CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE

The purpose of this paper is to examine the factors that affect how forward-looking information is disclosed by Bangladeshi 's listed pharmaceutical firms. In this study, a total sample of 115 firms from 23 pharmaceutical firms listed on the Dhaka Stock Exchange (DSE) is considered from the period of 2016 to 2020. Board size, board independence, gender diversity, firm size, leverage, liquidity, and profitability are used as the determinants of forward-looking information. According to the descriptive statistics, the average level of extent of forward-looking information is only 59.33%, which is inadequate for the pharmaceutical industry to survive in the long term. The multiple regression results show that the level of forward-looking information disclosure is positively and significantly associated with board size, firm size, and firm profitability. But the regression results documented that gender diversity, leverage and liquidity and board independence have no significant association with forward-looking information. The findings of this study suggest that companies should focus more on forward-looking information to survive in the market and pursue a competitive advantage. Moreover, the findings of this study also suggest that further research can be conducted using qualitative research in a different sector as well as a cross-country comparison.

Data analysis has become the cornerstone of knowledge creation, policy design, and decisionmaking in 2025. With the expansion of artificial intelligence (AI), big data infrastructures, and institutional frameworks, the practice of analyzing data has shifted from descriptive statistics toward integrated, multidisciplinary approaches. This article provides a comprehensive guide to analyzing data in 2025, synthesizing empirical studies, theoretical frameworks, and institutional policies. Drawing on institutional theory and FAIR data principles, the study examines how descriptive, diagnostic, predictive, and prescriptive analytics are integrated across healthcare, finance, education, and governance. Case applications highlight the use of AI-driven pipelines, explainable models, and interactive visualization platforms. In addition, the paper underscores the role of academic training and consultancy services, such as La Academic (2025), in equipping researchers with data management and visualization strategies that align with journal and institutional standards. Findings suggest that the future of data analysis lies in balancing innovation with interpretability, reproducibility, and ethical governance. The article concludes with recommendations for sustainable, globally harmonized practices that prioritize transparency, accountability, and capacity building.

Outlier detection in user reviews is a critical task for identifying anomalous and potentially valuable insights within large datasets. This study presents a comparative analysis of three different algorithms for outlier detection in user reviews: isolation forest, local outlier factor (LOF), and latent dirichlet allocation (LDA). The performance of each algorithm was evaluated using accuracy and silhouette score for outlier detection and clustering quality. LDA performed best with 0.98 accuracy and a silhouette score of 0.13. Isolation forest followed with 0.90 accuracy and a score of 0.11. LOF had lower results with 0.42 accuracy and a score of-0.05 due to its sensitivity to neighbors. The study contributes by systematically exploring the impact of parameter variations on algorithm performance, providing valuable insights for high-dimensional text data analysis. Despite the promising results, limitations include the dependence on preprocessing and specific parameter settings. Future work will explore hybrid approaches and broader datasets to enhance scalability and adaptability.

This study examines the role of digital taxation in enhancing compliance and financial performance among Small and Medium Enterprises (SMEs) in Nigeria, with specific focus on Lagos, Kano, and Abuja. Using a mixed-methods research design, data were collected from 370 SMEs through structured questionnaires and semi-structured interviews with SME operators and Federal Inland Revenue Service (FIRS) officials. Descriptive statistics, correlation, and regression analyses were used to assess the relationship between digital taxation, tax compliance, and SME sustainability, while thematic analysis was applied to qualitative responses. The findings reveal that adoption of e-tax platforms such as TaxPro-Max and e-payment systems is high, though formal training participation remains moderate. Digital taxation shows a strong positive correlation with tax compliance (r = 0.692, p < 0.05) and significantly influences financial performance, explaining 37.3% of its variation. Tax incentives were found to significantly moderate the relationship between digital taxation and SME sustainability. Qualitative insights indicate benefits such as time savings and transparency, alongside challenges related to internet infrastructure, cybersecurity, and technical support. The study concludes that digital taxation is a critical tool for improving SME compliance and financial performance in Nigeria. It recommends targeted taxpayer education, enhanced digital infrastructure, strengthened cybersecurity measures, and better management of tax incentives to maximize the benefits of e-tax systems.

This study examines the impact of forensic accounting measured by external auditor compliance on the corporate performance of Deposit Money Banks listed on the Nigerian Exchange Group. It adopts an ex-post facto research design, utilising secondary data from the annual reports of all twelve NGX-listed banks over the period 2015-2024, with census sampling to ensure full population coverage. Panel data regression models were estimated using ordinary least squares, with fixed-or random-effects selection guided by the Hausman test. Diagnostic checks for multicollinearity, heteroscedasticity, and model suitability were conducted using VIF, Breusch-Pagan, and Hausman/Lagrange Multiplier tests in EViews 9. Empirical findings reveal that external auditor compliance has a marginally significant positive impact on return on equity (β = 0.0197, p = 0.064), an insignificant effect on return on assets (β = 0.0101, p = 0.169), and a strong positive influence on earnings per share (β = 66.24, p = 0.001). These results suggest that while forensic accounting enhances earnings quality and investor confidence, its direct role in improving asset-utilisation efficiency is limited. The study underscores the need to embed audit compliance within broader corporate governance reforms to optimise overall financial performance.

This research is conducted to inspect the relationship of Short-Term Debt as a predictor for the financial leverage on Profitability of the company. In the analysis, Short-Term Debt will act as the independent variable and Profitability will be the dependent variable using Return on Equity (ROE) as the indicator. In the model analysis, corporate governance will be used as the moderating variable to bridge the relationship between the independent and dependent variable. In this study, the mediating variable of corporate governance uses Board of Directors (BOD) and board of commissioner (BOC) size, board of independent commissioners’ size, managerial and also the institutional ownership. From the analysis, it is shown that Short-Term debt has a significant positive impact on the company’s Profitability. In addition, board size weakens the relationship between financial leverage and profitability. Board size and institutional ownership significantly strengthen the relationship between ...

Background: This study addressed the critical intersection of accounting standards and investor returns within Africa's oil and gas sector. Specifically, it investigated how diverse accounting treatments under International Financial Reporting Standards 6 (IFRS 6) for exploration and evaluation costs, including capitalization, depreciation methods, and disclosure, affect investor returns. Utilizing panel data and regression analysis, this study examined the nuanced impact of these accounting choices on key financial performance indicators, offering insights into the complex relationship between IFRS 6 implementation and investor confidence in the African context. Aim: This study examined the impact of International Financial Reporting Standards 6 (IFRS 6) exploration and evaluation accounting choices on investor returns in African firms. Methodology: This study examined the impact of IFRS 6 accounting choices on investor returns in African oil and gas firms. This study used an ex post facto design and purposive sampling; panel data from 9 listed companies was analyzed using panel regression techniques. The regression techniques investigated the relationship between IFRS 6 accounting choices (capitalization, depreciation, disclosure, and impairment) and investor return measures such as share price, Tobin's Q, return on equity, and return on sales. The sample consists of 9 oil and gas companies listed on stock exchanges within Africa, with representation from key oil-producing nations such as Nigeria, Ghana, and others. Findings: The findings revealed that IFRS 6 positively and significantly affects debt service capacity, highlighting that compliance with the standard enhances financial credibility and enables firms to meet their debt obligations more effectively, a critical factor for improving investor confidence. However, the study also identified a negative and significant relationship between IFRS 6 and profitability metrics such as return on equity (ROE) and return on sales (ROS). While the recognition of exploration and evaluation expenses enhances perceived asset values, it simultaneously reduces profitability metrics, suggesting the high upfront costs associated with these activities weigh heavily on short-term returns. Furthermore, the findings showed positive but statistically insignificant relationships between IFRS 6 and share price, dividend payout, and debt capital raised, as well as a negative but insignificant effect on equity capital raised. These results emphasize the complex interplay between IFRS 6 adoption and financial performance, indicating that while transparency improves, profitability and market outcomes do not uniformly benefit from the standard's implementation. Contributions: This study contributes to the existing literature by providing empirical evidence on the impact of IFRS 6 exploration and evaluation accounting choices on investor returns in the African context. The findings challenge some prevailing assumptions, particularly regarding the positive relationship between capitalized exploration costs and investor returns. By demonstrating the nuanced and sometimes contradictory effects of different IFRS 6 accounting choices on various financial metrics, this research provides valuable insights for academics, practitioners, and policymakers. Recommendations: It is recommended that African firms in the extractive sector enhance their communication strategies to effectively convey the long-term benefits of exploration activities to investors. Transparent and comprehensive disclosure of exploration and evaluation activities, aligned with IFRS 6 requirements, is crucial for building investor confidence and mitigating concerns related to declining short-term profitability. Furthermore, regulators should consider promoting best practices in IFRS 6 implementation and encourage firms to adopt robust internal controls for exploration and evaluation activities. Implications for Africa: This study has several significant implications. Theoretically, it contributes to the literature on the impact of accounting standards on investor behavior and market outcomes. By examining the specific case of IFRS 6 in the African context, the study challenges some prevailing assumptions about the relationship between accounting choices and investor returns. Practically, the findings highlight the importance of effective communication strategies for African oil and gas companies to convey the long-term value of exploration and evaluation activities to investors. These insights can inform corporate decision-making regarding exploration and evaluation strategies and accounting policies. For policymakers, the study emphasized the need for clear and consistent implementation of IFRS 6 within the African context, along with supportive regulatory frameworks to encourage best practices in financial reporting. Researchers: Further researchers should explore the impact of IFRS 6 on investor returns in other African subregions or countries, considering factors like economic development, regulatory environment, and investor sophistication. Investigating the long-term impact of IFRS 6 on investor behavior and market outcomes would also be valuable. Additionally, exploring the role of corporate governance, disclosure quality, and analyst coverage in mediating the relationship between IFRS 6 and investor returns could provide deeper insights.

Background: This study addressed the critical intersection of accounting standards and investor returns within Africa's oil and gas sector. Specifically, it investigated how diverse accounting treatments under International Financial Reporting Standards 6 (IFRS 6) for exploration and evaluation costs, including capitalization, depreciation methods, and disclosure, affect investor returns. Utilizing panel data and regression analysis, this study examined the nuanced impact of these accounting choices on key financial performance indicators, offering insights into the complex relationship between IFRS 6 implementation and investor confidence in the African context. Aim: This study examined the impact of International Financial Reporting Standards 6 (IFRS 6) exploration and evaluation accounting choices on investor returns in African firms. Methodology: This study examined the impact of IFRS 6 accounting choices on investor returns in African oil and gas firms. This study used an ex post facto design and purposive sampling; panel data from 9 listed companies was analyzed using panel regression techniques. The regression techniques investigated the relationship between IFRS 6 accounting choices (capitalization, depreciation, disclosure, and impairment) and investor return measures such as share price, Tobin's Q, return on equity, and return on sales. The sample consists of 9 oil and gas companies listed on stock exchanges within Africa, with representation from key oil-producing nations such as Nigeria, Ghana, and others. Findings: The findings revealed that IFRS 6 positively and significantly affects debt service capacity, highlighting that compliance with the standard enhances financial credibility and enables firms to meet their debt obligations more effectively, a critical factor for improving investor confidence. However, the study also identified a negative and significant relationship between IFRS 6 and profitability metrics such as return on equity (ROE) and return on sales (ROS). While the recognition of exploration and evaluation expenses enhances perceived asset values, it simultaneously reduces profitability metrics, suggesting the high upfront costs associated with these activities weigh heavily on short-term returns. Furthermore, the findings showed positive but statistically insignificant relationships between IFRS 6 and share price, dividend payout, and debt capital raised, as well as a negative but insignificant effect on equity capital raised. These results emphasize the complex interplay between IFRS 6 adoption and financial performance, indicating that while transparency improves, profitability and market outcomes do not uniformly benefit from the standard's implementation. Contributions: This study contributes to the existing literature by providing empirical evidence on the impact of IFRS 6 exploration and evaluation accounting choices on investor returns in the African context. The findings challenge some prevailing assumptions, particularly regarding the positive relationship between capitalized exploration costs and investor returns. By demonstrating the nuanced and sometimes contradictory effects of different IFRS 6 accounting choices on various financial metrics, this research provides valuable insights for academics, practitioners, and policymakers. Recommendations: It is recommended that African firms in the extractive sector enhance their communication strategies to effectively convey the long-term benefits of exploration activities to investors. Transparent and comprehensive disclosure of exploration and evaluation activities, aligned with IFRS 6 requirements, is crucial for building investor confidence and mitigating concerns related to declining short-term profitability. Furthermore, regulators should consider promoting best practices in IFRS 6 implementation and encourage firms to adopt robust internal controls for exploration and evaluation activities. Implications for Africa: This study has several significant implications. Theoretically, it contributes to the literature on the impact of accounting standards on investor behavior and market outcomes. By examining the specific case of IFRS 6 in the African context, the study challenges some prevailing assumptions about the relationship between accounting choices and investor returns. Practically, the findings highlight the importance of effective communication strategies for African oil and gas companies to convey the long-term value of exploration and evaluation activities to investors. These insights can inform corporate decision-making regarding exploration and evaluation strategies and accounting policies. For policymakers, the study emphasized the need for clear and consistent implementation of IFRS 6 within the African context, along with supportive regulatory frameworks to encourage best practices in financial reporting. Researchers: Further researchers should explore the impact of IFRS 6 on investor returns in other African subregions or countries, considering factors like economic development, regulatory environment, and investor sophistication. Investigating the long-term impact of IFRS 6 on investor behavior and market outcomes would also be valuable. Additionally, exploring the role of corporate governance, disclosure quality, and analyst coverage in mediating the relationship between IFRS 6 and investor returns could provide deeper insights.

This study reviews the impact of the Spanish Transparency Law (TL) 19/2013 and the Union of European Football Associations’ (UEFA) Financial Fair Play (FFP) regulations, on the transparency and accountability of Spanish professional football clubs, and examines the influence of financial performance on the transparency of Spanish football clubs. The study uses a Panel Data methodology (FGLS) to compare the international transparency index for football clubs (INFUT) with the criteria of UEFA’s FFP as a measure of the social and financial performance, respectively, on a sample of 28 Spanish professional teams of first and second division during the periods of 2015, 2016, and 2019. The study reveals that the implementation of TL 19/2013 and UEFA’s FFP has improved the transparency and accountability of clubs. On the one hand, the TL has facilitated access to financial information, and, on the other, the FFP regulations have contributed to improving the balance and financial viability o...

Through its regulatory agencies, the government continues to seek to deepen corporate governance practice in Nigeria as an enabler for economic growth and facilitating much-needed foreign investment. The growth of corporate governance in Nigeria has often been in reaction to various adverse occurrences in the economy, and also following the cues from international development, this has led to a multiplicity of corporate governance codes. Operators in the insurance industry are currently subjected to both the National Code of Corporate Governance (2018), as are indeed all companies in the public and private sectors, and the National Insurance Commission of Nigeria (NAICOM) Corporate Governance Guidelines for Insurance and Reinsurance Companies in Nigeria. This paper sort to analyze both corporate governance codes to determine if there are areas of conflict or potential confusion for operators in the insurance industry. The paper found that the structure of NCCG 2018 has meant that various industry regulators have a critical role in its enforcement; the NAICOM guidelines also make strenuous efforts to avoid conflict by asking all insurance companies to comply with NCCG 2018 and read the provisions of the two codes together.

This study investigated the effect of audit committee diversity on audit quality of quoted non-bank financial firm in Nigeria from (2011-2020). Two research questions and two hypotheses were formulated for the study. Ex-post facto research design was employed in the study. The population of the study included all non-bank financial firms quoted and trading on the Nigerian Exchange Group (NXG) (NSE) as at 31st December 2021 with a sample size of Twenty-two (22) non-bank financial firms selected from the population sector. The study relied on secondary sources of data which was obtained from Annual reports of sampled firms as provided by individual firms and Nigerian Exchange Group (NXG) website. Logistic regression analysis was employed in validating the hypotheses. The study revealed a significant positive effect of audit committee gender diversity, audit fee and firm size on audit quality. Audit committee racial diversity was not significant. Consequent on the findings, the study therefore recommends amongst others that firms should maintain a good proportion of women directors in the audit committee as this has shown by statistical analysis that the reputation of audit is largely affected by the inclusion of women in the audit committee.

Government agencies increasingly face challenges in managing programs efficiently, especially in preventing fraud, abuse, and resource waste. Traditional oversight techniques often struggle to detect early signs of problems such as resource misallocation, project delays, and budget overruns. This paper explores how anomaly detection, powered by Scikit-learn, a machine learning library in Python, can improve government program management. Using Isolation Forest, One-Class Support Vector Machine (SVM), and Local Outlier Factor models, we illustrate how advanced anomaly detection can monitor budgets, timelines, and resource utilization. Our findings show that these approaches can enhance program efficiency, enable agile risk management, and support data-driven decisions through a hypothetical example focused on government project data.

In this paper we argue and empirically find that factual rather than "cosmetic" independence has a differential impact on board effectiveness with reference to the quality of financial reporting. We first shed light on past conflicting findings by showing a curvilinear relation between two important independent directors' characteristics, busyness and tenure, and levels of earnings management. By adopting an interaction perspective, we then show that independent directors' ability to constrain earnings management is strongly impaired by their length of tenure, and it fades away entirely when independent directors are "too busy". We also look at independent directors sitting on Audit Committees and we get identical results. This work comes in response to recent calls for more work on how independent directors' effectiveness is impacted by directors' attributes and shows that a co-alignment of several attributes is needed, rather than just the application of the convenient "independence" label.

This study examines the effect of board diversity on the financial performance of manufacturing firms in Nigeria. The motivation for the study lies in the increased quest to establish the most appropriate board with the optimum mix needed to guarantee the absence of corporate failure. The study comprises of 64 listed manufacturing firms as at 31st December 2020, and sample size of 20 listed manufacturing firms were selected using purposive sampling technique. Data were obtained from annual reports of the selected firms from 2011 to 2020. Descriptive statistics and panel regression estimation techniques were used to analyze the data collected. The findings shown that board diversity has an insignificant effect on performance except for financial expertise diversity with a positive effect on financial performance, and there is a presence of long run relationship with firm performance. Based on these findings, the study therefore concludes that diversity on the board in terms of gender...

Revolutionizing Strategic Goal Setting
In a world that demands ethical leadership, inclusive action, and sustainable change, traditional goal-setting models are no longer enough. I’m excited to introduce the SIMPLEST Goals Model — a transformative framework designed to drive social and organizational transformation through goals that are not just achievable, but also inclusive, ethical, legal, and sustainable.

This article explores how SIMPLEST expands beyond SMART, offering a powerful tool for leaders, development practitioners, policy designers, and change agents committed to meaningful impact.

The article examines whether different corporate governance practices and ownership patterns influence firm performance and value creation in an emerging market context. The study establishes that the governance-performance relation depends highly on the estimation tools applied. While the pooled regression or fixed effects panel model may provide spurious and biased relations, the system generalized method of moments (GMM) model provides superior and valid results by addressing all types of endogeneity problems. The results show that firms with a separate CEO and chairperson outperform firms with CEO duality. Also, higher executive salary leads to improved firm performance. Moreover, higher promoter shareholding leads to greater value creation and improved firm performance, and domestic institutional investors (DII) have a significant impact on firm performance.

Abstract:
The history of the banking system in Nigeria has been occasioned by many problems that resulted in distress. The consolidation and recapitalization exercise in the sector in 2005 was done in a bid to resolve this dilemma. This study examined the challenges of regulating commercial banks in Nigeria. To achieve this objective, the survey research approach was adopted. Specifically, the researcher relied mainly on secondary data for the bulk of the research materials used. Three hypotheses were formulated, analyzed, and tested using statistical mean and the chi-square. The result of the findings shows that challenges in the commercial banking system, which include: weak corporate governance, insider dealings and abuses, lingering boardroom squabbles, massive money laundering, etc., if not properly checked by the regulators, can mar the commercial banks' adherence to the provisions of CBN Acts and that regulatory and supervisory functions of the CBN and the NDIC have effectively curtailed distress in the Nigerian commercial banking system. The study concluded that there was a huge success in ensuring sanity, safety, and confidence in the system due to CBN's robust regulatory network. The study, amongst other recommendations, maintained that CBN should be proactive by ensuring that commercial banks adhere to prudential guidelines.

This paper is a literature review of recent corporate governance research in Nigeria. It identifies the recent advances and challenges in the literature and suggest some directions for future research. A comprehensive review of the recent corporate governance literature is important because it provides a basis to compare the corporate governance experience in Nigeria with the corporate governance experience in other African countries and developing countries. The findings from the literature review reveal that the board of directors is the most explored corporate governance determinant in the Nigerian corporate governance literature. Most studies focus on some corporate governance determinants, and ignore other corporate governance determinants in firms. There is some consensus that corporate governance failure in Nigeria is caused by multiplicity of factors such as lack of political will by the government to enforce corporate governance laws, deliberate refusal to comply with existing corporate governance laws by politically connected firms, weak compliance by firms, weak enforcement by regulators, and conflicting codes in the country's corporate governance codes. Also, recent corporate governance studies do not systematically build on previous corporate governance studies. Regarding methodology, most Nigerian corporate governance studies are merely experimenting different methods of analyses without advancing the literature in a significant way. The study also finds that the 2018 Nigerian code of corporate governance solves some problems and create new problems for Nigerian firms.

Influence of Audit Committee Competence on Financial Performance of Deposit-Taking SACCOs in Nairobi County, Kenya 1. Background of the Study According to a diverse body of evidence, the efficiency of audit committees is greatly impacted by their composition (Abbott, 2017). Critics underline the importance of audit committees being made up of independent individuals, with some having financial competence, and that the audit committee regularly meet (Carcello, 2016; Abbott, 2018). Although the literature on this field of investigation is mixed, experience on boards of directors and audit committees has been demonstrated to increase corporate value (Chan & Li, 2018; Bronson et al., 2019). Audit committee vigilance, or the regularity with which they meet, has been found to have a favorable influence on business performance in studies (Raghunandan & Rama, 2017; Sharma et. al., 2019). Abbott (2018) observed that when the audit committee meets at least semi-annually, it reduces the chances of fraud and misleading reports occurring. The wellness of an institution, and ultimately its existence, is influenced by its financial performance (Iswatia & Anshoria, 2017). High financial performance reflects a company's management efficacy and efficiency in utilizing its resources. This, in return, adds to the overall economy of the country (Naser & Mokhtar, 2018). Auditing does have a key impact on the financial success of most businesses, including SACCOs (Burk, 2017). According to research, one of the causes of business and financial crises occurring throughout the world is a lack of auditing quality (Soltani, 2018). Thus,

The oil and gas industry of the Nigerian have caused several avoidable environmental degradations to the host communities of the operating firms with the outfits having little or no attention to contributing or incurring much costs to the conservation of these environments for future uses. This study evaluates the relationship between environmental cost disclosure and profitability (performances) of firms in oil and gas industry in Nigeria. Time series data were collected from published annual reports of ten sampled companies for ten years (2010-2019) based on data availability. Ex post facto design was used. Environmental costs were represented in terms of waste management cost, pollution control cost, fines and litigation cost and community development cost while return on assets, ROA, was used as proxy to firm profitability. Pearson product moment coefficient of correlation and multiple regression analysis were used to analyze the data. Econometric result reveals that environmental cost has no significant effect on the performance of oil and gas firms in Nigeria.

The aim of this study is to investigate the relationship between board members' education level and industrial experience on sustainability reporting of listed deposit money banks in Nigeria from the period of 2013-2020. Secondary data was collected from annual reports and account of listed deposit money banks from the Nigeria Stock Exchange website. Results from the panel least squares regression revealed that board members' industrial experience positively influences sustainability reporting of listed deposit money banks in Nigeria. Whereas, the study found no evidence on the relationship between board members' education level and sustainability reporting. The study concludes that board members' industrial experience improves the extent of sustainability reporting of listed deposit money banks in Nigeria and thus recommends that shareholders and management of deposit money banks in Nigeria should consider board members' industrial experience when constituting the board.

We study the effect of board governance in state-owned and private banks by undertaking a study of commercial banks in India that has both bank groups. Covering a ten-year period from 2003 to 2012 that witnessed a large number of governance reforms in India, the results of our empirical analysis provide evidence of strong ownership effects with board independence exhibiting a significant positive correlation with the performance of private banks and a significant but negative correlation with the performance of state-owned banks. The effect of CEO duality is negative in state-owned banks where incidence of CEO duality is high. We find that a longer CEO tenure has significant positive effects on bank outcomes with these effects strengthening in the later years of CEO tenure. Our results have governance implications for strengthening the composition of board of directors and CEO tenure especially in state-owned banks.

This study examines the financial performance and stability of a company over a specified period by analysing key financial ratios, including the Current Ratio, Quick Ratio, Absolute Liquidity Ratio, and Debt-to-Equity Ratio. These metrics provide insight into the company's liquidity position and capital structure, helping to assess its ability to meet short-term liabilities and long-term financial sustainability. The analysis reveals that the company's liquidity ratios have fluctuated, often remaining below ideal industry benchmarks. The Current Ratio, while improving in recent years, suggests potential challenges in maintaining sufficient working capital. The Quick Ratio indicates that a significant portion of the company's current assets consists of inventory, which may not be easily converted into cash. The Absolute Liquidity Ratio highlights limited cash reserves, posing risks in times of financial uncertainty. On the other hand, the Debt-to-Equity Ratio has shown a downward trend, indicating a strategic reduction in debt financing and a greater reliance on equity, which reduces financial risk but may impact growth opportunities. The study concludes that while the company has made efforts to manage its financial position, there are areas requiring improvement, particularly in liquidity management. Recommendations include optimizing working capital, improving cash flow management, and maintaining an optimal balance between debt and equity to enhance financial stability. These findings contribute to financial decision-making by providing insights into how businesses can strengthen their financial health through effective asset and liability management.

The structure of assets and capital structure is closely related to the company&#39;s performance. Good corporate governance can also affect the company&#39;s performance. Measurement variable asset structure using the ratio of non-currents assets to total assets (NCATA), capital structure variables measured by the debt ratio (DR), good corporate governance (GCG) is measured by a proxy for the amount of institutional ownership, the number of commissioners, and the amount of the board of directors. The company&#39;s performance is measured by the ratio of return on total assets (ROA). The analytical tool used is the analysis of multiple linear regression. The first phase of this article examines the effect of the NCATA and GCG on DR, GCG practices that show no effect, while NCATA positive effect on DR. The second phase of testing GCG and NCATA examine the effect mediated by DR on ROA shows NCATA and DR negative effect, while GCG positive effect on ROA. This article is a limitation on...

This paper examines critical aspects of international banking law, focusing on the banker-customer relationship, defenses in SWIFT fraud cases, and the structure of syndicated loan agreements. The study provides an in-depth analysis of the ambiguity surrounding terms like "banker," "banking business," and "customer," offering insights into the evolving nature of these relationships in banking law. It also explores the legal defenses available to banks in fraud cases involving SWIFT transactions, such as fraud committed by external hackers, recipient banks' knowledge of fraud, and abnormal circumstances. Lastly, the paper delves into the mechanics of syndicated loan transactions, evaluating the roles and liabilities of the lead manager, agent bank, and lending members. The analysis concludes by providing a comprehensive view of how international banking institutions navigate these complex legal frameworks.

The study assessed the role of effective inventory management on the operational performance in the health sector of Sunyani in the Bono Region of Ghana. The study used a survey design and a quantitative methodology. The study employed simple random sampling to select 124 managers and officers of procurement and operations for health facilities in the Bono Region of Ghana. Structured questionnaire was used as the main data collection tool to gather information from Original Research Article

The theory and practice of corporate finance has allocated over time an important field of study in favor of the main corporate decisions regarding financial structure and its implications over: the shareholders, the debt holders, other stakeholders and on the participants from inside the corporation. The first section of this paper contains a theoretical synthesis of several cornerstone studies on this subject. The second section is a research proposal which can be undertaken in order to materialize theory into practice, by testing these implications on the Romanian corporate environment.

Abstract:
The aim of this study is to investigate the effect of corporate governance on tax revenues collection in Rwanda. The
major objective of this study is to find out how poor accountability can contribute to the negative failure on tax revenues
collection in Musanze District of Rwanda; to establish the extent of how low transparency can contribute to lack of
worthy trust to the companies in the particular area.
A Sample size of 360 respondents were arrived at using proportionate stratified sampling technique. The study gathered
primary data through open and closed end questionnaires. Majority of companies have failed to recognize the
importance of good governance that would have enabled them to manage the companies so well. The study was set out
to analyze the extent to which corporate governance has effect on tax revenues collection in Musanze. This study
analyzed the effect of corporate governance on tax revenues collection in Rwanda, a case study of Musanze District 2016
to 2019.Corporate governance will produce increase of tax revenues collection in Rwanda and the study concluded that
there was variation of 52.3% on tax revenues collection in Rwanda was due to changes in accountability, transparency,
fairness, responsibility and government policies and laws check at 95% confidence interval. The study recommends that
things like lack of experts, lack of leadership skills, lack of transparency, lack of fairness and poor management as far as
corporate governance is concerned which obviously affect the expansion of many companies in Musanze District,
Northern Province thus government should give training curriculum, an entrepreneurship skills training, leadership
skills training in order to help most of the companies to achieve their goals and objectives.
Keywords: Accountability, transparency, fairness, responsibility and government policies and laws

The current study aims to investigate the impact of shareholding pattern on the performance of firms under the S&P BSE 30 Index through panel data regression analysis. The study reveals a positive association between promoter holdings and firm performance, following the alignment effect. Additionally, the results also indicated that both FIIs (Foreign Institutional Investors) and DIIs (Domestic Institutional Investors) positively influence firm performance. This suggests that FIIs and DIIs are responsible shareholders who actively monitor firm performance supporting the global advantage as well as the hometown hypothesis.

The objective of this research is to investigates the relationship of company's orientation toward social responsibility at small and medium enterprises to their social corporate performance. In addition, this research also examines the role of environmental uncertainty as the moderating variable in affecting the relationship of corporate social responsibility orientation and corporate social performance. Sample was taken from small and medium businesess in Jawa Tengah. Initial distribution of 300 set of questionnaires to SME respondents has resulted in final sample of 115 respondents that usable to the analysis stage. The results of this study show that company's ethical orientation has positive relationship with corporate social performance, while company's legal orientation has negative effect toward corporate social performance. Moreover, the presence of environmental uncertainty has resulted in two significant interactions with the two components of company's orientation. The interaction of environmental uncertainty and company's ethical orientation has negative relationship with corporate social performance. Similarly, the interaction of environmental uncertainty and company's legal orientation has positive relationship with corporate social performance.

The study evaluated the application of upper echelon theory on IFRS 6 disclosure practices among African exploration firms. The research examined how CEO gender, board gender, board committee gender, and top management gender correlate with the level of IFRS 6 disclosure within Africa's exploration industry. Methodology: The study used ex post facto research design. Filtered sampling was adopted in selecting the sampled firms from African upstream, downstream, mining and metals industry. Data collected from Machame Ratios for 2012-2022 were analyzed through ordinal logistic regression. Findings: The findings revealed that CEO gender has an insignificant effect on IFRS 6 disclosure practices with confidence interval of-2.0057. Board gender showed a significant negative effect on IFRS 6 disclosure with a p-value of-0.0491. In contrast, board committee gender and top management gender positively and significantly influenced IFRS 6 disclosure with p-values of 0.0073 and 0.0059 respectively. Contributions: The study contributed to the existing literature on the framework of upper echelon theory as it influenced IFRS 6 disclosure practices among Africa exploration firms. Recommendations: • It recommended the need for researchers to further explore upper echelon specific characteristics in comparison with other industries. • It recommended that training programs should be developed to enhance the IFRS 6 expertise of accountants and financial professionals in the African context. • The study recommended that policymakers and corporate governance advocates should not only focus on gender diversity but also on leadership competencies and regulatory frameworks. Implications for Africa: African firms should prioritize promoting women into key decision-making positions like board committee and top management. This can enhance transparency and compliance with IFRS 6. Firms should focus on fostering inclusive environments where diverse boards can thrive and positively influence financial reporting

The overall purpose of this study is to determine the relationship between green accounting and sustainability reporting of quoted CBN licensed finance companies in Nigeria: an implication for the accounting profession. The study was guided by three research objectives, research questions and research hypothesis. The study adopted environmental cost (EC) as dimension of green accounting while environmental information disclosure and social information disclosure was the dimensions of sustainability reporting. The study anchored on the stakeholders' theory and legitimacy theory. The population of the study consisted of one hundred and four (104) CBN licensed finance companies for the 2021-2022 period. A quantitative technique was adopted and Ex post facto research design was employed for the study. A purposive sampling was used, so a research sample of fourteen (14) CBN licensed finance companies was selected. The result showed that green accounting has a significant relationship with sustainability reporting. Furthermore, the study showed that environmental cost (EC) has a positive significant relationship with environmental information disclosure and social information disclosure. The study also concluded that green accounting significantly affect sustainability reporting of CBN licensed finance companies in Nigeria. Therefore, the study recommended that the true position of environmental cost of CBN licensed finance companies should be properly reported in their financial statement as this will enhance the transparency of the accounting profession.

This paper analyzes the state of corporate governance (CG) research in Nigeria. It consolidates the literature to identify the current state of CG research in Nigeria and to identity opportunities for future research in the literature. Among other things, the review show that the Board of directors (BOD) is the most explored corporate governance mechanism in the Nigerian corporate governance literature. Secondly, most studies focus on some governance mechanisms but ignore other governance mechanisms in firms. Thirdly, there is some consensus that the corporate governance failures in Nigeria is caused by multiplicity of factors mainly, lack of political will by the government to enforce corporate governance laws, deliberate refusal to comply with existing CG laws by politically connected firms, weak compliance by firms, weak enforcement by regulators, and conflicting codes in the country's corporate governance codes. Also, the review shows that current CG studies do not systematically build on previous Nigerian CG studies which indicates a lack of direction in the Nigerian corporate governance literature. Regarding methodology, the findings reveal that most Nigerian CG studies are merely experimenting different methods of analysis without necessarily advancing the literature in a significant way. These findings have implications.

The purpose of this study is to assess challenges in the economic empowerment of women's micro and small enterprise (MSE) operators. The study attempted to respond to the questions (1) what are the factors that contributed to the lower performance of women-owned micro and small enterprises (MSEs), (2) the available support services by the government and financial institutions to empower women in the sector, and (3) the structural and systemic barriers in the support service system. The study employed mixed methods research. A total of 178 women MSE operators had taken part in the quantitative survey. A random sampling method was used to select survey respondents and purposive sampling techniques used to conduct qualitative interviews.Findingsof the study revealed that women MSE operators faced challenges in accessing credit, input, information, and business training. Support institutions also had found to be challenged to provide context-sensitive services for women MSEs that factors like raw material shortage, lack of finance, financial literacy, and collateral issues in addressing the economic empowerment needs. The study recommends government and financial institutions should provide context-sensitive services, such as targeted incentives, simplified tax systems, and alternative financing options, and that concerned bodies should find a way to economically empower women MSE operators.

This study examined the moderating impact of audit committee financial expertise on capital structure and performance of listed deposit money banks in Nigeria. Ex-post facto research design was adopted to define the structure and strategy of the study, while the target population was all the listed deposit money banks in Nigeria as at 31st December, 2022 which were 14 in number. Out of the 14 banks 11 were purposively chosen based on their complete annual reports and accounts over the period of the study (2012-2022). Panel regression analysis was adopted to analyze the collected data. Thus, the study found a positive but insignificant impact of debt financing on the performance of the bank. However, equity financing was found to have positive and significant impact on the performance of the selected banks. Furthermore, audit committee financial expertise was found to have positive and significant moderating impact on debt financing, equity financing and net interest margin of the banks. Therefore, the study concluded that audit committee financial expertise has positive and significant moderating impact on capital structure and performance of listed deposit money banks in Nigeria. This signifies that, the higher the number of audit committee members with expertise in finance and accounting, the optimal capital mix decision making of the banks and the higher the performance. Therefore, this study recommends that; in order for listed deposit money banks in Nigeria to have optimal capital structure decision making that would result to higher performance; the composition of audit committee members should reflect high number of members with finance and accounting knowledge.

The objective of this research is to investigates the relationship of company's orientation toward social responsibility at small and medium enterprises to their social corporate performance. In addition, this research also examines the role of environmental uncertainty as the moderating variable in affecting the relationship of corporate social responsibility orientation and corporate social performance. Sample was taken from small and medium businesess in Jawa Tengah. Initial distribution of 300 set of questionnaires to SME respondents has resulted in final sample of 115 respondents that usable to the analysis stage. The results of this study show that company's ethical orientation has positive relationship with corporate social performance, while company's legal orientation has negative effect toward corporate social performance. Moreover, the presence of environmental uncertainty has resulted in two significant interactions with the two components of company's orientation. The interaction of environmental uncertainty and company's ethical orientation has negative relationship with corporate social performance. Similarly, the interaction of environmental uncertainty and company's legal orientation has positive relationship with corporate social performance.

Corporate governance is increasingly becoming important in organization as an approach of improving performance. Corporate governance is the system through which organizations are directed and controlled. It is concerned with transparency, accountability and power relationship within and outside the organization. There has been an increasing importance in corporate governance in organizations in recent years. Some studies have argued for a positive relationship while others argued that there is a negative relationship between corporate governance and organizational performance. This study sought to determine the effect of corporate governance on organizational performance of sugar manufacturing firms in western Kenya. The research employed correlation survey design. The population of the study constituted of eleven sugar manufacturing firms in Western Kenya. A convenience sample of sugar manufacturing firms in Western Kenya was used for the study. Primary data was collected using structured questionnaires. Descriptive statistics was used to summarize the data. Pearson's correlation coefficient was used to determine the relationship between corporate governance and organizational performance of sugar manufacturing firms, multiple regression analysis was used to determine the effect of corporate governance on organizational performance. Findings revealed that the corporate governance practices were positively related to the performance of sugar manufacturing firms in western Kenya, although not very strongly (r = 0.587, p < 0.05). This means that the corporate governance practices which involve board characteristics, board size, Top management characteristics and Shareholders communication policy and Continuous disclosure had an impact on the performance of Sugar firms in Western Kenya. The study recommended that there are other factors which influence performance of sugar manufacturing firms such as trade liberation and government intervention which normally introduce new variables that have an effect on the performance of Sugar firms in Western Kenya. The study also recommended areas of further research.

The present study aims to investigate the association between corporate governance mechanisms and financial performance among companies listed on the Tehran Stock Exchange (TSE). We also want to know if the COVID-19 global crisis moderates the relationship between them. The study sample consists of 1098 observations and 183 companies listed on the TSE from 2016 to 2021; furthermore, the statistical method used to test the hypotheses is panel data with random effects. In line with our expectations, the results show that the coronavirus pandemic worsened Iranian corporate performance. In support of agency theory, we figure out that board independence, board meeting frequency, and board financial expertise are correlated positively with firm value. In favor of resource dependency theory, this study finds robust evidence that audit committee size and independence have a positive effect on corporate performance. Most importantly, the positive linkage between board independence, board fin...

This study aims to explore whether capital structure (CS) has a contingent role in the relationship between corporate governance (CG) quality and firm performance. The empirical findings indicate that CG quality had a positive and significant effect on the performance of Jordanian non-financial firms listed on the Amman Stock Exchange (ASE) from 2014 to 2019. Additionally, the moderate effect of the CS reinforces this relationship. These results are robust to alternative econometric specifications and variable definitions. This study utilizes certain firm-specific characteristics to represent the CS to assess its role as a moderating variable in the relationship between CG quality and firm performance. This study makes a contribution to the literature by showing that CS can strengthen the relationship between CG quality and firm performance. The results have important managerial implications for the practice of CG in developing countries. Firms in developing countries can enhance performance by implementing and abiding by good governance practices. Moreover, firms in developing countries should adopt effective financial strategies regarding CS to enhance the relationship between CG quality and firm performance. Finally, potential investors should consider the debt level in the CS of non-financial firms in Jordan when making investment decisions.

This study aims to evaluate the effectiveness of tax governance in agro industries in Cameroon. To achieve this, a case study approach focusing on CDC and PAMOL Plc in the South West Region was used. A quantitative approach was used, with standardized questionnaires distributed to 60 personnel (selected through purposive sampling) to ensure consistent data collection for an in-depth examination. This data was then analyzed with respect to transparency and disclosure in tax reporting, internal control effectiveness, and the influence of ownership structures and workforce expertise. This methodological approach yielded the following results: Transparency and disclosure emerged as having a positive influence and robust effect on tax compliance and effective tax management in both CDC and Pamol. Additionally, the quality of internal control frameworks and the competence of the tax governance committee were found to strongly contribute to minimizing tax risks within these companies. Interestingly, ownership structures and workforce expertise did not appear to influence the implementation of tax governance practices in either CDC or PAMOL. The following recommendations were formulated : - Agro-companies must prioritize employee tax literacy through ongoing education and awareness programs regarding policies and procedures; Agro-Companies should improve collaboration between tax authorities and agro-enterprises by focusing on promoting documented tax strategies, robust internal controls, effective risk management practices, and clear communication channels; - The government should  strike a balance by avoiding excessive intervention in companies' internal affairs in order to optimize  function controls; - The state should  invest in qualified tax professionals within the workforce and also implement transparent disclosure practices so as to build trust with external stakeholders and to foster the culture of tax accountability within the organization; .-  Finally, agro-companies should engage in benchmarking and knowledge-sharing exercises with their peers.

Dividend is one of the major factors considered by investors /shareholders in their investment decision, however, dividend decision being a sole responsibility of the board would be influenced by the nature of independence of the board. This study aims to evaluate how the independence of bank boards affects dividend payout decisions with reference to listed deposit money banks in Nigeria. The study extracted secondary data from annual reports and accounts of listed DMBs for a period of 10 years (2012 -2021) relating to the dependent (Dividend payout ratio) and explanatory variable (outside directors). We analysed the data using descriptive statistics, correlation and GLS regression analyses. The result indicates that independent directors adversely influence dividend pay-out out to shareholders by -81%. This means that outside directors on banks board are strongly oppose to paying dividend supporting the substitution hypothesis, which posits that dividends substitute for independent directors on the board. This evidence implies that shareholders of DMBs that are more interested in dividend income can influence the chances of dividend payment by lowering the number of independent directors in the board. Hence, these findings underscore the need for policy revisions regarding board composition to balance director independence with shareholder dividend preferences.

This study aims to test whether ownership and control concentration influences corporate market value of firms in BSE 100 Index companies in India from 2000-2014 covering all major sectors. The conceptual model is developed through a review of literature and is then implemented in the context of BSE (Bombay Stock Exchange) in India. A total data of BSE 100 Index companies for 15 years were considered. The panel data regression model is applied in order to draw the causal relationship between the variables considered for the study. The variables used are found to have a very good fit as it shows that every aspect of ownership has its own impact on market valuation. The study thus establishes that the non-promoters holding (if taken as an individual variable) and non-promoters non institutional holding have a significant impact on market capitalization of the firm. Furthermore, it is found that the non-promoters institutional holding and non-promoters non institutional holding have a ...

The study investigates the correlation between corporate governance and financial performance in Ghanaian insurance companies through econometric and linear regression analysis. The chi-square independence test and odds and Odds ratio test were used to establish the degree of relationship between gender diversity, board size and ownership structure and financial performance-underwriting profit, return on equity and return on asset. The study reveals a relationship between corporate governance indicators and variables of insurance firm's financial performance. Board size and composition were found to be statistically significant in the model. A decrease in board size and an increase in board composition will result in better performance. The study also revealed that there is an association between ownership type and performance. Publicly listed firms perform better than unlisted state-owned firms. The study concluded that board size will not matter once the board is efficient. The study made key recommendations.

Banks have a central role in any economy. They mobilize funds, allocate capital and play a decisive role in the corporate gove rnance of other firms. All this means that, when banks are efficient, they stimulate productivity growth and the prosperity of the whole economy. On the other hand, banking crises are able to destabilize the economic and political situation of nations. These strong externalities on the economy make the corporate

Banks have a central role in any economy. They mobilize funds, allocate capital and play a decisive role in the corporate gove rnance of other firms. All this means that, when banks are efficient, they stimulate productivity growth and the prosperity of the whole economy. On the other hand, banking crises are able to destabilize the economic and political situation of nations. These strong externalities on the economy make the corporate

Going one step further, this dissertation also focuses on the design of share-based remuneration. This is suggested as an important route for further research by David, Kochhar, and Levitas (1998) and Mehran (1995). For example, the firm's corporate governance characteristics may have an influence on whether (restricted) shares or stock options are granted. Also, there might be a relationship with vesting characteristics which can be time or performance-based. 2.4. Research questions The general research focus of our empirical study deals with the association between firm-level governance characteristics and the governance and design of CEO remuneration. This is translated into the following research questions: Research question 1 (RQ1): Which share ownership characteristics are associated with the establishment and the composition of a remuneration committee? Research question 2 (RQ2): What is the association between the presence and composition of a remuneration committee and CEO remuneration? Research question 3 (RQ3): What is the association between share ownership structures and CEO remuneration? Remuneration level Remuneration structure Design of CEO remuneration Existence of remuneration committee Characteristics of remuneration committee composition Tenure on the board Demographic characteristics Committee members' share ownership Executive/non-executive status Committee members' remuneration Occupation European Commission Belgium France Germany The Netherlands Variable remuneration Criteria Recomm. Law & Code Law & Code Law & Code Code Deferral of payout Recomm.

The SIMPLE goals model was developed by Dr. Edwin Kodwo Kuntu Blankson to provide a more pragmatic approach to strategic goal setting. ‘SIMPLE’ stands for Specific, Inclusive, Measurable, Practical, Legal, and Ethical. This paper introduces the SIMPLE goals model as a strategic alternative to SMART goals, offering a more comprehensive approach to goal setting that aligns with contemporary demands.

This study aims to provide an overview of central governance in Albania, focusing on farmers&#39; opinion and satisfaction with activity of Agriculture Rural Development Agency (ARDA) in Albania, which is financed by public and EU funds either for financing or credit guarantying the Albanian Farmers. Thus, what is the farmers’ perception for ARDA activity and what would the subsidized farmers like to change or improve on governmental agency service delivery? This is followed by the well-known assumption that citizens rely on personal experiences when they create their own views, which are closely related to their knowledge and understanding of central government performance as a starting point for good governance, and in some cases, they can make central authorities liable for issues that are not under their direct control. For this reason, the main purpose of this research is to evaluate main stakeholders’ perception such as: the employees and high-level officials of ARDA, as servi...

This study investigates the moderating role of board gender diversity on the relationship between sustainability reporting, and value creation in Nigerian non-financial firms between 2018 to 2022. Using longitudinal data from 73 firms listed on the Nigeria Exchange Group, the research employs panel dynamic regression analysis. Findings indicate that robust sustainability reporting positively impacts value creation among non-financial firms in Nigeria. Moreover, board gender diversity enhances this relationship, suggesting that companies with diverse boards effectively integrate sustainability into their strategic agenda, thereby strengthening corporate resilience. Based on the conclusion the study recommends that the supervisory authority such as financial reporting council of Nigeria (FRCN) should update corporate governance codes to explicitly include mandatory requirements for sustainability reporting and gender diversity. These updates will reinforce the importance of gender diversity and sustainability in corporate governance, contributing to improved financial performance and value creation within the Nigerian non-financial sector.