An Assessment of IFRS Adoption and Its Impact on Foreign Direct Investment in Nigeria
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Background of the Study
Foreign direct investment (FDI) is critical for economic growth, especially in developing countries like Nigeria. IFRS adoption is believed to improve transparency, reduce information asymmetry, and foster investor confidence, thereby enhancing FDI inflows. This study examines the impact of IFRS adoption on FDI in Nigeria, focusing on the role of financial reporting in attracting foreign investors.
Statement of the Problem
Despite the adoption of IFRS in Nigeria, FDI inflows have been inconsistent, raising questions about the effectiveness of IFRS in attracting foreign investors. Factors such as compliance levels, regulatory frameworks, and investor perceptions may influence this relationship.
Aim and Objectives of the Study
The aim of this study is to evaluate the impact of IFRS adoption on FDI inflows in Nigeria.
Specific objectives include:
- To assess the relationship between IFRS adoption and FDI inflows in Nigeria.
- To analyze the role of IFRS in reducing information asymmetry for foreign investors.
- To evaluate the perception of foreign investors regarding IFRS compliance in Nigerian firms.
- To identify challenges affecting the link between IFRS adoption and FDI in Nigeria.
Research Questions
- What is the relationship between IFRS adoption and FDI inflows in Nigeria?
- How does IFRS adoption reduce information asymmetry for foreign investors?
- What is the perception of foreign investors regarding IFRS compliance in Nigerian firms?
- What challenges affect the effectiveness of IFRS adoption in attracting FDI?
Research Hypotheses
- IFRS adoption significantly increases FDI inflows in Nigeria.
- Foreign investors perceive IFRS-compliant financial statements as more reliable.
Significance of the Study
This study provides insights into the role of IFRS in attracting FDI to Nigeria, offering valuable information for policymakers, regulators, and corporate executives aiming to enhance Nigeria’s economic competitiveness.
Scope and Limitation of the Study
The study will focus on selected Nigerian firms and FDI data post-IFRS adoption, with limitations including data accessibility and potential external economic factors influencing FDI.
Definition of Terms
- Foreign Direct Investment (FDI): Investments made by foreign entities in a country's economy.
- IFRS Compliance: Adherence to International Financial Reporting Standards.
- Market Valuation: The total market value of a company based on its stock price and outstanding shares.
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