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Article
Publication date: 13 January 2020

Aruoriwo Marian Chijoke-Mgbame, Chijoke Oscar Mgbame, Simisola Akintoye and Paschal Ohalehi

This study aims to investigate the impact of corporate social responsibility disclosure (CSRD) on firm performance and the moderating role of corporate governance on the…

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Abstract

Purpose

This study aims to investigate the impact of corporate social responsibility disclosure (CSRD) on firm performance and the moderating role of corporate governance on the CSRD–firm performance relationship of listed companies in Nigeria.

Design/methodology/approach

The paper uses a panel data set comprising 841 firm-year observations for the period covering 2007-2016. Fixed effect regression analysis was used to examine the relationship between CSRD and firm performance, and the moderating role of corporate governance in the CSRD–firm performance relationship.

Findings

The results of the study show that there are positive performance implications for firms that engage in CSRD. Although this study finds no effect of board size on the CSRD–firm performance relationship, it provides a strong evidence of a positive effect of board independence on the CSR–firm performance relationship.

Practical implications

The study contributes to the understanding of CSRD–firm performance relationship by providing evidence of the moderating role of corporate governance. It is, therefore, recommended that a stronger regulation be put in place for CSR engagement and the disclosure of same in Nigeria as well as robust measures for the enforcement of corporate governance mechanisms because there are economic benefits to be derived.

Originality/value

The findings contribute to the literature by providing up-to-date and original insights on the CSRD–firm performance relationship within a developing country context. It also uses an uncommon method of measuring CSRD, taking into account the institutional biases that may arise from other methods used in studies on developed countries.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 25 April 2022

Samuel Kojo Agyemang, Paschal Ohalehi, Oscar Chijoke Mgbame and Kolawole Alo

This paper aims to explore the contributions that public sector audit through reforms can make in dealing with the issues of occupational fraud in Ghana.

Abstract

Purpose

This paper aims to explore the contributions that public sector audit through reforms can make in dealing with the issues of occupational fraud in Ghana.

Design/methodology/approach

The issues surrounding the Ghana Audit Service (GAS) reports issued to parliament were reviewed using socio-legal methodology. The discussion as well as the theoretical contribution is informed by stakeholder theory.

Findings

The findings show matching of irregularities as reported by regular audit reports to schemes of occupational fraud and abuse as well as how the power to surcharge and disallow would serve as a deterrence mechanism in the fight against occupational fraud.

Practical implications

This paper concludes with discussions on specific requirements including the use of fraud investigators and modern forensic techniques in a collaborative effort with guidelines from the Supreme Audit Institution to minimise fraud.

Originality/value

This study, to the best of the authors’ knowledge, is the first to explore the role of GAS in minimising occupational fraud.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 18 August 2020

Osamuyimen Egbon and Chijoke Oscar Mgbame

The paper examines how oil multinational companies (MNCs) in Nigeria framed accounts to dissociate themselves from causing oil spills.

Abstract

Purpose

The paper examines how oil multinational companies (MNCs) in Nigeria framed accounts to dissociate themselves from causing oil spills.

Design/methodology/approach

The authors utilised data from relevant corporate reports, external accounts and interviews, and used sensegiving with defensive behaviours theoretical framing to explore corporate narratives aimed at altering stakeholders' perceptions.

Findings

The corporations gave sense to their audience by invoking scapegoating blame avoidance narrative in attributing the cause of most oil spills in Nigeria to outsiders (sabotage), despite potentially misclassifying the sabotage-corrosion dichotomy. Corporate stance was reinforced through justifying narrative, which suggested that multi-stakeholders jointly determined the causes of oil spills, thus portraying corporate accounts as transparent, credible and objective.

Research limitations/implications

The socio-political dynamics in an empirical setting affect corporate accounts and how those accounts appear persuasive, implying that such contextual factors merit consideration when evaluating corporate accounts. For example, despite contradictions in corporate accounts, corporate attribution of oil spills to external factors appeared persuasive due to the inherently complicated socio-political dynamics.

Practical implications

With compensation to oil spills' victims only legally permitted for non-sabotage-induced spills alongside the burden of proof on the victims, the MNCs are incentivised to attribute most oil spills to sabotage. On policy implication, accountability would be best served when the MNCs are tasked both with the burden of proof and a responsibility to demonstrate their transparency in preventing oil spills, including those caused by sabotage.

Originality/value

Crisis situations generate multiple and competing perspectives, but sensegiving and defensive behaviours lenses enrich our understanding of how crisis-ridden companies frame narratives to alter stakeholders' perceptions. Accounts-giving therefore partly satisfies accountability demands, and acts as sensegiving signals aimed at reframing/redefining existing perceptions.

Details

Accounting, Auditing & Accountability Journal, vol. 33 no. 8
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 4 January 2011

Khaled Hussainey, Chijoke Oscar Mgbame and Aruoriwo M. ChijokeMgbame

The purpose of this paper is to examine the relation between dividend policy and share price changes in the UK stock market.

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Abstract

Purpose

The purpose of this paper is to examine the relation between dividend policy and share price changes in the UK stock market.

Design/methodology/approach

Multiple regression analyses are used to explore the association between share price changes and both dividend yield and dividend payout ratio.

Findings

A positive relation is found between dividend yield and stock price changes, and a negative relation between dividend payout ratio and stock price changes. In addition, it is shown that a firm's growth rate, debt level, size and earnings explain stock price changes.

Practical implications

The paper supports the fact that dividend policy is relevant in determining share price changes for a sample of firms listed in the London Stock Exchange.

Originality/value

To the best of the authors' knowledge, this paper is the first to show that corporate dividend policy is a key driver of stock price changes in the UK.

Details

The Journal of Risk Finance, vol. 12 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 28 September 2021

Omar Farooq, Harit Satt, Fatima Zahra Bendriouch and Diae Lamiri

The aim of this paper is to document the impact of dividend policies on the downside risk in stock prices.

Abstract

Purpose

The aim of this paper is to document the impact of dividend policies on the downside risk in stock prices.

Design/methodology/approach

The authors use the data for non-financial firms from the MENA region to test our arguments by estimating the pooled OLS regressions. The data cover the period between 2010 and 2018.

Findings

This paper shows that firms with higher dividend payouts have significantly lower downside risk in their stock prices than the other firms. The findings of this paper are robust across various proxies of dividend policy and across various sub-samples. This paper contends that lower downside risk associated with the stock prices of firms paying high dividends is due to the fact that these firms have lower agency problems. Lower agency problems reduce the downside risk in stock prices.

Originality/value

To the best of the authors’ knowledge, most of the prior research (covering the MENA region) overlooks the impact of dividend policy on the downside risk in stock prices. This paper fills this gap by documenting the relationship between the two by using the data for firms from the MENA region.

Details

The Journal of Risk Finance, vol. 22 no. 3/4
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 19 June 2018

Silvio John Camilleri, Luke Grima and Simon Grima

The purpose of this paper is to investigate the relationship between the share price volatility of Mediterranean banks and their dividend policies, with particular…

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Abstract

Purpose

The purpose of this paper is to investigate the relationship between the share price volatility of Mediterranean banks and their dividend policies, with particular emphasis on the variation of results across sub-samples and the outcomes when omitting outlier observations.

Design/methodology/approach

The authors use dividend yield and dividend payout as proxies of dividend policy, and regress these ratios together with other control variables to model volatility. The robustness of the results is assessed by re-using a data set which omits the outliers relating to the aftermath of the 2007 financial crisis and by forming sub-samples using cluster analysis.

Findings

The results show that the elimination of outliers and the setting up of sub-samples lead to different inferences about the underlying relationship between dividend policy and volatility. In addition traditional indicators of statistical significance may give the impression of a robust relationship, when this may not be the case.

Practical implications

The paper offers insights to stock traders and corporate managers in terms of better understanding the effect of dividend policies on share price volatility and its related risks and opportunities.

Originality/value

The study presents noteworthy empirical evidence in terms of its rigorous approach towards checking the robustness of results.

Details

Managerial Finance, vol. 45 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

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