Alex Adegboye

The study investigates the influence of International Financial Reporting Standards adoption, using accounting performance measure, to determine the CEO pay in listed banks in Nigeria. The audited annual financial statements of listed banks in Nigeria covering the period of 2009–2015 are analyzed. Fixed effect model, viz panel data analysis is adopted to establish the findings. The findings indicate that adoption of IFRS in Nigeria results in an inverse relationship with accounting performance in determining the CEO compensation after controlling for firm and corporate governance mechanism. However, the adoption of IFRS shows significant positive influence on the CEO pay. This result has policy implication, which encourages the regulatory agencies like Central Bank of Nigeria to monitor the compliance of all banks in Nigeria to the IFRS adoption.

Type of the article: Research Article

Abstract
This study investigates the influence of dividends, cash flow, and earnings on equity valuation within publicly traded companies in Nigeria from 2019 to 2023, a timeframe characterized by macroeconomic volatility, currency devaluation, and regulatory changes. Utilising panel data from 22 enterprises across various industries and employing fixed effects regression models, this study aims to determine which financial determinants have the most substantial impact on equity valuation. The research results provide evidence of earnings having a significant positive relationship with equity valuation and a strong correlational figure (coefficient = 3.52, p < 0.01). This proves that they are one of the major factors affecting valuation. On the other hand, free cash flow and dividend payments had a negative but statistically finite impact (p > 0.05), indicating that the impact on the investor’s valuation decision is weakened during times of economic uncertainty. Moreover, equity value also positively depends on firm size. Additionally, the value of R-squared, 0.98 in the fixed effects model, shows a high level of dependability of the analysis conducted. Based on these findings, the study suggests that to improve market valuation, Nigerian firms should focus on long-term, sustainable earnings growth and strategic reinvestment, rather than dividend payments. These results provide important insight for policymakers, business leaders, and investors who struggle with emerging market valuation in countries like Nigeria.