FUOYE JOURNAL OF ACCOUNTING AND MANAGEMENT http://fjam.fuoye.edu.ng/index.php/fjam <p><strong>FUOYE JOURNAL OF ACCOUNTING AND MANAGEMENT PUBLICATION ETHICS</strong></p> <p style="text-align: justify;">Fuoye journal of Accounting and Management Sciences is both an online journal and a printed one which is committed to publish quality research papers submitted with particular focused on Accounting and management Science issues. The journal features original scientific articles related to all aspects of Accounting and management sciences and Economic related. It is an OPEN ACCESS journal. The papers should be the results of original research, theoretical and empirical approach under the form of: research articles, case studies, essays.</p> <p style="text-align: justify;">We welcome papers from professors, researchers and Ph. D. students from all over the world in the attempt of serving as a forum of discussion and a diverse knowledge hub for students and teachers. This journal provides immediate open access to its content on the principle that making research available to the public supports a greater global exchange of knowledge. Fuoye journal of Accounting and management Science allow the author(s) to hold the copyright without restrictions.</p> <p style="text-align: justify;"><strong>» COVERAGE</strong><br>The areas covered by Fuoye journal of Accounting and management Sciences include topics related to Accounting , management Sciences such as: Accounting marketing, management, finance, banking, audit, international economic relations, trade, business, tourism, administrative data processing, politic economy, cybernetics, environmental economics, statistics, ethics in economics, insurance, , economic philosophy, econometrics etc.</p> en-US rotimi.oladele@fuoye.edu.ng (Dr. Oladele Rotimi) niyi.olaniyan@fuoye.edu.ng (Olaniyan Niyi Oladipo) Tue, 26 Dec 2023 00:00:00 +0000 OJS 3.1.2.4 http://blogs.law.harvard.edu/tech/rss 60 Optimizing Wellbeing at Departure: Financial Literacy and Retirement Planning Among Lecturers in Lagos State-Owned Tertiary Institutions http://fjam.fuoye.edu.ng/index.php/fjam/article/view/157 <p>This study investigated the effect of financial literacy—comprising financial attitude, behaviour, confidence, and knowledge—on retirement planning among lecturers in Lagos State-Owned Tertiary Institutions. With retirement representing a critical transition in academics’ lives and a notable decline in income, the study aimed to understand the role of financial literacy in securing their post-career financial well-being. Grounded on prospect theory and the theory of planned Behaviour, the research adopted a positivist stance and employed a descriptive survey design, gathering data through a structured questionnaire from 273 lecturers. The regression analysis illustrated a substantial effect of financial literacy factors on retirement planning (Adjusted R2 = .69). Financial attitude (β=.477, p&lt;.05), financial knowledge (β=.277, p&lt;.05), and financial behaviour (β=.167, p&lt;.05) significantly influenced retirement planning. However, financial confidence (β= .051, p&gt;.05) did not exert a significant effect. These results emphasize the pivotal role of financial literacy—particularly attitude, knowledge, and behaviour—in shaping retirement planning among lecturers. The study recommends continuous educational initiatives, collaborations with financial experts for mentorship, and regular program assessments to enhance financial literacy and retirement planning strategies. The findings highlight the urgency for universities' management to prioritize tailored financial literacy programs and comprehensive support frameworks, ensuring lecturers are adequately prepared for retirement.</p> Sunday Stephen AJEMUNIGBOHUN, Rasheed Olawale AZEEZ Copyright (c) 2024 FUOYE JOURNAL OF ACCOUNTING AND MANAGEMENT http://fjam.fuoye.edu.ng/index.php/fjam/article/view/157 Mon, 01 Jan 2024 00:00:00 +0000 The Effect of International Financial Reporting Standards (IFRSs) on the Quality and Relevance of Accounting Information for Global Investment Decision Making in Nigeria. http://fjam.fuoye.edu.ng/index.php/fjam/article/view/158 <p>This study provides a comprehensive analysis of the effect of International Financial Reporting Standards (IFRS) adoption on accounting quality and value relevance for listed manufacturing companies in Nigeria. The study employs a quantitative approach, utilizing linear regression models to examine the relationship between IFRSs adoption and the value relevance of financial information, considering variables such as earnings per share (EPS), book value of equity (BVE), total assets (TA), and return on assets (ROA). The study revealed that there is a positive and statistically significant effect of IFRSs adoption on the value relevance of financial information. This aligns with the theoretical underpinning of IFRSs, emphasizing transparency, accountability and comparability in financial reporting. The study also highlights the consistency of financial variables in influencing market value of equity, reinforcing the importance of fundamental factors in firm valuation. Thus, the complex relationship between IFRSs adoption and financial reporting outcomes underscores the need for further research to explore contextual factors mediating this effect.<br><br></p> Oluwayemisi Ali-Momoh Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/158 Tue, 26 Dec 2023 00:00:00 +0000 The Impact of External Debt on Aggregate Expenditure of Nigerian States: Policy Implications and Recommendations http://fjam.fuoye.edu.ng/index.php/fjam/article/view/161 <p>This study examines the relationship between external debt and aggregate expenditure of Nigerian states and provides policy recommendations based on the findings. The data obtained from the study demonstrates a positive and statistically significant impact of external debt on the aggregate expenditure of the states in Nigeria. The results indicate that subnational governments rely on external loans to finance their budgeted expenditure, suggesting that most states operate deficit budgets. The population of the study was made up of all the thirty-six (36) of the Nigeria which were divided into six(6) geopolitical zones. Four states were selected from each geopolitical zones as the sample of the study. The study covered fourteen years between 2006 and 2020. Graph and descriptive statistic like mean, median, standard deviation skewness were correlational analyse were employed to describe and analysis the data.The coefficients of State Allocation (STA) or Federal Allocation Account Committee (FAAC) and Internally Generated Revenue (IGR) are also statistically significant, indicating that state governments in Nigeria rely on both federal allocations and internally generated revenue to prepare their aggregate expenditure in the budget. Based on these findings, several policy recommendations are proposed: firstly, other states are encouraged to emulate the model of Lagos State, which effectively invests borrowed debts in productive sectors; Secondly, domestic debt is encouraged, and the federal government is advised to introduce stringent measures to monitor and control states' accessibility to domestic debts; thirdly, the Nigeria Debt Management Office is urged to pay close attention to policies relating to external borrowings and ensure that external debt is approved and utilized for productive purposes, particularly projects with high foreign exchange content;and lastly, monitoring institutions such as the Central Bank of Nigeria (CBN) and the Nigeria Debt Management Office should establish mechanisms for monitoring debts, ensuring that they are engaged in productive activities.<br><br></p> Funmilayo Bukola ALONGE, Anthony Buyide Afolalu Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/161 Tue, 26 Dec 2023 00:00:00 +0000 Managing Public Debts and Stimulating Economic Growth: A Case Study of Nigeria's Fiscal Landscape http://fjam.fuoye.edu.ng/index.php/fjam/article/view/162 <p>This study examines the management of public debts and its impact on stimulating economic growth in Nigeria. The escalating burden of public debts at both federal and state levels has presented significant challenges to budget implementation and sustainable economic development. The research focuses on the trends of internally generated revenue (IGR), federal government statutory allocation (STA), external debt patterns, and aggregate budgeted expenditure (GEXP) in the country. The population of the study was made of all the thirty-six (36) of the Nigeria. The 36 states were divided untosix (6) geopolitical zones. Four states were selected from each geopolitical zones as the sample of the study. The study covered fourteen years between 2006 and 2020. Graph and descriptive statistics like mean, median, standard deviation, skewness were correlational analyse were employed to describe and analysis the data.Through a comprehensive analysis of data from various states and geopolitical zones, this study identifies the characteristics of Nigeria's public revenue and expenditure. The findings highlight the disparities in fiscal activities among the states, with Lagos emerging as the state with the largest internally generated income (IGR), external debts (EXTD), domestic debt, and aggregate budgeted expenditure (GEXP). Conversely, Ekiti and Taraba states display lower statutory allocation (STA) and internally generated revenue (IGR), leading to reduced aggregate budgeted expenditure. The study proposes recommendations for the Nigeria Debt Management Office to focus on policies related to external borrowings, promoting productive investments to improve internally generated revenue (IGR). Additionally, the Economic and Financial Crime Commission (EFCC) should prosecute criminals engaged in illicit borrowing of external debt to safeguard the country's financial stability.<br><br></p> Funmilayo Bukola ALONGE, Anthony Buyide Afolalu, Niyi Oladipo OLANIYAN Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/162 Tue, 26 Dec 2023 00:00:00 +0000 Audit Firm Attributes and Audit Report Timeliness of Quoted Oil and Gas Companies in Nigeria http://fjam.fuoye.edu.ng/index.php/fjam/article/view/163 <p>The study explores audit firm attributes and audit report timeliness of quoted oil and gas companies in Nigeria. The timely issuance of audit reports is observed to have an impact on the stock prices of listed companies. The importance of ensuring accurate and dependable financial reporting has gained prominence, prompted by the collapses of companies like Enron, WorldCom, Cadbury PLC, and other notable entities. Despite regulatory and stakeholder efforts to enhance financial reporting quality, instances of corporate financial misconduct persist in Nigeria and globally. The study employed an ex-post facto research design and utilized a secondary method of data collection. Data were sourced from the annual reports and accounts of seven selected quoted oil and gas companies on the Nigerian Exchange Group (NEG) through purposive sampling. The study spans from 2012 to 2021. Both descriptive and inferential statistics were applied in data analysis, with panel regression analysis employed for hypothesis testing. The findings reveal that audit fees exhibit a negative and insignificant impact on audit report timeliness, while the size of the audit firm demonstrates a positive and significant effect on the timeliness of audit reports. Consequently, the study suggests that the size of the audit firm should be a key consideration in the appointment of auditors. It is recommended that firms take into account the size of the audit firm when appointing auditors.<br><br></p> Felix Osayabor EMOVON, Prince Famous IZEDONMI Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/163 Tue, 26 Dec 2023 00:00:00 +0000 ENVIRONMENTAL ACCOUNTING DISCLOSURE AND SUSTAINABLE FINANCIAL PERFORMANCE OF QUOTED BASIC MATERIALS COMPANIES IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/164 <p>This study investigates the link between environmental accounting disclosure and financial performance of listed basic material companies in Nigeria. Specifically, the study investigated the impact of environmental disclosure index on the return on capital employed and return on assets. With the use of total enumeration sampling technique, data were drawn from the 12 companies listed under basic material on the Nigeria stock exchange over a ten-year period from 2010 to2019. Data were analyzed using both descriptive and inferential statistics. The descriptive statistics includes the mean, median, mode, standard deviation and so on. Inferential statistics are univariate t-statistics and multiple regression analysis. The results revealed that there is relatively low disclosure of environmental accounting information in the financial statement of the listed basic material companies in Nigeria. The regression result shows that about 62% of the variation in the dependent variable (ROCE) is explained by the combined effects of environmental accounting disclosure while about 59% of the variation in return on equity was also associated with the combined effect of environmental accounting disclosure. The study therefore concludes that environmental accounting disclosure has significant impact on financial performance of listed basic materials companies in Nigeria. The paper draws the attention of management of listed basic materials in Nigeria to the need to make adequate disclosure on environmental accounting practices in the financial statement. The paper also draws the attention of Nigeria stock exchange and other regulatory authorities to the need for regulation that will make environmental accounting disclosure a regulatory disclosure.<br><br></p> Ezekiel Oluwagbemiga OYEROGBA , Julius Adeyemi ALAMU, Wright Olatunde Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/164 Tue, 26 Dec 2023 00:00:00 +0000 AUDIT PROCESS AND ACCOUNTING CONSERVATISM IN THE MIDST OF THE LISTED OIL AND GAS FIRMS IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/165 <p>This study investigated the special effects of audit process in areas of board structure attributes on conservatism in accounting in the midst of registered Oil and Gas businesses in Nigeria. The research used correlation and longitudinal study designs. All the registered Oil and Gas firms on the Nigerian Exchange Group as at 31st December, 2021 were used. Census sampling technique was used to select the sample size of 10 firms. Information were composed from the available yearly accounts of the companies from of 2012 to 2021. Information were investigated using descriptive and inferential statistics and ordinary least square regression exploration. The outcomes of the estimations shown that the relationship between board independence {0.229918(0.0002)}, board meetings {1.046311(0.0168)} and accounting conservatism was positive and significance among the listed Oil and Gas companies in Nigeria. In addition, it was found that the association between board size {0.148814(0.7236)} and accounting conservatism was positive but none significance among the registered Oil and Gas companies in Nigeria. The study concluded that board independence and board meeting in audit process had contributed to accounting conservatism immensely. Conversely, board size in audit process had not significantly enhanced accounting conservatism. It was therefore recommended that board independence should not be compromised if the current positive contribution of board independence to accounting conservatism is to be sustained. The board of directors should endeavour to hold regular meetings as this would enable them to produce financial reports that are globally reliant and acceptable. This might eventually reduce the current rampant corporate collapse.<br><br></p> Aruna Ishola Mamidu Copyright (c) 2023 http://fjam.fuoye.edu.ng/index.php/fjam/article/view/165 Tue, 26 Dec 2023 00:00:00 +0000 BOARD CHARACTERISTICS, INSTITUTIONAL OWNERSHIP AND COMPANY’S VALUE AMONG QUOTED CONSUMER GOODS COMPANIES IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/166 <p>The study investigated institutional ownership, board characteristics and firm’s value in Nigeria. The population of the study comprised 21 consumer goods companies listed on Nigerian Exchange as at 31st December 2021, while 10 firms were randomly picked as sample size using predetermined criteria. The data used for the study covered a period from 2012 to 2021, and analyzed using GLS Regression Model. Results showed that the influence of board size on company’s value is positive and substantial. It was also revealed that board independence negatively and significantly affects company’s value. Moreover, findings showed that board expertise has insignificant negative effect on company’s value among the studied companies. Results further showed that institutional ownership positively and significantly moderates the impact of board characteristics on company’s value. It is concluded that board size and board independence are likely to positively and negatively influence company’s value respectively, meanwhile the possibility of financial expertise influencing company’s value is negligible. Besides, institutional ownership is likely to moderate the impact of board characteristics on firm’s value. Therefore, it is recommended for companies to focus more on institutional ownership to improve the value of their companies.<br><br></p> Adebowale OGUNSOLA, Amos Oluwatimilehin AWE Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/166 Tue, 26 Dec 2023 00:00:00 +0000 EFFECT OF MERGER AND ACQUISITION ON THE PERFORMANCE OF BANKING INDUSTRY IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/167 <p>The study investigated the relationship between effect of merger and acquisition on the banking industry in Nigeria with the use of secondary data. The sample size selected was five quoted commercial bank in Nigeria for 2011-2020 financial years with the use of descriptive and inferential statistics research design analysis on data collected from Nigerian exchange group. The estimation result showed that merger and acquisition had a positive and significant effect on return on assets of deposit money banks in Nigeria which ensured judicious use of deposit money banks asset in realization of profit. Also, it was found that merger and acquisition had a positive but insignificant effect on earnings per share and return on equity of deposit money banks in Nigeria. The study concluded that merger and acquisition on the banking industry in Nigeria had significant relationship with return on assets, earnings per share and return on equity of deposit money banks in Nigeria and recommended that merger and acquisition on the banking industry in Nigeria should be added to bank’s policy and vision for the purpose of ensuring total compliance.<br>JEL: Acquisitions, Bankruptcy, Corporate Default, Corporate Distress, Corporate Governance, Insolvency, Liquidation &amp; Restructuring.</p> Sunday Adeniyi OLASEHINDE, Festus Taiwo SOLANKE, Olawale Emmanuel KUKOYI, Tobi Ayomide OGUNSINA Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/167 Tue, 26 Dec 2023 00:00:00 +0000 The Dynamics of Short-Term Debt Ratio and Firm Performance: A Comprehensive Study of Nigerian Manufacturing Firms http://fjam.fuoye.edu.ng/index.php/fjam/article/view/168 <p>Nigeria's manufacturing sector grapples with persistent underperformance despite its rich endowment of human, material, natural, and financial resources. This study explores the intricate relationship between financial leverage and the performance of manufacturing firms in Nigeria. Drawing insights from recent data spanning 2007 to 2021, the research specifically focuses on short-term debt. The motivation stems from conflicting findings in existing literature, emphasizing the need for empirical justifications. The financial manager emerges as a pivotal figure responsible for optimizing the debt-equity mix, navigating the complexities of debt financing, and mitigating risks. The study addresses challenges faced by Nigerian manufacturing firms, such as non-performing loans, low liquidity, and operational risks post-Global Financial Crisis and during the COVID-19 pandemic. The goal is to provide comprehensive insights into the financial dynamics impacting the performance of these firms, contributing to a nuanced understanding of financial leverage and its implications.</p> Olasehinde Vincent Omodara Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/168 Tue, 26 Dec 2023 00:00:00 +0000 Empirical Insights on the Relationship between Financial Leverage and Firm Performance among Nigerian manufacturing firms http://fjam.fuoye.edu.ng/index.php/fjam/article/view/169 <p>The study delves into the intricate relationship between Long-Term Debt Ratio (LTDR) and Return on Assets (ROA) among Nigerian manufacturing firms, the study examine the impact of LTDR on the financial performance, specifically the ROA, of listed manufacturing firms in Nigeria.it contribute to existing literature by considering recent data, employing appropriate measures of financial leverage, and utilizing panel data methodology. It provide empirical justifications for understanding the relationship between LTDR and the financial performance of Nigerian manufacturing firms. The study's population comprises listed manufacturing firms in Nigeria, with purposive sampling ensuring representation across sub-sectors.<br>The research design adopts a quantitative, observational approach, utilizing panel data regression analysis. The theoretical framework considers Modigliani and Miller's (1958) proposition, accounting for market imperfections, taxes, transaction costs, and bankruptcy costs. Descriptive analysis provides an overview of the sample, revealing insights into central tendencies, variability, and distribution characteristics. Correlation analysis explores associations among variables, setting the stage for a nuanced interpretation of the LTDR-ROA relationship.<br>Findings indicate a positive average performance among sampled manufacturing firms, with a moderate reliance on long-term debt. Weak correlations between ROA and LTDR, industry type, firm age, and size underscore the nuanced nature of these relationships. Regression analysis suggests that an increase in long-term debt is associated with an increase in ROA, emphasizing the positive influence of strategic long-term debt utilization. Control variables contribute to performance variations, reflecting industry-specific factors, firm age, and size.<br>In conclusion, the study enhances our understanding of the intricate dynamics between LTDR and ROA in the Nigerian manufacturing sector. It provides empirical insights that can inform strategic financial decision-making, contributing to the resilience and performance optimization of manufacturing firms. The findings offer practical implications for financial managers, policymakers, and stakeholders, facilitating informed decision-making in a challenging economic environment.</p> Festus Oladipupo Olaoye , Olasehinde Vincent Omodara Copyright (c) 2023 http://fjam.fuoye.edu.ng/index.php/fjam/article/view/169 Tue, 26 Dec 2023 00:00:00 +0000 Debt Financing and Performance; a behavioural view of listed manufacturing firms in Nigeria http://fjam.fuoye.edu.ng/index.php/fjam/article/view/170 <p>The study investigated the impact of debt financing on performance of listed manufacturing firms. Performance of firms was proxy by debt financing while the dependent variable was proxy by ROA (return on assets). Using quantitative research design; data for the study were sourced from the annual report of five quoted manufacturing firms covering six years from 2016 to 2021. Panel least square regression and Analysis of Variance (ANOVA) were adopted to estimate the data and test the hypotheses developed for the study to validate the performance of the variables, equally to depict the influence of explanatory variables. Findings revealed that debt financing had a positive and significant effect on performance of firms in non-financial sector in Nigeria. The study thereby recommended that the management of listed manufacturing firms in Nigeria should take the issue on capital structure with great concern, in particular special attention should be given to short term debt for meeting working capital deficit as well as long term loans for capital projects to avert finance mismatch. Doing so would improve profit margin and achieve a better performance and resultant wealth maximisation.<br><br></p> Clifford Ajemije Tuoyo , Adebolanle Adekemisola Debo-Ajagunna, Alani Olusegun Efuntade , Rotimi OLADELE Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/170 Tue, 26 Dec 2023 00:00:00 +0000 Dividend Policy and Performance of Quoted Money Deposit Banks in Nigeria http://fjam.fuoye.edu.ng/index.php/fjam/article/view/171 <p>The relationship between dividend policy and performance of banks listed on the Nigerian Exchange Group was examined. Secondary data were used, which were extracted from the financial statements of the listed Deposit Money Bank. The study employed descriptive analysis for data analysis; multiple regression. The study revealed significant and positive relationship between earnings per share and dividend per share, positive significant relationship between firm size and dividend per share and also positive significant relationship between return on asset and dividend per share. The study also recommends that since there are positive relationships between corporate performance variables and dividend variables, firms should ensure they have a robust dividend policy in place that will attract investment and improve their profitability. Also, those managers of banks should invest in profitable ventures so as to enhance profitability and build shareholders’ wealth.</p> Clifford Ajemije Tuoyo, Adepoju Adeoba Asaolu, Adebolanle Adekemisola Debo-Ajagunna, Niyi Oladipo OLANIYAN Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/171 Tue, 26 Dec 2023 00:00:00 +0000 Influence of Leadership Styles on Management of Change Resistance in Selected Organization’s in Lagos State, Nigeria. http://fjam.fuoye.edu.ng/index.php/fjam/article/view/172 <p>This study work assessed the influence of leadership styles on management of change resistance in an organization, evidence from government owned polytechnics ( Yaba college of technology and Lagos state polytechnic) Lagos state, Nigeria. The study adopted the survey design, using a population of one thousand and seven hundred and two (1702) employees from the two tertiary institutions selected as study. Convenient sampling techniques were used to select sample size of three hundred and twenty three (323) using taro-yamane statistical determination. Pearson correlation analysis was the tool for data analysis from the collected structured questionnaire. The results suggested that: positive relationship exist between democratic leadership style and organization (staff turnover) insecurity. (p= &lt; 0.05, r = 0.971,t –statistics 85.611); laissez-faire leadership style is significant being cause of poor communication (p = &lt; 0.05, r = 0.959, t- statistics 71,823); and that autocratic style significantly aggravates the level of uncertainty in the organization (p = &lt; 0.05, r = 0.994, t –statistics 185.948).The study concluded that, insecurity affect the rate of labour turnover and employee’s satisfaction ; setting clear vision and sharing the vision through communication lead to reduction in uncertainty level, the study, therefore, recommended amongst others , the need for employee engagement and involvement in major mutual issues, reduce ambiguity, confusion , suspicion and initiate dynamic leadership with contingency module of decision making process of managing change resistance.</p> Akeem O AJANI, Akeem Olanrewaju SALAMI, Suraju, A. AMINU, Thaddeaus OLUFAYO Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/172 Tue, 26 Dec 2023 00:00:00 +0000 INTERNAL AUDIT AND CORPORATE GOVERNANCE IN ILESA BREWERY PLC, ILESA, OSUN STATE, NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/174 <p>This study examined internal audit and corporate governance in manufacturing<br>companies in Nigeria. Specifically, the study aimed to; examine the effect of professional<br>proficiency of internal auditor on corporate governance in manufacturing companies, assess<br>the impact of internal auditor independence on corporate governance in manufacturing<br>companies and establish the relationship between quality of the internal auditor work and<br>corporate governance in manufacturing companies in Nigeria. To investigate the objective a<br>descriptive research design was adopted to gather data for the study through the distribution<br>of questionnaire to respondents. Two hundred and five (205) respondents were selected for<br>the study through stratified random sampling technique and the instrument used was<br>distributed accordingly. More so, from 205 copies of questionnaire distributed to the<br>respondent only 202 copies were returned and used for the study. Both descriptive and<br>Ordinary Least Square test were adopted to investigate the objectives of the study. The<br>finding of the study revealed that professional proficiency of internal auditor had significant<br>positive effect on corporate governance in the selected Brewery Company. It was discovered<br>that internal auditor independence was positively impactful on corporate governance. It was<br>found that there was a significant positive relationship between quality of the internal auditor<br>work and corporate governance in the selected manufacturing company. The study concluded<br>that internal audit boosted corporate governance of manufacturing companies in Nigeria.<br><br></p> Ayeni, Rafiat AGBAJE, Adesodun Isaac ADEBAYO, Oluwatoyin AKINTAYO, Alex Olusola Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/174 Tue, 26 Dec 2023 00:00:00 +0000 CEO DEMOGRAPHICS ATTRIBUTES AND EARNINGS MANAGEMENT: EVIDENCE FROM NIGERIAN LISTED DEPOSIT MONEY BANKS http://fjam.fuoye.edu.ng/index.php/fjam/article/view/177 <p>In the everchanging terrane in the global financial markets, understanding the nexus between<br>Chief Executive officers [CEO] demographic attributes and earnings management is germane.<br>This article seeks to investigate the relationship between CEO demographic attributes, Board<br>Independence and earnings management amongst deposit money banks quoted on the Nigerian<br>stock exchange by utilizing a time period from 2012 to 2022.Ex-post facto research design was<br>adopted and the study’s scope consists of all the 26-deposit money banks, of which a sample of<br>10 banks were purposively selected. The dependent variable Earnings management was<br>quantified using the Yoon, Kim and Woodruff score, while the predictors CEOs attributes and<br>Board Independence were proxied by CEOs gender, CEOs ownership and Board Independence<br>respectively. The findings of the study indicate that CEO’s gender diversity and board<br>independence have a negative and statistically insignificant effect on EMG [β=-0.001525,<br>p=0.3031&amp;β=-0. 002795.p=0.0582], while CEO’s ownership has a positive and statistically<br>significant effect on EMG [β=0.041617, p=0.0011] of sampled deposit money banks. The study<br>recommends amongst others that regulators should encourage companies to consider<br>regulations that support more female appointments as CEOs. Further, the need to regulate the<br>shareholdings of CEOs is pertinent to avoid incongruent behaviors aimed at value destroying<br>earnings manipulations.<br><br></p> Adeolu Abata MATTHEW, Omoregbee GODWIN, Sulaiman Adeyemi BABATUNDE Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/177 Tue, 26 Dec 2023 00:00:00 +0000 GENDER DIVERSITY AND CORPORATE FINANCIAL PERFORMANCE: EVIDENCE FROM LISTED NIGERIAN CONSUMER AND INDUSTRIAL GOODS FIRMS http://fjam.fuoye.edu.ng/index.php/fjam/article/view/178 <p>In recent years, there has been a growing interest among researchers and business leaders in understanding the impact of gender diversity on firm’s performance. This study examines the effect of gender diversity on financial performance of listed fast-moving consumer and industrial goods firms quoted in Nigeria as of December 2022. The predictor, Gender diversity was proxied by percentage of women directors on the board, percentage of women directors on the audit committee and board independence. While the predicted variable performance was proxied by Asset efficiency ratio. The study scope included a sample of 16 companies drawn from consumer and industrial goods firms quoted on the Nigerian stock exchange and the robust fixed effect regression was the data analysis tool. The study found a negative and statistically significant effect between gender diversity variables and company's performance [b=-0.340,p=0.012&amp;b=-0.259,p=0.001]while board size was found to have a statistically insignificant influence on financial performance[b=-0.139,p=0.964]. The study concludes that gender diversity on the board and audit committee diminishes the financial performance of listed fast-moving consumer and industrial goods firms quoted exchange, and recommends among others that the board of the fast-moving consumer and industrial goods firms quoted in Nigeria should ensure a well-diversified board and audit committee.<br><br></p> Adeolu Abata MATTHEW, Omoregbee GODWIN, Deborah Suarau OLUWATOYIN Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/178 Tue, 26 Dec 2023 00:00:00 +0000 Influence of Leadership Styles on Management of Change Resistance in Selected Organization’s in Lagos State, Nigeria. http://fjam.fuoye.edu.ng/index.php/fjam/article/view/179 <p>This study provides a comprehensive conceptual exploration of mechanized accounting, specifically focusing on the application of computers and related systems to business accounts. With the advancements in technology, computers have revolutionized the accounting profession, enabling more efficient and accurate processing of financial data. This paper discusses the key elements of mechanized accounting, including hardware and software components, databases, and networking. It also explores the benefits and challenges associated with mechanized accounting, such as increased productivity, data security concerns, and the need for skilled professionals. The paper further examines the impact of mechanized accounting on various aspects of business operations, including financial reporting, auditing, and decision-making. In-text citations from relevant sources are provided throughout the paper to support the discussion. The study find that mechanized accounting enhance financial management processes by integrating computer technology and related system. This study concludes that mechanized accounting has emerged as a powerful tool for businesses to enhance their financial management processes. The study recommends that business need to continuously conduct a thorough needs assessment; select the right accounting software; ensure data integrity and security; provide comprehensive training and support; foster a culture of continuous improvement; regularly review and update internal controls; and stay informed about regulatory changes to optimize the benefits of mechanized accounting systems.<br><br><br></p> Betty Oluwayemisi Ali-Momoh, Aderemi Daniel ADEKANMI, Folasade Funmi OLORUNSOLA Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/179 Tue, 26 Dec 2023 00:00:00 +0000 FINANCIALIZATION AND INCOME INEQUALITY IN AFRICA: A STUDY OF SELECTED SUB-SAHARAN ECONOMIES http://fjam.fuoye.edu.ng/index.php/fjam/article/view/187 <p>The growing relevance of financial markets, institutions, and their motivations in the operations of modern economy has placed the global activities on a dynamic financial technological practice that involves growing financial services relative to traditional productive activities. This study explores the nature of the influence of financialization on income inequality in selected sub-Saharan economies in order to have statistical basis to justify the complex nature of their interactions. Secondary data on variables such as private sector claims, stock traded, government expenditure and trade were obtained from 15 selected countries between 1980 to 2022 which gives 645 observations as contained in the World Bank Development Index, 2022. The statistical output obtained from the Generalized Method of Moment (GMM) revealed that private sector claims, and stock trades have positive influence on income inequality within the period reviewed. Thus, the study concluded that there is a need for a deliberate effort to address this reverse development that is widening the income inequality gap in order to attain meaningful development in sub-Saharan Africa.<br><br></p> Babatunde Sulaiman ADEYEMI, Godwin OMOREGBEE, Yusuf Aina SOYEBO, Mathew. A. Abata, Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/187 Tue, 26 Dec 2023 00:00:00 +0000 RISK TRANSFER MECHANISMS AND BANK’S PERFORMANCE IN NIGERIA: A DYNAMIC PANEL PERSPECTIVE http://fjam.fuoye.edu.ng/index.php/fjam/article/view/188 <p>This study examined the influence of risk transfer mechanisms on economic performance of selected Deposit Money Banks in Nigeria using measures such as insurance premium, portfolio investment and pledged asset while performance was captured using return on asset and investment. The study adopted an ex-post facto research design with a census of eight (8) commercial banks with international authorization license by the Central Bank of Nigeria based on their wide range of expertise and experience. The study gleaned the required data from the annual reports and account of these DMBs between 2012 and 2022. The obtained data were explored using the Fully Modified Ordinary Least Square regression technique after the stationarity test indicated a first difference stationarity. The panel FMOLS results showed that risk transfer mechanism such as portfolio investment and insurance premium have positive long run influence on the return on asset of DMBs while pledged asset has a negative influence on return on asset. Thus, the study recommended that risk transfer mechanism such as insurance and portfolio diversification should be explored.<br><br></p> Yusuf Aina SOYEBO Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/188 Tue, 26 Dec 2023 00:00:00 +0000