Browsing by Author "Ogbeide, Sunny O."
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Item Corporate Governance and Audit Quality of Quoted Companies: Evidence from Nigeria(Journal of Finance and Accounting Research, 2014-09) Ofiafoh, Eiya; Ogbeide, Sunny O.This study examined corporate governance and audit quality in Nigeria. Specifically it examined board diligence, managerial ownership and audit quality of Nigerian quoted companies. The ex-post facto research design was adopted in the methodology of the study. The population consists of all quoted companies in the Nigerian Stock Exchange; a sample of 25 companies was examined for the period 2007-2012 financial year using secondary data from annual reports of the sampled companies were used for the study. The data analysis technique used is Panel Estimated Generalized Least Squares (EGLS) regression with fixed effect. The study found that board diligence enhances audit quality and was statistically insignificant while managerial ownership determine audit quality and is significant. It is recommended that the 'corporate governance code of best practices of 2010 should be re-evaluated and frequency of board meeting increased statutorily so as to enhance top management monitoring process.Item Corporate Governance and Movement of Stock Price in Nigerian Quoted Firms(Management Sciences Review (MSR), 2015) Osamwonyi, I.O.; Ogbeide, Sunny O.The broad objective of the study is to examine corporate governance and movement of stock price in Nigerian quoted firms. Specifically, the study examines the impact of Audit committee size, Ownership concentration, Board independence and Managerial ownership on share price movement. The cross-sectional research design is adopted in the methodology of the study. The population consists of all quoted companies in the Nigerian Stock market while a sample of twenty(20) companies was examined for 2008-2012 financial year. Secondary data from financial statement of the sampled companies was used for the study. The data analysis techniques used is regression analysis using the ordinary least squares techniques. Our study found that Audit committee size does not exert any significant impact on share price, Ownership concentration exerts a significant impact on shore price, the effect of Board independence on Share price is significant, Managerial ownership does not impact significantly on share price, changes in ownership concentration impacts significantly on share price and changes in managerial ownership exert a significant impact on share price. The study recommends that based on the empirical evidence provided there is the need for stock market players to incorporate corporate governance issues in their models for estimating the fair value of stock price return and evaluating the moderate/or long term performance of managed portfolio.Item Financial Variables and Stock Price of Quoted Firms in Nigeria(JBVC, 2015-06) Ololade, Babatunde M.; Ogbeide, Sunny O.The study examines corporate board diversity and market performance of Nigerian quoted firms. Specifically, it evaluates the influence of board gender, board nationality, board independence, board ethnicity and board size on the stock prices of quoted firms in Nigeria. The research design is both descriptive and ex- post facto. The population consists of all firms quoted on the floor of Nigerian Stock Exchange (NSE) while the analysis is based on a cross-section of twenty (20) randomly selected companies in a seven-year (2006-2012) study period. Secondary data sourced from financial statements of the sampled firms and the daily official price lists of the NSE are used for the study. The method of analysis is the panel least squares multivariate regression analysis based on the fixed effect estimation. The analysis reveals that while board nationality (BN) has a positive and statistically significant impact on share price (SPRICE), all other variables — board gender (BG), board independence (BIN), board ethnicity (BE) and board size (BS) are negatively related to share price (SPRICE); with only the relationships between the latter and board independence (BIN) on the one hand, and board ethnicity (BE) on the other, being statistically significant. The study recommends to managers' of the nation's corporate organizations and relevant regulatory agencies to ensure that the composition of corporate boards should reflect national and ethnic diversity to promote firm's performance. In particular, the corporate organization should strive to have a mixed board of local and foreign directors to enhance quality board decisions while Nigerian quoted firm should avoid undue board dominance by any ethnic group.Item NDIRECT TAX AND PERFORMANCE OF THE NIGERIAN ECONOMY: AN EMPIRICAL ASSESSMENT(FEDERAL UNIVERSITY OTUOKE JOURNAL OF MANAGEMENT SCIENCES, 2017-12) ERAGBHE, Emmanuel; Ogbeide, Sunny O.This study examines indirect tax and the performance of the Nigerian economy using times series data for the period 1985 to 2015. Data were extracted from the Central Bank of Nigeria (CBN) statistical bulletin. The data analysis techniques employed is regression analysis using the ordinary least squares, error correction mechanism (ECM) and co-integration techniques. This study reveals that there exist both long and short run dynamic relationships between indirect tax and the performance of the Nigerian economy. Custom and excise duty (CED) is positive and significant on the Nigerian economic performance. Value Added Tax (VAT) is positive and significant on the economy in the short run. Inflation as a control variable has a negative impact on the Nigerian economy and was statistically significant. The study recommends that the government has to come up with effective policies that could ensure the proper administration of VAT and custom and excise duty as well as fight every possible diversion of the revenues from these sources occasioned by systemic corruption. In this way, excess funds leakages resulting in too much money in circulation would be reduced so as to control inflation.