Nnamdi Azikiwe University Journals
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CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF BANKS WITH INTERNATIONAL AUTHORIZATION
No full textMany businesses continue grappling with the long-term financial impacts of COVID-19, including disrupted supply chains, changed consumer behavior, and altered business models, as a result shareholder’s are more conscious and interested to invest more in businesses that are able to manage and surpass the struggle. Given this, the purpose of this study is to evaluate how corporate governance affects the financial performance of banks that have received international authorization. Using secondary data gathered from the financial statements of eight (8) banks with international authorization listed on the Nigeria Exchange Group Market, the study used an ex-post facto research design to investigate the matter. Pooled ordinary least square (OLS) regression and initial pre-regression analysis, including descriptive statistics, a correlation matrix, and a normality test, were used to examine the gathered data. The study revealed that board size and CEO tenure has a significant positive effect on the financial performance of listed banks with international authorization in Nigeria, while board gender diversity has an insignificant negative effect on the financial performance of internationally licensed banks in Nigeria. The study concluded that board size and CEO tenure tend to increase the financial performance of listed banks with international authorization in Nigeria, while board gender diversity appears to decrease the financial performance of internationally licensed banks in Nigeria. This study recommends that policymakers come up with a framework for board size that will fit bank operations, especially those with international authorization, and also advocates that an internal remedy should be considered by the CEO when confronted with declining performance
FINANCIAL LEVERAGE AND ECONOMIC SUSTAINABILITY OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
No full textThe study examined the effect of financial leverage on the economic sustainability of listed industrial goods firms in Nigeria. The specific objective was to ascertain the effect of total debt to capital ratio, total debt to equity ratio, and total debt to asset ratio on the operating cashflow margin of listed industrial goods firms in Nigeria. Ex-post facto research design was used in the study. Thirteen listed industrial goods firms made up the population of the study from which a sample size of thirteen was selected using purposive sampling technique. Secondary data were sourced from the annual reports of the firms for thirteen, spanning 2012-2024. The descriptive analysis was done using measures of central tendency and dispersion. Test of hypotheses was carried out using panel estimated generalised least squares, which revealed the following: Total debt to capital ratio has a positive and significant effect on operating cashflow margin (β = 0.105262; p = 0.0334); Total debt to equity ratio has a positive and significant effect on operating cashflow margin (β = 0.045571; p = 0.0109); Total debt to asset ratio has a negative and significant effect on operating cashflow margin (β = -0.563339; p = 0.0021). In conclusion, when firms align their capital structure strategically, debt can become a tool for boosting operational performance and maintaining long-term viability. The study recommends that boards should approve financing policies that balance debt and equity in a way that sustains healthy leverage, enabling the firm to take advantage of the operational and tax benefits of debt without undermining shareholders’ equity interests.
 
FIRM ATTRIBUTES AND ENVIRONMENTAL DISCLOSURE OF LISTED HEALTHCARE FIRMS IN NIGERIA
No full textThe study determined the effect of firm attributes on environmental disclosure of healthcare manufacturing firms in Nigeria. Specifically, the study examined the effect of firm size, firm age and ownership structure on environmental disclosure of healthcare manufacturing firms in Nigeria. The study used the Ex Post Facto research design. The population of the study comprised of all the eight (8) healthcare firms in Nigeria as at year ended December 2022. Census sampling method was employed in choosing the entire eight healthcare firms in Nigeria. The study used secondary data sourced from various annual reports of the sampled firms. The research covered a period of eleven (11) financial years (2012-2022). The data were analysed comparatively via both descriptive and inferential analyse. Test of hypotheses was done using Panel Least Square (PLS) regression analysis. The findings showed that firm size has positive effect on environmental disclosure of healthcare firms in Nigeria but this effect was not statistically significantly at 5% level of significance; firm age has positive effect on environmental disclosure of healthcare firms in Nigeria but this effect was not statistically significantly at 5% level of significance; firm leverage has positive effect on environmental disclosure of healthcare firms in Nigeria but this effect was not statistically significantly at 5% level of significance. It was recommended that large firms disclose more environmental information so that they can inform the community and society that they care about the environment.
 
CAPITAL STRUCTURE ANALYSIS AND PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA
No full textThis research examined capital structure analysis and performance of Nigerian firms. Four (4) manufacturing firms in Nigeria were selected using judgmental sampling procedure over a twenty- five (25) year period (2000-2024) with the aim of providing a critical analysis and the need for proper appraisal of funding/financing sources so as to enhance the wealth of the organizational constituencies. In achieving the above objective, multiple regression was employed as a test statistic to find out/analyze the effect and relationship of key variables such as long-term debt to equity (LTD/E), short-term debt to equity (STD/E) and two (2) control variables - size(S) and asset growth (AG) on Return on Equity(ROE) and Return on Asset (ROA). Secondary data were obtained from four (4) manufacturing firms namely Nestle Nigeria Plc, Vita Foam Plc, 7UP bottling company, and First Aluminum Plc. Results from the research showed a positive relationship between return on equity (ROE) and short-term debt to equity ratio (STD/E) while adverse relationships were observed between long-term debt to equity ratio (LTD/E) and ROE, LTD/E and ROA and STD/E and ROA all taken individually. On a joint basis, the results confirmed that there is a positive and significant relationship between the components of capital structure and ROE and ROA respectively. The F-statistics (Model 1: Fcal. = 24.427 and Model 2: Fcal. = 70.811), as well as T-statistics (Model 1: Tcal.= -0.783 for LTD/E and Tcal.= 2.931 for STD/E; Model 2: Tcal.= -1.130 for LTD/E and Tcal.= 2.857 for STD/E) indicate the significance levels of the independent variables in explaining firm performance. The model’s explanatory power, as measured by the Adjusted R-Square (77.2% for Model 1 and 83.0% for Model 2), confirms the reliability of the findings. In conclusion, while capital structure decisions are critical to firm performance, their effects are not uniform across all components or firms. Based on the empirical findings, the following recommendations are proposed: Nigerian manufacturing firms are advised to strategically prioritize short-term debt in their financing mix; Firms should undertake rigorous cost-benefit analysis before assuming long-term liabilities, ensuring that such debt aligns with the firm’s investment horizon and revenue-generating potential; Firms are also encouraged to adopt a holistic financial management approach that includes other determinants of performance, such as internal control systems, workforce quality, operating environment, and strategic governance; Firms must ensure that all funds - whether internally generated or externally sourced - are allocated prudently.
 
ENHANCING FIRM PERFORMANCE: THE INFLUENCE OF SUSTAINABILITY PRACTICES ON RETURN ON CAPITAL EMPLOYED IN NIGERIA’S INDUSTRIAL GOODS SECTOR
No full textThe study examined the effect of sustainability practices on the return on capital employed of industrial goods firms listed in Nigeria. The study specifically ascertained the effect of social sustainability reporting, economic sustainability reporting and environmental sustainability reporting affects return on capital employed of listed industrial goods firms in Nigeria. Ex-post facto research design was used in the study. Thirteen (13) listed industrial goods firms made up the population of the study, from which a purposive sample of seven (7) firms were chosen based on data availability. Secondary data were collected from the annual reports of the firms over a ten year period, from 2014 to 2023. Descriptive and Pearson Correlational analyses were used to give a summary of the nature of the data. Panel data regression was used in testing the hypotheses and the findings showed the following: Social Sustainability Reporting (SSR) has a significant positive effect on return on capital employed among listed industrial goods firms in Nigeria (β = 0.111156, p = 0.0000); Economic Sustainability Reporting (ECSR) has a significant positive effect on the return on capital employed among listed industrial goods firms in Nigeria (β = 0.953084, p = 0.0000); Environmental Sustainability Reporting (ENSR) has a significant negative effect on return on capital employed among listed industrial goods firms in Nigeria (β = -0.101237, p = 0.0000). In conclusion, by embedding sustainability into the fabric of their business operations, firms not only address stakeholder concerns but may also secure a competitive edge that supports sustained financial growth. The study recommends that managers of listed industrial goods firms in Nigeria should leverage social sustainability reporting by focusing on initiatives that align with community engagement and workforce development
CAPITAL STRUCTURE, ASSET LIQUIDITY AND FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
No full textThe study determined the effect of capital structure and asset liquidity on bank financial performance. The specific objective was to examine the effect of debt to asset ratio, debt to equity ratio, and debt to market capitalisation on the return on equity of listed deposit money banks in Nigeria. The study equally analysed the extent to which current ratio moderates the effect of debt to asset ratio on the return on equity of listed deposit money banks in Nigeria. Ex-post facto research design was adopted in the study. The study population was made up of thirteen listed deposit money banks in Nigeria. Purposive sampling was used to select a sample size of eleven. Secondary data spanning from 2012 to 2024 were collected from the banks’ annual reports over a thirteen-year period. Descriptive analysis was conducted using mean, standard deviation and other measures of dispersion. Hypotheses were tested using moderated panel estimated generalised least squares. It was found that: Debt-to-Asset Ratio has a positive and significant effect on return on equity of listed deposit money banks in Nigeria (β = 1.8352; p = 0.0000); Debt-to-Equity Ratio has a negative and significant effect on return on equity of listed deposit money banks in Nigeria (β = -0.0229; p = 0.0000); Debt-to-Market Capitalisation has a negative and significant effect on return on equity of listed deposit money banks in Nigeria (β = -0.0028; p = 0.0000); Current ratio significantly and negatively moderates the effect of debt to asset ratio on the return on equity of listed deposit money banks in Nigeria (β = -0.0186; p = 0.0018). It concluded that although liquidity typically represents financial health and the ability to meet short-term obligations, it may, in the presence of high debt levels, signal underutilized capital or overly conservative financial management, which could dampen equity returns. The study recommends that financial managers should avoid maintaining excessively high current ratios in highly leveraged banks, as it can weaken the positive effects of debt on performance by tying up capital in low-return liquid assets.
 
ARTIFICIAL INTELLIGENCE AND ACCOUNTING PRACTICES OF PROFESSIONAL ACCOUNTANTS IN SOUTH EAST NIGERIA
No full textThe study examined the effect of artificial intelligence (AI) on accounting practice among professional accountants in South East Nigeria. The specific objective was to examine the effect of artificial intelligence expert system on financial accounting practice, management accounting practice, auditing practice and forensic accounting practice in South East Nigeria. The study adopted a cross-sectional survey design. The target population for this study comprises 2,557 professional accountants working in the 74 accounting firms in South East Nigeria, from which a sample size of 346 respondents was selected using snowballing technique. Primary data for this study were collected using self-administered questionnaires. Descriptive statistics, including percentages, means, and frequency distributions, were used to summarize the responses. Hypotheses were tested using ordinal regression technique. It was found that: AI expert system has a positive and significant effect on financial accounting practice; AI expert system has a positive and significant effect on management accounting practice; AI expert system has a positive and significant effect on auditing practice; AI expert system has a positive and significant effect on forensic accounting practice. In conclusion, the integration of AI into accounting practices has reached a level where its impact is both measurable and transformative, shaping the operational dynamics of professional accountants. The study recommends among others that audit regulators should mandate the standardization of AI-assisted audit protocols across all audit engagements to ensure uniformity, scalability, and compliance with international audit data analytics practices
IMPACT OF AUDIT QUALITY ON FINANCIAL REPORTING TRANSPARENCY OF MEDIUM SCALE ENTERPRISES IN KANO-NIGERIA
No full textThis study examined the impact of audit quality on financial reporting transparency of Medium Scale Enterprises (MSEs) in Kano State-Nigeria. The study employed survey research design using structured questionnaire. The population of the study comprised of entire self-employed individuals who engaged in trade, profession or vocation who are registered with Small and Medium Enterprises Development Authority (SEMEDA) in Fagge Local Government Area of Kano State-Nigeria on or before December, 2024 who are engaged in various Small and Micro Scale Enterprises in Fagge LGA in Kano State, Nigeria that cut across manufacturing, trading, and service sectors. The managers or owners of MSEs in Fagge LGA in Kano State of Nigeria who are responsible for decision making are the participants in this study. The respondents include three hounded (300) self-employed individuals owners of the business in Fagge LGA. Both descriptive and inferential statistics were employed for the purpose of the data analysis. Descriptive statistics include frequency tables and percentage count while inferential statistics such as regression analysis was used to examine the effect of audit quality on financial reporting transparency of MSEs in Kano State-Nigeria. Findings from the regression analysis showed that audit quality has positive and significant impact on financial reporting transparency of MSEs in Kano State-Nigeria. It was concluded that audit quality influence financial reporting transparency of MSEs in Kano State-Nigeria. The study recommended, among other things managers should view audit quality and financial reporting transparency not only as regulatory compliance requirements but also as strategic imperatives for long-term value creation and stakeholder trust