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Browsing by Author "Ogbeide, Sunday Oseiweh"

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ARE THERE FACTORS INFLUENCING AUDITORS’ INDEPENDENCE IN LISTED FIRMS? EMPIRICAL ANALYSIS FROM NIGERIA
(Gusau Journal of Accounting and Finance,, 2021-04) Ogbeide, Sunday Oseiweh; Osarobo, Ikhu-Omoregbe Godstime
Quest for a potent measure of audit independence in the light of the increasing collapse of firms after an external auditor report informed the rationale behind this research. The study investigated the factors driving auditor independence in Nigeria using data from a sample of eighty eight (88) listed firms in the period 2015 to 2019. The Correlation statistic and dynamic panel least squares method. The result indicates that audit committee independence, managerial ownership and audit tenure were significant and exerted a favourable link on auditor independence. Board gender diversity was negative on auditor independence. The stances of the research is that audit committee independence, managerial ownership and audit tenure are key drivers of auditor independence of listed firms in Nigeria.
BANKING SECTOR DEVELOPMENT AND PERFORMANCE OF THE NIGERIAN ECONOMY
(IJMSR, 2016) Igbinosa, S.O.; Ogbeide, Sunday Oseiweh
The study examines banking sector development and performance of the Nigerian economy using time series data for the period 1988 to 2013. The study uses unit root testto determine the stationary state of the variables. It also employs the Johansson co-integration and error correction model (ECM) statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The findings reveal that total number of banks (TNB), broad money supply (M GR) and interest rate had 2 negative effects on the performance of the Nigerian economy in the period observed and were statistically insignificant. However,bank credit and bank deposit have positive impact on economic growth and the relationships are statistically significant in the short- run. The paper concludes that certain banking sector variables positively promote economic growth in Nigeria.The paper recommends that monetary authority, the Central Bank of Nigeria should strengthen the banking sector by coming up with appropriate monetary and regulatory policies that promote the financial intermediation role of banks and ultimately banks' contribution to Nigerian economic growth.
BANKING SECTOR DEVELOPMENT AND PERFORMANCE OF THE NIGERIAN ECONOMY
(2016-04-30) Igbinosa, S.O.; Ogbeide, Sunday Oseiweh
The study examines banking sector development and performance of the Nigerian economy using time series data for the period 1988 to 2013. The study uses unit root testto determine the stationary state of the variables. It also employs the Johansson co-integration and error correction model (ECM) statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The findings reveal that total number of banks (TNB), broad money supply (M GR) and interest rate had 2 negative effects on the performance of the Nigerian economy in the period observed and were statistically insignificant. However,bank credit and bank deposit have positive impact on economic growth and the relationships are statistically significant in the short- run. The paper concludes that certain banking sector variables positively promote economic growth in Nigeria.The paper recommends that monetary authority, the Central Bank of Nigeria should strengthen the banking sector by coming up with appropriate monetary and regulatory policies that promote the financial intermediation role of banks and ultimately banks' contribution to Nigerian economic growth
BOARD DIRECTOR REPUTATION CAPITAL AND FINANCIAL PERFORMANCE OF LISTED FIRMS IN NIGERIA
(INSIGHTS INTO REGIONAL DEVELOPMENT, 2020-12-30) Okpamen, Peter Ehizokhale; Ogbeide, Sunday Oseiweh
This study examined the impact of board director reputation capital on financial performance of listed firms in Nigeria. The population of the study consists of all the listed non- financial firms in Nigeria. A sample of fifty (50) firms was selected and data were collected over the period 2007 to 2018. Descriptive statistics and system general method of moment estimation methods were used to undertake the data analysis. Findings reveal that board director reputational capital exerted a positive and significant impact on financial performance of the firms. Board size and firm size were negative on firm financial performance in the reference period. The study concludes that board reputational capital is a significant driver of corporate financial performance in Nigeria irrespective of the size of the board. Based on the empirical findings, it is recommended that there is need for regulators to design a framework to efficiently and effectively monitor the reputation of executive board directors and managers in firms. This will assist to check mate agency costs, demonstration of opportunistic behavior capable of destroying the firm value, There is need for firms to encourage adequate interlocking members who have diverse professional training, high social net worth and experience (experience hypothesis) to positively influence effective management and financial performance of listed firms in Nigeria.
CORPORATE GOVERNANCE MECHANISMS AND FINANCIAL REPORTING QUALITY OF LISTED COMMERCIAL BANKS IN NIGERIA
(INSIGHTS INTO REGIONAL DEVELOPMENT, 2021-03-30) Ogbeide, Sunday Oseiweh; Ogiugo, Henry Usunobun; Adesuyi, Isaac Olufemi
This study examined corporate governance mechanisms and financial reporting quality of listed commercial banks in Nigeria. The population of the study consists of all listed commercial banks on the stock exchange as at 31st December 2018. A sample of nine (9) listed commercial banks were selected and data were collected over the period 2008 to 2018. Descriptive statistics and panel Least Square regression were used for the data analysis. The findings reveal that board size and audit committee were negative and exerted significant impact on financial reporting quality of listed commercial banks while board independence is significant and exerts a positive influence on financial reporting quality of listed commercial banks in Nigeria. Female directorship does not have a significant relationship with financial reporting quality of listed commercial banks in Nigeria. The study therefore recommends that steps should be taken by regulators to stipulate stiffer penalty on firms engaging in earnings smoothing capable of undermining corporate governance ethics and framework for banks in Nigeria as this will serve as deterrent to others and further entrench sanity.
CORPORATE GOVERNANCE MECHANISMS AND SHARE PRICE VOLATILITY OF QUOTED FIRMS: INSIGHTS FROM NIGERIA
(ICAN : International Journal of Accounting & Finance, 2019-06) Ogbeide, Sunday Oseiweh; Evbayiro-Osagie, Esther Ikavbo
The study examined how certain corporate governance mechanisms such as audit committee size, ownership concentration; managerial ownership and board Independence engender share price volatility in Nigeria using yearly data for the period 2010-2015. Twenty listed firms were selected as sample size. The study uses both descriptive and inferential statistics to determine the relationship among the variables. The GARCH (1,1) was employed to examine the volatility clustering between some selected corporate governance indicators and how they engender share price volatility among the sampled companies. The findings indicate a positive link in stock price volatility lag and share price volatility while ownership concentration had a strong association with the volatility of share prices. Similarly, the empirical results show that audit committee size was significant and impacted positively on stock price volatility. Additionally, managerial ownership was found to negatively impact on share price volatility and is significant to such a higher level of managerial ownership that induces conditional volatility of stock prices. Premised on these intriguing empirical findings, it was recommended that there is the need for stock market players (such as stock dealers, stockbrokers, institutional investors, among others) to incorporate corporate governance variables into their models for estimating the fair value of stock price returns and evaluating the moderate/or long term performance portfolios of the firm.
Corporate Governance Mechanisms and Tax Aggressiveness of Listed Firms in Nigeria
(Amity Journal of Corporate Governance, 2018) Ogbeide, Sunday Oseiweh; Obaretin, Osasu
This study examined corporate governance mechanisms and tax aggressiveness of listed firms in Nigeria. Eighty- five (85) quoted non- financial firms were selected and data were collected over the period 2012 to 2016. Inferential statistics consisting of General Method of Moment was used for the data analysis. This was after carrying out unit root test and other diagnostic tests respectively. The results obtained reveal that corporate governance mechanisms exert significant impact on tax aggressiveness in Nigeria. Specifically, ownership concentration and managerial ownership were positive and significantly impacts tax aggressiveness of listed non- financial firms in Nigeria whereas board size negatively and significantly impact tax aggressiveness over the reference period. Board gender diversity and board independence were significant and exert negative influence on tax aggressiveness of firms in Nigeria. The study recommended that there has to be a designed framework to efficiently and effectively monitor the interaction between corporate governance mechanisms and managers’ rent extraction due to tax aggressive behaviour. This will drastically minimize the tendency for them to engage in rent seeking behaviour. Firms should create a tax department that should be regarded as profit centers that should be manned by tax experts / auditors who are deemed to be imbued with wide experience on tax strategies to minimize tax expense payment.
Cumulative Prospect Theory and Radner Theory: A Critical Assessment from Nigeria
(Asian Journal of Economics, Business and Accounting, 2020-12-15) Ogbeide, Sunday Oseiweh; Okpamen, Peter Ehizokhale
Aims: This study undertook a critical comparative assessment of cumulative prospect theory and Radner theory. The aim is to examine investors’ behavior in the financial market using these theories. The specific objectives of the study were to examine if there are similarities between the cumulative prospect theory and Radner theory; ascertain the implications of the cumulative prospect theory to financial market; find out the implications of the Radner theory to financial market; and assess the drawbacks of the cumulative prospect a’’nd Radner theories. Methodology: The study used the desk top library research approach’’ to survey relevant extant literatures on investors’ behaviour in relation to cumulative prospect theory and Radner’’ theory in a comparative manner. Results: Findings indicate that investors’ behaviour in investment/consu’’mption decision making is predicated on attitude to risk/uncertainty. They prefer higher return to lower risk; higher ‘’satisfaction from commitment of wealth to asset bundle under condition of general equilibrium. These behavioural dispositions have been observed and addressed in the cumulative prospect theory and Radner theory. The finding of this study is that the cumulative prospect and Radner theories serve as the barometers with which investors’ direction of investments are constantly monitored in the stock market globally. Recommendation: This study therefore recommends that financial analysts and market participants should frequently combine the rudiments of the traditional finance and behavioural finance in analyzing investments as well as observing reactions of myriad competing investors, particularly in perfect markets or in incomplete markets.
Does Arbitrage Opportunity Occur in the Foreign Exchange Market? Evidence from Nigeria
(Amity Journal of Finance, 2018) Ogbeide, Sunday Oseiweh; Naimo, Felicia Anikpe
The study has examined arbitrage opportunity in the Nigerian foreign exchange market. Ex-post facto and descriptive research designs were employed in this study. For the purpose of brevity, the Central Bank official dollar to naira exchange rates were examined for the month of May 2017 with the aim of ascertaining the arbitrage gain arising from the trade in the market and given that the investor has a quantum of investible funds to transact with. Findings made revealed that arbitrage gain arises in transactions in the Nigerian foreign exchange market. Investors/traders profit from the market if they have enough funds to trade with. Intuitively, the arbitrage gain prevalent in the informal FX market, the parallel exchange, is significantly high in Nigeria. The activities of the Bureau De Change and lopsided and politically influenced policies of successive government in Nigeria have continued to cause the somewhat arbitrarily arbitrage gains/opportunities in the Foreign Exchange market in Nigeria. This study therefore recommends that investors with idle funds should take advantage of investing and optimizing the arbitrage opportunities in the FX market. More studies should be carried out in the security market to empirically determine arbitrage opportunities/ gain in Nigeria.
EFFECT OF CASHLESS POLICY ON BANKS’ FINANCIAL PERFORMANCE IN NIGERIA: AN EMPIRICAL ASSESSMENT
(The Chartered Institute of Bankers of Nigeria, 2017-06) Ogbeide, Sunday Oseiweh
This study examined cash less policy and the financial performance of banks in Nigeria. Time series data for the period 2007 to 2016 for five variables representing about fifty (50) annual observations was generated from the Central Bank of Nigeria Economic Reports and Nigeria Deposit Insurance Corporation Annual Reports. The study used Augmented Dickey Fuller test to determine the stationary state of the variables. It also employs the descriptive statistics and panel least square to analyse the data generated. The empirical findings revealed that cash less policy largely influence the financial performance of banks in Nigeria. The volume of Automated Teller Machine (ATMVL) and Point of Sales (POSVL) were found to increased banks financial performance though not statistically significant. The study recommends that more ATM centres be opened by banks through the influence of the Central Bank of Nigeria in order to enhance the success of the cash less policy.
Empirical Assessment of Factors Influencing Intention to use Forensic Accounting Services in Nigeria
(SRYAHWA Publication, 2017-09-20) Ogbeide, Sunday Oseiweh; Aribaba, Foluso Olugbenga; Fapohunda, Florence Modupe; Omoregie, Lucky Charity
The broad objective of this study examined factors influencing organizations’ intentions to use forensic accounting services in fraud detection and prevention in Nigeria. Two hundred (200) respondents from some selected quoted financial and non- financial companies were randomly selected. Structured four -scale Likert-type questionnaire was used as the research instrument to elicit responses from the respondents who were mainly internal auditors, chief accountants, executive directors and managers. The data were analyzed using ordinary least squares multiple regression method. Findings made indicate that the perceived benefits and perceived risks of using forensic accounting services were largely significant at influencing organizations’ intention to use forensic accounting in fraud detection and prevention in the Nigeria context. Awareness, attitude and stakeholders’ pressures do not significantly influence organizations’ intention to use forensic accounting in fraud detection and prevention in the Nigeria context. It is therefore recommended that government and regulatory authorities need to ensure the provision of standards and guidelines to regulate forensic activities and above all, Nigerians should embrace integrity, objectivity, fairness and accountability in their day-to-day activities particularly in the public sector.
Empirical assessment of female directors representation in the Nigerian listed companies
(International Journal of Research Studies in Management, 2018-08-09) Ogbeide, Sunday Oseiweh
This study empirically assessed female directorship representation in the Nigerian listed companies. The population of the study consists of all the quoted non- financial firms as at 31st December, 2016. A sample of eighty five (85) quoted firms was selected for the period 2012 to 2016. The data analysis was carried out through descriptive method. The findings indicate that from the entire sampled firms in the non- financial firms in the reference period, 27 companies do not have female director on the corporate board. 18 of the firms had female directors marginally represented on the board. 32 of the companies had female directors fairly represented on the corporate board. While 2 of the firms had female directors averagely represented, only 1 of the sampled firms had women adequately represented on the corporate board. 2 industries had no female directors on firm corporate board. 5 industries had female directors marginally represented on the corporate board. 3 industries had female directors fairly represented on firm corporate board while no industry had neither female director averagely nor adequately represented on the firm corporate board. The study recommends that the Federal government of Nigeria should urgently legislate for adequate representation of certain quota of female directors on the board of listed firms. It should also ensure a mandatory disclosure of the compliance through enforcement by concerned regulators.
Empirical Assessment of Foreign Exchange Market Effect on the Nigerian Emerging Economy
(2018-06-18) Ogbeide, Sunday Oseiweh
This study examined Foreign Exchange Market effect on the Nigerian emerging economy. Specifically, the study considers the significant effect of foreign exchange rate, Balance of payment, Inflation rate and Interest rate on the Nigerian economy using time series data for period 1988 to 2014. The study employs the Augmented Dickey Fuller test to carry out the stationarity test of the variable. The Johnson co-integration and error correction mechanism (ECM) statistical techniques where used to ascertain the short run and long run dynamic relationships between the dependent and independent variables. The findings show among others that five period lag of EXR brings a decrease on the economy of Nigeria; an indication that the foreign exchange market had negatively impacted the Nigerian economy within the period of study. Premised on this, the paper recommends that discipline has to be maintained in the foreign exchange market and the parallel foreign exchange market in order to achieve the objective of having a realistic exchange rate.
Empirical Assessment of Frauds on Banks’ Liquidity: Evidence from Nigeria
(International Journal of Arts and Humanities (IJAH) Bahir Dar- Ethiopia, 2017-04-30) Imegi, John C.; Ogbeide, Sunday Oseiweh
The study examined the effects of frauds on the liquidity position of banks in the Nigerian banking sector using time series data for the period 1994 to 2015. The study used unit root test to determine the stationary state of the variables. It also employed the Johansson co-integration and error correction model (ECM) statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The findings revealed that total number of fraud cases, actual amount involved in the fraud and the loss associated with it negatively affect banks liquidity position in the long- run, though the effect is not as strong as in the short run. The paper concluded that fraud is a key variable that depletes the banks’ ability to meet up with short term obligation as well as impinge on the ability to effectively maximize the wealth of the shareholders. The study therefore suggested that the services of the forensic accountants should be given utmost priority by banks and all concerned stakeholders so as to constantly and effectively monitor the internal control system, report levels of frauds, as well as come up with a model to fight the effect of frauds on banks’ operation. The CBN and other law enforcement agencies should come up with stiffer penalties for any perpetrator of frauds of any nature and categories in the banking sector. This will help to create sanity and serve as deterrent to the other would be perpetrators of frauds. Another peculiar aspect that should be empirically examined is banks’ staff involvement in frauds and forgeries and how they impact on the banking sector operations and liquidity position.
Empirical assessment of frauds on the financial performance of banking sector in Nigeria
(International Journal of Research Studies in Management, 2018-05-04) Ogbeide, Sunday Oseiweh
The aim of this study was to assess how frauds have affected the banking sector financial performance in Nigeria. Data spanning 1993 to 2016 period was used. The method of data analysis was co-integration and error correction mechanism. This method was employed to examine the short and long run relationships between the dependent and independent variables. The method was used after carrying out diagnostic tests. The finding from the estimation revealed that a three period lag of number of fraud cases has negative effect on banking sector financial performance and was statistically significant. One period lag of total amount involved in the fraud and one period lag of actual/ expected loss have negative signs on financial performance of banking sector in Nigeria and were statistically significant. Premised on the empirical finding obtained, the study recommends that banks should strengthen their internal control system in order to reduce fraud to the barest.
EMPIRICAL TEST OF CAPITAL ASSET PRICING MODEL ON SECURITIES RETURN OF LISTED FIRMS IN NIGERIA
(INSIGHTS INTO REGIONAL DEVELOPMENT, 2020-12-30) Ogiugo, Henry Usunobun; Adesuyi, Isaac Olufemi; Ogbeide, Sunday Oseiweh
This paper applied the capital-asset pricing model (CAPM) to determine stock returns of listed firms in the Nigeria Stock Exchange (NSE). For the purpose of investigation, annual data on stock price of twenty six (26) listed firms, Treasury bill a measure of risk- free rate and all share indexes a proxy for market returns were extracted while beta value was computed for the period 2010 to 2016 upon which the model was analyzed. Finding indicates that the CAPM generated a very high return among the firms given the influence of the beta coefficient. The study concludes that higher market risk measured by beta, is associated with higher expected returns. It is therefore recommended that managers of firms in other sectors in Nigeria need to constantly use this model to price security return with a view to guiding investors at investing in securities based on risk preference behavior and also to enable them maximize wealth from a basket of portfolio. .
Female Director and Tax Aggressiveness of Listed Insurance Firms: Insights from Nigeria
(Journal of Wellbeing Management and Applied Psychology, 2019-06-07) Ogbeide, Sunday Oseiweh; ODILU, Austine
This study empirically examined the effect of female director on tax aggressiveness of listed insurance firms in Nigeria. The main objective of this research was to empirically investigate the effect of female board members on tax aggressiveness, determine the composition and representation of female directors on the board of insurance companies, find out how tax aggressive are listed insurance firms and apply the BLAU (1977) index method to measure female director representation as a departure from conventional approaches specifically in the Nigerian context in the reference period, 2014 to 2018. The population of the study consists of all the quoted insurance firms as at 31st December, 2016. A sample of twenty eight (28) quoted insurance firms was selected and data were collected over the period. Inferential statistic consisting of the General Method of Moment was used for the data analysis. The results obtained reveal that board size is negative and exerts significant impact on tax aggressiveness in insurance firms in Nigeria. The study therefore recommends that the Federal government has to come up with a policy to respond to the marginalization of female on the insurance firm corporate board in Nigeria. The aim of this policy thrust should be targeted at reducing politics and biasness against women on the corporate boards of listed insurance firms
Financial Development, Remittances Inflows and Economic Growth in Nigeria: A Time Series Analysis
(South Asian Journal of Social Studies and Economics, 2020-09-05) Olabisi, Eric Olabode; Ogbeide, Sunday Oseiweh
This study examines whether financial development promotes remittances inflows and Nigerian economic growth. Using a time-series data for a period of 1985-2017, the Autoregressive Distributed Lag (ARDL) technique was employed. The results suggest that financial development in Nigeria exerted no significant impact on economic growth. It is an indication that financial development is not a significant variable for promoting remittances inflows into Nigeria. However, the study concludes that remittances inflows are a substitute for promoting individual’s financial business opportunities and economic growth. The study therefore recommends that the government should strengthen the Nigeria financial institution, and also institute a financial reform initiative that can enhance financial security as well as ease of accessing remittances inflows.
Financial Inclusion and poverty alleviation in Nigeria
(Leibniz Information Centre for Economics, 2019-10-02) Ogbeide, Sunday Oseiweh; Igbinigie, O. O.
The study examined the impact of financial inclusion on poverty alleviation in Nigeria using time series data for the period 2002 to 2015. The data was sourced from the World Bank indicators, 2016. The study employed the ordinary least squares multivariate regression technique. Financial inclusion is found to exert significant impact on per capita income, reduces poverty level and improves standard of living. Specifically, the result shows that commercial bank branches per 100, 000 adults exert positive impact on per capita income, increase standard of living and contributes to poverty alleviation. Depositors with commercial banks per 1000 adults exerted a negative effect on poverty alleviation and are not statistically significant under the reference period. Borrowers from commercial banks per 1000 adults are found to increase per capita income and by extension poverty alleviation and are not statistically significant. The finding also reveals that number of automated teller machines enhanced financial inclusion, income generation and poverty alleviation and was not statistically significant. The study recommends that the Central Bank of Nigeria needs to come up with effective monetary policies that can influence financial inclusion and alleviation of poverty. This will encourage accessibility to financial services at affordable cost for poverty alleviation purposes.
Forensic Accounting and Fraudulent Practices in the Nigerian Public Sector
(International Journal of Arts and Humanities (IJAH) Bahir Dar- Ethiopia, 2017-04-30) Akani, Fyneface N.; Ogbeide, Sunday Oseiweh
The broad objective of this study was to examine forensic accounting and fraudulent practices in the Nigerian public sector. The specific objective was to find out if there exists a significant relationship between forensic accounting and fraudulent practices in Nigerian public sector. The study employed the survey descriptive research design. The study population consisted of all public institutions in Edo State, Nigeria. However, ten (10) government establishments, both Federal and State owned, were randomly selected. Structured four-scale Likert-type questionnaire was used as the research instrument to elicit responses from the respondents who were mainly internal auditors, chief accountants, executive directors and directors of the selected institutions. The data were analyzed using frequency counts and simple percentages method. Findings made indicated that there is a significant relationship between forensic accounting and reduction of fraudulent practices in the Nigerian public sector; and the prevalence of fraudulent practices in the Nigerian public sector has brought set back to the economy, untold hardship to the citizens and shame to the country in general before the international communities. It is therefore recommended that government and regulatory authorities need to ensure the provision of standards and guidelines to regulate forensic activities and above all, Nigerians should embrace integrity, objectivity, fairness and accountability in their day-to-day activities particularly in the public sector.

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