International financial reporting standards and financial reporting quality in Nigeria

The study examines the impact of the adoption of International Financial Reporting Standards  (IFRS) on the quality of financial reporting in Nigeria. The study utilises a period based approach to analyse changes in the degree of financial reporting quality (FRQ) that hinges on three proxies: Value Relevance, Earnings Quality and Earnings Management. Three models were developed to capture each proxy, and the models were analysed using regression analysis to evaluate the R2 statistics; which captured the direction of change in the reporting quality. The results showed that financial reporting quality increased after the adoption of the IFRS for all the relevant proxies. The study concludes that the adoption of IFRS to enhance financial reporting quality while reducing the probability of earnings management practices could be beneficial in the long run to the Nigerian financial landscape.Keywords: Reporting Standards, Value, Relevance, Earnings, Management

Determinants of Corporate Profitability in Developing Economies

The study investigates the determinants of corporate profitability in developing economies, with main emphasis on the Nigerian context. The study analyzes the relationship between capital structure, firm size, cash liquidity, financial leverage and corporate profitability. A panel data consisting of forty (40) randomly selected companies, spanning a period of five (5) years was utilized for the study. The ordinary least square regression was used to analyze the existence of relationships among the dependent and independent variables. A positive relationship was found to exist between firm size and corporate profitability, and financial leverage and corporate profitability. Capital structure and cash liquidity exhibited negative relationships with corporate profitability. The study recommended the use of different indices of profitability; as differing results are possible. The study further proposed the inclusion of additional variables in order to improve the stability and explanatory power of the overall model. Keywords: Corporate Profitability, Capital Structure, Firm Size, Cash Liquidity, Financial Leverage

Determinants of Audit Quality in the Nigerian Business Environment

The objective of this study was to analyze the determinants of audit quality in the Nigerian business environment. The research empirically examined the relationship between audit quality, engagement and firm related characteristics such as audit tenure, audit firm size, board independence and ownership structure. A regression model was used to analyze the existence of significant relationships between audit quality and the firm/audit related characteristics. Audit firm size, board independence and ownership structure were found to be positively related to audit quality; however, only board independence exhibited a significant relationship with audit quality. Audit tenure exhibited a negative relationship with audit quality which was also not significant. The study recommends the sustenance and possible improvements on the non-executive board composition of organizations. Keywords: Audit Quality, Audit Tenure, Audit Firm Size, Board Independence, Ownership Structure

Corporate governance mechanisms and financial distress in the Nigerian banking context

The study investigates the impact of corporate governance mechanisms on financial distress scenarios of banks quoted on the Nigerian Exchange Group. The theoretical framework of the relationship is hinged on the upper echelon theory (given the echelon occupied by Boards and Chief Executives of firms). The study utilises a sample of fourteen (14) banks over a five-year period (2004-2008). The justification for this period is premised on the proliferation of distress scenarios among Nigerian banks. The banks are segmented into two distinct groupings based on their financial health status (distressed and non-distressed categorisations). The marginal effect estimates of the binary logistic regression are utilised in analysing the model. The empirical results reveal that CEO characteristics and board characteristics are significant predictors of the probability of financial distress among Nigerian quoted banks. The study recommends increased financial literacy for CEOs, and enhanced participation and activeness ofmembers in board and committee meetings

Do politically connected directors affect fraudulent financial reporting: evidence from Nigeria listed firms

This study examined the impact of politically connected directors on fraudulent financial reporting for selected listed firms in Nigeria. An ex-post-facto research design data was adopted for the study. A sample size of 80 listed firms from the Nigerian Stock Exchange group was selected from 2014 to 2020. Panel logistic regression was utilised for the study and testing of the hypotheses. The study showed that politically connected directors do not effectively determine the probability that a company would engage in fraudulent financial reporting. However, the study director’s overconfidence had a significant positive relationship with fraudulent financial reporting. Director’s financial expertise and directors’ ownership exhibited an insignificant influence on fraudulent financial reporting. However, the director’s compensation revealed a significant negative relationship with fraudulent financial reporting at a p-value of 5% significant level. The study recommended that more politically connected directors should be appointed to the board. It is expected that a higher percentage of politically connected directors will report a significant negative relationship. It also recommends that more directors with financial expertise should be appointed to the board. As this will help to significantly reduce the likelihood of fraudulent financial reporting

Microwave detection of buried mines using non-contact, synthetic near-field focusing

Existing ground penetrating radars (GPR) are limited in their 3-D resolution. For the detection of buried land-mines, their performance is also seriously restricted by `clutter'. Previous work by the authors has concentrated on removing these limitations by employing multi-static synthetic focusing from a 2-D real aperture. This contribution presents this novel concept, describes the proposed implementation, examines the influence of clutter and of various ground features on the system's performance, and discusses such practicalities as digitisation and time-sharing of a single transmitter and receiver. Experimental results from a variety of scenarios are presented

bHROS high spectral resolution observations of PN forbidden and recombination line profiles

We have acquired high spectral resolution observations (R=150,000) of the planetary nebulae NGC 7009 and NGC 6153, using bHROS on Gemini South. Observations of this type may provide a key to understanding why optical recombination lines (ORLs) yield systematically higher heavy element abundances for photoionized nebulae than do the classical forbidden collisionally excited lines (CELs) emitted by the same ions; NGC 7009 and NGC 6153 have notably high ORL/CEL abundance discrepancy factors (ADFs) of 5 and 10, respectively. Due to the opposite temperature dependences of ORLs and CELs, ORLs should be preferentially emitted by colder plasma. Our bHROS observations of NGC 7009 reveal that the [O III] 4363A CEL has a FWHM linewidth that is 1.5 times larger than that shown by O II ORLs in the same spectrum, despite the fact that all of these lines are emitted by the O2+ ion. The bHROS spectra of NGC 6153 also show that its O II ORLs have significantly narrower linewidths than do the [O III] 4363A and 5007A lines but, in addition, the [O III] 4363A and 5007A lines show very different velocity profiles, implying the presence of large temperature variations in the nebula.Comment: 2 pages, 1 figure, for Proceedings of IAU Symposium No. 234, `Planetary Nebulae in our Galaxy and Beyond

Cash flow patterns and financial distress prediction

The study investigates the ability of cash flow patterns to accurately predict the incidence of financial distress. A total of four hundred and ninety (490) firm-year observations were sampled consisting of non-financial firms quoted on the Nigerian Stock Exchange between 2011 and 2017. Several models were developed to capture different variants of the cash flow patterns along with the possibility of the life-cycle effect. The developed models were analysed using a combination of the Generalised Least Squares (GLS) and the Generalised Method of Moments (GMM). The results indicate that cash flow patterns have predictive ability in determining the incidence of financial distress both in the current period and in the immediately prior period. This predictive ability, however, does not extend to subsequent prior periods. Also, the life cycle effect significantly affects the pattern of relationship between the cash flow patterns and financial distress prediction. The study was able to correct the problem of assignment of weights to individual cash flow patterns, but recommended the inculcation of the complete life cycle effects capturing individual stages of organisational development in the models

Climate change

What space can teach us about planet Earth ?Lecture on climate change, pollutio