Quantitative Analysis of the Relationship Between IFRS Compliance and Board Diversity in Nigeria
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Background of the Study
Board diversity refers to the inclusion of individuals from varied backgrounds, including gender, race, experience, and expertise, within a company's board of directors. The adoption of International Financial Reporting Standards (IFRS) has reshaped the way companies approach financial transparency, and it has been argued that diverse boards are better equipped to make informed, balanced decisions. In Nigeria, where there has been increasing attention on improving corporate governance practices, the relationship between IFRS compliance and board diversity remains under-explored. This study will quantitatively analyze the correlation between IFRS compliance and the level of board diversity in Nigerian firms.
Statement of the Problem
While board diversity has been linked to improved decision-making and corporate performance, its relationship with IFRS compliance is not well-understood in the context of Nigerian firms. This study seeks to explore whether firms that comply with IFRS have more diverse boards, and whether board diversity plays a role in facilitating better IFRS compliance.
Aim and Objectives of the Study
Aim:
To examine the relationship between IFRS compliance and board diversity in Nigerian firms.
Objectives:
To assess the level of board diversity in Nigerian firms that comply with IFRS.
To investigate whether board diversity influences the effectiveness of IFRS compliance in Nigerian firms.
To explore the relationship between board diversity and corporate performance in Nigerian firms adhering to IFRS.
Research Questions
What is the level of board diversity in Nigerian firms that comply with IFRS?
Does board diversity influence the effectiveness of IFRS compliance in Nigerian firms?
How does board diversity impact corporate performance in Nigerian firms that adopt IFRS?
Research Hypotheses
Firms that comply with IFRS have a higher level of board diversity than those that do not comply with IFRS.
Board diversity positively influences the effectiveness of IFRS compliance in Nigerian firms.
Board diversity enhances corporate performance in Nigerian firms that comply with IFRS.
Significance of the Study
This study will provide insights into the impact of board diversity on IFRS compliance and corporate performance in Nigerian firms. The findings will be relevant for policymakers, corporate leaders, and governance experts in promoting diversity as a factor in improving financial reporting quality and overall corporate governance.
Scope and Limitation of the Study
The study will focus on Nigerian firms that comply with IFRS, examining the diversity of their boards and its impact on IFRS compliance and corporate performance. Limitations may include the availability of data on board diversity and IFRS compliance across a diverse range of industries.
Definition of Terms
Board Diversity: The inclusion of individuals from different backgrounds, including gender, race, education, and professional experience, in the board of directors.
IFRS Compliance: The degree to which a firm adheres to the International Financial Reporting Standards in preparing financial statements.
Corporate Performance: The financial and operational success of a company, often measured by profitability, revenue growth, and shareholder value.
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