INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ADOPTION AND FIRM VALUE; CASE OF LISTED COMPANIES IN NIGERIA

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INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ADOPTION AND FIRM VALUE; CASE OF LISTED COMPANIES IN NIGERIA

ABSTRACT

The study examined the relationship between the IFRS adoption, cost of equity capital and firm value. The study aimed at investigating the cause of a sharp rise in share turnovers and volumes close to 800% during the financial year 2006/2007 on the Nigeria stock exchange (USE) which was perceived to be the post-IFRS adoption effects.

A conceptual framework was developed relating IFRS adoption (level of transparency, level of information asymmetry, and quality of information) to cost of equity capital, level of financing and finally firm value. The specific objectives that guided the study were; to examine whether IFRS guidelines could have been followed in the process of preparing financial statements of listed companies for 2006/2007 financial year, to examine the relationship between IFRS adoption, cost of equity capital, level of financing and Firm value and to examine the effects of IFRS adoption, cost of equity capital and level of financing on firm value. The researcher adopted a blend of cross-sectional and descriptive research design and a simple random sampling of listed companies. A research questionnaire that addressed the relationship between IFRS adoption, cost of equity capital, level of financing and firm value was tested for validity and reliability and administered to collect primary data.

Secondary data on firm value was collected from academic journals and USE annual reports.

It was discovered that; level of transparency, level of information asymmetry and quality of information measured IFRS adoption while Tobin’s q was taken to be the measure of firm value. The findings showed a positive significant relationship between IFRS adoption, cost of equity capital, level of financing and firm value. The effects of IFRS adoption cost of equity capital and level of financing on firm value examined by use of regression model.

The study recommended some of the following to be made: listed companies to continuously follow IFRS guidelines, capital markets authority to up scale their efforts to protect integrity of the securities market, control and supervise activities of security players, listed companies to employ competent professional accountants and finally USE to strengthen the regulation of financial reporting practices if the benefits of IFRS are to be realized.

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