Indirect Tax and Economic Growth

The main thrust of this study is to investigate the indirect tax-economic growth dynamics against the backdrop of the paucity of empirical literature in developing countries with Nigeria as a reference point. The study adopted a combination of cointegration and error correction mechanism after series of dagnostic tests which helped to check the adequacy of the specified model. The Engel-Granger two step procedure was used to test the short run dynamic behaviour of the model while the Autoregressive Distributed Lag (ARDL) was used to correct the discrepancies between short and longrun impact of the explanatory variables. The result of the diagnostic tests shows the adequacy of the specified model. The study found a negative and an insignificant relationship between indirect tax and economic growth in Nigeria. The ratio of total indirect tax to total tax revenue reported a negative coefficient of (0.5817). The ratio of total tax to total federal revenue reported a robust t-value of (19.9276) and a positive coefficient of (2.0886) at the 1% level of significance. Against the above result, it was recommended that emphasis should be shifted from indirect tax as a growth driver in Nigeria. Keywords: Indirect Tax, Custom and Excise Duties, Value Added Tax, Total Federal Revenue, Diagnostic tests, Cointegration statistics

DETERMINANTS OF BOARD SIZE AND COMPOSITION: A COMPARATIVE STUDY OF NIGERIAN AND MALAYSIAN QUOTED COMPANIES

The broad objective of the study is to examine the determinants of board size and composition in Nigerian and Malaysian quoted banks.The population of the study is the universe of banks quoted on the Nigerian and Malaysian Stock Exchanges as at 31st December 2014. A sample of fourteen (14) banks for Nigeria and a sample of eighteen (18) banks for Malaysia were purposively selected for the study. The study employed panel regression technique based on the quality of unbiasedness, increased data point, and control for individual heterogeneity. To test the accuracy of the model, we employed the classical regression assumption tests of normality, heteroskedasticity, serial correlation and multicollinearity. The study revealed a significant relationship between firm size and board size and composition.The impact of firm size on board size was positive in the case of Nigeria but negative in the Malaysian case. The impact on board composition is positive in the case of Malaysia but negative in the Nigerian case. The relationship between free cash flow and board size was negative but significant only in the Malaysian case. The impact of free cash flow on board composition was positive and significant only in the Nigerian case. The mixed result between firm size and board size and composition calls for moderately sized firms. The increased free cash flow increases the potentials for private benefit and calls for increased ratio of external to internal board members for more effective monitoring

Development of a Simple to use Regression Model for Estimating the Energy Value of Municipal Solid Waste

In Nigeria and many other African countries, the volume of solid waste generated continues to increase coupled with lack of infrastructure for adequate waste treatment. Nigeria with a population growth rate of about 2.8% per annum and an urban growth rate of about 5.5 % per annum generates about 0.58 kg solid waste per person per day. The focus of this study is to develop a simple regression model for estimating the energy value of municipal solid waste components.The study took a comprehensive evaluation of the solid waste composition in seven major communities in Benin City; Edo State Nigeria. The communities include; Evbuotubu, Ekenwan, Ikpoba- Hill, Ogbebuya, New Benin Oko-Central and Ugbowo. Solid waste survey/ collection using the stratified random sampling approach was done on a daily bases for a period of eight (8) weeks in order to generate enough data for specific analysis. In addition to the stratified random sampling approach 400 survey questionnaires were administered to 400 households (400) per community in order to acquire information about residents’ attitudes towards waste, socio-economic characterization including waste management behaviour etc. To determine the economic value of the waste, analytical method for energy value estimation was employed while the least square regression approach was used to develop the mathematical model for predicting the energy value of solid waste. To validate the reliability of the regression model, selected goodness of fit statistics, namely; coefficient of determination (R2), correlation coefficient (r), Adjusted Coefficient of Determination (Adj. R2) and error sum of square (SSE) were employed.From the energy value estimation, it was observed that 99,693.86KJ/kg of energy was obtain for waste collected from Evbuotubu, 65,599.30 KJ/kg for waste collected from Ekenwan, 68,638.31 KJ/kg for waste collected from Ikpoba Hill, 110,904.98 KJ/kg for waste collected from New Benin, 90,301.96 KJ/kg for waste collected from Ogbebuya, 89,513.86 KJ/kg for waste collected from Oko Central and 79,861.51 KJ/kg for waste collected from Ugbowo. With a coefficient of determination (R2) value of 0.992832 and Adjusted R-Squared value of 0.990784, it was concluded that the regression model developed for predicting the energy value is valid. Keywords: Waste characterization, Energy value, Least square regression, Dependent variables, Independent variables and Sustainable Waste Management DOI: 10.7176/CER/14-5-04 Publication date:August 31st 202

Investigation of the spatial variation of sediments heavy metals along the Nun River using kriging interpolation technique

This study employs geospatial statistical technique to assess the spatial distribution of heavy metals along the Nun River. Core sediment samples were collected from relatively undisturbed areas (twenty-five different stations) using Uwitec Triple sediment cutter. The rectangular coordinates of the sediment sample location were determined with the aid of Germin handheld GPS receiver. The concentrations of cadmium, lead chromium and zinc present in the sediments was determined with the aid of an atomic absorption spectrophotometer. For geospatial analysis, five semi-variogram models (stable, circular, spherical, exponential and K-Bessel) were fitted for each of the four critical parameters (heavy metals). In addition, four goodness-of-fit statistics (mean square error, root mean square error, root mean square standardized error and average standard error) were utilized to decide the most suitable model used to develop the final prediction map for each parameter. From the results obtained, it was observed that; regions with red color codes signify higher concentrations of cadmium, lead, chromium and zinc. Further assessment of the results showed that Otuan, Obeleli, Angiama, Odobio, Kasama, Akedda and Akele experienced high concentration of cadmium while Tombia, Ewoi, Abilabio, Agudama and Yenikpa experienced high concentration of lead

Energy and The Environment; Analysis of the causes, Consequences and Remedies to Deforestation and Global Warming

The research paper gives a detail consideration to the relationship between energy and the environment. The paper reveals that; the increasing supply and use of energy has a serious environmental impact both locally and globally, a link which is attributed to the massive increase in emissions of green house gases as the search for alternative energy sources increases. The research is anchored on analyzing the impact of energy utilization on the environment a case study of deforestation and global warming. Attempt was made in this research work to highlights the energy need of the people and the resulting environmental hazards in an attempt to meet up with this huge energy demand. The bedrock of this research paper is l:o give an indebt revelation into the causes, consequences and remedies to deforestation and global warming which is acclaimed one of the worst environmental problems that is threatening the existence of man

Relationship between Audit Firm Size, Non-Audit Services and Audit Quality

The study investigates the relationship between audit firm size, non-audit services and audit quality in Nigeria against the background of the global financial crisis. The population of the study is the commercial banks listed in the Nigeria Stock Exchange Market from where a sample of 18 bankswas scientifically established. Well structured 200 copies of the instrument (questionnaire) were administered on the respondents who were selected using the purposive random sampling method. We had a response rate of 75%. We estimated the data using ordinary least squares regressionmethod. Audit firm size and non-audit services were positive and statistically significant. Audit tenure and independence were positive but statistically insignificant while audit fee was negatively related to audit quality. Against the background of the findings, we concluded that the size of the audit firm increases the quality of audit, non-audit services give the auditor a comprehensive knowledge of the organisation thereby helping to increase audit quality. Keywords: Auditor independence, audit quality, non-audit services, audit fees, spillover reputation hypothesis, deep pocket hypothesi

DETERMINANTS OF ABNORMAL AUDIT FEES IN NIGERIAN QUOTED COMPANIES

The aim of the study is to investigate the determinants of abnormal audit fees in Nigerian quoted companies, with specific emphasis on how the firm size, Big4, profitability, joint audit, and leverage impact on abnormal audit fee. The study involved about eighty four (84) manufacturing companies quoted on the Nigerian Stock Exchange as at 31st December 2014. A sample of 56 companies representing 67% was finally selected for the study. Panel regression estimation technique was used in the analysis of the variables. The choice of the panel regression technique is premised on its quality of unbiasedness, increased data point, and control for individual heterogeneity. To test the accuracy of the model, we employed the classical regression assumption tests of normality, heteroskedasticity, serial correlation and multi co-linearity. The study found a positive and statistically significant relationship between the interaction of Big 4 audit firms and firm size and the dependent variable of abnormal audit fees which implies that large firms using Big 4 audit firms tend to pay abnormal audit fees. We, therefore, recommend that large firms should patronise reputable indigenous audit firms

DETERMINANTS OF ABNORMAL AUDIT FEES IN NIGERIAN QUOTED COMPANIES

The aim of the study is to investigate the determinants of abnormal audit fees in Nigerian quoted companies, with specific emphasis on how the firm size, Big4, profitability, joint audit, and leverage impact on abnormal audit fee. The study involved about eighty four (84) manufacturing companies quoted on the Nigerian Stock Exchange as at 31st December 2014. A sample of 56 companies representing 67% was finally selected for the study. Panel regression estimation technique was used in the analysis of the variables. The choice of the panel regression technique is premised on its quality of unbiasedness, increased data point, and control for individual heterogeneity. To test the accuracy of the model, we employed the classical regression assumption tests of normality, heteroskedasticity, serial correlation and multi co-linearity. The study found a positive and statistically significant relationship between the interaction of Big 4 audit firms and firm size and the dependent variable of abnormal audit fees which implies that large firms using Big 4 audit firms tend to pay abnormal audit fees. We, therefore, recommend that large firms should patronise reputable indigenous audit firms

Application of Multi-criteria Decision Analysis (MCDA) using Analytical Hierarchy Process (AHP) Technique for the Selection of a more Sustainable Waste Management Technique

Indiscriminate disposal of solid waste has been described as one of the most challenging environmental problems facing cities in most developing countries because of the risks to human health and the general environment. Ineffective solid waste management is a problem plaguing the environments of urban dwellings in Nigeria including Benin City. The focus of this study is to evaluate the efficiency of MCDA using AHP technique for the selection of a more sustainable solid waste management practice.The study took a comprehensive evaluation of the solid waste composition in seven major communities in Benin City; Edo State Nigeria. The communities include; Evbuotubu, Ekenwan, Ikpoba- Hill, Ogbebuya, New Benin Oko-Central and Ugbowo. Solid waste survey/ collection using the stratified random sampling approach was done on a daily bases for a period of eight (8) weeks in order to generate enough data for specific analysis. To study the presence of variability in the composition of solid waste from community to community, multivariate analysis of variance (MANOVA) was employed while the Partial Eta Square of the Pillai’s trace statistics was used to determine the magnitude of variability. Multi Criteria Decision Analysis (MCDA) using Analytical Hierarchy Process (AHP) approach was employed to select the best solid waste disposal method taking into account the prevailing factors of influenced such as; economic factors, technical factors, social factors and environmental factors.Result of multivariate analysis of variance revealed that; about 98.9% of variability exists in the composition of solid waste from Ikpoba-Hill and New Benin while 82.60% variability exists in the composition of solid waste from Evbuotubu and Ekenwan. With an index of coherence (IC) of less than 10 (IC < 10), it was concluded that the comparison tables generated by evaluator A, B, C, D and E are valid. From the computation, mechanical/biological treatment (MBT) method with a total score of 74.21, 70.66, 74.30, 74.13 and 71.69 according to Evaluator A, B, C, D and E was acclaimed the best solid waste disposal option followed by recycling with a total score of 50.25, 49.61, 47.40, 48.05 and 46.52 according to Evaluator A, B, C, D and E respectively. Keywords: Waste Characterization, Multivariate Analysis, Analytical Hierarchy Process (AHP), Multi Criteria Decision Analysis (MCDA), Sustainable Waste Management. DOI: 10.7176/CER/14-5-03 Publication date:August 31st 202