CREATIVE ACCOUNTING AND FIRM VALUE OF LISTED MANUFACTURING COMPANIES IN NIGERIA
Keywords:
Creative Accounting, Firm value, Manufacturing Companies, Corporate Governance, Nigeria.
Abstract
The study delved into the intricate dynamics of creative accounting practices and their impact on the firm value of listed manufacturing entities in Nigeria over the period spanning from 2011 to 2021. Drawing upon a comprehensive dataset compiled from the annual financial statements of quoted manufacturing companies, the research employed a rigorous analytical framework utilizing various statistical techniques within the Eviews9 software package. Through meticulous data analysis, including unit root tests, panel cointegration tests, Bayesian error correction models, panel ordinary least squares (OLS) regressions, and Granger causality tests, among others, the study unearthed compelling insights into the interplay between creative accounting maneuvers and firm valuation metrics. The findings revealed a mixed relationship between the variables under scrutiny, both in the short and long run. Notably, the study underscored a significant association between the employed variables and innovation accounting practices, emphasizing their pivotal role in driving organizational transformation towards heightened growth and productivity levels. In conclusion, the study elucidated that, with the exception of certain variables, such as DAC and RPT, which exhibited positive coefficients indicative of movement towards enhanced firm value, as measured by the Price to Earnings ratio. This observation aligns with the a-priori expectations posited at the outset of the research endeavor. Based on the findings, the study advocates for strategic interventions aimed at bolstering the efficacy of creative accounting practices within Nigeria's quoted firms. Specifically, it recommends ongoing training and re-training initiatives targeted at enhancing staff competencies in the judicious application of creative accounting techniques in financial reporting. Such initiatives are envisioned to catalyze improvements in key performance metrics, including return on equity, assets, and earnings, thus fortifying the overall financial health and market positioning of Nigerian manufacturing enterprises.
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References
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Idris, A.A., Khinde, J.S., Ajemunigbohun, S.S. & Gabriel, J.M.O. (2012).The nature, techniques and prevention of creative accounting empirical evidence from Nigeria. Canadian Journal of Accounting and Finance, 1(1), 26-31.
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Jones, T., Wicks, A., & Freeman, R.E. (2002). Stakeholder theory: the state of the art, N. Bowde ed. The Blackwell Guide in Business Ethics, Blackwell Publishing, Oxford, U.K
Kertarajasa, A. Y., Marwa, T., &Wahyudi, T. (2019). The effect of competence, experience, independence, due professional care, and auditor integrity on audit quality with auditor ethics as moderating variable.Journal of Accounting, Auditing & Finance, 30(1), 101-121.
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Liandu, N. (2004). Earnings management: Why worry about it? Retrieved from https://www.accaglobal/publications/studendentaccounting/12/030206
Lucian, L. Delia, D., Cristina, N. & Cosmin, G.B. (2016).Empirical study on the creative accounting phenomenon. Studia Universitatis Economics Series, 26(2), 63-87.
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Mance, D. &Katunar, H. (2012). Influences on, and consequences of accounting policy choices. Retrieved from
Matar, A. &Eneizean, B.M. (2018). Determinants of financial performance in the industrial firms: Evidence from Jordan. Asian Journal of Agricultural Extension, Economics and Sociology, 22(1), 1-10.
McTague, E.P. (2013). Off-balance sheet accounting by leases and current proposals to end it. American International Journal of Contemporary Research, 3(10), 33-36.
McWilliam, H. & Siegel, T. (2010). Econometric analysis of panel data. John Wiley & Sons, Chichester.
Mehdi, M., Sahut, J. M., &Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of applied accounting research 3(1), 18-31.
Michael, N.B. (2012). Capital structure determinants of quoted firms in Nigeria and lessons for corporate financing decision, Journal of Finance and Investment Analysis, 1 (2), 61-81
Mogonta, K. &Pandowo, M (2016). Analysing the effect of price to earnings ratios, return on equity and earnings per share on market share price: A study of LQ-45 mining companies listed on Indonesia stock exchange. Journal Emba, 4(2), 703-713.
Munir, S., Saleh, M.N., Jaffar, R. & Yatim, P. (2013). Family ownership, related party transactions and earnings quality. Asian Academy of Management Journal of Accounting and Finance, 9(1), 129-153.
Narware, P.C. (2010). Working capital management: The effect of market valuatiofn and profitability in Malaysia. International Journal of Business and Management, 5(11), 10-25.
Naz, F. (2016). Financial performance of firms: Evidence from Pakistan cement industry. Journal of Teaching and Education, 5(1), 81-94.
NewJessey,Pearson.https://bib.irb.hr/datoteka/518772.mance.katunar_influences_on_and_c nsequenceshttps://pdf.semanticschola.org/cdc110d48cfa54659f309620d51240f09cfiacc.pd.
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Ogwo, E. O, &Agu, G. A, (2016). Transport infrastructure, manufacturing sector performance and the growth of gross domestic product in Nigeria, (1999-2011). Journal of Business and African Economy 2(1), 1-21.
Okoro, E. G, &Jeroh, E (2016). Does related party transactions affect financial performance of firms in Nigeria? evidence from publicly quoted firms. Business Trends, 6(2), 47-53
Okoro, G.E. &Jeroh, E. (2016).Does related party transactions affect financial performance of firms in Nigeria? Evidence from publicly quoted firms. Business Trends, 6(2), 47-53.
Oluwagbuyi, O.C. &Olowolajj, M. (2013). Incessant financial scandals in the corporate organizations in Nigeria: Auditors’ culpability. Research Journal of Finance and Accounting, 4(9), 1-16.
Omondi, M.M. & Muturi, W. (2013). Factors affecting the financial performance of listed companies at the Nairobi security exchange in Kenya. Research Journal of Finance and Accounting, .4(15), 99-104.
Onuaha, K.C. (2010). The electricity industry in Nigeria: what are the challenges and options available to improve the sector? centre for energy, petroleum and mineral law and policy: University of Dundee.
Onyekwelu, U.L., Nnadi, C.S.O. &Lyidiobi, F.F. (2018). Evaluation of firms’ corporate financial indicators and operational performance of selected firm in Nigeria. Research Journal of Finance and Accounting, 9(4), 20-29.
Osmani, R. &Deari, F. (2016).Firms’ financial performance and economic recession: Evidence from Macedonian listed companies. Bulletin of the Transilvania University of Brasor, 9(58), 201-210.
Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: An analysis of Mauritian small manufacturing firms. International Review of Business Research Papers, 2(2), 45-58.
Pozzoli, M. & Venuti, M. (2014). Related party transactions and financial performance: Is there a correlation? Empirical evidence from Italian listed companies. Open Journal of Accounting, 3(2), 28-37.
Purnamasari, D. (2015). The effects of changes on price to earnings ratios, return on equity and economic value added to the stock price changes and its impact on earnings per share. Research Journal of Finance and Accounting, 6(6), 80-89.
Quick, R., & Schmidt, F. (2018). Do audit firm rotation, auditor retention, and joint audits matter? –An experimental investigation of bank directors' and institutional investors' perceptions. Journal of Accounting Literature, 4 (1), 1-21.
Rafizadeh, H. (2016). The relationship between relate parties’ transaction and financial performance of companies listed in Tehran stock exchange. International Journal of Advanced Biotechnology and Research, 7(4), 117-122.
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Published
2024-07-08
How to Cite
Queen, I., Leyira Christian, M., & Asian A., U. (2024). CREATIVE ACCOUNTING AND FIRM VALUE OF LISTED MANUFACTURING COMPANIES IN NIGERIA. GPH-International Journal of Social Science and Humanities Research, 7(06), 21-40. https://doi.org/10.5281/zenodo.12684390
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