Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
Does Disclosure and Transparency of Shareholders Predict Performance: Evidence from Nigerian Listed Firms
by Ologunwa O.P (Ph.D) & Oke, Dorcas F.

Abstract:
Agency conflicts arise because managers? have superior information regarding the present and likely the future performance of firms relative to outside investors. In order to monitor the managers, investors need information from managers, who have access to management information. This study therefore examined the effects of disclosure and transparency of shareholders on the performance of listed firms in Nigeria. The study employed qualitative and quantitative research method using multiple regression tests with data spanning between 2008 and 2018. The results showed that disclosure and transparency among listed firms have a negative effect on performance ROA (-4.447), ROE (-2.063) and Tobin?s Q.(-0.123) This could be adduced to the fact that disclosure of negative information about firms adversely affect patronage and turn over. Although, the analysis of the primary data showed that respondents in their perception agreed that an annual audit of the company is conducted by an independent auditor (4.27) while Information is prepared and disclosed in accordance with International Accounting Standard (4.09), but empirically this is not so. The study concludes that disclosure and transparency of shareholderwas not a major determinant of firms? performance at the period of this study. The study recommends that equitable treatment of shareholders can predict future performance of listed firms; if good policies were placed to improve the accountability and transparency of managerial decision-making for shareholders.

Keywords: Disclosure, Transparency, Shareholders, Listed Firms, Performance

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