The Effect of IFRS on Corporate Governance Disclosure in Nigerian Firms
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Background of the Study
Corporate governance refers to the systems, practices, and policies that guide a company’s operations, ensuring accountability, fairness, and transparency to all stakeholders. The adoption of International Financial Reporting Standards (IFRS) has played a significant role in enhancing corporate governance practices worldwide. In Nigeria, as part of the broader efforts to improve corporate governance, firms have been required to adopt IFRS, which emphasizes disclosure requirements related to governance practices. This study aims to explore the effect of IFRS adoption on corporate governance disclosure in Nigerian firms, with particular attention to the transparency and comprehensiveness of governance-related disclosures.
Statement of the Problem
While IFRS adoption in Nigeria has led to improvements in financial reporting, its impact on corporate governance disclosures remains underexplored. IFRS places specific demands on the disclosure of governance-related information, including the role of the board, ownership structures, and executive compensation. This study will examine whether Nigerian firms have responded to these demands and whether these disclosures have led to improvements in corporate governance practices and transparency.
Aim and Objectives of the Study
The aim of this study is to examine the effect of IFRS adoption on corporate governance disclosures in Nigerian firms.
The objectives are:
- To assess the level of corporate governance disclosures required by IFRS in Nigerian firms.
- To evaluate the impact of IFRS on the transparency and quality of corporate governance disclosures in Nigerian firms.
- To explore the relationship between corporate governance disclosure practices and investor confidence in Nigerian firms.
Research Questions
- What corporate governance disclosures are required by IFRS in Nigerian firms?
- How has the adoption of IFRS influenced the quality and transparency of corporate governance disclosures in Nigerian firms?
- What is the relationship between corporate governance disclosure practices and investor confidence in Nigerian firms?
Research Hypotheses
- The adoption of IFRS has led to significant improvements in the transparency and quality of corporate governance disclosures in Nigerian firms.
- Corporate governance disclosures significantly impact investor confidence in Nigerian firms.
- The level of corporate governance disclosure is positively related to the firm’s compliance with IFRS.
Significance of the Study
This study will contribute to the understanding of how IFRS adoption affects corporate governance disclosure practices in Nigerian firms. The findings will help regulators, policymakers, and firms enhance their corporate governance transparency, which is essential for attracting investors and improving the overall business environment in Nigeria.
Scope and Limitation of the Study
This study will focus on Nigerian publicly listed companies that have adopted IFRS. Limitations include potential inconsistencies in corporate governance reporting practices across different industries and the availability of relevant data.
Definition of Terms
- Corporate Governance Disclosure: The process of providing information about a company’s governance practices, including board structure, ownership, executive compensation, and risk management.
- IFRS: International Financial Reporting Standards, the globally recognized set of accounting rules.
- Transparency: The degree to which a company provides clear, accurate, and comprehensive information to its stakeholders.
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