Value relevance of accounting information addresses the degree to which accounting information summarizes the information that is impounded in share prices. Therefore, the purpose of this paper is to contribute to the empirical literature on value relevance by examining the extent to which accounting information is associated with firm value, from an emerging market context. The paper uses the basic Ohlson (1995) model and the modification of the model that includes cash flow from operation, and dividends, to ascertain the value relevance of accounting information in Nigeria. The paper accommodates the documented relative inefficiency of the market by using stock price at three months and six months after year end as dependent variable. The study employs a pooled and panel data in the regression of share price and returns on accounting numbers. The ordinary least square (OLS) estimation and dynamic model estimation, with the Random and Fixed effects variants were used in the regression. We find that earnings, cash flow and dividends were statistically significantly associated with firm value but book value was related but not statistically significant. Based on these findings, it is suggested that the focus of investors should be on earnings, dividends and cash flows while less emphasis be placed on book values. Besides, the accounting information for investment purposes should be communicated to the investing public; and such information should be of high quality to avoid sub-optimal investment decisions by investors, with negative consequences for the overall economy

This study examines the relationship between dividend payout ratio and working capital management and the effect of firm's working capital management practice on its dividend payout ratio. The working capital management is measured by the net trade cycle, current ratio and debt ratio. The data used in this study were obtained from twelve manufacturing companies quoted on the Nigeria Stock Exchange between 2002 and 2006. The data wer analysed using the Pearson product moment correlation technique and ordinary least square (OLS) regression technique. The results show that dividend payout ratio was influenced positively by profitability and net trade cycle but negatively by growth rate in earnings. Corporate profitability, working management, and growth in earnings have statistically insignificant effects on the dividend payout ratio at 5% confidence level. Hence, we can conclude that from this study working capital management is not significant in dividend policy decision. However, the result cannot be generalized owing to the problem of small sample size, seemingly poor model specification and failure to adopt the robust modern statistical technique provided by the fixed and random effects of panel data regression technique.

This paper examined corporate governance and financial statements manipulation in Nigeria, using the Beneish model. To this end, the Beneish Model was employed to predict the likelihood of financial statements manipulation among the companies in Nigeria while the role of corporate governance variables to this manipulation was examined, using logistic regression analysis. In specific terms, the corporate governance variables of Board Composition, Board Gender Composition, Audit Committee Composition, and Board Dominance were examined as determinants. The data used were extracted from sixty-five (65) quoted companies in the Nigeria Stock Exchange for a 6-year period of 2009-2014. This period a near-crash in the Nigerian stock market with the consequential low ebb in economic activities in Nigeria. Preliminary analysis reveals that most of the companies quoted in the Nigeria Stock Exchange and sampled for this study, based on the Beneish Model, have the probability of manipulating their annual financial statements. Furthermore, results revealed that an increase in the Board Composition defined in the proportion of the Non-Executive Director (NED) on the Board, will increase the likelihood of detecting, preventing and investigating financial statements manipulation in the quoted companies in Nigeria. In addition, it was discovered that, in the Board Gender Composition, an increase in the proportion of female gender in the entire board will increase the likelihood of detecting, preventing and investigating financial statements manipulation. Meanwhile, it was revealed that an increase in the effectiveness and efficiency of the composition of the audit committee may reduce the likelihood of financial statements manipulation in Nigeria companies. Lastly, it was discovered that a decrease in Board Dominance will increase the likelihood of detecting, preventing and investigating misstatements in the annual financial statements of Nigeria companies. It is recommended. in the meantime, to use the Beneish model as a norm to assess the possibility of financial statements manipulation. More stringent measures, such as whistleblowing, ethics, value system, zero tolerance to fraud, just to mention a few, are to be effectively enforced by external regulatory authorities (such as Central Bank of Nigeria, Securities and Exchange Commission and the Nigerian Stock Exchange) to control the activities of the company's board of directors, as well as the application of Beneish model, would aid the detection of financial statements manipulation.

Today, countries, especially the developing ones rebase their Gross Domestic Product (GDP) to determine their economic strength. Nigeria as an acclaimed giant in Africa cannot but continuously examine variables which may impact the economy. It is in this light that this study was intended to investigate the Determinants of Tax Revenue Effort in Nigeria. To achieve this, secondary data, as time series data, covering a period of 1980 to 2015, were used and sourced from the Central Bank of Nigeria Statistical Bulletin, Annual Abstract from the Office of the National Bureau of Statistics and the Federal Inland Revenue Service, both in Nigeria. The dependent variable of Tax Revenue Effort (TTAXeff) was regressed on macro independent variables of Agricultural Sector Productivity(AGRICSP), Manufacturing Sector Productivity (MANSP), Tourism Sector Productivity(TOURSP), Telecommunication Sector Productivity(TELCOMSP), Capital Flight(CAPFR), Trade Openness (TOPEN) and Human Capital Development(HCD). The study adopted a longitudinal research design and used the Autoregressive Distributed Lag (ARDL) technique to evaluate the models. The findings revealed that Agricultural Sector Productivity, Tourism Sector Productivity, Trade Openness and Human Capital Development had significant and positive effects on Tax Revenue Effort in Nigeria. The Manufacturing Sector Productivity, Telecommunication Sector Productivity and Capital Flight had significant but negative effects on Tax Revenue Effort in Nigeria. There is however the need to consistently ensure better performance of tax efforts in the country through strict and meticulous enforcement of tax rules and tax administrations procedures in the country.

The link between accounting information and firm value has attracted the attention of accounting and finance researchers since the seminar work of Ball and Brown (1968) and Beaver (1968). The association of accounting information with firm value is value relevance research. Value relevance is the degree to which accounting information captures information impounded in stock prices. Ohlson (1995) provided the conceptual linkage between accounting information and firm value. Since then, value relevance research has increased in volume and diversity. A trend in this line of enquiry is to determine if disaggregated accounting information is incrementally value relevant beyond bottom line accounting information. The objective of this paper was to ascertain if disaggregated accounting information has more value relevance compared to bottom line measures for firms listed on the Nigerian Stock Exchange Market. We specifically investigated the value relevance of disaggregated accounting information for Nigerian listed firms, using a sample of 940 firm-years from 1994 to 2013. The study contributes to the extant value relevance literature by employing a methodology that accounts for documented inefficiencies of the Nigerian capital market. Given the analysis conducted, findings indicate that disaggregated earnings are incrementally value relevant beyond bottom line earnings. Besides, disaggregated book value is found to be more value relevant compared to book value. In the light of these findings, both investors and analysts should shift emphasis from bottom line accounting information, like earnings and book value to disaggregated accounting numbers to improve the quality of investment decisions they make. Besides, regulatory authorities must improve on the corporate governance environment in order to mitigate incidences of window dressing, creative accounting and other corporate malfeasances