Earnings quality

The widespread practice of earnings management adversely impacts the quality of financial reports and increases information asymmetries between owners and managers. The present study investigates the effect of shareholder activism (as expressed by the proxy proposals sponsored by shareholders), and monitoring by the largest institutional owner on earnings management. Our longitudinal analyses indicate that the number of shareholder proposals received by firms is positively related to subsequent earnings management, yet concurrently, monitoring by the largest institutional owners is negatively related to earnings management. Our findings shed light on the equivocal results reported by prior research regarding the impact of shareholder activism on firm performance, on one hand, and ownership monitoring and performance, on the other.

This study examines the effect of board structure on tax aggressiveness among quoted deposit money banks in Nigeria over the period 2015-2024. The research is motivated by the increasing global scrutiny of corporate tax behavior and the growing recognition of governance mechanisms as determinants of fiscal responsibility. Adopting an ex-post facto research design, the study utilizes a balanced panel dataset of thirteen (13) deposit money banks listed on the Nigerian Exchange Group (NGX). Tax aggressiveness is measured using the cash effective tax rate (cash taxes paid divided by operating cash flow), while board structure is proxied by board independence, board size, and board financial expertise, with firm size introduced as a control variable. Data were extracted from audited annual reports and analyzed using panel regression techniques. the Hausman specification test supports the adoption of the random-effects model. The result indicate that board size has a positive and significant effect on tax aggressiveness, Conversely, board independence ha a negative and significant effect on tax aggressiveness, Board financial expertise has insignificant effect on tax aggressiveness The study concludes that the composition and functionality of corporate boards are vital determinants of responsible tax behavior among financial institutions. It recommends that regulators such as the Central Bank of Nigeria (CBN) and the Financial Reporting Council (FRCN) reinforce governance frameworks that ensure optimal board size, strengthen functional independence beyond statutory quotas, and promote continuous capacity-building in financial oversight and tax governance. Strengthening these mechanisms will align Nigeria's banking governance with global best practices and foster a more transparent and accountable tax culture.

1. INTRODUCTION In the emerging economies of the world including Nigeria, just as it did in the advanced economies, the COVID-19 Pandemic posed significant challenges to corporate financial stability. This resulted in increased economic uncertainty, reduced profitability and greater pressure on firms to maintain investors' confidence even after the pandemic. With such economic distortions and quagmire, managers were believed to have been incentivized to manipulate earnings in order to meet performance targets, secure financing or portray stability to its stakeholders (Kabir, 2022; Ombugu & Udeh, 2023). With the shift to remote operations and virtual oversight which was adopted during the pandemic and continued even post COVID-19 era, many have argued that traditional monitoring mechanism has been weakened thereby giving management greater latitude to engage in earning manipulation without immediate detection (Okegbe, Egbunike & Echekoba, 2019). However, many have argued that earning management manipulations would only be rife when corporate governance mechanisms are weak but not when corporate governance mechanisms are strengthened (Al-Azeez, Sukoharsono, Roekhudin & Andayani, 2019; Ombugu & Udeh, 2023). Based on the foregoing, the role of corporate governance mechanism in influencing earning management practices has remained subject of intense scholarly debate (Aleqab & Ighnaim, 2021; Kabir, 2022). While some have found that corporate governance mechanism (components) reduced earning management practices, other scholars have argued that they failed to reduce earning management practices (Al-Azeez, Sukoharsono, Roekhudin & Andayani, 2019; Aleqab & Ighnaim, 2021). For instance, board independence audit committee, CEO duality, audit committee independence and ownership structure and a host of other corporate governance mechanisms, which are designed to promote transparency and accountability, have yielded different effects on earning management practices in firms. While Al-Azeez et al (2019) argued that CEO duality improved earning management practices, Aleqab and Ighnaim (2021) argued that board independence and financial experience failed to improve earning management practices in firms. Furthermore, Ombugu and Udeh (2023) found that audit committee size and independence significantly increased earning management practices in Nigerian firms.

The performance of mining companies today is not only measured financially, but also by their ability to adapt to the global energy transition. RE has become a crucial solution for countries to reduce dependence on fossil fuels while minimizing environmental impacts. This study examines the impact of tax incentives on company performance in the Indonesian mining sector. Using data from 37 mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2014-2023, this study found that tax incentives have a significant positive effect on company performance, as measured by Return on Assets (ROA). These results support the Stakeholder and Resource-Based View theories, which emphasize the importance of tax incentives in increasing operational efficiency and company value. The implications of this study are beneficial for company management in making investment decisions and the government in designing effective tax incentive policies.

This study examines the agency problem of expropriation using dividends in politically connected firms and the relevance of institutional investors in limiting this problem. Our results suggest that politically connected firms (PCON) have a preference to pay lower dividends whereas institutional investors are more likely to demonstrate a higher preference for higher dividends. The interaction effects between political connection and institutional investors indicate a positive relationship with dividends which suggest that, in the presence of institutional investors, politically connected firms are more likely to be associated with higher dividends payout. This further emphasizes on the role of institutional investors in limiting expropriation concerns within PCON firms. Our further analysis also suggests that institutional investors are more concerned with higher capital investment which in turn creates the potential to enhance firm valuation (contrary to PCON firms). Our findings a...

A significant shift in workplace culture across different jurisdictions, as well as in the employeremployee relationship, has brought the subject of employee trust in management as a determinant of firm performance under the searchlight of researchers. While extensive work had earlier been done, and research are still ongoing on the significance of executive compensation in improving a firm's financial performance, an attempt to combine the effects of executive compensation and employee trust to highlight the influence of leader-employee dynamics is unprecedented in literature. Therefore, the aim of this study is to investigate the relationship between executive compensation and employee trust in management on the financial performance of selected GPTW-Certified companies in Nigeria. Cross-sectional data were extracted from both the audited financial statements of the selected firms and the database of the GPTW Institute. The analysis revealed an inverse relationship between executive compensation and financial performance of firms, indicating that higher executive compensation does not necessarily translate to improved financial performance while a positive association between employee trust and financial performance was also found, indicating that when employees trust their managers, their productivity increases and the firm's financial performance improves.

This paper aims to investigate the value relevance of ESG (environmental, social and governance) and earnings quality of companies listed on the Indonesia Stock Exchange during the period from 2012 to 2022. Furthermore, this study also investigates the value relevance of earnings and book value in the presence of ESG and earnings quality. The value relevance was operationalized using Ohlson's price model (1995), and data was extracted from the Refinitiv database. Based on 353 firm-years, the panel data analysis indicates that ESG and earnings quality have value relevance; this proves that information about ESG and earnings quality are used by investors and stakeholders as a basis for decision-making. Moreover, the presence of ESG has a negative impact on the value relevance of earnings but has a positive impact on the value relevance of book value. By contrast, with ESG, the presence of earnings quality has a positive impact on the value relevance of earnings but has a negative impact on the value relevance of book value, implying that when the quality of accounting information increases, users rely more on earnings information rather than book value. A robustness test testing was also carried out by conducting sub-sample tests based on the period during which the COVID-19 pandemic occurred during the research. Results show that before the pandemic, users tended to be more interested in ESG information, while during the pandemic, users tended to focus more on earnings quality information as a basis for decision-making.

While sustainability has become a global call, manufacturing firms in Nigeria continue to face challenges in making their corporate sustainability reporting transparent. Precisely, the challenges are often symptomatic of poor underlying corporate governance structures, particularly in the composition of the board in terms of gender and the presence of foreign directors. Though highly recognized for driving improved sustainability practices, boards that are diverse and internationally oriented are yet to be certain about their particular influence on sustainability reporting in Nigeria. In light of these challenges, this study seeks to explore how board gender diversity and foreign director presence influence corporate sustainability reporting in Nigeria. The study adopted an ex-post factor research design and sampled 20 manufacturing companies using a judgmental sampling approach. The study utilized secondary data collected from annual reports of listed manufacturing firms throughout 2010-2023 and employed an error-corrected panel regression technique for data analysis. The findings indicate that board gender diversity positively influences corporate sustainability reporting, while the presence of foreign directors does not significantly influence corporate sustainability reporting in Nigeria. This study concludes that diverse and international boards are more likely to lead to comprehensive sustainability reporting. The present study made available some insight into the role that inclusive board configurations can play in furthering good corporate governance and sustainability in Nigerian firms. The study recommends that corporate entities should ensure that promoting gender diversity on boards is a step towards enhancing their corporate governance and sustainability practices, which also needs companies to encourage and promote gender inclusion in board appointments to influence their sustainability reporting and dedication towards corporate social responsibility.

This study aimed to examine the intricate relationship between corporate governance attributes and investor confidence within the Ghanaian banking sector by employing secondary data from 2010 to 2021. Drawing on agency theory and stakeholder theory, the research focused on assessing the impact of board size, education, independence, and gender diversity on investor confidence, measured through deposit and equity values. Leveraging data from nine listed banks in Ghana, the study employed fixed effect and random effect panel models to scrutinize the relationships. The key findings revealed a significant positive relationship between governance attributes and investor confidence. Board size exhibited a curvilinear effect, suggesting an optimal threshold for maximizing investor confidence. Conversely, board education, independence, and gender diversity showcased positive linear associations with investor confidence, emphasizing their pivotal role in bolstering stakeholder trust. The study emphasizes the need for tailored governance practices and policies to enhance investor confidence within the banking sector, offering actionable recommendations to strengthen governance frameworks and foster investor trust. DECLARATION .

This study investigates the moderating effect of profitability on the relationship between board characteristics and financial reporting quality among listed insurance companies in Nigeria. Drawing on agency theory, the study examines board independence, board diligence, and board gender diversity as predictors of financial reporting quality, with profitability as a moderating variable. Firm size and leverage are included as control variables. A causal research design was employed using secondary data from 17 insurance firms listed on the Nigerian Exchange Group over a ten-year period. Descriptive and inferential statistics were conducted using STATA 15.1, with earnings management (Modified Jones Accrual Model) serving as a proxy for financial reporting quality. The results reveal that board diligence significantly enhances financial reporting quality, while board independence and gender diversity do not have direct significant effects. However, profitability significantly moderates the relationship between gender diversity and financial reporting quality, indicating that gender-diverse boards are more effective in loss-making firms. Firm size and leverage showed no significant impact on financial reporting quality. The study concludes that board effectiveness in improving financial reporting quality is contingent on both internal governance practices and financial performance. It recommends enhancing functional board independence, institutionalizing board diligence through regulatory codes, and promoting meaningful gender diversity, particularly in low-profit firms. Context-specific governance reforms and continuous board training are also advised. These findings offer practical implications for policymakers and regulators in emerging markets seeking to improve financial transparency and corporate accountability in sectors with governance vulnerabilities such as insurance.

The significance of Gender diversity in enhancing quality of reporting has been a focal point of the theoretical and empirical research in recent decades. However, discrepancies persist between empirical findings and theoretical perspectives regarding the role of female representation in improving disclosure quality. This study aims to elucidate the relationship between female representation and disclosure. This study employs a series of meta-analyses techniques on 189 empirical studies spanning over 39 countries to investigate the relationship between female representation and disclosure. It further examines how gender parity, shareholder protection, types of disclosure, and publication quality moderate this relationship. The meta-analysis results indicate that female representation is significantly positively associated with disclosure. This positive association is more pronounced in countries with high gender parity and low shareholder protection, underscoring the crucial monitoring role female representation can play in safeguarding shareholders' interests, particularly when women have greater influence in boardroom decision-making (i.e., gender parity). Additionally, the findings reveal that female representation is more significantly associated with social and environmental disclosure than with financial and governance disclosure. The study provides valuable insights for regulators, directors, and shareholders by advocating for the empowering of female representation and increasing the representation of women in senior positions within firms.

This study investigated the effect audit quality on financial performance of selected deposit money banks in Nigeria for a period of ten (10) years spanning from 2013 to 2022. Ex-post facto and longitudinal research design was adopted. Financial performance was used as dependent variable captured using Tobin's q while audit fee, audit firm size, audit tenure and auditor academic qualification were used as independent variables. Population of the study consist of seventeen (17) Deposit Money Banks from which a sample of 12 quoted Deposit Money Banks from Nigeria Exchange Group was selected for the period of ten years spanning 2013 to 2022. The secondary sources of data were collected from annual reports of the selected banks quoted in Nigeria Exchange limited and four (4) specific objectives and hypotheses were subjected to some preliminary data tests like descriptive statistics, Pearson correlation analysis and Variance inflation factor. The formulated hypotheses were tested and analyzed using panel regression analysis for further decision making. Using a sample of 120 firm-year observations, the result revealed that audit quality components such as auditor academic qualification has positive and significant effect on financial performance of Deposit money banks in Nigeria which was statistically significant at 5% level of significance while audit fee has negative but significant effect on financial performance of Deposit money banks in Nigeria which was statistically significant at 5% level of significance. Again, audit tenure and audit firm size have positive but non-significant effect on financial performance of quoted Deposit money banks in Nigeria. The study recommends among others that auditors should be encouraged to obtain additional qualifications as it aids them in providing high quality audit services that is capable of improving financial performance while regulatory agencies in Nigeria should increase surveillance on audit practices with regards to fees charged to improve financial performance of banks in Nigeria.

This study examines the influence of board independence and gender diversity on corporate performance among 153 quoted Nigerian firms, utilizing balanced panel data from 2015 to 2024. The problem motivating the research is persistent mixed evidence on whether independent directors and greater female representation enhance firm value in emerging markets, and the scarcity of comprehensive Nigeria-specific longitudinal analyses. The purpose is to estimate the distinct and joint effects of board independence and female board representation on financial performance measures (ROA, ROE, and Tobin’s Q), controlling for firm size, leverage, and liquidity. Methodology employs panel regression techniques—fixed and random effects, Hausman tests for specification, and robustness checks including clustered standard errors and instrumental-variable estimation to address endogeneity. Findings indicate that board independence has a modest positive association with market-based performance, while gender diversity exhibits stronger and more consistent positive effects on both accounting and market performance; the interaction term suggests complementary benefits when independence and gender diversity coexist. Research limitations include potential measurement error from disclosure variance and remaining endogeneity concerns. Practical and social implications encourage regulators and firms to promote balanced boards to strengthen performance and stakeholder trust. Originality lies in combining a decade-long Nigeria-wide sample with rigorous causal checks to clarify governance–performance links.

This paper is an empirical analysis of the impact of Executive compensation on earnings quality of listed firms in Nigeria for the period of 2015-2019. The study adopts the multiple regression technique. Data were collected from the annual reports and accounts of sampled firms. The findings reveal that Executive compensation positively and significantly affect the earnings quality of listed Conglomerates in Nigeria, the result implies that firms that pay higher emoluments to its executive are likely to improve the quality of earnings. It is recommended that the listed Conglomerates firms should increase the amount paid as emoluments to their executives as the higher emolument paid and received by executives improve the level of earnings quality and reduces earnings management which may be detrimental to the goal and objectives of the firm. Key words: Compensation, Conglomerates, Executive, Incentives, Performance, Shareholders

The quality of audit is determined by the ability of an auditor in other to discover the breaches of accounting standards as well as their incentives for such breaches to be reported. That is to say that audit quality can be said to be a product of auditor competence as well as independence. The aim of this study is to examine the relationship between audit reporting lag and audit quality of listed consumer goods companies in Nigeria. The study adopted the ex post facto research design; and fifteen (15) firms were selected from the 20 listed consumer goods firms on the Nigerian Exchange Group. The data used were secondary data and were drawn from the selected firm's annual report from 2011 to 2020 as are contained in the Nigerian Exchange fact book. The data collected were analysed using Pearson correlation matrix. The results show that Audit reporting lag has negative significant relationship with audit quality of listed consumer goods companies in Nigeria. The study recommends among others that, the consumer goods companies should create enabling environment that will ensure the conduct of proper audit by the auditors and also for a timely release of their reports to users thus promoting quality decision making.

This study investigates the relationship between Board Configuration and financial Report Credibility Manufacturing firms. Using paneldata from 2016 to 2020, the study examines how board structure, board composition, audit committee size, and CEO duality affect financial report credibility. Results from regression analyses indicate that both board structure and audit committee size have significant positive impacts on financial report credibility, while CEO duality exhibits a negative but non-significant relationship. These findings support agency theory and underscore the importance of governance structures in enhancing transparency and reporting integrity. The study provides critical insights for policymakers and corporate boards seeking to improve governance practices in emerging markets.

Using path analysis, this study investigates the direct and indirect effect of accounting consistency and accounting-based earnings quality proxy on market synchronicity of the Egyptian listed firms. We firstly examine how time-series accounting consistency achieves earnings quality. We find a significant association between time series accounting consistency and lower variation of accruals residuals. We also examine the direct impact of accruals quality on stock returns synchronicity. We find a significant association between lower variation of accruals residuals and higher stock returns synchronicity. Finally, we examine the direct and indirect impact of accounting consistency on market synchronicity. We find that the consistent use of accounting policies can achieve market synchronicity only after achieving earnings quality. Our findings indicate that earnings quality increases the effect of time series accounting consistency on achieving stock returns synchronicity.

We examine the role of environmental, social and governance performance (ESGP), board gender diversity (BGD), and their interactive effect on stock price crash risk (SPCR). Using a dataset of Chinese companies listed in the A-share market between 2015 and 2022 and employing three-stage least squares statistics to address the endogeneity issue, we found that ESGP is negatively associated with SPCR. Notably, BGD exhibits a positive association with SPCR. However, the interaction between ESGP and BGD reveals a negative relationship with SPCR, suggesting that ESGP moderates the positive effect of BGD on crash-related risk. Our results still hold even after conducting a series of robustness checks, such as using a fixed effect model, a two-step GMM estimator, and alternative measures of ESGP and BGD. This study contributes to the governance and sustainability literature by highlighting the influence of ESGP and BGD on SPCR and their interactive role in mitigating crash risk through enhanced transparency, stronger stakeholder relations, and improved risk management. It offers valuable organisational and policy implications, suggesting that Chinese listed companies can leverage ESGP to effectively reduce SPCR and strengthen corporate governance practices.

The purpose of this article is to show on the example of Warsaw Stock Exchange, Poland (WSE) how in emerging capital markets dividends provide information about earnings quality as measured by their persistence. In the paper the regressions models of future earnings (in years t + 1 and t + 2) were applied on current earnings (in year t), current dividends decision (in year t) and the interaction of current dividend decision and earnings proposed by D. J. Skinner and E. Soltes (2011), using pooled cross -sectional time -series data. A set of 2263 observations coming from the companies listed on the WSE in 1995-2009 was used for the calculation. For estimating the parameters, recursive modeling was used. Specific models were estimated using the heteroskedasticity-corrected general least squares method. It was shown that on the WSE the quality of earnings depends more distinctly on a firm's dividend policy than on the developed markets.

Both mechanistic and positive accounting theories were postulated to explain the drivers of earnings management. Scholars postulated the theories perhaps under the belief that market would always be sensitive to firm performance reports. Since the emergence of these theories, many empirical researches have been based on such a framework. They found that positive relationship exists between capital market and earnings management. The key questions we want to address in this present study is whether the direction will remain unaltered if market goes insensitive. In addition, if it has altered, what key factors could determine earnings management in the turn of the market? Given that some developing economies capital markets are now insensitive to performance stimuli for over a long period, the reality of metrics constituting the real drivers of earnings management needs rethinking for avoidance of investors’ resource misallocation. In this study, we examined variables that could reall...

Purpose -To verify the effects of the mandatory nature of the new rule on revenue recognition on the quality of accruals and earnings management in publicly held Brazilian companies listed on the B3. Theoretical framework -By requiring greater judgment and discretion in assessing companies' performance obligations, IFRS 15 can provide greater scope for managerial influence on earnings quality. Design/methodology/approach -A total of 305 Brazilian companies were used with annual data covering 2011 to 2021. As proxies for quality, the accruals quality model by and the earnings management model by Pae (2005) were used. In addition, two models were estimated using quantile regressions to verify whether the new standard affects earnings quality. Findings -After the adoption of the standard, there is evidence of a reduction in the quality of accruals of companies in the technology sector and an increase in earnings management in general, especially in the industrialized products sector. From the research, it is possible to verify that there is evidence that IFRS 15 did not bring improvements in earnings quality in Brazilian public companies. Practical & social implications of research -Due to the failure to achieve the initial objectives expected by the implementation of IFRS 15 in Brazil, standard setters should monitor the evolution of the implications of the use of this standard, eventually seeking to improve it in the search to align the exercise of manager judgment to practices that improve the quality of accounting information. Originality/value -This study provides evidence that a new accounting standard resulted in a reduction in the quality of reported earnings, contributing to the formulation of mechanisms to improve the application of the standard, especially in the most affected sectors.

Purpose -The purpose of this paper is to examine the effectiveness of Board of Directors in reducing earnings management acti v iti es in listed non-financial services sector in Nigeria. Design/Methodology/Approach -Earnings management is seen through discretionary accruals as suggested by . Board of directors is measured using six characteristics: board size, independence, meetings, CEO duality, audit committee, nomination and remuneration committee. These characteristics are tested using a sample of 75 non-financial services companies listed on the Nigerian Exchange Group. The study covers a period of 10 years (2012)(2013)(2014)(2015)(2016)(2017)(2018)(2019)(2020)(2021). The hypotheses are tested using multiple regression analysis. Findings -The results show that some Board of Directors characteristics, such as size and independence, are negatively associated with earnings management at significant levels. The originality of this research is its extension of the literature on the role of Board of Directors in reducing earnings management activities in Nigeria. Research Implications -These results provide empirical evidence to assist regulators in i d e n t i f y i n g effective Board of Directors characteristics. The findings are also useful to shareholders and capital market operators in evaluating the roles of Board of Directors in reducing earnings management activities in Nigeria. Research Limitations -However, the study is limited to listed non-financial services firms because financial services companies come under strict regulations from the Central Bank of Nigeria, Nigerian Deposit Corporation and Financial Reporting Council of Nigeria.

This study was motivated by the imperative to enhance financial transparency and stability within Nigeria's critical insurance sector. Its primary objective was to evaluate board independence, audit committee expertise, and ownership structure on earnings management. Employed an ex-post facto research design, the study analysed secondary panel data collected from the annual reports of 34 Nigerian insurance companies (selected from a population of 67) spanning the years 2015 to 2024.Using Ordinary Least Squares (OLS) regression, the findings were mixed: Board independence (β=-0.074, p=0.25) and audit committee expertise (β=-0.019, p=0.75) were found to have no statistically significant impact on earnings management. However, ownership concentration (β=+0.045, p=0.041) showed a significant and positive relationship with an increase in earnings manipulation. The regression models were statistically robust, evidenced by high adjusted R² values (0.865 for discretionary accruals and 0.945 for real earnings management). This suggests a notable gap between formal corporate governance structures and actual oversight, implying that dominant shareholders may prioritize short-term gains. Consequently, the study recommended improving accountability by enhancing legal protections for independent directors, increasing ownership transparency, and strengthening regulatory oversight.

We investigate the extent to which a client’s innovative effort affects the level of audit effort and whether the innovative-effort efficiency can attenuate the demand for greater audit effort associated with a client’s risky research-and-development (R&D) investments. We find that a client firm’s strategic emphasis on corporate innovations may require greater audit effort, but the efficiency of a firm’s innovative effort can attenuate the demand for heightened audit effort against risky, innovative efforts. Findings suggest that the external auditor does not always discourage corporate innovation as the efficiency of a firm’s innovation may lower the client business risk perceived by an auditor.

This research studied how financial accounting helps banks in Iraq make better investment decisions and stay financially stable. The study focused on five banks listed in the Iraq Stock Exchange and collected data from 209 employees working in accounting, finance, and investment departments. The goal was to see if financial reports and accounting systems are really used in practical decision-making or just treated as routine work. A questionnaire was designed with questions about three main variables: financial accounting (independent), investment decision-making (dependent 1), and financial sustainability (dependent 2). The results showed that financial accounting has a strong and positive effect on both investment decisions and financial sustainability. Employees agreed that accounting information helps with planning, risk assessment, and budget control. Regression analysis proved that accounting explains more than 50% of the changes in the two dependent variables. Diagnostic tests confirmed the models were valid, and the data was reliable and consistent. The study recommends that Iraqi banks improve the quality and use of accounting reports to support better financial choices and long-term planning. It also encourages more staff training and better systems for data sharing and transparency.

Firm value in many companies has been
deteriorating because of the lack of
reporting financial and non-financial
information,
resulting
in
lack
of
transparency and accountability. In today's
world,
most
successful
businesses
recognize that any business venture's core
purpose is to create firm value for investors,
customers, and employees by adopting
integrated reporting. Despite adopting
integrated reporting, many companies are
not doing well financially; hence, they need
to do more research on integrated reporting.
The study's objective was to determine the
effect of financial capital reporting on the
firm value of listed companies. Trade-off
theory guided the study. Positivism
research philosophy was used to guide the
study. A correlational research design was
adopted. The study population comprised
23 companies adopting integrated reporting
listed in the Nairobi Securities Exchange.
The choice of the listed firms at the Nairobi
Securities Exchange was validated because
it was the only stock market in Kenya
legally required to prepare integrated
reports under the company act CAP 486. A
census survey was employed. Secondary
data was collected from the Nairobi
Securities Exchange website from 2015
through 2022 for eight years. Panel
summary statistics and panel data
regressions were used to analyze the
gathered data. The components of
descriptive statistics included overall
means, standard deviations, minimum and
maximum ratios, the between-firm standard
deviations, and the within-firm standard
deviations. Panel data regressions included
serial correlation tests, stationarity tests,
Hausman tests, Breusch-Pagan Lagrange
multiplier (LM) tests, and testparm tests.
The Hausman test was used to select
suitable models between the random effects
(RE) and fixed effects (FE) for each
variable modeling. The findings analyzed
using STATA established that financial
capital
reporting
positively
and
significantly affects the firm value of listed
companies in a way that increasing
financial capital reporting improves the
firm's overall value. Firm value does not,
however, vary significantly with time but is
slightly influenced by unobserved firm
specific effects. Moreover, the benefits of
adopting reporting standards are only felt in
the long run. This finding reinforces
existing research by adding the knowledge
that the exact variance in firm value that
unobserved firm-specific factors add to the
idiosyncratic error can be determined when
the appropriate model is employed.

This study investigates the influence of corporate governance mechanisms, specifically board independence, institutional ownership, audit committee, and external audit, on the quality of integrated reporting. Despite growing interest in integrated reporting as a tool for enhancing corporate transparency, its quality remains inconsistent, raising concerns about the efficacy of governance structures in ensuring reliable disclosures. The purpose of this research is to explore how these governance mechanisms contribute to the quality of integrated reporting, considering both internal and external factors. A quantitative approach was employed, analyzing a sample of firms from diverse sectors using panel data regression models. Key findings suggest that board independence and institutional ownership positively impact integrated reporting quality, as these mechanisms enhance oversight and align managerial decisions with long-term shareholder interests. Similarly, the presence of a strong audit committee and the engagement of external auditors were found to improve the reliability and comprehensiveness of integrated reports. However, the study also reveals that firm size, leverage, and profitability moderate these relationships, influencing the effectiveness of governance mechanisms in different contexts. Limitations include the cross-sectional nature of the data, which limits the ability to establish causal relationships. The research contributes to the understanding of corporate governance in the context of integrated reporting, offering practical implications for policymakers and companies seeking to improve reporting quality. This study also carries social implications by promoting greater transparency in corporate practices.

The cost of capital is a critical determinant of firms' investment, financing, and growth strategies, yet its relationship with corporate governance mechanisms, particularly the role of non-executive directors (NEDs), remains underexplored in emerging markets. The problem addressed in this study is the limited empirical evidence on whether the presence and effectiveness of NEDs influence firms' ability to reduce capital costs. The purpose of this research is to examine the impact of non-executive directors on the cost of capital while controlling for firm size, profitability, and liquidity. Using a panel dataset of listed companies, the study employs a random effects regression model to analyze the relationship between board composition and capital cost over ten years (2015-2024). The findings reveal that a higher proportion of non-executive directors is associated with a statistically significant reduction in the cost of capital, suggesting that independent oversight enhances investor confidence and reduces perceived risk. Firm size and profitability also contribute to lowering capital cost, while liquidity shows a mixed effect. The study is limited by its focus on a single market context, which may restrict the generalizability of results across different institutional environments. Practically, the findings highlight the importance of strengthening board independence to improve firms' financial efficiency and investor appeal. Socially, the results underscore the broader role of governance reforms in enhancing transparency, protecting minority shareholders, and promoting sustainable capital market development. The originality of this study lies in its integrated analysis of NEDs and capital cost, offering fresh insights for both theory and practice.

This study examines the mediating effect financial leverage on the relationship between ownership structure and cash holdings of listed service in Nigeria. The study employed correlational research design using data from the Nigeria Exchange Group (NGX) over the period of fourteen years (20102023). Data was extracted from the annual report and accounts of the seventeen out of twentytwo listed services firms for the period through the application of filter from a purposive sampling technique. The data was subjected to descriptive statistics, correlation and Structural Equation Adjusted Modeling (SEM) were used as techniques for data analysis while bootstrapping result was used to determine the level of significance of the indirect effects and the hypotheses formulated were tested. The findings demonstrate that ownership structure does not influence financial leverage, this implies that firms with greater managerial, Institutional and foreign investors are likely to hold more cash for day-today activities while financial leverage affects cash holdings of the sampled firms. Moreover, ownership structure directly influences cash holdings without the influence of financial leverage decision as a mediator. Based on this finding, the study recommended that management of listed services firms should continue to strengthen governance frameworks to ensure that both foreign and institutional stakeholders prioritize effective cash management practices. In the same vein, policymakers encourage local ownership structure due to the influence of this type of ownership on a firm's capital structure and its joint importance effect with firm investments. In the same vein, management should develop robust cash management strategies to balance liquidity needs with debt obligations. This can include optimizing cash flow forecasts and managing working capital efficiently. 1 .

The study examined the impact of discretionary production cost on value of listed oil and gas marketing companies in Nigeria. The study used secondary panel data techniques for data analysis and interpretations in order to fully capture the objectives. The population of this study is made up of twelve oil and gas marketing companies listed NGX for a period of thirteen (13) years (2010-2022). Out of which eighty were used as sample size. The data was analyzed using descriptive and inferential statistical tools. Panel Regression technique was used to determining the impact of the explanatory variables on the dependent variable. The regression result shows that discretionary production cost has insignificant impact on value of listed oil and gas marketing companies in Nigeria. This implies that discretionary production decisions have secured balance with effective risk management and cost control, as the market may not strongly reward or penalize firms based solely on these decisions. Based on this conclusion, the study recommends that for purpose of investors, and policymakers, management of listed oil and gas marketing companies in Nigeria should assess the impact of discretionary production in conjunction with other critical factors influencing firm value. More son, strategic risk management and cost control practices should be emphasized to balance discretionary production decisions.

The objective of this study is to determine the effect of board gender diversity on tax avoidance through sustainability performance in non-financial companies in Indonesia and Malaysia for the 2014-2018 period. Currently, taxes are one of the largest sources of revenue for Indonesia and Malaysia. Due to the quite large role of taxes, the government seeks to increase revenue from the tax sector. However, there are obstacles in optimizing tax revenue, one of which is tax avoidance activities carried out by individual and corporate taxpayers. Taxpayers can reduce tax avoidance by increasing gender diversity and carrying out sustainability performance activities. This encourages researchers to verify the relationship between board gender diversity on tax avoidance through sustainability performance. This study uses WarpPLS 6.0 software and regression analysis methods to determine the relationship between variables. The result of the study has shown the positive effect on board gender diversity on tax avoidance through mediation of sustainability performance.

This research aims to provide empirically the effect of corporate governance mechanism and audit tenure to the integrity of financial statements. The population in this study are property and real estate companies listed on the Indonesia Stock Exchange in 2015-2018. Integrity of financial statements variables are measure by market book ratio using. The sample in this study was determined by purposive sampling method. The type of data used is secondary data obtained from www.idx.co.id as well as company website and other sites related to research. The analytical method used is Multiple Regression Analysis.  The results of this study indicates that only audit committees has significant influence to increasing integrity of financial statement. But managerial ownership, independen directors and audit tenure don’t influence on the integrity of financial statement

Corporate Social Responsibility (CSR) as one of the contemporary issues that is gathering momentum in both developed and emerging countries around the world. Consequent on this, this study examined the effect of firm attributes and corporate social responsibility practices of listed manufacturing firms in Nigeria from 2014-2023. The study adopted ex-post facto research design, using stratified and purposive sampling techniques, 24 firms were selected out of 60 listed manufacturing firms on the Nigeria Exchange Group as at 31 st December 2022. Analysis for the data collected was carried out using the panel data regression technique. Findings from the study revealed that profitability; firms' size and firms' growth were found to best statistically significant in explaining and positively related to corporate social responsibility practices. Thus, the study concluded that profitability, firm size and firms' growth has a significant effect on corporate social responsibility practices of listed manufacturing firms' in Nigeria. The study recommends that manufacturing firms' should increase their profitability and total asset to enable them improve on corporate social responsibility practices for the benefit of host communities.

The aim of this study is to explore the concept of green accounting and its impact on the sustainability of companies. Green accounting is an approach that seeks to integrate environmental considerations into traditional accounting practices. The research study uses mixed methodology to get consensus on the conceptual model and hypotheses formulated. By considering the environmental impacts of a company's operations, green accounting provides a more accurate picture of a company's financial performance. This paper argues that companies that adopt green accounting practices are more likely to operate sustainably, as they are able to identify and address environmental risks and opportunities more effectively. Green accounting is essential for companies seeking to operate sustainably and recommends that more companies adopt this approach to ensure long-term viability and success. The study advances methodologies, encourage interdisciplinary collaboration, guide practical corporate sustainability efforts, influence financial reporting standards, raise stakeholder awareness, and potentially shape policies to foster a more sustainable business environment. The study contributes to the topic area to incorporate environmental costs and benefits into financial reporting to raise funds legitimately from the environment disaster defaulters.

The research objectives to be achieved are to provide understanding and knowledge to the public, especially investors and creditors, regarding the implementation of good corporate governance and corporate social responsibility on the potential for financial distress and can be used as a reference for further researchers and stakeholders (investors, creditors and government) in making relevant and reliable decisions. The methods used are Descriptive Statistical Analysis, Classical Assumption Testing, and Hypothesis Testing to obtain a comprehensive picture of the relationship between one variable and another, with data collection techniques using the purposive sampling method. The population in the study were manufacturing companies in the consumer goods sub-sector listed on the IDX which were carried out for 5 years of observation, namely 2018-2022. The results of the study showed that good corporate governance had a negative effect on financial distress and corporate social responsibility had no effect on financial distress

Business organization including banks in Africa has involved risk management committee practice due to poor credit risk management. Consequently, studies in the past have explored risk management committee variable to examine credit risk exposure of banks. However, this research observed that a comparative approach between countries in Africa has not been adequately examined on the effect of risk management committee on credit risk exposure of banks. Hence, this research filled this gap and did a comparative analysis between Nigeria, Ghana, and South Africa on the effect of risk management committee (RMC) on credit risk exposure (CRE) of banks. This research covered a period of ten (10) years spanning from 2014 to 2023 and data were collected from the published financial statements of a sample size of fifteen (15) banks, five (5) banks from each of the countries, Nigeria, Ghana and South Africa. The data were analysed using ordinary least square regression and results were interpreted based on F-Statistics, P-Value (PV) and R-Square (R 2). The finding revealed that RMC has negative and significant effect on CRE of banks in Nigeria, Ghana and South Africa. The finding further revealed that there is greater significant effect of RMC on CRE of banks in Nigeria (R 2 = 63%) than South Africa (R 2 = 55%) and Ghana (R 2 = 47%), implying that banks in Nigeria has greater CRE as a result of increase in RMC, followed by South Africa and Ghana. Hence, this research concluded that the implementation of RMC is an important strategic management tool to reduce CRE of banks in Nigeria, Ghana and South Africa. This research recommends that, the banking regulatory bodies in Nigeria, Ghana and South Africa should strictly enforce that banks totally implement the adoption of RMC in line with the corporate governance codes on the number of RMC because this will significantly reduce CRE of the banks.

A potent strategy of corporate growth through M&A almost always includes a financial manipulation of quantity or
value elements to confuse decision-making. The paper analyses a strategic notion of earnings management (EM) visà-vis investment behavior in M&A-based economies with the idea that acquirers and targets will manipulate earnings
to communicate performance misperception, target attractiveness, and the optimization of transactional outcomes. The
study reviews recent data based on empirical findings internationally (and in GCC nations and the U.K.) about the
kind of manipulation with real earnings management (REM) or accrual-based mechanisms that distressed and non
distressed firms engage in the pre-acquisition period. It further explores the selective acquisition of target firms with
high leverage or earnings opacity and the way acquirers, especially strategic as opposed to financial buyers, recognize
manipulated signals within their models for valuation. This paper, providing further conceptualization linking EM,
investment timing, and target selection, also discusses governance factors such as gender-diverse boards and the
efficiency of capital allocation. Findings from recent studies in the extant literature show that in many ways, EM may
be a concern for short-term objectives but may be seriously damaging for value creation post-merger, especially when
acquirers do not look beyond the manipulated metrics. Thus, this review aims to enhance the knowledge base of how
strategic manipulation governs M&A pathways in emerging markets with useful insights for regulators, investors, and
corporate strategists.

Earnings manipulation has become a big issue in corporate acquisitions, affecting investment decisions and the
value perception of target firms. This article reviews the multiple roles earnings management plays in the strategic
decision-making aspect of mergers and acquisitions (M&A). Running on both empirical and theoretical grounds,
the investigation brings to light the extent to which manipulation influences valuation on acquirers' response to
inflated accounting performance indicators, and the strategic incentives for executives to manipulate earnings
reports pre- and post-acquisition. It reveals that target firms employ accrual and real earnings management to
improve their attractiveness, thereby affecting payment methods, deal premiums, and managerial mechanisms in
negotiation. Furthermore, the acquirers may conceal or deliberately interpret the manipulations, depending on
their investment objectives and governance structure. The study also deals with how leverage, sustainability, and
executive pay interplay with earnings management behavior, complicating acquisition outcomes. In short, the
work calls for increased scrutiny of acquisition practices upon due diligence and tighter corporate governance
mechanisms to counteract the dangers arising from earnings manipulation in acquisition situations. By describing
and exploring these dynamics, this article contributes to a better understanding of value perception, risk
assessment, and strategic behavior in acquisition environments.

This research focuses on the relationship between the quality of financial reporting and the level of corporate governance of Brazilian firms, particularly between New Market and Traditional Market. We measure earnings quality based on a widely used accruals model. Governance quality is represented by the type of market the firms chooses to be listed in. Firms that opt for the New Market must apply more stringent governance principles. The empirical analysis shows evidence of a positive relationship between the quality of financial reporting and the level of corporate governance. Thus, firms listed on the New Market characterized by better governance practices evidence better quality financial reporting.

Effective working capital management is essential to a company's survival. Working capital management helps managers in the value creation of the company and prevents the possibility of insolvency. This leads managers and researchers to make an effort to identify variables that affect working capital management. The main focus of this study is to examine the determinants of working capital requirements of non-financial firms listed in East African stock markets. Working capital requirement as a dependent variable was presented by the ratio of current assets less current liabilities over total assets and cash conversion cycle. However, the independent variable was represented by return on assets, sales growth, firm size, leverage and operating cash flow, while the country's gross domestic product growth rate was used as a control variable. For the company to be financially successful, it depends much on how financial managers use their skills to ensure that management of working capital is maintained at an optimal balance. The study used both a descriptive and a quantitative research design. Listed non-financial companies in East Africa, covering the period of 8 years from 2016 to 2023, were selected to represent the sample. Data analysis was done by eView12 using the panel generalised method of movement to establish the relationship between dependent and independent variables. This study concluded that there is a significant positive influence of return on assets, growth, firm size and operating cash flow on working capital requirement. This indicates that if the firm wants to grow and improve profitability it must increase the level of working capital. Furthermore, leverage and firm size were revealed to have a negative and significant influence on working capital requirement. Then, if the firm is highly geared, it leads to a reduction in the level of working capital. Moreover, GDP growth rate impacts working capital requirement positively, meaning that when the country's GDP increases, the company demands more cash to finance their working capital.

Bangunan bersejarah adalah bangunan yang memiliki nilai penting dari segi sejarah, budaya, ilmu pengetahuan, atau arsitektur, dan menjadi saksi bisu peristiwa masa lalu. Bangunan ini mencerminkan nilai-nilai, kepercayaan, dan tradisi generasi terdahulu, serta menjadi bagian dari warisan budaya yang perlu dilestarikan. Bangunan bersejarah adalah bukti terjadinya peristiwa penting, baik itu peristiwa politik, sosial, budaya, atau keagamaan. Bangunan bersejarah dalam metode penelitian ini adalah rumah adat ini mencerminkan nilai-nilai, kepercayaan, dan tradisi suatu masyarakat dari masa lalu. Bangunan ini bisa memberikan informasi berharga tentang perkembangan teknologi, arsitektur, atau gaya hidup pada masanya. Bangunan bersejarah juga seringkali dilindungi oleh peraturan perundang-undangan sebagai cagar budaya untuk menjaga keberadaannya. Istana Luwu berlokasi di tengah Kota Palopo, Pusat Kerajaan Luwu (sekarang salah satu kota kelas menengah di Provinsi Sulawesi Selatan). Dibangun oleh Pemerintah Kolonial Belanda sekitar tahun 1920-an di atas tanah bekas "Saoraja" (Istana sebelumnya terbuat dari kayu, konon bertiang 88 buah) yang diratakan dengan tanah oleh Pemerintah Belanda. Rumah adat Langkanae adalah bangunan bersejarah bagi orang-orang Luwu yang dibangun pada tahun 1619. Pada tahun 1970, pemerintah Luwu merekonstruksi replika rumah adat Langkanae di Kota Palopo menggunakan kayu bayam (Intsia bijuga) dan kayu angsana (Pterocarpus indicus). Penelitian ini bertujuan untuk mengetahui karakteristik biodeteriorasi rumah adat Langkanae dan menghitung intensitas dan tingkat serangan yang terjadi pada komponen kayu yang rusak. Metode yang digunakan adalah observasi dan inventarisasi komponen kayu bangunan. Data dianalisis menggunakan analisis deskriptif. Hasil penelitian menunjukkan bahwa organisme yang ditemukan berinvestasi komponen kayu rumah adat Langkanae adalah rayap kayu kering dan kumbang bubuk kayu kering. Nilai intensitas serangan tertinggi adalah 44%, yang diklasifikasikan sebagai sedang; sedangkan nilai derajat serangan adalah 70, yang berarti organisme telah menyerang bagian dalam kayu tetapi belum meluas.

This study aimed to examine whether (1) the effect of earnings growth earnings quality, (2) the effect of the capital structure of the profit on the quality of earnings (3) the effect of liquidity on the quality of earnings and (4) the influence of independent directors to be moderated by the competence of independent directors on the quality of earnings on companies listed in the Indonesia Stock Exchange. Population of this research are manufacturing companies listed in Indonesia Stock Exchange (BEI) in 2013 until 2014. The research proves that (1) earnings growth positive significant effect on the quality of earnings with a significant level of 0.025, (2) the capital structure of a significant negative effect on the quality of earnings with a significant level of 0.200, (3) liquidity significant positive effect on the quality of earnings with significant level of 0.100 and (4) an independent commissioners significant negative effect on the quality of earnings with competence moder...

The paper examines the interaction effect of auditor industry specialization and ownership concentration on investment efficiency for a sample of firms listed on the Egyptian Stock Exchange during the period from 2011 through 2018. I predict that specialized auditors and ownership concentration have positive impact on investment efficiency. It's further predicted that specialized auditors moderate the relation between ownership concentration and investment efficiency. Results reveal that specialized auditors enhance investment efficiency, while ownership concentration adversely affects investment efficiency. Results fail to support any interaction effect between auditor industry specialization and ownership concentration.

This paper empirically investigates whether Egyptian firms use real activities manipulation to substitute accrual-based earnings management, and what is the effect of real earnings management on operating performance for a sample of firms listed on the Egyptian Stock Exchange during the period from 2000 through 2014. Results demonstrate that: First, Egyptian firms employ both accrual-based and real earnings management to achieve earnings targets. The two mechanisms are used simultaneously, no complete substitutive relation between the two strategies. Second, Egyptian managers do not alter their earnings management techniques to cope with corporate and political events. This is evident in the passive response for the introduction of Egyptian Accounting Standards in 2007 and the Egyptian Revolution of 2011. Third, real activities manipulation has an adverse effect on Egyptian firms' performance, where real earnings management metrics are negatively associated with firms' just meeting earnings benchmarks.

The paper examines the extent to which audit quality affects earnings quality given certain firms' operational characteristics for a sample of firms listed on the Egyptian Stock Exchange during the period from 2011 through 2016. I predict that audit quality, measured by audit firm size and market-tobook ratio MTB, has a positive impact on firm's earnings quality, measured by persistence, predictability, and smoothness. Results reveal that audit firm size has a positive significant impact only on persistence, but neither on predictability nor smoothness. For MTB, results fail to support any association between MTB and earnings quality proxies.