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IFRS ADOPTION AND SHAREHOLDERS' WEALTH OF DEPOSIT MONEY BANKS IN NIGERIA

Dzugwahi Haruna and Kighir Apedzan Emmanuel
Additional contact information
Dzugwahi Haruna: University of Liverpool, Postal: University of Liverpool, United Kingdom
Kighir Apedzan Emmanuel: Federal University, Dutsin-Ma, Postal: Department of Accounting, Federal University, Dutsin-Ma,, Katsina State, Nigeria

International Journal of Accounting and Finance (IJAF), 2018, vol. 07, issue 2, 16-30

Abstract: In 2012, the Nigerian government adopted IFRS due to inadequacies of the Nigeria GAAP and the need to embrace international best practices. This study examines the effect of IFRS Adoption on Shareholders' Wealth in Deposit Money Banks in Nigeria. The study employs longitudinal research design and collected data from published financial statements of Deposit Money Banks (DMBs) listed on the Nigerian Stock Exchange (NSE) for the period 2008 to 2015. Multivariate Analysis of Variance (MANOVA), Multivariate Analysis of Covariance (MANCOVA) andmultiple regression analysis models used for the data analysis. The Dividend per Share (DPS), Market Value per Share (MVPS), Earnings per Share (EPS) and Return on Equity (ROE) serve as proxies for shareholders' wealth while IFRS pre and post-treatments serve as a categorical variable and inflation as a continuous control variable. The outcome of the study shows that IFRS adoption impacted significantly on DMBs shareholder wealth of DPS, but on ROE only after controlling for inflation effect. There is, however, no evidence on Market Value per Share (MVPS) and Earnings per Share within the same period under review even after controlling for inflation effect. The study concludes that IFRS adoption has impacted significantly on DMBs shareholder wealth in Nigeria.

Keywords: International financial reporting standards (IFRS); Shareholders wealth; Depositmoney banks (DMBs); Multivariate analysis of variance (MANOVA); Multivariate analysis of covariance (MANCOVA) (search for similar items in EconPapers)
Date: 2018
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