Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 i Gusau Journal of Accounting and Finance (GUJAF) Vol. 3 Issue 3, October, 2022 ISSN: 2756-665X A Publication of Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State -Nigeria Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 ii © Department of Accounting and Finance Vol. 3 Issue 3 October, 2022 ISSN: 2756-665X A Publication of Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State -Nigeria All Rights reserved Except for academic purposes no part or whole of this publication is allowed to be reproduced, stored in a retrieval system or transmitted in any form or by any means be it mechanical, electrical, photocopying, recording or otherwise, without prior permission of the Copyright owner. Published and Printed by: Ahmadu Bello University Press Limited, Zaria Kaduna State, Nigeria. Tel: 08065949711, 069-879121 e-mail: abupress2013@gmail.com abupress2020@yahoo.com Website: www.abupress.com.ng mailto:abupress2013@gmail.com mailto:abupress2020@yahoo.com http://www.abupress.com.ng/ Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 iii EDITORIAL BOARD Editor-in-Chief: Prof. Shehu Usman Hassan Department of Accounting, Federal University of Kashere, Gombe State. Associate Editor: Dr. Muhammad Mustapha Bagudo Department of Accounting, Ahmadu Bello University Zaria, Kaduna State. Managing Editor: Umar Farouk Abdulkarim Department of Accounting and Finance, Federal University Gusau, Zamfara State. Editorial Board Prof.Ahmad Modu Kumshe Department of Accounting, University of Maiduguri, Borno State. Prof Ugochukwu C. Nzewi Department of Accounting, Paul University Awka, Anambra State. Prof Kabir Tahir Hamid Department of Accounting, Bayero University, Kano, Kano State. Prof. Ekoja B. Ekoja Department of Accounting, University of Jos. Prof. Clifford Ofurum Department of Accounting, University of PortHarcourt, Rivers State. Prof. Ahmad Bello Dogarawa Department of Accounting, Ahmadu Bello University Zaria. Prof. Yusuf. B. Rahman Department of Accounting, Lagos State University, Lagos Stat Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 iv Prof. Suleiman A. S. Aruwa Department of Accounting, Nasarawa State University, Keffi, Nasarawa State. Prof. Muhammad Junaidu Kurawa Department of Accounting, Bayero University Kano, Kano State. Prof. Muhammad Habibu Sabari Department of Accounting, Ahmadu Bello University, Zaria. Prof. Okpanachi Joshua Department of Accounting and Management, Nigerian Defence Academy, Kaduna. Prof. Hassan Ibrahim Department of Accounting, IBB University, Lapai, Niger State. Prof. Ifeoma Mary Okwo Department of Accounting, Enugu State University of Science and Technology, Enugu State. Prof. Muhammad Aminu Isa Department of Accounting, Bayero University, Kano, Kano State. Prof. Ahmadu Bello Department of Accounting, Ahmadu Bello University, Zaria. Prof. Musa Yelwa Abubakar Department of Accounting, Usmanu Danfodiyo University, Sokoto State. Prof. Salisu Abubakar Department of Accounting, Ahmadu Bello University Zaria, Kaduna State. Dr. Isaq Alhaji Samaila Department of Accounting, Bayero University, Kano State. Prof. Fatima Alfa Department of Accounting, University of Maiduguri, Borno State. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 v Dr. Sunusi Sa'ad Ahmad Department of Accounting, Federal University Dutse, Jigawa State. Dr. Nasiru A. Ka’oje Department of Accounting, Usmanu Danfodiyo University Sokoto State. Dr. Aminu Abdullahi Department of Accounting, Usmanu Danfodiyo University Sokoto, State. Dr. Onipe Adebenege Yahaya Department of Accounting, Nigerian Defence Academy, Kaduna State. Dr. Saidu Adamu Department of Accounting, Federal University of Kashere, Gombe State. Dr. Nasiru Yunusa Department of Accounting, Ahmadu Bello University Zaria. Dr. Aisha Nuhu Muhammad Department of Accounting, Ahmadu Bello University Zaria. Dr. Lawal Muhammad Department of Accounting, Ahmadu Bello University Zaria. Dr. Farouk Adeiza School of Business and Entrepreneurship, American University of Nigeria, Yola. Dr. Bashir Umar Farouk Department of Economics, Federal University Gusau, Zamfara State. Dr Emmanuel Omokhuale Department of Mathematics, Federal University Gusau, Zamfara. State Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 vi ADVISORY BOARD MEMBERS Prof. Kabiru Isah Dandago, Bayero University Kano,Kano State. Prof A M Bashir, Usmanu Danfodiyo University Sokoto, Sokoto State. Prof. Muhammad Tanko, Kaduna State University, Kaduna. Prof. Bayero A M Sabir, Usmanu Danfodiyo University Sokoto, Sokoto State. Prof. Aliyu Sulaiman Kantudu, Bayero University Kano, Kano State. Editorial Secretary Usman Muhammad Adam Department of Accounting and Finance, Federal University Gusau, Zamfara State. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 vii CALL FOR PAPERS The editorial board of Gusau Journal of Accounting and Finance (GUJAF) is hereby inviting authors to submit their unpublished manuscript for publication. The journal is published in two issues of April and October annually. GUJAF is a double-blind peer reviewed journal published by the Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State Nigeria The Journal accepts papers in all areas of Accounting and Finance for publication which include: Accounting Standards, Accounting Information System, Financial Reporting, Earnings Management, , Auditing and Investigation, Auditing and Standards, Public Sector Accounting and Auditing, Taxation and Revenue Administration, Corporate Governance Issues, Corporate Social Responsibility, Sustainability and Environmental Reporting Issue, Information and Communication Technology Issues, Bankruptcy Prediction, Corporate Finance, Personal Finance, Merger and Acquisitions, Capital Structure, Working Capital Management, Enterprises Risk Management, Entrepreneurship, International Business Accounting and Finance, Banking Crises, Bank’s Profitability, Risk and Insurance Issue, Islamic Finance, Conventional and Islamic Banks and so forth. 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Finally, manuscript should be send to our email address elfarouk105@gmail.com and a copy to our website on journals.gujaf.com.ng mailto:elfarouk105@gmail.com http://www.gujaf.com.ng/ Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 viii PUBLICATION PROCEDURE After receiving a manuscript that is within the similarity index threshold, a confirmation email will be send together with a request to pay a review proceeding fee. At this point, the editorial board will take a decision on accepting, rejecting or making a resubmission of the manuscript based on the outcome of the double-blind peer review. Those authors whose manuscript were accepted for publication will be asked to pay a publication fee, after effecting all suggested corrections and changes made on the manuscript. All corrected papers returned within the specified time frame will be published in that issue. PAYMENT DETAILS Bank: FCMB Account Number: 7278465011 Account Name: Gusau Journal of Accounting and Finance FOR INQUIRY The Head, Department of Accounting and Finance, Federal University Gusau, Zamfara State. elfarouk105@gmail.com +2348069393824 FOR MORE INFORMATION, CONTACT The Editor-in-Chief on +2348067766435 The Associate Editor on +2348036057525 OR visit our website on www.gujaf.com.ng or journals.gujaf.com.ng mailto:elfarouk105@gmail.com mailto:05@gmail.com http://www.gujaf.com.ng/ http://www.gujaf.com.ng/ Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 ix CONTENTS Capital Structure and Firm Financial Performance of Listed Deposit Money Banks in Nigeria: Moderating Effect of Board Financial Literacy Anas Idris Abdulwahab, Hussaini Bala Ph.D, Mansur Lubabah Kwambo Ph.D, & Abubakar Adamu 1 Influence of Socialization On MSME Compliance by Mediating Understanding and Moderating Knowledge of Tax Visits Yayuk Ngesti Rahayu 17 Does International Financial Reporting Standard Narrows Audit Expectation Gap? Musa Ibrahim Dauda, Ibrahim Adagye Dauda, PhD 35 Sustainability Reporting and Financial Performance of Listed Manufacturing Firms in Nigeria Aiyesan, Olabode Olutola Ph.D 49 Firm Attributes and Financial Reporting Timeliness of Listed Consumer Goods Firms in Nigeria Akume James Terkende, Dele Ikese Karim 67 Value Relevance of Accounting Information for Listed Financial Service Firms in Nigeria Kassim Busari, Ishaya Luka Chechet Ph.D, Aliyu Ahmed Abdullahi Ph.D, & Ibrahim Mohammed Ph.D 87 Nigeria Economic Growth and Capital Market Development: Does Contributory Pension Scheme Matter? Akinwumi Ayorinde Olutimi, Toluwa Celestine Oladele Ph.D, &Adeboye Emmanuel Sanmi 101 Audit Committee and Financial Reporting Quality: The Moderating Effect of Board Independence of Listed Deposit Money Banks in Nigeria Kassim Yusha’u Shika, Mark David Kantiyok 117 Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 x Determinants of Financial Performance of Listed Deposit Money Banks in Nigeria Mary Seansu Lazarus, Nurradden Usman Miko Ph.D, & Saifulahi Abdullahi Mazadu Ph.D 140 Human Resource Accounting and Profitability of Listed DepositMoney Banks in Nigeria Ahmad Adamu Ibrahim, Ahmad Rufa’I Adamu, Fatihu Mahmud Alhassan &Muhammad Iliyas Abdulsalam 158 Board Independence, Audit Effectiveness and The Quality of Reported Earnings in The Nigerian Consumer Goods Firms Isah Shittu Ph.D, Misbahu, Abubakar Muhammad 175 Impact of Capital Structure On Financial Performance of Listed Agricultural Companies in Nigeria Ahmad Muhammad Ahmad, Shehu Usman Hassan Ph.D., &Abubakar Abubakar 192 Trade Oriented Money Laundering and Era of Cybersecurity Tax Evasion in Nigeria Oluwayemi Joseph Kayode, Adewole Joseph Adeyinka Ph.D, Adewale Abass Adekunle & Kadiri Kayode Ph.D 205 Effect of Females in the Boardroom on Corporate Sustainability Reporting Salami Suleiman Ph. D, Olanrewaju Atanda Aliu Ph.D 224 Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 87 VALUE RELEVANCE OF ACCOUNTING INFORMATION FOR LISTED FINANCIAL SERVICE FIRMS IN NIGERIA Kassim Busari Department of Accounting ABU Business School Ahmadu Bello University Zaria kassimbusari@gmail.com Ishaya Luka Chechet Professor of Accounting and Finance Department of Accounting ABU Business School Ahmadu Bello University Zaria Aliyu Ahmed Abdullahi Ph.D Department of Accounting ABU Business School Ahmadu Bello University Zaria Ibrahim Mohammed Ph.D Department of Business Administration ABU Business School Ahmadu Bello University Zaria Abstract Over a 5-year period from 2016 to 2020, this paper compares the value relevance of accounting numbers of banks and insurance firms listed on the Nigerian Stock Exchange market. The analysis used data from annual accounts of these companies and the Nigerian Stock Exchange facts sheet to apply Ohlson's (1995) valuation model to test the comparative value validity of accounting numbers of these two sub-sectors in the financial service industry. The findings of the empirical analyses revealed the importance of accounting information's value relevance to listed group financial service firms in Nigeria. Furthermore, the accounting numbers of banks have been found to be more important in terms of information quality than the accounting numbers of insurance firms. As a result, the paper proposes that firms' operations be sustained in order to improve profits, performance, and shareholder wealth. Keywords: value relevance, consolidated financial statements, accounting information. doi.org/10.57233/gujaf.v3i3.181 mailto:kassimbusari@gmail.com Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 88 1. Introduction This paper provides analytical evidence on the information quality of financial results of Nigerian public financial service firms. This is achieved with an emphasis on financial service providers, with a measure of the sector's total valuation significance followed by a comparison of the relative relevance of banks and insurance companies. Decision on the elements to disclose and recognize in the financial statements need to take into cognizance the relevance of such elements. Information is helpful on the likelihood that it is applicable, dependable, practically identical and reasonable. Information is relevant if it can impact the financial choices of users and is given on schedule to impact those choices. The ability of financial statements of a firm to increase in usefulness is dependent on the comparability with equivalent figures of the firm for other period(s) in order to ascertain trends in financial outcomes. Information is much more valuable if it is comparable with similar information about other entities in order to evaluate their relative financial strength and worth. It is therefore essential for users to recognize its implication. However, it may be difficult to present comparable, reliable and relevant information in a way that can be understood by all the users. As a result, the usefulness of accounting data is determined by how sensitive changes in market valuation are to changes in accounting figures. Many scholars have written on Market Based Accounting Research (MBAR) since Ball and Brown's seminal work on the information content of accounting numbers in 1968 (Barth, Beaver & Landsman, 1998; Dechow, 1994; Kwon, 2018). Most of these studies' empirical evidence suggests that accounting information has value relevance, leading to the development of models (Easton, Bell, & Ohlson, 1995; Feltham & Ohlson, 1995; Ohlson, 1995) based on the assumption that earnings and book value are critical in determining value. Prior research on value relevance in Nigeria and other nations, with the exception of studies on the whole listed firms, have omitted financial service firms. Furthermore, nearly all analyses focused on financial data used numbers from separate financial accounts, including the fact that for firms with group arrangements, the shares of companies are classified for the group. As a result of the mismatch of information, results drawn from such studies may not be entirely accurate for making rational choices. Thus, a study of the valuation relevance of Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 89 accounting information for group financial service firms using information from group financial statements and an assessment of banks and other financial service firms listed on the Nigerian stock exchange is necessary to disclose the types of information applicable to shareholders in each sub-sector. This is due to the fact that the strength of the economy's financial sector has a significant impact on its well-being. The more robust it is, the better off the economy will be as economic downturns are almost often preceded by banking sector weakness. Based on literature reviewed, there are few studies that carried out comparative value relevance of different sectors in Nigeria. Also, several studies excluded financial service firms from their analyses. Furthermore, almost all studies based on numbers from the financial statement are based on company data (even when the study firms have group structures). Thus for any study on the market price of stock or market value, the group information is appropriate for companies with group structure. The remainder of the paper is organized as follows: the second section is devoted to study of scientific literature and theoretical framework; the third section is dedicated to methodology; the fourth section is on discussion of findings; and the final section is conclusion and recommendations. 2. Literature Review and Theoretical Framework Comparative value analysis produces a range of findings depending on the nature of the sample (Prihatni et. al., 2018). El-Diftar and Elkalla (2019) looked at value relevance in the Middle East and North Africa (MENA) area, comparing Gulf countries (GCC) and non-GCC companies. They discovered that EPS and BVPS are important determinants of value relevance in companies in both GCC and non- GCC countries. Earnings, book value, and dividend among non-financial and financial firms quoted in Ghana were investigated by Basil, Masri, and Abubakar (2018). They found that book valuation and profits are important for financial firms, but only dividends and earnings are important for non-financial firms. From the Asian viewpoint, Kwon (2018) contrasted the importance of accounting numbers of different information for manufacturing companies listed on the exchange markets in Korea, Japan and China. From the European perception, Elbakry et. al. (2016) analyzed the differences in the information contents of accounting numbers pre versus post IFRS using three different valuation models and considers higher significance in UK than in Germany. They discovered on the Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 90 overall that Japanese data generates the greatest value for all independent variables. Agir (2017) studied the IFRS adoption’s effect on value relevance of banks quoted in Nigeria finding both information contents from both periods significant. Additionally, Ernest and Oscar (2014) compared the information contents of accounting numbers between firms in the banking sector and the petroleum sector, they establish that information from the petroleum sector are more relevant than those from the banking sector. However, this is rather a mismatched comparison. Furthermore, various studies have demonstrated that the R2 is a measure of the degree of responsiveness of stock prices to accounting data. As a result, accounting data has been shown to be valuable in many reports (Adeyemo et. al., 2017; Agbo et. al., 2020; El-Diftar & Elkalla, 2019; Mbekomize & Popo, 2020). Based on their study of the value prominence of book value, earnings, and dividend for non- financial and financial firms listed in Ghana, Basil et. al. (2018) find no distinction in the degree of explanation of the Ohlson model relative to other two models. In addition, Bhatia and Mulenga (2019) reviewed literatures and summarized results from 90 observational studies conducted in various countries across continents from 1993 to 2016. The majority of these studies concluded that accounting numbers are meaningfully significant, although only a few studies found the contrary. Several studies used the Ohlson formulation for variable-based analysis, which classically consists of two variables: Earnings and Book Values. However, subsequent studies altered the model to incorporate additional variables such as dividends, cash flow, and liquidity, among others. Earnings per share, liquidity, and bank capital efficiency of Nigerian listed banks were found to be value relevant by Agbo et. al. (2020). However, they discovered that book value was not value relevant. Mbekomize and Popo (2020) found that profits have more effect than dividends and book value on share prices, while operational cash flows are negligible. Adeyemo et. al. (2017) discovered a favourable relationship between book value and earnings and share price; however, book value is less significant. Ahmadi (2017) found the same outcome. In light of the foregoing, this paper investigates the comparative value-relevance of accounting information for Nigerian deposit money banks and other financial service firms. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 91 Literature gap Centered on the above, this paper investigates the comparative value-relevance of accounting numbers for Nigerian banks and other financial service companies using companies’ financial statements. To accomplish this aim, the analysis makes an attempt to test the following hypotheses: HO1: Accounting information has no significant impact on the share prices of listed group financial service companies in Nigeria. HO2: In Nigeria, there is no significant gap in the value relevance of listed banks and other financial service companies with a group structure. Theoretical Framework Two theories are applicable to this investigation: the decision usefulness theory and signalling theory. Decision usefulness suggests the revelatory capacity of the accounting data. The more exact users can forecast financial and economic occurrences utilizing accounting data, the more valuable this data is to them. This could give the management and standard setters an appropriate device regarding the decision on the best accounting estimations and principles. Signaling theory advances that organizations with great performance will in general make intentional revelations all the more promptly, as doing so is viewed as a simple method for differentiation from others in the market. Dividend payout is a signal for investors showing the future potential of an organization; improvements in dividends payments have a bearing on the market's reaction of stock valuation. Signaling illuminates the correlation with information asymmetry and business strategy. This theory helps explain the behaviour of administrators who have more access to data than investors. The annual reports of the company include data which are required as indicators in decision-making meditations by shareholders. Accounting data is more useful to users when it has a greater revelatory ability. Furthermore, it is agreed that the signaling hypothesis will overcome the problem of data inequality and information asymmetry by ensuring that important data is transferred to the financial exchange. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 92 One of the key concerns of standard setters is the utility of accounting statistics. There is broad consensus on how to enhance this usefulness by promoting similarity and, most importantly, dependable consistency of financial results all around the world. Regardless of the market's effectiveness, the degree of resilience of increases in stock value to changes in accounting numbers is dependent on the market's effectiveness. 3. Methodology Secondary data was hand-picked from the group financial statement for the accounting numbers and the Nigerian Stock Exchange website for the share prices for the first trading day in April each year following the accounting year end. The study covers a 5-year period from 2016 to 2020 based on a total of 25 firms leading to 125 firm-years observations (45 for banks and 80 for others). Firms that are not having group structure were eliminated from the study. This paper modified Ohlson's (1995) price valuation model, which was consistent with previous research. This is chosen to verify dividend per share and net operating cash flows per share, all of which have an impact on the valuation relevance of accounting statistics. Centered on a pooled data collection, this model is first applied to the study of Nigerian listed financial services companies. And then to the comparative study which was carried out for each sub-sector (banks and other financial service firms). The positivism theory serves as the foundation for this study. The ex-post factor research design was used in this case. In addition, based on the model below, multiple regression techniques of analysis was used. MPPSit = β0 + β1𝐵𝑉𝑃𝑆𝑖𝑡 + β2EPSit + β3DPSit + β4OCFit + εit (1) Table 1: Measurements of the variables Variables Measurement MPPS Market price per share measured as the price per share on the stock exchange BVPS Book value of equity per share measured as total shareholders’ equity divided by the number of ordinary shares outstanding EPS Earnings per share measured as Profit After Tax (PAT) divided by the number of ordinary shares outstanding DPS Total dividend divided by weighted average number of ordinary shares outstanding Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 93 OCF Operating cash flow measured as net cash flow from operating activities divided by the number of outstanding shares Source: Researchers compilation, 2022 4. Results and Discussion The findings of the study and explanation are presented in this section. The aim is to assess the relative value-relevance of accounting data for Nigerian listed group financial service firms. The descriptive statistics are the first category covered in this section. The correlation matrix, post estimation analyses, fixed and random effect test regression results, test of hypotheses, and discussion of observations are then presented and discussed. Descriptive Statistics Table 2 shows based on the total of 125 observations that the MPPS has a mean N4.38k with a standard deviation of N6.82k, a maximum of N31.61k and a minimum price of N0.50k. This implies that on the average a listed financial service firm has a unit of its shares valued at N4.38k and the deviation of share prices from the mean is by N6.82k. The minimum prices of shares are generally from the insurance companies; this may be due to lower number of investors in these firms when compared with the investments in the bank. Again, the maximum price indicates the highest price for which any listed financial service firm’s share is traded on the stock market – which probably is from the banking sector in addition to the fact that some firms have been in existence for a while now; gaining goodwill overtime and also some firms were listed earlier than others thereby contributing to their market prices over time. Furthermore, the variability is made clearer by the significance of the skewness and kurtosis normality tests which showed that the market price data are not normally distribute at all levels. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 94 Table 2: Descriptive Statistics BVPS has an average value of N4.91k, and on the overall a standard deviation of N5.86k, the minimum BVPS is N0.00k and a maximum of N22.44k meaning that the average book value of equity per share of N4.91k for listed financial firm. EPS on the average is 58k with a standard deviation of N1.00k and minimum loss on the overall is 31k per share and a maximum earnings of N4.31k. For DPS, the mean is N0.25k representing the average dividend payment by a firm of 25 kobo per share yearly. The standard deviation of N4.49k shows the dispersion between firms’ dividend policies for the period of study. Some of the firms made no dividend payments throughout the study period while the maximum paid is N2.00k. Finally, from Table 2, OCF has a mean of N0.53k, standard deviation of N4.51k, a minimum of N14.36k and maximum of N20.12k. The net operating cash flow per share is a measure of a company’s financial strength; on the average a listed financial firm has 53k. Although, the least a group may have is a shortage of N14.36k and the highest net cash flows from operations per share is N20.12k. This figure may be as a result of high variability in size, age, capital base of firms in the sub-sector under the financial service sector and also the volume of transactions, customer base, branch network, service quality and so on. This variability is evidenced by the deviation of N4.51k. Correlation Matrix The correlation matrix for the dependent (MPPS) and independent variables (BVPS, EPS, DPS and OCF) is shown in Table 3. Correlation is a statistical method for determining the relationship or inter-relationships between two sets of graded or ordered results. The table displays that only DPS have positive and strong Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 95 correlation with MPPS at 0.88. BVPS and EPS are also positive but not significant at 0.75 and 0.45 while OCF is positively but not strongly correlated with MPPS at about 0.14. The implication of this is that all the independent variables move in the same directions as the dependent variable; as MPPS increase, all the independent variables too increase and vice versa. Also, all the correlations are significant at 5% with the exception of OCF. The interaction of all independent variables is also moderate, as is the relationship between EPS and DPS with BVPS. Table 3: Correlation Matrix Post estimation tests The tests conducted includes; multicollinearity, heteroscedasticity and normality test of error term. The multicollinearity test is used to determine whether or not there is a relationship between the study's independent variables. To test for multicollinearity in the two regressions, the Variance Inflator Factor (VIF) and Tolerance Values are calculated. The VIF and tolerance values were consistently found to be less than ten and one, respectively. (See Table 5 in the appendix) This is clear from the mean VIFs of 1.75, 1.26, and 1.35 for the combined, bank, and insurance data sets, which are all less than ten, suggesting the absence of multicollinearity. The chi-square values for the pooled, bank, and insurance data sets are 200.17, 4.95, and 34.70, respectively, according to the heteroscedasticity test results. These values are significant at 5%, suggesting that heteroscedasticity occurs in all three regressions. As a result, the interpretation of Ordinary Least Squares (OLS) is inapplicable since it does not satisfy the assumptions of OLS. To fix this, the robust standard error was calculated, and the error term's normality was checked. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 96 Regression Analysis Table 4 displays the regression results for the dependent variable (MPPS) and the study's independent variables (EPS, BVPS and OCF). The discussion is followed by an examination of the relationship and effect between the study's independent and dependent variables, as well as a cumulative comparison. Research Model MPPSit = β0 + β1𝐵𝑉𝑃𝑆𝑖𝑡 + β2EPSit + β3DPSit + β4𝑂CFit + εit (1) The fixed effect model is therefore stated as follows for pooled data: MPPSit= 4.4031-0.4967BVPSit-0.1811EPSit + 10.21DPSit+ 0.0326OCFit+εit Table 4 Summary of Fixed Effect Regression Result According to the results in table 4, R2 (within) for the pooled data is 0.38, indicating that the proportion of the overall variance in the dependent variable are jointly described by the independent variables is 0.38. As a result, the information quality of accounting numbers accounts for 38% of the overall differences in MPPS of listed group financial service companies in Nigeria. Furthermore, the F-stat of 14.91, which is significant at 1%, shows that the study's model is well suited and the independent variables are appropriately chosen, grouped, and used. For the bank data set, the fixed effect model is as follows: MPPSit= 5.1242-0.7379BVPSit-0.0663EPSit + 10.4956DPSit+ 0.0148OCFit+εit Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 97 According to the results in table 5, R2 for banks is 0.36, indicating that the independent variables collectively decide a proportion of the overall variance in the dependent variable. As a result, the relevance of accounting information accounts for 36% of the overall differences in MPPS of listed community deposit money banks in Nigeria. Also, the F-stat of 56.49 which is significant 1 percent signifying that the model of the study is well fitted and the independent variables are correctly selected, combined and used. The p-value for the above model of 0.0000 which is significant at 1% provides evidence for rejecting the null hypothesis one which states that the value relevance of accounting information for listed group financial service firms in Nigeria is not significant. For the insurance firm data set, the fixed effect model is as follows: MPPSit= 5.1242-0.7379BVPSit-0.0663EPSit + 10.4956DPSit+ 0.0148OCFit+εit Table 5 Summary of Fixed Effect Regression Result From the result in table 5, R2 is 0.13 for the insurance companies which shows the portion of the total variation in the dependent variable determined by the independent variables jointly. Hence, signifying 13 percent of the total variations in MPPS of listed group insurance companies in Nigeria is as a result of the value relevance of accounting information. Also, the F-stat of 2.17 which is significant Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 98 10 percent signifying that the model of the study is well fitted and the independent variables are correctly selected, combined and used. However, the R2 of 0.39 and 0.13 for deposit money banks and insurance companies respectively show that accounting information for DMBs have more information content than that of insurance companies in Nigeria. Since the banks information explain about 26 percent more, the variation in MPPS. This in addition to the p-values of 0.0000 and 0.0832 for banks and insurance companies respectively provides evidence for rejecting the null hypotheses which states that there is no significant difference between the value relevance of listed banks and other financial service firms in Nigeria. 5. Conclusion and Recommendations The study compared the value relevance of book value per share, earnings per share, dividend per share and operating cash flow per share for listed group financial service firms in Nigeria. The analysis is carried out by implementing three regression models based on modified Ohlson's model. The study revealed that accounting information for listed group financial service firms in Nigeria are relevant. Also, the paper reveals the superiority of the relevance of accounting information of group listed banks over insurance companies in Nigeria while concluding that the information quality of listed group banks is considerably more than that of the insurance companies in Nigeria. Consequently, the paper suggests that of listed financial service firms ought to reinforce their activities to boost incomes and productivity to improve the value relevance of earnings per share. Similarly, more effort should be made to record book values that are similar to market values, since book values are expected to reflect a fair approximation of accounting statistics based on IFRS. Furthermore, dividend strategy should be designed in such a way that it favourably impacts the equity of shareholders. Moreover, the management of publicly traded financial services companies should boost their operations in order to improve their operating cash flows from operations. Since cash flows per share measures the amount of cash in sales without taking into account all forms of cash flows, it more accurately reflects the company's long-term core operations. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 99 References Adeyemo, K.A., Ajibolade, S.O., Uwuigbe, U. & Uwuigbe, O.R. (2017). Mandatory adoption of International Financial Reporting Standard (IFRS) by Nigerian listed banks: Any implication for value relevance? 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