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

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

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