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- ItemOpen AccessAnalysis of motives influencing portfolio investment decisions: the Nigerian experience(2023-08) Iredele, O.O.; Alli, S.O.; Fagboro, G.D.This study investigates factors influencing portfolio investment decisions in Nigeria. The Nigeria Treasury Bill and Federal Government Bond were used as main portfolio investments for the study. Personal factors, economic factors and socio-cultural factors were examined as variables influencing investors’ behaviour. Structured questionnaire was administered to a sample size of 400 respondents selected through convenience sampling technique in Lagos State. Both descriptive and inferential statistics were applied to test the data collected with the aid of the Statistical Packages for Social Science (SPSS) version 20.0. The result revealed that all three variables under study have significant influence on portfolio investment decision. Thus, concludes that personal, economic and socio-cultural factors influence decisions to invest in Treasury Bills and Federal Government Bonds in Nigeria. The study recommend that organizations and managers in the Nigeria business environment should focus on personal, economic and socio-cultural factors when trying to determine influences on investment decision.
- ItemOpen AccessAnti-social tax practices and social economic development in Nigeria: the stakeholders’ perceptions(2013) Olatunde, J.OThe tax system is at the heart of an effective state. Although tax revenues are crucial to enable the state to redistribute wealth and to provide public goods, such aspirations are increasingly checked by tax evasion and tax avoidance practices and fiscal corruption. The paper examines the role of these practices on social economic development in Nigeria. It locates the role of taxpayers within the political economy theory to argue that the anti-social tax practices are shaped by socio-political and economic structures in the society. Using results from 24 interviews, the paper argues that social structures have influenced and [re]shape the attitudes and behaviour of actors towards committing anti-social tax practices. This has adversely affected government revenue thereby undermining investment in public goods, which has eroded the quality of life of Nigerian citizens and led to a decline in life expectancy. The paper advocates a radical reform of the tax system to curb these attendant problems.
- ItemOpen AccessAudit Quality, Corporate Governance and Firm Characteristics in Nigeria(2010-05) Adeyemi, S.B; Fagbemi, T.OThe major corporate collapses and related frauds which occurred in Nigeria and around the world have raised doubts about the credibility of the operating and financial reporting practices of quoted companies in Nigeria. This stirred a number of professional and regulatory organizations to recommend reforms that will improve transparency in financial reporting and thereby increase audit quality and corporate governance practices. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Nigeria where corporate governance is just evolving. Therefore, this study provides evidence on corporate governance, audit quality, and firm related attributes from a developing country, Nigeria. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that ownership by non-executive director has the possibility of increasing the quality of auditing. Evidence also exist that size of the company and business leverage are important factors in audit quality for companies quoted on the Nigerian Stock Exchange. The study suggests that the composition of non-executive directors as members of the board should be sustained and improved upon in order to enhance audit quality.
- ItemOpen AccessBudgetary Activities and Gaming Practices of Industrial Companies in Lagos, Nigeria: An Institutional Perspective.(2016) Omolehinwa, E.O; Fagbemi, T.O; Akinniyi, O.KThe aim of this study is to evaluate the effect of institutional pressure on budgetary activities and its moderating role on the relationship with gaming practices among employees of industrial companies in Lagos, Nigeria.. A survey research design was adopted in this study. Multistage sampling was used in selecting 311 respondents from one hundred and fifty seven (157) industrial companies. The study relied extensively on primary data which was obtained through questionnaire. The instrument was tested for reliability while probit and moderated regression analysis was used to test the propositions that were made. Results of analysis showed that institutional theory significantly moderated the relationship between budgetary activities and gaming practices of employees. The policy implication of findings suggests that institutional pressure should be minimized in order to curb gaming practices of employees and in doing this, emphasis should be laid more on non-financial measures in the appraisal of employees.
- ItemOpen AccessBUDGETARY ACTIVITIES AND GAMING PRACTICES OF INDUSTRIAL COMPANIES IN LAGOS, NIGERIA: AN INSTITUTIONAL PERSPECTIVE(2016) Omolehinwa, E.O; Fagbemi, T.O; Akinniyi, O.KThe aim of this study is to evaluate the effect of institutional pressure on budgetary activities and its moderating role on the relationship with gaming practices among employees of industrial companies in Lagos, Nigeria.. A survey research design was adopted in this study. Multistage sampling was used in selecting 311 respondents from one hundred and fifty seven (157) industrial companies. The study relied extensively on primary data which was obtained through questionnaire. The instrument was tested for reliability while probit and moderated regression analysis was used to test the propositions that were made. Results of analysis showed that institutional theory significantly moderated the relationship between budgetary activities and gaming practices of employees. The policy implication of findings suggests that institutional pressure should be minimized in order to curb gaming practices of employees and in doing this, emphasis should be laid more on non-financial measures in the appraisal of employees.
- ItemOpen AccessBudgetary Participation and Gaming in Nigerian Quoted Companies.(2013) Fagbemi, T.; Ajibolade, S.O.
- ItemOpen AccessBudgetary Participation and Gaming in Nigerian Quoted Companies.(2013) Fagbemi, T.; Ajibolade, S. O.Evidence of positive consequences of budgetary participation abounds in literature. Although, authors have noted negative consequences arising from budgetary participation which might hamper the process, empirical evidence of such is scanty especially from the developing countries. The purpose of this study therefore, is to provide empirical evidence of the relationship between budgetary participation and gaming from Nigeria. Data were collected from three hundred and eleven (311) managers of selected companies quoted on the Nigerian Stock Exchange, through a questionnaire survey. Statistical tools of analysis consisted of arithmetic means, independent sample t-tests and Pearson correlation analysis. The findings indicated that to a high extent gaming takes place in Nigerian quoted companies with "ignoring certain job related activities when not monitored" recording the highest mean of 3.88. Results also showed that budgetary participation has a statistical significant positive relationship with gaming (r = 0.541). Significant differences were found in the extent of gaming exhibited by managers under high and low budgetary participation setting with higher level of gaming reported for higher participation. The study recommends greater monitoring of job related activities in a budgetary participative setting.
- ItemOpen AccessBudgetary slack and managerial performance of manufacturing companies in Nigeria’s environmental uncertainty(African Journal of Contemporary Issues. Faculty of Social and Management Sciences, University of Buea, Cameroon, 2015) Adeyemi, S. B.; Udofia, I. E.The study examined the moderating influence of environmental uncertainty on the relationship between budgetary slack and managerial performance in Nigerian Manufacturing companies. This was informed by literature which has argued that managers cannot adequately predict conditions in their business environment; hence to cope with environmental uncertainties and assure performance, they introduce slack in the budget. It was found that environmental uncertainty significantly influences managerial performance. Budgetary slack was also found to have a non mediating relationship between environmental uncertainty and managerial performance. It was recommended that stricter budgetary controls, review of performance evaluation criteria, and reduced emphasis on achieving budgetary targets should be implemented by the management of the organisation
- ItemOpen AccessComparative Analysis of Environmental Management Accounting Practices in Nigeria and South Africa(ICAN, 2017) Iredele, O.O.; Akinlo, O.OThe study examined the level of environmental management accounting (EMA) practices and the factors influencing such in Nigeria and South Africa. It utilised primary data on environmental management practices of 44 purposively selected listed firms (22 for each country) based on the impact of their activities on the environment. Data were analysed using descriptive statistics (mean score) and inferential statistics (Independent sample t-test and regression analysis). Findings from the result showed that EMA practices are higher in South Africa (Mean score = 3.4609) than in Nigeria (Mean score =2.9258), and the difference is statistically significant at p< 0.001 for two-tailed test. Further analysis revealed that the edge which South Africa has over Nigeria is due to the institutionalisation of EMA practices in the country which is an indicator of the influence of coercive, normative and mimetic pressures. However, these pressures are weak in Nigeria as the level of EMA practices amongst firms’ are based on individual organizational factors such as size, age, organisational cultures, level of technology amongst others. The study, therefore, recommended that environmental management accounting practices should be institutionalized through active participations of relevant stakeholders in Nigeria, and government should introduce green tax incentives as a reward for environmental performance by firms in both countries. This in turn will help improve and sustain EMA practices in Nigeria and South Africa respectively.
- ItemOpen AccessComparative Study of Pupils' Academic Performance between Private and Public Primary Schools(2014) Adeyemi, S.BThis paper compares pupils’ academic performance between the private and public primary schools. The sample,made up of 240 pupils were randomly selected from the private and public primary schools in Ilesa East and WestLocal Government Council Areas of Osun State, Nigeria. Two instruments were used. A structured questionnaireand Pupils’ Achievement Test (PAT) in three core-subject areas of the Primary School Curriculum namely: EnglishLanguage, Mathematics and Social Studies. While the questionnaire was used to collect relevant bio- data of therespondents, the instrument on achievement tests (PAT) was used to collect data on students' performance in thethree subjects involved in the study. Data were analyzed using frequency count, simple percentages and Z-test.Results showed that pupils in the private primary schools performed better than their counterparts in the publicschools and therefore call for improvement in the public schools to enhance the learning opportunity of the vastmajority of pupils attending the public schools.
- ItemOpen AccessCorporate Capital Structure and Corporate Market Value: Empirical Evidence from Nigeria(Canadian Center of Science and Education, 2012) Oboh, S.C; Isa, E.F; Adekoya, A.CWithin the context of the Modigliani-Miller relevance theory and the static order theory of capital structure, this paper empirically examined the effect of a firm’s capital structure on its market value. Dataset from 39 non-financial listed companies for the period of 2005-2009 were used for analysis. Results from the regression analysis show a significant and positive relationship between non-financial firms’ market values and their debt-equity ratios. Whereas, a negative relationship exists between a firm’s total-debt/total-capital ratio and its market value, its size positively affects its market value. Hence, we conclude that firms’ leverage positively influence their market values. Suggesting that, a firm can actually attain an optimal capital structure.
- ItemOpen AccessCorporate environmental disclosure in the integrated reporting regime: The case of listed mining companies in South Africa(AOSIS, 2020) Iredele, O.O.; Moloi, TankisoOrientation: The emergence and adoption of integrated reporting (IR) opens up a new agenda for improving the level of environmental disclosures, especially for listed companies. This study explores the environmental information disclosed by mining firms that are listed on the Johannesburg Stock Exchange (JSE) and in essence expects that the level of corporate environmental disclosure (CED) will improve compared to the periods prior to the mandatory requirement of IR. Research purpose: This article examines the extent to which IR has influenced the level of CED among mining firms listed on the JSE. In addition, it determines variation in the level of CED on account of corporate governance attributes and firm-based characteristics. Motivation for the study: The natural capital is an integral fundamental concept upon which the other five capitals depend. The negative impacts of mining activities on the environment necessitate that mining firms demonstrate higher levels of commitment in this regard. Research approach/design and method: This study utilises data for the top 100 mining firms in the JSE between 2015 and 2018. This study obtained data on environmental and other variables through content analysis of the annual integrated and sustainability reports of sampled mining firms. Data analysis involves descriptive statistics and a one-way analysis of variance (ANOVA), with the aid of the Statistical Package for Social Sciences version 21. Main findings: We found no improvement in the level of CED under the IR approach compared to earlier periods. Further, the study found that firm size and board size are associated with the level of CED. Practical/managerial implications: If greater disclosure of information is preferable to less, policy-makers and regulators should give particular attention to environmental issues by extending the minimum regulatory requirements concerning the concept of the natural capital. Contribution/value-add: This study is one of the first few studies that bring to fore the relevance of IR to CED in the South African mining sector.
- ItemOpen AccessCorporate governance and the credibility of financial statements in Nigeria(Journal of Business Systems, Governance and Ethics, Victoria University, Australia, 2009) Dabor, E. L.; Adeyemi, S. B.Optimal decision-making is based on the quality of information available to the decision maker. Financial statements published by companies are the major sources of financial information available to investors and other stakeholders of the company. The credibility of these financial statements has very salient implications for the quality of decisions that investors can make. By using primary data collected from two hundred and forty eight respondents, and secondary data from twenty quoted companies in Nigeria, we sought to determine the relationship between corporate governance and the credibility of financial statements. The secondary data was analysed using multiple regression, while the primary data was used to test hypotheses using the chi-squared test. We find that including non-executive directors on the board, and compliance with audit committee composition as provided by the Nigerian Companies and Allied Matters Act (CAMA) 1990 are likely to enhance the credibility of financial statements. We did not find evidence to suggest that CEO duality or absence of institutional shareholding would have negative effect on the credibility of financial statements. We recommend that apart from including non-executive directors on the board and ensuring that the composition of the audit committee complies with corporate regulatory framework, stakeholder must constantly assess the credibility of the financial statements by assessing the benefits accruing to them in relation to their financial exposure to the organization.
- ItemOpen AccessCorporate Governance:(2015) Adeyemi, S. E.; Akinteye, S. A; Udo, I. E.The board of directors remains an important corporate governance mechanism through which the shareholders can exercise control over the activities of the firm, monitor and exercise oversight over the top executives and managers. In order to achieve this objective, the board of directors must be independent. This paper provides evidence using data from Nigeria on the degree of independence of the boards of directors of listed firms.
- ItemOpen AccessCorporate Governance: Board of Directors’ Independence in Emerging Economies(2015) Adeyemi, S.B; Akinteye, S.A; Udotfia, I.EPurpose: The board of directors remains an important corporate governance mechanism through which the shareholders can exercise control over the activities of the firm, monitor and exercise oversight over the top executives and managers. In order to achieve this objective, the board of directors must be independent. This paper provides evidence using data from Nigeria on the degree of independence of the boards of directors of listed firms. Design/methodology/approach: The research employs the qualitative design using a cross sectional two-stage interview consisting of an initial and follow up process. Findings: Using concept mapping mindset and qualitative data analytical tools, the study finds that the boards of directors of the listed firms were independent and active. They functioned as an active corporate governance mechanism, exercising control and oversight over the affairs of the firms and their top executives. Research Limitations/implications: A potential limitation of this study could be the use of a small sample size of six Boards of Directors and biases associated with an opinionaire. The findings of the study may not be generalizable, beyond emerging economies. Originality/ Value: This research paper applies qualitative research method to examine the indicators of board independence in listed firms. It identifies the gap in legal framework codification and makes a case for non-proliferation of codes of corporate governance in emerging economies. It provides assurance of the relative independence of the board of directors in the listed firms studied, thereby expanding the body of literature in the research domain.
- ItemOpen AccessCorporate Social and Environmental Disclosures and Market Value of Listed Firms in Nigeria(Nicolaus Copernicun University in Torun, 2018) Okpala, O.P.; Iredele, O.O.This study examines the effect of corporate social environmental disclosure (CSED) on the market value of eighty-four (84) listed firms in Nigeria, which were pur posively selected from the period 2011 to 2016. The aggregate of (CSED) were regres sed on Market Value (Tobin’s Q), while Firm size, financial performance, board size, leverage, affiliation to foreign company and industry type were factored in as extrane ous variables. Data were obtained through content analysis of annual reports of sam pled firms and were analysed through descriptive statistics and regression analysis. The result of the descriptive analysis showed that the mean score for the CSED is above average and the standard deviation for almost all the variables is low which indicated that the deviation of the actual data from their mean is not significant. The OLS result revealed that CSED, firm size, financial performance, affiliation with foreign company and industry type have significant effect on the market value of firms, while Board size and leverage do not significantly influence the market value of firms. The study recom mends that firms should disclose information on their environmental performance as a way of adding value
- ItemOpen AccessCorruption as an Obstacle to Development in Developing Countries: a Review of Literature(2011) Otusanya, O.JContemporary literature has paid scholarly attention to corruption from a variety of competing perspectives. However, broader accounts of the impact of corruption on development in developing countries are relatively scarce. The purpose of this paper is to examine the effect of corruption as a social impediment to development, which has a devastating effect on developing countries. The paper explores the relevant literature and the different perspectives that have been developed and conducted for investigating corruption in developing countries. The paper uses publicly available evidence to show that political, economic elite engaged in corrupt practices. The evidence shows that socio‐political and economic development, politics, power, history and globalisation have continued to reproduce and transform the institutional structures and actors which have facilitated corrupt practices in developing countries. The review shows that large sums of government revenue have been undermined by the corrupt practices of the political and economic elite (both local and international), which have enriched a few, but impoverished most. The paper seeks to bring the anti‐social activities of political, economic and professionals under scrutiny and offers some suggestions for reforms.Corruption has played a major role in causing serious damage to the economic and social landscape in developing countries. This in turn, has undermined social welfare and also investment in the public services, thereby eroding the quality of life and producing a decline in average life expectancy. The paper is a general review of literature and evidence on contemporary issues.
- ItemOpen AccessCorruption as an obstacle to development in developing countries: a review of literature.(1997) Olatunde, J.OContemporary literature has paid scholarly attention to corruption from a variety of competing perspectives. However, broader accounts of the impact of corruption on development in developing countries are relatively scarce. The purpose of this paper is to examine the effect of corruption as a social impediment to development, which has a devastating effect on developing countries. The paper explores the relevant literature and the different perspectives that have been developed and conducted for investigating corruption in developing countries. The paper uses publicly available evidence to show that political, economic elite engaged in corrupt practiceThe evidence shows that socio‐political and economic development, politics, power, history and globalisation have continued to reproduce and transform the institutional structures and actors which have facilitated corrupt practices in developing countries. The review shows that large sums of government revenue have been undermined by the corrupt practices of the political and economic elite (both local and international), which have enriched a few, but impoverished most.The paper seeks to bring the anti‐social activities of political, economic and professionals under scrutiny and offers some suggestions for reforms.Corruption has played a major role in causing serious damage to the economic and social landscape in developing countries. This in turn, has undermined social welfare and also investment in the public services, thereby eroding the quality of life and producing a decline in average life expectancy. The paper is a general review of literature and evidence on contemporary issues.
- ItemOpen AccessCreative Accounting and Shareholders Wealth Maximization in Listed Consumer Goods Companies in Nigeria(Copernican Journal of Finance & Accounting, 2022) Iredele, O.O.; Adeyeye, G.B.; Owoyomi, E.B.This study examines the effect of creative accounting practices on the shareholders wealth of 90 firm-year observations of ten (10) consumer goods companies listed on the Nigerian Stock Exchange (NSE). Ex post facto research design was adopted using dataset for the period 2011–2019 which were collated from the annual reports and financial statements of the listed consumer goods companies. Four hypotheses were proposed and tested using pooled panel data regression. Findings revealed that fre quent changes in inventory valuation method and assets valuation methods respective ly have significant effect on shareholders wealth, while frequent changes in deprecia tion methods and liabilities valuation methods do not significantly affect shareholders’ wealth. The study recommends that external auditors should pay attention to discre tionary items in the financial statements in order to ensure that the assumptions used by managers are fair. Regulators should also evaluate the adequacy of policies around inventory and assets valuation while financial analysts and shareholders should note the application and consistency of accounting policies on inventory and assets.
- ItemOpen AccessA critical Examination of Government Budgeting and Public Funds Management in Nigeria(Emerald Publishing Limited, 2017) Ajibolade, S.O; Oboh, C.SPurpose – The purpose of this paper is to attempt an empirical examination of government budgeting and expenditure processes in Nigeria, a developing country. It examines the current state of budgeting and public funds management (PFM) in Nigeria. It also examines the extent to which the government has used the budgetary mechanism to effectively manage the nation’s economy. Design/methodology/approach – The paper employed simple regression estimation technique for data analysis. Time series data set of budgetary information was constructed from different archival sources over a 16-years period (2000-2015), majorly the national Appropriation Acts, press releases, regulatory and governmental reports, reports of Transparency International, World Bank and Central Intelligence Agency. Findings – The findings confirm that the nation’s annual budgeting approach is defective and lags in achieving its fiscal objectives. The budget indicates a state of poor accountability and transparency in PFM. Findings also suggest that the level of economic development in Nigeria is not commensurate with the size of government expenditure. Practical implications – The paper draws the attention of the government to the need to restructure its approach to budgeting and adopt a more resilient approach that suits its environment and economic peculiarities in effort to ensure efficient management and accountability of public funds. The paper also offers value to other developing countries. It provides empirical evidence that explains an aspect why the African continent remains underdeveloped hitherto. Originality/value – This paper lends a voice to the call for a restructuring of the Nigerian budgetary system and its implementation strategy. It advocates for the adoption of an alternative budgeting approach that matches Nigeria economic realities. The paper demonstrated that the traditional budgetary approach being used by many developing countries is limited in certain ways and could hinder sustainable development.