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EFFECT OF MANDATORY IFRS ADOPTION ON VALUE RELEVANCE AND PRO-CYCLICALITY OF DEPOSIT MONEY BANKS IN NIGERIA
Abstract
The adoption of International Financial Reporting Standards (IFRS) has been a pivotal regulatory change in the global financial landscape, aiming to enhance transparency, comparability, and reliability of financial statements. This study examines the effect of mandatory IFRS adoption on the value relevance and pro-cyclicality of deposit money banks in Nigeria. Using a dataset comprising financial statements from a sample of Nigerian deposit money banks over a period before and after IFRS adoption, the research employs quantitative methods to analyze changes in financial reporting quality and its impact on the banks’ market valuation and cyclical behaviors.
The findings indicate that the mandatory adoption of IFRS has significantly improved the value relevance of financial statements. This is evidenced by stronger correlations between accounting information and market values, suggesting that investors perceive IFRS-based financial reports as more useful for decision-making. Additionally, the study explores the pro-cyclical nature of banks’ lending behaviors under IFRS, revealing that while IFRS adoption has enhanced transparency, it has also intensified the sensitivity of lending to economic cycles. This pro-cyclicality is particularly pronounced during economic downturns, where loan loss provisions and risk assessments become more conservative, potentially exacerbating economic contractions.
Overall, the study underscores the dual impact of IFRS adoption on Nigerian deposit money banks, highlighting both the benefits of improved financial reporting and the challenges of increased pro-cyclicality. These findings have significant implications for policymakers, regulators, and financial institutions aiming to balance transparency and stability in the banking sector.
Table of Contents
Chapter One: Introduction
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitations of the Study
1.9 Definition of Terms
Chapter Two: Literature Review
2.1 Conceptual Framework
2.1.1 International Financial Reporting Standards (IFRS)
2.1.2 Value Relevance of Financial Information
2.1.3 Pro-cyclicality in Banking
2.2 Theoretical Framework
2.2.1 Efficient Market Hypothesis
2.2.2 Pro-cyclicality Theory
2.3 Empirical Review
2.3.1 IFRS Adoption and Financial Reporting Quality
2.3.2 Impact of IFRS on Value Relevance
2.3.3 IFRS and Pro-cyclicality in Banking
2.4 Summary of Literature
Chapter Three: Research Methodology
3.1 Research Design
3.2 Population and Sample Size
3.3 Sampling Technique
3.4 Data Collection Methods
3.4.1 Primary Data
3.4.2 Secondary Data
3.5 Data Analysis Techniques
3.6 Model Specification
3.7 Validity and Reliability of Data
3.8 Ethical Considerations
Chapter Four: Data Analysis and Results
4.1 Introduction
4.2 Descriptive Statistics
4.3 Impact of IFRS Adoption on Value Relevance
4.3.1 Regression Analysis Results
4.3.2 Discussion of Findings
4.4 Effect of IFRS Adoption on Pro-cyclicality
4.4.1 Analysis of Loan Loss Provisions
4.4.2 Economic Cycle Sensitivity Analysis
4.5 Comparative Analysis (Pre- and Post-IFRS Adoption)
4.6 Summary of Findings
Chapter Five: Conclusion and Recommendations
5.1 Introduction
5.2 Summary of Key Findings
5.3 Implications of Findings
5.3.1 Policy Implications
5.3.2 Practical Implications for Banks
5.4 Recommendations
5.5 Contribution to Knowledge
5.6 Suggestions for Further Research
5.7 Conclusion
References
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