Note. The industry code was supplied by the authors for ease of analysis. As stated earlier, firms in the financial services sector were excluded from our sample because of the additional regulations governing their financial reporting. Table 2. Industry breakdown of the sample Notes. Our source for listed companies is the 2010/2011 Fact Book of the Nigerian Stock Exchange. Table 1. Sample Selection Procedure Notes. This table presents a Pearson correlation of the accounting variables used in this study. Variables are as defined in the research design section. *, **, *** Correlation is significant at 1%, 5% and 10% level, respectively. Table 3. Correlation of variables in Model 2 Table 5. Results of regression analysis from Model 2 and Chow test result Notes. This table presents the results of regression analysis of our data based on equation |. Variables are as defined in the research design section. *, **, *** Correlation is significant at 1%, 5% and 10% level, respectively. Table 4. Results of regression analysis from Model | (Basic value relevance model)
