FUDMA Journal of Accounting and Finance Research [FUJAFR]
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Impact of AAOIFI’s Governance Standards on Quality Corporate Governance by Islamic Financial Institutions
Get PDFThis study examines the impact of AAOIFI’s governance standards on quality the corporate governance practices by Islamic Financial Institutions. The paper is purely a literature-review-based research work where adequate literature relevant to the study are reviewed and the AAOIFI Governance Standards are studied with a view to finding out how compliance with the standards by the IFIs could translate into achievement of their set objectives, especially the objective of growing up the wealth of the shareholders. A rundown was given to the thirteen (13) governance standards (GS 1-13) issued by the AAOIFI, to show importance compliance with them would make the IFIs more “lovely” and more wealth-creating. It was found that AAOIFI’s governance standards have positive impact on the corporate governance practices of IFIs, as the standards lead to a certain degree of consistency in products and services offered by IFIs and the promotion of standardized practices at country level, as well as at the global level. The study also revealed that scholars in the field of Corporate and Public Governance have less interest in conducting studies on the AAOIFI’s GS the way they pay research attention to conventional Corporate Governance and Public Governance matters. The study recommended that AAOIFI should ensure that scholars and professionals in the field of Corporate and Public Governance are encouraged to pursue high level research on the practicality of all the 13 Governance Standards through provision of Research Grant, seminars and workshops
Characteristics and Performance of Family Businesses in Wuse Market, Abuja, FCT Nigeria
Get PDFThe unprecedented uncertainties in the Nigerian business environment is negatively impacting business operations and performance. Yet, literature on the association between business characteristics and the financial and non-financial performance of family trading businesses in the Nigerian context is overtly and seemingly scant. Again, family trading businesses are prevalent in Wuse market; one of the largest markets in Abuja, FCT. Taken together, this study seeks to investigate the effects of business characteristics on the financial and non-financial performance of family trading businesses in the market. A cross-sectional survey research design, and criterion and systematic sampling techniques were adopted to collect data from 211 founder/CEOs and the descendant/CEOs of family trading businesses in the market via questionnaire. The generated data were subjected to linear regression analysis. The results showed positive and significant effects. The study concludes that the computation of the overall performance of the businesses based on financial and non-financial performance measures show higher overall performance than when they are computed using financial performance measures alone. Education of the founder/CEOs and descendant/CEOs on how to keep financial records of business transactions, collect the non-financial data based on the non-financial performance measures, and how to use same for the computation of non-financial performance were recommended. The researcher advocates a replication of the study in other contexts using an expanded scope and qualitative or triangulation method
Impact of Federal Government Regulations on Fraud prevention in Nigeria\u27s Federal Ministries
No full textThe study examined the impact of financial regulations on fraud Prevention in Nigeria’s Federal Ministries. It investigates how financial regulations affect fraud prevention in Nigerian federal ministries. Investigating the efficacy of current financial legislation in preventing fraud and protecting public monies is essential given the trend in fraudulent activity reported within government agencies. The study uses a survey research design and relies on documentary analysis to obtain secondary data. The findings revealed that Nigeria’s Federal Ministries tried to adhered to financial regulation which has minimized the incident of fraud. The finding also revealed that maintaining Accounting records has minimized fraud in Nigeria’ Federal Ministries, meaning that, majority of the Ministries in Nigeria have been maintaining proper record of their financial transaction. They adheres with financial regulation which stated that, Accounting Officer on all financial matters shall maintain proper accounting records of books of accounts . The study recommends that Federal Government should strengthen financial regulations. They should enhance existing financial regulations to address emerging fraud risks. There should be regular review and update of these regulations to ensure they remain effective in combating evolving fraudulent activities. Federal Government should enforce robust internal control systems within federal ministries. This includes segregation of duties, proper authorization, approval processes, regular internal audits, and effective risk management practices. Federal Government should provide comprehensive training programs on fraud prevention and financial regulations to employees within federal ministries. Raise awareness about the consequences of fraudulent activities and the importance of adhering to established financial regulations
Firm Structural Attributes and Capital Structure Adjustments among Listed Manufacturing Firms in Nigeria using Static and Dynamic Approaches
Get PDFThe study examined the effect of firm structural attributes on capital structure adjustments of Nigerian listed manufacturing companies. Out of the 56 listed firms 35 listed manufacturing firms were selected using the purposive sampling approach. Dynamic and static estimation techniques were applied. The results from both static and dynamic panel data revealed that assets tangibility had a positive and significant effect on capital structure adjustments with (t= 4.463; t = 2.965; p <0.05). Non-debt tax shields (t= -2.831; t= -4.478; p <0.05) had negative but significant effect on capital structure adjustments. Furthermore, static result showed that firm size (t= -5.617; p <0.05) had negative but significant while dynamic results revealed firm size (t=6.956; P<0.05) had a positive and significant effect on capital structure adjustments. This study concluded that structural attributes serve as firm-level determinants to understanding of factors influencing the capital structure and speed of adjustments of listed companies in Nigeria. It was recommended that management of firms need to expand in size and investing in tangible assets to enhance their profit level, this will enable them to enjoy large profit levels with a large reduction in debt ratio
Managerial Dynamics as a Deciding factor for Corporate Social Disclosures among Quoted Manufacturing Companies in Nigeria
Get PDFThe continuous growth and expansion in the global economy with its attendant consequences on the environment and society have necessitated the increasing push by stakeholders for companies’ world over to disclose their social impacts on society. Consequently, the persistent increase in the demand for increase in social information has resulted to loss of credibility by stakeholders in the annual report of companies. The Nigerian business climate is no exception to this dilemma which serves as motivation for this research. Hence, this study investigates the extent to which managerial efficiency influences corporate social disclosures among listed Manufacturing companies in Nigeria. Using Krejcie and Morgan sample selection criteria, the sample size for the ex-post factor research design with a population of seventy-six (76) listed industrial businesses was sixty-three (63). However, because of irregular company listings and inadequate data availability, only forty-nine (49) of the companies were chosen to be included in the sample size spanning seven (7) sectors. Data were analyzed using Panel Corrected Standard Error Estimation. The results showed a significant level of 0.000 and a positive correlation of 0.019 between management effectiveness and corporate social disclosure of Nigerian listed industrial companies. Consequently, the study unquestionably showed that while managerial performance is beneficial, corporate social disclosure is significantly impacted by it. Therefore, the study suggested that the Nigeria Exchange Group (NGX) should implement additional regulations and controls to guarantee that all listed manufacturing companies continue to disclose information on product responsibility, human rights, and the social impact of manufacturing operations
Corporate Taxation, Capital Investment Decisions and Firm Performance of Quoted Non-Financial Firms in Nigeria
Get PDFThe study examined the effect of corporate taxation, capital investment decisions on firm performance. Ex-post facto research design was adopted using secondary source of data, 61 firms were purposively sampled from years 2012 to 2020 and data were obtained from the audited annual reports of selected firms. Panel Regression Analysis with fixed effects was adopted and the result showed that Positive and significant relationship was found to exist between CEP and ROA while GNC was negative and insignificant. Corporate tax was positively insignificant related to ROA. Also, there was insignificant positive influence of corporate taxation on the two-investment metrics. The study further found that corporate taxation and investment decisions jointly have positive and significant relationship with firm performance. It was concluded that corporate taxation and investment decisions jointly had significant influence on firm performance of non-financial firms in Nigeria
Board Size, Board Composition and Voluntary Disclosure: Evidence from Listed Manufacturing Firms in Nigeria
Get PDFThis study investigated the influence of board size and board composition on voluntary disclosure of quoted manufacturing firms in Nigeria from the period of 2015 to 2019. Thirty- three (33) were purposively selected for the purpose of this study. Information was produced from content analysis of yearly reports. Panel fixed effect model, correlation matrix and descriptive statistics were employed in the estimation. The estimation of the fixed effect model shows that size of the board and board composition have positive and significant connection on the level of voluntary disclosure evidenced by t-statistics = 10.524, p-value of 0.000 and 10.466, p-value is 0.000 respectively. However, the study concludes that board size and the composition of the board can affect the extent of voluntary disclosure positively. The study therefore recommends that the board should comprises of well experience, skilled, knowledgeable people who can govern the firm well. The firms should also guarantee that the number of experienced people in the board should be sufficient enough be able to provide the firm with more oversight.
Corporate Governance Mechanisms and Sustainability Reporting Practices of Listed Non-Financial Firms in Nigeria
Get PDFThe Board plays a pivotal role in the administration of corporate affairs. An effective Board oversight function basically consists of proper mechanisms for providing entrepreneurial and strategic leadership as well as promoting ethical values that allow stakeholders to exercise their rights to protect their investments’ sustainability. This study examined the effect of corporate governance mechanisms on sustainability reporting of listed non-financial firms in Nigeria. The study measured corporate governance attributes with board size, board independence, board gender diversity, board financial expertise and sustainability reporting was measured by sustainability disclosures metrics in line with Global Reporting Initiative (GRI) standards. The study adopted correlation research design relying on secondary data obtained from annual reports of the population, which comprised of 116 non-financial firms listed on Nigeria Exchange Group (NGX) as at 31st December 2020 with a sample size of 51 firms, covering the period of 2011 – 2020. The study employed multiple regression panel model to analyze the data with the aid of E-view 10 statistical tool. According to the results of random effect regression, board size and board members’ financial expertise have positive and significant effect on sustainability reporting. Based on the findings, the study concluded that corporate governance attributes have the capacity to effectively enhance the sustainability reporting of firms. Thus, the study recommended among others that regulators in financial reporting should mandate firms to have a sizeable board with members having financial expertise as a measure of enhancing sustainability reporting in Nigeria
Managerial Ownership and Tax Avoidance of Listed Companies in Nigeria with Profitability as Mediating Variable
Get PDFThis paper examines the mediating effect of profitability on the relationship between managerial ownership and tax avoidance of listed companies in Nigeria. The study employed a correlational research design using data from the Nigeria Exchange Group (NGX) over the period of twelve years (2010-2021). Data was extracted from the annual report and accounts of the 121 out of 156 companies that were listed for the period. The data collected were analyzed using descriptive statistics, correlation and Structural Equation Modeling (SEM) were used as techniques for data analysis while Monte Carlo model was used to determine the level of significance of the indirect effects and the hypotheses formulated were tested. The study’s findings demonstrate that managerial ownership affects tax avoidance behavior and that the relationship between managerial ownership and tax avoidance is mediated by the level of profitability. Based on these findings, the study recommended that shareholders need to pay closer attention to corporate tax matters to verify that the business has complied with its tax duties accurately and completely. Also, to reduce the level of principal-agent conflicts and enhance tax avoidance by monitoring management activities, listed companies in Nigeria should encourage managerial shareholding because some directors do not have share in sampled companies. Furthermore, the findings could be employed to inform policy makers on effective managerial shareholding on tax avoidance among listed companies in Nigeria
Petty Trading and Household Livelihood among Women in Akwanga Local Government Area of Nasarawa State
Get PDFThe main objective of the study was the determination of the impact of petty trading on household livelihood among women petty traders in Akwanga Local Government Area (LGA) of Nasarawa state. This was achieved through two specific objectives – to determine the contributions of women petty trading on household income, and its role in attaining household living standard. The study relied on the use of primary data, obtained from a random sample of 343 women owners of petty businesses in Akwanga. Data was collected through a questionnaire survey involving the administration of copies of a structured questionnaire with closed-ended items forming each variable scale. The collected data was used to estimate a structural model using the PLS-SEM statistical technique, to test the pertinent formulated hypothesis and evaluate variable relationships. The result obtained showed that women petty trading businesses had positive and significant effect on household income and living standard. in Akwanga. It was therefore, recommended that due to the importance of petty trading into our growing economy, government and non-governmental organization should encourage more women to go into trading by supporting them with adequate finances for development and women petty traders need to analyzed the kind of business they want to engage onto so as to reduce the magnitude of certain uncertainty in the future