1,720,984 research outputs found
IS THERE EARNINGS DISCONTINUITY AFTER THE IMPLEMENTATION OF IFRS IN NIGERIA?
No full textEarnings metrics are major financial indicators which capital market participants and investors focus on for informed decisions. Because reporting earnings increase may enhance firms’ stock price, many managers are motivated to avoid reporting earnings decreases, but prefer to consistently report increase earnings greater than its previous valuation. There is evidence that such practice has led to a situation of conspicuous upward shift in frequency of observations, starting from the left of identified earnings benchmark to the right. Recent studies have shown that a change in accounting regulation may have effects on the shape of the firm-year distribution of earnings. This paper examines the discontinuity evidence for Nigeria, in relation to the adoption of the international financial reporting standard. The aim is to establish whether discontinuity in earnings, represented by the asset-scaled net profits, as well the discontinuity in earnings-change, has reduced following the adoption. According to literature, the study employs three methods – empirical histogram, standardise differences tests and the permutation tests – to validate the aims. The findings suppose evidence for increase in discontinuity, indicating increased in small profits’ earnings management, after the adoption. Contrary, the evidence is not sufficient to conclude that the discontinuity has increase for the earnings-change. It can be argued that the adoption has not achieve much in ensuring firms are monitored against earnings management to avoid losses. The study has limitation, since it considers only the distributions of earnings and earnings-changes. The distribution of forecast errors is not investigated because such is influence by forecast management. Future studies may consider this for improvement
ENTREPRENEURIAL ORIENTATION AND BUSINESS RESILIENCE AMONG NIGERIAN SMES IN THE POST-COVID ERA
Full text linkThe COVID-19 pandemic exposed structural vulnerabilities in Nigerian small and medium-sized enterprises (SMEs), challenging their operational resilience and sustainability. In the post-COVID recovery phase, understanding the entrepreneurial factors that drive business resilience has become critical. This study examines the impact of entrepreneurial orientation specifically innovativeness, risk-taking propensity, and proactiveness on the resilience of Nigerian SMEs, measured in terms of adaptability, operational continuity, and recovery capability. The study adopts a quantitative cross-sectional survey design, targeting SME owners and managers across diverse sectors in Nigeria. Primary data were collected using structured questionnaires grounded in validated scales from existing literature. Business resilience was measured using multi-item Likert-scale responses reflecting adaptability, continuity, and recovery. The independent variables innovativeness, risk-taking, and proactiveness—were assessed via self-reported survey items. The data were analyzed using Stata 17, beginning with descriptive statistics and Pearson correlation, followed by multiple linear regression analysis. Reliability and validity were confirmed using Cronbach’s alpha and factor analysis. Preliminary findings indicate that innovativeness and proactiveness significantly enhance business resilience, while risk-taking propensity has a positive but statistically weaker influence. The results underscore the importance of forward-looking strategic behaviors and creative problem-solving in helping SMEs navigate post-crisis environments. The study concludes that entrepreneurial orientation is a critical driver of SME resilience in Nigeria’s volatile business climate. It recommends that SME development programs focus on innovation training, strategic foresight, and risk management education to equip entrepreneurs with adaptive competencies for future crises
MITIGATING COORDINATION FRICTIONS IN DEFI: EMPIRICAL EVIDENCE FROM DYNAMIC PANEL MODELS AND EVENT STUDY OF ETHEREUM-BASED PROJECTS
Full text linkThis study examines the role of crypto funds (CFs) in enhancing the valuation and performance of decentralized digital platforms (DDPs) by mitigating coordination frictions and information asymmetries. Drawing on panel data from 1,200 Ethereum-based projects and event-study evidence around CF investment disclosures, we find that CF-backed DDPs achieve significantly higher token valuations in the primary market, experience positive cumulative abnormal returns (CARs) around investment announcements, and outperform non-CF-backed peers’ post-issuance. The impact of CFs is stronger when they hold central positions in investor networks and when token ownership is more decentralized. Robustness checks using alternative dependent variables, subsample analyses, and interaction terms confirm the validity of the findings. These results highlight the importance of institutional capital not only in financing but also in signaling quality and enhancing governance in decentralized ecosystems. Policy implications include the need for standard CF disclosure practices, token distribution guidelines, and improved audit standards for smart contracts. The findings contribute to emerging debates on institutional legitimacy, valuation dynamics, and governance in the digital asset economy
Linkages between Economic Growth, Renewable Energy, and Environmental Degradation: Evidence from Developing Economies Using CS-ARDL
Full text linkPurpose
This paper investigates the dynamic relationship among gross domestic product (GDP), renewable energy consumption, and environmental degradation in developing economies, to identify both growth and environmental implications while accounting for heterogeneity and cross-sectional dependence across countries.
Methodology
The study employs panel data econometric techniques, including Pooled Ordinary Least Squares (OLS) and the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) model. Model adequacy and robustness are assessed through extensive post-estimation diagnostics, including R² decomposition, F-statistics, information criteria (AIC and BIC), and residual analysis.
Findings
The results show that traditional estimators, such as OLS, are inadequate for capturing slope heterogeneity and cross-sectional dependence. In contrast, the CS-ARDL model outperforms alternative estimators, as evidenced by lower AIC/BIC values, near-zero mean residuals, and high joint explanatory power. Empirical evidence supports three main hypotheses: (i) renewable energy consumption has a positive and significant long-run effect on GDP, underscoring its role in enhancing productive capacity and fostering sustainable growth; (ii) CO₂ emissions exert an adverse effect on long-run GDP, consistent with the Environmental Kuznets Curve (EKC) hypothesis; and (iii) there is pronounced cross-country heterogeneity in the energy–growth nexus, reflecting differences in industrial structure, trade patterns, and energy efficiency.
Conclusion
The study highlights the importance of advanced econometric approaches such as CS-ARDL for deriving reliable inferences in heterogeneous panel settings. Policy implications suggest that developing economies should promote renewable energy not only as a driver of economic growth but also as a means of mitigating environmental degradation. Given the observed heterogeneity, country-specific policy strategies are essential, as uniform policy prescriptions may fail to account for structural and institutional differences across economies
The Rand, Interest Rate and Intervention by the South African Reserve Bank
No full textPurpose
The study has a twofold aim. The first is to assess whether the interventions explain the short-term fluctuations of the exchange rate of the rand and interest rate in South Africa. The second is to confirm whether intervention shocks transmit to the exchange rate and interest rate settings.
Methodology
Data from 1975 to 2020 was collected from the World Bank's website. The research used the Vector Autoregression (VAR) model to investigate the relationship between interventions, the exchange rate of the rand, and interest rates. FEVD was also employed to examine whether intervention shocks have discernible effects on both the interest rate and the exchange rate of the rand.
Findings
The evidence identifies that reserve growth positively and significantly influences the exchange rate, indicating that intervention causes the depreciation of the rand. However, the reserve growth has a negative and insignificant impact on the interest rate, indicating that intervention was unable to explain the interest rate set by SARB. The significance of the cumulative effects on the exchange rate is evidence that the interventions explain the short-run stabilization of the exchange rate.
Conclusion
In conclusion, the findings of this analysis highlight a clear impact of interventions on exchange rates, while concurrently revealing a lack of statistically significant influence on interest rates. This research offers a policy that can inform future policy decisions related to interventions and the broader monetary framework governing the rand exchange rate
The Rand, Interest Rate and Intervention by the South African Reserve Bank
No full textPurpose
The study has a twofold aim. The first is to assess whether the interventions explain the short-term fluctuations of the exchange rate of the rand and interest rate in South Africa. The second is to confirm whether intervention shocks transmit to the exchange rate and interest rate settings.
Methodology
Data from 1975 to 2020 was collected from the World Bank's website. The research used the Vector Autoregression (VAR) model to investigate the relationship between interventions, the exchange rate of the rand, and interest rates. FEVD was also employed to examine whether intervention shocks have discernible effects on both the interest rate and the exchange rate of the rand.
Findings
The evidence identifies that reserve growth positively and significantly influences the exchange rate, indicating that intervention causes the depreciation of the rand. However, the reserve growth has a negative and insignificant impact on the interest rate, indicating that intervention was unable to explain the interest rate set by SARB. The significance of the cumulative effects on the exchange rate is evidence that the interventions explain the short-run stabilization of the exchange rate.
Conclusion
In conclusion, the findings of this analysis highlight a clear impact of interventions on exchange rates, while concurrently revealing a lack of statistically significant influence on interest rates. This research offers a policy that can inform future policy decisions related to interventions and the broader monetary framework governing the rand exchange rate
Economic Growth, Trade Liberalization, and Carbon Emissions in Europe: An Empirical Analysis of Determinants and Policy Implications
No full textThis study investigates the economic and trade determinants of carbon emissions across 32 European countries from 2001 to 2023. Employing advanced panel econometric techniques, including System GMM, the analysis explores the effects of energy consumption, gross domestic product, trade liberalization, and institutional quality on environmental outcomes. The findings confirm the Environmental Kuznets Curve hypothesis, revealing an inverted U-shaped relationship between economic growth and carbon emissions. Energy consumption remains a significant positive driver of emissions, while improved institutional quality mitigates environmental degradation. Trade openness exhibits a nuanced effect, slightly increasing emissions but offering pathways for green technology diffusion. Robustness checks and policy discussions emphasize the importance of sustainable economic policies and governance in achieving carbon neutrality goals. The study contributes to the ongoing discourse on balancing economic development with environmental sustainability in Europe
Institutional Quality, Entrepreneurship, and Economic Outcomes in Low- and Middle-Income Economies
Full text linkPurpose
This study examines the effect of digital financial inclusion on the growth of micro-enterprises in low- and middle-income economies, with particular focus on gender disparities and the mediating role of institutional trust.
Methodology
The study uses primary panel survey data from 1,240 micro-entrepreneurs collected across several developing economies between 2018 and 2023. A panel probit model is applied to analyse the determinants of the adoption of digital financial services. At the same time, a dynamic system Generalised Method of Moments (GMM) estimator assesses the impact of digital financial inclusion on enterprise growth, accounting for endogeneity and unobserved heterogeneity.
Findings
The findings indicate that digital financial inclusion significantly enhances micro-enterprise growth by improving liquidity management, expanding market access, and increasing operational efficiency. Institutional trust partially mediates this relationship, reinforcing both the adoption and effectiveness of digital financial services. The interaction between digital financial inclusion and gender is negative, indicating that women entrepreneurs derive comparatively lower growth benefits.
Conclusion
The study concludes that digital financial inclusion can support micro-enterprise development, but its growth-enhancing effects depend critically on institutional trust and gender dynamics. Addressing trust deficits and gender-specific barriers is essential to ensure that digital financial ecosystems promote inclusive and equitable entrepreneurial growth in developing economies
DETERMINANTS OF TOKEN VALUATION IN BLOCKCHAIN ECOSYSTEMS: EVIDENCE FROM DYNAMIC PANEL ANALYSIS OF CROWDFUNDING AND NETWORK EFFECTS
Full text linkThis study investigates the determinants of token valuation in blockchain ecosystems, focusing on the roles of crowdfunding support and network centrality. Using a dynamic panel dataset of token projects from 2015 to 2023, we apply the Arellano-Bond Generalized Method of Moments (GMM) estimator to control for valuation persistence and address potential endogeneity. The analysis reveals that crowdfunding backing significantly increases token valuation, while network centrality exerts a positive but nonlinear effect. Additionally, ownership concentration negatively impacts valuation, whereas project age contributes positively. Robustness checks using a nonlinear specification and instrumental variable (2SLS) approach confirm these findings. The results underscore the importance of transparent crowdfunding, diversified network ties, and decentralized ownership structures in driving sustainable token performance. Policy recommendations include enhancing disclosure standards for token offerings, incentivizing decentralized governance, and supporting long-term ecosystem development to ensure healthier digital asset markets
DIGITAL LIBRARY SERVICES AND USER BEHAVIOR IN NIGERIAN UNIVERSITIES: AN EXPECTATION-CONFIRMATION MODEL ANALYSIS
Full text linkThis study investigates the behavioral factors influencing university students’ continued use of digital library services in Nigeria, applying the Expectation Confirmation Model (ECM) as the theoretical framework. A structural equation modeling approach was employed to test a conceptual model developed from ECM constructs, such as the perceived usefulness, confirmation, satisfaction, and continuance intention, augmented by system quality and perceived ease of use. Primary data were collected via an online survey distributed across multiple universities in Lagos State, Nigeria, using random sampling techniques. The empirical findings demonstrate that confirmation significantly affects both perceived usefulness and satisfaction, which in turn influence students’ intention to continue using digital library services. Additionally, system quality and perceived ease of use emerged as significant predictors of satisfaction. The study contributes to the literature on digital service adoption in developing contexts by offering evidence-based insights that inform the design, implementation, and policy surrounding academic digital infrastructures. Recommendations are provided for enhancing system quality, managing user expectations, and ensuring equitable digital access in higher education
- …
