THE IMPACT OF CORPORATE FINANNCIAL SCANDAL ON FIRMS PROFITABILITY
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TITLE PAGE
THE IMPACT OF CORPORATE FINANNCIAL SCANDAL ON FIRMS PROFITABILITY
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the impact of corporate finanncial scandal on firms profitability" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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Access to sustainable microfinance services enables owners of micro-enterprises to increase income level in the economy, create employment opportunities and reduce their vulnerability to external shocks. It also enable poor household to move from by struggle for survival to planning for the future investing in better nutrition and empowering them socially.
The Research work is therefore aimed at evaluating the micro enterprises access to micro credit in which a research design instrument (Questionnaires) was give out to some micro enterprises in a stratified sampling area to collect the relevant information needed for proper presentation and analysis.
Pearson coefficient of correlation(r) shows a strong relationship between having awareness of microfinance services and having access to micro credit, as one of the micro finance service by the micro enterprises and those that have access to micro credits even though all the micro enterprises were aware of it but not all of them have access to it due to some reasons.
TABLE OF CONTENT
Title page
Certification
Dedication
Aknoledgement
Abstract
CHAPTER ONE:
INTRODUCTION
1, 0 Introduction
- Statement of problems
- Research objectives
- Research question
- Research hypothesis
- Significance of the study
- Scope and limitation of study
- Historical background of study
- Definition of terms
CHAPTER TWO:
LITERATURE REVIEW
2.1 Introduction
2.2.1 Definition of financial statement of fraud
2.2 Types of financial statement fraud sheme
2.2.1 Fictitious revenue
2.2.2 Timing Difference
2.2.3 Improper assets valuation
2.2.4 Concealed liabilities and expences
2.2.5 Improper and / or ineadequate disclosure
2.3 Indicator to financial statement scandal/fraud
2.4 Tools to detect fraudulent financial statement the financial statement Analysis.
2.4.1 Vertical analysis
2.4.2 Horizontal analysis
2.4.3 Ratios
2.4.3.1 Sales growth index (S G I)
2.4.3.2 Gross marginal index (G M I)
2.4.3.3 Asset Quality Index (A Q I )
2.4.3.4 Days Sales Receivable Index (D S R I )
2.4.3.5 Sales, General and Administrative Expenses Index
2.5 Ratio analysis and financial statement
2.6 Significance of ratio analysis
2.7 Limitations of ratio analysis
2.8 Classifications of ratio
CHAPTER THREE:
RESEARCH METODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Research population/sampling
3.4 Sample size
3.5 Sampling techniques
3.6 Sources of data collection
3.6.1 Primary source
3.6.2 Secondary source
3.7 Data analysis techniques
3.8 Constraints in data collection
CHAPTER FOUR:
DATA ANALYSIS AND INTERPRETATION
4.1 Introduction
4.2 Respondents characteristics and classification
4.3 Data presentation and analysis
4.3.1 Analysis of respondents Bio-data
4.3.2 Analysis of Individual statement
4.4 Testing of hypothesis
CHAPTER FIVE:
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings
5.2 Conclusion
5.3 Recommendation
CHAPTER ONE
1.0 INTRODUCTION
Thus, this study is intended to examine the effects of financial misstatement or scandals on firm‘s profitability. The study will also cover the control and precautions to financial scandal. The study also examine how best to handle scandals to ensure efficiency and effectiveness of firms.
The practice of manipulating the financial statement to bolster company’s position is not new
According to the Association of Certified Fraud Examiners (ACFE) fraud is the deliberate misrepresentation of the financial position of an enterprise, accomplished through the intentional misstatement or omission of amounts or disclosures in the financial statement to deceive financial statement users. Also, financial scandals are fraud called misrepresentation of facts, and its key elements are: -
i. A material false statement
ii. Knowledge of its falsity
iii Reliance on the false statement by the victim, and
iv Damage suffered by victim
Financial scandals meet the above criteria. The financial scandal is false because of the degree of manipulation to present a ‘picture’ that is grossly different from the truth. Those behind it, the top management know it is false, but want users (banks investors, public) to rely on it, and there is high risk of financial loss to those who invest in money losing ventures
- STATEMENT OF PROBLEM
The major problem of financial scandals is its adverse effect on the firm’s profitability and the detriments it holds on the firm’s reputation.
However, this is evident in the findings carried out on First Bank Nigeria Plc and its directors in the financial decisions of the firm’s financial misstatement carried out by the Securities and Exchange Commission (SEC).
- RESEARCH OBJECTIVES
The main objectives of this proposed research shall be:
- To examine the effects of corporate financial statement fraud on firm’s profitability.
- To identify reason(s) why such falsification is largely perpetrated by management
- To examine how perpetrated scandals are designed to benefit the organization
- To find out how financial fraud affects the organization generally.
- RESEARCH QUESTIONS
For the purpose of this research work, the following research questions will be dealt with.
1 Is there any significant relationship between financial scandals and firm’s profitability?
2. Has the falsification of financial statement improved the volume of investors?
3. is there any significant relationship between financial scandals and investor’s turnover?
4. Are financial scandals aided by the management to the firm’s benefits?
1.4 RESEARCH HYPOTHESIS
The under listed points are turned into assumptions and in the cause of this research work shall form the field work.
Hypothesis: H0 - Null Hypothesis
Hi - Alternative Hypothesis
1. H0: Corporate financial scandals have no relationship with firms’ profitability
Hi: There is a relationship between corporate financial scandals and firms profitability.
2. Ho: Corporate financial scandals are not aided by management.
H1: Most corporate financial scandals are management aided
3. Ho: Financial scandal does not affect the overall performance of the firm
H1: Financial scandals will always affect the overall performance of the firm
4. H0: Corporate financial misstatement would not lead to high risk of financial loss to investors
H1: corporate financial misstatement would lead to high risk of financial loss to investors
- SIGNIFICANCE OF THE STUDY
“The effects of corporate financial scandals on firm’s profitability” as a subject of study is a research study that worth it in all aspects of time wasted in carrying out the work.
The beneficiaries of this study are traceable to owners of the business, the stakeholders, banks, investors and the government. Thus this work is based on the following premise:
I.To looks at the reasons why management opts to end fraud.
ii To look at the essence of an auditor in the prevention of fraud in an organization.
iii. To show the true picture of the organization to interested investors who will like to invest their monies in such.
- SCOPE AND LIMITATION OF STUDY
This study is intended to examine the effects of financial misstatement or scandals on firm‘s profitability. The study will also cover the control and precautions to financial scandal. The study shall also examine how best to handle scandals to ensure efficiency and effectiveness of firms.
However, the major constraints of this project work are non availability of sufficient time and material resources required for a more in-depth research from authorities of Cadbury Nigeria plc. In spite of all these constraints, an attempt has been made to maximize the available resources.
1.7 HISTORICAL BACKGROUND OF STUDY
Cadbury Nigeria Plc, an associate of Cadbury Schweppes - the global leader in the confectionary market, has its history dates back to the 50s. The company began as an offshore of Cadbury Fry Export Limited by a British company.
In 1960, the company began with small packing operation and grew very rapidly to a point where the factory was then built. In effect, Cadbury Nigeria was formally incorporated in January 1965 and thereafter took over the control of all Cadbury Fry (export) limited assets and activities in Nigeria.
Cadbury Nigeria went public in 1976, when more of its shares were sold to the public. Cadbury Schweppes holds 46% and many Nigerians own the remaining 53.7%.
Currently, the company has over 54,000 share holders in her register. Also, the company‘s business is in three major parts; The confectionary - mostly sugar confectionary, the food drinks and food seasoning with an array of 22 popular brands in its portfolio not minding that it started with only two products.
1.8 DEFINITIONS OF TERMS
In cause of this research work, the under listed are common terms used.
1. FRAUD
An act of deception deliberately practiced to gain unlawful or unfair advantage, such deception being directed to the detriment of another.
2. PROFIT
An excess of revenue over associated expenses for an activity or over a period. It is the surplus of revenue inflow over expenditure out flow on related transactions
3. FINANCIAL STATEMENTS
These are balance sheet, profit or loss accounts statement of sources and applications of funds, notes and other statements which collectively are intended to show a true and fair view of financial position.
4. RATIO
An index that relates two numbers usually by dividing one number by the other
5. BALANCE SHEET
This is a firms’ statement of assets and liabilities.
6 INCOME STATEMENT
Is a record of a company’s receipt and payment.
7 ASSETS
These are properties on money which is used to finance a business.
8 LIABILITIES
These are obligations owed to be fulfilled or money borrowed in order to finance the business
9 INVESTORS
These are individuals or financial institutions that invests in a business concern
10 REVENUE
Is the totality of income generated by a business concern from varying sources?
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CHAPTER THREE: The complete chapter three of "the impact of corporate finanncial scandal on firms profitability" is available. Order full work to download. Chapter three of "the impact of corporate finanncial scandal on firms profitability" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "the impact of corporate finanncial scandal on firms profitability" is available. Order full work to download. Chapter four of "the impact of corporate finanncial scandal on firms profitability" consists of all the test conducted during the work and the result gotten after the whole work
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