International Journal of Accounting, Management, and Economic Review
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THE IMPACT OF CLIMATE VARIABLES ON KEY FINANCIAL MARKET INDICATORS IN NIGERIA: AN ARDL APPROACH
Get PDFThis study investigates the macro-financial effects of climate change on investment performance in Nigeria, focusing on the interaction between key climate variables, rainfall, temperature, and carbon emissions, and financial indicators such as Treasury Bill Rate (TBR), Stock Market Index (SMI), and Bond Yield (BOY). Using the Autoregressive Distributed Lag (ARDL) model on a 34-year time series, the study examines both short- and long-run relationships between climate and financial variables. The results reveal that rainfall exerts a statistically significant negative effect on TBR in both the short and long run, suggesting that extreme rainfall events influence short-term liquidity and monetary dynamics. However, temperature, carbon emissions, and inflation exhibit no significant impact on SMI or BOY, indicating limited climate sensitivity in long-term capital markets. The findings underscore the partial responsiveness of Nigeria’s financial system to climate variability and point to weak environmental signal integration. The study concludes that Nigerian financial markets remain in the early stages of climate-risk pricing and recommends that regulatory institutions such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) deepen climate-finance research, strengthen data infrastructure, and integrate climate disclosures into financial reporting to improve market resilience
THE IMPACT OF TAX REVENUE ON ECONOMIC GROWTH IN NIGERIA
No full textTax revenue has been a major source of income for the economic growth of developed countries. Governments depend on tax revenue to fund public services, infrastructure, and socioeconomic development. Nigeria\u27s governments over relied on oil revenue and underutilized taxation to generate revenue for economic growth, stability, and development. This study investigates the impact of tax revenue and its components (i.e., Nigeria Customs excise duties tax (NCED), value added tax (VAT), petroleum profit tax (PPT), & company income tax (CIT)) on the economic growth of Nigeria from 1993 to 2023. The explained variable is economic growth proxies by the gross domestic product (GDP) of Nigeria, and the explanatory variables are the tax revenue components. The National Bureau of Statistics (NBS), Federal Inland Revenue Services (FIRS), and Central Bank of Nigeria (CBN) are the sources from which the secondary data was obtained. Based on ex-post facto research design, the long-run and short-run relationships between GDP and tax components were analyzed using the Vector Error Correction Model (VECM). Findings indicate a significant long-run equilibrium relationship between tax revenue and economic growth, as evidenced by the CoinEq1 coefficient of -0.876104 (t-statistic = -2.52391), confirming that deviations from equilibrium are corrected over time. CIT had the most significant impact on GDP, with a CoinEq1 coefficient of -0.072804 (t-statistic = -2.83147, p < 0.05). However, PPT, VAT, and NCED revenue showed no statistically significant short-run effects, with CoinEq1 coefficients of -0.098060 (t-statistic = -1.29903), -0.005928 (t-statistic = -0.23934), and -0.028496 (t-statistic = -0.37345), respectively. These findings suggest inefficiencies in tax administration and policy implementation. The study confirms that tax revenue significantly impacts Nigeria’s economic growth, with CIT playing a crucial role. However, the limited short-run impact of other tax components underscores the need for policy reforms to enhance tax efficiency, broaden the tax base, and improve revenue utilization
EFFECT OF AUDIT COMMITTEE ATTRIBUTES ON FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
Get PDFThis study examined the impact of audit committee attributes on financial performance of listed industrial goods firms in Nigeria. Audit committee attributes is proxied by audit meetings, audit independence, audit size and audit gender diversity, while financial performance is proxy by return on asset (ROA). Data for the study were obtained from audited annual report and account of the sampled firms which consist of ten (9) listed industrial goods firms in Nigeria for a period of 10 years from 2013 to 2022 on the Nigeria Exchange Group giving a rise to 90 industrial goods observations. Multiple regression analysis was used as techniques of data analysis. The study found that there is a positive and significant relationship between audit committee meetings and return on asset of listed industrial goods firms in Nigeria. However, the findings of the study revealed a negative and insignificant relationship between audit committee independence and return on asset. Furthermore, the study revealed a positive and statistically insignificant relationship between audit committee size and audit committee gender diversity effect on return on asset of listed industrial goods firms in Nigeria. The study recommends among others that given the positive and statistically significant relationship between audit committee meetings and ROA, the management of listed industrial goods firms should prioritize regular and effective audit committee meetings to enhance oversight and governance, leading to improved financial performance
BOARD CHARACTERISTICS AND FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
Get PDFThe financial performance of Nigeria’s industrial goods firms has declined due to rising interest rates, weak corporate governance, and ineffective board oversight. This study examines the impact of board characteristics, including size, composition, and gender diversity, on the financial performance of listed industrial goods firms in Nigeria. Using an ex-post factor research design, secondary data was collected from annual reports of seven firms listed on the Nigerian Exchange Group between 2014 and 2023. The sample was selected through simple random sampling, focusing on firms with complete data and active listing status. Multiple regression analysis was used as technique of data analysis and multicollinearity tests confirmed the robustness of the findings. The results of the study revealed that, board size and composition negatively influenced financial performance, suggesting that smaller and more independent boards are more effective. In contrast, board gender diversity did not show a significant relationship with performance, while firm size had a positive effect. The study concludes that strategic board structuring, particularly optimizing size and composition, enhances financial outcomes among listed industrial firms in Nigeria. However, gender diversity, while important for governance, may require further contextual evaluation to determine its impact. Based on these findings, the study recommends that the management of listed industrial firms in Nigeria should prioritize board efficiency and composition to improve governance and profitability, while also considering broader diversity policies. These insights provide valuable guidance for corporate leaders, regulators, and investors seeking to strengthen governance practices in emerging markets
BOARD GOVERNANCE AND THE EFFECTIVENESS OF CSR SPENDING: EVIDENCE FROM NIGERIA’S OIL AND GAS SECTOR
Get PDFThis study investigates the influence of board governance characteristics, specifically board expertise, board tenure, and board meeting frequency, on the effectiveness of corporate social responsibility (CSR) initiatives in Nigerian oil and gas companies. The objective is to explore how these governance factors impact the success of CSR projects within host communities. Using secondary data collected from the annual reports, corporate governance disclosures, and CSR statements of eight listed oil and gas companies on the Nigerian Exchange Group (NGX) over a period of ten years (2014-2023), the study adopts a census approach to ensure comprehensive coverage of the industry. Data analysis is conducted through panel data regression, alongside descriptive statistics and correlation analysis, using STATA version 13 to ensure robustness. The results show a positive and significant relationship between board expertise, board tenure, and board meeting frequency with CSR effectiveness, suggesting that boards with higher professional qualifications, greater experience, and more frequent meetings are better positioned to deliver impactful CSR outcomes. The study concludes that effective governance, particularly through enhanced board expertise and tenure, is crucial for improving CSR performance in the oil and gas sector. In light of these findings, it is recommended that companies invest in enhancing board qualifications and foster long-term tenure and consistent board engagement to maximize the impact of CSR initiatives, ultimately contributing to sustainable community development and improved corporate reputation
CAPITAL STRUCTURE AND THE CORPORATE OPERATING PERFORMANCE OF OIL AND GAS FIRMS IN NIGERIA
Get PDFMany oil and gas companies in Nigeria continue to rely heavily on debt financing, yet questions remain about whether this financing strategy significantly improves their operational performance. This study explored how the capital structure of listed Nigerian oil and gas firms relates to their ability to perform efficiently over time. The research adopted an ex post facto design within a correlational framework, using historical data from audited financial reports. The study focused on all publicly listed oil and gas companies on the Nigerian Exchange as of mid-2023. Out of nine eligible firms, six met the criteria of continuous listing and data availability for a ten-year period. Data were drawn from the firms’ annual financial statements, accessed through official exchange records and company websites. The study used panel data analysis to explore both company-level variations and year-to-year changes. Multiple regression was employed to assess the relationship between different measures of capital structure and operating performance indicators. Findings suggest that although these firms are highly leveraged and prefer short-term borrowing, capital structure choices do not appear to significantly influence their operational perf ormance. The conclusion reinforces long-standing financial theories that question the effectiveness of debt in improving firm value under certain conditions. The study recommends that firms periodically review their capital mix to align with industry realities. It also calls on regulators to keep close watch on the use of debt by public companies in order to guard against risks of financial distress and insolvency
TAX ADMINISTRATION AND COMPLIANCE IN NORTH-WEST NIGERIA: THE MODERATING ROLE OF TAX POLICIES AND GUIDELINES IN THE INFORMAL SECTOR
Get PDFThis study investigates the influence of tax administration on tax compliance in the informal sector of North-West Nigeria, with a focus on the moderating effect of tax policies and guidelines. Using a survey research design, data were collected from 464 tax administrators across Kano, Kaduna, and Katsina states. The analysis employed multiple linear regression to test direct and interaction effects. Results indicate that while tax administration significantly improves compliance metrics such as reporting integrity, timely filing, tax justice, and payment, tax policies and guidelines had a statistically significant but negative direct effect. Also, the interaction term (Tax Administration × Tax Policies and Guidelines) was not statistically significant, suggesting that these policies do not meaningfully moderate the tax administration-compliance relationship. The study recommends enhancing the clarity and implementation of tax policies, alongside capacity-building programs for tax officials
A REVIEW OF NIGERIA\u27S COLONIAL AND POST-COLONIAL DEVELOPMENT PLANNING PARADIGMS AND EXPERIENCES IN RELATION TO CHINA
Get PDFThe paper reviews Nigeria’s development planning journey relative to China’s, highlighting the superiority of endogenous development plans driven by internal visions, values, and capacities over externally driven economic strategies. The paper covers the colonial and post-colonial eras. While most of the colonial era was dominated by exogenous development planning, during the era of Self-Government (1954-1960), the regional governments adopted endogenous development planning, which significantly accelerated development. In the period 1969-1974, for the first time, the federal government adopted endogenous development planning culminating in Nigeria’s Second National Development Plan (1970-1974), which emphasized national sacrifice, unity, and collective ownership of the recovery process and assigned ownership and responsibility to drive the post-war economic planning to the government and all citizens. However, the 1975 military coup began a process of rolling back development planning, a process that was effectively ended when Nigeria began implementing the structural adjustment policies in 1986.While China transitioned to knowledge and innovation-driven economy and the second largest in the world, Nigeria remains a highly indebted resource-driven economy. The paper advocates a return to endogenous planning principles, reviving the communal, self-reliant ethos of the Second National Development Plan
EFFECT OF WOOD FUEL CONSUMPTION ON GREEN GROWTH AND ENVIRONMENTAL SUSTAINABILITY IN NIGERIA (1990-2023)
Get PDFThis study examines the effect of wood fuel consumption on green growth and environmental sustainability in Nigeria from 1990 to 2023 using the Autoregressive Distributed Lag (ARDL) approach. The bounds test result shows the presence of a long-run relationship among the variables, with F-statistics of 5.37 and 5.73, respectively. The empirical findings reveal that wood fuel consumption negatively influences environmental sustainability in both the short and long run, indicating that greater wood fuel consumption worsens environmental sustainability. Conversely, trade openness significantly promotes green growth and enhances environmental quality across both periods, suggesting that trade liberalisation may facilitate environmentally friendly economic activities. The study recommends expanding access to affordable energy alternatives and strengthening environmental governance frameworks. Specifically, policies should provide targeted subsidies and tax incentives for clean cooking technologies such as LPG, solar cookstoves, and improved biomass stoves to reduce household dependence on wood fuel
MODERATING EFFECT OF AUDIT QUALITY ON MONITORING MECHANISMS AND QUALITY OF REPORTED EARNINGS OF LISTED OIL AND GAS FIRMS IN NIGERIA
Get PDFThe study examined the moderating effect of audit quality on the association between monitoring mechanisms and quality reported earnings of listed oil and gas firms in Nigeria. The study adopts expost factor as study design and extracted data from seven oil and gas firms as representatives of the population for periods from 2015-2024. Multiple regression was employed using ordinary least square regression. The study reported that audit committee independence, institutional ownership and audit quality relates positively and significantly with quality of reported earnings. Furthermore, the interactive relationship evidenced that, audit quality moderates significantly the effects of audit committee independence, and institutional ownership have on quality of reported earnings. It is in this vein that the study concludes that audit quality exerts significant moderating role on monitoring mechanisms and quality of reported earnings of listed oil and gas firms in Nigeria. Base on that conclusion the study recommends that regulators should encourage management of listed oil and gas firms to hire auditors among the big 4 firms who are seen to have more experience and more proficient in audit services as this has been found to significantly moderate the relationship between audit committee independence, institutional ownership and quality of reported earnings