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All Journal Journal of Accounting Auditing and Business Journal of Enterprise and Development (JED) Jurnal Dinamika Akuntansi dan Bisnis (JDAB)
Igbinovia, Ikponmwosa Michael
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Economics, Econometrics & Finance Social Sciences

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Financial liberalization and economic growth in the ECOWAS Sub-Region Igbinovia, Eghosa Lawson; Igbinovia, Ikponmwosa Michael
Journal of Enterprise and Development (JED) Vol. 5 No. 2 (2023): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v5i2.6944

Abstract

Purpose — The study examines the nexus between financial liberalization and the economic growth of ECOWAS member states.Method — The longitudinal and latitudinal survey research design (expo-facto) is used in this study. Data are sourced from the World Bank and IMF Data Set for 2012-2020 and employed panel co-integration and system GMM for analyses.Result — We found that financial liberalization significantly impacts the economic growth of selected ECOWAS member countries. Similarly, the domestic economy's openness significantly impacts economic growth. While financial development exerts a positive impact, exchange rate and inflation negatively impact economic growth, the impact of interest rate is positive but insignificant.Contribution — The study provides cross-country evidence on the empirical nexus between financial liberalization and the economic growth from ECOWAS member states. To the best of authors’ knowledge, the study is one of the few studies on cross-country financial liberalization and the economic growth and used the panel data regression analysis. By this, the study covers a methodological gap, using a technique that can account for endogeneity and omitted variable problem.
Financial liberalization and economic growth in the ECOWAS Sub-Region Igbinovia, Eghosa Lawson; Igbinovia, Ikponmwosa Michael
Journal of Enterprise and Development (JED) Vol. 5 No. 2 (2023): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v5i2.6944

Abstract

Purpose — The study examines the nexus between financial liberalization and the economic growth of ECOWAS member states.Method — The longitudinal and latitudinal survey research design (expo-facto) is used in this study. Data are sourced from the World Bank and IMF Data Set for 2012-2020 and employed panel co-integration and system GMM for analyses.Result — We found that financial liberalization significantly impacts the economic growth of selected ECOWAS member countries. Similarly, the domestic economy's openness significantly impacts economic growth. While financial development exerts a positive impact, exchange rate and inflation negatively impact economic growth, the impact of interest rate is positive but insignificant.Contribution — The study provides cross-country evidence on the empirical nexus between financial liberalization and the economic growth from ECOWAS member states. To the best of authors’ knowledge, the study is one of the few studies on cross-country financial liberalization and the economic growth and used the panel data regression analysis. By this, the study covers a methodological gap, using a technique that can account for endogeneity and omitted variable problem.
Environmental, Social, and Governance (ESG) Reporting and Firm Value in Nigeria Manufacturing Firms: The Moderating Role of Firm Advantage Igbinovia, Ikponmwosa Michael; Agbadua, Bamidele Oyakhiromhe
Jurnal Dinamika Akuntansi dan Bisnis Vol 10, No 2 (2023): September 2023
Publisher : Accounting Departement Economics and Business Faculty Syiah Kuala University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jdab.v10i2.30491

Abstract

The study examines the influence of environmental, social and governance (ESG) reporting on value-based performance; and the moderating effect of firm advantage on the nexus between ESG reporting and value-based performance of Nigerian quoted manufacturing firms. Using secondary data from the annual report of 20 manufacturing firms for the period 2017 to 2021, analysis involved descriptive statistics, correlation and regression analysis. The study finds that ESG reporting exerts no significant impact of firm value during the study period, but the effect was magnified and significant when moderated with firm advantage (profitability minus capital cost). Firm advantage has a significant effect on firm value-based performance of Nigerian quoted firms. No direct impact was observed for ESG and firm value, implying that ESG disclosures can only influence firm value meaningfully if it is focused on improving profitability by increasing sales through improved public image, and by achieving reduced finance cost. From the studys findings, ESG alone do not directly drive firm valuation, suggesting the existence of possible channels of transmitting ESG disclosure to value.
Determinants of forward-looking information disclosures among nonfinancial firms in an emerging economy Igbinovia, Ikponmwosa Michael; Rapheal, Oluwaseun Joy
Journal of Accounting Auditing and Business Vol 9, No 1 (2026): January Edition
Publisher : Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jaab.v9i1.66066

Abstract

The disclosure of Forward-looking information (FLI) is non-mandatory. The study investigates the determinants of FLI by examining specific corporate governance and firm-level variables known from disclosures literature to be core determinants of voluntary disclosures. The investigation relied on data from 29 non-financial listed companies in a developing country over the period 2018 to 2023. From a positivist philosophy, the study adopted a quantitative approach. The authors employed a comprehensive methodological approach, involving the use of Descriptive Statistics, Panel Correlation, Panel Hausman Test, and the Panel Random Effects Model (REM). A balanced panel of 174 firm year observations was used to ascertain the impact of corporate governance and firm level attributes which are the independent variables of the study. The findings reveal that board independence and board size have a negative impact on FLI, suggesting that greater board independence and larger boards may reduce the extent of FLI disclosures. Conversely, board gender diversity and board foreign directorship positively influence FLI, indicating that diverse and internationally experienced boards contribute to better FLI disclosures. Firm size and leverage are also positively associated with FLI. Interestingly, the study finds that profitability has a negative relationship with FLI, suggesting that more profitable firms may focus less on disclosing FLI. The study provides additional insight using Nigerian evidence on the drivers of FLI disclosures in a developing country context, where information assymetry is dominant and regulation is relatively weak.
Co-Authors Agbadua, Bamidele Oyakhiromhe Igbinovia, Eghosa Lawson Rapheal, Oluwaseun Joy