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nikmfadzilah@unisza.edu.my
3School of Accounting, Finance and Quantitative Studies, Universiti Sultan Zainal Abidin, Malaysia. umaraliyu2011@gmail.com
4School of Accounting, Finance and Quantitative Studies, Universiti Sultan Zainal Abidin, Malaysia. latsad4real@yahoo.com
Abstract
This study attempts to explore the financial determinants of Earnings Management and the profitability of listed companies in Nigeria.
The objective is to investigate the level of financial determinants of Earnings Management on the profitability of companies. This study
employed a panel data approach on 84 listed companies on the NSE with 756 firm-year observations for the period 2010-2018 financial
years. The study employs a secondary method to retrieve data from annual statement of listed companies and Thompson Reuters
DataStream. The data is analysed with the using multiple regression to examine the model. The current study reveals that earnings
ability shows a significant and positively related to the profitability, which was measured using ROA. This result from this study indicates
that the more the earnings ability of a company, the profitability of the listed companies in Nigeria will increase. Financial structure
ability shows a significant negative association with the ROA. This further indicates that any increase in financial structure ability,
profitability of listed companies in Nigeria will also increase in the same value. Furthermore, the statistical results offer evidence that
non-financial factor is positively and significantly associated with the ROA. This implies that a percentage increase in non-financial factor
will result in the increase of profitability of listed companies in Nigeria. The result also indicates that companies that engaged in financial
determinants of Earnings Management are also seen to be more profitable. Overall, this present study explains the connection between
the financial determinants of earnings management and the profitability of listed companies in Nigeria.
Keywords: Earnings Management, Financial Determinants, Profitability, Nigeria, Firms.
© 2020 by Advance Scientific Research. This is an open-access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)
DOI: http://dx.doi.org/10.31838/jcr.07.09.06
Kamardin, 2016). This argument was consistent from the management mostly deemed to be much more costly for the firm
previous study as profitability information was significantly (Roychowdhury, 2006). From another point of view, Graham,
influence the stakeholders confidence in the capital market, Harvey, and Rajgopal (2005) conducted a critical survey and they
(Dakhlallh, Rashid, Wan Abdullah, & Al Shehab, 2020). Several come to conclusion that corporate managers are likely to involve
researches have documented variables such as profitability and in the real earnings management than the accruals management:
leverage influence the level of firm’s activities of earnings decrease discretionary spending by 80%, 55% would defer the
management (Adeyemi & Fagbemi, 2010; Bassiouny, 2016). value of a project, when compared to only 28% that might pull
Furthermore, profitability of firm is found to significantly impact down reserves and that the 8% might have change the
managers desire to employ creative accounting strategy in accounting assumptions. Accordingly, the critical survey is being
reporting earnings. Signalling theory believes that profitable found to be inconsistent with the higher cost of the real earnings
firms have a strong reason to reveal quality earnings information management.
to the market participant. On the contrary, it is ascertained that
low level of profitability causes management to overstate their However, prior research investigated the application of several
earnings so as to exceed or meet up with the analyst prediction financial attributes of earnings management. These studies make
(Iatridis & Kadorinis, 2009). Therefore, it is very essential to emphasis on the influence of the financial determinants that
study whether profitability is associated with the earnings could be employed to examine its possible association with the
management financial determinants in the Nigerian listed earnings management in the company’s activities. It has been
companies. identified that the importance of earnings ability, financial
structure ability and also the non-financial factor could be
Despite the growing importance and interest on Earnings relevant in assessing the influence regarding the financial
Management activities by managers, only few research try to determinants of earnings management in the companies (Chen,
explore the profitability and financial determinants of the 2011).
Earnings Management in the Nigerian listed firms, this study
intent to fill this gap in the literature. In addition, the study Earnings ability is believed to have a significant effect in
combine the three main drivers of Earnings Management in other influencing existing and potential shareholders of the companies
to measures the activities of Earnings Management in the during investment decision in the capital market (Sutthirak &
companies. The study is motivated by the recent case of Sterling Gonjanar, 2012). In general, the earnings ability of the companies
Bank and Skye Bank in 2016 and Arik Airline in 2017 were part was found to be associated with the market competitive
of the recent incidents of financial scandals that further bring to advantage among the capital market players (Hunsader &
light managerial exploitative behaviours in Nigeria (SEC, Pennywell, 2011). Thus, as stated by Miloud (2014), earnings
2019). More recently, the Case of Oando Oil Plc that was caught ability of the companies can be regarded as a strategic
declaring a dividend from unrealized profit and issuing a false instrument used by companies so as to make sure that the
financial statement (Guardian, 2017; Nairametrics, 2017; Sahara, financial report disclosed for use by the existing and potential
2017). Based on this, the paper investigates the financial shareholders is capable of drawing their attention. Earnings
determinants of Earnings Management on the profitability of ability is also being used in identifying financial irregularities
companies listed in Nigeria. The remaining content of the paper (Shiri, Salehi, & Khalatbari, 2013). Furthermore, Menaje, (2012)
is designed in the following way. The next section provides in his research, he examine the effect of the financial variables on
details of literature review and the development of hypothesis the price of share on the quoted firms in Philippines employing
evidence from prior studies. This is followed by details of the the Return on Assets (ROA) and EPS. The result indicates that
methodology and the model selection. Next section presents a there is statistically significant positive correlation between the
concise summary of empirical results and compares these share price and EPS, whereas there is a negative association
outcomes to those of other prior studies by answering the three between the share price and ROA. On the other hand, Abisola and
research questions. The last section presents the conclusion. Femi (2019), studied the investors profitability and perception of
quoted firms evidence from Nigeria, they found that investors
LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT perception have a statistically significant positive effect on the
The reviewed literature has shown that the term earnings profitability.
management can be described from the two basic perspectives; According to a study conducted by Moro, Lucas, and Grimm
from the informational perspective and opportunistic (2012), they described financial structure ability as an indicator
perspective. The first perspective which is the informational by which the companies gather their financial resources for the
perspective, sees earnings management as an instrument used in sake of financing their business activities in the equity market. In
reporting private information that is linked to the firm's spite of the benefit of the financial structure ability in the
potential performance within the financial market. The second activities of earnings management by companies, there has been
perspective which view earnings management as a strategic a disputing argument which suggests reducing down the debts
instrument employed by corporate managers in other to prevent level in the companies so as to enhance more profits to be made
certain conditions which might affect the firm and also deceive in the capital market (Yang, 2011). The financial structure ability
investors on the current condition of the firm. Along these lines, might offer direct benefits to the financial viability of the
in a form of decrease or increase of revenue, corporate managers company and it also offers an opportunity to the corporate
disclosed to investors about the achievement of results and they managers to exploit the use of capital in the operation of the
would be rewarded by optimizing the personal benefit. This business. In another study by Abor, (2005), he examine the
optimistic perspective is in many time observed before some impact of capital structure on the profitability which is an
major transactions such as in a situation of mergers and empirical study of the listed companies in Ghana. The outcome
acquisitions (Mahjoub & Miloudi, 2016). shows a positive and statistically significant relationship
Prior scholars have categorised earnings management from two between the ratio of total debt to total assets as well as the
different dimensions: the real earnings management or real profitability. Gill, Biger, and Mathur (2011) found a positive
activities manipulation (i.e., which is affecting the cash flows) relationship between long-term debt to total assets and
and the accruals management which involves adjustment of profitability. In another related findings by Shubita and
accounting method and estimates. Previous scholars have Alsawalhah (2012), they found a statistically significant and
similarly recommended that the specific cost of earnings negative association between debt and the profitability. This
management varies across these techniques, the real earnings implies that profitable firms rely more on equity as their main
source of financing.
1) Model Specification and Variable Measurement Also, the result shows Non-Financial factor has a positive mean
The outcome from the regression analysis represent an value of 1.020 with a minimum and maximum of 0 and 20
equation that best predict the outcome variable from respectively. FMGRH has a positive mean value of 0.151 with the
numerous experimental variables. This technique is usually minimum of -0.192 and a maximum value 1.824 respectively.
employed when the experimental variables are associated Finally, FMAGE show the average age for listed company in
with one another and also with the dependent variable. The Nigeria is 22 years with a minimum of 2 years and the maximum
regression equation is said to be estimated as follow: value of 53 years, respectively. However, this shows that
companies in Nigeria have 22 years length after listing, the
ROA α0 + β1 EAB + β2 FSAB + β3 NFF + β4 FMGRH + β5 minimum value shows that some of the firms have 2 years of
= FMAGE + ε listing at the beginning of 2010.
Note: ROA= Return on Asset; EAB= Earnings Ability; FSAB= structure ability, non-financial factor and the two constant
Financial Structure Ability; NFF= Non-Financial Factor; variables which are firm growth, firm age for 84 companies listed
FMGRH= Firm Growth; FMAGE= Firm Age on the board of NSE. Table 5 also presents the analysis of the
linear regression model.
2) Correlation Analysis
This section presents the outcome of the correlation analysis Table 5: The Relationship between ROA and Financial
between the outcome, explanatory and the constant variables. Determinants of Earnings Management
Correlation analysis offers an insight into the magnitude and ROA Coef. Std. t- P> VIF 1/VIF
extent of association between two or more variables (Gujarati & Err. value [t]
Porter, 2012). Table 3 display the Pearson correlation for the EAB 0.004 0.001 6.86*** 0.000 1.40 0.714
studied variables. As specified in the Table 3, the maximum FSAB - 0.019 - 0.000 1.04 0.957
coefficient is 0.526 between Earnings Ability (EAB) and Non- 0.098 5.21***
Financial Factor (NFF). Therefore, this provides a positive and NFF 0.005 0.002 2.39* 0.017 1.40 0.716
statistically significant correlation between the EAB and NFF at FMGRH - 0.016 -3.01** 0.003 1.02 0.982
1% level of significant and also offers a direction of the extent of 0.049
association between the variables in the regression model. EAB FMAGE 0.001 0.000 2.18* 0.029 1.05 0.952
and NFF were also discovered to be positive and statistically CONS 0.052 0.007 7.29*** 0.000
significantly correlated with the ROA at 1% significant level each. F(5,750) 26.53
FSAB and FMGRH were discovered to be negatively and Prob > F 0.000
statistically significant associated with the ROA at 1% and 5% R2 0.150
significant level respectively. Adj R2 0.145
Hettest 0.79
Table 3: Correlation Statistics (Chi2)
ROA EAB FSAB NFF FMGR FMAG P.value 0.374
H E Mean VIF 1.18
ROA 1.000 Number of 756 756 756 756 756 756
EAB 0.312* 1.000 Obs
* Note: ROA= Return on Asset; EAB= Earnings Ability; FSAB=
FSAB - 0.011 1.000 Financial Structure Ability; NFF= Non-Financial Factor;
0.169* FMGRH= Firm Growth; FMAGE= Firm Age
*
NFF 0.242* 0.526* - 1.000 Table 5 above presents the result of the association between the
* * 0.001 Earnings Management financial determinants with Profitability
FMGR - 0.100* 0.076* 0.025 1.000 which presents a cumulative R2 0.150 and the F ratio which is
H 0.082* * statistically significant at 1% (P<0.01) showing that the overall
FMAG 0.045 0.006 0.194* 0.084 0.049 1.000 model is fit in describing the extent of variability between the
E * *
outcome and the explanatory variables. The model indicates that
15% of the total variation in ROA is described by the joint effect
Note: ROA= Return on Asset; EAB= Earnings Ability; FSAB= of the explanatory variables (earnings ability, financial structure
Financial Structure Ability; NFF= Non-Financial Factor; ability, non-financial factors, and the control variables such as
FMGRH= Firm Growth; FMAGE= Firm Age firm growth, firm age). The R2 as presented in Table 5 is higher
**. Correlation is significant at the 0.01 level (2-tailed). than the R2 of 0.118 as reported by Li, Tseng, and Chen (2016)
*. Correlation is significant at the 0.05 level (2-tailed). using Taiwan listed firms, and 0.136 as reported by Amran,
Ishak, and Manaf (2016) using Malaysian listed firms.
Table 4 below displays the outcome of the multicolinearity test
using the variance inflation factor (VIF) and with a tolerance However, the outcomes from Table 5 above shows that the five
values for all the independent variables is less than 1 and less variables in this study are shown to be significant with the
than 10 which indicates that the independent variables are profitability predictors (as being measured by ROA). EAB
within the normal range as opined by (Hair, Black, Babin, & exhibits a positive and significantly associated with ROA. This
Anderson, 2014; Olive, Olive, & Chernyk, 2017). It is therefore has been shown from the table 5 which displays the regression
believed that this present research is free from multicollinearity. coefficient value of >0.004 and a p-value of 0.000. This result
signifies that the more the earnings ability of a company, the
Table 4: Collinearity Diagnostics profitability of the company will increase. This findings is similar
Variables Collinearity Statistics to that found in a study by Dichev and Tang (2009), they found
Tolerance VIF that earnings instability provides extensive enhancements in the
EAB 0.714 1.40 estimation of both short and long-term earnings.
NFF 0.716 1.40
FSAB shows a significant and negatively association with the
FMAGE 0.952 1.05
ROA, with a regression coefficient value of >-0.098 and a p-
FSAB 0.957 1.04
value of 0.000. This displays that FSAB is significantly and
FMGRH 0.982 1.02 negatively associated to ROA at 1% level of significant. This
Mean VIF 1.18 indicate that an increase in financial structure ability will reduce
Note: EAB= Earnings Ability; FSAB= Financial Structure Ability; the profitability of listed companies in Nigeria. Table 5 also
NFF= Non-Financial Factor; FMGRH= Firm Growth; FMAGE= display that NFF is significantly and positively associated to ROA.
Firm Age This is consistent with the outcomes of a research by Nissim and
Ziv, (2001), which examine the relationship between changes in
3) Regression Results dividend and impending profitability and found that changes in
This section puts forward the result of linear regression and the dividend are positively related to profitability. Regarding the
diagnostic checks carried out to check the assumption of the control variables and ROA, FMGRH with coefficient value of >-
relationship that arise amongst the outcome and three 0.049 and a p-value of 0.003 reveals a negative and significant
explanatory variables comprising earnings ability, financial relationship with the ROA whereas FMAGE with coefficient value
of >0.001 and a p-value of 0.029 reveals a significant positive measure of firm performance among Jordanian companies.
relationship with the ROA. Journal of Advanced Research in Dynamical and Control
Systems, 12(1), 28–41.
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