MANAGERIAL SHARE OWNERSHIP AND CAPITAL STRUCTURE DECISION OF NIGERIAN LISTED NON-FINANCIAL FIRMS

The paper examined the relationship between managerial share ownership and leverage of 35 non-financial firms listed on the floor of the Nigerian Stock Exchange. The study covered the period 2005-2014. Using panel data regression analysis and fixed effects model (with least squares as an estimation technique), result revealed a positive and significant relationship between leverage and managerial share ownership. This suggested that managerial share ownership, an important internal corporate governance mechanism, played an important role in a company’s capital structure decision. The outcome of this study was supported by some prior empirical studies and provided evidence of alignment of the interests of management and shareholders as proposed by the Agency theory. It is recommended that Nigerian companies should encourage management to own shares in companies where they serve as directors as this will reduce managerial incentives to consume perquisites and expropriation of shareholders’ wealth or investing in unprofitable projects.      &nbsp

AUDIT FIRM CHARACTERISTICS AND FINANCIAL REPORTING QUALITY: EVIDENCE FROM NIGERIAN LISTED DEPOSIT MONEY BANKS

Financial reports prepared by corporate managers communicate economic performance of an entity to various users of the reports. An important attribute of a financial report is its reliability. From the perspective of Agency theory, there is a possibility for corporate managers to be involved in manipulation of accounting earnings, with the intention of misleading users of reports. This study examined the influence of audit firm characteristics on quality of financial reports of eleven Nigerian deposit money banks for financial years, 2007 – 2018. The study employed Random effects generalised least squares as analytical tool. Regression results revealed a negative and significant relationship between audit firm characteristics (audit fees, joint audit) and earnings management. For quality financial reports to be achieved, it is recommended that relevant regulatory bodies in Nigeria should mandate management of deposit money banks and other financial institutions to engage services of bigger audit firms with requisite skills, professional experience and reputation. Joint audit should also be encouraged because of its added advantage of objective financial reporting over that of a single firm.   &nbsp

Corporate social responsibility in the oil and gas industry in Nigeria: the case for a legalised framework

This chapter focuses on the extant corporate social responsibility (CSR) practices in the oil and gas industry in Nigeria. The oil and gas industry has been beset by a lot of problems not limited to violence, kidnappings, eco-terrorism, and maladministration amongst others. One of the strategies of curing or mitigating these inherent problems in the oil and gas sector is the use of CSR initiatives by many oil multinational corporations (MNCs) operating in Nigeria. Notwithstanding that the majority of CSR initiatives in the oil and gas sector in Nigeria are voluntary, this chapter avers that CSR initiatives should be made mandatory by the Nigerian government. Furthermore, Civil Society Organisations (CSOs) should play an integral role in the implementation of any legalised framework on CSR that will be developed in the country. This chapter suggests that a CSR law should be developed specifically for the oil and gas industry to mitigate the negative externalities arising from the activities of oil MNCs in the Niger Delta region of the countryN/