PurposeThis study aims to examine the impact of income smoothing on the value of firms in a regulated security market, moderated by market risk. This is based on the prevalence of accounting scandals resulting in the collapse of firms which has been attributed to the opportunistic behaviors of managers.Design/methodology/approachThe ex post facto research design was employed, and as such, data were gathered from secondary sources. The quantitative approach was also used in the study. Furthermore, the system generalized method of moments (Blundell–Bond) panel estimation technique was used for analyzing the data. Income smoothing was measured using the accrual based methods, while firm value was measured using share price.FindingsThe study found that income smoothing has a negative significant impact on firm value. The study also revealed that market risk is a significant variable that defines the relationship between income smoothing and firm value.Originality/valueTesting the moderating effect of market risk on the relationship between income smoothing and firm value is unique to this study, particularly from a regulated security market and emerging economy.

This study provides that though the budgetary system is not perfect, its usefulness cannot be over emphasized. The primary source of data was used and data were collected through the use of questionnaire. A Non-Parametric test -Chi-square test and the descriptive statistics were used for data analysis. The study reveals that budgeting is perceived by managers a worthwhile exercise and a value creation process. It is recommended therefore that, researches should be directed towards budgetary system improvement rather than its total abandonment.

Objective – The aim of this study is to examine the impact of monetary policy on credit creation ability of banks in Nigeria. Specifically, it investigates the impact of monetary policy rate, money supply, liquidity ratio, and change in maximum lending rate on bank credit in Nigeria. Design/methodology – A monthly time series data from 2007-2019 were sourced from the Central Bank’s of Nigeria statistical bulletin. The sourced data was subjected to multiple regression analysis using the fully modified ordinary least square regression to estimate the parameters of the model. Results – Findings reveal that money supply significantly and positively influence bank credit in Nigeria; while liquidity ratio significantly but negatively influence bank credit in Nigeria. On the contrary, monetary policy rate and maximum lending rate were found not to significantly affect bank credit in the case of Nigeria.Policy Recommendation - Study therefore, recommend that monetary authorities especially, the Central Bank of Nigeria should pay more attention to lowering the liquidity ratio while increasing money supply in order to engender banks credit creation ability and further stimulate the Nigerian economy for growth.

The effectiveness of budgeting has a link with the level of environmental volatility. It means that, how effective budgeting would be in controlling the activities of any organisation depends largely on the environmental volatility under which such budget is operated. Empirical evidence on the effect of environmental factors on budgeting and budget effectiveness in Nigeria, an emerging economy has been scanty. This gap in the literature is the focus of this study. The primary source of data was used and data were collected through the use of questionnaire. Hypotheses were formulated and tested using inferential statistics. Findings did not provide strong evidence on the effectiveness of budgeting as a control measure. This is not consistent with evidences from the developed world. The findings also reveal those factors affecting the effectiveness of budgeting in Nigeria.

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