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Article
Publication date: 13 November 2009

Fidelis Ogbuozobe

This paper aims to answer the question of whether the incorporation of corporate governance into the Companies and Allied Matters Act (CAMA) and Insurance Act enhance the…

Abstract

Purpose

This paper aims to answer the question of whether the incorporation of corporate governance into the Companies and Allied Matters Act (CAMA) and Insurance Act enhance the effectiveness of the boards of insurance companies in Nigeria?

Design/methodology/approach

The researcher's approach is the deductive approach in which a theory and hypothesis have been developed and a research strategy to test the hypothesis.

Findings

Arguably, most of the companies implementing the code are public companies, probably because it is a listing requirement or it is fashionable to do so, but this study has shown that implementation for both private and public companies is on the upward trend albeit, at a slow pace which is the area the government and regulatory authorities need to do more work. While acknowledging the effort of regulators like the SEC and CBN (Thisday), the result is still not encouraging.

Originality/value

From the results of this study, one of the most respected provisions of the code is the audit committee requirement, of which companies in Nigeria, both private and public, ensure strict compliance because it is a provision of the law and no company will want to infringe this stringently enforced requirement. Therefore, if other provisions were to be part of the CAMA (1990) or any other statute it means such provision will enjoy the same level of compliance, assuming the same level of enforcement.

Details

International Journal of Law and Management, vol. 51 no. 6
Type: Research Article
ISSN: 1754-243X

Keywords

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Expert briefing
Publication date: 2 December 2020

The amendment officially seeks to improve the ease of doing business by establishing a more efficient means of regulating businesses and minimising the compliance burden…

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Article
Publication date: 22 June 2012

Peadar Davis, William McCluskey, Terry V. Grissom and Michael McCord

This paper seeks to examine the potential for simplified market value and non market value based banded approaches to be utilised for residential property tax purposes…

Abstract

Purpose

This paper seeks to examine the potential for simplified market value and non market value based banded approaches to be utilised for residential property tax purposes. The broad aim is to ascertain whether relatively low complexity approaches to establishing a property tax base can perform adequately in comparison to established best practice – in essence whether there is evidence of equifinality (equivalent performance from approaches of substantially different complexity) between simpler and more complex approaches.

Design/methodology/approach

The research comprises empirical analysis of a database of property sales and property attribute data drawn from a UK District Council area. Several simplified methods are used to create different tax base scenarios and the outflowing tax incidence is compared with that of using a complex, industry standard market value approach. The methods of comparison are regression and spline regression based models testing for tax inequity, drawn from the literature. The approach here differs from previous work in that it occurs at the actual tax bill level allowing the comparison of value, non‐value and banded approaches.

Findings

The findings of the research indicate that simplified approaches to establishing a property tax base can perform in a broadly similar fashion to more complex systems currently practiced in developed economies and therefore evidence of equifinality exists.

Practical implications

The research provides useful tools to property tax policy makers and practitioners in developing and transitional economies in furthering their aspirations of embedding robust property taxes for the furtherance of socio‐economic and political development and the general wellbeing of society and they are of value to property tax policy makers and to academics in the field.

Originality/value

The paper provides evidence of the efficacy of simplified and banded approaches as an option for jurisdictions in developing and transitional economic circumstances or elsewhere in circumstances which mitigate against full scale appraisal of the property tax base to discrete market values. The approaches and techniques pioneered open up opportunities to carry out a range of new comparative analysis of tax base options.

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Article
Publication date: 1 December 2005

Marco Aurélio Stumpf González, Lucio Soibelman and Carlos Torres Formoso

Available literature claims that location is a key attribute in the housing market. However, the impact of this attribute is difficult to measure and the traditional…

Abstract

Purpose

Available literature claims that location is a key attribute in the housing market. However, the impact of this attribute is difficult to measure and the traditional hedonic approach using subjective assessments is problematic. This paper seeks to explore trend surface analysis technique, attempting to provide an alternative way to measure location values.

Design/methodology/approach

TSA works in a similar way to other response surface methods but it is implemented directly in regression models, using a set of combinations of the co‐ordinates of properties in several power degrees. It can also be implemented in artificial neural networks, taking advantage of the neural ability in non‐linear domains. This work presents a comparison between traditional regression approach, error modelling, response surfaces, and TSA. ANN is also used to estimate some models, comparing their results. The objective is to verify the behaviour of TSA in hedonic models. A case study was carried using data of over 30,000 sales tax data of apartments sold in Porto Alegre, a southern Brazilian town.

Findings

The results indicates that TSA is an effective tool for the spatial analysis of real estate, because TSA models are similar to other approaches, but are developed with less expert work.

Originality/value

This paper presents an application of TSA in real estate market, which is an interesting alternative to traditional measures of location attributes.

Details

Property Management, vol. 23 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

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Book part
Publication date: 1 January 2008

Preye Edward Gesiye Angaye and David Gwilliam

Purpose – This paper seeks to contribute to the debate on the role of corporate governance in developing, emerging and transition economies by focusing on the nature and…

Abstract

Purpose – This paper seeks to contribute to the debate on the role of corporate governance in developing, emerging and transition economies by focusing on the nature and practice of corporate governance in listed companies in Nigeria – a country which has experienced both economic growth and political turbulence over the past three decades and which too has experienced significant corporate failures in particular in the banking and insurance sectors. It does this against a contextual background which discusses issues of ethnicity, gender and power relationships and their relevance to governance in Nigeria.

Methodology – Archival and documentary analysis supported and underpinned by semi-structured interviews with 20 stakeholders in governance processes in Nigeria.

Findings – The analysis of the interviews highlighted the general support of the interviewees for corporate governance procedures and practices in Nigeria to continue to develop in line with those in more developed economies. However, concerns were expressed as to the inadequacies of aspects of the Nigerian governance regulatory infrastructure, in particular in relation to mechanisms for implementation and enforcement within a framework where there was limited confidence that either voluntary adherence to codes of good practice or market-driven regulation and control would be effective.

Contrary to the researchers’ expectations, the majority of the interviewees articulated the perspective that ethnicity, gender and power relationships were not of significance in the determination of the actuality of practice. However, a minority did identify these considerations to be of key importance, albeit frequently not overtly acknowledged or portrayed as such by parties associated with governance practices.

Research limitation(s) – The interviewees were drawn from a cross section of stakeholders from the business, government, regulatory and academic environment in Nigeria but the exigencies of conducting interview research in Nigeria and the difficulties of obtaining agreement from, and access to, interviewees meant that the potential for self-selection bias has to be considered when evaluating the study findings.

Practical Implication(s) – The research paper provides a platform for policy formulation on corporate governance in Nigeria.

Originality and value of paper – The paper builds on a number of previous studies of governance in Nigeria (for example, Oyejide & Soyibo, 2001; Yakasai, 2001; Ahunwan, 2002; Okike, 2007) in particular by means of the use of semi-structured interviews to provide a rich field of insight into the actuality of practice.

Details

Corporate Governance in Less Developed and Emerging Economies
Type: Book
ISBN: 978-1-84855-252-4

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Article
Publication date: 7 August 2017

Peadar Davis, Michael J. McCord, William McCluskey, Erin Montgomery, Martin Haran and John McCord

Buildings contribute significantly to CO2 production. They are also subject to considerable taxation based on value. Analysis shows that while similar attributes…

Abstract

Purpose

Buildings contribute significantly to CO2 production. They are also subject to considerable taxation based on value. Analysis shows that while similar attributes contribute to both value and CO2 production, there is only a loose relationship between the two. If we wish to use taxation to affect policy change (drive energy efficiency behaviour), we are unlikely to achieve this using only the current tax base (value), or by increasing the tax take off this current tax base (unlike extra taxation of cigarettes to discourage smoking, for example). Taxation of buildings on the basis of energy efficiency is hampered by the lack of current evidence of performance. This paper aims to model the now-obligatory (at sale or letting) energy performance certificate (EPC) data to derive an acceptable appraisal model (marked to market, being the EPC scores) and deploys this to the entire population of properties. This provides an alternative tax base with which to model the effects of a tax base switch to energy efficiency and to understand the tax incidence effects of such a policy.

Design/methodology/approach

The research uses a multiplicative hedonic approach to model energy efficiency utilising EPC holding properties in a UK jurisdiction [Northern Ireland (NI)] as the sample. This model is then used to estimate discrete energy assessments for each property in the wider population, using attributes held in the domestic rating (property tax) database for NI (700,000+ properties). This produces a robust estimate of the EPC for every property in its current condition and its cost-effective improved condition. This energy assessment based tax base is further used to estimate a new millage rate and property tax bill (green property tax) which is compared against the existing property tax based on value to allow tax incidence changes to be analysed.

Findings

The findings show that such a policy would significantly redistribute the tax burden and would have a variety of expected and some unexpected effects. The results indicate that while assessing the energy performance of houses can be a complex process involving many parameters, much of the explanatory power can be achieved via a relatively small number of input variables, often already held by property tax jurisdictions. This offers the opportunity for useful housing stock modelling – such as the savings possible from power switching. The research also identifies that whilst urban areas display the expected “heat island” effect in terms of energy consumption, urban properties are on average more efficient than suburban/rural properties. This facilitates spatial targeting of policy messages and initiatives.

Research limitations/implications

Analogous with other studies, data deficiencies introduce the risk of omitted variable bias. Modelling of the energy efficiency in the sample is limited to property attributes that are available for the wider population of properties. While this limits the modelling exercise, it is a perennial issue facing mass appraisal worldwide (where knowledge of the transacted sample attributes generally exceeds knowledge of the unsold properties). That said, the research demonstrates the benefits of sharing data and improving knowledge of the housing stock, as taxation databases would be stronger, augmented with EPC-derived property attributes for example.

Originality/value

The EPC lead in time for wide residential coverage is likely to be considerable. The paper contributes to emerging literature and policy debate surrounding the effect, performance measurement and implementation of energy efficiency certification, through a greater understanding of the sectorial and geographical dispersion of energy efficiency. It provides high level research to help guide policy and decision-making, identifying key locales where there is more of a physical problem and locations where there is more to gain in terms of targeting energy improvement and/or encouraging behavioural change. The paper also allows a glimpse of the implications of a change towards a taxation regime based on energy efficiency, which contributes to the debate surrounding the “greening” of property based taxes.

Details

Journal of European Real Estate Research, vol. 10 no. 2
Type: Research Article
ISSN: 1753-9269

Keywords

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Article
Publication date: 31 October 2019

Uchechukwu Nwoke

This paper aims to identify and analyze the neoliberal, Anglo-American corporate governance mechanisms which embed shareholder value in Nigeria, and assess how they…

Abstract

Purpose

This paper aims to identify and analyze the neoliberal, Anglo-American corporate governance mechanisms which embed shareholder value in Nigeria, and assess how they constitute major “practical barriers” to effective corporate social responsibility (CSR) in the country. While some of these mechanisms operate internally – performance-related pay (executive remuneration) – the use of non-executive directors – others operate externally – the markets for corporate control and the stock markets.

Design/methodology/approach

The paper adopts the doctrinal approach through a critical evaluation of concepts. Using existing literature in the subject area, it evaluates the nature of these mechanisms and argues that their operations amount to “practical barriers” to effective CSR in the country.

Findings

The paper finds that the existence of these mechanisms incentivizes corporate managers to maximize shareholder value and raise the share price of corporations as high as possible. It also leads to the financialization of corporate governance, rent seeking and the pursuit of short-term profits by corporations. In this context, within the Nigerian corporate governance framework, the existence and operations of these mechanisms amount to “practical barriers” to effective CSR.

Originality/value

The paper offers a fresh insight into the existence and operations of the neoliberal corporate governance mechanisms which embed shareholder value. By critically assessing the operations of these mechanisms in the Nigerian situation, it extends the body of knowledge in this area by showing how they amount to practical barriers to effective CSR in the country.

Details

International Journal of Law and Management, vol. 61 no. 5/6
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 1 December 2004

Elewechi Okike

The recent collapse of Enron and revelations of unethical behaviour by members of the board of large corporations in the USA have reopened the debate about the credibility…

Abstract

The recent collapse of Enron and revelations of unethical behaviour by members of the board of large corporations in the USA have reopened the debate about the credibility of the auditing profession and their usefulness in establishing confidence in the capital markets. In the case of Nigeria, the promulgation of the Companies and Allied Matters Act No. 1 in 1990 provided the opportunity for the government to register its dissatisfaction with the performance of auditors in Nigeria. The act contained provisions that challenged the credibility of the accounting profession in Nigeria and almost threatened its very existence. This paper examines events and environmental factors which led to the “crisis of confidence” and how the profession has attempted to re‐establish public confidence in its members. Other developments in the regulatory framework for accounting and auditing in Nigeria are also examined. The paper suggests that any response by the profession must be relevant and give due cognisance to the peculiarity of the Nigerian socio‐economic, political and cultural environments. It also suggests that the accounting profession in Nigeria must not rest on its oars, but must constantly remain proactive by keeping abreast of developments in the internal and the external reporting environments and respond appropriately.

Details

Accounting, Auditing & Accountability Journal, vol. 17 no. 5
Type: Research Article
ISSN: 0951-3574

Keywords

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Article
Publication date: 29 July 2014

William J. McCluskey, Dzurllkanian Zulkarnain Daud and Norhaya Kamarudin

The purpose of this paper is to apply boosted regression trees (BRT) to a heterogeneous data set of residential property drawn from a jurisdiction in Malaysia, with the…

Abstract

Purpose

The purpose of this paper is to apply boosted regression trees (BRT) to a heterogeneous data set of residential property drawn from a jurisdiction in Malaysia, with the objective to evaluate its application within the mass appraisal environment in Malaysia. Machine learning (ML) techniques have been applied to real estate mass appraisal with varying degrees of success.

Design/methodology/approach

To evaluate the performance of the BRT model two multiple regression analysis (MRA) models have been specified (linear and non-linear). One of the weaknesses of traditional regression is the need to a priori specify the functional form of the model and to ensure that all non-linearities have been accounted for. For a BRT model the algorithm does not require any predetermined model or variable transformations, making the process much simpler.

Findings

The results show that the BRT model outperformed the MRA-specified models in terms of the coefficient of dispersion and mean absolute percentage error. While the results are encouraging, BRT models still lack transparency and suffer from the inability to translate variable importance into quantifiable variable effects.

Practical implications

This paper presents a useful alternative modelling technique, BRT, for use within the mass appraisal environment in Malaysia. Its advantages include less intensive data cleansing, no requirement to specify the predictive underlying model, ability to utilise categorical variables without the need to transform them and not as data hungry, as for example, MRA.

Originality/value

This paper adds to the knowledge in this area by applying a relatively new ML model, BRT to residential property data from a jurisdiction in Malaysia. BRT has shown promise as a strong predictive model when applied in other disciplines; therefore this research empirically tests this finding within real estate valuation.

Details

Journal of Financial Management of Property and Construction, vol. 19 no. 2
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 6 April 2012

Emmanuel Adegbite

Whilst taking Nigeria's peculiar institutional configurations into consideration, this paper aims to critically evaluate the Nigerian corporate governance regulatory

Abstract

Purpose

Whilst taking Nigeria's peculiar institutional configurations into consideration, this paper aims to critically evaluate the Nigerian corporate governance regulatory system, which is characterised by endemic corporate corruption, and to explore how regulatory policy responses can be strategically formulated to ensure corporate vitality and prevent market failures. The paper investigates the antecedents of effective corporate governance regulation in Nigeria.

Design/methodology/approach

This paper employs research method triangulation in order to provide an informative and comprehensive account. The following data collection methods were employed to conduct a survey of corporate governance professionals in academia, in practice (including board directors, managers, current and former CEOs and chairmen across different industries, as well as members of professional accounting and audit associations), and in the Nigerian polity: in‐depth interviews, focus groups, direct observations and case studies.

Findings

This study has provided some evidence to support the view that a country's peculiar institutional arrangements influence its predominant model and style of corporate governance regulation. These institutions may be regarded as integral and inseparable constituents of any particular nation, which can either aggregate to facilitate the success of regulatory initiatives and promote good corporate governance or constitute barriers to the implementation of good governance principles.

Originality/value

This paper primarily adds to the literature on corporate governance in sub‐Saharan Africa, whilst extending knowledge on the dynamics of corporate governance regulation in different institutional contexts. The paper further points out some transnational challenges, and suggests more caution, in the diffusion of corporate governance regulatory principles across different institutional environments. This further brings to the fore the need for countries to fashion out their corporate governance regulatory strategies in ways which deal with peculiar challenges, albeit within an umbrella of accepted principles of responsible corporate behaviour.

Details

Corporate Governance: The international journal of business in society, vol. 12 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

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