The Role of International Accounting Standards in Attracting Portfolio Investments in Nigeria
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Background of the Study
Portfolio investments play a significant role in economic development by providing capital for businesses and enhancing financial market liquidity. The adoption of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) aims to enhance transparency, comparability, and reliability of financial reports, which are critical factors for attracting foreign portfolio investors. In Nigeria, the implementation of these standards is expected to improve investor confidence and boost portfolio investments.
Statement of the Problem
Despite the adoption of IAS/IFRS, Nigeria still faces challenges in attracting significant portfolio investments. Issues such as inconsistent implementation, lack of compliance among some firms, and a volatile macroeconomic environment may hinder the anticipated benefits of IAS/IFRS adoption. This study investigates how these standards influence portfolio investment inflows into Nigeria.
Aim and Objectives of the Study
Aim:
To analyze the role of international accounting standards in attracting portfolio investments in Nigeria.
Objectives:
To evaluate the impact of IAS/IFRS adoption on foreign portfolio investment inflows into Nigeria.
To identify the challenges faced by Nigerian firms in complying with IAS/IFRS.
To assess investor perceptions of financial transparency and reliability in Nigeria post-IAS/IFRS adoption.
Research Questions
How has IAS/IFRS adoption influenced portfolio investment inflows in Nigeria?
What challenges do Nigerian firms face in implementing IAS/IFRS?
What are investor perceptions of Nigeria’s financial reporting environment post-IAS/IFRS adoption?
Research Hypotheses
IAS/IFRS adoption significantly increases portfolio investment inflows into Nigeria.
Implementation challenges limit the effectiveness of IAS/IFRS in attracting portfolio investments.
Investors perceive improved financial transparency and reliability due to IAS/IFRS adoption.
Significance of the Study
This study highlights the importance of international accounting standards in enhancing Nigeria’s investment climate, providing insights for policymakers, investors, and businesses.
Scope and Limitation of the Study
The study focuses on the relationship between IAS/IFRS adoption and portfolio investments in Nigeria between 2012 and 2023. Limitations include data availability and external economic influences.
Definition of Terms
Portfolio Investments: Investments in securities such as stocks and bonds by foreign investors.
IAS/IFRS: Standards developed to improve financial reporting comparability and transparency.
Investor Confidence: The trust investors have in a country’s financial reporting and investment climate.
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