• ISSN:2971-7930 (E) == ISSN:0189-0662 (Print)

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THE CERTIFIED NATIONAL ACCOUNTANT (CNAJ)
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The Certified National Accountant Journal (CNAJ) is a quarterly publication of the Association of National Accountants of Nigeria (ANAN). This journal is a critical professional mouthpiece open to the teeming population of the entire Accounting professionals and other interest groups for learning and re-learning, research, and contributions to professional and other contemporary issues regarding the Accounting profession and practice.

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Manuscripts should be written in English (if written in any other language translation must be included).

The manuscript should not be more than 16 pages on A4 type paper with a 1-inch margin for the top and bottom while the righthand left hand’s margin should take 1.25 inches each.

The reference should be in the current APA style. Times New Roman with 12 font sizes of one-and-a-half line spacing is to be adopted.

PEER REVIEW

The entire editorial workflow is performed by a team of experts. Once a manuscript is submitted for publication, the manuscript is checked by the journal’s editorial office to ensure the files are complete and that the relevant requirements are in order.

The manuscript is then sent to the Editor-in-chief who assesses the suitability of the manuscript in terms of scope and quality and, if appropriate, assigns it to an Editor. 

Recent Articles

EFFECT OF LEVERAGE ON THE FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
Volume No: CNAJ Vol.31, No. 3 (July-September 2023)

Authors: Simon A. YUNISA (Ph.D), Meshack ANYAKWU (Ph.D), Olugbenga Alao LAJORIN (Ph.D)
Categories: Economics, Economics, Economics, Economics, Economics, Economics, Accounting, Accounting, Accounting, Accounting, Accounting, Accounting

This study examined the effect of leverage on the financial performance of Deposit Money Banks (DMBs) in Nigeria. It covers the period 2005-2020 and used a sample of eleven DMBs listed on the Nigerian Stock Exchange. Data used include ratio of short term debt to total assets, return on capital employed, return on asset, debt-equity ratio, interest coverage ratio, ratio of long term debt to total assets and total debt to total asset ratio. The study used the Random effect model to analyze data collected and findings showed that leverage indicators exert significant effect on the return on assets and return on capital employed of DMBs in Nigeria. The study concludes that leverage significantly affects DMBs financial performance as it enhances managerial efficiency. This is so, as managers are burdened with the payment of interest, thus, leaving few cash flows for perquisites; thus, aligning their interest with that of shareholders. The study recommended that since financial leverage decision is very critical to the survival and performance of banks, an appropriate debt-equity mix should be adopted, so as to improve their financial performance and remain competitive.

 

Keywords: Leverage, Debt equity ratio, Total debt to total asset, ROA

doi: http://dx.doi.org/10.32474/CIACR.2018.05.000217

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INTELLECTUAL CAPITAL EFFICIENCY AND EARNINGS QUALITY OF INSURANCE FIRMS IN NIGERIA
Volume No: CNAJ Vol.31, No. 3 (July-September 2023)

Authors: Ineye Odoemenam, Gospel J. Chukwu
Categories: Economics, Economics, Economics, Accounting, Accounting, Accounting

This study empirically investigated the relationship between intellectual capital efficiency (ICE) and the earnings quality (EQ) of a sample of listed insurance firms in Nigeria. ICE, the predictor variable, was obtained by aggregating human capital efficiency (HCE), capital employed efficiency (CEE), and structural capital efficiency (SCE), while EQ was measured using value relevance. The theoretical anchor of the study was signaling theory. Of the twenty six listed insurance firms in the study period (2012 to 2020), only twelve firms with complete data were selected. Data extracted from the annual reports of the firms, and from the Daily Official List of the Nigerian Exchange Group for the study periodwere analysed using the regression technique. Findings revealed that ICE had a positive and significant relationshipwith value relevance, but a negative relationship with leverage (the control variable in the analytical model). The study therefore concluded that intellectual capital efficiency is positively associated with earnings quality, and recommended that insurance firms should enhance their ICE because of its relevance in the knowledge economy.

Keywords: Intellectual capital efficiency, earnings quality, value relevance, leverage

doi: https://doi.org/10.1080/23322039.2020.1802815


EFFECT OF ENVIRONMENTAL ACCOUNTING DISCLOSURE ON FIRM PROFITABILITY OF LISTED OIL AND GAS COMPANIES IN NIGERIA
Volume No: CNAJ Vol.31, No. 3 (July-September 2023)

Authors: DR. FRANCIS IDIEGE AHAKIRI, IMONG NELLY RAPHAEL, OGAR-ABANG JOHN
Categories: Accounting, Accounting

Environmental Accounting disclosure is an emerging subject of interest globally as a link between accounting and environmental management. This study aims to examine the effect of Environmental Accounting Disclosure (EAD) on the firm’s profitability of listed oil and gas companies in Nigeria.  The study employed ex post facto research design in a sample of nine (9) oil and gas companies for a period of   years (2013-2021). Secondary data from the financial statement of the sample companies was used. Dynamic panel regression technique of data analysis was used in the analysis, after controlling for firm size and leverage. The study reveals that environmental accounting disclosure has a positive significant effect on firm profitability of listed oil and gas companies in Nigeria In line with the findings, the study recommends that Nigerian oil and gas companies should adopt environmental accounting disclosure practices as part of their corporate social responsibility initiatives. This will help improve their environmental performance and also enhance their financial performance.

Keywords: Environmental Accounting disclosure, profitability, firm size leverage 

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THIN CAPITALIZATION IMPACTON LISTED MULTINATIONAL COMPANIES’ FINANCIAL PERFORMANCE IN NIGERIA?
Volume No: CNAJ Vol.31, No. 3 (July-September 2023)

Authors: Ogbada EyongIkwa, PhD, FCCA, MTMN
Categories:

Thin capitalization and financial performance of listed multinationalcompanies in Nigeria was critically examined within a five year period (2017-2021) with an in-depth concentration. The study employed ex- post facto research design and a purposive or judgmental sampling technique to select eight (8) listed non-financial Multinational Companies from construction, food and beverages consisting of Unilever Nigeria Plc., UAC of Nigeria Plc., Cadbury Nigeria Plc., Guinness Nigeria Plc., Nestlé Nigeria Plc., Dangote Sugar Refineries Plc., Julius Berger Nigeria Plc. and PZ Cussons Nigeria Plc. While secondary data from the published financial annual reports of the eight (8) selected listed multinational companies in Nigeria were used. The study dependent variable was financial performance (return on assets) and independent variables were financial leverage and Effective Tax Rate. The control variable was firm size. The secondary data obtained were analyzed using multiple regression analysis. The result showed that financial leverage has a negative but significant effect on Return on Asset of listed multinational companies in Nigeria. The findings also revealed that Effective tax rate has a positive but insignificant impact on Return on Asset of listed multinational companies in Nigeria.Therefore the study recommends that a thin capitalization rule which will limit the debt-equity ratio, should be introduced in Nigeria as it helps prevent tax avoidance.  The interest deductibility rules which was introduced in the Finance Act, 2019 limited interest deductibility to a specific benchmark of thirty percent (30%) of EBITDA.  Hence, the Federal Inland Revenue should ensure that all multinationals comply with the Finance Act 2019 on the interest deductible from profit restriction. The study recommends that in order to improve performance, corporate managers are advised to reduce financial leverage. Multinationals should avoid over floating investment in affiliate with high leverage especially in a developing state in order to sustain it operations and maximize needed profit. The study also suggest that Managers of MNCs should engage in tax planning activities that will reduce the effective tax rate and improve overall financial performance as effective tax rate has a positive but insignificant effect.

 

Keywords: Effective Tax Rate, Firm Size, Financial Leverage, Multinational Corporations, Thin Capitalization.

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MOTIVATION AND STAFF JOB PERFORMANCE IN THE HOSPITALITY INDUSTRY: A CASE STUDY OF ILAJI HOTEL AND RESORT CENTRE, AKANRAN, IBADAN, OYO STATE
Volume No: CNAJ Vol.31, No. 3 (July-September 2023)

Authors: PROF OYELAKIN LANRE AWOBODE
Categories: Accounting, Accounting

The goals of every business organisation is to maximise profit, have a large market share, be more productive and innovation among others. These goals can be achieved not only by the physical resources put in place by the organization but largely by the quality of the human resources put in place. Studies have shown that motivation is one of the factors that can improve employee performance. Relatively, few studies have been cited on the influence of motivation on employee performance in hospitality industries. Also, few studies have examined the willingness of workers to work more if motivation increases. This study, therefore, attempted to fill this gap by investigating the influence of motivation on staff job performance in the hospitality industry: a case study of Ilaji Hotel and Resort Center. The study was anchored on the Frederick Herzberg's Two Factor and Abraham Masclow theories which assumed that the presence of motivational factors often referred to as ‘satisfiers’ will lead to job satisfaction and consequently motivates employees into premium performance. The descriptive research design was adopted, while responses were elicited from 33 staff of the organisation. The random sampling technique and structured questionnaires were utilized for data collection. The coefficient of salary is positive (0.431) and statistically significant (t-prob<0.05) implying that a percentage increase in salary will increase job performance by about 43%.  Also, promotion as at when due has a positive and significant (t-prob<0.05) effect on job performance (0.214). Other variables like bonuses, opportunity for schooling and training and participation in decision making are positively signed but statistically insignificant (t-prob>0.05). Variables like salary increment and fringe benefits are negatively signed but statistically insignificant (t-prob>0.05). Durbin-Watson statistics is 1.99 which is approximately 2 eliminating the presence of serial autocorrelation. R-square is 0.533 implying that about 53% of the variation in performance is explained by the motivation variables specified. F-statistic is significant (F-prob<0.05) showing the overall significance of the model. The coefficient of promotion is positive (0.175) and it is statistically significant. Also, promotion is negative (0.401) but it is statistically significant (t-prob<0.05). Also, 63.7% of the respondents will be willing to work for longer hours if non-monetary gains increase. Recommendations made were that stakeholders in the hospitality industry especially employers must motivate their workers with a view to improving job performance and hence profitability of the industry and hours worked by employees in hospitality is too much, it can be controlled by stakeholders

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Keywords: Motivation, staff job performance, competence, supervision and monitoring

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CORPORATE TAX PLANNING AND PROFITABILITY OF CONSUMER GOODS COMPANIES IN NIGERIA
Volume No: CNAJ Vol.31, No. 3 (July-September 2023)

Authors: Ibrahim Titus, Daniel Orsaa Gbegi, PhD, Umale Okoh, PhD
Categories: Accounting, Accounting, Accounting

The study investigated the impact of corporate tax planning on profitability of consumer goods companies in Nigeria. The data for the study were collected from annual report and accounts of the sampled companies in Nigeria for the period 2007 -2019. The variables used were corporate tax planning (proxies by thin capitalization & capital intensity) and profitability (proxies by return on capital employed. Finding of the study revealed that thin capitalization has negative and significant effect while capital intensity has positive and significant effect on   profitability of consumer goods companies in Nigeria. The study concluded that thin capitalization has negatively and significantly affected the return on capital employed and capital intensity has positively and significantly affected the return on capital employed (Profitability) of consumer goods companies in Nigeria. The study recommended that significant amount of CI and least amount of TC should be maintained in order to achieve a positive and significant return on capital employed (Profitability) of consumer goods companies in Nigeria.

Keywords; corporate tax planning, thin capitalization, capital intensity and profitability

doi:


INFLUENCE OF SOCIAL ENTREPRENEURSHIP EXPERIENCE ON SOCIAL INNOVATION PROPENSITY OF HUMANITARIAN ORGANIZATIONS: A STUDY OF INNER WHEEL INTERNATIONAL, NIGERIA
Volume No: CNAJ Vol. 30, No. 3 (July-September 2022)

Authors: Nwekpa Kenneth C. PhD
Categories: Economics, Economics, Economics

This study examined the influence of social entrepreneurship experience on social innovation propensity of humanitarian organizations in Inner Wheel International, Nigeria. The purpose of the study was to examine the extent to which social business ownership affect social innovative behavior in Inner Wheel International, to examine the extent to whichsocial business ownership affect social pro-activeness behavior in Inner Wheel International, Nigeria. The study employed primary sources of data and survey design, using semi-structured questionnaire instrument. A total of two hundred and fifty-seven copies of questionnaire was correctly filled and returned from the respondents. Simple linear regression was used to test the statistical significance effect of the variables of study using the Statistical Package for Social Sciences (SPSS) version 21[A1] . Based on the results, the findings revealed that there is no statistical significant effect [A2] of social entrepreneurship on social innovation. The result also showed that there is no statistical significant effect [A3] of social entrepreneurship on social pro-activeness. Based on this, [A4] it was recommended that there is a need for the involvement of government in financing social entrepreneurs which will help to attract more individuals, organizations and institutions into social entrepreneurship for solving social challenges. Also, commercial business owners should be involved in social entrepreneurship as a way of giving back to the society through corporate social responsibility (CSR) policies.

doi:


INFLUENCE OF SOCIAL ENTREPRENEURSHIP EXPERIENCE ON SOCIAL INNOVATION PROPENSITY OF HUMANITARIAN ORGANIZATIONS: A STUDY OF INNER WHEEL INTERNATIONAL, NIGERIA
Volume No: Vol. 30, No. 3

Authors: Nwekpa Kenneth C. PhD
Categories: Economics

This study examined the influence of social entrepreneurship experience on social innovation propensity of humanitarian organizations in Inner Wheel International, Nigeria. The purpose of the study was to examine the extent to which social business ownership affect social innovative behavior in Inner Wheel International, to examine the extent to whichsocial business ownership affect social pro-activeness behavior in Inner Wheel International, Nigeria. The study employed primary sources of data and survey design, using semi-structured questionnaire instrument. A total of two hundred and fifty-seven copies of questionnaire was correctly filled and returned from the respondents. Simple linear regression was used to test the statistical significance effect of the variables of study using the Statistical Package for Social Sciences (SPSS) version 21. Based on the results, the findings revealed that there is no statistical significant effect of social entrepreneurship on social innovation. The result also showed that there is no statistical significant effect of social entrepreneurship on social pro-activeness. Based on this, it was recommended that there is a need for the involvement of government in financing social entrepreneurs which will help to attract more individuals, organizations and institutions into social entrepreneurship for solving social challenges. Also, commercial business owners should be involved in social entrepreneurship as a way of giving back to the society through corporate social responsibility (CSR) policies.

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AUDIT QUALITY DETERMINANTS OF INCOME SMOOTHING LIKELIHOOD: EVIDENCE FROM LISTED DEPOSIT MONEY BANKS IN NIGERIA
Volume No: CNAJ Vol. 30, No. 3 (July-September 2022)

Authors: Dr. Emmanuel O. Emenyi
Categories: Accounting, Accounting

The study examined audit quality determinant of income smoothing likelihood drawing samples from listed deposit money banks in Nigeria. While income smoothing proxied by small profit is the dependent variable, the independent variables adopted for this study includes audit firm size, audit tenure and audit fee ratio. Data set employed in this study spans through the periods between 2011 and 2020. In the light of this, the empirical result of this study leads to the conclusion that the engagement of big4 audit firms by listed deposit money banks in Nigeria significantly decreases income smoothing. Furthermore, we concluded that increased audit fees increase income smoothing among listed deposit money banks in Nigeria. Therefore, we recommend that regulators should advocate for the employment of big4 auditors by listed deposit money banks to curb income smoothing.

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MARKET SHARE OF COMMERCIAL BANKS IN THE PRE AND POST CASHLESS POLICY PERIODS IN NIGERIA: A COMPARATIVE ANALYSIS
Volume No: CNAJ Vol. 30, No. 3 (July-September 2022)

Authors: Ndubuisi Ogbonna Nmesirionye, A.E. Ndu Oko , Josephine Adanma Nmesirionye
Categories: Accounting, Accounting

The study examined Market Share of commercial banks before and after the introduction of cashless policy in Nigeria.  Ex-post facto research design was adopted to compare the marketing performance of the sampled banks proxied by Market Share, Data for the study were generated from secondary sources from available published annual reports from the selected commercial banks from 2004 – 2019 divided into two periods 2004 – 2011 pre cashless period and 2012 – 2019 post cashless period. In order to realize the objective of the study, data collected were analysed using pooled paired sample t – test model to compare the two differences sampled mean pre and post the cashless policy periods. The study reveals that Market Share of banks increased during the post cashless policy compared to pre-cashless policy period. However, this was not as a result of marketing oriented strategies but government legal driven policies. Based on the findings, it was recommended that the cashless policy implementation in Nigeria should be market oriented based on the features that have direct benefit to the customers. Again, efforts should be made to reduce the high charges such as SMS Alert Charges and Transfer Charges among others that are associated with the implementation of the cashless policy as a way of spurring the market to greater acceptance.

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CAPITALIZATION OF HUMAN CAPITAL ACQUISITION & DEVELOPMENT COST AND RETURN ON EQUITY OF LISTED MANUFACTURING COMPANIES IN NIGERIA
Volume No: CNAJ Vol. 30, No. 3 (July-September 2022)

Authors: Josephine Adanma Nmesirionye
Categories: Economics, Economics

The modern day accounting practice raised an issue in the area of not recognizing human capital as an asset and because the human capital is not recognized as an asset, it is omitted in the statement of financial position as an intangible asset. This study examined the effect of capitalizing human capital acquisition & development cost on Return on Equity. Using ex-post facto research design, eight listed manufacturing firms were purposively selected from the listed manufacturing firms across four sectors which engage in consumer goods, industrial, basic materials and oil and gas. The study adopted a panel regression method in analyzing the data collected from the annual reports of the firm from 2013- 2020. Finding from the study revealed that human capital acquisition & development cost have a significant effect on Return on Equity of listed Manufacturing Companies in Nigeria. Based on the finding, the study recommends that Regulators should set up a strong accounting policy geared towards ensuring that human capital acquisition & development cost are treated as capital expenditure. This practice will enhance the performance of firms (ROE).

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PERFORMANCE AUDIT EFFECTIVENESS IN THE NIGERIA PUBLIC SECTOR: A REVIEW OF LITERATURE
Volume No: CNAJ Vol. 30, No. 3 (July-September 2022)

Authors: Dr. Umanhonlen Ogbeiyulu Felix, Umanhonlen Imade Rebecca, Prof. Ogiedu Osikhena Killian
Categories: Accounting, Accounting

Performance audit, which is also known as "value for money" audits, have become increasingly common in the public sector over the past few decades. This paper examines performance audit effectiveness in the Nigeria public sector. It reviewed extant literature on the subject. Specifically, the paper examines Nigeria public sector and its governance as well as the concepts of performance audit, effectiveness of performance audit and public sector. The paper adopted the library research approach. It was observed that prior literature on the effectiveness of performance audit was done in other countries. Studies from Nigeria focused on accountability, its measures, the role of Supreme Audit Institution, performance audit and public sector budgetary efficiency, as an effective tool for fighting corruption. Also, this paper found out that effective performance audit in Nigeria public sector is bedeviled by certain factors which have made its effectiveness questionable.

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YOUTHQUAKE AND PUBLIC ACCOUNTABILTY OF EMERGING LEADERSHIP IN DEVELOPING ECONOMY
Volume No: CNAJ Vol. 30, No. 3 (July-September 2022)

Authors: Onodi Benjamin Ezugwu (Ph.D)
Categories:

This work explored youth dysfunctional development (youthquake), empowerment and public accountability of emerging leadership in developing economy. The objective is to educate young adults on how to live their lives, control their emotions and the right use of their reproductive organs to avoid consequences of sexual pleasure as leaders of tomorrow. The study noted that one of the attributes of life is to reproduce but lockdown occasioned by COVID-19 pandemic created opportunity for young people to indulge in immoral behavior such as rape and other form of sexual harassment. In view of the development, this essay can never be better any other time than now that the youths are going crazy about sexuality. Most often, parents shy away of their responsibility as the first teacher for their children. In some cases, the right information especially on sex is not given to children by parents. Such children normally rely on their peers for information on sex who may introduce them to pornography, cultism, prostitution, etc. This study looked into causes and effects of social vices, sexual revolution, and sex scandals in Universities such as rape, sex for grade and other form of sexual harassment in the Ivory Towers in Africa. Youth unemployment, emerging leadership in relation with Not-Too-Young-To-Run Act (2018), Youthquake in Africa (#ENDSARS&#EndAsuuStrike, DumsorMustStop and FeesMustFall) campaigns in (Nigeria, Ghana and South Africa respectively) and lack of good governance were identified as “red flag” for youth unrest in recent time. We therefore conclude and recommend that government agencies that have interface with youth organization should endeavor to genuinely empower the youth and create jobs for graduates from institution of higher learning and engage school leavers from primary and secondary schools in self employment by training them on skill acquisition and making agriculture attractive for the youth. Good governance is the only way to youth development, empowerment as leaders of tomorrow, if political and economic power is allowed to flow to the youth by way of articulated succession plan.

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ACCURATE ACCOUNTING INFORMATION: THE FOUNDATION FOR CORPORATE MANAGERIAL DECISION MAKING
Volume No: CNAJ Vol.31, No. 1 (January-March 2023)

Authors: UDEH SERGIUS NWANNEBUIKE, PhD
Categories: Accounting, Accounting, Accounting

This paper examined accurate accounting information as the foundation for managerial decision making. It looked at the concept of accounting information, managerial decision, levels of managerial decision and process of managerial decision. It also examined the challenges of accurate accounting information and managerial decision making. It concluded that accurate accounting information is the foundation for managerial decision making. It recommended the adoption of an integrated accounting business approach (Udeh’s Model), among others.

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STAKEHOLDERS’ PERCEPTION OF THE ADEQUACY OF PENSION EARNINGS AND TEACHERS’ JOB COMMITMENT IN PUBLIC PRIMARY SCHOOL IN OYO STATE
Volume No: CNAJ Vol.31, No. 1 (January-March 2023)

Authors: Awobode, Oyelakin Lanre PhD.
Categories: Accounting, Accounting, Accounting

Adequacy of pension earnings by the retirees has been the major concern of educational stakeholders especially the teachers. Studies have shown factors that could influence teachers’ commitment like welfare package but none on adequacy of pension earnings. Hence this study examined the perceptions of prospective retiring primary school teachers and pension scheme administrators about the adequacy of pension earnings in Oyo state. The study also investigated the relationship between the perception of prospective retiring primary school teachers and their job commitment. The study adopted survey research design using mixed method (quantitative and qualitative). The population of the study consisted of all primary school teachers in Oyo State who will retire in the next five years (2018-2022) and all the pension scheme administrators in Oyo State. Two-stage sampling technique was used to select the sample for the study. Four (4) Local Government Areas (2 rural Areas and 2 urban Areas) were randomly selected from each of the 3 senatorial districts in Oyo State, while all the teachers who will retire from service in the next five years (2018 -2022) from all schools in each of the Local Government Area chosen was 1035, 10 pension scheme administrators were purposively selected with a total respondents of 1045.  Three research questions raised to guide this study and a self-developed questionnaire tagged Adequacy of Pension Earnings and Teachers’ Job Commitment Questionnaire (APETJCQ) and a Key Informant Interview schedule were used to generate data for the study. The key Informant Interview (KII) guide on adequacy of pension earning was designed for the pension scheme administrators to elicit information about the adequacy of pension earnings. The data collected were cleaned and analysed using descriptive statistics (frequency count and percentage).  It was recommended that Local Government Staff Pension Board should be adequately funded to cater for ever-increasing demands of pension and gratuity of retiring teachers arising from increase in numbers of teachers that are going on retirement every year.

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EFFECTS OF CREDIT MANAGEMENT ON BANKING SECTOR PERFORMANCE: THE NIGERIA EXPERIENCE
Volume No: CNAJ Vol.31, No. 1 (January-March 2023)

Authors: Nwogo Justin E. (Ph.D), Ugwu Okereke J. (Ph.D), Nkwagu Louis Chinedu, Ph.D
Categories: Economics, Economics, Economics

This study investigated the effect of credit management on banking sector performance in Nigeria. The specific objectives of the study were to: find out the effect of loan loss provision on the performance of banks in Nigeria; determine the effect of loan-deposit ratio on the performance of banks in Nigeria; investigate the effect of aggregate banking sector credit advances on the performance of banks in Nigeria; investigate the effect of nonperforming loans on the performance of banks in Nigeria and evaluate the effect of bank lending rate on the performance of banks in Nigeria. The ordinary least square (OLS) technique was employed for the analysis. The findings indicate that nonperforming loan (NPL) has significant negative effect on banking sector performance; loan-deposit ratio (LDR) has significant negative effect on banking sector performance; loan-loss provision (LLP) has positive significant effect on banking sector performance; aggregate loans and advances of the banks (LAD) has positive but insignificant effect on banking sector performance. Based on the findings, the study recommends that: Effective credit policy that is reflected in flexible tenure, restructuring of credit terms and conversion should be adopted in the Deposit Money banks; the banks should increase the credit portfolio as the demand for credit is increasing; adequate provision should be made by banks for loan loss; the banks should ensure a low nonperforming loan portfolio; the CBN should keep the loan deposit ratio high to enhance credit creation by the banks.

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THE DRIVERS OF ACCOUNTING SPECIALIZATION AND ITS INFLUENCE ON THE NIGERIAN ECONOMY
Volume No: CNAJ Vol.31, No. 1 (January-March 2023)

Authors: Raphael S. Etim, PhD, FCNA, Ofonime O. Jeremiah, Essien Akpanuko, PhD
Categories: Economics, Economics, Economics

This study was carried out to examine the factors that drive accounting specialization choices in Nigeria and how these choices influence the Nigerian economy. It also sought to ascertain the influence of Accounting on the Nigerian economy. A 5-point Likert scaled questionnaire was designed and administered to Accountants working in private establishments, Government establishments, in Academics, and those licensed to practice. 84 respondents partook in the survey. The result of a factor analysis test conducted revealed that personal interest and passion had the highest factor loading of 0.889, implying that this factor is the major influence of accounting specialization choices in Nigeria. This study contributes to knowledge because it has revealed that, contrary to what some previous studies found out, accounting specialization choices in Nigeria is primarily driven by the personal interest and passion of the Accountant rather than economic and social factors, which were found to be secondary considerations. A new variable (drive for ethical code of conduct in service delivery) was also tested and it was found to have a correlation of 18%. There was a 92% agreement by the respondents that accounting profession is positively influencing the Nigerian economy. Based on the findings, it was recommended that Accounting academics and professional Accounting organizations in Nigeria should encourage prospective Accountants to major on the sparsely concentrated areas of accounting. Also Government should do more in terms of pragmatically recognizing the contribution of Accountants to the Nigerian economy.

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THE ROLE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN MITIGATING AGAINST THE PRACTICE OF CREATIVE ACCOUNTING AMONG DEPOSIT MONEY BANKS IN NIGERIA
Volume No: CNAJ Vol.31, No. 1 (January-March 2023)

Authors: Sunday Asukwo Okpo, Abdullahi Musa Abdullahi, PhD, Dorathy Christopher Akpan, PhD
Categories: Accounting

The practice of creative accounting has brought about many questions regarding the importance of International Financial Reporting Standards (IFRS) in the protection of users of financial statements. The questions arise as a result of the fact creative accounting promotes falsification of financial reports. Therefore this study examined the effect of IFRS in mitigating against the practice of creative accounting in Deposit Money Banks in Nigeria. The main objective of the study was to examine how proper implementation of IFRS would diminish the practice of creative accounting. The independent variable was proxied by IFRS contents, IFRS implementation and IFRS compliance while the dependent variable was proxied by the practice of creative accounting. The study adopted descriptive research design and the data for the study were obtained from questionnaires administered on randomly selected practitioners and professionals such as accountants, auditors and investors in money deposit banks in Nigeria. The data were analysed with descriptive statistics, correlation and multiple regression. SPSS version 20 was used in analysing the data. The result of findings indicates a negative relationship between IFRS implementation and compliance on the practice of creative accounting. This implies that increase in the implementation and compliance of IFRS in the preparation of financial statements will diminish the practice of creative accounting. However, the result of the findings on the contents of IFRS on practice of creative accounting was inconclusive. The study therefore concludes that adequate implementation and compliance with IFRS will mitigate against the practice of creative accounting and therefore recommends amongst others strong discouragement of the adoption of creative accounting in the preparation financial statements.

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TRANSFER PRICING PRACTICES AND TAX REVENUE IN NIGERIA
Volume No: CNAJ Vol.31, No. 1 (January-March 2023)

Authors:
Categories:

In this opinion paper, attempts were made to discuss the topic “transfer pricing practices and tax revenue in Nigeria.” This paper introduced tax as the major source of revenue to the government as it recognizes that in fulfilling its social contract to the citizenry, government must generate enough tax revenue. Under review of related literature, the paper covers the arm’s length principle (theory). The choice of the theory is premised on the ground that it provides the foundation upon which the concepts of the study were discussed. The concepts discussed in this paper include tax revenue, company income tax, petroleum profit tax, transfer pricing, methods of transfer pricing, the Nigerian transfer pricing laws and regulations. Several relevant and empirical literature were also reviewed under the heading “transfer Pricing and Tax Revenue Generation.” Finally, the paper concluded that there is a negative relationship between transfer pricing practices and tax revenue generated by government. The paper, therefore, recommended that government should put in place adequate and appropriate transfer pricing laws and regulations to check transfer pricing abuses which will in turn impact positively on the tax revenue generated by government.

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AUDIT COMMITTEE CHAIR CHARACTERISTICS AND EARNINGS QUALITY
Volume No: CNAJ Vol.31, No. 2 (April-June 2023)

Authors: Gospel J. Chukwu, Godwin I. Ebirien, Douye Okoba
Categories:

This study investigated the relationship between audit committee chair characteristics and earnings quality of insurance firms listed in the Nigerian Exchange Group. Specifically, the paper sought to ascertain whether firms whose audit committee (AC) chairs are shareholders’ representatives are associated with accounting conservatism compared to firms whose AC chairs are directors’ representatives. The study also investigated whether the accounting expertise of the AC chair is associated with accounting conservatism. Data from annual reports of 25 sampled insurance firms (over the period 2012 to 2020).were analysed using the fixed effect model of panel regressions. Controlling for firm size, growth opportunities, profitability and leverage, the study found evidence that firms whose AC chairs were shareholders’ representatives were more associated with accounting conservatism than firms whose AC chairs were directors’ representatives. Also, AC chair with accounting expertise were more associated with accounting conservatism than firms whose AC chairs were not accounting experts. The study contributes to literature by documenting the channels through which audit committee enhances earnings quality. For policy makers, regulators and firms, this study’s findings will be useful in designing policies and regulations concerning audit committees, and guide shareholders in the annual election of members of audit committee and in particular, in the selection of the chair of the committee. The study suffers the limitation of concentrating only on the insurance industry and employing only accounting conservatism to measure earnings quality.

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GOVERNMENT EXPENDITURE AND POVERTY LEVEL IN NIGERIA
Volume No: CNAJ Vol.31, No. 2 (April-June 2023)

Authors: Benson Emmanuel PhD, Emmanuel Adah John
Categories: Economics

This study investigated the relationship between government expenditure and poverty level in Nigeria. The specific objectives of the study were to determine whether government expenditure - recurrent expenditure and capital expenditure have any effect on poverty level in Nigeria using per capital income (PCI) as a measure of poverty level. Ex-post facto research design was used and the study used secondary data from the central bank of Nigeria statistical bulletin for the relevant years under consideration (2010-2020). The multiple regression technique was employed to investigate the relationship existing between the variables. The study found that there is a positive and significant relationship between recurrent expenditure and poverty reduction in Nigeria. Furthermore, the study also found that there exist a negative and an insignificant relationship between government expenditure and poverty level in Nigeria. The study therefore recommended amongst others that federal government should increase its monetary budget on recurrent expenditure for the purpose of enhancing human capital development which will also lead to self-employment.

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ANALYSIS OF BANK DEPOSITS AS A MARKETING PERFORMANCE INDEX OF COMMERCIAL BANKS IN NIGERIA: PRE AND POST CASHLESS POLICY PERIODS EXPERIENCE
Volume No: CNAJ Vol.31, No. 2 (April-June 2023)

Authors: Ndubuisi Ogbonna Nmesirionye, Clifford Ebere Nwawuru, Amarachi Queen Gabriel-Odom
Categories:

This study analysed marketing performance of commercial banks proxied by Bank Deposits in the pre and post cashless policy periods in Nigeria. The objective of the study is to ascertain if there is a difference in Bank Deposits between the pre and post cashless policy periods in Nigeria. The period of the study ranges between 2004–2019, divided into two periods, 2004 – 2011 as pre cashless policy and 2012 as post cashless period. To realise the objective of the study, data collected were analysed using paired sample t-test statistic to compare the differences of sampled mean pre and post cashless policy periods using SPSS version 21. The study however shows that Bank Deposits increased after the introduction of the cashless policy compared to pre-cashless policy periods. Based on the findings, the study recommends that banks should endeavour to remain competitive by building out channel capabilities to provide 24/7 real-time access to banking service seamlessly across channels. Also policy makers should endeavour to reduce the high charges such as account maintenance charges, SMS alert charges, transfer charges and other charges associated with the implementation of the cashless policy as a means of spurring the market to greater acceptance of the policy as well as improvement in the quality of the technology base of the cashless policy operations.

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IMPACT OF RISING NATIONAL BUDGET EXPENDITURE SIZE ON ECONOMIC DEVELOPMENT IN NIGERIA (1999 – 2022)
Volume No: CNAJ Vol.31, No. 2 (April-June 2023)

Authors: Joseph Ogwu Elom, Ph.D, Prof. Ifeoma Mary Okwo, FCNA
Categories: Accounting

The study examined the impact of the rising national budget expenditure size on economic development in Nigeria: 1999 - 2022. Specifically, the study examined the impact of rising recurrent expenditure, rising capital expenditure and rising total budget expenditure sizes on economic development in Nigeria. The ex-post facto research design was adopted in the study where secondary data were sourced from Central Bank of Nigeria Statistical Bulletin, Office of the Accountant General of the Federation and the Budget Office of the Federation. The data were analyzed using the general multiple regression involving ordinary least square (OLS) model with error correlation model using inflation, exchange and interest rates as control variables, while statistical tests such as F- statistic and Durbin–Watson were carried out to test the overall significance of the regression equation and presence or otherwise of autocorrelation respectively among the explanatory variables. The results of the analysis revealed that the total budget expenditure, capital and recurrent expenditure sizes have no significant and positive impact on economic development in Nigeria. The insignificant impact suggests that the constant rise in total budget expenditures by the Federal government has been inefficient and not contributing significantly to economic development in Nigeria. Thus, the study recommended that budget planning, implementation and monitoring should be embarked upon by the government to ensure that items that would boost the economic development of the Nigeria are properly covered and utilized especially in the capital budget.

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OWNERSHIP STRUCTURE AND EARNINGS MANAGEMENT PRACTICES IN NIGERIA: A STUDY OF CONSUMER GOODS MANUFACTURING COMPANIES LISTED IN NIGERIAN EXCHANGE GROUP
Volume No: CNAJ Vol.31, No. 2 (April-June 2023)

Authors: Okporo E. N.
Categories: Economics

This study examined the impact of Ownership Structure on Earnings Management in Consumer Goods Manufacturing Companies in Nigeria. The objective of the study is to determine the relationship between managerial, block-holder and institutional ownership structure and earnings management practices of consumer goods manufacturing companies in Nigeria. Ex-post-facto research design was adopted, while data was analyzed using descriptive statistics, correlation analysis and panel regression. The study revealed that managerial and block-holders’ ownership has a significant negative influence on earnings management practices while institutional ownership has a significant positive influence on earnings management practices. The first finding implies that one percent increase in managerial and block-holders ownership will result to geometric decrease of the earnings management practices, this is due to strong incentive to actively monitor and influence firm management to protect their significant investment. The study recommended that management of consumer goods manufacturing companies should invest in the capital structures of the organization for this will avail them more sense of belonging and will in-turn mitigate opportunistic tendencies of managers, also firms were encouraged to maintain a high number of block-holders ownership since the block-holders ownership empirically has significant influence on preventing management’s tendencies for opportunistic behaviour. While institutional ownership should be improved as the negative sign is an indication that institutional investors could help in preventing earnings management.

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SPIRITUAL ACCOUNTING PRACTICE AND QUALITY FINANCIAL REPORT OF DEPOSIT MONEY BANKS IN NIGERIA
Volume No: CNAJ Vol.31, No. 2 (April-June 2023)

Authors:
Categories:

This study examined the relationship between spiritual accounting practice and quality financial report of deposit money banks in Nigeria with specific focus on the influence of conventional intelligence, emotional intelligence, spiritual intelligence and ethical behavior on financial reporting. The population of study was 100 employees from First bank and Zenith bank in Nigeria. From the 2 banks, 40 respondents each from the accounting unit of each bank were randomly selected to give a sample size of 80 respondents. A 5-item structured questionnaire on a 4-point scale was used to obtain information from respondents. Descriptive as well as inferential statistics were used to address the research objectives and to test the hypotheses respectively. Findings showed a significant influence of spiritual accounting on financial reporting of deposit money banks in Nigeria. It was concluded that conventional intelligence, emotional intelligence and ethical behaviour are the major determinants of financial reporting of selected money deposit Banks in Nigeria. In view of the findings, it was recommended that managers of business should promote spiritual accounting in their organization as the basis for building trust and confidence in their clienteles.

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DETERRENT MEASURES OF TAX FRAUD ON TAX COMPLIANCE IN NIGERIA
Volume No: CNAJ Vol.30, No. 2 (April-June 2022)

Authors: Dr. Umanhonlen Ogbeiyulu Felix
Categories: Economics

Government all over the world generates revenue for expenditure through tax. Tax compliance gives incentive to tax control and reduces collection burden.  This paper focused on deterrent measure of tax fraud on tax compliance in Nigeria. Specifically, the paper examined the influence of stiff penalty, tax audit, tax amnesty and tax deterrence policy on tax compliance. This study used an ex- post facto and field survey research type, which employed combination of both qualitative and quantitative design covering time frame of five years from 2016 to 2020. The main instrument used in the study was questionnaire administration and analyzed with least square regression method. The study revealed that stiff penalty, tax audit and tax deterrence policy indicated positive significant relationship with tax compliance, and by implications were critical influencing deterrent tax fraud measures enhancing tax compliance. The study also showed that tax amnesty has no significant influence but positively related with tax compliance which by implication is a weak enhancing factor of tax compliance. It therefore recommended that tax authorities in federal and states should ensure that stringent penalty and policies are meted on defaults taxpayer as to enhance compliance to boost revenue for government expenditure.

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INVESTMENT DECISIONS AND PERFORMANCE OF QUOTED MANUFACTURING FIRMS IN NIGERIA
Volume No: CNAJ Vol.30, No. 2 (April-June 2022)

Authors: Dr. Chinwe Gloria Odum, Dr. Patricia Chinyere Oranefo
Categories: Economics

The study examined how investment decisions affect the performance of manufacturing firms quoted on the Nigerian Stock Exchange (NSE). The study used Corporate Tax, Interest Rate and Expected Return on Investment as the proxies of Investment Decisions, while Market Value was used as the index for Firm Performance. The study adopted an ex-post facto research design. The target population of the study was 20 manufacturing firms that were listed under the consumer goods sector of the NSE as at 31st December, 2020. The study employed the non-probability technique in obtaining the sample size. For the purpose of this study, only consumer goods manufacturing firms that had complete financial data from 2011-2020 and were consistently listed during those periods were included in the sample size. Descriptive statistics such as mean, standard deviation, minimum and maximum value was used in data analysis. Hypotheses of the study were tested using Ordinary Least Square multiple regression analysis at 5% level of significance. The findings of the study revealed that Corporate Tax has a significant effect on Market Value, Interest Rate has no significant effect on Market Value and Expected Return on Investment has no significant effect on the Market Value of Quoted Manufacturing Firms in Nigeria. Based on the findings, the study recommended that managers of consumer goods firms should meticulously evaluate investment proposals in terms of expected return and risk.

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EFFECT OF CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS: COMPANIES ON NIGERIAN STOCK EXCHANGE
Volume No: CNAJ Vol.30, No. 2 (April-June 2022)

Authors: Ogbada EyongIkwa, PhD, FCCA, MTMN, Useh Udeme Francis, Joseph Odum Enya
Categories:

ABSTRACT

This paper undertook an empirical test on the effect of capital structure on the financial performance of listed consumer goods companies on the Nigeria Stock Exchange within the period 2016 to 2020. This research is quantitative, and the analytical method applied is multiple linear regression analysis. The results of the t-test hypothesis revealed that capital structure variable has a significant effect on financial performance (return on assets).

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EXAMINATION OF THE RELATIONSHIP BETWEEN AUDITORS’ INDEPENDENCE AND QUALITY OF AUDIT REPORTS OF INSURANCE COMAPNIES IN NIGERIA
Volume No: CNAJ Vol.30, No. 2 (April-June 2022)

Authors: Sunday Asukwo Okpo, Kate Sunday Okpo
Categories:

This study examined the relationship between auditors’ independence and quality of audit reports of insurance companies in Nigeria. The main objective of the study was to establish how quality of audit report is influenced by the independence of auditors. The proxies for independent variables which is the auditors’ independence was audit fee and audit tenure while the audit quality was the dependent variable. The entire population of all insurance firms listed on the floor of Nigerian Stock Exchange was adopted in the study. Ex-post design was adopted in the study and data for the study were extracted from audited financial statements of insurance firms in Nigeria from 2010 to 2018 using content analysis. The data were analyzed using descriptive statistics and multiple regression analysis. The results indicated a significant positive relationship between audit fee and audit tenure; and audit quality. The study concluded that audit fees and audit tenure have significant positive relationship with the quality of audit reports of insurance companies. The study recommended amongst others that insurance companies should adequately remunerate its auditors in order to guarantee quality audit services; as well as strict enforcement of compliance with the auditor rotation policy.

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IMPACT OF FINANCIAL DEEPENING INDICATION ON THE GROWTH OF NIGERIAN ECONOMY FROM 1985 TO 2020
Volume No: CNAJ Vol.30, No. 2 (April-June 2022)

Authors: Ugwu Okereke J. (Ph.D), Dr Awa Felix N
Categories: Economics

This paper investigated the responsiveness of economic growth to financial deepening in Nigeria from 1985 to 2020. The gross domestic product growth rate was used to represent Economic Growth while financial deepening indicators were private sector credit, deposit money bank deposits, and deposit money bank assets. Error correction model (ECM) approach was used estimate the models. The empirical results revealed that while deposit money bank deposits had positive and significant influence on economic growth, private sector credit and deposit money bank assets were negatively and significantly related to economic growth in Nigeria during the period of study. The outcomes entail that when deposit money bank deposits change by one-unit, economic growth increased by 4.92 units. On the other hand, when private sector credit and deposit money bank assets changed by one-unit, economic growth declined by 0.92 unit and 1.83 units, respectively. The result also indicates that inflation rate is negatively and significantly associated with economic growth. From the findings, it is concluded that financial deepening had significant impact on the growth of Nigerian economy.

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INTEGRATED PERSONNEL AND PAYROLL INFORMATION SYSTEM (IPPIS) AND ACCOUNTABILITY IN GOVERNMENT ADMINISTRATION IN NIGERIA CIVIL SERVICE
Volume No: CNAJ Vol.30, No. 2 (April-June 2022)

Authors: Joseph Odum Enya
Categories: Accounting

The ghost workers syndrome has been a menace across all tiers of government and has led to government spending billions of naira resulting from the money being siphoned through payments to none-existing employees. Consequently, the geometric annual increase in wage bill has become worrisome, hence, the Nigerian labor met has become saturated and the nation’s economy being put in jeopardy. This research work examined the Integrated Personnel and Payroll Information System (IPPIS) and accountability in the Nigeria civil service. However, this main objective is further broken down to the following: To examine the significant effect of IPPIS on identification of ghost workers in Nigeria civil service; to examine the significant effect of IPPIS on reducing cost of governance in Nigeria civil service and to examine the significant effect of IPPIS on efficient service delivery in Nigeria civil service. This study used cross-sectional survey design and the population of the study consists of 79 employees working in three ministries from Cross River State federal secretariat. The three ministries are federal ministry of Finance, Agriculture and Works. The study adopted the primary and secondary sources of data collection and multiple regression analysis was used in analyzing the data. Finding revealed that there is a significant positive effect of IPPIS and ghost worker’s identification in Nigeria civil service, IPPIS has a significant positive affect on reducing cost of governance in Nigeria civil service and IPPIS significantly and positively affect efficient service delivery in Nigeria civil service. It was concluded that IPPIS has a significant positive impact on accountability in Nigeria federal civil service. It was recommended that the federal government should intensify effort in ensuring that all federal civil servants are enrolled in the IPPIS system, that federal government should make it mandatory for all staff to be computer literate so as to ensure smooth implementation of E-governance and that federal government should ensure that all her financial dealings are conducted using the IPPIS platform.

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DETERRENT MEASURES OF TAX FRAUD ON TAX COMPLIANCE IN NIGERIA
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: Dr. Umanhonlen Ogbeiyulu Felix
Categories:

Government all over the world generates revenue for expenditure through tax. Tax compliance gives incentive to tax control and reduces collection burden.  This paper focused on deterrent measure of tax fraud on tax compliance in Nigeria. Specifically, the paper examined the influence of stiff penalty, tax audit, tax amnesty and tax deterrence policy on tax compliance. This study used an ex- post facto and field survey research type, which employed combination of both qualitative and quantitative design covering time frame of five years from 2016 to 2020. The main instrument used in the study was questionnaire administration and analyzed with least square regression method. The study revealed that stiff penalty, tax audit and tax deterrence policy indicated positive significant relationship with tax compliance, and by implications were critical influencing deterrent tax fraud measures enhancing tax compliance. The study also showed that tax amnesty has no significant influence but positively related with tax compliance which by implication is a weak enhancing factor of tax compliance. It therefore recommended that tax authorities in federal and states should ensure that stringent penalty and policies are meted on defaults taxpayer as to enhance compliance to boost revenue for government expenditure.

 

Keywords:  Deterrent Policy, Tax Fraud, Stiff Penalty, Tax Compliance, Tax Audit, Tax Amnesty, Fines

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ROLES OF CORPORATE GOVERNANCE ATTRIBUTE IN THE NIGERIAN POST PANDEMIC ERA
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: Bright Ajinwo
Categories:

Extensively, the roles of the various stakeholders to corporate Governance have been discussed, and from literatures reviewed on the roles of internal auditors, external auditors, shareholders and the audit committee. Some of the roles which includes but not limited to: to ascertain whether the accounting and reporting policies of the firms are in agreement with agreed laws and ethical parties, ensure compliance with legal and regulatory requirements, they are responsible for the appointment of directors, determination of the terms of  employment or contract of directors as well as the removal of the director, the shareholders are responsible for the appointment of the external auditors of a company the remuneration of the external auditors (where applicable) and removal of the external auditor, determine the entities compliance with the relevance code on corporate governance, audit the unaudited  parts of the company’s annual report, Monitor compliance with the entities internal policies and legal requirements, carry-out investigation to detect and prevent fraud, they are responsible for the performance of system based audit respectively. The divergent view of the OECD and the UK principle of corporate governance was also explained. Finally, the parties to corporate governance was also elucidated to see if their responsibilities is same in the post pandemic era considering the Nigerian environment, and it was concluded that the roles played by this major parties greatly influences corporate governance. 

Key words: Auditors; Audit committee; Corporate governance; Internal audit; Stakeholders.

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CURRENT TRENDS IN ACCURATE ACCOUNTING INFORMATION AND MANAGERIAL DECISION MAKING
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: UDEH SERGIUS NWANNEBUIKE, PhD
Categories:

The paper examines the current trends in accounting information and decision making. It specifically examines modern ways of generating prompt accounting information that  is in tandem  with real –time enterprises and real –time economy in line with the demands of the ‘now economy’. Various techniques that facilitate compliance with the principles of the ‘now economy’ were x-rayed.  The study therefore, concluded that there is an obvious need for both the providers and users of accounting information to be compliant with the current demands of the real-time enterprises and real-time economy. The study recommended adoption of an integrated accounting business approach (IABA), otherwise known as Udeh’s Model which entails integration of accounting information system software appropriate for the size and functions of the organization to business process and business intelligence model.

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EFFECT OF AUDIT FIRM CHARACTERISTICS ON FINANCIAL REPORTING QUALITY OF MONEY BANKS QUOTED IN THE NIGERIAN EXCHANGE GROUP
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: Dr Awa Felix N, Dr Onyekachi Richard Eze
Categories:

 The study investigated the effect of audit firm characteristics on financial reporting quality of Money Deposit Banks Quoted in the Nigerian Exchange Group from 1999-2021 of listed deposit money banks in Nigeria. Specifically, the study determined the effect of audit fee, audit firm size and the effect of audit tenure on financial reporting quality of listed deposit money banks in Nigeria.  Data collected were from four sampled deposit money banks for the period. The data were analyzed using descriptive statistics. Linear multiple regressions anchored on ordinary least square (OLS) method was employed to test the hypotheses at 5% level of significance. Results from the test revealed that audit fee and audit tenure have negative and significant effect on financial reporting quality; while audit firm size showed positive and significant effect on financial reporting quality of listed deposit money banks in Nigeria. The implication of these findings is that enhancement in the financial reporting quality of the listed banks can be achieved if adequate audit fee and proper audit tenure are maintained between the auditors and the listed banks. The study therefore recommended that audit firm size, appropriate audit tenure and audit fees should be encouraged to improved financial reporting quality of money deposit banks in Nigeria.

Keywords: Firm Characteristics Quality Reporting,   Financial Reporting, Money Deposit Bank

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EMPIRICAL ANALYSIS OF THE EFFECT OF CURRENCY DEVALUATION ON THE MANUFACTURING SECTOR’S PERFORMANCE IN NIGERIA
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: Dr Awa Felix N
Categories:

This study empirically investigated the effect of currency devaluation on manufacturing sector performance in Nigeria between; 1986-2022. The specific objectives were to investigate the effects of inflationary rate, exchange rate, net import and net export on manufacturing sector performance in Nigeria. The study adopted ex-post –facto research design Data were analyzed using Vector Error Correction and system Equation Estimation Techniques. The result showed that there is a negative and significant effect of exchange rate and inflationary rate and positive significant effect on net import and net export on manufacturing sector outputs in Nigeria; also a long run relationship was found to exist among the variables used. The implication of this  is that devaluation of the country’s currency makes export cheaper to foreign customers and import more expensive in the short run and tends to cause inflation and increase demand for exports as the result showed positive relationship between devaluation of the naira and the growth of export activities. The study concludes that devaluation of the naira is not a bad idea as some countries have used it to achieve some macro economics goals; just that the monetary authorities should put sound policies in place to curb the effects or make the effect moderate for manufacturing firms in Nigeria.

Key words: Devaluation, Currency Manufacturing sector, net import, Inflationary rate, and Exchange Rate.

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CULTURAL PRACTICES AND WOMEN ENTREPRENEURSHIP INCLINATIONS IN EBONYI STATE, NIGERIA
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: Blessing Ojong, Lawrence Okafor
Categories:

This study focused on cultural practices and women entrepreneurship inclinations in Ebonyi State, Nigeria. The objectives of the study are to determine whether gender role of procreation and patriarchy dominant cultural belief affect women entrepreneurship in Ebonyi State.  Descriptive survey design was employed and three communities in the rural part of Ebonyi State were selected. The areas are chosen because culture is more pronounced than in the urban part of the state. The communities selected are Eka –Awoke, Obegu Mgbom and Umudomi in Ikwo, Abakaliki and Onicha LGAs respectively. A total of 150 women were selected using the snowball sampling technique. Closed ended questionnaires were developed and used to gather data from the respondents. Data collected were presented in frequency table and analysed with percentages. The hypotheses were tested using the Pearson Moment Correlation technique with the help of Statistical Packages for Social Sciences, (SPSS) version 20.0. Findings indicate that gender role of procreation and patriarchy dominant cultural belief limits women entrepreneurship inclinations in Ebonyi State. Based on this finding it is recommended that Nigerian women especially those that wish to go into entrepreneurship should ensure they are well educated to overcome some cultural influence that limit female entrepreneurship.

 

Keywords: Cultural Practices, Women Entrepreneurship, Inclinations

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THE ROLE OF THE MANAGEMENT ACCOUNTANT IN THE FACE OF THE EVOLUTION IN THE BUSINESS ENVIRONMENT IN NIGERIA
Volume No: CNAJ Vol.30, No. 4 (October-December 2022)

Authors: Edema Ifeanyi, M.Sc
Categories:

In this opinion paper, attempts were made to discuss the topic “rethinking the organizational strategic philosophy-the role of the management accountant.” The paper introduced the traditional and contemporary roles of the management accountants taking into considerations the evolution of the business environment and how it affects the information needs of managers. Under review of related literature, the paper covers the contingency theory. The choice of the theory is premised on the ground that it provides the foundation upon which the concepts of the study were discussed. The concepts discussed in this paper include organizational strategic philosophy, the role of management accountant, ethical codes, challenges of the management accountant. Several relevant and empirical literature were also reviewed under the heading “the organizational strategic philosophy and the role of the management accountant.” Finally, the paper concluded that the role of the management accountant has evolved from just providing costing information to managers to that of a partner in the decision-making function thereby charting a new course for the management accountant in the organization.

Keywords: management accountants, management accounting, strategic management accounting, strategic managers, organizational philosophy and business evolution.  

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OWNERSHIP STRUCTURE AND CORPORATE PERFORMANCE OF SELECTED LISTED FIRMS ON THE NIGERIAN STOCK EXCHANGE
Volume No: CNAJ Vol. 30, No. 1 (January-March 2022)

Authors: Ogbada EyongIkwa, PhD, FCCA, MTMN, Prof. Joseph O. Udoayang, Useh Udeme Francis
Categories:

The study examined the relationship between ownership structure and corporate performance of 15 companies listed on the Nigerian Stock Exchange for the period 2016-2020. The study adopted ex-post facto research design. The findings of the study revealed that the share of the largest shareholder ratio as the independent variable did not have a statistically significant effect ratio on Tobin q ratio as the dependent variable. In the second model, the share of the largest shareholder ratio as the independent variable has a statistically significant and positive effect on PBT ratio as the dependent variable. It was recommended that firms in Nigeria should pursue policy of diffused ownership structure as against concentrated ownership. Managers and or directors in a firm that is highly concentrated (where few own large percentage of equity shares) will be difficult to monitor and controlled.

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ENVIRONMENTAL APPRAISAL COSTS AND PROFITABILITY OF OIL AND GAS COMPANIES IN NIGER DELTA REGION OF NIGERIA
Volume No: CNAJ Vol. 30, No. 1 (January-March 2022)

Authors:
Categories:

This study examined the effect of environmental costs on profitability of oil and gas companies in the Niger Delta region of Nigeria. To achieve the above objectives, the researcher used primary data to collect information from the respondents through the use of questionnaire. A survey research design was adopted for this study. A well-structured questionnaire was issued to 398 staff of oil and gas firms whose operations involve the exploration and exploitation of oil and gas and two hundred and seventy (270) were retrieved from the respondents. A Confirmatory factor analysis was conducted to ascertain the validity and reliability of the research instrument. The study model estimated with the aid of qualitative regression models (ordered regression). The results showed that environmental pollution appraisal costs has significant effect on the probability of oil and gas firms in Niger Delta Region of Nigeria. The study concluded that environmental pollution appraisal costs affect profitability of oil and gas firms in Niger Delta Region of Nigeria. The study therefore recommended amongst others that oil and gas firms should monitor their operations effectively to prevent environmental internal failure and reduce the cost of rework and pollution.

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HUMAN RESOURCES ACCOUNTING AND THE PROFITABILITY OF COMMERCIAL BANKS IN NIGERIA
Volume No: CNAJ Vol. 30, No. 1 (January-March 2022)

Authors: Josephine Adanma Nmesirionye, Prof. Joseph O. Udoayang
Categories:

The study examined the human resource accounting and the profitability of Commercial Banks in Nigeria. To achieve the objective of the study ex-post facto research design was adopted. The population of the study is made up of 15 commercial banks listed in Nigeria stock exchange as at December, 2018. While the sample size is 10 commercial banks listed in Nigeria stock exchange. Secondary data were used through the use of annual reports and accounts of the selected commercial banks. Data were analyzed using panel data based regression analysis. The findings revealed that staff cost (proxy for human resource accounting) has a positive and significant effect on profitability of commercial banks in Nigeria. The study concludes that human resources accounting affects the profitability of commercial banks in Nigeria. The study recommends that the commercial bank law should require companies to attach information about the value of human resource and the result of their performance during their accounting year in notes and schedule. The corporation should ensure that recruitment and selection practice is designed to obtain optimum match of persons and position as well as to communicate realistic expectations.

Keywords: Commercial banks, Human Resource Accounting, Profitability, Profit after tax and staff cost.

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EFFECT OF INTEGRATED PERSONNEL PAYROLL AND INFORMATION SYSTEM (IPPIS) ON PAYROLL FRAUD IN NIGERIAN PUBLIC SECTOR
Volume No: CNAJ Vol. 30, No. 1 (January-March 2022)

Authors: Elizabeth Eloho Osevwe-Okoroyibo, N. Ofor (Phd)
Categories:

The condemnable practice of illegal, unlawful and unauthorized recruitment of personnel into Government services have become the order of the day. Persons in position within the public service expropriate their powers to populate and overshoot the employment ceiling in the pursuit of personal gain. More worrisome is that most of these unauthorized employment into the system whether real or fictitious names, is perhaps one of the avenues for perpetuation of ghost workers and payroll fraud. The purpose of this study is to investigate the effect of integrated personnel payroll and information system (IPPIS) on payroll fraud (ghost workers & unauthorized employment) in the Nigeria public sector.

This study adopted a field survey research design in which structured questionnaire was designed and distributed to the respondents as a means of gathering information. This study used primary source of data due to the fact that the data needed from this study will be obtained by the field survey of knowledgeable individuals through the administration of questionnaire to respondents. The population of this study focus on government Ministries, Department and Agencies. The population shall consist of staff of Lagos State Civil Service from Grade Level 08 and above and who have been in the Civil Service before the implementation of IPPIS in the state. One hundred (100) questionnaires were administered to Lagos State Civil Servant. Therefore, 100 questionnaires were raised and distributed to the respondents in order to achieve the objectives of this study.

Method of data analysis for this study was frequency analysis and chi square t-test econometric models which explain the variation in the values of the independent variable on the basis of change in other dependent variables. Empirical findings revealed that IPPIS has a positive and significant influence on ghost workers and unauthorized employment fraud of Nigeria public sector. Therefore, this study concluded that IPPIS has a positive and significant effect on payroll fraud of Nigeria public sector. The study recommends IPPIS should be enforced in all government parastatals as well as agencies in order to broadened employment opportunities, reduces corruption in the public service and reduced personnel costs.

 

Keywords: IPPIS, payroll fraud, authorized employment, ghost workers

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BUREAUCRATIC CORRUPTION IN NIGERIA BUSINESS/CIVIL SERVICE: A SYSTEM REVIEW
Volume No: CNAJ Vol. 30, No. 1 (January-March 2022)

Authors: Emeh Ndidiamaka Chioma Ph.D, Marire Mary Ijeoma. B.Sc
Categories:

This study examined bureaucratic corruption in Nigeria business/civil service: A system review. Specifically, the study examined the effect of embezzlement in Nigeria civil service on the Nigerian public expenditure.  The study examined effect of fraudulent practices in Nigerian business civil service on the Nigerian public expenditure.  The study also determined the effect of bribery in Nigeria business /civil service expenditure.  The study used survey research design. Data for the study were sourced from two main sources which include Primary and Secondary sources of data Collection.  The researcher distributed three hundred and eighty two (382) questionnaires to the 382 sampled civil servants, those that responded and returned the questionnaire were three hundred and fifty (350).   Simple tables and percentages were used in treatment of data.  At the end of the study, the researchers found out that the study observed that embezzlement in Nigerian business / civil service has significant effect on the Nigerian business/civil service expenditure.  It was also observed that fraudulent practices in Nigerian business/civil service influenced the expenditure.  The study further showed that bribery in Nigeria civil service significantly affected the Nigerian business expenditure.  The study recommended that the government should enforce the declaration of Asset before assuming bureaucratic positions by the bureaucratic officers working closer to business /civil service funds. Government should review business/civil service laws to state sanctions meant for any officer who indulge in bureaucratic corruptions.

Keyword:  Bureaucratic, business, corruption, civil, service, expenditure.

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TAX INCENTIVES AND THE FOREIGN DIRECT INVESTMENT INFLOWS IN SUB-SAHARAN AFRICAN COUNTRIES
Volume No: CNAJ Vol. 30, No. 1 (January-March 2022)

Authors: UDEH SERGIUS NWANNEBUIKE, PhD, Elias Igwebuike Agbo, John Onyemaechi Odo
Categories:

This paper considered tax incentives and foreign direct investment in Sub-Saharan African countries. It employed historical research approach to review the literature on the influence of tax incentives on foreign direct investment in Sub-Sahara African economies, particularly Nigeria. It finds that even as tax concessions, longer tax holidays, withholding tax and other tax expenditures in Sub-Sahara African countries have continued to be in the increase, their impact on FDI has remained generally non-significant. This situation is blamable on the several factors that have played against the business environment for foreign investments in developing countries. Our study recommends that tax incentives should be properly   structured   to deal with policy lapses by the governments of Sub-Saharan African countries. Otherwise, achieving the main goals such as poverty eradication, sustainable growth and development in the competitive global economy might be unrealizable.  

Keywords: Sub-Sahara Africa, Nigeria, tax incentives, tax waivers, foreign direct investment.

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ADDRESSING GLOBAL WARMING MENACE THROUGH ENVIRONMENTAL EDUCATION AND TAXATION: THE CURRENT STATUS AND WAY FORWARD
Volume No: CNAJ Vol. 29, No. 3 (July-September 2021)

Authors: Blessing Adamaka Anukaenyi
Categories:

Reports indicated that tax systems in several countries have not adequately provided policy reforms that supported levying taxes across the sources of emission of harmful substances, aligning taxes with   redundant   external   damages and scaling back redundant energy taxes. Another complaint in several quarters had been that environmental education was yet to be adequately employed in attempts to control environmental pollution. To address these issues, many international organizations   developed some strategies aimed at using environmental taxation, to the neglect of education, to mitigate the impact of global warming and climate change in their environments. This paper reviewed literature and highlighted the updates on the achievements recorded so far,   particularly by Nigeria. It employed the content analysis research design. It found that in spite of the efforts made so far and huge resources committed to this project, every region in the universe  experienced some form of climate change and that Nigeria remained one of the most hit by climate change effects.  This study noted that climate change would likely increase in all the regions of the globe in the coming decades with devastating consequences if adequate remedial actions were not taken. The study recommended that the inherent complexities and uncertainties of climate change be met by applying an iterative environmental education framework to significantly reduce greenhouse gas emissions.  In addition, there is need for reforms and enactment of relevant laws in order to capture the environmental tax regime in Nigeria.

 Keywords: Global warming, Climate change, Accounting, Environmental taxation, Environmental education, Nigeria.

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FINANCIAL INNOVATION AND PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
Volume No: CNAJ Vol. 29, No. 3 (July-September 2021)

Authors: Angela Obiageli Ibekwe M.Sc.
Categories:

Financial Innovation is the act of creating and then popularizing new financial instruments as well as new financial technologies, institutions, and markets. The main objective of the study is to investigate the impact of financial innovations on the performance deposit money banks in Nigeria. The specific objectives are to: examine the impact of automated teller machine on the performance of deposit money banks in Nigeria, assess the impact of mobile banking on the performance of deposit money banks in Nigeria, examine the impact of internet banking on the performance of deposit money banks in Nigeria and investigate the impact of point of sale on the performance of deposit money banks in Nigeria. The study adopted an ex-post facto research design because the data for the study are secondary data that already exist in the archives of well acclaimed financial institutions such as the Central Bank of Nigeria. The result of the study  indicate that automated teller machine, mobile banking and point of sales have positive and significant effect on  return on asset while internet banking has negative and insignificant effect in return on asset. The study thus concludes that financial innovation have positive effect on the profitability of commercial banks in Nigeria and have enhance the return on asset of the commercial banks  in Nigeria. Amongst the recommendation is that government should provide adequate infrastructure in the area of power supply, telecommunications and internet. Industry stakeholders will have to join hands with other stakeholders in improving this infrastructure.  The banks, switching companies, card companies etc. must work towards improving equipment quality and standardization, as well as maintenance. The banks must improve service quality and customer responsiveness in cases of lost or stolen cards, frauds, and other customer complaints in relation to e-payments. There is significant need for public education and awareness on the benefits of e-payments. All stakeholders must strengthen system security and integrity to prevent/reduce frauds and errors to improve public confidence in e-payments. There is additional need for ensuring ease of use, and customer interactive features in mobile and on-line shopping systems.

 

 

Key World: Financial Innovation, Performance of Deposit Money Banks, Nigeria

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GOVERNANCE SUSTAINABILITY DISCLOSURES AND CORPORATE PERFORMANCE OF QUOTED OIL AND GAS COMPANIES IN NIGERIA
Volume No: CNAJ Vol. 29, No. 3 (July-September 2021)

Authors: Raphael S. Etim, PhD, FCNA, E. M Ndon, M. V. Asuquo
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This study examined the effect of governance sustainability disclosures on corporate performance of quoted oil and gas companies in Nigeria. The objective was to examine the effect of governance sustainability disclosure on Return on Assets (ROA) of quoted oil and gas companies in Nigeria. The research design adopted was ex-post facto research design. Simple random sampling was used in selecting twelve (12) oil and gas companies that were quoted on the Nigerian Stock Exchange (NSE). Data on governance sustainability disclosures and Return on Assets (ROA) were collected from the published annual reports and financial statements of sampled oil and gas firms in Nigeria. The independent variables were controlled in the model with firm age and firm size. The data covered twelve (12) years which ranged from 2009 to 2020. Data were analyzed using panel linear regression technique. From the results, it was observed that when control variables of firm age and size were not included in the model, governance sustainability disclosure (GOSD) had a direct and insignificant effect on Return on Assets (ROA) of quoted oil and gas firms in Nigeria and when the control variables of firm age and size were included in the model, governance sustainability disclosures had a negative and significant effect on Return on Assets (ROA). It was concluded that governance sustainability disclosure showed mixed effects on the corporate performance of firms in the oil and gas industry in Nigeria. It was recommended that firms in the oil and gas sector should continually disclose fully their governance issues, and that they should improve on these disclosures as firms grow in age and size to enhance their performances over time.

Key words: Governance, Sustainability disclosures, Performance

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RESPONSE OF FIRM PRODUCTIVITY TO HUMAN CAPITAL EXPENDITURES IN OIL AND GAS FIRMS IN NIGERIA
Volume No: CNAJ Vol. 29, No. 3 (July-September 2021)

Authors: Prof. Ifeoma Mary Okwo, FCNA, Catherine Amoge Eneh
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This study empirically investigated the response of firm productivity on human capital expenditure in oil and gas firms in Nigeria. It spanned for the period of ten years (2009-2018). Specifically, the study examined the effect of employee expenditure on education and training, expenditure on salaries and wages, and expenditure on health on the turnover of Oil and Gas firms in Nigeria. Research design adopted was ex-post facto design while analytical tools employed were descriptive statistics and Ordinary Least Squares (OLS) panel regression analysis technique. From the regression result, it was discovered that employee expenditure on education and training (coeff. = 0.070, t* = 0.381, p=0.7056>0.05) had positive and insignificant effect on the turnover of Oil and Gas firms in Nigeria. Expenditure on salaries and wages (coeff. = 0.383, t* = 1.784, p=0.0836>0.05) and expenditure on health (coeff. = 0.040, t* = 0.146, p=0.8849>0.05) had negative and insignificant effects on the turnover of Oil and Gas firms in Nigeria. A joint estimate as shown by Fisher’s statistics (F=17.264, p=0.0000<0.05) revealed that human capital expenditures have significant effect on turnover of Oil and Gas firms in Nigeria. In conclusion therefore, expenditures in human capital are essential factors for growth in turnover of Oil and Gas firms in Nigeria. On these backgrounds, the study recommended among other things that the oil and gas firms should invest more in training their workers than increasing their salaries and wages for increased turnover and overall productivity.

Key Words: Productivity, Expenditure, Human Capital, Panel Least Squares Regression

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EFFECT OF FOREIGN EXCHANGE RATE INSTABILITY ON THE NIGERIAN ECONOMY, 1986-2020. (AN EMPIRICAL ANALYSIS USING ERROR CORRECTION MODEL)
Volume No: CNAJ Vol. 29, No. 3 (July-September 2021)

Authors: Bertram Onyebuchi Agu, James .O Abugu
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The study investigated the impact of exchange rate instability on the Nigerian economy for the period 1986-2020 employing Error correction model. Annual time series data was used and the study specifically sought to, determine the effect of Monetary Policy Rate  instability on the Nigerian Economy,  ascertain the impact of Interest Rate instability on the  Nigerian Economy, determine the causal relationship between Inflation Rate instability and the  Nigerian Economy. Gross Domestic Product is the dependent variable of this study, while inflation rate, interest rate monetary policy rate are the independent variables. We applied in our analysis, Phillips- Perron unit root Test, Johansen test for co-integration among variables, Error Correction Model (ECM) was adopted to investigate the linkage of these variables to the Nigerian economy. The co-integration test confirms that there is a long run relationship between Exchange Rate instability and the Nigerian Economy. The estimated result shows that the exchange rate instability has no significant and negative influence on Gross Domestic Product in Nigeria during the period. The result therefore suggested that devaluation of the domestic currency does not lead to improvement in the Exchange Rate stability and hence GDP position of the country. It was therefore recommended that measures to stabilize exchange rate and check its continuous free fall should be carefully considered as a policy option.

 

Keywords: Exchange Rate, Interest Rate, ECM, Inflation Rate and Monetary Policy Rate,    Instability.

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INVESTORS REACTION TO INFORMATION DISCLOSURES ON HUMAN AND SOCIAL FACTORS IN THE ANNUAL REPORTS: EVIDENCE FROM THE NIGIERIAN CAPITAL MARKET
Volume No: CNAJ Vol. 29, No. 3 (July-September 2021)

Authors: Sunday Asukwo Okpo
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This study examined the reaction of investors towards disclosure of information on human and social disclosure in annual reports of companies. The main objective of the study was to examine how disclosure of information on human and social disclosure will trigger a corresponding reaction by investors in the Nigerian capital market. The main thrust of the study was to examine whether the resurgence of the Nigeria capital market could be attributed to the disclosure of information on human and social factors. The population of the study was the firms listed on the Nigerian stock exchange between 2015 and 2019 from which a sample of sixty firms were selected. The control variable in the study was investor’s reaction which was proxied by market capitalisation, while the independent variable was the voluntary disclosure of human and social factors which was proxied by disclosure index developed by the researcher. The data for the study were extracted from annual reports of the selected firms within the period under consideration using contents analysis and based on disclosure index. The data were analysed using descriptive statistics as well as regression models and SPSS version 20. The results of the analysis indicate a positive correlation between human and social factor disclosure and market capitalisation. This implies that increase in disclosure on human and social factors will also lead to increased market capitalisation. The study therefore concludes that increased disclosure will create a positive reaction from investors. Arising from the above the study recommends amongst others that government and regulatory authorities should encourage increased disclosure of information on human and social factors.

 

Key Words:  Market Capitalisation, Voluntary Disclosure, Human and social factors, Annual reports.

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EVALUATION OF FIRMS’ FINANCIAL STATEMENT FIGURES UNDER NIGERIAN GAAP AND IFRS REPORTING REGIMES ACROSS ECONOMIC SECTORS IN NIGERIA
Volume No: CNAJ Vol. 29, No. 4 (October-December 2021)

Authors: Ogechi Eberechi Alpheaus PhD.
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The objectives of this paper are to provide a cross-sector assessment of the level of IFRS implementation in Nigeria, and compare financial statement figures of listed entities prepared using the Nigerian Generally Accepted Accounting Principles(NGAAP) with their IFRS-restated equivalents. An implementation disclosure checklist was used to determine the implementation level on eighteen IAS/IFRS standards using content analysis. Financial statements of twenty-one listed entities from ten sectors in the Nigerian economy were analyzed for the period 2012 to 2018. Paired samples of NGAAP-based financial statement figures and IFRS-restated equivalents for the year preceding the year of IFRS adoption were also obtained and tested for significant differences. Results indicate high level of IFRS implementation across economic sectors in Nigeria; with the financial services sector recording the highest index of 0.925 while the agricultural sector had the least compliance index of 0.658. The paired samples t-test results reveal significant mean differences between NGAAP-based and IFRS-restated financial statement figures on Return on Assets(ROA) and Net Income(NI), whereas the mean differences in Earnings Per Share(EPS), Total Assets(TA), Book Value of Equities(BVE), and Property, Plant and Equipment(PPE) were not statistically significant. The paper concludes that while the level of IFRS implementation by firms in Nigeria is generally high across the sectors, observable differences between NGAAP-based and IFRS-restated financial statement figures are not uniform but varied with accounting figures. The paper therefore recommends that corporate bodies, governments and financial reporting regulators should strengthen compliance through capacity building opportunities, setting implementation targets and granting fiscal and other compliance incentives to sustain high compliance to set standards and enhance the attractiveness of corporate entities at global investment markets.

Keywords:    Financial reporting standards, Implementation level, NGAAP-based reporting, IFRS-restatement, Financial statement figures

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OWNERSHIP STRUCTURE AND DIRECTORS’ TUNNELING OF LISTED NON-FINANCE FIRMS IN NIGERIA
Volume No: CNAJ Vol. 29, No. 4 (October-December 2021)

Authors: Dorathy Christopher Akpan, PhD
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Tunneling is especially dangerous in emerging nations because of weak corporate governance frameworks that fail to protect minority shareholders and corporate ownership arrangements that encourage expropriation. The study investigated the effect of ownership structure on directors tunnelling in Nigeria drawing samples from listed non-finance firms on the floor of the Nigerian Stock Exchange. Data set employed in this study spans through the periods between 2011 and 2020. We employed a panel regression estimation technique to test our hypotheses. From the analysis, it was found out that out of the three independent variables adopted in this study, only ownership concentration seems not to significantly affect directors’ tunneling of non-finance firms in Nigeria. The study found out that CEO ownership and managerial ownership significantly affect directors tunnelling. Thus, it was recommended that regulatory agencies should formulate policies that regulate concentrated equity holding as this will reduce the incentive to tunnel. It was also recommended that companies should institute strong corporate governance structure to protect the minority shareholders.

Keywords:       Directors’ Tunneling, Ownership Concentration, CEO Ownership, Managerial Ownership, Panel Regression

 

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EFFECT OF EMPLOYEE COST ON THE FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN NIGERIA
Volume No: CNAJ Vol. 29, No. 4 (October-December 2021)

Authors: Josephine Adanma Nmesirionye, Prof. Joseph O. Udoayang, Stella Ogechukwu Okezie, Eshiet Udeme Enobong
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The study examined the effect of employee cost on the financial performance of listed commercial Banks in Nigeria. To achieve the objective of the study, ex-post facto research design was adopted. The study population was made up of fifteen (15) commercial banks listed on Nigeria stock exchange as at April 2021 out of which ten (10) banks were selected. Secondary data sourced from the annual reports and accounts of the selected banks were employed in the study. Data were analysed using descriptive statistics and ordinary least squares regression technique. Findings from the study revealed that employee cost has a positive and significant effect on the profit after tax of listed commercial banks in Nigeria. Hence the study concluded that employee cost has significant effect on financial performance of listed commercial banks in Nigeria. The study recommended amongst other things that commercial banks need to recognize that cost expended on employees are investments that will yield future returns if not in the short run then over the long run both for the employee and for the wellbeing of the bank.

Keywords: Commercial banks, Profit after tax, Employee cost, Human capital, Performance

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INNOVATION AND SUSTAINABILITY OF SMALL AND MEDIUM SCALE ENTERPRISES IN ENUGU METROPOLIS
Volume No:

Authors: Josephine Ivoma Orga, Ph.D
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The study was on innovation and sustainability of SMEs in Enugu metropolis. Small and Medium Enterprises are the driving force of industrial development globally, especially in developing economies due to their numerous contributions in terms of employment generation, export promotion and use of local raw material among others. Innovation has greatly contributed to sustainability of the SMEs. The major objective of the study was to examine innovation and sustainability of SMEs, while the following specific objectives formulated were to: identify product innovation on the circular economy of small and medium enterprises in Enugu metropolis, ascertain technological innovation on management behavior on small and medium enterprises in Enugu metropolis. Methodology research design was used and population of the study was 300 made up of owners and workers and 35 SMEs. The entire population was used, so determination of sample size not necessary. The researcher found out that product innovation had significant positive effect on the circular economy of small and medium enterprises in Enugu metropolis, with the statistical evidence (  cal. Value 382.31 >  tab. value 9.49). The recommended that for SMEs to be sustainable it must have product innovation, especially adopting those methods that will not affect the environment negatively.

 Keywords: Innovation, sustainability, SMES, product innovation, technological innovation

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THE RELATIONSHIP BETWEEN INTERNET AND ENTREPRENUERSHIP: INFORMATION SYSTEM PERSPECTIVE IN NIGERIA
Volume No: CNAJ Vol. 29, No. 4 (October-December 2021)

Authors: Marire Mary Ijeoma. B.Sc
Categories:

The study was to evaluate the relationship between internet and technology.  The specific objectives were to: Examine the extent computer has assisted on information system; Examine the extent computer has been used as internet television.  The primary sources were personal interview and the administration of questionnaire.  A population of 275 staff was sampled.  That gave 83 percent response rate.  The closed-ended questionnaire was utilized.  The validity of the instrument was tested using content analysis and the result was good.  The reliability was tested using the Pearson correlation coefficient (r).  It gave a reliability co-efficient of 0.92 which was also good.  The data were analyzed using Pearson product of moment correlation for hypotheses (f-statistics) with aid of Special Package of statistical Software (SPSS).  The results showed that computer has assisted on information services to a great extent.  From the result, f-calculated (1778.848) is greater that the f-tabulated (5.1523), that is, f-cal>f-tab.  That computer has been used as internet television to a great extent.  From the result, f-calculated (1254.195) is greater that the f-tabulated (5.1523), that is, f-cal>f-tab.  The study concluded that internet with Technology improves the quality of services delivery.  The study recommended that people should be encouraged to acquire the skills to operate in the computer system and the internet and the current technological trends or innovations especially in computer should aid students learning, thus institutions should make available such facilities.

 

Keyword: Information System, Internet, Relationship, Technology.  

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BUREAUCRATIC CORRUPTION IN NIGERIA BUSINESS/CIVIL SERVICE: A SYSTEM REVIEW
Volume No: CNAJ Vol. 29, No. 4 (October-December 2021)

Authors: Emeh Ndidiamaka Chioma Ph.D, Marire Mary Ijeoma. B.Sc
Categories:

Abstract

This study examined bureaucratic corruption in Nigeria business/civil service: A system review. Specifically, the study examined the effect embezzlement in Nigerian civil service on the Nigerian public expenditure.  The study examined effect of fraudulent practices in Nigerian business civil service on the Nigerian public expenditure.  The study also determined the effect of bribery in Nigeria business /civil service expenditure.  Data for the study was sourced from two main sources which include Primary and Secondary sources of data Collection.  The researcher distributed three hundred and eighty two (382) questionnaires to the sampled 382 sampled civil servants, those that responded and returned the questionnaire were three hundred and fifty (350).  Secondary data: Journals and other relevant materials relating to the area of my investigation will be review.  Extensive literature review was carried out on the direct literature and indirect literature on books, journals and past works.  The research instrument used in this study includes oral interview and questionnaire.  Simple tables and percentages were used in treatment of data.  At the end of the study the researcher found out that the study observed that embezzlement in Nigerian business / civil service has significant effect on the Nigerian business/civil service expenditure.  It was also observed that fraudulent practices in Nigerian business/civil service influence the expenditure.  The study further shows that bribery in Nigeria civil service significantly affects the Nigerian business expenditure.  The study recommends that the government should enforce the declaration of Asset before assuming bureaucratic positions by the bureaucratic officers working closer to business /civil service funds.  Management at all level should apply Achievement Driving Administrative Approach in the appointment of workers into the bureaucratic positions especially those closer to business/civil service funds.  Government should review business/civil service laws to state sanctions meant for any officer who indulge in bureaucratic corruptions.

Keyword:  Bureaucratic,business,corruption, civil, service,  expenditure

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