| 1 |
Author(s):
Mustapha Tafida Aminu, Mona A. ElBannan.
Page No : 1-19
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Corporate Transition Pathways in Europe: How Green Finance Investments Shape Environmental Sustainability.
Abstract
This study examines the relationship between corporate sustainability investments, including renewable energy investments (REI), sustainable transportation (ST), and energy efficiency investments (EEI), and environmental sustainability (ES) among EU-listed firms from 2013 to 2023. The findings reveal that while these investments are associated with modest reductions in CO2 emissions, their immediate effects on environmental sustainability are limited. The study utilizes economic theory, particularly the cost-benefit analysis framework, to explain that sustainability investments are often driven by expected returns exceeding costs, but their benefits materialize over the long term. The legitimacy theory also informs the study, suggesting that firms engage in sustainability efforts not only to improve performance but also to align with social and regulatory expectations. GMM was employed to address endogeneity concerns, ensuring robust results. The study contributes to the literature by offering practical insights into how multi-faceted sustainability strategies, informed by EU regulatory frameworks like the European Green Deal and Paris Agreement, can drive long-term decarbonization, while emphasizing the need for targeted financial support, strategic long-term planning, and the integration of sustainability into core business strategies. It also highlights limitations such as the reliance on publicly available data and short-term analysis, and offers recommendations for future research and policy development in corporate sustainability.
Keywords: Corporate Sustainability, Sustainability Strategy, Decarbonization, EU Countries
| 2 |
Author(s):
Jemila Alfa Mohammed (Ph.D.), Joseph Femi Adebisi (Prof.), Anderson Emmanuel Oriakpono (Ph.D.).
Page No : 20-33
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Effect of Literacy in Traditional Financial Practices on the Adoption of Asset Tokenization in Rivers State, Nigeria.
Abstract
This study investigates the effect of literacy in traditional financial practices on the adoption of asset tokenization in Rivers State, Nigeria. Adopting a quantitative cross-sectional survey design, primary data were collected from a stratified proportional sample of 255 respondents lecturers and students from Accounting, Banking and Finance, Management, and Economics departments across three tertiary institutions: University of Port Harcourt, Rivers State University, and Ignatius Ajuru University of Education. Using SPSS v25, descriptive statistics, normality tests (Shapiro–Wilk, skewness, kurtosis), Pearson correlation, and multiple linear regression were applied to examine how literacy in traditional financial practices (LTFP), involvement in traditional financial practices (ITFP), and financial regulatory clarity and support (FRCS) influence both the level of adoption (LAAT) and intention to adopt asset tokenization (IAAT). The results indicate that LTFP (β = .248, p < .001), ITFP (β = .202, p < .01), and FRCS (β = .226, p < .001) significantly and positively predict LAAT, while LTFP (β = .239, p < .001), ITFP (β = .210, p < .01), and FRCS (β = .234, p < .001) also significantly predict IAAT. The findings confirm that understanding and engagement in traditional finance, coupled with regulatory clarity, are vital enablers of tokenization adoption. The study concludes that enhancing financial literacy rooted in traditional systems, improving regulatory transparency, and aligning community-based finance with digital innovations will accelerate Nigeria’s transition toward asset tokenization. It recommends joint interventions by the Central Bank of Nigeria, Securities and Exchange Commission, National Orientation Agency, and tertiary institutions to expand financial education, regulatory guidance, and awareness of tokenized asset frameworks.
| 3 |
Author(s):
Faisal Abdirahman Abdullahi, Andrew Songoro Nyangau.
Page No : 34-47
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Navigating Strategic Trade-Offs and Financial Performance: Evidence from Somali Firms.
Abstract
Somalia’s private sector, which contributes over 90% of employment and trade output, operates within a fragile economic landscape marked by limited access to formal financing, reliance on internal funds, and institutional weaknesses. This study examines the impact of mutually exclusive business strategies—namely new capital investments, project selection, and stock investments—on the financial performance of Somali firms. Grounded in Decision Theory, the research employed a descriptive, explanatory, and correlational design under a positivist philosophy to ensure objective measurement and statistical rigor. Data were collected from 160 departmental heads across 53 companies using structured questionnaires and analyzed through SPSS. Descriptive statistics captured respondent perceptions, while Pearson correlation and univariate regression tested relationships and hypotheses. Results revealed that mutually exclusive strategies significantly and positively influence firm performance, with a moderate correlation (R = 0.381, p = 0.004). The findings underscore the role of strategic investment decisions, stakeholder engagement, and diversification in enhancing profitability, return on assets, and return on equity. The study concludes that implementing mutually exclusive strategies individually strengthens financial outcomes, while coordinated integration maximizes synergistic benefits, minimizes resource overlap, and supports sustainable growth in Puntland’s business environment. Recommendations include prioritizing high-potential projects, establishing clear guidelines for stock investments, and embedding these strategies within comprehensive strategic plans to optimize long-term performance.
| 4 |
Author(s):
Ophelia Nartey, Dennis Osei Danso.
Page No : 48-73
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Impact of Psychological Beliefs on Financial Behaviour Among Working Adults in Ghana.
Abstract
Purpose – This study examines the relationship between psychological beliefs (PB) factors namely subjective financial knowledge (SFK), financial attitude (FA), and locus of control (LOC) and financial behaviour among working adults in Ghana. It explores how these psychological traits shape individuals’ money management practices and overall financial conduct, offering insights into the behavioural drivers that influence financial decisions and well-being within the Ghanaian context.
Design/methodology/approach – A quantitative research design was used, and data were collected from 444 working adults through a structured questionnaire. Descriptive statistics were analysed using SPSS version 28, and Structural Equation Modelling (SEM) was performed with AMOS software using 5,000 bootstrap samples to test the hypothesised relationships while controlling for demographic factors such as gender, age, education, employment status, and monthly income.
Findings – The results show that SFK (β = 0.374, p = 0.005), FA (β = 0.789, p = 0.005), and LOC (β = 0.212, p = 0.029) have significant positive effects on FB, confirming that higher financial knowledge, positive financial attitude, and a stronger sense of control enhance financial behaviour. The control variables, including gender, age, education, employment status, and monthly income, showed no significant effects on FB. The coefficient of determination (R² = 0.702) indicates that 70.2% of the variance in financial well-being is explained by the predictors, showing a strong explanatory power.
Practical implications – The findings emphasize the need for financial literacy and behavioral programs that encourage positive financial attitudes and a strong sense of control over money management. Policymakers and financial institutions should develop initiatives that build individuals’ financial confidence and promote responsible financial decision-making to improve financial well-being.
Originality/value – This study contributes to financial behaviour and well-being literature by providing empirical evidence from a developing economy context. It demonstrates that psychological factors such as knowledge, attitude, and control significantly influence financial behaviour, offering practical insights for policymakers, educators, and financial professionals aiming to improve financial health and economic stability in Ghana.
| 5 |
Author(s):
Urokor Zino Julius.
Page No : 74-86
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Effect of Public Financial Management Reforms on Sustainability Management in Nigeria.
Abstract
This study investigates the effect of public financial management reforms on sustainability management in Nigeria over the period 2015–2025. Adopting an ex-post facto research design, the study relies on secondary data obtained from official publications of the Central Bank of Nigeria (CBN), Office of the Accountant-General of the Federation (OAGF), National Bureau of Statistics (NBS), and relevant United Nations development databases. Public financial management reforms are proxied by the Treasury Single Account (TSA), Government Integrated Financial Management Information System (GIFMIS), Integrated Payroll and Personnel Information System (IPPIS), and Gross Domestic Product (GDP), while sustainability management is represented by Nigeria’s Sustainable Development Goals (SDG) performance score. Descriptive statistics, correlation analysis, stationarity tests, and Autoregressive Distributed Lag (ARDL) modeling were employed for data analysis using Python (version 3.11) with the pandas and statsmodels frameworks. The results reveal strong positive associations between TSA, GDP, and SDG performance, with IPPIS and GIFMIS also exhibiting supportive but comparatively weaker linkages. Stationarity tests confirm the suitability of the ARDL approach, while regression results indicate that public financial management reforms exert a positive influence on sustainability outcomes, although the effects are more pronounced in the long run. The findings suggest that improvements in fiscal consolidation, digital financial governance, and payroll control enhance Nigeria’s capacity to translate economic resources into sustainable development outcomes. The study concludes that while Nigeria’s public financial management reforms have strengthened sustainability management, their full impact depends on institutional efficiency and policy consistency. It therefore recommends continuous system integration, capacity building, and strengthened governance frameworks to maximize the sustainability gains of public financial management reforms.
| 6 |
Author(s):
Slaheddine Trabelsi.
Page No : 87-98
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The Impact of Accounting Digitalization on the Quality of Financial Information in Tunisian Small and Medium-Sized Enterprises.
Abstract
This research explores how accounting digitalization affects the quality of finan-cial information in Tunisian SMEs. Based on the Information Systems Success Model and Contingency Theory, the paper delves into the relationship between the use of digital accounting tools and the accuracy, timeliness, and reliability of financial reporting. A quantitative survey was done with 210 Tunisian SMEs from manufacturing, trade, and service sectors. The data were processed using multiple regression analyses. The survey results reveal that there is a significant positive impact of accounting digitalization on all the aspects of financial information quality. The changes in the financial reporting in developing countries through the strategic use of digital accounting systems are one of the key findings published by the authors. Furthermore, this study offers viable sugges-tions for the managers and policymakers of Tunisia to implement the findings of the study.
| 7 |
Author(s):
James Imoter Tyungu, Kwaghfan Aondoakaa (Ph.D.), Paul Aondona Angahar (Prof.).
Page No : 99-117
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Does Key Audit Matters Disclosure Affect Market Capitalisation of Listed Deposit Money Banks in Nigeria.
Abstract
This study investigates the effect of Key Audit Matters (KAM) disclosure on market capitalisation, of listed Deposit Money Banks (DMBs) in Nigeria. Adopting an ex-post facto research design, the study utilized panel data from 12 DMBs over a 16-year period (2009–2024), divided into pre-KAM (2009–2016) and post-KAM (2017–2024) periods. Secondary data were extracted from audited financial statements using a standardized disclosure checklist covering four KAM dimensions: Financial Instruments Valuation (FIVD), Loan Impairments (LIPD), Revenue Recognition (RERD), and Litigation and Contingencies (LCOD). The study employed a mixed-effects regression model with Restricted Maximum Likelihood (REML) estimation to assess the relationship between KAM disclosures and market capitalisation, while accounting for unobserved heterogeneity across banks. Descriptive and diagnostic statistics confirmed data suitability and regression assumptions. The findings reveal that FIVD, RERD, and LCOD disclosures significantly and positively influenced market capitalisation, suggesting that transparency in these areas strengthens investor confidence and firm valuation. Conversely, LIPD exhibited a significant negative effect, indicating investor sensitivity to disclosures signaling credit risk. The post-KAM period showed a significant improvement in market valuation, affirming the overall positive influence of mandatory audit transparency reforms. The study concludes that while audit transparency generally enhances investor confidence, the specific content and perceived implications of KAMs determine their market impact. It recommends that banks and regulators enhance the quality, clarity, and context of KAM disclosures to optimize investor understanding and market response. The study contributes to audit disclosure literature and informs regulatory policy on financial reporting in emerging capital markets.
| 8 |
Author(s):
James Imoter Tyungu, Kwaghfan Aondoakaa (Ph.D.), Paul Aondona Angahar (Prof.).
Page No : 118-133
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An Assessment of the Impact of Key Audit Matters Disclosure on Trade Volume of Listed Deposit Money Banks in Nigeria.
Abstract
This study investigates the effect of Key Audit Matters (KAMs) disclosure on the trading volume of listed Deposit Money Banks (DMBs) in Nigeria. Adopting an ex-post facto research design, panel data were collected from 12 DMBs over a 16-year period (2009–2024), covering both pre-KAM (2009–2016) and post-KAM (2017–2024) regimes. KAM disclosures were extracted from audited financial statements using a standardized checklist across three dimensions: Related-Party Transactions Disclosure (RPTD), Liquidity Risk Management Disclosure (LQRD), and Capital Adequacy Disclosure (CAPD). A mixed-effects regression model with Restricted Maximum Likelihood (REML) estimation was employed to assess the effect of these disclosures on trading volume. The results reveal that LQRD had a significant positive effect on trading activity, suggesting investor responsiveness to liquidity transparency. CAPD had a significant negative effect, indicating cautious market reactions to solvency disclosures. RPTD was statistically insignificant, reflecting weak short-term investor response. These findings indicate that the impact of KAMs on market activity is contingent on the nature and perceived relevance of the disclosure. The study recommends that regulators enforce clarity and materiality in KAM reporting to enhance market engagement. It contributes to audit transparency literature and informs capital market policy reforms in emerging economies.
| 9 |
Author(s):
Innocent Ameh Oche.
Page No : 134-145
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Effect of Sustainability Disclosure on Financial Performance of Listed Manufacturing Firms in Nigeria.
Abstract
This study examines the effect of sustainability disclosure on the financial performance of listed manufacturing firms in Nigeria over the period 2014–2023. The study adopts an ex-post facto research design, relying on secondary data extracted from the audited annual reports and sustainability disclosures of manufacturing firms listed on the Nigerian Exchange Group. Sustainability disclosure is disaggregated into social disclosure, economic disclosure, environmental disclosure, and employee health and safety disclosure, while financial performance is measured using Return on Assets (ROA). Content analysis techniques were employed to construct disclosure indices in line with relevant Global Reporting Initiative (GRI) indicators. Descriptive statistics, correlation analysis, panel unit root tests, and panel regression techniques were used to analyze the data. The findings reveal that social disclosure, economic disclosure, and employee health and safety disclosure exert positive and statistically significant effects on ROA, indicating that transparent stakeholder engagement and workforce welfare enhance asset utilization efficiency. Environmental disclosure, although positively related to ROA, does not exhibit a significant short-term impact, suggesting that environmental initiatives may yield financial benefits over a longer horizon. The study concludes that sustainability disclosure contributes meaningfully to financial performance when it strengthens trust, productivity, and reputational capital. It therefore recommends that manufacturing firms adopt integrated sustainability reporting frameworks and align disclosure practices with strategic financial objectives to achieve sustained profitability.
