VALUE RELEVANCE OF ACCOUNTING INFORMATION OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
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VALUE RELEVANCE OF ACCOUNTING INFORMATION OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
VALUE RELEVANCE OF ACCOUNTING INFORMATION OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA Abstract
Activities in the Nigerian
Stock Exchange (NSE) in the past years show that the Nigerian Industrial Goods
firms is one of the sectors that contributed to the drop in the Nigerian Stock
Exchange Turnover Ratio from 21.86% in 2008 to 13.26% in 2009, attributing to
the decline in stock prices.. Therefore, this study examined the extent to
which share price of the Listed Industrial Goods firms in Nigeria are
associated with fundamental accounting variables (that is, earnings per share,
Book value per share and dividends per share). The thesis investigates the
value relevance of accounting information in Listed Industrial Goods firms in
Nigeria using data obtained from the Nigerian Stock Exchange (N S E) fact book
2011, annual report of the firms for the period 2007-2013, and daily price list
on the Cash Craft website. The study is based on the semi-strong form of
Efficient Market Hypothesis applying the Ohlson (1995) valuation model.
Initially, Ordinary Least Square (OLS), Fixed Effects (FE) and Random Effects
(RE) models were employed as tools of analysis but after conducting relevant
tests, REM is used in testing the hypotheses of the study The population of the
study consisted of all the twenty-five(25)
firms that are listed on the Nigerian stock exchange under industrial
goods sector of the economy. After applying filtering method, 16 firms were
selected as sample of the study. The result revealed that all the explanatory
variables statistically and significantly influence the explained variable.
This implies that accounting information published by listed industrial goods
firms in Nigeria have high value relevance to the investors in making their
investment decision on the firms. Specifically, earnings per share are the most
value relevant accounting information followed by dividend per share, then book
value per share. It is therefore recommended that the management of Nigerian
industrial goods firms should maintain stability and consistency in their
earnings by maintaining uniform accounting policy and diversification of operations,
which will go a long way in increasing market value of the firms. The
accounting standards setters should also enhance the quality of the financial
reporting in order to increase the value relevance of financial statements.
CHAPTER ONE
INTRODUCTION
1.1 Background
to the Study
Accounting is
regarded as the language of business used by corporate firms in communicating
their financial positions to their users through the publication of annual
financial statements containing the required financial accounting information.
Financial accounting information is the product of corporate accounting and
external reporting systems that measures and publicly discloses audited,
quantitative data concerning the financial position and performance of publicly
held firms. These financial statements, according to the Generally Accepted
Accounting Principles (GAAP), have certain qualitative characteristics that
should be met in order for it to succeed in its purpose. The statement should
disclose reliable, relevant, comparable, timely and understandable information
(ICAN, 2014).
For any accounting information to meet up with the above
qualitative characteristics, it must be prepared and made public for the
consumption of its target users. These users need different information at
different times and as such, it is mandatory for preparers of these financial
statements to prepare and present reliable information to assist them in their
decision making (ICAN, 2014). Reliability has to do with the quality of
information which assures that information is reasonably free from error and
bias and faithfully represents what it is intended to represent.
VALUE RELEVANCE OF ACCOUNTING INFORMATION OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
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Activities in the Nigerian Stock Exchange (NSE) in the past years show that the Nigerian Industrial Goods firms is one of the sectors that contributed to the drop in the Nigerian Stock Exchange Turnover Ratio from 21.86% in 2008 to 13.26% in 2009, attributing to the decline in stock prices.. Therefore, this study examined the extent to which share price of the Listed Industrial Goods firms in Nigeria are associated with fundamental accounting variables (that is, earnings per share, Book value per share and dividends per share). The thesis investigates the value relevance of accounting information in Listed Industrial Goods firms in Nigeria using data obtained from the Nigerian Stock Exchange (N S E) fact book 2011, annual report of the firms for the period 2007-2013, and daily price list on the Cash Craft website. The study is based on the semi-strong form of Efficient Market Hypothesis applying the Ohlson (1995) valuation model. Initially, Ordinary Least Square (OLS), Fixed Effects (FE) and Random Effects (RE) models were employed as tools of analysis but after conducting relevant tests, REM is used in testing the hypotheses of the study The population of the study consisted of all the twenty-five(25) firms that are listed on the Nigerian stock exchange under industrial goods sector of the economy. After applying filtering method, 16 firms were selected as sample of the study. The result revealed that all the explanatory variables statistically and significantly influence.. accounting project topics
VALUE RELEVANCE OF ACCOUNTING INFORMATION OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA