State agencies, industry regulations and the quality of accounting practice in nigeria
Table Of Contents
- Title Page– i Declaration—-ii Dedication———— iii Certification———— iv Acknowledgement————v Table of Contents———- viii List of Tables———— xii List of Figures———— xv Appendices———— xvi Abstract———— xviiChapter One: Introduction
- 1.1Background to the Study——–1
- 1.2Statement of the Problem——– 6
- 1.3Objectives of the Research——–7
- 1.4Research Questions——– 7
- 1.5Research Hypotheses——– 8
- 1.6Significance of the Study——–9
- 1.7Scope of the Study——– 10 1.11–Definition of Terms———- 12Chapter Two: Review of Literature and Theoretical Framework
- 2.1Introduction———- 14
- 2.2Interest Groups and Accounting Information—- 16
- 2.3Deregulation Policy and Accounting policy—- 17
- 2.4Link between Accounting and Deregulation Policy—-19
- 2.5Accounting Practice and Quality of Financial Reports– 20
- 2.6Accounting and Industry Regulation—— 23
- 2.7Theories of Regulation——–25 2.
- 7.1Theorising and Approaches to Regulation—- 27 2.
- 7.2Public Interest Theories——–27 2.
- 7.3Interest Group Theories——–28 2.
- 7.4The Economic Theory of Regulation—— 28 2.
- 7.5Institutional Theories——– 30 2.
- 7.6The Political -Economic Theories—— 31 2.7.7–Regulation Strategies——– 32
- 2.8Accounting and Regulation——–36
- 2.9Theories of Professional Development——39
- 2.10Development of Accounting Practice in Nigeria—-41
- 2.11Authorities Behind Accounting practice in Nigeria—-43
- 2.12Prior Empirical Literature on the Development and Practice of Accounting———- 59
- 2.13Evaluation of Factors Influencing the Development of Accounting Profession and/Practice——–64
- 2.4Theoretical Framework——–75
- 2.5Summary of Literature Review—— 83Chapter Three: Research Methods
- 3.1Introduction———- 89
- 3.2Research Design——– 89 3.
- 2.1Population———- 89 3.
- 2.2Sampling Procedure——– 90 3.
- 2.3Sources and Instruments of Data Collection—- 93 3.
- 2.4The Questionnaire———-93 3.
- 2.5Preliminary Testing——– 95 3.
- 2.6Pilot Testing———- 95 3.
- 2.7Personal Interview——– 95 3.
- 2.8Validity and Reliability Checks—— 96
- 3.3Method of Data Presentation and Analysis—- 96
- 3.4Model Formulation and A priori Expectation of Coff. Estimates 98
- 3.5Model Specification– 105 3.
- 5.1Model Specification -A (Primary Data)——106 3.
- 5.2Model Specification- B (Secondary Data)—- 109Chapter Four: Presentation and Interpretation of Results
- 4.1Introduction———- 112
- 4.2Reliability and Validity Checks—— 113
- 4.3Descriptive Statistics (Primary Data)—— 117 4.
- 3.1Independent variables Impacting Accounting Quality– 117 4.
- 3.2Correlation matrix of the Independent Variables—-124 4.
- 3.3Descriptive Statistics (Secondary Data)—- 130 4.
- 3.4Type of Industry——– 130
- 4.4Descriptive Statistics on Explanatory Variables by Industry– 135
- 4.5Analysis of Results and Test of Hypotheses—- 137 4.
- 5.1Model 1 (OLS Estimation Using Pooled Responses)—-138 4.
- 5.2Model 2 (OLS Estimation Using Compilers Responses)– 141 4.
- 5.3Model 3 (OLS Estimation Using UsersResponses)—-143 4.6– Regression Results (Secondary Data)—— 157
- 4.7Discussion of Findings——–170Chapter Five: Discussion of Findings, Conclusion and Recommendation
- 5.1Introduction———- 185
- 5.2Summary of Findings——– 185
- 5.3Conclusions———- 187
- 5.4Recommendations——– 189
- 5.5Contribution to Knowledge——–191
- 5.6Limitations of the Study——–191
- 5.7Suggestions for Further Study——–193 Bibliography———- 193
Thesis Abstract
This study empirically investigates the impact of state agencies and industry regulations on the quality of accounting practice in Nigeria. A two stage approach in which the first stage was complemented by the second stage was adopted in carrying out the study. First, the study adopted a survey approach in which data were collected from users and compilers of accounting information through questionnaire. Secondly, secondary data were collected and analyzed. The data were analyzed and results estimated using students‘t-test, Analysis of Variance (ANOVA), Ordinary Least Square Regression as well as Panel Data Estimation technique. For the t-test, the four-year period before and after the enactment of the Nigeria
Accounting Standards Board Act, 2003 (1999-2002) and (2004-2007) were compared. The ANOVA was used for the multiple comparisons of the industrial sectors included in the study. Multiple regression analysis was used to analyze the impact of stage agencies and industry regulation as well as the influence of industry attributes on the quality of accounting practice.
The panel data estimation was used to enhance the results obtained from the multiple regression analysis. Though results showed that the impact of state agencies and industry regulations was fairly significant and positive for five of the seven agencies and regulations tested, however, significant dysfunctional behaviour was observed in the quality of accounting practice.
The findings also showed that the difference in the quality of accounting practice was significantly higher after the NASB, Act 2003 was enacted.
Similarly, significant differences were observed among the industrial sectors in terms of quality of accounting practice. The findings further revealed that the size of company and the sign of earnings were the major industry attributes that influence the overall quality of accounting practice.
The major implication of the study is that regulations are not enough to ensure that the quality of accounting practice is high in Nigeria. While strengthening existing regulations, it is recommended that emphasis should be focused more on the qualities possessed by those who prepare financial statements and attest to them. This has the potential of reducing dysfunctional behaviour which is prevalent even in the presence of strict regulations and harsh penalties.
Key words State Agencies, Industry Regulations, Accounting Practice, Industry Attributes, Relevance, Reliability, Comparability
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