Gusau Journal of Accounting and Finance

THE EFFECT OF GOVERNMENT BOND ATTRIBUTES ON CAPITAL MARKET PERFORMANCE IN NIGERIA

2025-08-02T18:13:22+00:00

The study examined the impact of government bonds on capital market performance in Nigeria, Specifically, this study investigated the volatility level of government bonds in the Nigeria capital markets, the impact of government bonds markets capitalization on capital market performance. Ten-year Time-series data was used for this study from 2014 to 2023 sourced from the Central Bank of Nigeria (CBN), Nigerian Exchange and Securities and Exchange Commission (SEC). Data was subjected to linear regression analysis which was used to estimate the parameters of the model. The findings revealed that Government bond market capitalization, value of government bond and new issues of government bonds all have a significant positive effect on capital market performance in Nigeria. While, volatility level of government bonds hurts capital market performance. Based on the findings the study concluded that government bonds capitalization, the volume of government bonds, and new issues on government bonds should be increased, while volatility in the value of government bonds should be reduced. The study therefore recommended that the government should increase its bond market capitalization to increase the capital market performance; the government through its agency should attempt to prevent the bond price and return fluctuation and the government should increase the number of bond issuance in circulation to increase the level of capital market performance in the country.

THE EFFECT OF CORRUPTION AND TERRORISM ON THE PERFORMANCE OF THE NIGERIAN EXCHANGE

2025-08-02T18:23:49+00:00

Thirteen-year time-series data was used for this study from 2011 to 2023 sourced from Nigeria stock exchange, transparency international, and Economic and peace. Data was subjected to Autoregressive distributed lag regression analysis which was used to estimate the parameters of the model. The findings of the study indicate that corruption and terrorism have a negative effect on stock market performance in Nigeria. Based on the findings, the study concluded that corruption and terrorism have negative effect on the performance of the Nigerian Exchange. The study recommended that the federal government should intensify it efforts in the fight against terrorism and also increase effort in providing an enabling environment for businesses to strive and increase employment opportunities. This will reduce the number of citizens available for both financial and violent crimes

THE EFFECT OF RISK MANAGEMENT COMMITTEE ON THE FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

2025-08-02T18:31:50+00:00

This study examined the effect of risk management committee on the financial performance of listed Deposit Money Banks (DMBs) in Nigeria. Financial performance which is the dependent variable was proxied by return on assets (ROA), while enterprise risk management as the independent variable was proxied by risk management committee independence, risk committee size, ISO 27001 framework and COSO framework. Data were collected from secondary source. The data were extracted from the audited annual reports of the 14 listed DMBs on the Nigerian Exchange (NGX) for the period of 2016-2022. The study employed the Generalized Least Square (GLS) regression technique in analyzing the study data. The findings revealed that ISO 27001 framework and COSO framework have a positive and significant effect on the financial performance of listed DMBs in Nigeria. Hence, it was concluded that ISO 27001 framework and COSO framework are among the major determinants of financial performance of listed DMBs in Nigeria. It was recommended that the managements of the listed DMBs in Nigeria should increase the use of ISO 27001 and COSO framework to assist them in mitigating risk and increasing the financial performance of the banks.

THE EFFECTS OF FIRM ATTRIBUTES ON EARNINGS MANAGEMENT OF QUOTED CEMENT COMPANIES IN NIGERIA

2025-08-02T18:37:34+00:00

This study evaluated certain firm attributes (proxied by firm size and audit quality)on earning management of listed cement firms in Nigeria. Secondary data was extractedfrom annual financial statement. A quantitative research design was adopted in the study. The population of the study comprises of all the cement firms listed on Nigerian stock exchange as at 31^st December, 2021. As December 31st, 2021, there are 3 listed cement firms in Nigeria: Dangote Cement Plc, BUA cement Plc and Lafarge Africa Plc. The idea behind sampling is to ascertain an adequate size that will represent the total population thereby saving costs and time wastage. The outcome of the study justified firm size (SIZE) has a positive and insignificant relationship with earnings management of listed cement firms (? = 0.0093, t= 1.44, p=0.168). In addition, the study established that audit quality (AQ) negatively and significantly effects on earnings management of listed cement firms in Nigeria (? =-0.0049, t= -2.40, p=0.027). The study recommended that the listed cement firms in Nigeria should consistently engage the services of big4 audit firms have a very huge incentive to maintain a high audit quality which assist in checkmating the operations of the managers and limit the instance of earnings management.

EFFECT OF BOARD ATTRIBUTES ON ENVIRONMENTAL DISCLOSURE OF LISTED MANUFACTURING FIRMS IN NIGERIA

2025-08-02T18:49:07+00:00

The increasing global concern for the environment and the consequent academic interest in researching best environmental disclosure that enhances the quality of reporting had given tremendous drive for this current research. This study examined the effect of board-specific attributes on the environmental disclosure of listed manufacturing firms in Nigeria. The study used the correlational research design with a positivist research paradigm, and agency theory to underpin the relationship between the independent variables and the dependent variable of interest. The population of the study consisted of the 52 listed manufacturing firms on the Nigerian Exchange Group, the population was later reduced to a sample size of 43 manufacturing using the filtration method. Quantitative data were extracted from the audited annual reports of the 43 manufacturing firms used in the study for twelve-year period covering 2011 to 2022. The data were analyzed using the Fixed Effect regression technique. Findings from the study show a significant positive relationship between board size, board gender, board expertise, board independence, and environmental disclosure of listed manufacturing firms in Nigeria. The implication of this result indicate that increase in these variables will lead to a corresponding increase in the environmental disclosure of listed manufacturing firms in Nigeria. Based on the findings of the study, it is recommended that the management of the sampled firms should increase the minimum number of board size to nine members, board independence to about 11.92% of the directors on the board and the minimum number of women on the board should increase to 15.59% as established by the study. This is because it was established by the findings of the study that increase of the various variables as indicated by the descriptive statistics will promote the environmental disclosure among the listed manufacturing firms in Nigeria. Also, the management of the firms should carry out policies that will promote the inclusion of foreign directors on the board as this was also shown to improve the environmental disclosure of manufacturing firms in Nigeria.

COMPETITOR FINANCIAL STATEMENT PERFORMANCE APPRAISAL ANDFINANCIAL PERFORMANCE OF QUOTED MANUFACTURING FIRM IN NIGERIA

2025-08-02T19:25:39+00:00

focus of the study is on competitor financial statement performance appraisal and its relationship with financial performance of manufacturing companies in Nigeria. The population of the study is the sixty-nine quoted manufacturing companies in the Nigerian Exchange Group, while sixty (60) of them were used as sample using the purposive sampling technique. The scope of the study covers the period 2014 -2023. Ex-post facto research design was adopted, with data obtained from the financial statements of the different companies involved in the study. Four (4) dimensions of financial performance were used for this study, which are net profit before tax, earnings per share, return on equity and return on assets against competitor financial statement performance appraisal. This led to the formulation of four (4) hypotheses that were tested using spearman rank correlation for the analyses. The results indicated that, while net profit before tax, return on equity and return on assets have significant relationship with competitor financial statement performance appraisal, earnings per share on the other hand, showed an insignificant relationship with competitor financial statement performance appraisal. The study therefore recommended that for companies intending to improve their net profit before tax, return on equity and return on assets, managers of manufacturing firms should engage more on competitor financial statement performance appraisal, while for companies intending to shore up the value of their earnings per share, competitor financial statement performance appraisal is not an option to engage in.

EFFECT OF INTERNAL CONTROL COMPONENTS AND REVENUE LEAKAGE: EVIDENCE FROM FINANCIAL INSTITUTIONS IN EDO STATE, NIGERIA

2025-08-02T19:30:23+00:00

This study examines the relationship between internal control systems and revenue leakage in financial institutions in Edo State, specifically banks and microfinance institutions, by accessing how the various aspects of internal control, which includes control environment, risk assessment, control activities, information and communication, and monitoring, contribute to minimizing financial losses due to revenue leakage.This exploratory study utilised the administration of a well-structured 5-point Likert scale questionnaire to 384 employees of financial institutions in Edo State in gathering data. The instrument's reliability was confirmed with a Cronbach’s Alpha coefficient of 0.856. Data analysis involved the use of both descriptive statistics and multiple regression analysis to assess the relationship between internal control components and revenue leakage. The findings revealed that control activities had a significant relationship with revenue leakage, while other internal control components such as risk assessment, information and communication, and monitoring did not show a significant relationship with revenue leakage. This suggests that while control activities are crucial in minimizing revenue leakage, other components may require more effective implementation. Notably, the positive relationship of the coefficients contradicts the expected negative link between strong internal controls and revenue leakage. This may indicate that internal controls, though present, are not effectively enforced or are implemented superficially. The study recommends strengthening of control activities and enhancing the integration of risk assessment and monitoring mechanisms to reduce revenue leakage in financial institutions.

EFFECT OF INVESTORS' OVERCONFIDENCE AND MENTAL ACCOUNTING ON INVESTMENT PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

2025-08-02T19:36:41+00:00

Behavioral finance theory documents that the actions of individual investors have demonstrated that individuals appear to respond to and perceive the same information differently, generating cognitive biases. It is against this backdrop that this study empirically examines the effect of mental accounting and investors' overconfidence on the investment performance of deposit money banks in Nigeria. The study used 960 daily observations on the population of thirteen (13) and a sample size of eight (8) deposit money banks in Nigeria that paid annual dividends from the period 2013 to 2022. The study employed a secondary source of data collection and was gathered from the monthly share market data and annual financial reports from 2013 to 2022. The study data were analyzed through descriptive statistics, correlation analysis, and the multiple regression model to test the formulated hypothesis for the study. after conducting the diagnostic tests such as the mean VIF test and Hettest, the study established that the Ordinary Least Squares (OLS) model is the study-appropriate model for the study. The findings of the study showed that mental accounting and the overconfidence of investors have a positive and significant effect on the investment performance of deposit money banks in Nigeria. Based on the results of the study, it is recommended that mental accounting and overconfidence should be considered during financial investment decision-making processes because it has been empirically established that they both, had a favorable and significant effect on investment performance.

AUDIT COMMITTEE AS A MODERATOR ON THE RELATIONSHIP BETWEEN DIVERSITYINBOARD AND ENVIRONMENTAL REPORTING OF LISTED MANUFACTURING COMPANIES IN NIGERIA

2025-08-02T19:43:22+00:00

Corporate environmental practices are facing more and more scrutiny from stakeholders as a result of growing ecological concerns that affect not just local communities but the planet as a whole. To this end, this paper examines the moderating role of audit committees on the relationship between diversity-in-board and environmental reporting of Listed Manufacturing Companies in Nigeria (LMCN). The paper employed an ex-post facto research design and data collected from annual reports of thirty-six LMCN were analyzed using descriptive statistics and linear multiple regression techniques. Findings suggest that while diversity-in-board positively influenced environmental reporting, this effect became statistically significant when moderated by the audit committee. This underscores the importance of audit committee crucial role as a moderator in influences that impact of diversity-in-board and ensures adequate disclosure of environmental information in the annual reports of listed manufacturing companies in Nigeria. The study recommends among others that Financial Reporting Council (FRC) of Nigeria should no longer allow environmental disclosure in Nigeria to be voluntary, but make it compulsory using ISO 14031 reporting guideline as a common standard among listed manufacturing firms in Nigeria for the purpose of attaining detailed environmental disclosures and easy comparison of such disclosures among firms. Also, encourage regulators to regularly review corporate governance codes to strengthen diversity provisions for more credible stakeholder reporting. Additionally, manufacturing firms should focus on boosting the effectiveness of their audit committees to enhance environmental stewardship, which will in turn improve corporate brand image and reputation.

EFFECT OF SUSTAINABILITY DISCLOSURE ON FINANCIAL PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA

2025-08-02T19:50:51+00:00

Manufacturing companies in Nigeria are increasingly expected to disclose their sustainability practices, but the financial benefits of doing so are still uncertain. This study explored how different aspects of sustainability reportingeconomic, environmental, and socialrelate to the financial performance of listed manufacturing firms, focusing on return on equity. Using a quantitative research method, the study collected secondary data from the audited annual reports of 10 manufacturing firms listed on the Nigerian Stock Exchange, covering the years 2020 to 2022. These firms were chosen based on their consistent publication of financial and sustainability reports during this period. The data were analyzed using multiple regression analysis to understand the effect of each sustainability component on profitability. The results of the study showed that economic and environmental disclosures were linked to lower financial performance, while social disclosures had no significant impact. However, when all three aspects were considered together, they showed a combined positive effect on profitability. This suggests that companies may hesitate to report sustainability information unless it clearly improves performance. The study recommends that firms adopt a complete and balanced approach to sustainability reporting, as it is more likely to gain support from stakeholders and contribute to long-term business success.

TIMELINESS OF FINANCIAL REPORTING AND INVESTMENT DECISION DYNAMICS: EVIDENCE FROM QUOTED DEPOSIT MONEY BANKS IN NIGERIA

2025-08-02T19:58:19+00:00

Thisstudyexaminedtherelationship between the timeliness offinancialreporting andinvestmentdecisionsofquoteddepositmoney banks in Nigeria.Ex-post facto research design was employed and the sample population is made up of 12 depositmoney banks quoted companies in the Nigerian Stock Exchange (NSE). The depositmoney banks for the population must have the responsibility to publish its financial statements for the period from 2012 to 2023. The data are analyzed using descriptive statistics, Pearson correlation and ordinary least square (OLS) regression technique.The result shows that the timeliness of financial reporting has a negative and statistically significant relationship with investment decision dynamics of money deposit banks in Nigeria and financial reporting quality has positive and statistically significant relationship with investment decision dynamics of money deposit banks in Nigeria at 5% level.The study recommended that stakeholders of depositmoney banks in Nigeria should set a time limit for the managing director to present the financial report and accounts for the external auditors to report timely, since timeliness of financial reporting has an adverse effect on investment decision dynamics.

RELATIONSHIP BETWEEN BOARD HETEROGENEITY AND ENVIRONMENTAL PERFORMANCE IN NIGERIAN MANUFACTURING FIRMS

2025-08-02T20:08:11+00:00

This study investigates the relationship between board heterogeneity and environmental performance in Nigerian manufacturing firms, focusing on four key dimensions of board composition, board independence (BIND), board gender diversity (BGEN), board professionalism (BPRO), and board nationality diversity (BNAT), with firm size (FSZ) as a moderating variable. Using a panel dataset of 68 Nigerian manufacturing firms over the period 2015 to 2024, the study employs panel corrected standard errors (PCSE) regression models to address heteroscedasticity and autocorrelation issues. The findings indicate that all four dimensions of board heterogeneity positively influence environmental performance, with firm size enhancing the effect of diversity on sustainability practices. This study contributes to corporate governance literature by demonstrating the importance of board diversity in improving environmental stewardship, particularly in large firms. Conclusively, this study emphasizes the importance of promoting diversity in board composition to improve environmental stewardship. Recommendations include that Nigerian manufacturing firms should prioritize increasing the diversity of their boards, particularly in terms of gender and nationality, to strengthen environmental governance. Additionally, policymakers should consider creating incentives for companies to enhance board diversity as a strategic tool for improving corporate sustainability.

MODERATING ROLE OF FINANCIAL INNOVATION ON THE RELATIONSHIP BETWEEN FINANCING DECISIONS AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

2025-08-02T20:15:20+00:00

The performance of deposit money banks in Nigeria over the last decade is faced with declining profitability, negative profit and inability to pay dividends over a period of time as a result of underperformance. This study investigates the moderating role of financial innovation on the relationship between financing decisions and financial performance of listed deposit money banks in Nigeria. Using a 15-year panel dataset (2009-2023) from 16 banks, and the methodology adopted for the study was descriptive research design employing random effects estimation to test the hypotheses using STATA 13 version software package. Secondary data was adopted, sourced from Nigeria Exchange Group facts book and banks annual financial reports for the period. The study finds that debt and equity financing significantly enhance performance, while risky and risk-free investments negatively affect ROA. Financial innovation significantly moderates these relationships. The study recommends cautious investment practices and greater adoption of financial technologies.

MICROFINANCE ACTIVITIES AND THEIR LONG-RUN IMPACT ON ECONOMIC GROWTH IN NIGERIA: EVIDENCE FROM ARDL ANALYSIS (1993-2023)

2025-08-02T20:20:41+00:00

Microfinance has been globally recognized as a catalyst for economic growth, especially in developing economies such as Nigeria. Despite various efforts to improve access to finance, many low-income individuals and small enterprises remain excluded from the formal financial system. examines the effect of microfinance activities savings, lending, and investment on Nigeria's economic growth between 1993 and 2023, using secondary data from the Central Bank of Nigeria. The study employed the Autoregressive Distributed Lag (ARDL) model for the data analysis, the findings show that microfinance savings significantly boost GDP in the long run, while lending and investment exhibit statistically insignificant effects. Inflation and exchange rates negatively affect growth, while government expenditure has a significant positive influence. The study recommends strengthening savings mobilization, improving credit mechanisms, and implementing macroeconomic stabilization policies.

EFFECT OF AUDIT COMPLIANCE PARAMETERS ON REGULATORY FILING TIMELINESS OF SOME SELECTED LISTED COMPANIES IN NIGERIA

2025-08-02T20:25:28+00:00

The study examines the effect of audit compliance parameters on the regulatory filing timeliness of some selected listed companies in Nigeria. Regulatory filing timeliness is measured by the number of days between the financial year-end and the date the auditor signs the financial statements, while audit compliance parameters are represented by audit firm size, audit tenure, and audit committee size. Using a panel dataset of 42 firms over ten years (2012-2021), comprising 420 firm-year observations, the study employs a descriptive and correlational research design. Secondary data were collected using a convenience sampling approach and analyzed using Feasible Generalized Least Squares (FGLS) regression. The hypotheses tested explore the relationship between each audit compliance parameter and regulatory filing timeliness. The findings show that audit firm size, audit tenure, and audit committee size all have a positive and statistically significant effect on the regulatory filing timeliness of listed firms in Nigeria. The results of the study suggested that larger audit firms, longer audit tenures, and effective audit committees contribute to timely financial disclosures. The study recommends that firms engage reputable auditors, maintain stable auditor relationships, and strengthen auditcommittee composition to enhance timeliness in financial reporting.

CASH MANAGEMENT POLICIES AND ACCOUNTABILITY AMONG FEDERAL MINISTRIES, DEPARTMENTS, AND AGENCIES IN ONDO STATE, NIGERIA

2025-08-02T20:33:19+00:00

Cash misappropriation allegations have rocked the public sector, and this has continued to threaten the accountability obligation of the government. To redeem their image, governments have continued introducing policies to reduce financial leakages and promote accountability in the management of public funds. This study, therefore, investigates the effect of cash management policies on accountability in federal Ministries, Departments, and Agencies (MDAs) in Ondo State, with a focus on policies such as the treasury single account system, the government integrated financial management information system, and the integrated personnel payroll information system.The study employed a primary data method through the administration of a questionnaire. The study adopted a survey research design to obtain information. The population of the study consists of 385 directors and heads of federal ministries, departments, and agencies in Ondo State with a sample size of one hundred and fifty (150) directors and heads of MDAs, which were selected using a purposive sampling technique because data for the study were directly obtained from the targeted respondents. The data were analyzed using descriptive statistics such as kurtosis, skewness, median, mean, standard deviation, and ordinary least square regression. The study's findings revealed that a treasury single account with a coefficient of 0.5703 and a p-value of 0.0000 positively affected accountability, and increased transparency led to an increase in federal MDA compliance. Government integrated financial information systems with a coefficient of 0.7115 and p-value of 0.0000 measures for cash management policies had a significant effect on accountability, and integrated personnel payroll information systems with a coefficient of 0.6301 and p-value of 0.000 positively impacted accountability.The study concluded that the treasury single account, government integrated financial information system, and the integrated personnel payroll information system significantly influence accountability. The study recommended that government authorities maintain treasury single account policies to increase government revenue because they have positively affected accountability. Also, several measures towards developing sound, effective and efficient government policy on TSA must be implemented in tandem with the Government Integrated Financial Management Information System (GIFMIS), Integrated Personnel Payroll Information System (IPPIS) for a sound public sector accounting system.

MACROECONOMIC FUNDAMENTALS, INTERNATIONAL TRADE AND ECONOMIC GROWTH IN WEST AFRICA COUNTRIES

2025-08-07T15:47:26+00:00

The study examined the impact of macroeconomic fundamentals, international trade and economic growth in West African countries. The study utilized secondary data obtained from the World Development Indicators. Static panel regression was adopted to analyze the data obtained for the study. The study revealed that inflation negatively impacts economic growth in West Africa. The study also revealed that trade openness significantly affects economic growth in West Africa. Finally, the study revealed that exports significantly affect economic growth in West Africa. The study concluded that macroeconomic fundamentals and international trade affect economic growth in West Africa. The study therefore recommended that the Government should encourage diversification of export products and target new international markets. Supporting value addition and improving product quality will help reduce dependence on a narrow range of exports and enhance resilience against external shocks.

MACROECONOMIC VARIABLES AND STOCK MARKET PERFORMANCE IN NIGERIA

2025-08-07T15:54:40+00:00

This study examined macroeconomic variables and stock market performance in Nigeria, using secondary data from the Central Bank of Nigeria. The study adopted the Autoregressive Distributed Lag Model (ARDL) technique to analyze the data obtained for the study. Furthermore, the results revealed that exchange rate fluctuations significantly affect stock market performance with a p-value of (p<0.01). Interest rate is also significantly related to stock market performance, with a p-value of (p < 0.01). Inflation also significantly affects stock market performance with a p-value of 0.01. Finally, Gross Domestic Product significantly impacts the performance of the stock market in Nigeria with a coefficient value of (0.0000000137) and a p-value of (0.0269). Based on the findings, the study concluded that macroeconomic fundamentals exert a substantial and measurable influence on stock market performance in Nigeria. Therefore, the study recommended that policymakers should implement strategies to stabilize the naira by promoting foreign investment, reducing overreliance on oil exports, and diversifying the economy.