Accounting, Finance, Business, Management, by Bashir Tijjani
Global Knowledge, Memory and Communication, 2024
Purpose-This study aims to provide quantitative information on the research trends of internation... more Purpose-This study aims to provide quantitative information on the research trends of international public sector accounting standards (IPSAS). Design/methodology/approach-The study used bibliometric analysis to determine the research trends in IPSAS literature. The method was applied to papers indexed in the Scopus database to analyze the growth and publication trends of the selected papers. The research team rigorously compiled a list of keywords relevant to IPSAS after consultation with the principal researcher. The study did not apply document type, year or language filter. The search query resulted in 475 documents. The study used MS Access, Excel and Biblioshiny software for the data analysis and visualization. Findings-The acceptance and application of IPSAS by many countries and UN system organizations have led to the rise in IPSAS literature globally. The study finds the USA to be the most productive country, with Italy, Spain and the UK as second, third and fourth, respectively. Similarly, the University of Zaragoza has produced the most publications in the field, followed by the University of Salerno and Ghent University. Practical implications-This study provides the current state of IPSAS research globally; as a result, it supports the development of policies by the users of this standards. This information can inform the development or revision of public sector accounting policies and standards. Originality/value-To the best of the authors' knowledge, this is the first study that provides a bibliometric analysis of the growth and publication trends of IPSAS literature. The findings in this study uncover different areas of IPSAS research productivity globally.
African Journal of Economic and Management Studies, 2022
Purpose-This paper operationalizes insecurity and governance crises to study their effects on sto... more Purpose-This paper operationalizes insecurity and governance crises to study their effects on stock market response to two political events in Nigeriathe 2015 and 2019 presidential elections. Design/methodology/approach-An event study was used to capture the market responses. Abnormal returns at the aggregate and sectoral levels were measured over several time windows before and after the respective election results were announced. Findings-The market reacted strongly positively to a change in presidency from an incumbent to an opposition party candidate in the 2015 election but weakly positively, at best, to the re-election of the incumbent candidate in the 2019 election. In addition, banking stocks exhibited greater sensitivity to these events than oil and gas stocks. Research limitations/implications-There may be peculiarities with the Nigerian case and with the two elections analyzed. Therefore, future research could focus on understanding the extent to which the results generalize to the broader sub-Saharan context and other regions that face similar governance challenges. Practical implications-Understanding that markets may have a different perception towards incumbent versus opposition candidate electoral victories during periods of insecurity and governance crisis is important for investors, policymakers, researchers and the wider society. Originality/value-Past empirical studies on political events and stock returns in Sub-Saharan Africa contexts such as Nigeria ignore shifts in voter mood and produce contradictory findings. This paper helps to resolve some of these contradictions by providing insight into how the markets can have a different perception towards incumbent and opposition candidate electoral victories during periods of insecurity and governance crisis. Keywords Nigeria, Elections, Event study, Stock market returns, Insecurity and governance in Africa Paper type Research paper Market reaction to political elections The authors are deeply grateful to John Kuada (editor) and two anonymous reviewers for providing detailed comments and suggestions that helped improve the paper. The usual disclaimer applies.
Global Knowledge, Memory and Communication, 2021
Purpose-This study aims to examine the quantitative research productivity of International Financ... more Purpose-This study aims to examine the quantitative research productivity of International Financial Reporting Standards (IFRS) globally by using the bibliometric approach. The method was applied to articles indexed in the Scopus database to analyze the publication patterns, trends and research productivity of the selected papers. Design/methodology/approach-Bibliometric analysis is applied to analyze research productivity of IFRS from 2003 to 2020. The method was applied to articles indexed in the Scopus database to analyze the publication patterns and research productivity of the selected papers.
Journal of Entrepreneurship Education, 2020
This research work examines the impact of the quality of accounting information on the decisions ... more This research work examines the impact of the quality of accounting information on the decisions of entrepreneurs in the Eastern Province of Saudi Arabia. The focus is on how the internal decisions made in these enterprises are affected by accounting information which is characterised by high quality (relevance, reliability, comparability and consistency). The study used a questionnaire instrument, which targeted the managers of the SMEs across four Chambers in the Eastern Province. Pearson's correlation coefficient was employed to provide a picture of the relationship between the variables. It was followed by multiple regression analysis to determine the direction and significance of the relationship between the variables and to test the hypotheses. The findings reveal a statistically significant positive impact of relevance, comparability and consistency of accounting information on decisions made by entrepreneurs in the Eastern Province. In addition, a statistically insignificant relationship was found in relation to the impact of reliability of accounting information on entrepreneurs' decisions. The Saudi Organization for Certified Public Accountants should educate entrepreneurs on why the quality of accounting information is essential to their decisions. It should also ensure that every accountant in these enterprises is registered in its database and meets the acceptable conditions for practicing the accounting profession.
ISRA International Journal of Islamic Finance, 2020
Purpose-The purpose of this study is to provide quantitative information on the growth of Islamic... more Purpose-The purpose of this study is to provide quantitative information on the growth of Islamic finance literature. The study focused on publishing trends, countries producing research on Islamic finance, key authors, major contributing organizations, authorship patterns, keywords and articles with the highest citations.
Journal for Global Business Advancement, 2019
This paper investigates the share evaluation methods employed by Nigerian investors using a quest... more This paper investigates the share evaluation methods employed by Nigerian investors using a questionnaire survey. Specifically, the paper examines the views of investors and stockbrokers on the methods they employ to evaluate investments in ordinary shares. Five hundred and fifty questionnaires were distributed in three Nigerian cities (Abuja, Kano and Lagos). The survey responses were consistent with previous studies. For example, fundamental analysis was a more popular method among investors whereas risk and technical analyses were ranked second and third, respectively. However, the participants of this survey appeared to believe that investors used all three major techniques. The emphasis on risk analysis among Nigerian investors is different from the findings documented in other studies. The investors on the Nigerian Stock Exchange (NSE) appeared to be sophisticated; they study company fundamentals, consult financial statements, take account of changes in the wider economic environment, and pay attention to the riskiness of their shares.
African Finance Journal, 2009
According to the weak-form of the Efficient Market Hypothesis (EMH), investors
should not be able... more According to the weak-form of the Efficient Market Hypothesis (EMH), investors
should not be able to outperform the market consistently by looking at charts of
past share prices or by devising trading rules based on historic share returns. This
paper investigates the extent to which the equity prices of firms listed on the
Nigerian Stock Exchange (NSE) are consistent with this hypothesis. In particular,
the paper investigates the weak-form efficiency of the NSE using weekly returns for
the 69 most actively traded shares over the period 1995-2005. The paper tests the
weak-form of the EMH using a battery of tests including tests of autocorrelations
and technical trading strategies. Overall, the analysis indicates that the Nigerian
market may be weak-form efficient for ordinary investors who operate in a costly
trading environment.
Qualitative Research in Financial Markets, 2009
Purpose – The purpose of this paper is to examine how investors and stockbrokers in Nigeria value... more Purpose – The purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist.
Design/methodology/approach – A series of semi-structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.
Findings – The main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the equity was under- or over-valued. Thus, Nigerian investors are similar to their counterparts in other countries in terms of the main approach to share
valuation employed. Other company fundamentals considered in the valuation process included cash flows and dividend information. Technical and risk analyses were also undertaken to supplement
any initial conclusions reached. Indeed, the findings suggest that there was a greater use of risk analysis by Nigerian investors in comparison to the results documented for other countries. Company financial statements and stockbroker reports were the main sources of information used by investors although qualitative information, such as that obtained from meetings with company executives, was also important. However, access to senior executives was not uniform across all interviewees.
Practical implications – Investors and stockbrokers in Nigeria behave in a similar fashion to their counterparts in developed countries. However, political risk assumes a greater prominence in the equity valuation process within Nigeria; a reduction in this risk might help Nigerian equity values to increase.
Originality/value – The paper reports the views of senior stockbrokers and investors in Nigeria. To date, most work in this area has focused on developed markets; the current paper considers the case for an emerging market which is important in Africa. This market plays an important role in furthering the economic aims of the Government via their privitisation programmes. In addition, the market is attracting the attention of foreign investors who wish to invest in Nigerian equities.
Keywords Nigeria, Share values, Emerging markets, Gearing, Financial markets
Journal of Emerging Markets, Vol. 14, No.3, 2009
The paper attempts to deal with data problems associated with shares
traded on the Nigerian stock... more The paper attempts to deal with data problems associated with shares
traded on the Nigerian stock exchange (NSE). In particular, the paper
investigates the effects of thin trading on share price changes and designs an approach to examine the extent of any possible inactive trading associated with Nigerian shares. This paper used disaggregated data which comprise the weekly closing share prices for 69 firms listed on the NSE over the period January 1995 to December 2005. Results suggest that sizeable periods of trading inactivity exist for NSE equities. The estimates of the probability that a share on the NSE will be actively or inactively traded as well as the average length of the period of activity or inactivity are determined.
Papers by Bashir Tijjani
African Journal of Business and Economic Research
African Journal of Economic and Management Studies
PurposeThis paper operationalizes insecurity and governance crises to study their effects on stoc... more PurposeThis paper operationalizes insecurity and governance crises to study their effects on stock market response to two political events in Nigeria – the 2015 and 2019 presidential elections.Design/methodology/approachAn event study was used to capture the market responses. Abnormal returns at the aggregate and sectoral levels were measured over several time windows before and after the respective election results were announced.FindingsThe market reacted strongly positively to a change in presidency from an incumbent to an opposition party candidate in the 2015 election but weakly positively, at best, to the re-election of the incumbent candidate in the 2019 election. In addition, banking stocks exhibited greater sensitivity to these events than oil and gas stocks.Research limitations/implicationsThere may be peculiarities with the Nigerian case and with the two elections analyzed. Therefore, future research could focus on understanding the extent to which the results generalize ...
11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES, 2020
This study investigates the effect of audit committee on tax planning of listed non-financial fir... more This study investigates the effect of audit committee on tax planning of listed non-financial firms in Nigeria. It aims at finding out the audit committee structure that improves tax planning thereby reducing tax liability of the firms. Data for the study were extracted from annual reports and accounts of the sampled non-financial companies for a period of ten years (2008 – 2017). The data collected were analysed using descriptive statistics to provide summary statistics for the variables, and correlation analysis was carried out using Pearson product-moment correlation to determine the relationship between the dependent and independent variables. Regression analysis was also conducted. The study reveals that the audit committee's compositions, frequency of meetings, and financial expertise have a negative effect on tax planning of listed non-financial firms in Nigeria. In addition, profitability shows a positive and significant effect on tax planning, and leverage has a negativ...
Global Knowledge, Memory and Communication, 2021
Purpose This study aims to examine the quantitative research productivity of International Financ... more Purpose This study aims to examine the quantitative research productivity of International Financial Reporting Standards (IFRS) globally by using the bibliometric approach. The method was applied to articles indexed in the Scopus database to analyze the publication patterns, trends and research productivity of the selected papers. Design/methodology/approach Bibliometric analysis is applied to analyze research productivity of IFRS from 2003 to 2020. The method was applied to articles indexed in the Scopus database to analyze the publication patterns and research productivity of the selected papers. Findings This study finds that a good number of articles have been published on IFRS, the top five countries are the USA, UK, Australia, Germany and Canada. This clearly shows that developed markets have the highest number of publications on IFRS. This could be as a result of the early adoption of IFRS by those economies and owing to the interest of researchers in those markets. Most of t...
ISRA International Journal of Islamic Finance, 2020
Purpose The purpose of this study is to provide quantitative information on the growth of Islamic... more Purpose The purpose of this study is to provide quantitative information on the growth of Islamic finance literature. The study focused on publishing trends, countries producing research on Islamic finance, key authors, major contributing organizations, authorship patterns, keywords and articles with the highest citations. Design/methodology/approach Bibliometric analysis is applied to analyse the growth and publishing trends in Islamic finance literature. The Web of Science (WoS) database was used to extract bibliometric data covering the period 1939–2019 for Islamic finance literature. Findings The study finds that Islamic finance research has gained remarkable momentum in the literature. However, such growth is largely manifested in Malaysia because of a conducive atmosphere for this type of research. Interestingly, the study finds that the three most productive journals are located in the UK and Malaysia, while Professor M. Kabir Hassan from the University of New Orleans, the US...
J. for Global Business Advancement, 2019
This paper investigates the share evaluation methods employed by Nigerian investors using a quest... more This paper investigates the share evaluation methods employed by Nigerian investors using a questionnaire survey. Specifically, the paper examines the views of investors and stockbrokers on the methods they employ to evaluate investments in ordinary shares. Five hundred and fifty questionnaires were distributed in three Nigerian cities (Abuja, Kano and Lagos). The survey responses were consistent with previous studies. For example, fundamental analysis was a more popular method among investors whereas risk and technical analyses were ranked second and third, respectively. However, the participants of this survey appeared to believe that investors used all three major techniques. The emphasis on risk analysis among Nigerian investors is different from the findings documented in other studies. The investors on the Nigerian Stock Exchange (NSE) appeared to be sophisticated; they study company fundamentals, consult financial statements, take account of changes in the wider economic environment, and pay attention to the riskiness of their shares.
Qualitative Research in Financial Markets, 2009
PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value sh... more PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist.Design/methodology/approachA series of semi‐structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.FindingsThe main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the...
Journal of Accounting and Taxation, 2020
African Finance Journal, 2009
According to the weak-form of the Efficient Market Hypothesis (EMH), investors should not be able... more According to the weak-form of the Efficient Market Hypothesis (EMH), investors should not be able to outperform the market consistently by looking at charts of past share prices or by devising trading rules based on historic share returns. This paper investigates the extent to which the equity prices of firms listed on the Nigerian Stock Exchange (NSE) are consistent with this hypothesis. In particular, the paper investigates the weak-form efficiency of the NSE using weekly returns for the 69 most actively traded shares over the period 1995-2005. The paper tests the weak-form of the EMH using a battery of tests including tests of autocorrelations and technical trading strategies. Overall, the analysis indicates that the Nigerian market may be weak-form efficient for ordinary investors who operate in a costly trading environment
The paper attempts to deal with data problems associated with shares traded on the Nigerian stock... more The paper attempts to deal with data problems associated with shares traded on the Nigerian stock exchange (NSE). In particular, the paper investigates the effects of thin trading on share price changes and designs an approach to examine the extent of any possible inactive trading associated with Nigerian shares. This paper used disaggregated data which comprise the weekly closing share prices for 69 firms listed on the NSE over the period January 1995 to December 2005. Results suggest that sizeable periods of trading inactivity exist for NSE equities. The estimates of the probability that a share on the NSE will be actively or inactively traded as well as the average length of the period of activity or inactivity are determined.
Journal of Entrepreneurship Education, 2020
This research work examines the impact of the quality of accounting information on the decisions ... more This research work examines the impact of the quality of accounting information on the decisions of entrepreneurs in the Eastern Province of Saudi Arabia. The focus is on how the internal decisions made in these enterprises are affected by accounting information which is characterised by high quality (relevance, reliability, comparability and consistency). The study used a questionnaire instrument, which targeted the managers of the SMEs across four Chambers in the Eastern Province. Pearson’s correlation coefficient was employed to provide a picture of the relationship between the variables. It was followed by multiple regression analysis to determine the direction and significance of the relationship between the variables and to test the hypotheses. The findings reveal a statistically significant positive impact of relevance, comparability and consistency of accounting information on decisions made by entrepreneurs in the Eastern Province. In addition, a statistically insignificant...
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Accounting, Finance, Business, Management, by Bashir Tijjani
should not be able to outperform the market consistently by looking at charts of
past share prices or by devising trading rules based on historic share returns. This
paper investigates the extent to which the equity prices of firms listed on the
Nigerian Stock Exchange (NSE) are consistent with this hypothesis. In particular,
the paper investigates the weak-form efficiency of the NSE using weekly returns for
the 69 most actively traded shares over the period 1995-2005. The paper tests the
weak-form of the EMH using a battery of tests including tests of autocorrelations
and technical trading strategies. Overall, the analysis indicates that the Nigerian
market may be weak-form efficient for ordinary investors who operate in a costly
trading environment.
Design/methodology/approach – A series of semi-structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.
Findings – The main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the equity was under- or over-valued. Thus, Nigerian investors are similar to their counterparts in other countries in terms of the main approach to share
valuation employed. Other company fundamentals considered in the valuation process included cash flows and dividend information. Technical and risk analyses were also undertaken to supplement
any initial conclusions reached. Indeed, the findings suggest that there was a greater use of risk analysis by Nigerian investors in comparison to the results documented for other countries. Company financial statements and stockbroker reports were the main sources of information used by investors although qualitative information, such as that obtained from meetings with company executives, was also important. However, access to senior executives was not uniform across all interviewees.
Practical implications – Investors and stockbrokers in Nigeria behave in a similar fashion to their counterparts in developed countries. However, political risk assumes a greater prominence in the equity valuation process within Nigeria; a reduction in this risk might help Nigerian equity values to increase.
Originality/value – The paper reports the views of senior stockbrokers and investors in Nigeria. To date, most work in this area has focused on developed markets; the current paper considers the case for an emerging market which is important in Africa. This market plays an important role in furthering the economic aims of the Government via their privitisation programmes. In addition, the market is attracting the attention of foreign investors who wish to invest in Nigerian equities.
Keywords Nigeria, Share values, Emerging markets, Gearing, Financial markets
traded on the Nigerian stock exchange (NSE). In particular, the paper
investigates the effects of thin trading on share price changes and designs an approach to examine the extent of any possible inactive trading associated with Nigerian shares. This paper used disaggregated data which comprise the weekly closing share prices for 69 firms listed on the NSE over the period January 1995 to December 2005. Results suggest that sizeable periods of trading inactivity exist for NSE equities. The estimates of the probability that a share on the NSE will be actively or inactively traded as well as the average length of the period of activity or inactivity are determined.
Papers by Bashir Tijjani
should not be able to outperform the market consistently by looking at charts of
past share prices or by devising trading rules based on historic share returns. This
paper investigates the extent to which the equity prices of firms listed on the
Nigerian Stock Exchange (NSE) are consistent with this hypothesis. In particular,
the paper investigates the weak-form efficiency of the NSE using weekly returns for
the 69 most actively traded shares over the period 1995-2005. The paper tests the
weak-form of the EMH using a battery of tests including tests of autocorrelations
and technical trading strategies. Overall, the analysis indicates that the Nigerian
market may be weak-form efficient for ordinary investors who operate in a costly
trading environment.
Design/methodology/approach – A series of semi-structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.
Findings – The main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the equity was under- or over-valued. Thus, Nigerian investors are similar to their counterparts in other countries in terms of the main approach to share
valuation employed. Other company fundamentals considered in the valuation process included cash flows and dividend information. Technical and risk analyses were also undertaken to supplement
any initial conclusions reached. Indeed, the findings suggest that there was a greater use of risk analysis by Nigerian investors in comparison to the results documented for other countries. Company financial statements and stockbroker reports were the main sources of information used by investors although qualitative information, such as that obtained from meetings with company executives, was also important. However, access to senior executives was not uniform across all interviewees.
Practical implications – Investors and stockbrokers in Nigeria behave in a similar fashion to their counterparts in developed countries. However, political risk assumes a greater prominence in the equity valuation process within Nigeria; a reduction in this risk might help Nigerian equity values to increase.
Originality/value – The paper reports the views of senior stockbrokers and investors in Nigeria. To date, most work in this area has focused on developed markets; the current paper considers the case for an emerging market which is important in Africa. This market plays an important role in furthering the economic aims of the Government via their privitisation programmes. In addition, the market is attracting the attention of foreign investors who wish to invest in Nigerian equities.
Keywords Nigeria, Share values, Emerging markets, Gearing, Financial markets
traded on the Nigerian stock exchange (NSE). In particular, the paper
investigates the effects of thin trading on share price changes and designs an approach to examine the extent of any possible inactive trading associated with Nigerian shares. This paper used disaggregated data which comprise the weekly closing share prices for 69 firms listed on the NSE over the period January 1995 to December 2005. Results suggest that sizeable periods of trading inactivity exist for NSE equities. The estimates of the probability that a share on the NSE will be actively or inactively traded as well as the average length of the period of activity or inactivity are determined.