Research Articles in Accounting and Finance

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ACCOUNTING REGULATORY FRAMEWORK AND PUBLIC INSTITUTIONS' COMPLIANCE IN NIGERIA
(International Journar of Economics, Commerce and Management, United kingdom, 2015-01) Akande, Adesola A.; Olowe, Sunday O.; Olowe, Folake T.
This paper is an attempt to investigate the rate of compliance of public institutions with the framework stipulations of accounting regulations in Nigeria. Series of accounting Regulatory Provisions guiding preparation and presentation of financial reports in public institutions were examined. Descriptive statistical methods - Simple Percentage Method (SPM) and Chi-square were used on 50 Respondents from Ministry of Finance and the Office of Accountant General of the State of Osun in Nigeria. The paper revealed that there is a positive relationship between regulatory framework and financial reports preparation and presentations in Osun State. The study recommends that Proper trainings on public sector accounting and establishments of performance evaluation of employees should be put in place in order to make public institutions account more effective in the State of Osun.
ACCOUNTING REGULATORY FRAMEWORKS AND PUBLIC INSTITUTIONS’ COMPLIANCE IN NIGERIA
(International Journal of Economics, Commerce and Management, 2015) Akande, Adesola A.; Olowe, Sunday O.; Olowe, Folake T.
This paper is an attempt to investigate the rate of compliance of public institutions with the framework stipulations of accounting regulations in Nigeria. Series of accounting Regulatory Provisions guiding preparation and presentation of financial reports in public institutions were examined. Descriptive statistical methods - Simple Percentage Method (SPM) and Chi-square were used on 50 Respondents from Ministry of Finance and the Office of Accountant General of the State of Osun in Nigeria. The paper revealed that there is a positive relationship between regulatory framework and financial reports preparation and presentations in Osun State. The study recommends that Proper trainings on public sector accounting and establishments of performance evaluation of employees should be put in place in order to make public institutions account more effective in the State of Osun.
Advances in Concepts of Ergonomics with Recent Industrial Revolution
(International Conference on Engineering for Sustainable World, 2021) Fayomi, O.S.I.; Akande, I.G.; Essien, V.; Asaolu, A.; Esse, Ugwunwa C.
Change is constant and as such we must always look forward to ways to help us adapt to this changes. With constant improvement being revised on evolving better and improved ways in which individuals and workers can function in their various organizations and industries, better and improved methods would have to be constantly developed in order to gain maximum efficiency from workers. The emergence of the Industry 4.0 industrial stage era has witnessed with its arrival tremendous industrial performance. This paper seeks to provide a review on the various advances of ergonomics concepts with the advancing industrial revolution with supporting roles on importance of training workers on the new innovative techniques
Analyzing the Impact of Microfinance Banks Credit Variables on Micro, Small Enterprises Growth Indicators in South-West, Nigeria
(IISTE : Research Journal of Finance and Accounting, 2020-06) Obadeyi, J.A; Ogbeide, Sunday; Adesuyi, I.O
Despite several reforms both in the banking and informal sectors; it is sad that there have been dwindling development in both sectors. In view of this, this study analyzed the impact of Microfinance Banks (MFBs) credit variables on Micro Small Enterprises (MSEs) growth indicators in South-West, Nigeria. Sampled MFBs, MSEs and some South-West States were purposively selected. Secondary data was extracted from financial statements of eight selected MFBs from 2007-2016 (10years). Relationship between MFBs variables and MSEs’ growth was analyzed using Correlation matrix, while extent at which MFBs variables influenced MSEs growth was analyzed using panel regression. Results showed the relationship between MFBs credit variables and MSEs’ growth with an average ‘r’ at 68.56% (p<0.05); and the extent at which MFBs credit variables influenced MSEs growth (p<0.05) such as profit, total asset, number of employee growth and sales with R2 were 61.4%, 58.3%, 48.1% and 52.1%, respectively. The study concluded that MFBs credit variables influenced MSEs growth. It was recommended that MFBs should moderately increase loan size in order to improve MSEs’ business operations.
Are There Factors Driving Tax Aggressiveness in Listed Companies? Empirical Evidence from Nigeria
('Wanted] international Journal of Management and Entrepreneurship, 2019-06) Ogbeide, Sunday O.
This study investigated the factors driving tax aggressiveness of listed companies in Nigeria. A sample of sixty listed non- financial firms was selected for the study using the simple random sampling technique. The data were sourced from the annual reports of the sampled companies in the period (2010-2017) under reference. This study used the descriptive statistics and panel least square and dynamic panel regression methods to analyse the data. The findings from the empirical investigation indicate that managerial ownership and firm size exerts positive effects on tax aggressiveness. Board _size. board independence and leverage exerted negative impacts Off tax aggressiveness. The study concludes that board size, board independence and amount of leverage in firms contribute to the level of tax aggressiveness in Nigeria. Based on the robust empirical findings, the study suggests that quoted firms in Nigeria should ensure the composition of corporate board contains optimal mix of executive and non — executive directors who are professional accountants, tax experts, business strategists and legal experts. This calibre of persons should be able to bring their wealth of experience and training to positively influence key decision making regarding tax expenses minimisation and the strategies.
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.
Assessing Banks’ Credits and Tourism Sector Development in Ifedore Local Government, Ondo State, Nigeria
(International Journal of Innovative Research in Accounting and Sustainability, 2022) Ololade, B.M.; Adamolekun, W.; Obadeyi, J.A.
The development in the tourism sector has been hindered by foreign exchange volatility, virus-outbreak (Covid-19), uncontrollable inflationary trends and inability of tourism operators to access banks’ credits. To this extent, this paper assesses banks’ credits and tourism sector development in Ifedore Local Government, Ondo State, Nigeria. The study adopts primary data that is collected via structured questionnaire. The purposive sampling technique was used to select 50 respondents which include; credit officers, head, credit department, operation managers (employees) of banks operating within the area and tourists that have visited any of these attraction centres in the local government. The collected data is analyzed through the use of descriptive statistics like tables, charts and percentages while inferential statistical method; Analysis of Variance (ANOVA) and one sample t-test were used to test the formulated hypotheses. The result reveals that credits are accessed by the sector at a very low trend. The paper recommends that banks should charge moderate interest rates on credits provided to investors towards the development and sustainability of tourism sector.
Assessment of the Financial Information Disclosures of Pension Fund Administrators in Nigeria
(International Accounting and Taxation Research Group, 2018-02-21) Salawu, Rafiu O.; Ololade, Babatunde M.
The study investigates extent of compliance of Pension Fund Administrators in Nigeria with PENCOM financial information disclosures guidelines with a view to ensuring that there is transparency and accountability in the management of the contributory pension schemes. Data were collected from both primary and secondary sources. Primary data were sourced from four hundred (400) respondents that are retirees under the contributory pension scheme through administration of questionnaire while secondary data were gathered from the annual reports of eleven (11) Pension Fund Administrators that were purposively selected based on size of fund under management and number of contributions. Primary data were analysed using descriptive statistics while secondary data were analysed using disclosure index to measure the extent of compliance. The study found that 9 out of the 11 sampled Pension Fund Administrators did not achieve 100% compliance on disclosure of financial information in their annual reports in accordance with PENCOM guidelines. Also, the channels of communication of accounting information to members of contributory pension plans in Nigeria on the performance of the fund under management of the PFAs are not meeting members' information needs. Furthermore, result showed that contributors displayed lack of knowledge of contributory pension schemes investment activities and risks. It was recommended that PENCOM should ensure compliance with the PENCOM financial reporting guidelines by the Pension Fund Administrators to enhance prudency and transparency in the management of contributory pension fund in Nigeria. Although annual reports are used by several users, yet contributors to contributory pension schemes as principals of the PFAs in agency relationship should be given more considerations in the choice of channels of communicating financial information to meet their information need and expectations.
Assessment of the Financial Information Disclosures of Pension Fund Administrators in Nigeria
(International Accounting and Taxation Research Group, Accounting & Taxation Review, 2018-03-29) Salawu, R.O.; Ololade, B.M.
The study investigates extent of compliance of Pension Fund Administrators in Nigeria with PENCOM financial information disclosures guidelines with a view to ensuring that there is transparency and accountability in the management of the contributory pension schemes. Data were collected from both primary and secondary sources. Primary data were sourced from four hundred (400) respondents that are retirees under the contributory pension scheme through administration of questionnaire while secondary data were gathered from the annual reports of eleven (11) Pension Fund Administrators that were purposively selected based on size of fund under management and number of contributions. Primary data were analysed using descriptive statistics while secondary data were analysed using disclosure index to measure the extent of compliance. The study found that 9 out of the 11 sampled Pension Fund Administrators did not achieve 100% compliance on disclosure of financial information in their annual reports in accordance with PENCOM guidelines. Also, the channels of communication of accounting information to members of contributory pension plans in Nigeria on the performance of the fund under management of the PFAs are not meeting members’ information needs. Furthermore, result showed that contributors displayed lack of knowledge of contributory pension schemes investment activities and risks. It was recommended that PENCOM should ensure compliance with the PENCOM financial reporting guidelines by the Pension Fund Administrators to enhance prudency and transparency in the management of contributory pension fund in Nigeria. Although annual reports are used by several users, yet contributors to contributory pension schemes as principals of the PFAs in agency relationship should be given more considerations in the choice of channels of communicating financial information to meet their information need and expectations.
Banking Sector and Hospitality Industry in Ondo State: Issues and Challenges
(American Journal of Tourism Management, 2016) Okhiria, A.O.; Paul, Philemon W.; Obadeyi, J. A.; Afuye, Folake O.
The study examined banking sector and hospitality industry in Ondo state: issues and challenges. Hospitality industry has remained one of the exciting and rewarding industries in Ondo state, but currently faced with a challenge like unavailability of funds from the banking sector to fund the sector; while recent issue on economic recession presently experienced in the country has further hindered the performance of the sector in terms of reduced local tourists patronizing and the low profit being realized by operators. The banking sub-sector has remained the major funds provider via financial intermediary process ensuring funds availability for the development of hospitality sub-sector (i.e. casinos, hotels, boarding houses, motels, tourist camps, holiday centres, resorts, bars, cafeterias, snack bars, pubs, nightclubs etc., to owners (i.e. ether individuals, group of people or corporate organizations). It was believed that sectors like, agriculture, energy, micro, small and medium enterprises (MSMEs), oil and gas etc., enjoyed more finance assistance from banks than the hospitality industry in Ondo state, Nigeria. The primary source of data adopted was via a structured questionnaire and interview. The statistics that was adopted to estimate the parameter were mean, variance and standard deviation. Also, to determine the standard error, δ√N was adopted. A simple regression was also used to address the responses of the respondents gathered though the questionnaire in order to derive logical conclusion for the study. The result showed that the dwindling trends in the hospitality sector was a result of banks’ restrictive lending patterns by not making funds (e.g. loans) available to achieve development in the industry, unbearable cost of funds and high interest rate charged. The paper recommends that policy makers should periodically evaluate the impact of bank - related policies on the sustainability of hospitality sector and ensure that the hospitality regulatory process is simple, cost effective and consolidated with economic palliatives to proffer solutions to socio-economic challenges facing the country particularly during this period of recession.
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
Barriers of Microfinance Banks’ Credit Delivery to Small Enterprises: An Empirical Analysis from South-Western Nigeria
(The Romanian Economic Journal, 2020-12-30) Obadeyi, J.A.; Ogbeide, S.O.; Akande, A.A
This study empirically investigated the barriers of Microfinance banks’ credit delivery to small enterprises in Nigeria. The areas of study were Lagos and Ogun States. The population of the study was made up of all the Microfinance banks in Lagos and Ogun States in the South –Western Nigeria. A sample of eight (8) microfinance banks were chosen; with five (5) from Lagos State and three (3) from Ogun State using the purposive sampling method. The choice of the sample size was predicated on ability of the researchers to access financial statements of the selected microfinance banks in the two selected states in the South – Western, Nigeria. Primary data was used through a structured questionnaire. Total of forty (40) questionnaires were administered to the respondents, consisting of MFBs staff – branch managers, operation managers, risk managers, and credit officers who examined and administered credit applications from small enterprises’ owners on behalf of bank management on a one-on-one basis. Mean ranking and factor analysis were used to analyze the data. Findings revealed economic recession as major barrier confronting MFBs in credit delivery to small enterprise owners. The study concluded that despite the roles of MFBs to provide loans and other financial services to small enterprises operators, the sector was faced with different barriers thereby limiting their financial performance. The study recommended that Central Bank of Nigeria (CBN) should adopt a holistic approach on how barriers confronting MFBs would be drastically reduced, controlled and managed to improve MFBs operations.
Barriers of Microfinance Banks’ Credit Delivery to Small Enterprises: An Empirical Analysis from South-Western Nigeria
(The Romanian Economic Journal, 2020-12) Obadeyi, J.A; Ogbeide, S.O.; Akande, Adesola A.
This study empirically investigated the barriers of Microfinance banks’ credit delivery to small enterprises in Nigeria. The areas of study were Lagos and Ogun States. The population of the study was made up of all the Microfinance banks in Lagos and Ogun States in the South –Western Nigeria. A sample of eight (8) microfinance banks were chosen; with five (5) from Lagos State and three (3) from Ogun State using the purposive sampling method. The choice of the sample size was predicated on ability of the researchers to access financial statements of the selected microfinance banks in the two selected states in the South – Western, Nigeria. Primary data was used through a structured questionnaire. Total of forty (40) questionnaires were administered to the respondents, consisting of MFBs staff – branch managers, operation managers, risk managers, and credit officers who examined and administered credit applications from small enterprises’ owners on behalf of bank management on a one-on-one basis. Mean ranking and factor analysis were used to analyze the data. Findings revealed economic recession as major barrier confronting MFBs in credit delivery to small enterprise owners. The study concluded that despite the roles of MFBs to provide loans and other financial services to small enterprises operators, the sector was faced with different barriers thereby limiting their financial performance. The study recommended that Central Bank of Nigeria (CBN) should adopt a holistic approach on how barriers confronting MFBs would be drastically reduced, controlled and managed to improve MFBs operations.
BASIC FINANCIAL MANAGEMENT
(Giegie Nigeria Innovations,, 2021) Ogbeide, Sunday O.
The conceptualization of finance and management dynamics has moved from the realm of mystery to practical problematic, touching on issues such as the mathematics and management of finance, cash management and forecasting, inventory control and working capital management, investment appraisal decision, inflation and taxation in investment appraisal, risk and uncertainty in investment appraisal, financial leverage, capital structure decisions, cost of capital, financial ratio analysis and so on. This book has focused primarily on those issues, providing universal and non-abstract insight into them in a way that many scholars have failed to do. The book definitely stands out among others because it is original, indigenous, scholastic, current, comprehensible and thorough as it brings the reader to terms with the nitty-gritty of basic financial principles and practices that can be applied in the daily (business) activities of individuals and organizations. I am deeply persuaded that going by the content of this book and the high quality of the presentation of the materials therein, the book will be highly useful not only to the students in Tertiary Institution world-wide but also for Professional Examinations particularly in Nigeria such as those of the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria (CITN), Chartered Institute of Bankers of Nigeria (CIBN), Nigerian Institute of Management (NIM), Chartered Insurance Institute of Nigeria (CIIN) and Chartered Institute of Stockbrokers (CIS).
Behaviour of the Internally Generated Revenue during Financial Reforms in Nigeria
(NIGERIAN JOURNAL OF PUBLIC SECTOR MANAGEMENT (NJPSM), 2022-02-01) Odewole, P.O.; Ololade, B.M.
The study investigated the behavior of the Internally Generated Revenue among the federal institutions in both Education and Health Sectors during the on-going financial reforms in Nigeria. Data were gathered from the Audited Financial Statements of the public sector entities including the financial statements of individual MDAs from 2009-2016. The study population comprised of 118 institutions spread across the 4 geo-political zones and Abuja, the federal capital territory. The sample size was made up of 50 institutions using Taro Yamane technique. Data were analyzed using descriptive technique approach. The results revealed a positive behavior in the Internally Generated Revenue with the implementation of financial reforms. The study recommended the creation of a central compliance team by the Office of the Accountant-General of the Federation to ensure full compliance with financial management reforms to boost the Internally Generated Revenue in the sectors. The study concluded that it is only when all hands are on deck to ensure an appropriate legal and enabling environment for the implementation of financial reforms in all MDAs that the desired objectives of improved Internally Generated Revenue growth can be achieved in all sectors of the economy.
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.
BOARD OF DIRECTORS’ NATIONALITY AND FINANCIAL PERFORMANCE OF LISTED INSURANCE FIRMS IN NIGERIA
(Sapientia Foundation Journal of Education, Sciences and Gender Studies (SFJESGS), 2023-03) OGBEIDE, SUNDAY OSEIWEH; ADEDIRAN, KAYODE AYOBAMI
This study examined board of director nationality and the financial performance of listed insurance firms in Nigeria.A sample of forty two listed insurance firms using the simple random sampling technique for the period 2010 t0 2021 was selected. The data was first subjected to robustness tests and then analyzed using descriptive statistics and the panel ordinary least squares (POLS) estimation method. Findings revealed that board nationality exerted a negative and non-significant impact on the insurance firms’ financial performance. While interlocking board membership was positive and not significant, board director reputation capital was positive and significant on the insurance firms’ financial performance. The study recommends that there is need for regulators to design a framework to checkmate the proportion of foreign directors’ inclusion in insurance firms’ board. Firms in Nigeria should be mandated to disclose proportion of board nationality as it will guide researchers in carrying out critical analysis for policy recommendations.
Capital Structure and Performance of Firms in the Nigerian Insurance Sector
(Journal of Banking, Finance and Development, Faculty of Management Sciences, Ebonyi State University, 2015-06) OGBEIDE, Sunday Oseiweh; Ayunku, Peter
CASH FLOW AND FINANCIAL PERFORMANCE OF INSURANNCE COMPANIES: EMPRIRICAL EVIDENCE FROM NIGERIA
(STRATEGII MANAGERIALE, 2016) Ogbeide, Sunday O.; Eragbhe, E.; Ololade, Babatunde M.
The study examines the relationship between cash flow and financial performance of insurance companies in Nigeria using time series data for the period 2009-2014. Twenty seven (27) listed insurance firms were selected as sample size. The study uses both descriptive and inferential statistics to determine the relationship among the variables. It also employs the series of diagnostic tests to ensure stability of the time series used as well as to ensure the model meets the assumption of OLS. The findings reveal that Cash flow was observed to determine insurance firms’ financial performance and is statistically significant. Cash flow from operating activities was observed to significantly increase financial performance of the insurance companies in the period examined. Cash flow from financing activities was found to increase the financial performance of the sampled insurance firms, but was not statistically significant. The size of the insurance company did not increase the financial performance of the insurance firms and was also not statistically significant. The paper recommends that managers in insurance firm should regularly change the extent of the cash outflows under each activity to avoid negative cash flow position as well as financial crisis. Adequate investment appraisal is really a concern that insurance firms need to take into consideration when customers are taking up insurance coverage. The costs have to be weighed against the benefits accruable therefore.

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