Papers by Tochukwu Okafor
In considering the problems and inefficiencies of the traditional financial accounting model, thi... more In considering the problems and inefficiencies of the traditional financial accounting model, this study aims at suggesting a framework and methodology of accounting for sustainable corporation, which will be based on the principles of sustainable development and information needs of both economic and non-economic stakeholders. A new framework of accounting is achieved by the integration of existing environmental and ecological techniques with economic considerations. In this way, managerial horizons and responsibilities are widened and important communication channels are opened between some important disciplines, public and private authorities and a range of communities. The account does not measure in absolute terms the sustainable development that a corporation has attained, but provides a comparative mechanism for easy assessment of sustainable development between corporations. The paper suggests that the traditional framework of accounting should be expanded to take into account ecological and social performance in addition to financial performance.
Research Journal of Finance and Accounting, 2016
Companies are under increasing pressure from key stakeholders to be transparent about their value... more Companies are under increasing pressure from key stakeholders to be transparent about their values, principles and performance as regards sustainable development. This study therefore is aimed at ascertaining the extent to which stakeholders’ information needs are met by the companies’ reports, effect of sustainability reporting on company’s performance and the means of striking a balance for an enhanced sustainable development. To achieve the objectives, the researchers made use of primary and secondary data. Primary data were obtained using a survey method whereby 250 copies of questionnaires were administered to selected stakeholders out of which only 207 were duly filled and returned. The data obtained were analyzed using descriptive statistics and regression analysis with the aid of SPSS Version 22. The source of secondary data is companies’ reports which were examined to see the issues reported using content analysis. The result of the analysis showed that the level of reporti...
In considering the problems and inefficiencies of the traditional financial accounting model, thi... more In considering the problems and inefficiencies of the traditional financial accounting model, this study aims at suggesting a framework and methodology of accounting for sustainable corporation, which will be based on the principles of sustainable development and information needs of both economic and non-economic stakeholders. A new framework of accounting is achieved by the integration of existing environmental and ecological techniques with economic considerations. In this way, managerial horizons and responsibilities are widened and important communication channels are opened between some important disciplines, public and private authorities and a range of communities. The account does not measure in absolute terms the sustainable development that a corporation has attained, but provides a comparative mechanism for easy assessment of sustainable development between corporations. The paper suggests that the traditional framework of accounting should be expanded to take into accou...
International Journal of Finance and Accounting, 2018
The study is aimed at ascertaining the effect of environmental costs on firm performance. To achi... more The study is aimed at ascertaining the effect of environmental costs on firm performance. To achieve this objective, the study made use of financial reports of Oil and Gas Companies quoted in the Nigerian Stock Exchange Market from years 2006-2015. Regression analysis was employed with the aid of Statistical Package for Social Sciences (SPSS). The results of the statistical analysis indicate that better environmental performance positively impact business value of an organization. Moreover, environmental accounting provides the organization an opportunity to reduce environmental and social costs and improve their performance.
International Journal of Physical and Social Sciences, 2015
The objective of this research is to examine the specific elements of internal control systems in... more The objective of this research is to examine the specific elements of internal control systems in operation in Nigeria public sector organizations, and to assess the effectiveness of these controls. To achieve this objective, research questions and hypotheses were raised and related literatures to the study were reviewed. The study relied on the perception of skilled respondents who are knowledgeable in the area of study. The population of the study consists of Accountants, Auditors and Chief executives of selected ministries in the Nigerian government and some government agencies providing services related to fraud prevention and deterrence in Nigeria. A sample of 1530 was determined using stratified random sampling technique. The data for the study were mainly generated through primary source. The major instrument for data collection was the questionnaire. The instrument was subjected to both face and content validity by experts. The data generated from this study were analyzed us...
Asian Journal of Economics, Business and Accounting, 2018
Aim: The study examined the effect of corporate governance mechanisms on tax aggressiveness among... more Aim: The study examined the effect of corporate governance mechanisms on tax aggressiveness among selected manufacturing firms in Nigeria. Study Design: Ex-post facto research design was adopted for the study. Place and Duration of Study: The study was conducted in Nigeria and the data used for the study were derived from the financial statements of Manufacturing companies listed on the Nigerian Stock Exchange (NSE) and the NSE fact book as at the end of the year, 2016. Forty-four (44) Listed Manufacturing Firms were used for the study based on the criteria that they had complete information on the variables of study, from 2005-2016 been the period covered by the study. Methodology: The data in the study were obtained from the annual reports and accounts of the firms as well as the Nigerian Stock Exchange Fact Book. The data obtained were analyzed using the Ordinary Least Square technique with its Best Linear Unbiased Estimate (BLUE) Property. In addition, a regression model was developed to test the combined effects of corporate governance
Financial reporting as an “ante dote” for enhancing sustainable partnership in community developm... more Financial reporting as an “ante dote” for enhancing sustainable partnership in community development is the main focus of this paper. Communities that want to continue enjoying the support of both national and international organizations should endeavour to keep financial records and accounts for the main purpose of making periodic reports thereon. The primary aim of the study is to critically evaluate PPP accounting practice and the related financial accounting and reporting processes. To achieve this, we conducted a field survey of communities who have or are still enjoying partnership with the World Bank, National Government and other similar organizations. Questionnaires were administered, besides personal interview conducted with all management committees of the sampled community development projects (CDP). Subsequently, the data was analyzed using percentages and the chi-square (X2) statistical tool was used for testing our two hypotheses. From the analysis, we found out that “the maintenance of financial records has significance effects on the promotion of Community Driven Development” and that “the relationship of partners in Community Development will be marred without financial reporting”. Therefore, we recommend firstly, that financial records should be maintained in every Community Driven Development and secondly, that organizations who have entered into partnership with communities for the purpose of undertaking community projects should ensure proper financial records keeping so as to avoid marring the good relationship that has been established.
AFRREV IJAH: An International Journal of Arts and Humanities, 2012
This study is aimed at evaluating the importance of financial records keeping in achieving good g... more This study is aimed at evaluating the importance of financial records keeping in achieving good governance with emphasis on public sector organizations. It draws on experience from Nigeria and some other African countries. We found out that despite efforts to institute comprehensive programmes of financial and structural changes through various economic policy reforms, some financial records are still buried and inaccessible, and this could be attributed to weak democracy and poor organizational structure. Good public management and administration with emphasis on accountability and responsiveness to consumer needs has been seen as aspect of good governance. We therefore recommend that African governments should develop national strategic approaches to managing public sector financial records as strategic national economic resources.
Global Business Review, 2018
The purpose of this study is to investigate the impact of International Financial Reporting Stand... more The purpose of this study is to investigate the impact of International Financial Reporting Standard (IFRS) adoption on value relevance of accounting information in Sri Lanka by comparing value relevance of accounting information in pre- and post-IFRS adoption periods. This study employs Ohlson (1995, Contemporary Accounting Research, 11(2), 661–687) price regression model to explain value relevance of accounting information. It explains market value per share (MVPS) using earning per share (EPS) and book value of equity per share (BVEPS). The pre-IFRS period is designated as 2010 through to 2011, and the post-IFRS period is designated as 2012 through to 2014. The sample comprises 188 firms and 935 firm-year observations which nearly constitute to all firms listed in Colombo Stock Exchange except those not having at least two annual reports before and after the year 2012 and those having extreme and incomplete data. It is found that both BVEPS and EPS significantly and positively ex...
African Research Review, 2012
This paper is aimed at examining the role of natural resources accounting in sustainable developm... more This paper is aimed at examining the role of natural resources accounting in sustainable development. The approach used in achieving this objective is by identifying the present position, limitations and the challenges for the economics and accounting professions. It was found out that the main weakness of GDP as a measure of development is that it does not account for environmental resource damages. Natural resources accounting takes care of this weakness. Also developments achieved in some counties like Nigeria so far cannot be described as sustainable because the various developmental processes have misused or over exploited the natural resources and in the process affected the environment negatively. The accounting and economics professions have the challenge of ensuring interdisciplinary collaboration, development of framework to particularly include the environment, development of credible valuation procedures for the environment and inclusion of various ethical positions advanced by various groups on the value of the environment. The study practically implies that major challenges still lies ahead in further improving these approaches so as to achieve the goal of sustainable development.
Indonesian Journal of Sustainability Accounting and Management
The purpose of this paper is to explore the influence of foreign directors on integrated sustaina... more The purpose of this paper is to explore the influence of foreign directors on integrated sustainability reporting of listed consumer goods firms in Nigeria. Specifically, the study investigated the impact of foreign directors on the economic, social, and governance disclosure of listed consumer goods firms in Nigeria. The study used the ex post facto research design. Population and sample size comprised of 21 listed consumer goods firms on the Nigerian Stock Exchange. The duration of the study is from 2011 to 2017 financial year. Multiple regressions analysis was adopted in testing the formulated hypotheses. The dependent variable sustainability integrated reporting was measured using an Economic, Social, and Governance (ESG) index. The independent variable was measured as the number of foreign directors on board. The results show a significant influence of foreign directors on the economic, social, and governance disclosure of listed consumer goods firms in Nigeria. Based on this, ...
International Journal of Academic Research in Business and Social Sciences, 2015
This work examined the effect of the control measures available for project evaluation and monito... more This work examined the effect of the control measures available for project evaluation and monitoring in power sector reforms on electricity development in Nigeria. Electric power reforms are necessary for private sector participation in electricity development in Nigeria in order to break monopoly in that sector of the economy. In the course of this study, we employed fairly closed-ended and few open-ended questionnaire as research instrument. Also, data were gotten through personal interview with top management staff of Enugu Electricity Distribution Company (EEDC) at Corporate Headquarters, Enugu. While secondary data were collected from in-house News journal (NEPA Profile), Journal articles, Publications on national Newspapers and Magazines. Data collected from both primary and secondary sources were analysed using the spearman Rank correlation coefficient , percentages, frequency tables, and Chi-square. We postulated three hypotheses and the results of the test revealed that there is positive and significant relationship between internal control measures in power sector reforms and electricity generation and distribution on one hand and efficient and effective project evaluation and monitoring on another hand. Our finding also revealed that there are internal control measures available for management in the power sector but political office holders normally compel the staff to ignore such control. We therefore recommend that investors should make fund available for generation and distribution companies to enable them complete ongoing projects in order to enhance power supply in the country. There should be effective monitoring and evaluation of projects by ensuring that oversight function of the National Assembly is operational without executive interference. Government should not protect any public office
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Papers by Tochukwu Okafor