By Nwaogwugwu, CCV (2024). Greener Journal of Economics and Accountancy, 11(1): 8-16.,
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Greener Journal of Economics and Accountancy
Vol. 11(1), pp. 8-16, 2024
ISSN: 2354-2357
Copyright ©2024, Creative Commons Attribution 4.0 International.
https://gjournals.org/GJEA
Department of Accounting, Abia State University, Uturu.
Type: Research
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This study examines the impact of International Financial Reporting Standards (IFRS) adoption on the financial performance and market value of listed banks in Nigeria. Using a cross-sectional data set from six selected banks, spanning both pre and post IFRS adoption periods, the study applies descriptive and inferential statistics techniques. The paired sample t-test is employed to compare related samples representing the same phenomenon at two distinct time periods. The findings indicate a significant and positive influence of IFRS adoption on the profitability of listed banks, as measured by earnings per share. Conversely, the study unveils a significant and negative association between IFRS adoption and market value, as well as the price-to-earnings ratio of the firms. Recommendations emphasize the importance of prioritizing relevant information disclosure under IFRS to maximize its positive impact on earnings and long-term market value. This research contributes to knowledge by presenting medium-term insights into the effects of IFRS adoption on financial and market performance and enriching the literature on IFRS adoption and firm performance, particularly in the context of emerging economies.
Published: 13/03/2024
Nwaogwugwu, Chikwendu CV
E-mail: laquintox@ yahoo.com
Keywords: IFRS, Profitability, banks, Pre- and Post-Adoption, Nigeria.
International Financial Reporting Standards (IFRS) encompass a set of guidelines established by the International Accounting Standard Board (IASB). These standards act as a compass for corporate entities, offering guidance on the preparation and presentation of financial statements. The ultimate goal is to ensure the provision of accurate financial and non-financial information about the entities to stakeholders, aiding them in their decision-making processes (Brabec, 2014).
The increasing globalization of world markets and international trade has made the adoption of IFRS a critical undertaking worldwide. Corporate entities across the globe, including Nigeria, have adopted these standards for preparing their financial statements. The introduction of IFRS is notably significant as it reshapes how financial statements are interpreted, primarily aimed at enhancing investors’ comprehension (Erin et al., 2017). These standards strive to establish a unified set of rules for global business operations, ultimately improving reporting and elevating the quality of financial information for both existing and potential investors. The fundamental philosophy of IFRS centers on enhancing the quality of financial reporting, focusing on faithfulness, understandability, comparability, relevance, and reliability of the financial information reported (Ofoegbu & Odoemenam, 2018).
Prior to the adoption of IFRS, various countries relied on different accounting frameworks, resulting in inconsistent bookkeeping reports and challenges in comparing financial statements across different regions. The implementation of IFRS has brought about several benefits, including enhanced disclosure, transparency, understandability, uniformity, and comparability of financial statements. This has reduced information asymmetry and increased investor confidence and willingness to invest (Cameran et al., 2014; Ibiamke & Ateboh-Briggs, 2014). Notably, the improved quality of financial reporting has also positively influenced analysts’ predictions (Matari et al., 2014). Better reporting and higher information quality further enable investors to assess a firm’s financial health accurately, influencing their investment decisions. As noted by Sang-Giun (2020), IFRS serves as a principle-based accounting system offering robust accounting choices for managers.
Nigeria officially adopted IFRS in 2012, making it mandatory for all public listed companies to implement these standards in preparing their financial statements. This transition addressed the previous issue of poor extent and quality of financial reporting (Ofoegbu & Odoemenam, 2018). The anticipated benefits of IFRS adoption and implementation in Nigeria encompass easier access to external capital through increased foreign direct investment. Lenders and investors now have access to relevant, reliable, and comparable financial information, facilitating risk-return assessments of investment opportunities across borders (Ofoegbu & Odoemenam, 2018; Omobolanle, 2017). This influx of investments could potentially lead to improved performance, provided reporting costs do not outweigh the profits (Ofoegbu & Odoemenam, 2018).
The adoption of IFRS has spurred varied opinions regarding its impact on businesses. One perspective believes that IFRS positively influences business operations, enhancing transparency, cross-country speculations, and the comparability of reported accounting numbers (Emeni et al., 2016; DeGeorge et al., 2016). Alali and Foote (2012) support this view, asserting that accounting numbers prepared under IFRS are preferred and hold higher regard compared to accounting disclosure under prior standards. The widespread global adoption of IFRS has reduced transaction costs between countries, promoting economic integration and financial comparability (Ramanna & Sletten, 2014).
The convergence of IFRS adoption and its association with a firm’s performance has sparked considerable research interest globally. However, prior research findings have not yielded a consistent consensus regarding the relationship between firm performance and disclosure practices under IFRS. Some studies report a positive correlation between disclosure extent under IFRS and profitability, while others highlight insignificant relationships between the variables (Marfo & Atsunyo, 2014; Ofoegbu & Odoemenam, 2018; Uyar et al., 2013).
This study delves into the connection between IFRS adoption and a bank’s financial performance, evaluating both accounting and market-based performance measures. Specifically, we compare the pre-IFRS and post-IFRS implementation performances of listed Nigerian banks using a balanced sample of pre- and post-IFRS accounting and market performance metrics. The widespread adoption of IFRS has ignited extensive research interest in the business case for disclosure under these standards. Despite prior empirical studies yielding mixed results, the inconclusiveness necessitates further empirical investigations on the subject. Moreover, the majority of studies on this topic have primarily focused on linking IFRS adoption to firm performance through different proxies of profitability, with only a limited number considering the value and IFRS adoption (Tanko, 2012; Abdul-Baki, 2014). Thus, this study aims to explore the impact of IFRS adoption on a bank’s financial performance, encompassing both profitability and the firm’s market value, by comparing pre- and post-IFRS scenarios for listed banks in Nigeria.
The structure of this article is as follows: The next section contains a review of prior relevant studies, followed by an explanation of the study’s methodology in the third section. The fourth section presents the empirical findings, and the final section provides the study’s conclusion.
2.1 Theoretical literature
Signaling theory proposed by Spence (1973) suggesting that in situations of information asymmetry, one party can communicate information about itself to another party. This private information, known to insiders (management), offers them a privileged view of the entity’s operational quality. Wafa (2022) emphasized that Signaling Theory’s central premise is to bridge information gaps among stakeholders. The extent of a firm’s reporting under IFRS aligns with the fundamental assumptions of this theory. The theory explains the signaling role of intentional corporate reporting provided by IFRS in bridging the information gap between firm management and the investing public. IFRS facilitates robust reporting of corporate financial information that is relevant, reliable, and comparable. In essence, reporting under IFRS serves as a reliable tool for signaling the entity’s quality to potential investors. Increased disclosure boosts investors’ confidence and, consequently, the entity’s value. Another similar theory is Jensen and Meckling (1976) Agency Theory. This theory posits that effective board monitoring ensures that firms disclose information to voluntarily reduce agency costs and information asymmetry. This theory asserts that robust reporting minimizes agency costs and mitigates concerns regarding information gaps through transparent reporting (Buallay, 2022). Consequently, reducing agency costs can enhance financial performance. In line with this theory, a firm’s transparent reporting under IFRS serves to reduce agency costs (Galani et al., 2012), thereby improving performance. The reduction in agency costs ultimately affects firms’ risk profiles and performance, consequently influencing market value (Loh et al., 2017).
2.2 Empirical Overview
The impact of IFRS adoption on the profitability and market valuation of listed banks in Nigeria was examined in several studies. One study found that the adoption of IFRS 10 had a negative and significant impact on consolidated earnings on assets, but a positive and significant impact on earnings per share and dividend per share (Siyanbola & Osunusi. 2022). Another study found that the adoption of IFRS in Nigeria did not lead to higher performance and increased value (Nwaogwugwu 2020). However, another study found that the adoption of IFRS had a significant positive influence on CEO pay in listed banks in Nigeria (Ojeka et al 2019). Additionally, a study on the effect of IFRS adoption on the earnings value relevance of quoted Nigerian firms found that IFRS adoption had an effect on the earnings value relevance (Odoemelam. et al 2019). Also, a study on the effect of IFRS adoption on the financial performance of listed consumer goods companies in Nigeria found that IFRS adoption had a significant positive effect on return on total assets and basic earnings power ratio (Aliu et al 2019).
Further, Sang-Guin (2020) investigated whether IFRS adoption affected the cost of equity for European banks. The study found that IFRS adoption led to an increased cost of equity. Eriki et al. (2017) examined the impact of IFRS on key financial ratios of 11 quoted banks in Nigeria. The study compared the financial ratios calculated under the GAAP for the period 2009-2011 with the corresponding three-year period under the IFRS regime from 2013-2015. The study found significant variations in the profitability metrics of quoted banks between GAAP and the IFRS regime. Abdullahi et al. (2017) conducted research on the impact of IFRS adoption on the performance of oil and gas marketing firms in Nigeria. The study used the financial reports of a sample of eight oil and gas firms in the country. The performance of the firms was measured using metrics such as Profit Margin, Return on Assets, and Return on Equity. The study concluded that IFRS adoption did not improve the financial performance of oil and gas firms in Nigeria. Erin et al. (2017) analyzed the value relevance of accounting information in Nigeria in both the pre and post IFRS adoption periods. The study utilized a multi-year timeframe (2008-2011) preceding IFRS and a multi-year timeframe (2012-2015) post IFRS adoption. Using 52 quoted firms in the Nigerian stock market and the price regression model, the study found that the value relevance of accounting data was more pronounced in the post-IFRS period. Additionally, the study noted that IFRS usage in Nigeria had improved the value relevance of accounting information. Jibril et al. (2017) observed a significant decrease in the earnings of listed consumer goods firms after the implementation of IFRS. Adeuja (2015) examined the impact of IFRS on the performance of banks in Nigeria by comparing the performance of ten sampled banks over a four-year period (2010-2013). The study measured bank performance in terms of liquidity, profitability, leverage, and asset quality. The study found no statistically significant difference in the calculated ratios due to IFRS adoption.
In related studies, Onipe et al. (2015) analyzed the impact of IFRS on the value relevance and key financial performance metrics. The examination revealed that IFRS had a critical positive effect on the value relevance of accounting data. Ibiamke and Ateboh-Briggs (2014) examined the performance of financial ratios following the adoption of IFRS in Nigeria using Levene’s paired sample statistics. The investigation found that IFRS adoption had a negative effect on the financial ratios of quoted firms in Nigeria. Zayyad et al. (2014) analyzed the impact of IFRS on the financial indicators of quoted firms in Nigeria, comparing IFRS and NGAAP over a four-year period. The study found that financial indicators under the IFRS period did not show any significant improvement relative to the Nigerian GAAP regime. Ibiamke and Ateboh-Briggs (2014) examined the effect of the selection of International Financial Reporting Standards (IFRS) by Nigerian quoted firms on key financial ratios utilized by investors. The study documented a significant negative association between IFRS adoption and the financial performance ratios of the firms. Abdul-Baki et al. (2014) analyzed the impact of IFRS adoption on the performance of firms by comparing financial ratios from accounts prepared under IFRS and those prepared under Nigerian GAAP. The results demonstrated no significant difference between the ratios computed from accounts prepared under the IFRS and the NGAAP regimes.
Based on the above empirical review, three hypotheses are derived as thus:
1: There is no significant difference in the earnings per share of listed banks between the pre and post-IFRS adoption periods in Nigeria.
2: There is no significant difference in the market value per share of listed banks between the pre and post-IFRS adoption periods in Nigeria.
3: There is no significant difference in the price/earnings ratio of listed banks between the pre and post-IFRS adoption periods in Nigeria
2.3 Gap in Existing Literature
The existing research provides insights into the influence of IFRS adoption on the profitability and market value of Nigerian listed banks, but it also identifies other areas where further research is needed. The majority of studies largely focus on the immediate consequences, disregarding the long-term implications of adopting IFRS. In addition, current research mostly concentrates on individual financial measurements, such as profitability ratios, and fails to provide a comprehensive evaluation of financial indicators, including liquidity and asset quality. Furthermore, there is a lack of research investigating the correlation between the adoption of International Financial Reporting Standards (IFRS) and market valuation. Specifically, there is a dearth of studies examining the impact on market capitalization and stock prices, which are essential for understanding investor perspectives and the dynamics of the stock market. Moreover, the lack of comparative research that compares pre- and post-IFRS situations hinders a thorough comprehension of how these standards have transformed bank performance and market valuation. There is a clear lack of study on the specific effects of IFRS adoption on the Nigerian banking sector, particularly in terms of the unique problems and opportunities it brings. There is a requirement for synthesis and meta-analysis studies to combine existing research on the impact of IFRS adoption on Nigerian listed banks. This would provide a more thorough and nuanced knowledge of the overall effects.
3.1 Research Design
This study endeavors to ascertain whether the adoption of International Financial Reporting Standards (IFRS) by banks has significantly impacted their financial and market performance. The study identifies earnings per share (EPS), market value, and price-to-earnings (P/E) ratio as the dependent variables, while IFRS adoption is considered the independent variable. In this context, the study adopts an ex-post-facto research design. This choice is substantiated by the presence of both outcome and condition variables predating the study. The ex-post-facto design involves the collection and evaluation of data pertaining to past events, enabling a comparison of EPS, market value, and P/E ratio for the selected banks before and after the adoption of IFRS.
3.2 Sample and Data collection
Secondary data from the Nigeria Stock Exchange Group (NSEG) constitute the primary source for this study. Historical data from the NSE serve as the foundation for the dependent variable. All selected banks are publicly listed firms on the NSE. The study’s population encompasses all banks listed on the Nigerian Stock Exchange as of 2001, marking the initiation of the study’s time span. The study employs a convenience sampling technique to determine the sample size, selecting six listed banks: Access Bank Plc, Guaranty Trust Bank, Union Bank of Nigeria Plc, United Bank for Africa Plc, and First Bank Nigeria Holding. These banks were chosen due to the availability of data from the study’s inception year in 2001 up to 2022, and their substantial role in the Nigerian banking industry. The study’s dependent variable encompasses earnings per share (EPS), market value, and P/E ratio for the six selected banks, measured based on data provided by the NSE. The independent variable, IFRS adoption, is not proxied, as the study aims to compare the banks’ performance in the periods before and after the adoption of IFRS.
3.3 Data Analysis Technique
Descriptive and inferential statistics techniques were employed for data analysis. The paired sample t-test was utilized for data estimation, given its appropriateness for comparing related samples representing the same phenomenon at two distinct periods. The STATA 17 econometric tool facilitated the execution of these techniques at a 5% significance level and 65 degrees of freedom.
4.0 Data presentation and analysis
This section presents the data, its analysis, and subsequent interpretation. The study’s results are categorized into two sections: descriptive statistics and the estimation test. The pre-estimation tests include the descriptive test and the test for normality of the distribution. The estimation test consists of the paired sample t-test (dependent t-test) used to compare the means of the accounting and market performance of the banks before and after IFRS implementation.
4.1 Preliminary results
Table 1 presents descriptive statistics, offering a summary of the behavioral pattern of the data series. The table displays the mean values for pre-EPS at 1.18, with maximum and minimum values of 4.14 and 0.06, respectively, and a standard deviation of 0.92. Similarly, post-EPS has an average value of 1.82, with the lowest and highest values of 0.3 and 7.1, respectively, and a standard deviation of 1.28. For pre-MV, the mean value is reported as 13.63, with maximum and minimum values of 49.5 and 1.01, respectively, and a standard deviation of 11.23. On the other hand, post-MV exhibits an average value of 9.99, with the highest and lowest values of 33 and 0.76, respectively, and a standard deviation of 8.46.
Table 1 Summary standard statistics of the variables
Source: (STATA 17 Output, 2023)
The industry average values for pre P/E ratio are reported as 14.7, with maximum and minimum values of 50.8 and 3.96, respectively, and a standard deviation of 10.53. In contrast, the average value for post P/E ratio among the sampled banks is 6.48, with the lowest and highest values recorded as 1.2 and 21.89, respectively, and a standard deviation of 4.91.
4.2 Empirical results
This section addresses the testing of the hypotheses formulated to achieve the study’s objectives. These hypotheses were initially stated in their null forms for either rejection or acceptance.
Table 2: Paired t-test result for pre EPS and post IFRS EPS
Based on the paired sample t-test results presented in Table 2, which compares the earnings per share of the sampled banks between the pre and post-IFRS adoption periods, it is observed that the calculated p-value (p = 0.0012) is less than the predetermined alpha level of 0.05. Consequently, the null hypothesis (Ho) is rejected, and we conclude that a statistically significant difference exists between the means of the pre and post-IFRS adoption earnings per share of the Nigerian banks included in the sample. The notable disparity observed in the earnings per share (EPS) of the selected Nigerian banks throughout the periods before and after the implementation of International Financial Reporting Standards (IFRS) suggests various important accounting and economic consequences. From an accounting standpoint, the results suggest that the implementation of International Financial Reporting Standards (IFRS) has required modifications in financial reporting methods, possibly highlighting the need of openness, uniformity, and the use of fair value assessments. Enhanced EPS demonstrates enhanced precision and comparability in financial reporting, which is expected to enhance investor confidence. The observed enhancement in profitability in the context of economics underscores the possible enduring advantages of adopting International Financial Reporting Standards (IFRS), such as enticing investment and bolstering economic expansion. Although the adoption of IFRS initially had a negative influence on market valuation and price-to-earnings ratios, it is important to note that these short-term market reactions may not accurately reflect the long-term economic advantages associated with IFRS implementation. These findings corroborate the signaling theory, asserting that under conditions of information asymmetry, one entity can communicate information to another. This concurrence is further substantiated by recent empirical studies, such as Siyanbola & Osunusi (2022), Nwaogwugwu (2020), and Ojeka et al. (2019). Moreover, the results align with the study’s a priori expectation of a positive relationship between EPS and IFRS implementation. This alignment also resonates with the findings of Ofoegbu and Odoemenam (2018). In contrast, it diverges from the outcomes of Jibril et al. (2017), whose research revealed a significant decline in the earnings of listed consumer goods firms after IFRS implementation. Furthermore, it contrasts with the results of Adeuja (2015), indicating no statistically significant difference in firm performance attributable to IFRS adoption.
Table 3: Paired t-test result for the pre and post-IFRS market value
Based on the t-value of -2.3112 obtained from table 3 and the statistical significance (2-tailed p-value) of the paired t-test (Pr(|T| > |t|) at p = 0.024, which is less than the significance level of 0.05, the researcher arrives at the following decision: We reject the null hypothesis (Ho) and conclude that there is a statistically significant difference between the pre-IFRS market value and the post-IFRS market value. In other words, the difference between the market values before and after IFRS adoption is not equal to zero, indicating a deterioration in performance under the IFRS reporting regime. The negative t-statistic and significant p-value confirm a statistically significant negative difference between the means of market value of the banks in the two periods. This finding demonstrates a significant negative disparity between the banks’ market value per share in the pre and post-IFRS implementation periods, signifying a substantial decrease in market value under the IFRS reporting. The adoption of IFRS has negatively impacted investors’ perception of these banks’ values in the capital market, resulting in a decline in their share prices. Further implication posits that the implementation of International Financial Reporting Standards (IFRS) in Nigeria seems to have a beneficial effect on earnings per share (EPS) but a negative impact on the market value and price-to-earnings (P/E) ratios of listed banks. This underscores the significance of adhering to transparent and precise financial reporting in accordance with International Financial Reporting Standards (IFRS) in order to uphold investor confidence. From an economic standpoint, the decreased market prices indicate probable apprehensions regarding the reliability of financial information revealed under IFRS. These factors can result in reduced availability of funds, increased interest rates on loans, and hindered expansion of the economy due to limited lending and investment opportunities. To guarantee that the adoption of IFRS in Nigeria is in line with the aims of economic stability and growth, it is imperative for policymakers and regulators to address these challenges. This finding contrasts with a prior study by Erin et al. (2017), which found that IFRS implementation in Nigeria improved the value relevance of accounting information.
Table 4: Paired t-test result for the pre and post-P/E ratio
Based on the results obtained from the paired sample t-test as presented in table 4, analyzing the pre and post-IFRS adoption price-to-earnings (P/E) ratio, it is observed that the t-value is -5.4823, and the paired t-test’s statistical significance (p-value) (Pr(|T| > |t|)) is found to be p = 0.0000, which is less than the conventional significance level of 0.05. Consequently, the null hypothesis (Ho) is rejected, leading to the conclusion that there is a significant difference between the pre and post-IFRS adoption P/E ratio of the selected Nigerian banks. The negative t-statistic and the significant p-value both indicate a substantial negative variation in the P/E ratio means of these banks during the two distinct periods. Therefore, it can be inferred that the adoption of IFRS has had a significant adverse effect on the P/E ratio of the banks. This implies that the IFRS reporting framework has negatively influenced the valuation of the banks’ stocks in relation to their earnings. Interestingly, these findings do not align with the study’s initial expectations. Furthermore, the findings indicate that the implementation of IFRS has resulted in a substantial and negative alteration in the price-to-earnings (P/E) ratio of the chosen Nigerian banks, which has implications for their accounting practices. It can be inferred that the IFRS reporting system has had an adverse effect on the assessment of the banks’ equities in relation to their profits. The lower price-to-earnings (P/E) ratios could indicate diminished market confidence or anticipation of decreased future earnings growth, potentially stemming from the intricacies of International Financial Reporting Standards (IFRS) in financial reporting. From an economic standpoint, reduced price-to-earnings (P/E) ratios can have an impact on the banks’ capacity to attract and retain investors, as well as to raise capital. Additionally, it could suggest a diminished perceived worth of these banks in the stock market, perhaps resulting in a decline in stock prices. The economic ramifications involve the possible difficulties in acquiring funds and funding expansion, which affect the overall financial well-being and performance of these banks. Top of Form.
This study delved into the impact of IFRS adoption on listed banks in Nigeria, focusing on their financial performance and market value. By analyzing data spanning both pre and post IFRS adoption periods for six selected banks, the study unearthed important findings. The study employed the descriptive and inferential statistics techniques for data analysis. The paired sample t-test was utilized for data estimation, given its appropriateness for comparing related samples representing the same phenomenon at two distinct periods. Notably, the research revealed a significant and positive relationship between IFRS adoption and the profitability of these banks, as exemplified by an increase in earnings per share. However, a contrasting discovery emerged, showcasing a significant and negative connection between IFRS adoption and market value, as well as the price-to-earnings ratio of the firms.
Policy options
The notable discoveries about the influence of IFRS implementation on the financial performance and market valuation of listed banks in Nigeria indicate several policy implications. These encompass the requirement for strengthened regulatory supervision to guarantee compliance with global norms, informative initiatives to educate investors about possible temporary market fluctuations, a comprehensive approach to evaluate the advantages of adopting IFRS over the long term, customized assistance to address industry-specific obstacles in the banking sector, ongoing research and surveillance to comprehend lasting impacts, promotion of exemplary methods in financial reporting, and cooperation among government bodies, regulators, industry associations, and educational institutions to establish a conducive environment for businesses. The objective of these measures is to maintain the favorable outcomes of implementing IFRS while effectively handling immediate market responses and promoting sustained economic growth and stability in Nigeria. Concerns regarding the adverse effects of IFRS on market value and price-to-earnings ratio underscore the role of the Financial Reporting Council of Nigeria (FRCN) in upholding and ensuring compliance with International Financial Reporting Standards (IFRS). The FRCN should emphasize the provision of high-quality information as a priority. Reassessing market regulations and disclosure standards becomes essential to rebuild investor confidence. The emphasis should shift towards long-term benefits rather than immediate gains, and regulatory incentives should reflect this orientation. A balanced approach to IFRS implementation in Nigeria, considering both short-term and long-term consequences, is vital for sustaining high-quality financial reporting and enduring market value. The results also suggest that the adoption of International Financial Reporting Standards (IFRS) has had a notable adverse effect on the price-to-earnings (P/E) ratio of certain Nigerian banks, which goes against the early predictions. Consequently, the IFRS reporting system has had a negative impact on the assessment of these banks’ equities in relation to their profits. The policy implications entail the necessity of adopting a well-rounded strategy for implementing International Financial Reporting Standards (IFRS) in Nigeria. This strategy should prioritize the safeguarding of market value, long-term outlooks, and the potential reassessment of market regulations and disclosure standards to restore investor confidence and encourage the production of top-notch financial reports.
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