• 0 Review(s)

Product Category: Projects

Product Code: 00007510

No of Pages: 224

No of Chapters: 1-5

File Format: Microsoft Word

Price :



The study evaluated on the effect of corporate attributes on financial disclosure of listed manufacturing companies in Nigeria for the period 2014 to 2019. Data were collected from the financial statement of fifty-five (55) listed manufacturing companies in Nigeria. Longitudinal and ex-post factor research design were adopted. Content analysis of the annual reports of a cross sectional sample of listed companies for six years was conducted, collected data were scrutinized and analyzed by employing the Structural Equation Modeling technique (SEM) using Smart PLS. The results comprehensively revealed that corporate attributes have significant effects on financial disclosures of listed manufacturing firms in Nigeria. Specifically, the result further revealed that firm size, audit committee size and firm growth have a significant effect on mandatory, voluntary and total disclosures while firm age, profitability and leverage have no significant relationship. Also, the result shows that there is a significant relationship between corporate attributes and financial disclosure. Conclusively, it is obvious that studies on disclosure practices are more prevalent in developed countries than developing countries, it is evident that in Nigeria, relatively few attempts have been made to investigate accounting attributes and financial disclosure, therefore the study moved a step further by examining not only the measurement model which captures the individual relationships, but the structural model outlook which captures the combined effect of corporate attributes on financial disclosures. Furthermore, the researcher dis-aggregated financial disclosure into three components. They include mandatory disclosure, voluntary disclosure and total disclosure. This was to allow for the determination of the association between corporate attributes and financial disclosure variant of manufacturing companies. The study therefore recommends that government should encourage smaller manufacturing companies by promoting the development of IT in Nigeria. Every organization should be able to afford state-of-the-art IT tools. This will reduce information cost and encourage the disclosure of adequate financial information. Again, that adequate steps should be taken by regulatory bodies to ensure full disclosure with relevant international accounting disclosure requirements by all listed manufacturing firms in Nigeria. Also, effective enforcement programmes should be put in place to protect the interest of the diverse user groups. Stringent reward/punishment programme should be introduced in order to ensure that all listed manufacturing companies comply with the mandatory accounting standards in Nigeria. Finally, in other to increase the extent of disclosure by manufacturing companies as ascertained in the results, government should pave way for easy access to credit facilities by companies since any credit facility given to companies will increase their disclosure index and stability which will invariably increase investor’s confidence.


Cover page

Title Page                                                                                                                                i

Declaration                                                                                                                             ii

Certification                                                                                                                           iii

Dedication                                                                                                                              iv

Acknowledgments                                                                                                                  v

List of Tables                                                                                                                          ix

Appendices                                                                                                                             xi

Abstract                                                                                                                                   xii



1.1           Background to the Study                                                                                            1

1.2       Statement of the Problem                                                                                           3

1.3       Objectives of the Study                                                                                              5

1.4       Research Questions                                                                                                    5

1.5       Research Hypotheses                                                                                                  6

1.6       Significance of the Study                                                                                           6

1.7       Scope of the Study                                                                                                      7

1.8       Operational definition of Terms                                                                                 8


Chapter 2: Review of related literature

2.1       Conceptual Framework                                                                                              10

2.1.1    Accounting attributes and firm’s disclosure                                                               10

2.1.2    Significance and determinants of corporate disclosure                                              16

2.1.3    Cost and drivers of corporate disclosure                                                                    17

2.1.4    Mandatory and voluntary disclosures                                                                         19

2.1.5    Accounting reporting standards disclosure overview                                                23

2.1.6    Summaries of standards and interpretations                                                   25

2.1.7    Reasons for disclosure                                                                                                39

2.2       Theoretical Framework                                                                                              42

2.2.1.   Agency theory                                                                                                            42

2.2.2    Signaling theory                                                                                                         43

2.2.3    The positive accounting theory                                                                                  44

2.3       Empirical Review                                                                                                       51

2.3.1    Summary of empirical literature                                                                                73

2.4       Gap in Literature                                                                                                        86



3.1       Research Design                                                                                                         90

3.2.      Population of the Study                                                                                              90

3.3       Sample Size                                                                                                                91

3.4       Data sources / Methods of Data Collection                                                                91

3.5       Reliability and Validity                                                                                              96

3.6       Model Specification                                                                                                   99

3.7       Data Analysis Techniques                                                                                          101



4.1       Data Presentation                                                                                                        102

4.2       Data Analysis                                                                                                              102

4.3       Test of hypotheses                                                                                                      105

4.4       Discussion of findings                                                                                                107


5.1       Summary of Findings                                                                                            113

5.2       Conclusion                                                                                                                  114

5.3       Recommendations                                                                                                     114

5.4       Contribution to Knowledge                                                                                        115

            References                                                                                                                  117


List of tables

3.1.      Factor analysis                                                                                                            97

3.2.      Construct reliability and convergent validity                                                             98

3.3.      Discriminant Validity – Fornell-Larcker Criterion                                                    98

3.4.      Discriminant Validity – Heterotrait-Monotrait-Ratio (HTMT)                                    98

3.5.      Operationalization of Variables                                                                                 100

4.1:      Descriptive Statistics                                                                                                  103

4.2       Correlation Analysis                                                                                                   103

4.3       Multicollinearity                                                                                                        104

4.4       Path Coefficients                                                                                                        105



I                       MANDATORY DISCLOSURE CHECK LIST                                             131     

II                     VOLUNTARY DISCLOSURE CHECKLIST QUESTIONNAIRE                133

III                    DATA PRESENTATION                                                                              134

IV                    VOLUNTARY DISCLOSURE COMPILATION                                         153

V                     MANDATORY DISCLOSURES COMPILATION                                      164

VI                    LISTED MANUFACTURING COMPANIES                                              184

VII                   MANDATORY DISCLOSURE CHECK LIST DERIVATION                        187

VIII                 VOLUNTARY DISCLOSURE CHECK LIST DERIVATION                        191

IX                    SMART PLS REPORT                                                                                  198






Globally, there have been many cases of corporate scandals and financial crisis like Waste Management in 1998, Enron in 2001, WorldCom in 2002, Tyco in 2002, HealthSouth in 2003, Freddie Mac in 2003, American Insurance in 2005, Lenman Brothers in 2008, Saytam in 2009, Banco Espirito Santo (BES) in 2014, Toshiba in 2015 and Turing Pharmaceutical in 2015 (Modugu & Eboigbe, 2017). All these have raised serious concerns about corporate reporting globally. Similar scandals in companies such as African Petroleum in 2011, Afribank, Cadbury and Unilever in 2014 were also recorded in Nigeria. The common features of these scandals include suppression of losses, inflation of income, understatement of expenses, wrong classification of transactions, and concealment of vital corporate information. 

Corporate attributes refer to firm characteristics or specific features that distinguish one company from another. corporate attributes are numerous, it could be the size, profitability, leverage, industry type, geographical location, nature of the business, corporate governance mechanism and any other feature that distinguish one company from the other. These features normally influence company decisions and information disclosure in the financial report. (Habbash, 2016; Sadou, Alom & Laluddin, 2017; Yasser, Mamun & Ahmed, 2017).

Obviously, corporate stakeholders demand reliable, regular, complete and comparable information for making decisions. To this end, companies publish their annual reports conforming to the provisions of International Financial Reporting Standards (IFRS) and the Companies and Allied Matters Act, 2011 as amended at the end of every accounting period. Conventionally, annual reports contain the chairman’s statement, directors’ report, reports by auditor, position and income statements, cash flow statement, funds flow statement, notes to accounts and statement of financial position, among others. In recent years, company’s annual reports are widening their scope by disclosing additional voluntary information such as economic value added information, inflation accounting, human resource accounting, environmental and social responsibility information. Enhanced disclosure decreases information asymmetry between the stakeholders and managers. ‘Full disclosure’ means that an annual report should include all economic information related to the accounting entity that is important to effect the decisions of informed users of annual reports. It further means that all the users of financial statements should be treated the same while preparing the annual reports. And ‘adequate disclosure’ refers to that disclosure which gives the answer to some questions i.e. why, to whom, how much, what and when the information is to be disclosed.

Adequate disclosure depends on the quantum and qualitative characteristics of the information that is disclosed; the form in which the information is depicted; frequency and timeliness of reporting. Today, corporate firms does not confine to more disclosure of mandatory information in the annual reports but they disclose additional information on a voluntary basis to gain competitive advantage in the capital market. The large publicly traded companies have surpassed the minimum requirements set by the regulatory bodies and are setting higher disclosure standards for others to follow (Deepa & Isha, 2017).

Nigeria had since 2012 joined other countries in reporting their financial statements under the International Financial Reporting Standards (IFRS). In order to examine the extent of companies’ compliance with the standards, a study on accounting disclosure following the adoption of the global reporting standards is imperative. Therefore, this study is undertaken to examine the effect of corporate attributes on financial disclosures of listed manufacturing firms in Nigeria.


The disclosure of vital information in corporate annual reports have attracted considerable attention by researchers in recent years. Despite this concern, most of the available empirical studies which capture most of the corporate attributes were done in advanced economies. Also, available studies have noted that quite a number of companies do not engage in complete disclosure of information as most companies comply with the mandatory disclosure requirements while leaving behind the voluntary disclosure, these cases have increase dearth of investors’ confidence particularly in Nigeria.

Although, the Enron scandal saw major reforms in corporate governance and reporting practices such as the enactment of Sarbanes-Oxley (SOX) Act (2002); compulsory certification of fairness of financial reporting by Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs); establishment of Public Companies Accounting Oversight Board (PCAOB); improvements in accounting and auditing standards; prescription of serious sanctions for violation of regulatory requirements; and the international cooperation among professional accounting bodies, corporate managers have continued to devise newer means of subverting the systems. These scandals as well as the continuous breaches by CEOs and CFOs have negatively affected investors’ confidence resulting in demand for more transparency in the financial statements. Hence, additional disclosure via annual reports leads to higher accountability, transparency, enhances credibility, boosts up investors’ confidence and increases marketability of the shares. It also helps investors and regulators understand and manage the risk taken by the corporate decision makers. This continuous demand for credible corporate reports by stakeholders is occasioned by the primacy of corporate report as a principal tool for the communication of information to external users, assessment of economic performance and condition of an enterprise in order to monitor management’s actions and enhance the quality of decision making (Deepa & Isha, 2017; Shamsuddeen & Muhammad, 2018).

In line with the foregoing, it becomes of’ utmost importance to trace the root cause of lack of total or complete disclosure in companies and determine the reason for their lagging behind. Could it be as a result of mere ignorance or the fact that they have something to hide or simply because the performance achieved is not commensurate with the expectations of’ stakeholders? Voluntary disclosure is an issue which has come into the forefront and attracted much interest in accounting literature in recent times. What lies behind this interest is the aim to identify the factors which underpin the voluntary disclosure of information by the firms to inform the decision makers about financial information and those who prepare and use this information (Agca & Onder. 2007).

Again, the emergence of International Accounting Standards and International Financial Reporting Standards (IFRS) have posed several issues particularly, rudimentary disclosure issues which generate different reporting styles when compared to the old local standards which makes the need for harmonization eminent.





The broad objective of the study is to examine the effect of corporate attributes on financial disclosure of listed manufacturing companies in Nigeria.

The specific objectives of the study are as follows:


i.               To ascertain the association between corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability and leverage) and mandatory disclosure.

ii.              To estimate the association between corporate attributes (firm size, firm age, firm growth, audit committee size, profitability and leverage) and voluntary disclosure.

iii.            To ascertain the association between corporate attributes (firm size, firm age, firm growth, audit committee size, profitability and leverage) and total disclosure.

iv.            To determine the association between corporate attributes and financial disclosure.



The research objectives are guided by the following research questions:

i.      To what extent do corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability, leverage) relates to mandatory disclosure?

ii.     To what degree do corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability, leverage) relates to voluntary disclosure?

iii.   To what extent do corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability, leverage) associate with total disclosure?

iv.   To what extent do corporate attributes associate with  financial disclosure?



The research hypotheses were stated in the null form:

i.               Corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability, leverage) do not have any significant association on mandatory disclosure.

ii.              Corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability, leverage) do not have any significant association on voluntary disclosure.

iii.            Corporate attributes (firm size, firm age, firm growth, audit   committee size, profitability, leverage) do not have any significant association on total disclosure.

iv.            There is no significant association between corporate attributes and financial disclosure.



Disclosures are indispensable for efficient functioning of financial markets as market participants while making investment decisions seek relevant information in the annual report of a company. The present study is of immense benefit to diversified groups such as:

Manufacturing firms: They will rely on the result to ascertain the extent at which each stated corporate attribute variables will affect both financial and non-financial performance and also ascertain their strength and weaknesses towards making strategic decision of the companies.

Investors: This work will assist them to make informed and timely decision about how, when and which company to invest in order to maximise the shareholding wealth.

Regulatory Authorities: The work will help government of the day to make efficient and effective policies cum policy statements geared towards revitalizing the economy.

Academics: It will serve as backing for future academic works and referencing especially as it patterns to the review of literature and empirical results.


This study focused on the effect of corporate attributes on financial disclosures of listed manufacturing firms in Nigeria. The justification for the scope is due to the dearth of literature regarding corporate attributes and disclosures in manufacturing firms in Nigeria and also approved specified scope of study. There are 55 listed manufacturing firms in Nigeria as at September, 2019, they are made up of five (5) sectors to include agriculture, conglomerate, consumer goods, healthcare and industrial goods (Nigeria Stock Exchange, September, 2019). corporate attributes which is the independent variable proxied by firm size, firm age, firm growth, audit committee size, profitability and leverage while the dependent variable; financial disclosure was measured by: mandatory, voluntary and total disclosures. The study period was be six (6) years ranging from 2014- 2019.



Corporate Attributes: This can be defined as a unique characteristic that best describe all brands or businesses in the market place which could be the firm size, firm age, company growth, audit committee size, profitability and leverage

Company Growth: This is the extent at which the company generates significant positive cash flows or earnings, which increases at significantly faster rates than the overall economy

Firm age: This is the incorporation year of a firm

Firm size: natural Logarithm of Total assets.

Audit Committee Size:  This majorly represent the audit type which is expected to be among the ‘Big 4’. They are subset of the corporate board of directors and has the responsibility of enhancing internal control procedures, overseeing a firm's financial reporting process, external reporting and the risk management of companies

Leverage: This is the long-term debt divided by capital equity.

Profitability – This is measured by Return on Asset (ROA) which is the net income divided by total assets.

Financial disclosure includes mandatory, voluntary and total disclosures.

Mandatory disclosure: This is disclosure required by law which companies must report in their financial statement.

Voluntary disclosure: This is disclosure not necessarily required by law but are at the free choice of management company for decision making by the users of annual reports.

Total disclosure: This the summation of both mandatory and voluntary disclosure index


Click “DOWNLOAD NOW” below to get the complete Projects


+(234) 0814 780 1594

Buyers has the right to create dispute within seven (7) days of purchase for 100% refund request when you experience issue with the file received. 

Dispute can only be created when you receive a corrupt file, a wrong file or irregularities in the table of contents and content of the file you received. shall either provide the appropriate file within 48hrs or send refund excluding your bank transaction charges. Term and Conditions are applied.

Buyers are expected to confirm that the material you are paying for is available on our website and you have selected the right material, you have also gone through the preliminary pages and it interests you before payment. DO NOT MAKE BANK PAYMENT IF YOUR TOPIC IS NOT ON THE WEBSITE.

In case of payment for a material not available on, the management of has the right to keep your money until you send a topic that is available on our website within 48 hours.

You cannot change topic after receiving material of the topic you ordered and paid for.

Ratings & Reviews


No Review Found.

To Review

To Comment