EFFECT OF INVESTORS' OVERCONFIDENCE AND MENTAL ACCOUNTING ON INVESTMENT PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

Behavioral finance theory documents that the actions of individual investors have demonstrated that individuals appear to respond to and perceive the same information differently, generating cognitive biases. It is against this backdrop that this study empirically examines the effect of mental accounting and investors' overconfidence on the investment performance of deposit money banks in Nigeria. The study used 960 daily observations on the population of thirteen (13) and a sample size of eight (8) deposit money banks in Nigeria that paid annual dividends from the period 2013 to 2022. The study employed a secondary source of data collection and was gathered from the monthly share market data and annual financial reports from 2013 to 2022. The study data were analyzed through descriptive statistics, correlation analysis, and the multiple regression model to test the formulated hypothesis for the study. after conducting the diagnostic tests such as the mean VIF test and Hettest, the study established that the Ordinary Least Squares (OLS) model is the study-appropriate model for the study. The findings of the study showed that mental accounting and the overconfidence of investors have a positive and significant effect on the investment performance of deposit money banks in Nigeria. Based on the results of the study, it is recommended that mental accounting and overconfidence should be considered during financial investment decision-making processes because it has been empirically established that they both, had a favorable and significant effect on investment performance

MACROECONOMIC VARIABLES AND STOCK MARKET PERFORMANCE IN NIGERIA

This study examined macroeconomic variables and stock market performance in Nigeria, using secondary data from the Central Bank of Nigeria. The study adopted the Autoregressive Distributed Lag Model (ARDL) technique to analyze the data obtained for the study. Furthermore, the results revealed that exchange rate fluctuations significantly affect stock market performance with a p-value of (p<0.01). Interest rate is also significantly related to stock market performance, with a p-value of (p < 0.01). Inflation also significantly affects stock market performance with a p-value of 0.01. Finally, Gross Domestic Product significantly impacts the performance of the stock market in Nigeria with a coefficient value of (0.0000000137) and a p-value of (0.0269).  Based on the findings, the study concluded that macroeconomic fundamentals exert a substantial and measurable influence on stock market performance in Nigeria. Therefore, the study recommended that policymakers should implement strategies to stabilize the naira by promoting foreign investment, reducing overreliance on oil exports, and diversifying the economy

EFFECT OF PORTFOLIO MANAGEMENT PRACTICES ON THE PERFORMANCE OF SOME SELECTED SMALL AND MEDIUM ENTERPRISES (SMEs) IN NIGER STATE, NIGERIA

This study examined the effect of portfolio management practices on the performance of small and medium enterprises (SMEs) in Niger State, Nigeria. Portfolio management practices are proxies by corporate risk management, diversification, and security choice. Questionnaires were distributed to the whole SMEs in Kontagora portfolio platform. The study adopted a cross-sectional survey method with Ninety-Two (92) SMEs that has data whereas Twenty-Nine (29) firms were left out from the population of 121 SMEs because they did not have data. The data collected from 89 usable copies of questionnaires were subjected to various statistical analyses using SPSS23 and SmartPLS3.0. The results of this study show that CRM and Diversification have insignificant effects on SMEs performance whereas security choice has a positive and significant effect on the performance of SMEs. Therefore, the study concludes that firms should pay more attention to security choice because the variable has a positive and significant influence in explaining the variability of SMEs performance. Finally, a suggestion for future directions was made accordingly

EVALUATING THE EFFECTIVENESS OF FORENSIC ACCOUNTING COMPETENCIES IN COMBATING PUBLIC SECTOR FRAUD IN MINISTRY OF FINANCE IN NORTHWESTERN NIGERIA

This study examines the effectiveness of forensic accounting competencies, such as communication skills, technological skills, accounting and auditing skills, and auditor’s self-efficacy, in combating fraud in finance ministries in Northwestern Nigeria. The primary objective is to evaluate how these competencies skills contribute to enhancing fraud detection and prevention in the public sector. Primary data were collected through structured questionnaires distributed to employees in finance ministries, including auditors, accountants, and forensic experts. The data were analyzed using regression techniques, allowing for an in-depth examination of the relationships between the dependent variable (fraud management) and the independent variables. The findings reveal that communication skills, technological skills, and accounting and auditing skills have significant positive effects on fraud management, while auditor’s self-efficacy shows a positive but statistically insignificant relationship. These results underscore the importance of technical and behavioral fraud detection and Prevention competencies in addressing fraud challenges in the public sector. Based on the findings, the study recommends targeted training programs to enhance communication and technical skills, investments in advanced forensic tools, and the implementation of mentoring programs to build confidence among auditors. These measures are essential for strengthening fraud management frameworks and improving public sector accountability and transparency

CASH MANAGEMENT POLICIES AND ACCOUNTABILITY AMONG FEDERAL MINISTRIES, DEPARTMENTS, AND AGENCIES IN ONDO STATE, NIGERIA

Cash misappropriation allegations have rocked the public sector, and this has continued to threaten the accountability obligation of the government. To redeem their image, governments have continued introducing policies to reduce financial leakages and promote accountability in the management of public funds. This study, therefore, investigates the effect of cash management policies on accountability in federal Ministries, Departments, and Agencies (MDAs) in Ondo State, with a focus on policies such as the treasury single account system, the government integrated financial management information system, and the integrated personnel payroll information system.The study employed a primary data method through the administration of a questionnaire. The study adopted a survey research design to obtain information. The population of the study consists of 385 directors and heads of federal ministries, departments, and agencies in Ondo State with a sample size of one hundred and fifty (150) directors and heads of MDAs, which were selected using a purposive sampling technique because data for the study were directly obtained from the targeted respondents. The data were analyzed using descriptive statistics such as kurtosis, skewness, median, mean, standard deviation, and ordinary least square regression. The study's findings revealed that a treasury single account with a coefficient of 0.5703 and a p-value of 0.0000 positively affected accountability, and increased transparency led to an increase in federal MDA compliance. Government integrated financial information systems with a coefficient of 0.7115 and p-value of 0.0000 measures for cash management policies had a significant effect on accountability, and integrated personnel payroll information systems with a coefficient of 0.6301 and p-value of 0.000 positively impacted accountability.The study concluded that the treasury single account, government integrated financial information system, and the integrated personnel payroll information system significantly influence accountability. The study recommended that government authorities maintain treasury single account policies to increase government revenue because they have positively affected accountability. Also, several measures towards developing sound, effective and efficient government policy on TSA must be implemented in tandem with the Government Integrated Financial Management Information System (GIFMIS), Integrated Personnel Payroll Information System (IPPIS) for a sound public sector accounting system

THE IMPACT OF MANAGERIAL ABILITY, REGULATORY ADAPTABILITY, AND INFORMATION SYSTEMS SOPHISTICATION ON FINANCIAL FIRM PERFORMANCE

This study examines the influence of managerial ability on firm performance within the financial sector, considering the roles of regulatory adaptability and information systems sophistication. Utilizing panel regression analysis on data from 960 European firms, the research evaluates performance through Return on Equity (ROE), Return on Assets (ROA), and Tobin’s Q. Findings reveal that managerial ability significantly improves firm performance across all metrics. Additionally, regulatory adaptability and advanced information systems positively moderate this relationship, underscoring the importance of institutional agility and digital infrastructure. The results suggest that combining managerial talent with proactive regulatory strategies and technology investments enhances competitive advantage. The study recommends that financial institutions prioritize leadership development, embrace regulatory innovation, and accelerate digital transformation to sustain superior performance

OWNERSHIP ATTRIBUTES AND FIRM VALUE: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS IN NIGERIA

The volatile macroeconomic environment in which listed non-financial firms operate in Nigeria has posed many challenges to firm value maximisation due to policy inconsistencies, governance imbalance from ownership configuration, investors’ confidence-related issues, regulatory barriers among others. Hence, this study investigates the impact of ownership attributes on firm value of listed non-financial firms in Nigeria. The study adopted a longitudinal research design and the data of 84 sampled listed non-financial companies were extracted from the annual reports and market data websites. Panel generalised least square regression was employed to analyse the data obtained and the results exhibited that foreign ownership (?=0.1183, p-value = 0.000), institutional ownership (? = 0.5511, p-value = 0.000), managerial ownership (? = 0.2206, p-value = 0.031) and ownership concentration (? = 0.1181, p-value = 0.007) are all significant at 5% significant level, The study concluded that ownership attributes enhance the firm value of listed non-financial firms in Nigeria; thus, it was recommended that sustainable value-creation strategies should be adopted in balancing all forms of ownership attributes among listed non-financial firms in order to enhance firm value

THE IMPACT OF ESG PRACTICES ON THE RISK PORTFOLIO OF LISTED OIL AND GAS FIRMS IN NIGERIA USING A MULTILAYERED CRITERION

This study investigates the impact of Environmental, Social, and Governance (ESG) factors on the risk-adjusted returns of Nigerian oil and gas firms listed on the Nigerian Exchange Group (NGX) over a 11-year period (2012–2022). The study was anchored on signalling theory. Utilizing a correlational research design, data was collected from eight firms meeting inclusion criteria, focusing on ESG scores as independent variables, with Firm Size as a control variable, and risk-adjusted returns as the dependent variable. Diagnostic tests ensured adherence to Best Linear Unbiased Estimator (BLUE) assumptions. Employing both Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression techniques, the study addresses potential endogeneity, using industry norms as an instrumental variable (IV) in the 2SLS model. Findings indicate significant, positive relationships between ESG factors and risk-adjusted returns, emphasizing the financial viability of sustainable practices in a sector known for environmental and social risks. Hence, to strengthen financial and operational resilience, Nigerian oil and gas firms are encouraged to prioritize robust environmental practices, including emission reduction, waste management, and prevention of oil spills. Given the social challenges in regions like the Niger Delta, firms should focus on building trust and maintaining positive relationships with local communities through initiatives in healthcare, education, and infrastructure. This study provides key insights into how ESG engagement in Nigerian oil and gas firms may influence firm stability, resilience, and investor confidence, underscoring the role of signalling theory in linking ESG performance to enhanced corporate valuation

MITIGATING COORDINATION FRICTIONS IN DEFI: EMPIRICAL EVIDENCE FROM DYNAMIC PANEL MODELS AND EVENT STUDY OF ETHEREUM-BASED PROJECTS

This study examines the role of crypto funds (CFs) in enhancing the valuation and performance of decentralized digital platforms (DDPs) by mitigating coordination frictions and information asymmetries. Drawing on panel data from 1,200 Ethereum-based projects and event-study evidence around CF investment disclosures, we find that CF-backed DDPs achieve significantly higher token valuations in the primary market, experience positive cumulative abnormal returns (CARs) around investment announcements, and outperform non-CF-backed peers’ post-issuance. The impact of CFs is stronger when they hold central positions in investor networks and when token ownership is more decentralized. Robustness checks using alternative dependent variables, subsample analyses, and interaction terms confirm the validity of the findings. These results highlight the importance of institutional capital not only in financing but also in signaling quality and enhancing governance in decentralized ecosystems. Policy implications include the need for standard CF disclosure practices, token distribution guidelines, and improved audit standards for smart contracts. The findings contribute to emerging debates on institutional legitimacy, valuation dynamics, and governance in the digital asset economy

THE MULTIDIMENSIONALITY FOREIGN DIRECT INVESTMENT’S IMPACT ON THE ECONOMY

Foreign direct investment (FDI) has been a crucial inflow source for many economies. The contribution of FDI to growth has continued to generate extensive debates. The debate centered on channels through which FDI may enhance technological diffusion through spillover effect of knowledge and new capital goods to better human conditions. In this direction, some earlier literatures have also argued that the contribution of FDI largely dependent on the circumstances in the recipient countries. The study follows the endogenous growth model theory and eclectic theory to demonstrate the multidimensionality impacts of FDI inflows on gross domestic product (GDP), human capital development/utilization (HCDU), national revenue generation (NRG), gross fixed capital formation (GFCF) and gross national savings (GNS), based on published information over the period of 1982 to 2022. We found that FDI have significant effect on GDP; FDI do significantly affect on human capita development/utilization; FDI has no significant impact on NRG; FDI has no have no significant connection with gross fixed capital formation and FDI have significant effect on gross national savings in Nigeria