Journal of Global Accounting (JOGA) ISSN (Online): 1597–7641; ISSN (Print): 1597-8273 is the leading association of scholars and specialists in Business Management, Social Sciences, Finance, Economics, Accounting, et cetera. JOGA was established in 2005 when it launched its maiden edition with the production of two volumes and 3 issues. In this era of globalization, the journal joins the global community to help facilitate and promote discussions and publications of ideas among scholars from around the globe at the virtual platform where researchers and business executives get to know each other, opening opportunities for collaboration and jointly seeking solutions for business and real-world problems. Journal of Global Accounting (JOGA) affords and facilitates discussions of all business problems and related challenges in different fields across many countries, especially in developing economies, by providing learning opportunities to established and young researchers. Given the foregoing and compelling successes attained in research, JOGA was the best Journal Award Winner in 2018-2019. The journal publishes four times a year in April, July, September, and December, respectively.
Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria
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MACROECONOMIC VOLATILITY AND BANK SOUNDNESS IN NIGERIA
This study used annual time series data from 1994 to 2024 to investigate the effect of macroeconomic variables on bank soundness in Nigeria. The Z-score (LNZSCORE) served as a proxy for bank soundness, and economic growth (LNGDP), inflation (LNINF), exchange rate (LNEXR), and monetary policy rate (LNMPR) were the explanatory factors. The Autoregressive Distributed Lag (ARDL) method was used in the study to evaluate the relationship's long-term and short-term dynamics. A long-run equilibrium link between the variables was identified by the ARDL results. With a coefficient of 3.7416 (p < 0.01), economic growth had a long-term positive and statistically significant impact on bank soundness. This suggests that consistent increases in economic activity improve the stability of the banking sector by boosting bank profitability and borrowers' ability to repay loans.The long-term statistical insignificance of inflation, exchange rates, and monetary policy rates, however, indicates that their long-term impacts on bank soundness were limited during the study period. The short-run error correction model further demonstrated that while exchange rate variations have a delayed beneficial impact on bank stability, economic growth has a major impact on bank soundness across many lags. The results indicate that while macroeconomic shocks like exchange rate changes may primarily impact bank stability in the short term, steady economic growth is crucial to bolstering the resilience of the banking system.In order to improve the stability of Nigeria's banking system, the report suggests policies that support steady economic growth, careful monetary management, and efficient financial sector regulation..
Copyright (c) 2026 Journal of Global Accounting https://creativecommons.org/licenses/by-nc/4.0
GOVERNMENT FISCAL OPERATIONS AND SUSTAINABLE DEVELOPMENT IN THE PRE AND DURING SDGs ADOPTION ERA IN NIGERIA
This study investigated the effect of government fiscal operations on achieving sustainable development in the pre and during sustainable development goals adoption era in Nigeria. Speficially, the study sought to ascertain if government annual expenditures and government annual revenue significantly affect the achievement of sustainable development in the pre and during sustainable development goals adoption era in Nigeria. The ex-post facto research design was adopted and a twenty (20) years period comprising 2005 – 2014 for the pre SDGs adoption era and 2015 – 2024 for the during the SDGs adoption era was covered. Results of the analysed data using inferential regression analysis statistical tool through e-view version 12 showed that government Annual Expenditures had positive effect on sustainable development in Nigeria in both era (the pre and during Sustainable Development Goals adoption era), though the extent of such effect was insignificant in the pre SDG adoption era but significant in the during the SDG adoption era (coefficients 2.053654 and 0.936303; p-values 0.2929 and 0.0025 versus 0.05 level of significance). . It was also discovered that government Annual Revenues had negatively and insignificantly affected the sustainable development of Nigeria in the pre and during the SDGs adoption era (coefficients coefficient -2.393412 and -0.369653; p-values 0.2621 and 0.2310 respectively). On the basis of the findings the study concludes that there is a long run relationship between government fiscal operations and the achievement of sustainable development in Nigeria even though most of the elements of fiscal operation showed negative effect. Therefore, the study recommends that government expenditures in Nigeria should be tailored towards what increases the human development and based on well thought out budgets and not based on the whims and caprices of the Chief Executives. The budget should determine the expenditures. Unnecesary passage of supplementary budgets into law at the end of each year is quite unethical. Also, Taxation should be handled with tact and wisdom such that it is not used to kill ingenuity, kill innovation and drive away investment. The government and its agencies should focus more on service delivery, and not merely parading itself as revenue maximizer.
VALUE ADDED TAX AND GROSS FIXED CAPITAL FORMATION IN NIGERIA
This study assessed the effect of value added tax on gross fixed capital formation in Nigeria for a period of twenty years spanning from 2006 to 2025. Ex-Post facto research design was adopted. The time series data were obtained from Federal Inland Revenue Services, Central Bank of Nigeria, National Bureau of Statistics and the World Bank Publications. As a preliminary step in testing, the study employed the Augmented Dickey-Fuller (ADF) Unit root test to confirm the order of integration of the time series variables. The study employed Ordinary Least Square (OLS) regression analysis. In conclusion, the study found that value added tax has a significant and positive effect on gross fixed capital formation in Nigeria at 5% level of significance. It was recommended that the Federal Government should see that the application of value added tax ensures that international trade takes place on a transparent basis and avoids distortions like tax cascading associated with alternative commodity taxes devise means of curbing corruption and leakages in the petroleum profit tax administration.
JOGA, Volume 12, Issue 2, April 2026 edition
BOARD RISK MANAGEMENT COMMITTEE AND PERFORMANCE OF SELECTED DEPOSIT MONEY BANKS LISTED IN NIGERIA, GHANA AND SOUTH AFRICA
This study investigated the effect of board risk management committee on the performance of licensed deposit money banks in Nigeria, Ghana and South Africa. In specific terms, it investigated the effects of board risk management committee age diversity and board risk management committee financial esxpertise diversity on total assets of selected deposit money banks in Nigeria, Ghana and South Africa. Adopting the ex post facto research design, a total of 12 commercial banks out of 29 commercial banks with license for international operations in Nigeria, Ghana and South Africa was judgmentally sampled for the years 2014 – 2024. Data extracts from the audited financial reports of the sampled commercial banks were analysed for test of hypotheses purpose using the panel least square statistical tool through STATA ver 17 statistical software. The findings showed that Board risk management committee age diversity has strong, positive but insignificant effect on the Return on Assets (ROA) of listed DMBs in Nigeria, Ghana and South Africa. (t-statistic 4.27; coeffiecient 0.29; p-value 0.000 at 5% level of significance). Also, Board risk management committee financial expertise diversity has a positive but statistically insignificant effect on the Return on Assets (ROA) of listed DMBs in Nigeria, Ghana and South Africa. (t-statistic 1.43; coeffiecient 1.329; p-value 0.157 at 5% level of significance). The study concluded that depth and breadth of financial knowledge within the BRMC strengthen the bank’s capacity to evaluate complex risk exposures. It therefore recommends that bdeposit money banks should therefore emphasize task-relevant age diversity, ensuring that age differences translate into varied cognitive viewpoints, technological awareness, and risk perception strengths.
INTELLECTUAL CAPITAL AND SUSTAINABLE GROWTH RATE OF LISTED SERVICE FIRMS IN NIGERIA
This study assessed the nexus between intellectual capital and sustainable growth rate of listed service firms in Nigeria for a ten year period covering from 2015-2024. Human capital efficiency, structural capital efficiency and capital employed efficiency were used to proxy Intellectual Capital, while sustainable growth rate served as the dependent variable. In line with the objectives of the study, three hypotheses were formulated. Ex-Post facto research design was employed. Fifty one (51) quoted service firms constituted the sample size of this study. Secondary data were extracted from the annual reports and accounts of the sampled firms and were analysed using E-Views 10.0 statistical software. The study employed inferential statistics using Pearson correlation and Panel Least Square (PLS) regression analysis. Findings from the empirical analysis showed that human capital efficiency (β1 = 0.065789; p-value = 0.0000), structural capital efficiency (β2 = 0.024239; p-value = 0.0000) and capital employed efficiency (β3 = 0.090735; p-value = 0.0000) have a significant and positive effect on sustainable growth rate. Conclusively, intellectual capital has a positive and significant effect on sustainable growth rate of listed service firms in Nigeria at 5% level of significance. It was recommended inter alia that firms should invest more in Human capital efficiency to improve performance.
ADOPTION OF AUTOMATED CHAT-BOTS AND FIRM PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
This study investigated the effect of adoption of automated chatbot on financial performance of deposit money banks in Nigeria. The specific objective was to determine the effect of automated chatbot on return on investment and earnings per share of deposit money banks in Nigeria. The study adopted ex-post facto research design. The population of the study consisted of all the (13) quoted deposit money banks in Nigeria Exchange Group up to December, 2024. Ten (10) deposit money banks was sampled using purposive sampling technique. Secondary data for the study were collected from the banks’ annual reports over a period of 12 years from (2013 – 2024). Descriptive test was carried out, followed by panel least square regression which revealed that: automated chatbot has a significant positive effect on the return on investment of deposit money banks in Nigeria (β = 0.051208; p-value = 0.000); automated chatbot has a significant positive effect on earnings per share of deposit money banks in Nigeria (β = 3.029733; p-value = 0.000). In conclusion, chatbot implementation contributes to increased profitability of Nigerian deposit money banks by enhancing operational efficiency and reducing costs. The study recommends that bank executives and decision-makers should allocate more resources towards the implementation, optimization, and scaling of chatbot technology in order to improve operational efficiency, reduce costs, and potentially enhance asset utilization.
EFFECT OF TAX PLANNING ON PERFORMANCE OF CONSUMER GOODS FIRMS LISTED ON NIGERIAN EXCHANGE GROUP
This study ascertained the effect of tax planning on the performance of listed consumer goods firms in Nigeria. The specific objective was to determine the effect of effective tax rate, book-tax difference and cash effective tax rate on the return on assets of listed consumer goods firms in Nigeria. The ex-post facto research design was used in the study. Twenty-one listed consumer goods firms in Nigeria made up the population of the study. Purposive sampling was used to select a sample size of sixteen firms that were listed over the period of the study. Secondary data were collected from the annual reports of the sampled firms over a ten year period that spanned 2014 to 2023. In addition to the descriptive and correlational analyses conducted, the hypotheses formulated were tested using Panel Estimated Generalized Least Squares method at a 5% level of significance. The findings showed that: effective tax rate has a positive but non-significant effect on the return on assets of listed consumer goods firms in Nigeria (β = 0.00000108; p = 0.9977); book-tax difference has a significant and positive effect on the return on assets of listed consumer goods firms in Nigeria (β = 0.632595; p = 0.0000); cash effective tax rate has a significant positive effect on the return on assets of listed consumer goods firms in Nigeria (β = 0.006195; p = 0.0008). In conclusion based on findings, tax planning serves not merely as a compliance tool but as a strategic approach to enhance financial stability. The study recommends that financial managers of listed consumer goods firms should focus not only on reducing statutory tax rates but also on optimizing operational efficiency to enhance performance, tax consultants should assist firms in leveraging timing differences between accounting profits and taxable income to maximize financial outcomes without violating tax regulations, and company executives should prioritize effective cash flow management through well-planned tax payment strategies to ensure smooth operations and improved profitability.
POLLUTION CONTROL EQUIPMENT DISCLOSURE AND MARKET CAPITALISATION OF LISTED OIL AND GAS FIRMS IN NIGERIA
This study ascertained the effect of pollution control equipment disclosure on market capitalization of listed oil and gas firms in Nigeria for seventeen (17) year period spanning from 2008-2024. Specifically, this study ascertained the effect of pollution control equipment disclosure on market capitalisation. Panel data were used in this study, which were obtained from the annual reports and accounts of nine (9) listed oil and gas companies for the periods 2008-2024. Ex-Post Facto research design was employed. Inferential statistics using Panel least square regression analysis was employed to test the hypotheses of the study. Conclusively, the results of the tested hypotheses revealed that pollution control equipment disclosure has a significant and positive effect on market capitalization (β1 = 1.454942; p-value = 0.0099). The study recommended that corporate firms should undertake more social responsibility and environmental responsibility in order to strengthen their communication with stakeholder and then improve corporate image and market competition.
ROLE OF SUSTAINABLE INVESTMENT IN CAPITAL MARKET DEVELOPMENT PROMOTION AND ENVIRONMENTAL GOALS ACHIEVEMENT
This paper examined how sustainable investment had a dual purpose of encouraging growth in the capital market and environmental objectives in Nigeria. Emphasis was on the quarterly data between Q1 2015 and Q4 2024. The study uses Autoregressive Distributed Lag bounds testing methodology to determine the effects of green bonds on bond market capitalization in comparison to GDP and renewable energy capacity. Findings indicated that there are strong positive long-term correlations between green bond issuances and capital market depth as well as environmental performance. The volume of green bonds also exhibited statistically significant effects on the growth of the bond market ( b = 0.234, p < 0.01) and the growth of the renewable energy capacity ( b = 8.456, p < 0.001). The regulatory quality will be considered the most potent factor in both models, and inflation impacts negatively on market development. The research concludes that sustainable finance presents a powerful two-fold tool, but its transformational power is severely contingent on institutional reinforcement, macroeconomic stability, the broadening of issuers, and greater verification tools to guarantee credibility and scalability within the environment of the emerging markets of Nigeria.
RATIO ANALYSIS AND MANAGEMENT DECISION-MAKING OF LIST DEPOSIT MONEY BANKS IN NIGERIA
This study evaluated the effect of ratio analysis on management decision making of listed deposit money banks in Nigeria. In specific terms, the study assessed how current ratio, cash ratio, debt to equity ratio, and debt to asset ratio influenced return on investment. Ex post facto research design was adopted for the study which population was thirteen (13) listed deposit money banks in Nigeria. A total of eleven banks (11) was however purposively sampled. Secondary data were obtained from audited annual financial statements for the periods 2012 - 2024, were subjected further analysis using panel regression analysis technique for the test of the relevant hypotheses, after Hausman specification test. The findings revealed that: current ratio had a negative and significant effect on the management decision making of listed deposit money banks in Nigeria (b = -0.010939, p-value = 0.0000); cash ratio had a positive but insignificant effect on the management decision making of listed deposit money banks in Nigeria (b = 0.000280, p-value = 0.6625); debt to equity ratio had a negative and significant effect on the management decision making of listed deposit money banks in Nigeria (b = -0.000276, p-value = 0.0004); debt to asset ratio had a positive and significant effect on the management decision making of listed deposit money banks in Nigeria (b = 0.219299, p-value = 0.0000). It was concluded that ratio analysis significantly influences management decision making in deposit money banks in Nigeria. The study therefore recommended that bank managers in listed deposit money banks in Nigeria should maintain an optimal level of liquidity rather than holding excessive current assets, ensuring that available funds are actively deployed into profitable lending and investment opportunities to improve returns and strengthen decision outcomes.
CORPORATE OWNERSHIP VARIABILITY AND AUDIT REPORT FILING OF LISTED NON-FINANCE FIRMS IN NIGERIA
This study evaluated the effect of corporate ownership variability on audit report filing in Nigeria. Specifically, it investigated the effects of managerial ownership, and family ownership on audit report filing attitude of early and late filers of audited financial report among listed non-finance firms on Nigerian Exchange Group. Adopting the ex post facto research design, the secondary data source such as the audited annual reports of 68 non-finance firms out of 101 non-finance firms listed on the floor of the Nigerian Exchange group sampled using the sample filtering non-probability sampling technique over a ten-year period ranging from 2015-2024, were extracted. Utilising the STATA ver 17 statistical software, relevance correlation and regressional analysis was conducted. Empirical findings showed that managerial ownership had weak, negative and no significant effect on audit report filing of early and late filers of annual financial report among listed non-finance firms in Nigeria (p-values 0.799 and 0.919; coefficients -0.005 and -0.0025). Also, family ownership (FAMO) had a negative and no significant effect on audit report filing of early and late filers of annual financial report among listed non-finance firms in Nigeria (p-values 0.864 and 0.199; coefficients -0.009 and -1.936). In essence, this study concluded that ownership structures do not operate with uniform potency across all reporting timelines; rather, their effects were mediated by the firm’s filing behaviour, internal governance quality, and regulatory responsiveness. The study therefore recommends that stakeholders in the non-finance sector of Nigeria should not rely solely on equity participation by Directors as a mechanism for improving audit report timeliness. Instead, regulatory bodies and corporate boards should prioritize strengthening external monitoring systems, audit process automation, and enforcement of reporting deadlines.
JOGA, Volume 12, Issue 1 (February 2026 edition)
SECTORAL PATTERNS OF ACCRUAL-BASED AND REAL EARNINGS MANAGEMENT IN NIGERIA’S NON-FINANCIAL FIRMS
This study examined sectoral differences in earnings management among non-financial firms in Nigeria, with focus on distinguishing between accrual-based earnings management and real earnings management through production and cash-flow channels. Using a balanced panel of listed non-financial firms, the study applied established earnings management proxies and employs descriptive statistics, panel analysis of variance (ANOVA), Bonferroni pairwise comparisons, and variance homogeneity diagnostics to identify sector-specific patterns. The results revealed pronounced sectoral heterogeneity. Accrual-based earnings management exhibits significant sectoral differences, with evidence of both income-decreasing and income-increasing accrual adjustments, depending on industry characteristics. In contrast, real earnings management is highly uneven and concentrated in specific sectors. In particular, the Health Care and Oil & Gas sectors exhibited consistently higher and more volatile real earnings management, driven largely by abnormal cash-flow manipulation. And in the case of Oil & Gas, abnormal production costs. Conglomerates and ICT firms, by contrast, displayed relatively low and stable levels of real earnings management. Pairwise correlations further indicated that accrual-based earnings management operates largely independently of real earnings management, while aggregate real earnings management is strongly driven by abnormal cash-flow activities. Overall, the findings suggest that while accounting standards and governance reforms may have constrained accrual manipulation, they have been less effective in limiting real activities manipulation, which carries direct economic costs. The study contributes to the literature by providing one of the first comprehensive sector-level analyses of multiple earnings management channels in Nigeria, highlighting the need for sector-specific regulatory oversight, enhanced operational monitoring, and risk-based audit and investment strategies in emerging markets.
Copyright (c) 2025 Journal of Global Accounting https://creativecommons.org/licenses/by-nc/4.0
ASSET MANAGEMENT AND OPERATING EFFICIENCY OF LISTED ICT FIRMS IN NIGERIA
This study examined the effect of asset management on the operating efficiency of listed ICT firms in Nigeria. The specific objective was to determine how current asset turnover and noncurrent asset turnover influence net profit margin. An ex post facto research design was adopted, using panel data covering the period 2015 to 2024. The population consisted of eight listed ICT firms, from which five were purposively selected based on data availability. Secondary data were sourced from audited annual reports, and the hypotheses were tested using fixed effect regression following the Hausman specification result. The findings showed that: current asset turnover has a positive and significant effect on net profit margin (β = 0.000274, p = 0.0000); noncurrent asset turnover has a positive and significant effect on net profit margin (β = 0.010657, p = 0.0012). In conclusion, efficient utilisation of both current and noncurrent assets plays an important role in improving the profitability of listed ICT firms in Nigeria. Hence, financial managers and accountants in listed ICT firms should regularly monitor and optimise the utilisation of current assets, such as cash, receivables, and inventory, to ensure that these resources are generating maximum revenue within the shortest possible time.
EARNING MANAGEMENT AND PROFITABILITY OF LISTED INSURANCE COMPANIES IN NIGERIA: THE MODERATING EFFECT OF ACCOUNTING ETHICS
This study examined the moderating effects of accounting ethics on the relationship between earning management and profitability of listed insurance firms in Nigeria. The study employed non-survey research design, using a sample size of eighteen (18) companies from a total population of twenty-eighty (28) listed insurance companies on the Nigerian Exchange Group (NGX) with data extracted from the annual reports and accounts of the sampled companies for a period of twelve years from 2012 to 2023. Data was analyzed using descriptive statistics to provide a summary for the variables and correlation analysis carried out using the correlation matrix technique. The analyses were done using STATA software version 14.2. The study found out that Accrual Earnings Mechanism (AEM) does not influence profitability but Real Earnings Mechanism (AEM) does. More so, accounting ethics does not affect profitability of the sampled companies in Nigeria. On the moderating effect of accounting ethics on the relationship between earnings management and profitability, it was found out that accounting ethics moderate the relationship between earnings management (using AEM) and profitability but when the earnings management was proxy with Real Earnings Mechanism (AEM), accounting ethics does not moderate the relationship between Real Earnings Mechanism (AEM) and profitability of listed insurance companies in Nigeria. Thus, this study recommends that the managers of the sampled companies in Nigeria should management should strengthen ethical guidelines and practices related to the use of AEM. This includes ensuring that accrual accounting methods are applied transparently and responsibly, as ethical practices can enhance the trustworthiness of financial reports and positively influence profitability. Also, management should focus on optimizing operational efficiencies and cash flow generation through REM. Strategies could include improving production processes, enhancing service delivery, and managing costs effectively
IMPACT OF MICROFINANCE CREDIT ON SMALL AND MEDIUM ENTERPRISES (SMEs) PERFORMANCE IN SOUTHWESTERN NIGERIA
This study examined the impact of microfinance credit on small and medium enterprises (SMEs) in Southwest Nigeria. The specific objectives are to analyse credit facilities offered by MFBs to enhance SMEs' performance in Southwestern Nigeria and investigate the extent of SMEs' accessibility to microfinance credits in the study area. The study utilized a descriptive survey design. Primary data were collected through a questionnaire. A total of 354 participants were selected using a multistage sampling approach. Stratified selection alongside simple random sampling was employed to identify owner-managers from 36 communities in the region. Data were analyzed using simple percentages and frequency. The findings revealed that microfinance banks in Southwest Nigeria offer various credit facilities to small and medium-sized enterprises, including long-term and short-term loans. Specifically, bank overdrafts accounted for 38.1%, term loans constituted 40.7%, and financing for assets/equipment made up 18.1% of the available options. Microfinance institutions (MFIs) with strong governance, transparent and ethical lending practices are more likely to attract investors and funding, leading to improved services and greater expansion efforts. The study concluded that enhanced access to microfinance lending facilities would lead to an increase in performance for small and medium-sized businesses in Southwest Nigeria. The study recommended that MFIs should reduce interest rates to encourage more SME startups and enhance loan utilization capacity
BOARD DIVERSITY AND PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
This study investigated the role of board diversity in the performance of deposit money banks in Nigeria, with a focus on gender diversity, board composition, and board expertise. The study was guided by six objectives, which examined the relationship between these diversity attributes and two measures of financial performance, which are return on equity (ROE) and return on assets (ROA). Anchored on agency theory, resource dependence theory, and stakeholder perspectives, the research emphasized the importance of board oversight, monitoring, and inclusiveness in reducing agency costs and improving governance quality. An ex-post facto research design was adopted, relying on secondary data from the annual reports of First Bank Plc and United Bank for Africa Plc covering 2015–2024. Panel data analysis involving descriptive statistics, correlation, and regression techniques was employed to establish the relationships among variables. The findings revealed that gender diversity moderately and positively influenced ROE while exerting a weak positive effect on ROA, implying that the presence of women on boards enriches decision-making but is not a sole driver of financial performance. Board composition was found to have a negative relationship with both ROE and ROA, suggesting that excessively large or unbalanced boards hinder efficiency and accountability. Conversely, board expertise diversity had strong positive associations with both performance measures, underscoring the importance of appointing directors with diverse professional backgrounds in finance, law, economics, and management. The study concludes that while gender diversity improves inclusiveness, board expertise diversity remains the most decisive factor in enhancing shareholder value and resource utilization, and it recommends competence-based board appointments and policies that promote balanced and inclusive governance structures.
CAPITAL STRUCTURE ANALYSIS AND PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA
This research examines capital structure analysis and performance of Nigerian firms. Four (4) manufacturing firms in Nigeria were selected using judgmental sampling procedure over a twenty- five (25) year period with the aim of providing a critical analysis and the need for proper appraisal of funding/financing sources so as to enhance the wealth of the organizational constituencies. In achieving the above objective, multiple regression was employed as a test statistic to find out/analyze the effect and relationship of key variables such as long-term debt to equity (LTD/E), short-term debt to equity (STD/E) and two (2) control variables - size(S) and asset growth (AG) on Return on Equity(ROE) and Return on Asset (ROA). Secondary data was gotten from four (4) manufacturing firms namely Nestle Nigeria Plc, Vita Foam Plc, 7UP bottling company, and First Aluminum Plc over a period of 25 years (2000-2024). From the research results, we observed a positive relationship between return on equity (ROE) and short-term debt to equity ratio (STD/E) while adverse relationships were observed between long-term debt to equity ratio (LTD/E) and ROE, LTD/E and ROA and STD/E and ROA all taken individually. On a joint basis, the results confirmed that there is a positive and significant relationship between the components of capital structure and ROE and ROA respectively. The F-statistics (Model 1: Fcal. = 24.427 and Model 2: Fcal. = 70.811), as well as T-statistics (Model 1: Tcal.= -0.783 for LTD/E and Tcal.= 2.931 for STD/E; Model 2: Tcal.= -1.130 for LTD/E and Tcal.= 2.857 for STD/E) indicate the significance levels of the independent variables in explaining firm performance. The model’s explanatory power, as measured by the Adjusted R-Square (77.2% for Model 1 and 83.0% for Model 2), confirms the reliability of the findings. In conclusion, while capital structure decisions are critical to firm performance, their effects are not uniform across all components or firms. The study therefore recommends amongst others that Nigerian manufacturing firms are advised to strategically prioritize short-term debt in their financing mix; Firms should undertake rigorous cost-benefit analysis before assuming long-term liabilities, ensuring that such debt aligns with the firm’s investment horizon and revenue-generating potential.
Journal of Global Accounting (JOGA), Volume 11, Issue 6, December 2025 edition
EARNINGS MANAGEMENT AND TAX AVOIDANCE OF MULTINATIONAL MANUFACTURING COMPANIES LISTED ON NIGERIAN EXCHANGE GROUP
The main objective of the study is to ascertain the effect of earnings management on tax avoidance of Multinational Manufacturing Companies in Nigeria. The study specifically ascertains the effect of discretionary accruals on effective tax rate and the book-tax differences of Multinational Manufacturing Companies. The study adopted the ex post facto research design. The final sample comprised of ten (10) multinational manufacturing Companies based on data availability during the study period, 2012-2024. The data were analyzed using the Panel Estimated Generalized Least Squares (EGLS) technique. The results revealed that discretionary accruals have a positive and significant effect on effective tax rate and on book-tax differences. In conclusion, the study submits that earnings management has a significant effect on tax avoidance of listed multinational manufacturing companies in Nigeria at 5% level of significance. The study recommended that the Federal Inland Revenue Service (FIRS) should enhance its capacity to detect and analyze accrual-based earnings manipulation by strengthening forensic tax audits and integrating accrual quality assessments into tax risk profiling tools; Financial Reporting Council of Nigeria (FRCN) should enforce stricter oversight on earnings management practices by promoting improved disclosure requirements and reviewing the consistency of firms’ reported earnings with underlying economic activities.
LIQUIDITY MANAGEMENT PRACTICES AND FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
The broad objective of this study was to examine the effect of liquidity management on financial performance of listed consumer goods firms in Nigeria, with specific emphasis on liquidity management proxies to include cash ratio, quick ratio, current ratio, and cash conversion cycle as they influence firm financial performance measured as Tobin Q ratio. This study is anchored on the Liquidity Trade-Off Theory, which highlights the balance firms must strike between maintaining sufficient liquidity and optimizing asset utilization to maximize returns. Utilizing both descriptive and ex-post facto research designs, this study investigates historical accounting data collated from eighteen consumer goods firms listed on the Nigerian Exchange Group over the 2015 to 2024 period. The firms were selected using purposive non-probability sampling on the bases that sampled consumer goods firms have filed their annual financials for the period under review. Further, this study employed quantile regression analysis to capture the heterogeneous effects of liquidity management practices of firms across different financial performance levels. Findings indicate that cash ratio has a significant negative effect on financial performance for consumer goods firms at the upper quantile of financial performance, while quick ratio and current ratio show a significant positive effect on high-performing consumer goods firms. Conversely, cash conversion cycle demonstrates a negative impact on firm financial performance for consumer goods firms lying at the upper quantile of performance distribution. Conclusively, this study highlights the critical role of liquidity management in enhancing firm value, particularly for high-performing firms in the consumer goods sector. Therefore, it is recommended that firms maintain balanced cash reserves while avoiding excessive liquidity that could signal inefficiencies. Consumer goods firms should also optimize current ratio and cash conversion cycle to enhance cash flow and financial performance industry
EFFECT OF TAX AUDIT ON TAX COMPLIANCE IN NIGERIA
The study examined the effect of Tax audit on Tax compliance in Nigeria. Specifically, it sought to assess the effect of desk audit and the field audits on Tax compliance in Nigeria Adopting the quantitative survey approach, a total of 139 Respondents were sampled from 235 permanent (Managerial and Non-managerial cadres) staff of Federal Inland Revenue Service (FIRS), Abuja. However, primary data collated from 127 Samples were analysed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) with the aid of Statistical Package for Social Sciences (SPSS) version 23.0. Findings showed that desk audit has significant effect on the Tax compliance in Nigeria (p-value 0.002 < 0.05). It was discovered that Field audit has significant positive effect on Tax compliance in Nigeria (p-value 0.005 < 0.05). In conclusion, The country’s Tax system, therefore, stands to benefit from continued investment in audit technologies, human resource development, and the establishment of risk-based audit selection criteria to optimize audit outcomes. The study recommended that Tax authorities, particularly the Federal Inland Revenue Service (FIRS) and State Internal Revenue Services (SIRS), should invest in modernizing audit infrastructure. This includes upgrading digital audit tools and data analytics systems for desk audits to improve efficiency and reduce manual errors. Also, efforts should be made to enhance logistics and staffing capabilities for field audits to allow more coverage of non-compliant or high-risk Taxpayers.. The study examined the effect of Tax audit on Tax compliance in Nigeria. Specifically, it sought to assess the effect of desk audit and the field audits on Tax compliance in Nigeria Adopting the quantitative survey approach, a total of 139 Respondents were sampled from 235 permanent (Managerial and Non-managerial cadres) staff of Federal Inland Revenue Service (FIRS), Abuja. However, primary data collated from 127 Samples were analysed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) with the aid of Statistical Package for Social Sciences (SPSS) version 23.0. Findings showed that desk audit has significant effect on the Tax compliance in Nigeria (p-value 0.002 < 0.05). It was discovered that Field audit has significant positive effect on Tax compliance in Nigeria (p-value 0.005 < 0.05). In conclusion, The country’s Tax system, therefore, stands to benefit from continued investment in audit technologies, human resource development, and the establishment of risk-based audit selection criteria to optimize audit outcomes. The study recommended that Tax authorities, particularly the Federal Inland Revenue Service (FIRS) and State Internal Revenue Services (SIRS), should invest in modernizing audit infrastructure. This includes upgrading digital audit tools and data analytics systems for desk audits to improve efficiency and reduce manual errors. Also, efforts should be made to enhance logistics and staffing capabilities for field audits to allow more coverage of non-compliant or high-risk Taxpayers..
SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
The study examined the effect of sustainability reporting on the financial performance of industrial goods firms listed in Nigeria. The study specifically determined the effect of social sustainability reporting, economic sustainability reporting, environmental sustainability reporting and governance disclosures on Economic Value Added. The study adopted the ex-post facto research design. Thirteen listed industrial goods firms made up the population of the study. Purposive sampling was used to select the sample size of nine firms. The study used secondary data which were sourced from the annual reports of the firms over a thirteen year period (2012-2024). Descriptive analysis was carried out together with multicollinearity test, heteroskedasticity test, cross-sectional dependence test and Hausman specification test. Hypotheses were tested using panel least square regression, which revealed the following findings: social sustainability reporting has a positive and significant effect on Economic Value Added of listed industrial goods firms in Nigeria (β = 0.9083, p = 0.0000); economic sustainability reporting has a positive and significant effect on Economic Value Added of listed industrial goods firms in Nigeria (β = 4.4605, p = 0.0029); environmental sustainability reporting has a negative and significant effect on Economic Value Added of listed industrial goods firms in Nigeria (β = -0.5718, p = 0.0000); governance disclosures have a negative and significant effect on Economic Value Added of listed industrial goods firms in Nigeria (β = -2.0663, p = 0.0061). In conclusion, initiatives aimed at enhancing social welfare and economic stability, such as employee development, community engagement and infrastructure investment, are well-received by stakeholders and could translate into higher productivity, brand equity, and long-term financial gains. The study recommended that Industrial goods firms need to appoint sustainability officers in order to intensify and institutionalize social sustainability initiatives such as employee engagement programs, health and safety policies, and community development projects, as these have been empirically shown to contribute positively and significantly to economic value added, enhancing both social impact and financial performance.
GREY DIRECTORS ATTRIBUTE AND IDIOSYNCRATIC RISK OF LISTED MANUFACTURING FIRMS IN NIGERIA
The study investigated the nexus between grey directors’ attribute and idiosyncratic risk of listed manufacturing firms in Nigeria using a ten (10) year time frame that span through 2014 to 2023. To achieve the stated broad objectives, specific attributes of grey directors’ which have been widely employed in related extant literature to include, grey director nationality, and grey director overlap function were selected to ascertain the extent to which they affect idiosyncratic risk. This study employed ex-post facto and descriptive research design on a panel data set sourced from annual financial reports of a sample of forty-six listed manufacturing firms in Nigeria. Further, Iterated Generalized Least Squares (IGLS) Random Effects with Heteroskedastic Panels regression model was employed to test the formulated hypotheses. The findings revealed that grey director attributes and overlapping roles did not exhibit significant relationship with firm-specific risk, nationality of grey directors showed a strong negative relationship with idiosyncratic risk. Therefore, based on the foregoing empirical outcomes, this study recommends among others that stakeholders in the manufacturing industry should refrain from formulating or implementing governance reforms solely on the assumption that dual-role occupancy inherently enhances risk oversight.
HYDROCARBON EMISSIONS DISCLOSURE: A STRATEGIC PREDICTOR OF RETURN ON INVESTMENT IN THE NIGERIAN ENERGY INDUSTRY
The study examined the effect of hydrocarbon disclosure on the return on investment of listed energy firms in Nigeria. Ex-post facto research design was deployed. The population comprised eight (8) listed oil and gas firms in Nigeria. A sample size of seven (7) firms were selected using purposive sampling technique. Secondary data were collected from firms’ annual reports over a ten year period (2015-2024). The data were analysed using descriptive test while hypotheses were tested using panel estimated generalised least square regression. The findings revealed that hydrocarbon emission disclosure has a positive and significant effect on return on investment of listed energy firms in Nigeria (β = 0.073859, p = 0.0056). This indicates that environmental accountability is gaining economic weight in the investment calculus, suggesting a broader market recognition that sustainability and profitability are not mutually exclusive but potentially reinforcing dimensions of firm performance in resource-dependent economies. It is therefore recommended that the management boards of listed energy firms in Nigeria institutionalize standardized hydrocarbon emission disclosure frameworks within their annual reporting processes to strengthen market confidence, enhance investor trust, and leverage transparency as a driver of sustained financial returns.
EFFECT OF BOARD COMMITTEE ON BANKRUPTCY RISK: A COMPARATIVE STUDY OF BANKS IN NIGERIA AND SOUTH AFRICA
The study ascertained the effect of board committee on bankruptcy risk in deposit money banks in Nigeria and South Africa. The specific objectives are to: determine the effect of audit committee independence on bankruptcy risk of deposit money banks in Nigeria and South Africa; and ascertain the effect of board gender diversity on bankruptcy risk of deposit money banks in Nigeria and South Africa. This study adopted the ex-post facto research design. A sample of eight deposit money banks, each from the two countries was purposively selected while other banks were inevitably excluded for incomplete data. The data were extracted from the annual reports and accounts of the selected banks in Nigeria and South Africa. The panel data were analyzed with descriptive statistics, and inferential statistics using Pearson correlation, and panel regression analysis. The study showed that the audit committee independence had a positive and significant effect on bankruptcy risk for Nigeria and South Africa. The result revealed that board gender diversity had a negative and significant effect for Nigerian deposit money banks, while in South Africa revealed a positive but has no significant effect on bankruptcy risk. Based on the findings, audit independence should be encouraged hence it creates an avenue for collective deliberates on issues that are significant to the banks such that straighten their operations, as well as preventing it from going bankrupt.
CORPORATE TAXATION AND FOREIGN DIRECT INVESTMENT IN SELECTED SUB-SAHARAN AFRICAN COUNTRIES
Foreign Direct Investment remains crucial to the economic growth and development in the Sub-Saharan African (SSA) countries, but its flow is consistently hampered by tax policies, inadequate infrastructure, as well as macroeconomic volatility. The study assessed the effect of Corporate Income Tax (CIT) on FDI on five of the largest Sub-Saharan African countries—Nigeria, South Africa, Kenya, Ghana, and Ethiopia—between 1999 and 2023. The study employed secondary data collected from the World Bank Development Indicators (WDI), Central Bank of Nigeria (CBN) Statistical Bulletin, and National Bureau of Statistics (NBS). Using country-specific and pooled ordinary least squares (OLS) estimations, high heterogeneity across countries was revealed by the findings. In Ghana, both value-added tax and corporate tax negatively affected FDI and offered proof of the hypothesis that a rising tax burden deterred investment. Kenya and Ethiopia, however, experienced counterintuitive positive VAT effects, and Nigeria and South Africa had no significant tax effects. It was also revealed that VAT and company income tax are not statistically significant, which suggests that tax policy alone is a weak determinant of FDI inflows. Interaction terms between economic growth, inflation, and taxation did not show any consistent effect, although marginal responsiveness to inflation was found in Ghana. It is therefore recommended that the governments of Sub-Saharan Africa should consider reducing high corporate income tax rates and instead institute broader, investment-friendly tax policies complemented by actions that enhance macroeconomic stability, especially through GDP growth and improved ease of doing business.
EFFECT OF COMMUNITY PROJECTS, EMPLOYEE TRAINING AND DEVELOPMENT DISCLOSURES ON EARNINGS MANAGEMENT STRATEGIES IN NIGERIAN LISTED MANUFACTURING COMPANIES
The study evaluated the effect of community project disclosure, employee training and development disclosure on earnings management of listed manufacturing firms on Nigeria. Exchange Group. Ex- post facto research design was used. The population of the study was made up of forty - two (42) manufacturing firms listed on the Nigerian Exchange Group floor as at 31st December, 2023. Judgmental sampling technique was used to select thirty – eight (38) manufacturing firms as the sample size. Data were obtained from secondary sources for a period of twelve years covering 2012 to 2023. The data obtained were analyzed by Ordinary Least Square (RLS) multiple regression technique through E-view version 10.0 software. The study found that community projects disclosure has no significant effect on discretionary accrual earnings management while employee training and development disclosure have significant effect on discretionary accrual earnings management of listed manufacturing firms on Nigeria Exchange Group. The study recommended among others that Policy makers should establish industry-specific employee training and development performance metrics to enable companies to measure and report their performance. While company management should provide transparency and accountability in employee training and development disclosure, including details on employee training and development programs, policies, and expenditures
SUSTAINABILITY DISCLOSURE AND FIRM VALUE OF LISTED MANUFACTURING FIRMS IN NIGERIA
The study examined the effect of sustainability disclosure on the firm value of listed manufacturing firms in Nigeria. The specific objective was to assess the effect of environmental disclosure index, social disclosure index and economic disclosure index on the market capitalisation of listed manufacturing firms in Nigeria. Sampling a total of 53 purposively selected, relevant secondary data from the annual reports of the firms from 2015-2024 were extracted and exposed to further analysis using the panel least square regression technique (cross-sectionalized weights included). The findings revealed that environmental disclosure index has a positive and significant effect on market capitalisation of listed manufacturing firms in Nigeria (β = 0.3380, p = 0.0000); social disclosure index has a positive and significant effect on market capitalisation of listed manufacturing firms in Nigeria (β = 0.5042, p = 0.0000); economic disclosure index has a strong positive and significant effect on market capitalisation of listed manufacturing firms in Nigeria (β = 3.2793, p = 0.0000). In conclusion, firm’s commitment to responsible practices, operational resilience, and socio-economic enhance investor confidence and attract long-term capital. The study recommended that the Federal Ministry of Environment should collaborate with corporate boards to institutionalize sector-specific environmental disclosure frameworks which should include clear reporting standards on waste management, emissions control, energy efficiency, and environmental risk management.