Journal of Management Science Research and Contemporary Issues (JMSRCI)
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CORPORATE VOLUNTARY DISCLOSURES AND VALUE OF QUOTED INDUSTRIAL COMPANIES IN NIGERIAThe study examines the effect of voluntary disclosures on value of quoted industrial companies in Nigeria. Specifically, voluntary environmental, social and risk disclosure
The study examines the effect of voluntary disclosures on value of quoted industrial companies in Nigeria. Specifically, voluntary environmental, social and risk disclosures on firm value. The study adopts ex-post facto research design. The population of the study comprises of all the thirteen (13) industrial companies quoted on the Nigerian Exchange Group as at 2025. The whole companies were used for the purpose of data collection. The data were collected from the annual reports of the sampled companies for a period of ten (10) years. This study measures firm value using Tobins Q. While, environmental and social disclosures were measured using estimates from GRI (2016) indicators as index of the percentage of the number of items disclosed to the total number of items expected to be disclosed and risk disclosure was measured using dichotomous 1 and 0 for disclosure and non-disclosure respectively. The study employs multiple regression technique for analysis. The result of the pooled OLS regression as favoured by the Hausman Specification Test revealed that voluntary environmental and social disclosures have positive and significant effect on firm value while voluntary risk disclosure has positive insignificant effect on risk disclosure of quoted industrial companies in Nigeria. The study concluded that voluntary disclosures are additional corporate disclosures in satisfying information needs of stakeholders thus improving the overall value of industrial companies in Nigeria. The conclusion, the study recommends that the financial reporting council of Nigeria makes it mandatory for industrial companies to report their environmental and social information in their annual financial statements.
Dr. Usman Buhari Agyo, Dr. Umar, Ibrahim Ohinoyi & Dr. Augustine, Olorufemi Obalemo
EFFECT OF BOARD GENDER DIVERSITY AND BOARD SIZE ON FIRM VALUATION OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
This study investigates the effect of board gender diversity and board size on the firm valuation of listed deposit money banks in Nigeria. Utilizing an ex-post facto design with a balanced panel dataset of 130 firm-year observations from 13 banks over a ten-year period (2015-2024), the study employs a Random Effects regression model to analyze the data, with Tobin's Q as the proxy for firm valuation. The findings reveal that board gender diversity has a positive and statistically significant effect on firm valuation, while board size showed a significant negative influence on valuation. The study, therefore, concludes that in the Nigerian banking context, a board's value-driving potential is closely linked to its gender composition and structural efficiency. Banks with higher female representation on their boards and smaller, more cohesive board structures tend to achieve higher market valuations. Based on these conclusions, it is recommended that banks and regulators prioritize policies that actively promote gender diversity on boards and advocate for leaner, more efficient board structures to enhance corporate governance effectiveness and maximize shareholder value. This research provides critical, evidence-based guidance for enhancing firm valuation in Nigeria's banking sector.
Dr. Usman Buhari Agyo, Dr. Umar, Ibrahim Ohinoyi & Dr. Zina, Emmaculate
Moderating Effect of Audit Committee Expertise on Risk Disclosure and Financial Reporting Quality of Listed Industrial Goods Companies in Nigeria
This study examined the effect of firm-level risk exposures on financial reporting quality of quoted industrial goods companies in Nigeria, with specific emphasis on the moderating role of audit committee expertise. The study adopts an ex-post facto research design and utilizes panel data obtained from the annual reports of selected quoted industrial goods firms in Nigeria over the study period. Dynamic panel estimation technique was employed. The empirical findings reveal that financial reporting quality is not significantly influenced by its past values but responds strongly to contemporaneous risk conditions and governance mechanisms. Specifically, audit committee expertise exerts a positive and statistically significant moderating effect on the relationship between credit risk and financial reporting quality, indicating that firms with more knowledgeable audit committees are better able to maintain transparent reporting in the presence of credit risk. Conversely, liquidity risk interacting with audit committee expertise has a significant negative effect on financial reporting quality, suggesting that liquidity pressures undermine reporting quality even under expert oversight. Operational risk also shows a negative moderating effect, while the interaction between market risk and audit committee expertise is positive but statistically insignificant. The study concludes that audit committee expertise improves financial reporting quality selectively, particularly in areas involving credit-related accounting judgments, but is insufficient to fully offset the adverse effects of operational and liquidity risks. Consequently, the study recommends that industrial goods companies strengthen the financial and accounting expertise of audit committee members, while also reinforcing internal control systems and liquidity management frameworks to enhance financial reporting quality and investor confidence.
Dr. M. M Naburgi, Dr. M. U Doshiro & EZIRE, Akpotu Henry
Effect of fiscal policy on economic growth in Nigeria
Economic growth remains a central concern in Nigeria due to its implications for poverty reduction, employment generation, fiscal sustainability, and overall socio-economic development. Fiscal policy, through government expenditure, public debt management, and taxation, constitutes a major instrument for influencing economic growth, especially in a developing economy like Nigeria where structural challenges persist. This study examined the effect of fiscal policy on economic growth in Nigeria, with specific emphasis on public debt, public expenditure, and tax policy. The study covered the period 1993-2024, utilizing annual time-series data sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin. Real Gross Domestic Product (RGDP) was adopted as a proxy for economic growth, while public expenditure, public debt, and tax revenue represented fiscal policy variables. The study employed descriptive statistics, correlation analysis, Augmented Dickey-Fuller (ADF) unit root test, and the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration to analyze both short-run and long-run relationships among the variables. The findings revealed the existence of a long-run relationship between fiscal policy variables and economic growth in Nigeria. Public expenditure was found to exert a positive but weak influence on economic growth, suggesting inefficiencies in spending composition and implementation. Public debt exhibited a mixed effect, with excessive debt accumulation exerting a negative long-run impact on economic growth, reflecting Nigeria’s debt sustainability challenges. Tax policy showed an insignificant effect on economic growth, indicating structural weaknesses in the tax system and narrow tax base. The study concluded that fiscal policy remains a critical driver of economic growth in Nigeria, but its effectiveness is constrained by governance, efficiency, and structural issues. It therefore recommended improved public expenditure efficiency, prudent debt management, and comprehensive tax reforms to enhance fiscal policy effectiveness and promote sustainable economic growth in Nigeria.
Effect of corporate taxes on financial performance of listed deposit money banks in Nigeria
The Nigerian banking sector play a vital role in economic growth through financial intermediation, by mobilizing and providing of deposit and credit services to households and firms. Its contribution to Nigeria’s Gross Domestic Product (GDP) increased to N3.8 trillion in 2023, representing 26.5 per cent Year-on-Year (YoY) from N3.01 trillion reported in 2022. This study therefore, examined the effect of corporate taxes on financial performance of listed Deposit Money Banks (DMBs) in Nigeria from 2015 to 2024. The tax variables investigated were Company Income Tax (CIT), Value Added Tax (VAT), Education Tax (ET), Capital Gains Tax (CGT), and the National Information Technology Development Agency Levy (NITDAL), with Return on Assets (ROA) as the performance indicator. The study adopted longitudinal research design and utilized secondary data obtained from the audited financial statements of listed DMBs published on the Nigerian Exchange Group (NGX). The data were analyzed using panel regression techniques to determine the relationship between the tax variables and financial performance. The findings revealed that all tax variables had a negative and significant effect on banks’ financial performance, implying that increased tax obligations reduce profitability and liquidity. Among these variables, Capital Gains Tax (CGT) showed the strongest negative effect, suggesting that it severely constrains reinvestment and growth. The study concludes that corporate taxes imposes a heavy fiscal burden on Nigerian banks, weakening their profitability and competitiveness. It recommends harmonizing tax policies, reducing CGT rates, and providing tax incentives for banks that reinvest profits in digital and capital development. The study suggests that future research should focus on assessing the impact of tax incentives and exemptions on bank investment decisions, technological innovation, and capital formation to provide actionable insights for policymakers. Additionally fiscal indicators such as withholding tax, excise duties, and stamp duties should be included to provide a more comprehensive understanding of tax effects on the banking sector.
Prof. A. D. Zubairu, HEMEN, Thomas Tyoyongu, Dr. A. I. Olotu & Dr. M. A. Yusuf
Effect of tax incentives on financial performance of manufacturing industries in Nigeria
This study investigates the effect of tax incentives on the financial performance of manufacturing firms in Nigeria, focusing on tax holidays, capital allowances, investment tax credits, export tax incentives, and tax relief for research and development (R&D). The main objective was to examine how these incentives influence profitability, measured by return on assets (ROA), while assessing the distinct impact of each type of incentive. The study population comprised 58 manufacturing firms listed on the Nigeria Exchange Group (NGX) as of December 2024, and a sample of 32 firms was selected using proportionate sampling based on continuous listing from 2015 to 2024. Regression analysis was employed to test the relationships between tax incentives and financial performance, with variables measured using established methodologies from prior research. Findings revealed that tax holidays and Export tax incentives often fail to enhance profitability, as they have negative significant effect on financial performance of listed manufacturing firms in Nigeria. In contrast, capital allowances and investment tax credits have positive significant effect on financial performance of listed manufacturing firms in Nigeria. Furthermore, R&D tax relief has negative insignificant effect on financial performance of listed Manufacturing firms in Nigeria. The study concludes that tax incentives can enhance financial performance when strategically utilized, and it recommends that manufacturing firms reinvest tax reliefs into operations, plan and prioritize productive investments, build capacity to leverage incentives effectively, and adopt longterm R&D strategies.
Prof. A. D. Zubairu, YAKUBU, Gimba Ibrahim, Dr. Dr. M. A. Liman & Dr. S. A. Halimatu
Effect of Exchange-Rate Volatility on Nigeria’s Sovereign Borrowing Costs
The study examined the effect of exchange-rate volatility on Nigeria’s sovereign borrowing costs, focusing on both short-run and long-run dynamics. Using a Vector Error Correction Model (VECM) on quarterly data, the study investigates the relationships among government debt, exchange-rate volatility, nominal and real exchange rates, and foreign-exchange market interventions over a 40-quarter period. Unit root and co-integration tests confirm a stable long-run equilibrium among the variables, justifying the use of VECM to capture both immediate and persistent interactions. The results indicate that lagged exchange-rate volatility positively influences government debt, suggesting that periods of high volatility lead to increased borrowing to meet fiscal obligations. The error correction coefficient for government debt is negative, demonstrating gradual adjustment toward long-run equilibrium, though the pace of correction is moderate. Nominal exchange rate changes have mixed effects, with some lags increasing debt while others reduce it, indicating that short-term fluctuations do not consistently drive borrowing decisions. The real exchange rate exhibits a weak and varied effect on debt levels, reflecting the limited immediate influence of structural currency movements. Foreign-exchange market interventions show a small negative effect, suggesting temporary easing of borrowing pressures but insufficient mitigation against volatility. The study concludes that exchange-rate volatility is a critical determinant of Nigeria’s sovereign borrowing costs, elevating debt levels and fiscal vulnerability while slowing the adjustment of debt toward long-run equilibrium. The findings highlight the need for policy measures to stabilize the currency, reduce borrowing costs, and strengthen fiscal resilience. The main recommendation is to implement comprehensive exchange-rate risk management strategies, including currency stabilization and prudent debt composition planning, to ensure sustainable sovereign borrowing and protect macroeconomic stability.
Dr. Adamu, Lawal Bello, Dr. Akpegi Patrick Onahi
Fair value measurement and financial statement reporting of listed conglomerate companies in Nigeria
The study examined effect of fair value measurement on financial statement reporting of listed conglomerate companies in Nigeria. This study adopts a survey research design which allows for employing a comprehensible research instrument in gathering data for the study. Descriptive statistics is employed to analyze quantitative data using regression analysis. The study found that fair value measurement reliability has a positive significant effect on financial statement reporting, fair value measurement transparency has a positive but insignificant effect on financial statement reporting and; fair value measurement sufficient precision has a positive insignificant effect on the financial statement reporting of conglomerate companies. The study concludes that financial reporting differs significantly when measured with fair value and historical costs. Thus, the study recommends that conglomerates companies should adopt a hybrid form of measurement (measurements which entail both fair and historical values) in reporting their activities to reflect actual value creation. Furthermore, International Accounting Standards should review the current provisions on the fair value practices in the International Financial Reporting Standards to ensure improved operations of firms across national borders.
EMMANUEL Isaac Buba; USMAN Tanimu Gadi; & ISAAC Helen Abrak
Impact of Tax Policies on Investment of SMEs in Karu, Nasarawa State
This study examines the impact of tax policies specifically tax rates, tax incentives and reliefs, and tax compliance requirements on the investment decisions of Small and Medium Enterprises (SMEs) in Karu, Nasarawa State. Employing a survey research design, data was collected from a sample of SMEs through structured questionnaires and analyzed using the Ordinary Least Squares (OLS) regression technique. The results reveal a statistically significant positive relationship between tax rates and investment, suggesting that higher tax rates, when accompanied by visible public benefits, can foster SME investment. Similarly, tax incentives and reliefs were found to have a significant positive effect on investment, highlighting their critical role in reducing financial constraints and encouraging reinvestment. Conversely, while the relationship between tax compliance requirements and investment was negative, it was not statistically significant, indicating that compliance challenges may not directly deter investment decisions within the study's context. These findings have profound implications for policymakers and tax administrators. The study recommends that tax revenues from SMEs should be transparently reinvested into infrastructure and public services to justify higher tax rates and enhance business confidence. Additionally, tax incentives should be tailored to the specific needs of SMEs, focusing on accessibility and relevance to high-growth sectors. Simplifying tax compliance requirements is essential to minimize administrative burdens and foster a supportive business environment. By aligning tax policies with SME needs, governments can stimulate sustainable investment, foster economic growth, and support the development of SMEs in Karu, Nasarawa State, and similar contexts.
IMPACT OF DISCIPLINE ON WORKERS PERFORMANCE IN THE NIGERIAN PUBLIC SERVICE: A DISCOURSE OF FEDERAL MEDICAL CENTRE UMUAHIA
The thrust of this study is on the impact of Discipline on workers at Federal Medical Centre Umuahia. The paper relied on the objective to ascertain the impact of Discipline on the Performance of the Nigerian Public Service. And also adopted was the null hypothesis that Discipline does not impact Performance in the Nigerian Public Service. For the study, the survey research design was adopted and data was gathered through primary and secondary sources. The paper adopted the Red–Hot Stove theoretical approach which asserts a comparison between touching a hot stove and experiencing discipline. The paper found out that Discipline, when held constant against the dependent variable of Performance can impact or influence it. The paper therefore concluded that Discipline is considered to be good when employees willingly conform to rules and regulations in the organization and any nation aspiring for greater heights must face this challenge of staff indiscipline. Nigeria cannot be an exception and indiscipline challenges should be seen as events that must be overcome. The paper further recommended among others that there is the need for civil society to be engaged in the disciplinary processes of government/Employers and allow the tracking of how decisions are arrived at and their jeered toward increasing performance.
Prof. Charles Nwekeaku & Okwuagwu, Kalu Elechi
Effect of Financial Inclusion on Financial Performance of Microfinance Banks in Nigeria
The purpose of this study was to investigate how financial inclusion affects Nigerian microfinance institutions' financial performance spanning 2012 - 2022. The study specifically looked at the combined effects on return on asset (ROA) of the number of deposit accounts, rural bank branches, and loans and advances. The study used the ex post facto research design. The top ten (10) microfinance banks by capital base were the subject of the study. The Central Bank of Nigeria provided the data. The study used panel regression models, which include both random and fixed factors. The study's findings demonstrated that loans and advances, rural bank branches, and the quantity of deposit accounts all significantly and favorably affect return on assets. The study came to the conclusion that financial inclusion is a viable panacea for improving financial performance of microfinance banks in Nigeria. From the findings and conclusion, the study recommended that Microfinance banks should intensify efforts in getting more people to open accounts through banking outreach and relax stringent requirements for account opening. More bank branches should also be opened especially in the rural areas in order to give financial access to the poor rural dwellers. Microfinance banks should expand their network of branches, helping to bring finance services available and affordable to people, especially in remote and rural areas.
PHILIP, Thomas Ameh; Mohammed, Mahmuda Khalifa & Ahmed Abdullahi Ibrahim
Effect of Risk Management on the Performance of Selected Insurance Companies in Nigeria
Insurance companies play a critical role in providing financial protection and stability within Nigeria’s economic system. However, despite their importance, the industry is faced with the problem of low penetration and performance inefficiencies, partly due to inconsistent implementation of structured risk management practices. This study examined the effect of risk management on the performance of insurance companies in Nigeria, focusing specifically on risk control and risk monitoring as key components. A cross-sectional survey design was adopted, and data were collected from senior and middle management personnel across all 58 licensed insurance firms in Nigeria, yielding an estimated population of 580 respondents. A census sampling technique was employed to ensure adequate representation of risk managers, compliance officers, underwriting managers, and financial executives who possess direct knowledge of risk management processes. Data were gathered using a structured questionnaire and analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) through SmartPLS software. The results revealed that risk control had a strong, positive, and statistically significant effect on the performance of insurance companies (β = 0.677; p = 0.000), explaining the importance of structured control mechanisms and compliance frameworks in enhancing operational outcomes. Conversely, risk monitoring showed a positive but statistically insignificant effect (β = 0.009; p = 0.895), indicating that monitoring alone does not translate into improved performance unless supported by well-enforced control activities. The study concluded that proactive implementation of risk control measures is more influential in driving performance than risk monitoring in isolation. It recommended that insurance firms invest in advanced risk control mechanisms, strengthen compliance structures, and establish clear evaluation metrics to improve the effectiveness of monitoring activities.
OTHMAN, Abubakar Sadiq; Prof Abdul Adamu & Dr. Ibrahim Ahmed Abdullhi
AN ASSESSMENT OF THE INFLUENCE OF PACKAGING ON CONSUMER PURCHASING DECISIONS FOR MADE-IN-NIGERIA CONSUMABLE PRODUCTS IN NASARAWA STATE
This study examined the influence of packaging attributes on consumer purchasing decisions for made-in-Nigeria consumable products in Nasarawa State. A causal research design was adopted to identify and explain the cause-and-effect relationships between key packaging variables specifically product labelling and packaging innovativeness and consumer buying behaviour. The target population comprised consumers in Nasarawa State, and a sample size of 450 respondents was determined using Cochran’s (1977) formula, with a 17 per cent oversampling rate to accommodate potential non-responses. A multistage sampling technique was employed, involving the random selection of Local Government Areas across the state’s three senatorial districts and the cluster sampling of respondents within each selected area. Data were collected using a structured questionnaire. Data analysis was conducted using Partial Least Squares Structural Equation Modelling (PLS-SEM) to examine the relationships between packaging attributes and consumer purchasing decisions. The findings revealed that both product labelling and packaging innovativeness exert significant influences on consumer purchasing decisions for made-in-Nigeria consumable products in Nasarawa State. Based on these findings, the study recommends that manufacturers enhance product labelling by providing clear, accurate, and easily accessible information to strengthen consumer trust and facilitate informed purchasing decisions. In addition, producers should invest in innovative packaging designs that enhance product appeal, differentiate products in the marketplace, and increase consumer purchase intention.
PAUL, Vincent; Usman Salamatu Aliyu PhD; JOHN, Charity Tani & LUKMAN, Aisha Umar
INFLUENCE OF PACKAGING COLOUR, PACKAGING MATERIAL, AND ATTRACTIVENESS OF WRAPPING ON CONSUMER PURCHASING DECISIONS FOR MADE-IN-NIGERIA CONSUMABLE PRODUCTS IN NASARAWA STATE
This study examined the influence of packaging attributes on consumer purchasing decisions for made-in-Nigeria consumable products in Nasarawa State, with particular emphasis on packaging colour, packaging material, and the attractiveness of wrapping. Adopting a causal research design, the study sought to establish cause-and-effect relationships between packaging attributes and consumer purchasing decisions. Data were collected from consumers of locally manufactured consumable products across the three senatorial districts of Nasarawa State using a structured questionnaire. A sample size of 450 respondents was determined using Cochran’s formula and selected through a multistage sampling technique. Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed for data analysis. The findings revealed that all three packaging attributes exerted positive and statistically significant effects on consumer purchasing decisions, with the attractiveness of wrapping emerging as the most influential determinant, followed by packaging colour and packaging material. The study concludes that effective packaging design plays a critical role in shaping consumer perceptions and influencing purchase behaviour in a competitive consumable goods market. Based on the findings, the study recommends that manufacturers adopt strategic and culturally appealing colour schemes, invest in high-quality and protective packaging materials, and prioritise innovative and aesthetically attractive wrapping designs to enhance product appeal and improve consumer purchasing decisions.
PAUL, Vincent; Usman Salamatu Aliyu PhD & LUKMAN, Aisha Umar
CREDIT RISK GOVERNANCE ON CORPORATE VALUATION IN NIGERIA DEPOSIT MONEY BANK
The work examined the effect of credit risk governance on corporate valuation in Nigeria deposit money bank from 2012 to 2023. While firm value is measured by market value shares as dependent and independent are capital adequacy ratio, liquidity ratio, and leverage ratio. Contrary to the argument that capital adequacy ratio and leverage ratio decision is among the important corporate financial decisions in terms of its effect on firm market value, our results show that bank capital adequacy ratio and leverage ratio have a significant effect on market value per share. But our findings justify the view that liquidity ratio has no significant effect on banks market value, though the relationship is negative. Therefore, we recommend that corporate investors in Nigeria prefer should invest in banks than larger firms
Yahaya Alhassan, Susan Peter Teru, Ph.D., Zakari Mohammed Abdullahi &Usman Tanimu Gadi Ph.D.
ASSESSMENT OF THE CHALLENGES OF SMALL AND MEDIUM SCALE ENTERPRISES IN JALINGO TARABA STATE, NIGERIA
Small and Medium Enterprises (SMEs) constitute a large chunk of commercial activities worldwide contributing significantly to many economies. SMEs in Nigeria have performed below expectation considering the rate of unemployment, poverty and national productivities. The low survival rate of SMEs in Nigeria, Jalingo metropolies inclusive motivated this study. The assessed the challenges of Small and Medium Scale Enterprises (SMEs) in jalingo, Taraba state. The objective of the study was to address the extent to which poor financing, inadequate power supply, lack of managerial skills and multiple taxation constitute a major challenges in the performance of SMEs. The study adopted a cross sectional survey research design using 1,200 selected registered operators of SMEs in Jalingo, while the sample size of 120 was judgmentally determined from 10% of the population. Data collected were analyzed using descriptive statistics while formulated hypotheses were tested using z-test. Results from the data analysis indicated that poor financing, inadequate power supply, lack of managerial skills and multiple taxation were major challenges confronting SMEs in Jalingo, Taraba state. The study therefore recommends that government should provide long-term loans and soft loans to SMEs operators, establishment of SMEs funding agency, public/private sector partnership in infrastructural provision, capacity building (managerial skills) for SMEs operators and provision of tax incentives for SMEs operators.
SADIQ SULEIMAN; UMAR DAUDA USMAN & SULE EPHRAIM ASHA
THE IMPACT OF ENTREPRENEUR PERSONAL INITIATIVE ON THE SUSTAINABILITY OF MICRO SMALL AND MEDIUM ENTERPRISES (MSME’s) WITHIN JOS - BUKURU METROPOLIS
The spate at which MSMEs are dying in this part of the world is alarming; this necessitates researchers to examine the impact of personal initiative of MSME owners on sustainability of micro- business within Jos – Bukuru Metropolis, Plateau state. To obtain relevant data for analysis, data were collected through administration of questionnaires among 382 sampled registered MSMEs and among micro-business owners especially those struggling to survive the current turbulence in the economy of Nigeria. The study used the SMARTPLS 4 tool to analyze the relationship between the study variables. The results from the analysis showed that there is a strong significance in the relationship between the dimensions of personal initiative and the sustainability of micro-business enterprise within the context under study. This however, goes a long way to tell the story of how personal attribute measures by proactiveness, self-starting behaviors and resilience has the capacity to propel business sustainability among MSME owners within Jos – Bukuru Metropolis. The study recommends that recognizing the significant influence of personal initiatives have on the growth and sustainability of micro business enterprise, small business owners should consider and treat these variables as strategic assets which must be developed and explored.
Piyonga Bala Ishaya; Pam Nelson Chuwang & Sirke Fabian Sylvester
RISK MANAGEMENT COMMITTEE CHARACTERISTICS AND FINANCIAL PERFORMANCE OF FIRMS: A SYNTHETIC REVIEW
Nowadays, globalization is now considered to be associated with an increasing complication of risks arising in response to global financial crises and international regulatory requirements, thereby making risk management committee (RMC) an indispensably essential element of corporate governance tool for controlling company’s risk and evaluating firm’s financial performance. The importance of risk management is now gaining momentum due to the uncertainty of world economic growth that gives a major impact on business performance worldwide. Hence, the indispensable role that RMC plays in analysing financial performance of firms in recent years has caught the attention of researchers to delve into conducting studies in this area. The study is also motivated due to the reported inconsistent results arising from several factors. The main objective of this study is to synthetically review related extant literatures on RMC characteristics (such as Independence, size and separate) and financial performance of firms. The method employed in this study is more of conceptual study with keen interest on recent related scholarly articles from reputable journals. Thus, to accomplish the objective of the study the researcher used some combination of key words like “risk management committee and financial performance” to search for relevant extant related scholarly articles, conference papers and dissertations that are germane to the study from several high-ranking online databases. The study uncovered that several factors are responsible for the conflicting mixed results. These factors include different domain, methodology and/or economic development, the lack of technical knowledge and experience, differences in the measurements used in the studies and the timeframe they choose. Additionally, the current study also attributed the direction of the outcome of the studies reviewed to be associated with the impact of Covid 19 on firm performance. Based on the results of the study, it can be concluded that establishing and having the required number of RMC independence and RMC size as stipulated and recommended by corporate governance extant law can improve firm’s financial performance.
P. U. Anuforo; Mathias Joel, & Bitrus Kolo Ndirmbitah
THE IMPACT OF INTEGRATED DISCLOSURES ON THE FINANCIAL PERFORMANCE OF LISTED OIL AND GAS FIRMS IN NIGERIA
This study examines the impact of environmental and social disclosures on the financial performance of listed oil and gas firms in Nigeria. This study adopts the ex-post facto research design with a sample size of five (5) oil and gas companies spanning from 2019-2023 quoted on the floor of Nigerian stock exchange. The study was specifically limited to appraising the use of content analysis to examine the relationships between the financial performance (return on Assets and Net Profit Margin) and degree of disclosures of various elements of Environmental Reporting framework from annual reports for the period of Five (5) years (2019-2023), as justify base on convenience. For the purposes of data analysis Ordinary Lease Squares Regression was employed as the technique to test the pre-set hypothesis. The findings from the regression results reveals that, the environmental disclosures of oil and gas companies have a positive and significant impact on the Return on Assets (ROA). Based on the findings, the study concludes that environmental disclosures have a positive and significant effect on the Return on Assets of oil and gas companies in Nigeria. In line with the conclusion drawn, the study recommends that; right and appropriate policies that will enhance the environmental Disclosure should be put in place by the Environmental Management Sectors of Nigeria. Secondly, high level of interest must be exerted on Environmental Disclosure by relevant regulatory authorities and requisite legislations put in place.
PORTFOLIO MANAGEMENT AND FINANCIAL PERFORMANCE OF LISTED DEPOSITS BANKS IN NIGERIA
This study addresses the effect of portfolio management on the performance of chosen deposit money banks recorded on the Nigeria stock exchange more than a ten-year time frame (2013 - 2022). The study specifically investigates the connection between capital sufficiency proportion, liquidity proportion, non-performing loan proportion, and return on asset of the chosen DMBs. This study used an ex post facto research design. the population of the study were all the Deposit money banks that are listed on the Nigeria Stock Exchange (NSE). Purposive sampling was used I selecting ten deposit money banks. A subset of Nigerian deposit money banks' annual reports served as the secondary source of data for this study. The data structure contains a cross section and time series due to the presence of many banks at various time frames, resulting in panel data. data collected were analyzed using a multiple regression model. Hausman test statistics was also employed to determine which of the resulting fixed and random models is the most appropriate. The result indicates that jointly the independent variables (CAR, LR and NPL) have significant relationship with the dependent variable (ROA). In line with the findings the study concludes that, there is a significant relationship between portfolio management and performance of the selected DMBs. based on the conclusion, the study recommended that, Depository cash banks ought to lessen the quantity of non-performing credits by further developing staff impressive skill, reinforcing an expected level of effort and fortifying their control measures.
THE EFFECT OF AUDIT QUALITY ON THE MARKET VALUE OF LISTED FINANCIAL FIRMS IN NIGERIA
This research investigates the impact of audit quality on the market value of listed financial services firms in Nigeria, utilizing an ex-post facto research design. The study encompasses 35 firms consistently listed on the Nigerian Exchange Group between 2011 and 2021, employing purposive sampling to ensure comprehensive and accurate data. Secondary data sourced from the Nigerian Stock Exchange Factbook and annual reports of the sampled companies were used for analysis. The independent variables considered were audit opinion, audit tenure, audit firm size, and audit fees, while the dependent variable was the firm's market value. A panel regression technique, specifically fixed and random effect models, was applied to evaluate the relationships. Descriptive statistics revealed varying degrees of associations among the variables, with the Shapiro-Wilk test indicating normal distribution for audit tenure and audit firm size. Correlation analysis showed significant positive associations between firm market value and audit fees, and a moderate positive association with audit firm size. The regression results indicated that audit fees positively and significantly impact market value, while audit firm size surprisingly showed a negative effect. Audit opinion and audit tenure, however, did not exhibit significant impacts. These findings contribute to the understanding of how different facets of audit quality influence the market value of financial services firms in Nigeria, with implications for regulatory policies and audit practices.
ENTREPRENEURSHIP DEVELOPMENT ON THE ECONOMIC GROWTH OF LERE LOCAL GOVERNMENT OF KADUNA STATE
The study assessed how Lere Local Government Area's economic growth was impacted by entrepreneurial development. The study's goal is to determine how the Lere Local Government Area's ability to take risks, be creative, and be proactive has affected its economic progress. Survey research was the method used in the study. Six thousand seven hundred and four people made up the population [6, 704]. A basic random sample strategy is used in the study to choose 377 SMEDAN participants. ANOVA and the ordinary least square (OLS) model of regression analysis were constructed using data from surveys administered over a five-year period (2017–2021). SPSS version 20.0 was then used to evaluate the results. According to the study, in Lere LGA, Kaduna, taking risks has a major and beneficial impact on economic growth. Innovativeness also has a substantial impact on growth, as does proactively. The study suggested that Kaduna State's SMEs promote a culture of risk assessment and awareness. Although taking risks is necessary for progress, it's also critical to carefully consider all available options and make well-informed decisions.
SABO SUNDAY; MANSUR BELLO & BASHIR ABDULLAHI BABA
MODERATING EFFECT OF AUDIT COMMITTEE MEMBER’S QUALIFICATIONS ON AUDIT QUALITY ATTRIBUTES AND VOLUNTARY DISCLOSURE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
This study examines the influence of audit quality attributes and the moderating role of audit committee member's qualifications on the voluntary disclosure practices of listed non-financial firms in Nigeria. The audit quality attributes considered are audit fee, auditor industry specialization, audit tenure, and audit firm size. This study used an ex post facto research design. Data were extracted from the financial statements of listed nonfinancial firms in Nigeria. Using a fixed effects panel regression model on 50 listed non-financial firms from 2014 to 2023, the study found that audit fees, auditor industry specialization, and audit firm size positively and significantly impact voluntary disclosure. In contrast, audit tenure did not significantly influence voluntary disclosure. Importantly, the study revealed a complex moderating role of audit committee member's qualifications. The audit committee members' qualifications enhanced the audit fees' positive effect on voluntary disclosure. However, they weakened the positive effects of auditor industry specialization and audit firm size on voluntary disclosure. The qualifications did not significantly moderate the relationship between audit tenure and voluntary disclosure. These findings contribute to the existing literature on voluntary disclosure, highlighting the important role of audit quality attributes and the complex moderating influence of audit committee member's qualifications. The results provide valuable understanding for firms, regulators, and policymakers in promoting enhanced voluntary disclosure practices, financial reporting transparency, and investor confidence in the Nigerian capital market.
NABURGI, Musa Mohammed; HASSAN Musa & GOEWAM Adamu Mohammed
Determinants of profitability of Consumer Goods Companies listed on the Nigerian Exchange Group
This study examines the determinants of profitability of Consumer Goods Companies listed on the Nigerian Exchange Group. The researcher investigates three specific objectives: whether Corporate Governance Attributes, Working Capital Attributes and Financial Attributes were determinants of Profitability of Consumer Goods Companies in Nigeria. The methodology employs Correlational Research Design to analyze secondary data collected. The population consists of twenty-one (21) Consumer Goods Companies listed on the Nigerian Exchange Group. Purposive sample of Nineteen (19) Consumer Goods Companies spanning a period of five years from 2018 to 2022 was used for this study. The secondary data was sourced from annual reports encompassing Corporate Governance Attributes, Working Capital Attributes and Financial Attributes. The study utilized Structural Equation Modeling to measure variables of the research. The findings revealed that Corporate Governance Attributes and Working Capital Attributes significantly determines profitability while Financial Attributes insignificantly determines profitability of Consumer Goods Companies in Nigeria. Based on these findings, the study recommended manageable board size and audit committee meetings, keeping of adequate working capital to settle daily transactions and focusing on the Governance Attributes and Working Capital Attributes especially when Return on Asset (RoA) is considered as a measure of profitability.
Ikya, Emmanuel Agbe; Maikyo msugh & Korna Johnmark
EFFECTS OF FORENSIC ACCOUNTING IN COMBATING FINANCIAL CRIMES IN NIGERIA
This study investigates the influence of financial accounting effectiveness and financial litigation on combating financial crimes in Nigeria, focusing on the accounting staff of the Ministry of Agriculture, Taraba State. A field survey design was adopted, utilizing primary data collected through a structured questionnaire administered to the entire population of 190 accounting staff, determined through a pilot survey. Ordinary least square was used for the analysis. The findings revealed that financial accounting effectiveness and financial litigation have significant positive effects on combating financial crimes, as evidenced by regression analyses with p-values below the 5% significance level. These results indicates the importance of robust accounting practices and effective litigation mechanisms in addressing financial crimes. The study recommends enhancing financial accountability, strengthening litigation processes, and fostering collaboration between regulatory and legal institutions to reduce financial crimes in Nigeria. To effectively combat financial crimes in Nigeria, it is recommended that organizations and government institutions prioritize the strengthening of financial accounting systems and legal frameworks. This can be achieved by investing in capacity-building initiatives for accounting staff, implementing advanced financial monitoring technologies, and ensuring strict adherence to accounting standards. Additionally, the legal system should be empowered to expedite financial litigation processes and enforce stringent penalties for financial misconduct. Enhanced collaboration between accounting professionals, regulatory agencies, and the judiciary will also be crucial in creating a robust framework for deterring and addressing financial crimes across sectors.
INTEGRATION OF FORENSIC ACCOUNTING AND MANAGEMENT CONTROL SYSTEM AS A TOOL FOR COMBATING CYBER FRAUD IN DEPOSIT MONEY BANKS IN NIGERIA
Owing to the proliferation of cyber fraud and financial misappropriations in the Nigerian banking sector, this study investigated the integration of forensic accounting and management control system as a tool for combating cyber fraud in deposit money banks in Nigeria. Four (4) specific objectives were raised alongside four research questions and hypotheses. A Survey research design method was employed for the study with extensive reliance on primary data obtained through the use of structured Likert scale questionnaire. Data was collected through random distribution of questionnaire to 371 respondents. The data were analyzed using descriptive statistics and regression analysis on Statistical Package for Social Sciences (SPSS version 25). The research findings shows that integration of forensic accounting and management control system plays a significant role in combating cyber fraud , forensic accounting and management control system as a tool in combating cyber fraud in Nigeria deposit money banks has significant impact in preventing cyber fraud , there is a need of integration of forensic accounting and management system in combating cyber fraud in Deposit Money Banks in Nigeria, and the application of integration of forensic accounting and management control system as a tool in combating cyber fraud does not significant control cyber frauds in deposit money banks in Nigeria. Pertaining to the research findings the study recommended that; establishment of comprehensive fraud mitigating measures against external frauds at the cashier’s departments, more enforcement of compliance of fraud mitigation method, employment of forensic auditing in Nigerian banks by amending the existing statutes, in such a way that forensic auditors are included in the audit team, the need to accord forensic accounting statutory role and distinct professional recognition by the government and professional bodies in Nigeria and Deposit Money Banks in Nigeria should enhance the communication mediums on the various applications made available for their customers usage to serve as proactive measure in cyber fraud detection. Keywords: , ,
MARKUS, Daniel; SAM-ALENG, Murna; JOSHUA, Christiana Samari & BISALLA, Bitrus Sanga
INFLUENCE OF MOTIVATION ON TEACHERS’ ATTITUDE TO WORK IN SENIOR SECONDARY SCHOOLS IN TARABA STATE, NIGERIA
This research work examined the influence of motivation on teachers’ job performance in senior secondary schools in Taraba State, Nigeria. The study therefore, investigates: the motivational factors that influences the attitudes of teachers and to find out if motivation change teachers’ attitude to work in senior secondary schools in Taraba state. The study adopted survey research design. A questionnaire titled; Reward System as Motivator to Teachers’ Attitudes to Work in Taraba State Questionnaire (RSMTAWQ) was developed and validated by the researchers. A population of 2368 and a sample size of 322 which was obtained at the confidence level of 95% merging error of 5.0% using research adviser sample table. The instrument was validated through the conduct of pilot testing using a total of 40 teachers randomly selected from two secondary schools in Wukari Education Zone which was not part of the study but share similar characteristics. Therefore, the data collected was subjected to appropriate quantitative statistics using SPSS which include; frequency counts, means, standard deviations, percentages. The tool used to test the reliability is Cronbach alpha. The result obtained showed that there were best times to motivate teachers for high performance. That a positive motivation leads to improvement in positive teachers’ attitude to work.
Saleh Aliyu Saleh & Kolajo Moses Oluwamayowa
REVENUE GENERATION AND LOCAL GOVERNMENT DEVELOPMENT IN JALINGO LOCAL GOVERNMENT AREA
This study assessed revenue generation and Local Government Development in Jalingo Local Government Area. Specifically, the study examine the available revenue sources in the study area, assess the effect of revenue generation on local government development in Jalingo LGA and identify the challenges affecting revenue generation and local government development in the study area. The research used quantitative research design with a sample size of 314 staff of Jalingo Local Government. Data were collected using questionnaire and analyzed using descriptive and inferential statistics. The results were presented in frequencies, percentages, tables, charts, mean and standard deviation. The hypothesis was tested using Pearson Product Moment Correlation coefficient at 0.05 level of significance. Findings of the study revealed tax as major source of revenue in the study area. It was found that revenue generation has effect on socio-economic development especially in areas of infrastructural, education, health care services and economic development. The result on challenges affecting revenue generation and local government development revealed lack of tax obligations, lack of autonomy and corruption. Other challenges faced in revenue collection, includes inadequate infrastructure, poor tax administration, inadequate finance, poor implementation of projects, lack of competent manpower, high level of illiteracy, lack of due consultation and non-involvement of local dwellers in policy decisions and hijack of local government allocation by the state government. Furthermore, the result of the hypothesis shows that revenue generation has a significant effect on socio-economic development in Jalingo LGA. It is therefore recommended that the state government should desist from hijacking elastic local government revenue points to enable it raise adequate fund for provision of quality healthcare services to the people in a sustainable manner and that there should be regular capacity building for revenue collection officers to enable them generate funds that will be deployed to construction and maintenance of road infrastructure and socio-economic development in the area.
Effect of monitoring mechanism on intellectual capital disclosures of listed industrial goods firms in Nigeria
The study is about assessing the effect of monitoring determinants on intellectual capital disclosures of listed industrial goods companies in Nigeria. The study used longitudinal research design, using secondary data collected from the annual financial statement of listed industrial companies in Nigeria for a ten-year period from 2011 to 2020. The study population is the 13 listed industrial companies, the same number of companies also serve as the sample size of the study. Data collected were analyzed using the multiple linear regressions, and certain other robust diagnostic tests such as normality, heteroskedasticity, multicollinearity were conducted. The study made use of content analysis of items indicating intellectual capital disclosure as the dependent variable and the independent variables for the study are board independence, board gender diversity, board financial expertise, board size, audit committee independence, audit committee financial expertise, audit committee size, and auditor type. The findings of the study showed that board size, board gender diversity, board financial expertise, audit committee independence, and auditor type reported negative insignificant effect on intellectual capital disclosures, board independence and audit committee financial expertise reported positive significant effect on intellectual capital disclosures\ while audit committee size reported a positive but insignificant effect on intellectual capital disclosures of the sampled firms. It is therefore, recommended that more priority and emphasis be given to board independence and audit financial expertise, and audit committee size be mixed with the required competence in the industrial goods firms in Nigeria.
EFFECT OF FIRM ATTRIBUTES ON CORPORATE REPORTING LAG AMONG LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
The study examined the effect of firm attributes on corporate reporting lag (CRL) among listed industrial goods firms in Nigeria. Adopting a descriptive ex-post facto research design, the study population comprised thirteen (13) industrial goods companies listed on the Nigerian Exchange Group as of December 2024. A purposive sampling technique was employed, and data were collected from annual reports over a ten-year period (2015–2024). Secondary data were sourced from the annual reports of selected firms and analyzed using regression techniques to evaluate the effects of the identified variables on reporting timeliness. Using multiple regression analysis, the findings indicate that profitability significantly increases corporate reporting lag, suggesting that firms with higher earnings are more likely to delay the release of their financial statements. In addition, firm age was found to have a strong positive effect on reporting lag, implying that older firms tend to publish their financial reports less promptly. On the other hand, leverage and firm size both exhibited negative but insignificant effects, meaning that highly leveraged firms and larger firms are not necessarily associated with quicker reporting. The overall results highlight that firm characteristics, particularly profitability and age, are critical drivers of reporting delays in the Nigerian context. The study concludes that regulators should strengthen monitoring and enforcement mechanisms to ensure timely disclosure, while firms should adopt modern reporting strategies and digital disclosure platforms to minimize delays and improve the quality of financial communication.