Accounting Information and Market Value of Quoted Manufacturing Firms: Panel Data Evidence from Nigeria
Keywords:
Accounting Information, Market Value, Quoted Manufacturing Firms, Panel Data, Nigeria.
Abstract
This study the relationship between accounting information and the market value of quoted firms in Nigeria. The general objective was to examine if accounting information have any effect on market value of quoted firms. Cross sectional data was sourced from financial statement of 23 manufacturing firm from 2008-2017. Market value of the firms was modeled as a function of earnings per share, return on equity and dividend per share. Ordinary least square method of cointgration, unit root and granger causality test was used to determine the extent to which human resource cost affect quality of financial report. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model. The study found that the independent variables explained 79 percent variation on the market value of the quoted firms. The beta coefficient of the variables indicates return on equity; earnings per share, dividend per share have positive effect on the market value of the quoted firms. From the regression summary, the study concludes that there is significant relationship between accounting information and market value of the quoted firms. The study recommends that management of the firms should formulate dividend policy that enhances the market value of the firms. Corporate strategies should be directed toward internal and external factors that affect earnings per share.
References
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Adebimpe, O. U., & Ekwere, R. E. (2015).IFRS adoption and value relevance of financial statements of Nigerian Listed Banks.International Journal ofFinance and Accounting, 4(1), 1.
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Ajide, F. M. &Aderemi, A. A. (2014). The effects of earnings management on dividend policy in Nigeria: The SIJ transactions on industrial, financial & business management, 2 (3), 145-152.
Lucky, A. L., Akani, H. W., & Anyamaobi, C. (2015). Prudential determinants of stock prices of commercial banks in Nigeria: An application of fundamentalists and macroeconomic View. 1980 – 2014. IIARD International Journal of Banking and Finance Research ISSN 1 (8),113-129.
Akani, H. W., Lucky, A. L. & Anyamaobi, C. (2016). Banking sector development and capital formation In Nigeria: A multivariate analysis. Account and Financial Management Journal Volume 1 Issue 3: 1, 141-161.
Akani, H.W. & Lucky, A. L. (2014). Money Supply and Aggregate stock prices in Nigeria: An Analysis of Co-integration and causality test. Research Journal of finance, 2 (10) 1- 24.
Alali, F. A., & Foote, P. S. (2008).Earnings-returns association in an emerging market: an empirical analysis of abu dhabi securities market. California: State University Fullerton Southeast AAA Conference.
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Bernard, V. L. & Skinner, D. J. (1996). What motivates managers' choice of discretionary accruals? Journal of Accounting and Economics 22 (1/3), 313-325.
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Bilgic, F. A. & İbis, C. (2013). Effects of new financial reporting standards on value relevance: a study about Turkish Stock Markets. International Journal of Economics and Finance, 5(10), 126-140.
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Capital Market: A Garch Analysis Approach. International Review of Management And Business Research 2 (1),90-117.
Cheng, A., C. Liu & Schaefer, T.(1996). Earnings permanence and the incremental information content of cash flow from operations. Journal of Accounting Research 34, 173–181.
Cheng, F. F., & Shamsher, M. (2008).Are cash flows relevant for stock pricing in Bursa Malaysia? Int. Journal of Economics and Management, 2(2),353 – 367.
Cheung, J.K, &Yau J, (1995). Price effects of relative reporting delay of same-day earnings and dividend announcements .Journal of Financial and Strategic Decisions, Volume 8 Number 1 Spring.
Choi, B., Collins, D. & Johnson, W. (1997). Valuation implications of reliability differences: the case of non-pension postretirement obligations. The Accounting Review, 72, 351–383.
Christian, C. (2004). The value-relevance of earnings and operating cash flows during mergers. Managerial Finance, 30 (11): 16-29.
Conceptual Framework for Financial Reporting.(2010). September.
Dastgir, M., Sajadi, H.S., &Akhgar. O. M. (2010).The association between components of income statement, components of cash flow statement and stock returns. Business Intelligence Journal, 3(1), 9 -21.
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Germon, H., & Meek, G.K. (2001).Accounting: an international perspective. McGraw Hill: Singapore.
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Gornik- Tomaszewski, S., &Jermakowicz, E. K. (2001). Accounting-based valuation of polish listed companies. Journal of International Financial Management and Accounting, 12(1), 50-74.
Guay, W., Kothari, S. & Watts, R. (1996).A market-based valuation of discretionary accrual models.Journal of Accounting Research, 34, 83-105.
Gujarati N. Damodar & Dawn C. Porter.(2009). Essentials of econometrics McGraw-Hill/Irwin, New York.Fifth Edition.
Gujarati, D. N. (1988).Basic Econometrics. McGraw-Hill, Inc.
Gujarati, D. N. (2003).Basic Econometrics. McGraw Hill, New York, 4th ed.
Gulati, R.,& Higgins, M.C. (2003). Which ties matter when? The contingent effects of interorganizational partnerships on IPO success. Strategic ManagementJournal, 24(2), 127-144.
Gupta, S. & Lehmann, D. R. (2003).Customers as assets. Journal of Interactive Marketing, 17(1), Winter, 9-24. 39.
Gupta, S. & Lehmann, D. R. (2005).Managing customers as investments.Wharton School Publishing.
Gupta, S., Lehmann, D. R.& Stuart, J. A. (2004). Valuing customers.Journal of Marketing Research, 41(1), February, 7-18.
Gupta, S.C. (2011). Fundamentals of statistics. New Delhi, Himalayo Publishing House PVT Ltd.
Ha, H. T. V., Hung, D. N., & Dung, T. M. (2018). Impact of accounting data on stock prices: The case of Vietnam. International Journal of Accounting and Financial Reporting, 8(1), 140-154.
Hendricks, J. A. (1976). The impact of human resource accounting information on stock investment decisions: An empirical study. The Accounting Review, 51(2), 292-305.
Ibanichuka, E. A.L. & Alasin, C. B. (2018). Audit reports and value relevance of accounting information: evidence from commercial banks in Nigeria. Indian Journal of Finance and Banking, 2 (1); 44-62.
Kallunki, J. & Martikainen, T. (1997).The lead-lag structure of stock returns and accounting earnings. International Review of Financial-Analysis, 6 (1),37-48.
Karğın, S. (2013). The Impact of IFRS on the value relevance of accounting information: Evidence from Turkish Firms. International Journal of Economics and Finance; Vol. 5, No. 4; ISSN 1916-971.
Kausar, A. &Taffler, R. J. ( 2006). Anomalous price reaction and differential stockholder response to going-concern audit opinions and withdrawals. University of Manchester, University of Edinburgh, UK.
Khanagha, J.B. (2011). Value relevance of accounting information in the United Arab Emirates. International Journal of Economics and Financial Issues, 1(2), 33-45.
King, R. D., & Langli, J. C. (1998).Accounting diversity and firm valuation. The International Journal of Accounting, 33, 529–567.
Kiremu, M. K.G., Galo, N., Wagala, A., &Mutegi, J. K. (2013).Stock price and volumes reaction to annual earnings announcement: a case of the nairobi securities exchange. International Journal of Business, Humanities and Technology, (3(2), 100 -111.
Kobana, A., Vijay,J. & Bruce, J. M. (2000). The role and the relative importance of financial statements in equity valuation. Carleton University, Canada, N2L3C5.
Lang, M. & Lundholm (1993): Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 246-271.
Lev, B. & Zarowin, P. (1999).The boundaries of financial reporting and how to extend them. Journal of Accounting Research, Vol. 37 No. 2, pp. 353-385.
Lipe, R. (1990). The relation between stock returns and accounting earnings given alternative information. The Accounting Review, 65 (1), 1 – 23.
Marquardt, C. A., & Wiedman, C. I. (2004).The effect of earnings management on the value relevance of accounting information. Journal of Business Finance & Accounting, 31(3&4), 297-332.
Miah, M. ((2012).).Value Relevance of Accounting Information and Stock Market Vulnerability - A Study on Listed Companies in Dhaka Stock Exchange.
International Journal of Research in Commerce and Management , 3 (4), 24-26.
Mingyi, H. (2000). Accounting standards and value relevance of financial statement: An international analysis.Journal of Accounting Economic 30:401-20.
Muhammed, M. O. (2014d). Oil price shock and macroeconomic activities in Nigeria.International Research Journal of Finance and Economics issue (3).
OECD. (2002). Glossary of key terms in evaluation and results based management. Development Co-operation Directorate, OECD Publications, Paris.
Olawale, L. S. (2014). International financial reporting standard adoption and banks performance in Nigeria.Retrieved from http://ssrn.com/abstract=2513212.
Olugbenga, A &Oyerinde, A. (2014). The relationship between financial accounting information and market values of quoted firms in Nigeria. Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA), 1.
Olugbenga, A &Oyerinde, A. (2014). Value Relevance of Financial Accounting Information of Quoted Companies in Nigeria: A Trend Analysis. Research Journal of Finance and Accounting, 5(8).
Olugbenga, A. A., &Atanda, O. A. (2014). The relationship between financial accounting information and market values of quoted firms in Nigeria. Global Journal of Contemporary Research in Accounting, Auditing andBusiness Ethics (GJCRA),1(1), 22 -39.
Omoye, A. S. & Eriki, P. O. (2014). Corporate governance determinants of earnings management: Evidence from Nigerian quoted companies. Mediterranean Journal of Social Sciences.5 (23) 553 – 564. 130.
Oshodin, E., & Mgbame, C.O. (2014).The comparative study of value relevance of financial information in the Nigeria banking and petroleum sectors.Journal of Business Studies Quarterly Vol. 6, No. 1
Oyerinde, D. T. (2009).Value relevance of accounting information in emerging stock market in Nigeria.Proceeding of the 10th annual international conference.International academy of African business and development (IAABD), Uganda.
Pathirawasam, C. (2010). Value relevance of accounting information: Evidence from Sri Lanka. International Journal of Research in Commerce & Management, 8(1), 13-20.
Quintus, V. (2007).The conceptual framework, accounting principles and what we believe is true. Accountancy SA;Accounting& Tax Periodicals, 30-33.
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Published
2020-03-05
How to Cite
Innocent, O., Ibanichuka, E., & Micah, L. (2020). Accounting Information and Market Value of Quoted Manufacturing Firms: Panel Data Evidence from Nigeria. American Finance & Banking Review, 5(1), 1-16. https://doi.org/10.46281/amfbr.v5i1.501
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2020 Okoro Innocent; E.A.L. Ibanichuka; L.C. Micah
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