Paul Angahar | Benue State University, Makurdi (original) (raw)

Papers by Paul Angahar

Research paper thumbnail of The Relationship between Accounting Information and Stock Market Returns on the Nigerian Stock Exchange

Management and Administrative Sciences Review, 2015

This paper has investigated the relationship between earnings and changes in earnings to stock re... more This paper has investigated the relationship between earnings and changes in earnings to stock returns in the Nigerian stock market from 2007 to 2011. An ex-post facto research design was adopted, and the population of the study was made up of all the 198 companies listed on the Nigerian Stock Exchange as at 2011, using Purposive sampling 40 companies were selected. The data was collected from financial statements of the companies and from the NSE. Regression analysis was used as a tool of analysis, while other tests namely Correlation Analysis, Durbin-Watson Statistics (DW) and Variance Inflationary Factor (VIF) were conducted to validate the result of the study. The results indicated that there is a significant relationship between accounting information and stock prices in the NSE. The conclusion drawn is that there is a significant relationship between earnings and stock returns in the Nigerian stock market, hence earnings are related to both price and return in the Nigerian ...

Research paper thumbnail of Impact of Working Capital on the Profitability of the Nigerian Cement Industry

This study empirically examined the impact of working capital management (Measured by: the number... more This study empirically examined the impact of working capital management (Measured by: the number of days accounts receivable are outstanding-DAR, the number of days inventory are held-DINV, and the cash conversion cycle-CCC), on profitability (measured by return on assets-ROA) of Nigerian Cement Industry for a period of eight (8) years (20022009). Data from a sample of four (4) out of the five (5) cement companies quoted on the Nigerian Stock Exchange (NSE) were analysed using descriptive statistics and multiple regression analysis. The study found an insignificant negative relationship between the profitability (measured by ROA) of cement companies quoted on the NSE and the number of days accounts receivable are outstanding (DAR). The study also found a significant negative relationship between the profitability of these cement companies and the number of days inventory are held (DINV). The study finally revealed a significant positive relationship between the profitability and th...

Research paper thumbnail of The Effect of the Global Financial Crisis and the Sovereign Debt Crisis on Public Sector Accounting: A Contextual Analysis

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2015

This paper examines the effect of global financial crisis and the sovereign debt crisis on public... more This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and debt problems in some European countries and elsewhere could threaten the global economy. The implication of this is that, there is need for transparent financial reporting by government and improvement in the management of public sector resources. That, third world countries should avoid sub optimal debts structure.

Research paper thumbnail of An Analysis of the Effects of Insecurity on Capital Market and Economic Growth of Nigeria

International Journal of Academic Research in Accounting Finance and Management Sciences, 2012

This study adopts an ex-post facto research design to empirically examine the effect of insecurit... more This study adopts an ex-post facto research design to empirically examine the effect of insecurity on capital market performance and economic growth on Nigeria. Using data on peace index (PINDEX) and Peace Score (PSCORE) as proxy for insecurity, market capitalization as proxy for capital market performance and gross domestic product (GDP) as proxy for economic growth and total of listed equity and government stock as control variable collected from the global peace index (GPI), central bank of Nigeria (CBN) annual report, Securities and exchange (SEC) annual report and Nigerian Stock Exchange (NSE) annual report for a period of five years from 2007 to 2011. The multiple regression results indicate that there is a negative relationship between capital market performance, economic growth, and insecurity. Peace index is statistically significant to capital market performance while peace Score is not. However, peace score is statistically significant to economic growth while peace index is not statistically significant. The study recommends that government at all level should not rest until peace is restore in the country so as to enable the capital market contribute positively to economic growth, at the same time help in the attainment of vision 2020.

Research paper thumbnail of The Relationship between Accounting Information Reported In Financial Statements And Stock Returns - Empirical Evidence From Vietnam

International Journal of Accounting and Financial Reporting, 2015

Based on Easton & Harris model (1991), this study aims to investigate the relationship between ac... more Based on Easton & Harris model (1991), this study aims to investigate the relationship between accounting information reported in financial statements and stock returns. We collected the sample of 108 listed firms on the Ho Chi Minh stock market - the most developmental economic zone in Vietnam during the period of 4 years, from 2010 to 2013. In order to examine the relationship, this paper principally used quantity approach and data estimation techniques of Pooled Regression Model, Fixed Effects Model (FEM) and Random Effects Model (REM). We then utilized the Hausman Test to choose an appropriate model between FEM and REM. The results indicate that there is an association between accounting information and stock returns in Vietnam, but this association is considerably weak. It implies that the accounting information is less useful to make investment decisions in the Vietnamese stock market.

Research paper thumbnail of Budget Tracking As a Strategy for Sustaining the Fight against Corruption in Nigeria

IOSR Journal of Economics and Finance, 2014

This paper has examined budget tracking as one of the possible strategies for fighting corruption... more This paper has examined budget tracking as one of the possible strategies for fighting corruption in Nigeria to promote resource management for sustainable development and it is based on a conceptual analysis that is largely dependent on a literature review. Budget tracking, also referred to as resource flow tracking is very important in the management of public funds because the approved financial resources meant for specified programmes normally pass through many stages of government bureaucracy before getting to the ultimate service facilities that are set up to exercise spending power. Budget tracking is undertaken in tandem with the two major components of budgets; accordingly, there is revenue tracking and expenditure tracking. Revenue tracking begins immediately with budget implementation; it seeks to develop government capacity to translate budget intensions into reality. It is concerned with ensuring that all budgeted revenues are diligently collected and fully remitted into government coffers. In Nigeria the correct practice is that all revenues collected on behalf of government are must be first paid into the Consolidated Revenue Fund (or Treasury) before obtaining allocations for the recurrent and capital spending. Many Ministries, Departments and Agencies (MDAs) of government in Nigeria do not remit revenues collected by them to the treasury, yet their recurrent and capital spending needs are fully appropriated. Budget tracking can be employed as one of the strategies for sustaining the fight against corruption. Nevertheless, before this strategy can be gainfully employed in the fight against corruption, the legislature must rise and surmount the challenges that confront and hinder them from performing their constitutional duty of budget tracking.

Research paper thumbnail of Impact of Corporate Governance on Non-Performing Loans of Nigerian Deposit Money Banks

Journal of Business & Management, 2013

This study examines the impact of Corporate Governance (CG) variables of Board Size (BS), Board C... more This study examines the impact of Corporate Governance (CG) variables of Board Size (BS), Board Composition (BC), Composition of Audit Committee (CAC) and Power Separation (PS) on Non-performing Loans of Nigerian Deposit Money Banks; with a view to finding out whether these CG variable can be useful in curtailing the incidence of non-performing loans that have bedeviled Nigerian Money Deposit Banks. Secondary data was used from fourteen (14) quoted banks on Nigerian Stock Exchange from 2005-2011. Using multivariate regression analysis, the study finds that corporate governance variables of BS, BC, CAC and PS have no significant impact on non-performing loans of Nigerian Deposit Money Banks. Hence, the study concludes that BS, BC, CAC and PS cannot be relied upon to check the rising figure of non-performing loans of Nigerian Deposit Money Banks. Therefore, we recommend that the oversight and monitoring functions of Central Bank of Nigeria should be strengthened to ensure adherence to rules and principles guiding the approval and monitoring of loans and advances.

Research paper thumbnail of Effect of Capital Structure on Corporate Profit: Evidence from Cement Manufacturing Firms in Nigeria

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2016

The study empirically investigated the effect of capital structure on corporate profit; evidence ... more The study empirically investigated the effect of capital structure on corporate profit; evidence from cement manufacturing firms in Nigeria. It focused on quoted cement manufacturing firms in Nigeria from 2004-2013 using ex-post facto research design. Multi regression analysis was used to test the hypotheses. The findings were that, there exists a positive and significant effect of short term debt, long term debt and shareholder's fund on the profit of cement manufacturing firms in Nigeria. The study recommends among others that, management should adopt a sound financing mix which will be beneficial to firms in the long run also; policies by Government should create a favourable macroeconomic environment for cement companies to operate profitably.

Research paper thumbnail of The Impact of Existing Inter-Governmental Financial Relations on Effective Service Delivery at the Grassroots in Nigeria

International Journal of Academic Research in Accounting Finance and Management Sciences, 2013

Research paper thumbnail of The Impact of Corporate Governance Variables on Non-Performing Loans of Nigerian Deposit Money Banks

Asian Economic and Financial Review, 2014

Research paper thumbnail of International Public Sector Accounting Standards and Public Accounting Reform in Europe

The mission of the International Federation of Accountants (IFAC), as set out in its constitution... more The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is "to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession's expertise is most relevant." In pursuing this mission, the IFAC Board has established the International Public Sector Accounting Standards Board (IPSASB) to function as an independent standard-setting body under the auspices of IFAC. The IPSASB develops and issues, in the public interest and under its own authority, high-quality accounting standards and other publications for use by public sector entities around the world in the preparation of general purpose financial reports.

Research paper thumbnail of International Public Sector Accounting Standards and Public Accounting Reform in Europe

The mission of the International Federation of Accountants (IFAC), as set out in its constitution... more The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is "to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession's expertise is most relevant." In pursuing this mission, the IFAC Board has established the International Public Sector Accounting Standards Board (IPSASB) to function as an independent standard-setting body under the auspices of IFAC. The IPSASB develops and issues, in the public interest and under its own authority, high-quality accounting standards and other publications for use by public sector entities around the world in the preparation of general purpose financial reports.

Research paper thumbnail of Effect of Capital Structure on Corporate Profit. Evidence from Cement Manufacturing Firms in Nigeria

The study empirically investigated the effect of capital structure on corporate profit; evidence ... more The study empirically investigated the effect of capital structure on corporate profit; evidence from cement manufacturing firms in Nigeria. It focused on quoted cement manufacturing firms in Nigeria from 2004-2013 using ex-post facto research design. Multi regression analysis was used to test the hypotheses. The findings were that, there exists a positive and significant effect of short term debt, long term debt and shareholder's fund on the profit of cement manufacturing firms in Nigeria. The study recommends among others that, management should adopt a sound financing mix which will be beneficial to firms in the long run also; policies by Government should create a favourable macroeconomic environment for cement companies to operate profitably. 1. Introduction Cement manufacturing firms no doubt play a significant role in the Nigerian economy. They engage in production of cement for construction needs of other sectors of the Nigerian economy. Capital structure in cement firms is made up of long term and short-term debts, retained earnings and equity (Messbacher 2004). The importance of capital structure to corporate financial stability, growth and adequate returns of cement manufacturing firms is very important. Yet, these vital issues of capital structure and its effect on financial performance of cement firms are under researched (Akintoye 2008). Primarily, capital structure consists of external and internal sources of financing which includes, long term and short term debts, retained earnings and equity (Okwoli 2011). According to Amidu (2007), finances are crucial to the survival of firms as blood is to the human body. As crucial as financing decisions of the firm are, most financial managers make capital structure decisions not necessarily out of empirically verified evidence (Akinsurile 2008). Myers (2005) discovered that large number of business failures in the past have been due to the inability of the financial managers to correctly identify and take advantage of the economical sources of financing for their firms based on empirically verified information. To Jensen and Meckling (2011), some of the criteria some financial managers use in practice to make capital structure decisions are not based on empirically proven principles; rather they use impressive rules of thumbs for identifying sources of financing. The result is collapse of such firms in the long run due to financial distress. Abor (2005) observed that, most company failures are due to capital structure decisions taken by financial managers without empirically verifying the effect of such sources of financing on the profitability of such companies. Though literature exists on capital structure and profits of firms, the collapse of firms due to wrong combination of capital structure necessitated the researchers to undertake a studyof the effect of capital structure on corporate profits of cement manufacturing firms in Nigeria. The study has the following specific objectives: i. To examine the effect of short term debt on the profit of cement manufacturing firms in Nigeria. ii. To examine the effect of long term debt on the profit of cement manufacturing firms in Nigeria:

Research paper thumbnail of An Analysis of the Effects of Insecurity on Capital Market and Economic Growth of Nigeria

This study adopts an ex-post facto research design to empirically examine the effect of insecurit... more This study adopts an ex-post facto research design to empirically examine the effect of insecurity on capital market performance and economic growth on Nigeria. Using data on peace index (PINDEX) and Peace Score (PSCORE ) as proxy for insecurity, market capitalization as proxy for capital market performance and gross domestic product (GDP) as proxy for economic growth and total of listed equity and government stock as control variable collected from the global peace index (GPI), central bank of Nigeria (CBN) annual report, Securities and exchange (SEC) annual report and Nigerian Stock Exchange (NSE) annual report for a period of five years from 2007 to 2011. The multiple regression results indicate that there is a negative relationship between capital market performance, economic growth, and insecurity. Peace index is statistically significant to capital market performance while peace Score is not. However, peace score is statistically significant to economic growth while peace index is not statistically significant. The study recommends that government at all level should not rest until peace is restore in the country so as to enable the capital market contribute positively to economic growth, at the same time help in the attainment of vision 2020.
KEY WORDS
Insecurity, capital market performance, Economic growth, and peace index of Nigeria
JEL CODES
D90, D99
1.

Research paper thumbnail of EFFECT OF PUBLIC EXPENDITURE MANAGEMENT CONTROL MECHANISM ON SERVICE DELIVERY: THE PERCEPTION OF CIVIL SERVANTS IN BENUE STATE, NIGERIA

This study ascertained the perception of civil servants regarding the effect of public expenditur... more This study ascertained the perception of civil servants regarding the effect of public expenditure management control mechanism on delivery of goods and services in Benue State, Nigeria. Primary data was obtained by the use of a well-structured questionnaire. The study made use of 201 respondents from the selected Ministries in Benue State. The regression result indicated that a positive relationship exist between fund release warrant, departmental vote and audit quality report and delivery of goods and services and the relationship is statistically significant (p<0.05) and in line with a priori expectation. However, the study showed a negative relationship between clearance mandate and delivery of goods and services and the relationship is not in line with a priori expectation. The adequacy of the model measured by the coefficient of determination R 2 is 86.20%, indicating that the variations in the model can be explained by the explanatory variables of the model. The hypotheses of the study show that fund release warrant, departmental vote and audit quality report which are mechanisms for public expenditure control had a significant effect on delivery of goods and services. It was recommended among others that clearance mandate which is a control mechanism for public expenditure management needs to be strengthened to enhance the effective delivery of goods and services to the people of Benue State.

Research paper thumbnail of Personal income tax administration in Nigeria: challenges and prospects for increased revenue generation from self employed persons in the society

Global Business and Economics Research Journal, Nov 30, 2012

Research paper thumbnail of Determinants of Capital Structure Decisions of Nigerian Listed Manufacturing Firms

Capital structure decisions have been the most significant decisions to be taken by any business ... more Capital structure decisions have been the most significant decisions to be taken by any business organization for maximization of shareholders wealth and sustained growth. The study has investigated the determinants of capital structure of Nigerian listed manufacturing companies for a period of five years from 2010 to 2015. Secondary data was collected from the annual reports of listed Nigerian manufacturing companies and it was analyzed using pooled least square. This study has investigated the impact of capital structure on profitability. It has examined the impact of firm's turnover, total assets, profit after tax, tax and interest on the leverage on the sampled firms. The results revealed that turnover, total assets, profit after tax, tax, and interest are strong determinants of capital structure of the Nigerian manufacturing firms. Therefore, it is recommended that in carrying out their debt equity mix, the financial managers of Nigerian listed firms should ensure proper monitoring of the following variables: turnover, total assets, and profit before tax, tax and interest of the firms in order to have an optimum financing mix for their firms. Introduction Capital structure is the mix of various sources of funds that a firm uses to finance its operation. It is the combination of debt and equity that attains certain managerial goals, that is, the maximization of the firm's market value. It could also be seen to be the combination of debt and equity that minimizes the firm's overall cost of capital.

Research paper thumbnail of The Effect of the Global Financial Crisis and the Sovereign Debt Crisis on Public Sector Accounting:A contextual Analysis.

This paper examines the effect of global financial crisis and the sovereign debt crisis on public... more This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and debt problems in some European countries and elsewhere could threaten the global economy. The implication of this is that, there is need for transparent financial reporting by government and improvement in the management of public sector resources. That, third world countries should avoid sub optimal debts structure.
Key words:Financial Crisis, Sovereign Debt, Public sector Accounting, government interventions, Accounting Standards

Research paper thumbnail of The Relationship between Accounting Information and Stock Market Returns on the Nigerian Stock Exchange

This paper has investigated the relationship between earnings and changes in earnings to stock re... more This paper has investigated the relationship between earnings and changes in earnings to stock returns in the Nigerian stock market from 2007 to 2011. An ex-post facto research design was adopted, and the population of the study was made up of all the 198 companies listed on the Nigerian Stock Exchange as at 2011, using Purposive sampling 40 companies were selected. The data was collected from financial statements of the companies and from the NSE. Regression analysis was used as a tool of analysis, while other tests namely Correlation Analysis, Durbin-Watson Statistics (DW) and Variance Inflationary Factor (VIF) were conducted to validate the result of the study. The results indicated that there is a significant relationship between accounting information and stock prices in the NSE. The conclusion drawn is that there is a significant relationship between earnings and stock returns in the Nigerian stock market, hence earnings are related to both price and return in the Nigerian stock market, while change in earnings is not significantly related to stock return. It is recommended that since stock returns are related to earnings, companies listed on the Nigerian stock market should work towards increasing their earnings at the end of every financial year and current and potential investors should critically examine the earnings figure of companies while making investment decisions in Nigeria.
Keywords: Accounting information, Stock returns, Stock Prices, Earnings, Bookvalues, Nigerian Stock market

Research paper thumbnail of Budget Tracking As a Strategy for Sustaining the Fight against Corruption in Nigeria

This paper has examined budget tracking as one of the possible strategies for fighting corruption... more This paper has examined budget tracking as one of the possible strategies for fighting corruption in Nigeria to promote resource management for sustainable development and it is based on a conceptual analysis that is largely dependent on a literature review. Budget tracking, also referred to as resource flow tracking is very important in the management of public funds because the approved financial resources meant for specified programmes normally pass through many stages of government bureaucracy before getting to the ultimate service facilities that are set up to exercise spending power. Budget tracking is undertaken in tandem with the two major components of budgets; accordingly, there is revenue tracking and expenditure tracking. Revenue tracking begins immediately with budget implementation; it seeks to develop government capacity to translate budget intensions into reality. It is concerned with ensuring that all budgeted revenues are diligently collected and fully remitted into government coffers. In Nigeria the correct practice is that all revenues collected on behalf of government are must be first paid into the Consolidated Revenue Fund (or Treasury) before obtaining allocations for the recurrent and capital spending. Many Ministries, Departments and Agencies (MDAs) of government in Nigeria do not remit revenues collected by them to the treasury, yet their recurrent and capital spending needs are fully appropriated. Budget tracking can be employed as one of the strategies for sustaining the fight against corruption. Nevertheless, before this strategy can be gainfully employed in the fight against corruption, the legislature must rise and surmount the challenges that confront and hinder them from performing their constitutional duty of budget tracking. Key words: Budget tracking, Accountability, Revenue tracking, Expenditure tracking, Legislature.

Research paper thumbnail of The Relationship between Accounting Information and Stock Market Returns on the Nigerian Stock Exchange

Management and Administrative Sciences Review, 2015

This paper has investigated the relationship between earnings and changes in earnings to stock re... more This paper has investigated the relationship between earnings and changes in earnings to stock returns in the Nigerian stock market from 2007 to 2011. An ex-post facto research design was adopted, and the population of the study was made up of all the 198 companies listed on the Nigerian Stock Exchange as at 2011, using Purposive sampling 40 companies were selected. The data was collected from financial statements of the companies and from the NSE. Regression analysis was used as a tool of analysis, while other tests namely Correlation Analysis, Durbin-Watson Statistics (DW) and Variance Inflationary Factor (VIF) were conducted to validate the result of the study. The results indicated that there is a significant relationship between accounting information and stock prices in the NSE. The conclusion drawn is that there is a significant relationship between earnings and stock returns in the Nigerian stock market, hence earnings are related to both price and return in the Nigerian ...

Research paper thumbnail of Impact of Working Capital on the Profitability of the Nigerian Cement Industry

This study empirically examined the impact of working capital management (Measured by: the number... more This study empirically examined the impact of working capital management (Measured by: the number of days accounts receivable are outstanding-DAR, the number of days inventory are held-DINV, and the cash conversion cycle-CCC), on profitability (measured by return on assets-ROA) of Nigerian Cement Industry for a period of eight (8) years (20022009). Data from a sample of four (4) out of the five (5) cement companies quoted on the Nigerian Stock Exchange (NSE) were analysed using descriptive statistics and multiple regression analysis. The study found an insignificant negative relationship between the profitability (measured by ROA) of cement companies quoted on the NSE and the number of days accounts receivable are outstanding (DAR). The study also found a significant negative relationship between the profitability of these cement companies and the number of days inventory are held (DINV). The study finally revealed a significant positive relationship between the profitability and th...

Research paper thumbnail of The Effect of the Global Financial Crisis and the Sovereign Debt Crisis on Public Sector Accounting: A Contextual Analysis

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2015

This paper examines the effect of global financial crisis and the sovereign debt crisis on public... more This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and debt problems in some European countries and elsewhere could threaten the global economy. The implication of this is that, there is need for transparent financial reporting by government and improvement in the management of public sector resources. That, third world countries should avoid sub optimal debts structure.

Research paper thumbnail of An Analysis of the Effects of Insecurity on Capital Market and Economic Growth of Nigeria

International Journal of Academic Research in Accounting Finance and Management Sciences, 2012

This study adopts an ex-post facto research design to empirically examine the effect of insecurit... more This study adopts an ex-post facto research design to empirically examine the effect of insecurity on capital market performance and economic growth on Nigeria. Using data on peace index (PINDEX) and Peace Score (PSCORE) as proxy for insecurity, market capitalization as proxy for capital market performance and gross domestic product (GDP) as proxy for economic growth and total of listed equity and government stock as control variable collected from the global peace index (GPI), central bank of Nigeria (CBN) annual report, Securities and exchange (SEC) annual report and Nigerian Stock Exchange (NSE) annual report for a period of five years from 2007 to 2011. The multiple regression results indicate that there is a negative relationship between capital market performance, economic growth, and insecurity. Peace index is statistically significant to capital market performance while peace Score is not. However, peace score is statistically significant to economic growth while peace index is not statistically significant. The study recommends that government at all level should not rest until peace is restore in the country so as to enable the capital market contribute positively to economic growth, at the same time help in the attainment of vision 2020.

Research paper thumbnail of The Relationship between Accounting Information Reported In Financial Statements And Stock Returns - Empirical Evidence From Vietnam

International Journal of Accounting and Financial Reporting, 2015

Based on Easton & Harris model (1991), this study aims to investigate the relationship between ac... more Based on Easton & Harris model (1991), this study aims to investigate the relationship between accounting information reported in financial statements and stock returns. We collected the sample of 108 listed firms on the Ho Chi Minh stock market - the most developmental economic zone in Vietnam during the period of 4 years, from 2010 to 2013. In order to examine the relationship, this paper principally used quantity approach and data estimation techniques of Pooled Regression Model, Fixed Effects Model (FEM) and Random Effects Model (REM). We then utilized the Hausman Test to choose an appropriate model between FEM and REM. The results indicate that there is an association between accounting information and stock returns in Vietnam, but this association is considerably weak. It implies that the accounting information is less useful to make investment decisions in the Vietnamese stock market.

Research paper thumbnail of Budget Tracking As a Strategy for Sustaining the Fight against Corruption in Nigeria

IOSR Journal of Economics and Finance, 2014

This paper has examined budget tracking as one of the possible strategies for fighting corruption... more This paper has examined budget tracking as one of the possible strategies for fighting corruption in Nigeria to promote resource management for sustainable development and it is based on a conceptual analysis that is largely dependent on a literature review. Budget tracking, also referred to as resource flow tracking is very important in the management of public funds because the approved financial resources meant for specified programmes normally pass through many stages of government bureaucracy before getting to the ultimate service facilities that are set up to exercise spending power. Budget tracking is undertaken in tandem with the two major components of budgets; accordingly, there is revenue tracking and expenditure tracking. Revenue tracking begins immediately with budget implementation; it seeks to develop government capacity to translate budget intensions into reality. It is concerned with ensuring that all budgeted revenues are diligently collected and fully remitted into government coffers. In Nigeria the correct practice is that all revenues collected on behalf of government are must be first paid into the Consolidated Revenue Fund (or Treasury) before obtaining allocations for the recurrent and capital spending. Many Ministries, Departments and Agencies (MDAs) of government in Nigeria do not remit revenues collected by them to the treasury, yet their recurrent and capital spending needs are fully appropriated. Budget tracking can be employed as one of the strategies for sustaining the fight against corruption. Nevertheless, before this strategy can be gainfully employed in the fight against corruption, the legislature must rise and surmount the challenges that confront and hinder them from performing their constitutional duty of budget tracking.

Research paper thumbnail of Impact of Corporate Governance on Non-Performing Loans of Nigerian Deposit Money Banks

Journal of Business & Management, 2013

This study examines the impact of Corporate Governance (CG) variables of Board Size (BS), Board C... more This study examines the impact of Corporate Governance (CG) variables of Board Size (BS), Board Composition (BC), Composition of Audit Committee (CAC) and Power Separation (PS) on Non-performing Loans of Nigerian Deposit Money Banks; with a view to finding out whether these CG variable can be useful in curtailing the incidence of non-performing loans that have bedeviled Nigerian Money Deposit Banks. Secondary data was used from fourteen (14) quoted banks on Nigerian Stock Exchange from 2005-2011. Using multivariate regression analysis, the study finds that corporate governance variables of BS, BC, CAC and PS have no significant impact on non-performing loans of Nigerian Deposit Money Banks. Hence, the study concludes that BS, BC, CAC and PS cannot be relied upon to check the rising figure of non-performing loans of Nigerian Deposit Money Banks. Therefore, we recommend that the oversight and monitoring functions of Central Bank of Nigeria should be strengthened to ensure adherence to rules and principles guiding the approval and monitoring of loans and advances.

Research paper thumbnail of Effect of Capital Structure on Corporate Profit: Evidence from Cement Manufacturing Firms in Nigeria

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2016

The study empirically investigated the effect of capital structure on corporate profit; evidence ... more The study empirically investigated the effect of capital structure on corporate profit; evidence from cement manufacturing firms in Nigeria. It focused on quoted cement manufacturing firms in Nigeria from 2004-2013 using ex-post facto research design. Multi regression analysis was used to test the hypotheses. The findings were that, there exists a positive and significant effect of short term debt, long term debt and shareholder's fund on the profit of cement manufacturing firms in Nigeria. The study recommends among others that, management should adopt a sound financing mix which will be beneficial to firms in the long run also; policies by Government should create a favourable macroeconomic environment for cement companies to operate profitably.

Research paper thumbnail of The Impact of Existing Inter-Governmental Financial Relations on Effective Service Delivery at the Grassroots in Nigeria

International Journal of Academic Research in Accounting Finance and Management Sciences, 2013

Research paper thumbnail of The Impact of Corporate Governance Variables on Non-Performing Loans of Nigerian Deposit Money Banks

Asian Economic and Financial Review, 2014

Research paper thumbnail of International Public Sector Accounting Standards and Public Accounting Reform in Europe

The mission of the International Federation of Accountants (IFAC), as set out in its constitution... more The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is "to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession's expertise is most relevant." In pursuing this mission, the IFAC Board has established the International Public Sector Accounting Standards Board (IPSASB) to function as an independent standard-setting body under the auspices of IFAC. The IPSASB develops and issues, in the public interest and under its own authority, high-quality accounting standards and other publications for use by public sector entities around the world in the preparation of general purpose financial reports.

Research paper thumbnail of International Public Sector Accounting Standards and Public Accounting Reform in Europe

The mission of the International Federation of Accountants (IFAC), as set out in its constitution... more The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is "to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession's expertise is most relevant." In pursuing this mission, the IFAC Board has established the International Public Sector Accounting Standards Board (IPSASB) to function as an independent standard-setting body under the auspices of IFAC. The IPSASB develops and issues, in the public interest and under its own authority, high-quality accounting standards and other publications for use by public sector entities around the world in the preparation of general purpose financial reports.

Research paper thumbnail of Effect of Capital Structure on Corporate Profit. Evidence from Cement Manufacturing Firms in Nigeria

The study empirically investigated the effect of capital structure on corporate profit; evidence ... more The study empirically investigated the effect of capital structure on corporate profit; evidence from cement manufacturing firms in Nigeria. It focused on quoted cement manufacturing firms in Nigeria from 2004-2013 using ex-post facto research design. Multi regression analysis was used to test the hypotheses. The findings were that, there exists a positive and significant effect of short term debt, long term debt and shareholder's fund on the profit of cement manufacturing firms in Nigeria. The study recommends among others that, management should adopt a sound financing mix which will be beneficial to firms in the long run also; policies by Government should create a favourable macroeconomic environment for cement companies to operate profitably. 1. Introduction Cement manufacturing firms no doubt play a significant role in the Nigerian economy. They engage in production of cement for construction needs of other sectors of the Nigerian economy. Capital structure in cement firms is made up of long term and short-term debts, retained earnings and equity (Messbacher 2004). The importance of capital structure to corporate financial stability, growth and adequate returns of cement manufacturing firms is very important. Yet, these vital issues of capital structure and its effect on financial performance of cement firms are under researched (Akintoye 2008). Primarily, capital structure consists of external and internal sources of financing which includes, long term and short term debts, retained earnings and equity (Okwoli 2011). According to Amidu (2007), finances are crucial to the survival of firms as blood is to the human body. As crucial as financing decisions of the firm are, most financial managers make capital structure decisions not necessarily out of empirically verified evidence (Akinsurile 2008). Myers (2005) discovered that large number of business failures in the past have been due to the inability of the financial managers to correctly identify and take advantage of the economical sources of financing for their firms based on empirically verified information. To Jensen and Meckling (2011), some of the criteria some financial managers use in practice to make capital structure decisions are not based on empirically proven principles; rather they use impressive rules of thumbs for identifying sources of financing. The result is collapse of such firms in the long run due to financial distress. Abor (2005) observed that, most company failures are due to capital structure decisions taken by financial managers without empirically verifying the effect of such sources of financing on the profitability of such companies. Though literature exists on capital structure and profits of firms, the collapse of firms due to wrong combination of capital structure necessitated the researchers to undertake a studyof the effect of capital structure on corporate profits of cement manufacturing firms in Nigeria. The study has the following specific objectives: i. To examine the effect of short term debt on the profit of cement manufacturing firms in Nigeria. ii. To examine the effect of long term debt on the profit of cement manufacturing firms in Nigeria:

Research paper thumbnail of An Analysis of the Effects of Insecurity on Capital Market and Economic Growth of Nigeria

This study adopts an ex-post facto research design to empirically examine the effect of insecurit... more This study adopts an ex-post facto research design to empirically examine the effect of insecurity on capital market performance and economic growth on Nigeria. Using data on peace index (PINDEX) and Peace Score (PSCORE ) as proxy for insecurity, market capitalization as proxy for capital market performance and gross domestic product (GDP) as proxy for economic growth and total of listed equity and government stock as control variable collected from the global peace index (GPI), central bank of Nigeria (CBN) annual report, Securities and exchange (SEC) annual report and Nigerian Stock Exchange (NSE) annual report for a period of five years from 2007 to 2011. The multiple regression results indicate that there is a negative relationship between capital market performance, economic growth, and insecurity. Peace index is statistically significant to capital market performance while peace Score is not. However, peace score is statistically significant to economic growth while peace index is not statistically significant. The study recommends that government at all level should not rest until peace is restore in the country so as to enable the capital market contribute positively to economic growth, at the same time help in the attainment of vision 2020.
KEY WORDS
Insecurity, capital market performance, Economic growth, and peace index of Nigeria
JEL CODES
D90, D99
1.

Research paper thumbnail of EFFECT OF PUBLIC EXPENDITURE MANAGEMENT CONTROL MECHANISM ON SERVICE DELIVERY: THE PERCEPTION OF CIVIL SERVANTS IN BENUE STATE, NIGERIA

This study ascertained the perception of civil servants regarding the effect of public expenditur... more This study ascertained the perception of civil servants regarding the effect of public expenditure management control mechanism on delivery of goods and services in Benue State, Nigeria. Primary data was obtained by the use of a well-structured questionnaire. The study made use of 201 respondents from the selected Ministries in Benue State. The regression result indicated that a positive relationship exist between fund release warrant, departmental vote and audit quality report and delivery of goods and services and the relationship is statistically significant (p<0.05) and in line with a priori expectation. However, the study showed a negative relationship between clearance mandate and delivery of goods and services and the relationship is not in line with a priori expectation. The adequacy of the model measured by the coefficient of determination R 2 is 86.20%, indicating that the variations in the model can be explained by the explanatory variables of the model. The hypotheses of the study show that fund release warrant, departmental vote and audit quality report which are mechanisms for public expenditure control had a significant effect on delivery of goods and services. It was recommended among others that clearance mandate which is a control mechanism for public expenditure management needs to be strengthened to enhance the effective delivery of goods and services to the people of Benue State.

Research paper thumbnail of Personal income tax administration in Nigeria: challenges and prospects for increased revenue generation from self employed persons in the society

Global Business and Economics Research Journal, Nov 30, 2012

Research paper thumbnail of Determinants of Capital Structure Decisions of Nigerian Listed Manufacturing Firms

Capital structure decisions have been the most significant decisions to be taken by any business ... more Capital structure decisions have been the most significant decisions to be taken by any business organization for maximization of shareholders wealth and sustained growth. The study has investigated the determinants of capital structure of Nigerian listed manufacturing companies for a period of five years from 2010 to 2015. Secondary data was collected from the annual reports of listed Nigerian manufacturing companies and it was analyzed using pooled least square. This study has investigated the impact of capital structure on profitability. It has examined the impact of firm's turnover, total assets, profit after tax, tax and interest on the leverage on the sampled firms. The results revealed that turnover, total assets, profit after tax, tax, and interest are strong determinants of capital structure of the Nigerian manufacturing firms. Therefore, it is recommended that in carrying out their debt equity mix, the financial managers of Nigerian listed firms should ensure proper monitoring of the following variables: turnover, total assets, and profit before tax, tax and interest of the firms in order to have an optimum financing mix for their firms. Introduction Capital structure is the mix of various sources of funds that a firm uses to finance its operation. It is the combination of debt and equity that attains certain managerial goals, that is, the maximization of the firm's market value. It could also be seen to be the combination of debt and equity that minimizes the firm's overall cost of capital.

Research paper thumbnail of The Effect of the Global Financial Crisis and the Sovereign Debt Crisis on Public Sector Accounting:A contextual Analysis.

This paper examines the effect of global financial crisis and the sovereign debt crisis on public... more This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and debt problems in some European countries and elsewhere could threaten the global economy. The implication of this is that, there is need for transparent financial reporting by government and improvement in the management of public sector resources. That, third world countries should avoid sub optimal debts structure.
Key words:Financial Crisis, Sovereign Debt, Public sector Accounting, government interventions, Accounting Standards

Research paper thumbnail of The Relationship between Accounting Information and Stock Market Returns on the Nigerian Stock Exchange

This paper has investigated the relationship between earnings and changes in earnings to stock re... more This paper has investigated the relationship between earnings and changes in earnings to stock returns in the Nigerian stock market from 2007 to 2011. An ex-post facto research design was adopted, and the population of the study was made up of all the 198 companies listed on the Nigerian Stock Exchange as at 2011, using Purposive sampling 40 companies were selected. The data was collected from financial statements of the companies and from the NSE. Regression analysis was used as a tool of analysis, while other tests namely Correlation Analysis, Durbin-Watson Statistics (DW) and Variance Inflationary Factor (VIF) were conducted to validate the result of the study. The results indicated that there is a significant relationship between accounting information and stock prices in the NSE. The conclusion drawn is that there is a significant relationship between earnings and stock returns in the Nigerian stock market, hence earnings are related to both price and return in the Nigerian stock market, while change in earnings is not significantly related to stock return. It is recommended that since stock returns are related to earnings, companies listed on the Nigerian stock market should work towards increasing their earnings at the end of every financial year and current and potential investors should critically examine the earnings figure of companies while making investment decisions in Nigeria.
Keywords: Accounting information, Stock returns, Stock Prices, Earnings, Bookvalues, Nigerian Stock market

Research paper thumbnail of Budget Tracking As a Strategy for Sustaining the Fight against Corruption in Nigeria

This paper has examined budget tracking as one of the possible strategies for fighting corruption... more This paper has examined budget tracking as one of the possible strategies for fighting corruption in Nigeria to promote resource management for sustainable development and it is based on a conceptual analysis that is largely dependent on a literature review. Budget tracking, also referred to as resource flow tracking is very important in the management of public funds because the approved financial resources meant for specified programmes normally pass through many stages of government bureaucracy before getting to the ultimate service facilities that are set up to exercise spending power. Budget tracking is undertaken in tandem with the two major components of budgets; accordingly, there is revenue tracking and expenditure tracking. Revenue tracking begins immediately with budget implementation; it seeks to develop government capacity to translate budget intensions into reality. It is concerned with ensuring that all budgeted revenues are diligently collected and fully remitted into government coffers. In Nigeria the correct practice is that all revenues collected on behalf of government are must be first paid into the Consolidated Revenue Fund (or Treasury) before obtaining allocations for the recurrent and capital spending. Many Ministries, Departments and Agencies (MDAs) of government in Nigeria do not remit revenues collected by them to the treasury, yet their recurrent and capital spending needs are fully appropriated. Budget tracking can be employed as one of the strategies for sustaining the fight against corruption. Nevertheless, before this strategy can be gainfully employed in the fight against corruption, the legislature must rise and surmount the challenges that confront and hinder them from performing their constitutional duty of budget tracking. Key words: Budget tracking, Accountability, Revenue tracking, Expenditure tracking, Legislature.