THE INTERMEDIATING ROLE OF FINANCIAL LITERACY IN THE MICROFINANCE SUSTAINABILITY NEXUS: EVIDENCE FROM WOMEN-LED SMES IN NIGERIA

This study examines the interconnected roles of microfinance access and financial literacy in enhancing business sustainability among women-led small and medium enterprises (SMEs) in Nigeria. Drawing on cross-sectional survey data from 3,421 women entrepreneurs across urban and peri-urban regions, the study employs a mediation analysis within an Ordinary Least Squares (OLS) framework, supported by bootstrapping procedures and robustness checks using structural equation modelling. The empirical findings reveal that access to microfinance significantly enhances business sustainability, while financial literacy independently contributes to sustainability outcomes. Importantly, financial literacy mediates the relationship between microfinance and business sustainability, with a statistically significant indirect effect, validated by the Sobel test and bootstrapped confidence intervals. Control variables such as age, education, and business location further contextualize the findings. These results highlight the critical role of cognitive and educational capabilities in translating access to finance into sustainable business performance. Policymakers and development practitioners are encouraged to embed financial literacy training within microfinance schemes and develop targeted programs for rural and underserved populations. Future research should adopt longitudinal and experimental designs to validate causality and assess sectoral and digital moderating factors in the financial empowerment of women entrepreneurs

TIMELINESS OF FINANCIAL REPORTING AND INVESTMENT DECISION DYNAMICS: EVIDENCE FROM QUOTED DEPOSIT MONEY BANKS IN NIGERIA

Thisstudyexaminedtherelationship between the timeliness offinancialreporting andinvestmentdecisionsofquoteddepositmoney banks in Nigeria.Ex-post facto research design was employed and the sample population is made up of 12 depositmoney banks quoted companies in the Nigerian Stock Exchange (NSE). The depositmoney banks for the population must have the responsibility to publish its financial statements for the period from 2012 to 2023. The data are analyzed using descriptive statistics, Pearson correlation and ordinary least square (OLS) regression technique.The result shows that the timeliness of financial reporting has a negative and statistically significant relationship with investment decision dynamics of money deposit banks in Nigeria and financial reporting quality has positive and statistically significant relationship with investment decision dynamics of money deposit banks in Nigeria at 5% level.The study recommended that stakeholders of depositmoney banks in Nigeria should set a time limit for the managing director to present the financial report and accounts for the external auditors to report timely, since timeliness of financial reporting has an adverse effect on investment decision dynamics

EVALUATING THE IMPACT OF THE MANAGEMENT OF CREDIT RISK, MARKET RISK AND LIQUIDITY RISK ON THE PERFORMANCE OF BANKS IN NIGERIA

This study examines the impact of credit risk management, market risk management, and liquidity management on bank profitability, with Earnings per Share (EPS) serving as the key performance measure. Using panel data and employing both fixed and random effects models, the analysis finds that credit risk indicators specifically, the ratio of non-performing loans to loans and advances (NPLLA) and the ratio of loan loss provisions to total assets (LLPTA) - have a significant negative effect on bank earnings. In contrast, measures of financial intermediation efficiency, such as the loans-to-deposits ratios (LATD and TDLA), show a positive and significant relationship with EPS. Market risk, particularly foreign exchange volatility (FER), negatively influences profitability, while liquidity management indicators, aside from bank size (BKS), are not significant predictors of EPS. The Hausman test confirms the suitability of the random effects model, which provides a stronger explanatory power. The findings highlight the critical importance of robust credit risk management, effective foreign exchange risk mitigation, and strategic bank growth in enhancing earnings performance. Policy implications suggest that banks should strengthen risk assessment practices, regulators should enforce higher supervisory standards, and strategic consolidation in the sector should be encouraged. Overall, the study offers valuable insights for both practitioners and policymakers aiming to improve the financial health and stability of the banking sector

EFFECTS OF INTEREST RATE ON PROFITABILITY OF LISTED DEPOSITE MONEY BANKS IN NIGERIA

Fluctuations in interest rates remain a critical challenge affecting the profitability of listed deposit money banks in Nigeria. This study investigates the relationship between interest rates and banks profitability, focusing on Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin (NIM) among 10 listed deposit money banks from 2013 to 2022. Employing a panel regression approach, the study analyses secondary data from annual financial reports and regulatory sources to assess how interest rate movements influence banking performance. Preliminary findings indicate that interest rate fluctuations impact profitability, but the extent and direction of these effects vary across different financial indicators. While some banks benefit from higher interest rates through improved margins, others experience increased funding costs, reduced loan disbursement, and higher default risks. The study acknowledges that the final results are yet to be fully established, emphasizing the need for a nuanced approach to interest rate management. Given the evolving financial landscape, the study highlights the importance of risk-adjusted pricing models and hedging strategies to mitigate adverse effects. Additionally, regulatory policies that stabilize interest rates could help banks maintain profitability and sustain economic growth. The study's insights contribute to ongoing discussions on optimizing financial performance in Nigeria’s banking sector

THE IMPACT OF GENDER DIVERSITY ON EARNINGS QUALITY OF LISTED FINANCIAL SERVICES FIRMS IN NIGERIA: ANALYSIS OF TWO-STAGE LEAST SQUARES

This study investigates the impact of gender diversity on the earnings quality of listed financial service firms in Nigeria, focusing on the role of gender diversity and board size. Utilizing a correlation research design, it aims to test and predict the relationships among these variables. The sample consists of 36 financial service firms listed on the Nigerian Exchange Group, selected based on criteria ensuring the availability of relevant data from 2008 to 2022. Secondary data from these firms' annual financial reports provided the basis for analysis. To address potential endogeneity, a two-stage least squares (2SLS) regression was used, with instrumental variables estimating the endogenous variables. Additionally, Generalized Least Squares (GLS) and Feasible Generalized Least Squares (FGLS) methods were applied to handle heteroskedasticity and autocorrelation issues. The econometric model assessed earnings quality as the dependent variable, with female financial experts, female CEOs, and female board members of foreign nationality. Earnings quality was measured using the accruals quality model, evaluating the reliability of reported earnings. The findings reveal significant relationships between board attributes and earnings quality, emphasizing the role of gender diversity in enhancing the integrity of financial reporting. The results reveal significant positive relationships between the presence of female financial experts and female CEOs on the board with improved earnings quality, suggesting that gender diversity contributes to more reliable financial reporting. Diagnostic tests, including Multicollinearity, Autocorrelation, Heteroskedasticity, and Normality, confirmed the robustness of the results. This research contributes to the understanding of corporate governance by highlighting how board composition influences earnings quality, highlighting the relevance of gender diversity in corporate boards, and providing valuable insights for policymakers, investors, and stakeholders in the financial industry

COMPETITOR FINANCIAL STATEMENT PERFORMANCE APPRAISAL ANDFINANCIAL PERFORMANCE OF QUOTED MANUFACTURING FIRM IN NIGERIA

focus of the study is on competitor financial statement performance appraisal and its relationship with financial performance of manufacturing companies in Nigeria. The population of the study is the sixty-nine quoted manufacturing companies in the Nigerian Exchange Group, while sixty (60) of them were used as sample using the purposive sampling technique. The scope of the study covers the period 2014 -2023. Ex-post facto research design was adopted, with data obtained from the financial statements of the different companies involved in the study. Four (4) dimensions of financial performance were used for this study, which are net profit before tax, earnings per share, return on equity and return on assets against competitor financial statement performance appraisal. This led to the formulation of four (4) hypotheses that were tested using spearman rank correlation for the analyses. The results indicated that, while net profit before tax, return on equity and return on assets have significant relationship with competitor financial statement performance appraisal, earnings per share on the other hand, showed an insignificant relationship with competitor financial statement performance appraisal. The study therefore recommended that for companies intending to improve their net profit before tax, return on equity and return on assets, managers of manufacturing firms should engage more on competitor financial statement performance appraisal, while for companies intending to shore up the value of their earnings per share, competitor financial statement performance appraisal is not an option to engage in

THE EFFECT OF INTERNALLY GENERATED REVENUE COMPONENTS ON DOMESTIC DEBT ACCUMULATION IN NIGERIA’S NORTH CENTRAL STATES

Domestic debt has been a major concern and has brought about several reactions by stakeholders in accounting literature. Sustaining the high debt profile of North Central states has become worrisome that needs urgent attention. The size of domestic debt has been a persistent problem that has brought about the inability to meet societal expectations. This inability to sustain the debt profile can be traced to the insufficiency of internally generated revenue. The study therefore investigated the effect of Internally Generated Revenue (IGR) on domestic debt of North Central States in Nigeria. Ex-post facto research design was adopted. The population of the study was 6 States in the North central, Nigeria which also constitute the sample of the study. Data covering a period of 14 years (2010–2023) were extracted from audited accounts of the States. The reliability of the data was premised on the certification of the audited accounts by the Nigerian regulatory and legal authorities. Descriptive and inferential statistics were used to analyze the data at 0.05 level of significance. Findings reveal that internally generated revenue had a significant effect on size of domestic debt (Adj R2 = 0.266, F (4, 79). The study concluded that internally generated revenue impacted size of domestic debt of North Central States in Nigeria. The study recommends that the State Government should enhance compliance mechanisms to streamline Pay as You Earn (PAYE) collection processes and incentivize tax compliance

RISK MANAGEMENT COMMITTEE ATTRIBUTES AND PROFITABILITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA MODERATED BY OPERATIONAL RISK

This study investigates the effect of risk management committee (RMC) attributes on the profitability of listed deposit money banks in Nigeria, with a specific focus on the moderating role of operational risk. The aim is to explore how the size and independence of RMCs influence banks' financial performance, and whether operational risk alters this relationship. The analysis draws on data from a sample of thirteen listed banks over a fifteen-year period (2009–2023), using firm-level financial indicators. The findings reveal that the size of the risk committee does not significantly influence profitability, indicating that simply increasing the number of committee members may not enhance financial outcomes. Conversely, risk committee independence, when moderated by operational risk, shows a significant negative effect on profitability, suggesting that excessive independence without sufficient industry expertise may hinder effective decision-making. Operational risk itself exerts a substantial negative impact on profitability, reinforcing the importance of robust internal control systems and proactive risk governance. Interestingly, while the interaction between committee size and operational risk negatively affects profitability, the interaction between committee independence and operational risk shows a positive influence, highlighting the value of balanced and expert oversight. These findings underscore the need for Nigerian banks to strengthen their risk governance structures and for regulators to implement policies that promote a combination of independence and financial expertise in risk committees. The study recommends that banks prioritize effective operational risk management frameworks to safeguard profitability in the face of growing financial and regulatory challenges

THE MODERATING EFFECT OF BOARD INDEPENDENCE ON FIRM ATTRIBUTES OF CORPORATE ENVIRONMENTAL ACCOUNTING DISCLOSURE OF LISTED OIL AND GAS FIRMS IN NIGERIA

This study examines the firm attributes of corporate environmental accounting disclosure (CEAD) of listed oil and gas firms in Nigeria: a moderating effect of board independence. To achieve this, panel data were extracted and used from the annual reports and accounts of twelve (12) sampled listed oil and gas firms in the Nigerian Stock Exchange for a period of ten (10) years (2014-2023). Correlation and ex-post factor design were adopted in collecting data, while ordinary least squares (OLS) multiple regression was employed as technique of data analysis. The study found direct relationship of return on assets, while firm size found no significant impact on the corporate environmental accounting disclosures of listed oil and gas firms in Nigeria. The moderating effect of board independence on the relationship between ROA and CEAD is found to be positively insignificant. Where Firm Size and CEADhave statistical positive significant impact on the corporate environmental accounting disclosure of listed oil and gas firms in Nigeria. It thus, highlighted the need for Securities and Exchange Commission (SEC) to come up with enabling laws towards ensuring that listed oil and gas firms in Nigeria embrace corporate environmental accounting disclosures irrespective of their assets, size and the use of Global Reporting Initiative (GRI) of environmental disclosure index (EDI) to be considered as the most acceptable standard for measuring environmental index by the listed Oil and Gas firms in Nigeria

EXCHANGE RATE FLUCTUATION AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANIES IN NIGERIA

The havoc from continuous exchange rate fluctuation poses a sizeable threat to manufacturing companies especially those that utilize import-depended inputs in their production processes and consequentially affect their output and performance. Hence, this study evaluates the exchange rate fluctuation and financial performance of listed manufacturing companies in Nigeria. The study adopted a secondary source of data while descriptive statistics and regression analysis were used to analyze the data. The regression analysis result revealed that at a 5% (0.05) level of significance, all four proxies of exchange rate fluctuations are statistically significant to the financial performance of listed manufacturing companies in Nigeria. This led to the failure to accept any of the hypotheses raised to guide this study, with the conclusion that exchange rate fluctuation significantly affects the financial performance of listed manufacturing companies in Nigeria. Therefore, it was recommended that listed manufacturing companies should consider adopting robust foreign exchange risk management strategies ranging from hedging techniques, diversification of markets, and maintaining a clear understanding of their foreign exchange exposures