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Chinedu Francis Egbunike
Department of Accountancy, Nnamdi Azikiwe University, Awka, Nigeria

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Macroeconomic factors, firm characteristics and financial performance Chinedu Francis Egbunike; Chinedu Uchenna Okerekeoti
Asian Journal of Accounting Research Volume 3 Issue 2
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-09-2018-0029

Abstract

The purpose of this paper is to explore the interrelationship between macroeconomic factors, firm characteristics and financial performance of quoted manufacturing firms in Nigeria. Specifically, the study investigates the effect of interest rate, inflation rate, exchange rate and the gross domestic product (GDP) growth rate, while the firm characteristics were size, leverage and liquidity. The dependent variable financial performance is measured as return on assets (ROA).The study used the ex post facto research design. The population comprised all quoted manufacturing firms on the Nigerian Stock Exchange. The sample was restricted to companies in the consumer goods sector, selected using non-probability sampling method. The study used multiple linear regression as the method of validating the hypotheses.The study finds no significant effect for interest rate and exchange rate, but a significant effect for inflation rate and GDP growth rate on ROA. Second, the firm characteristics showed that firm size, leverage and liquidity were significant.The study has implications for regulators and policy makers in formulating policy decisions. In addition, managers may better understand the interplay between macroeconomic factors, firm characteristics and profitability of firms.Few studies have addressed the interplay of macroeconomic factors and firm characteristics in determining the profitability of manufacturing firms in the country and developing countries in general.
Board leadership structure and earnings quality Chinedu Francis Egbunike; Augustine N. Odum
Asian Journal of Accounting Research Volume 3 Issue 1
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-05-2018-0002

Abstract

One main concern and issue affecting earnings quality is the extent to which managers manipulate earnings to mislead stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers. This study builds on prior research and examines empirically the relationship between board leadership structure and earnings quality of manufacturing firms in Nigeria. The purpose of this paper is to specifically focus on four board structure characteristics: board size, composition, proportion of non-executive directors and CEO duality.Data used for this investigation were collected from secondary sources, i.e. annual reports and accounts. The study used the Pooled OLS regression model to examine the effect of the board structure on earnings management for a sample of 45 non-financial listed Nigerian companies (conglomerates, consumer goods and industrial goods firms) for the years 2011 to 2016.Based on the analysis, board size and board composition were positive and significant. However, proportion of non-executive directors was negative and significant; while, CEO duality was positive and statistically significant. It was consequently recommended that audit firms should review their audit business model and become more circumspect of their client, e.g. provide fraud assessment and checks for earnings quality. Boards should not just reflect size but rather the skills and expertise of individuals appointed to the board. Furtherance to this, the effectiveness of boards can be improved by committees and sub-committees allocation of duties.Few studies have addressed this area in the country.
Co-Authors Augustine N. Odum Chinedu Uchenna Okerekeoti