Cordia africana (Boraginaceae) is a tree used in traditional medicine to treat inflammation related conditions and infectious diseases. This study was undertaken with the objectives of establishing the scavenging effect of extracts and fractions of Codia africana on the mediator of inflammation Lipoxygenases (LOX), and some non-biological free radicals such as 2,2-diphenyl-1-picrylhydrazyl (DPPH), the [2, 2-azinobis (3-ethylbenzothiazoline-6-sulfonic acid)] (ABTS) radicals and the Ferric ion reducing antioxidant power (FRAP). Antimicrobial activities, total phenolics/flavonoids and cytotoxicity of extracts of Codia africana were also evaluated. Extracts were obtained by maceration. Anti-inflammatory activity was determined using a LOX-inhibitor screening assay kit according to the manufacturer's instructions. A broth serial micro dilution method was used to determine the minimum inhibitory concentration (MIC) against, Gram-positive and Gram-negative bacteria and Mycobacterium species. The antioxidant activity was determined using free-radical-scavenging assays, and the 3-(4,5dimethylthiazolyl-2)-2,5-diphenyltetrazolium bromide reduction assay was used for cytotoxicity. Both the extracts of C. africana inhibited LOX enzyme. The most active being the methanol extract of the bark with IC 50 value of 55 ± 0.9 µg/ml. Both the extracts of C. africana, had excellent to weak antimicrobial activites (MICs ranging from 32 to 1024 µg/ml) against bacteria. All the extracts had significant (P< 0.05) free-radical scavenging activity (IC 50 ranging from 6.79 ± 0.07 to 331.98 ± 0.07 μg/ml). There was a positive correlation between the antioxidant activity and the total flavonoid and total phenolic contents of Cordia africana. The cytotoxicity on Vero cells was low with LC 50 of 81.79 ± 13.31 and 99.67 ± 16.10 μg/ml. The results support the use of C. africana leaves in traditional medicine to treat inflammation related conditions and infectious diseases.
This study extends existing research on the real earnings management by examining the impacts of audit committee attributes on real earnings management in Nigeria. The analyses involve a sample of 72 non-financial firms with 360 firm-year observations for a five-year period (2014-2018). Data was obtained from the annual reports of these companies as well as from Thompson Reuters and Bloomberg databases. The Panel Corrected Standard Error was used to test the model studied. The finding shows that audit committee size prevent managers’ activities in earnings manipulations. Also, the result establish that the audit committee independence presence on the audit committee control managers’ opportunistic behaviour while audit committee financial expertise were monitors in curtailing earnings manipulation practice. The findings shall give insight to financial analysts, investors, and regulators on the importance of AC in enhancing the quality of the financial report, also show the role of the audit committee characteristics to deter real earnings manipulations. Keywords: audit committee, size, independence, expertise, earnings management
Financial statements are supposed to convey comprehensive information about firms' financial position, performance and changes in financial positions to assist a wide range of users in making economic decisions. Audited financial statements provide independent assurance that the information presented by management about the company's financial performance and positions are true and fair. However, even with audited financial statements, there is no guarantee of zero risk of financial statements manipulation. The art of manipulating the reported earnings to achieve pre-set objectives is termed as earnings management and it can be categorized into real or accrual earnings manipulations. This study extends existing research on the real earnings management by examining the effects of corporate tax avoidance and free cash flow on real earnings management in Nigeria. The analyses involve a sample of 72 non-financial firms with 360 firm-year observations for a five-year period (2014)(2015)(2016)(2017)(2018). Data was obtained from the annual reports of these companies as well as from Thompson Reuters and Bloomberg databases. Multiple regression technique was used to test the model studied. The results show that both corporate tax avoidance and free cash flow increase management's real earnings manipulation activities. The study can benefit policymakers, shareholders, and regulators on the importance of effective internal control mechanisms to help curtail real earnings manipulations and improve the quality of reported financial statements.
Financial statements are expected to assist users in decision making by reporting the true and fair value of companies. However, there always exists the potential risks of manipulations of the reported results if the numbers were intentionally prepared to misrepresent the actual performance or conditions of the companies. Manipulating the reported earnings to achieve pre-set objectives is an art known as earnings management which can be classified into real or accrual manipulations. This study examines the effects of ownership structures (managerial, institutional, and foreign) on real earnings management in Nigeria. The analyses involve a sample of 72 non-financial firms with 360 firm-year observations for a period 2014-2018. Data was collected from the financial reports of these companies, Thompson Reuters, and Bloomberg databases. The multiple regression technique was employed for panel data analysis. The results show that managerial ownership increase management’s desire to manipulate the reported earnings, while institutional ownership have insignificant relationship with real earnings management. Also, the findings reveal that foreign ownership prevent managers’ from manipulating the financial statement. Thus, the study recommends that listed companies in Nigeria should consider higher percentage of foreign ownership to improve their monitoring and have quality financial statement.
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