The Role of IFRS in Enhancing Shareholder Activism in Nigeria
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Background of the Study
The adoption of International Financial Reporting Standards (IFRS) has been a significant change in the Nigerian accounting landscape, with its potential to enhance transparency and improve financial reporting. Shareholder activism, which refers to the efforts made by shareholders to influence corporate policies, has been growing in importance as stakeholders demand more accountability from companies. This study seeks to examine the role of IFRS in facilitating shareholder activism in Nigerian companies, particularly in terms of transparency and disclosure of financial information.
Statement of the Problem
In Nigeria, shareholder activism is often hindered by inadequate financial disclosures and opaque reporting practices. While IFRS is designed to increase transparency and comparability, its role in facilitating shareholder activism is underexplored. This study will investigate how the adoption of IFRS has contributed to empowering shareholders in demanding greater corporate responsibility, better governance practices, and enhanced financial disclosures from companies.
Aim and Objectives of the Study
The aim of this study is to examine how IFRS adoption contributes to enhancing shareholder activism in Nigerian companies.
The objectives are:
- To evaluate the level of shareholder activism in Nigeria before and after IFRS adoption.
- To assess the impact of IFRS on corporate governance and its relationship to shareholder engagement.
- To explore the role of IFRS in improving financial disclosures that support shareholder activism.
- To propose recommendations for increasing shareholder activism through improved financial reporting.
Research Questions
- How has IFRS adoption impacted shareholder activism in Nigerian companies?
- What role does IFRS play in improving corporate governance and transparency in Nigeria?
- How do enhanced financial disclosures under IFRS influence shareholders' decision-making and activism?
- What strategies can be employed to foster stronger shareholder activism through IFRS adoption?
Research Hypotheses
- Shareholder activism has increased in Nigerian companies since the adoption of IFRS.
- IFRS has improved the quality and transparency of financial disclosures, thereby enhancing shareholder activism.
- Companies with stronger shareholder engagement exhibit better compliance with IFRS reporting standards.
Significance of the Study
This study will provide insight into how IFRS adoption influences shareholder activism in Nigeria. It will contribute to understanding the broader impact of IFRS on corporate governance, transparency, and accountability. The findings will be valuable to policymakers, investors, and corporate managers in fostering a culture of active shareholder participation.
Scope and Limitation of the Study
The study will focus on Nigerian companies that have adopted IFRS, analyzing the level of shareholder activism and its correlation with improved financial reporting. Limitations may include access to data on shareholder activism and the ability to isolate IFRS adoption as the sole factor influencing activism.
Definition of Terms
- Shareholder Activism: Actions taken by shareholders to influence a company's policies, particularly in areas such as corporate governance, environmental policies, and financial transparency.
- IFRS: International Financial Reporting Standards, globally recognized accounting standards aimed at enhancing financial transparency.
- Corporate Governance: The system by which companies are directed and controlled, focusing on accountability, fairness, and transparency.
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