as World Development Indicators (WDI). Using time series econometric technique, the results revealed that CITX has a negative significant impact on FDI. Specifically, this implies that a rise in CITX rate leads to a decline in FDI inflow in Nigeria. We also find that value added tax (VATX) significantly improves FD investment in Nigeria. From the findings, it is recommended that policy makers in the area of corporate tax laws should enact laws that offer incentives to attract FDIs. More than this, government could technically rise the value added tax rate and spend the additional fund from it on human capital training and development for human effectiveness in companies
VALUE RELEVANCE OF EARNINGS AND BOOK VALUE: A COMPARATIVE ANALYSIS BETWEEN BIG4 AND NON-BIG4 AUDITED LISTED FIRMS IN NIGERIA
No full textThis study empirically examined the comparative value relevance of earnings and book value between big4 and non-big4 audited listed firms in Nigeria. The study covered 161 listed firms for the period 2014 -2019. However, an adjusted population of 154 firms was used with aid of a filter. The study employed quantitative data extracted from the annual reports of the sampled firms and the study aligns itself to positivist paradigm. Data were analyzed based on multiple regression technique with the aid of STATA, and the study revealed that both EPS and BVP are value relevant in both models. However, EPS and BVP in the first model are more value relevant. On the whole, the study found that accounting information of firms audited by Non-Big4 audit firms is more value relevant than that audited by Big4 audit firm. Thus, the study recommends inter-alia that regulatory authorities such as CBN and SEC should ensure that firms engage the service of audit firms not necessarily the Big4 audit firms as this helps improve the credibility of the report
OWNERSHIP ATTRIBUTES AND STOCKS RETURN OF QUOTED CONSUMERS GOODS COMPANIES IN NIGERIA
Get PDFThe significance of ensuring a consistent return on stocks for publicly traded companies cannot be overstated. This is due to the fact that returns inform investors about managerial and market performance and enable them to forecast the company's future earnings. However, global corporate scandals at the turn of the century, as well as the global financial crisis, eroded investor confidence. Seven firms were dropped from the study, which included all 23 consumer goods firms, during the filtration process. Data was extracted from the annual reports of the sampled companies (2010 to 2019) as well as the Nigerian Stock Exchange as of 2020. The ex-post facto approach with agency theory was chosen because the event under consideration has already occurred. Stock returns are the profits or gains made by investors in the stock market. Managers may view the payment of investor returns as a positive indicator of the company's market prospects. The significance of ensuring a consistent return on stocks for publicly traded companies cannot be overstated. The purpose of this research is to look into the effects of three corporate properties on the stock returns of publicly traded consumer goods firms in Nigeria. It was discovered that concentration of ownership, institutional ownership, and ownership all have a significant impact on Nigerian stock returns. It also implies that the SEC should provide an incentive to firms that disclose accounting information in the form of a commendation
BOARD CHARACTERISTICS AND FINANCIAL REPORTING TIMELINESS OF FIRMS IN NIGERIA
Get PDFSeveral studies have examined issues relating to board characteristics and financial reporting timeliness in Nigeria, but none have conducted studies to examine board independence and board size in relation to financial reporting timeliness of non-financial distress likelihood zone firms in Nigeria. This study aims to examined board characteristics as well as financial reporting timeliness of firms in Nigeria. Different variables of board characteristics like board independence as well as board size were examined to determine how they are related to financial reporting ttimeliness. For the purpose of the study to be achieved, twenty-eight (28) distress likelihood zone firms from 2012 to 2021 as it relates to the non-financial firms that are listed on Nigerian Exchange Group (NXG) PLC as at 31st December, 2021 were carefully selected and studied. The panel least squares (PLS) regression was employed in the study and E-view 9.0 packages was used for the analysis of data. The regression analysis revealed a positive as well as a relationship that is significant between board independence and financial reporting timeliness while board size was found to be insignificant and negatively related with financial reporting timeliness of firms in Nigeria. Hence, it is recommended that the presence of independent board and their skills should not be neglected as it is in a better position to make sure financial statements are properly presented and reported for the shareholders to make good decision
ENVIRONMENTAL SUSTAINABILITY DISCLOSURE AND MARKET VALUE OF LISTED OIL AND GAS FIRMS IN NIGERIA
No full textThe disclosure of sustainability activities has been a factor in improving firm performance, market value and share price of firm. This study was conducted to investigate the effect of sustainability disclosure on the market value of Oil and Gas firms listed in Nigeria. The study population covers all the ten (10) Oil and Gas firms in Nigeria listed as at 31st December, 2020 and census sampling approach was adopted. Secondary source of data was used to extract the data from the annual reports and accounts of the 10 listed Oil and Gas firms in Nigeria for period of five years (2016-2020). Robust Ordinary Least Square Regression was used as a technique of data analysis. The study used the combination of GRI and Carroll’s index and stratified the disclosure items into Philanthropic activities, Legal/ethical activities and Economic activities to proxy sustainability disclosure while Tobin’s Q was used to proxy firm market value. The study revealed that, legal/ethical activities and economic activities positively and significantly affecting the market value of Oil and Gas firms listed on the Nigerian Stock Exchange. It is recommended that government through the NNPC and other accounting standard setters develop standards, means or methods by which sustainability reporting can be measured and reported. Furthermore, the government through the NNPC should enforce and ensure compliance to the disclosure of ethical and economic activities of listed oil and gas firm as it was discovered to have a significant effect on market value. Lastly, the disclosure of ethical and economic activities of these firms should be incentivize ensuring that firms that make adequate disclosure of these activities are been rewarded with tax wavers, tax holiday and the likes