This study examines earnings surprise and share price of firms in Nigeria. It sought to evaluate the impact of earnings surprise in predicting share price of firms. The paper employed the Ohlson valuation model and variants of the model to ascertain the impact of earnings surprise on share price. The sample consisted of 76 listed firms over the period 2010–2020. The study reveals that earnings surprise has a negative insignificant impact on share price. The study further reveals that with the interaction of earnings surprise with the bottom line metrics of book value per share and earnings per share, earnings surprise also has a negative insignificant impact on share price of firms, respectively. The paper provides fact that earnings surprise interacts with book value per share and earnings per share in determining share price. This paper also presents evidence to the fact that investors are not just concerned with the magnitude of book value per share and earnings per share but are also concerned with the quality of the earnings in terms of its surprise. This paper further presents evidence to the fact that investors do not consider magnitude and surprise of earnings in isolation. Rather, the decision is influenced by the fusion of the magnitude and the surprise of the metric.

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Effective management of risk especially tax risk is arguably hinged on a framework of corporate governance that ensures amongst others that the board of directors is effective and efficient in delegating some of its roles and duties to well-structured committees, without relinquishing its responsibilities. Based on this assertion, this paper inquires into the link between constituting a standalone risk management committee and tax aggressiveness in nonfinancial listed companies in Nigeria. A combination of ex post facto research design and quantitative approach was employed while data were sourced from the financials of eighty (80) firms for twelve (12) years (2008–2019). The censored Tobit estimator was used to evaluate the model for the study, and the finding agrees with the expectation of the agency theory that the presence of a standalone risk committee mitigates tax aggressive practice in Nigeria. The finding has several contributions: first, it extends the literature on the link between corporate governance and organisational behaviour with emphasis on tax aggressiveness. Second, it provides evidence on how the establishment of a risk management committee impacts aggressive tax behaviour, thus, supporting the position of the Nigerian Code of Corporate Governance 2018 on the establishment of risk committees. Flowing from this finding, the study recommends strict regulatory compliance by those charged with governance (internal and external) with the requirements for a risk committee as this will improve governance and reduce the risk emanating from tax aggressiveness.