All-Share Index

Index prices showing bubble and burst in 2008; known outside of the US as NGS

The three pillars of institutional theory and IFRS implementation in Nigeria

This study explores the effects of the three pillars of institutional theory in shaping the activities of institutional entrepreneurs and other social actors during IFRS implementation in Nigeria. This study uses document analysis method to achieve the objectives of the study. This study finds that IFRS implementation in Nigeria witnessed some progression from regulative to normative to cognitive pillar building. The regulation on IFRS implementation was initiated top-down rather than through lobbying from professional accounting bodies and the public. Changes in the regulatory framework brought some improvement to corporate financial reporting practices such as the timing of corporate filings of audited financial reports. However, the implementation process is laden with conflicts and power struggle among institutional actors. These conflicts and power struggles led the President of Nigeria to sack the Board of the Financial Reporting Council of Nigeria (FRC), the reconstitution of the Board and appointment of a Chairman for the Board of the FRC. IFRS implementation process resulted in power redistribution among institutional actors, which led to resistance, tensions, and conflicts among institutional actors. The conflicts arise from the need of actors to legitimate their activities and secure their positions. The three institutional pillars are key components of a change process and the actor’s social position affects their capability to act as an institutional entrepreneur. This finding should provide foundational knowledge that will inform practitioners, researchers, and regulators in developing countries on how institutional actors shape the approach to corporate reporting regulations

Market Data INDICIES(1).xlsx

A List of top 30 Listed companies on Nigeria Stock Exchange as at April 2018 with their Capitalization Value and Ranking. We also Include a computation of proportion of the NSE controlled by the NSE 30 Index by dividing the total Market Capitalization for the NSE 30 Index by total market Capitalization for the whole NSE. In addition we compute the the ratio of Non-Financial services companies and Financial services companies as a percentage the whole value of NSE Market Capitalizatio

Voluntary disclosure practices amongst listed companies in Nigeria

This study examines voluntary disclosure practices amongst listed companies in Nigeria. Results from univariate and multivariate analyses of 52 listed companies suggest an average voluntary disclosure of 44% based on modified Meek, Roberts and Gray (1995) disclosure index comprising 24 disclosure items. The study found significant positive relationship between voluntary disclosure and firm size, measured as the natural logarithm of total asset. The study documents significant positive relationship between market-based definition of firm performance and voluntary disclosure. The study also found significant negative relationship between percentage of block share ownership and percentage of managerial share with firm disclosures. The study has important implication for both individual and institutional investors globally, regulators and policy makers in developing economies. © 2011 Elsevier Ltd

Corporate Governance in Nigeria: the status quo

It is generally believed that poor corporate governance has been the Achilles' heel of many corporations in both rich and poor nations. This is particularly true of Nigeria, where corruption is endemic. However, following the change of government in 1999, the Federal Government is keen to attract foreign investments into the country. Given the high correlation between corporate governance and investor decisions, the government is keen to position the country to take advantage of the opportunities in the global market by adhering to principles of good governance. Yet not much is known about the state of, or the current framework for, corporate governance in Nigeria. By providing a comprehensive review of the state of corporate governance in Africa's most populous country, this paper makes a contribution to the literature on the state of corporate governance in developing countries. The paper examines the mechanism for corporate governance, including the requirements of the recently established Code of Best Practices for Public Companies in Nigeria. In particular, it examines the roles of the government, the Corporate Affairs Commission, the Securities and Exchange Commission, the Nigerian Stock Exchange, the representatives of the shareholders of the companies, directors, auditors and the Audit Committee in the governance process. The paper addresses the issue of whether the governance mechanisms in Nigeria are adequate in the face of the changes and challenges in the global corporate scene. It argues that whilst there is a case for adherence to global corporate governance standards, any Code of Best Practices adopted in Nigeria must reflect its peculiar socio-political and economic environment, whilst at the same time providing the right assurance to prospective and existing shareholders. Copyright (c) 2007 The Author; Journal compilation (c) 2007 Blackwell Publishing Ltd.