Stephen Ojeka

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.

This study explored the influence of the governance cost on financial service efficiency in Nigeria. The recurrent collapse of reputable companies and banks due to agency problems have motivated this investigation. The study empirically sampled 40 financial service firms from the 50 firms registered on the stock market. The study adopted an ex-post-facto research design. Data was collected using secondary sources from the firms’ annual reports to determine the influence the governance cost has on Nigeria’s financial service efficiency for nine years (2012–2020). Also, the study utilized the Panel Tobit regression to test the hypothesis. The Principal Component Analysis (PCA) was used to ascertain the aggregate governance cost, and the proxies were directors’ fees, auditors’ fees, CEO compensation, and chairman fee. At the same time, financial service analysis was derived using the Input-oriented Data Envelopment Analysis (DEA) technique under the constant return to scale (CRS) assumption. Consequently, findings from the study show a significant and positive influence of governance costs on the efficiency of financial services. The study, therefore, concludes that the current governance cost of the sampled firms drives efficiency within the sampled firms, and increasing the governance cost, based on the reviews on corporate governance structures, will not harm the efficiency of financial services. However, the consistent increase over time will harm efficiency. Thus, the study recommends an internal balance on the pay structure within the financial services.

Acknowledgment
The authors acknowledge Covenant University for solely providing the platform for this research and for fully sponsoring the publication of this research work.