INTERNATIONAL JOURNAL OF ACCOUNTANCY, FINANCE AND TAXATION DEPARTMENT OF ACCOUNTANCY, IMO STATE UNIVERSITY

The study assessed the effect of business structure on performance of MSMEs in Ondo state, Nigeria. This is done to explore how the configuration of businesses in terms of its firm size, ownership structures and audit process can influence performance in terms of its going concern potential of MSMEs in order to promote sustainable business practice in Nigeria. Survey research design was adopted in this study because data was obtained primarily from the respondents using well-structured questionnaire. The study focused specifically on registered medium scale enterprises. The population comprise 1,128 registered medium scale enterprises in Ondo state as at 2020 (SMEDAN, 2021). The sample size of 150 businesses was selected using purposive sampling technique. Data collected was analysed using descriptive statistics and ordinary least square (OLS) regression. Findings revealed that firm size had a negative but insignificant effect on performance of MSMEs. Ownership structure had a positively insignificant effect. It however revealed that audit process positively and significantly affects performance of MSMEs in Ondo state. The study concluded that the size of a firm does not indicate performance, and type of ownership structure adopted may impact performance but minimally. However, the quality of audit process undertaken to ensure control and monitoring significantly determine the firm performance. It is therefore recommended, that all stakeholders must be concerned about the business structures of MSMEs in Nigeria; by introducing policies that will promote sustainable business practice that will elongate business life span of MSMEs in Nigeria.

The study investigated the effects of Environmental, Social, and Governance (ESG) disclosures on the financial performance of listed industrial goods firms in Nigeria between 2012-2023. Financial performance was measured using return on assets (ROA), with earnings per share (EPS) as a control variable. The research adopts a longitudinal design, utilizing secondary data obtained from the annual reports of 12 manufacturing firms in Nigeria. These firms are drawn from various sectors, including industrial goods, consumer goods, agriculture, and the oil and gas sectors.  The main results, based on ordinary least squares (OLS) regression and robust regression, are as follows:Environmental Disclosure: The analysis showed a positive but insignificant impact on financial performance (ROA) with a coefficient of 3.050 (p-value = 0.177). Social Disclosure: Social disclosure had a significant negative effect on financial performance (ROA) with a coefficient of -13.228 (p-value = 0.000). Governance Disclosure: Governance disclosure demonstrated a negative but insignificant impact on financial performance (ROA) with a coefficient of -4.290 (p-value = 0.186). The findings suggest that while Nigerian firms are becoming more aware of the importance of ESG, there is still much work to be done to align governance practices with international standards. The study also indicates that firms adopting comprehensive ESG strategies not only improve their financial health but also position themselves favorably with foreign investors and regulatory bodies. The research concludes that ESG practices are crucial for enhancing the financial performance of manufacturing firms in Nigeria. By adopting environmentally friendly practices, engaging in responsible social behavior, and implementing strong governance frameworks, firms can achieve sustainable financial success.

This study examined how capital structure influenced the financial performance of listed consumer goods firms in Nigeria. The study adopted an ex-post facto research design, relying on secondary data from 10 firms selected out of 21 listed on the Nigerian Exchange Group PLC between 2014 and 2023. The sample was selected using a judgmental-convenience sampling technique and a defined filtering criterion. Capital structure was measured using long-term debt and proprietary funds, whereas financial performance was evaluated through return on capital employed (ROCE). Data analysis was conducted using a generalized least squares regression analysis. The findings show that both the long-term debt ratio (LTDR) and proprietary funds (PROF) exert a positive and statistically significant influence on ROCE. The study concludes that long-term debt and proprietary funds are critical determinants of financial performance among the sampled firms and recommends that management pursue strategic approaches to long-term debt financing while ensuring the efficient use of proprietary funds to drive sustainable returns and improve operational efficiency.