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BOARD CHARACTERISTICS AND EARNINGS MANAGEMENT OF LISTED FOODS AND BEVERAGES FIRMS IN NIGERIA
ABSTRACT
As a response to some financial scandals and corporate failures in Nigeria and around the globe which are linked to earnings management, certain characteristics of Board of Directors that can improve their monitoring function are suggested in the literature as corporate governance mechanisms. Thus, the study concentrated on three board characteristics’ proxies, namely: Board Competency, frequency of Board Meetings and Gender Mix and their relationships with earnings management (because, they have not yet been studied extensively in Nigeria). Therefore, the study investigated the impacts of Board Competency, frequency of Board Meetings and Gender Mix on Earnings Management (in the context of agency relation) of listed foods and beverages firms in Nigeria from 2007 to 2013. The estimation of discretionary accruals (proxy for Earnings Management) is by using modified Jones (1991) model. The sample size of the population is nine (9) firms. Both correlational and ex-post factors research design were used. A multiple regression technique was employed to determine the impact of Board Characteristics on Earnings Management. The result was interpreted using fixed effect- least square dummy variables. The results reveal that Board Competency has no significant impact on Earnings Management. The impact of frequency of Board Meetings and Gender Mix on Earnings Management were however found to be negative and statistically significant. The study concluded that increase in number of board meetings and the proportion of women directors in the board constrain the level of discretionary accruals; while directors’ knowledge of accounting and/or finance (board competency) does not guarantee quality of earnings. Therefore, in line with the findings and conclusions, the study recommends that SEC should encourage adherence to at least the minimum requirement of board meetings (four times in a financial year) by making it mandatory. Government in collaboration with Corporate Affairs Commission should come up with a policy where by companies will be forced to provide seat for women in their boards, give them responsibilities in area of finance and control related matters; as this would enhance firm performance and constrain earnings management, since they normally develop trust leadership.
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