Browsing by Author "Ojeka Stephen A."

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Chief financial officer roles and enterprise risk management: An empirical based study
(Heliyon, 2019) Ojeka Stephen A.; Adegboye Alex; Adegboye Kofo; Alabi Oluwaseyi; Afolabi Mosinmileoluwa; Iyoha Francis
This study investigates the influence of CFO roles on the implementation of ERM initiatives in a sample of Nigerian financial institutions (between 2013-2017). We develop three distinct factors representing the CFO roles namely CFO power, CFO experience and CFO knowledge using principal component factoring. Like prior work, we measure ERM components simultaneously to capture the extent of sophisticated ERM system. Our findings pose that the CFO involvement in ERM implementation remains minimal while the CRO is solely responsible for ERM implementation, which could undermine cost-benefit effectiveness. Our empirical evidence reports that the sophisticated ERM only promote the market evaluation while the accounting performance is undermined. The result then contravenes the expectation that effective ERM enhances accounting performance by mitigating risk exposure. While the sophisticated ERM is significantly positive with leverage, which reveals that ERM implementation does not necessarily reduce the firm risk. This indicates that the ERM implementation remains ineffective to mitigate risks, where the CFO involvement in the ERM initiative is limited. We then advocate that CFOs should be allowed to contribute strongly on some specific aspects of ERM initiatives namely identification and analysis of key risk indicators, the financial implication of risks and integration of ERM into traditional finance activities.
Chief financial officer roles and enterprise risk management: An empirical based study
(Heliyon, 2019) Ojeka Stephen A.; Adegboye Alex; Adegboye Kofo; Alabi Oluwaseyi; Afolabi Mosinmileoluwa; Iyoha Francis
This study investigates the influence of CFO roles on the implementation of ERM initiatives in a sample of Nigerian financial institutions (between 2013-2017). We develop three distinct factors representing the CFO roles namely CFO power, CFO experience and CFO knowledge using principal component factoring. Like prior work, we measure ERM components simultaneously to capture the extent of sophisticated ERM system. Our findings pose that the CFO involvement in ERM implementation remains minimal while the CRO is solely responsible for ERM implementation, which could undermine cost-benefit effectiveness. Our empirical evidence reports that the sophisticated ERM only promote the market evaluation while the accounting performance is undermined. The result then contravenes the expectation that effective ERM enhances accounting performance by mitigating risk exposure. While the sophisticated ERM is significantly positive with leverage, which reveals that ERM implementation does not necessarily reduce the firm risk. This indicates that the ERM implementation remains ineffective to mitigate risks, where the CFO involvement in the ERM initiative is limited. We then advocate that CFOs should be allowed to contribute strongly on some specific aspects of ERM initiatives namely identification and analysis of key risk indicators, the financial implication of risks and integration of ERM into traditional finance activities.
DOES CEOs POWER MODERATE THE EFFECT OF AUDIT COMMITTEE OBJECTIVITY ON FINANCIAL REPORTING QUALITY IN THE NIGERIAN BANKING SECTOR?
(Academy of Strategic Management Journal, 2019) Ojeka Stephen A.; Fakile Fakile; Iyoha Francis O.; Adegboye Alex; Olokoyo Felicia
This study empirically examined the impact of audit committee objectivity (contingent on CEO Power) on the quality of financial reporting in the Nigerian Banking Sector. The study adopted a survey research approach and secondary data extracted from financial statement. The OLS and LSDV analysis were used to investigate the impact of Audit Committee objectivity on the quality of financial reporting with or without CEO power and influence. The findings showed, that, while audit committee independence impact positively on the relevance and reliability of financial report, the same cannot be said when there was CEO power. CEO power in the audit committee mitigated the benefits of independence and caused its overall effects on financial reporting quality of no significant in terms of relevance and reliability. The study therefore recommended that having a majority of independent directors would increase the quality of board oversight, lessen the possibility of damaging conflicts of interest and helps to repose inventors’ confidence especially foreign investors that would invariably draft in FDI. This will align boards’ decisions with the interests of shareholders they represent. This will reduce significantly the ability of the CEO overbearing influence on the committee activities in ensuring financial reporting quality.
Driving information communication technology for tax revenue mobilization in Sub-Saharan Africa
(Telecommunications Policy Volume 46, Issue 7, 2022) Adegboye Alex; Uwuigbe U.; Ojeka Stephen A.; Uwuigbe Olubukunola; Dahunsi Olajide; Adegboye Kofo
This study explores whether increasing Information and Technology Communication (ICT) boosts government revenue mobilization for sustainable development in 48 Sub-Saharan African countries from 2004 to 2020. While total tax revenue non-resource as a percentage of GDP and tax revenue as a percentage of GDP are used to proxy for tax revenue mobilization, three ICT measures are used, namely; the telephone penetration rate, the mobile phone penetration rate and internet penetration rate. To perform the analysis, we adopt the Generalized Method of Moments (GMM). The empirical findings are as follows. First, while the calculated net impacts are substantially positive, the corresponding marginal ICT effects utilized for calculating net effects are extremely negative. Second, an extensive study is carried out to determine complementing policy thresholds. These thresholds include: 21.959 (per 100 people) telephone penetration for total income from tax revenue; 16.333 (per 100 people) internet penetration for total income from tax; 21.125 internet penetration (per 100 people) for the income from the tax on non-resource income. This study has policy relevance, and implications as the penetration of the ICT rate can be influenced by policies to mobilize government revenue effectively
Economic Restrictions and Currency Performance: Evidence of African Countries
(Research Square, 2021) Adegboye Alex; Ikpefan Ochei; Ojeka Stephen A.; Adeyanju Ibukunoluwa
This study explores the impact of diverse economic restrictions on currency performance. We assess a panel dataset of 30 African countries for the period 1990–2010. Our empirical evidence is based on the fixed effect regression and the Quantile regression approach. We find that the United States, European Union, economic and intensity sanctions weaken the real exchange rates. However, we establish that the U.N. sanctions are insignificant. As for the policy implication, sanctioned countries should implement a policy that could mitigate the adverse consequences of economic restrictions on currency performance.
Taxation, democracy, and inequality in Sub-Saharan Africa: Relevant linkages for sustainable development goals
(Plitictics and Policy (Wiley)), 2025-06) Adegboye Alex; Adegboye Kofo; Uwuigbe Uwalomwa; Ojeka Stephen A.; Fasanu Eyitemi
Given that the linear linkage between taxation and income inequality remains unclear, especially in Sub-Saharan African countries, it is critical to explore how the redistribution channel of the tax system could mitigate income inequality within democratic institutions. Using the instrumental variable approach for robust analysis, this study explores the panel dataset of 42 Sub-Saharan African countries from 1996–2014. The following findings are documented. First, both unconditional linkages between taxation and democracy overwhelmingly reduce income inequality. Second, harnessing democracy with taxation has a net effect that reduces income inequality. Overall, this study establishes that a strong democratic system strengthens the tax system for an income redistribution strategy to enhance income equality. This study is relevant for the achievement of Sustainable Development Goal (SGD) 1 on poverty reduction, SDG 10 on inequality, and SDG 16 on strong institutions.
Technology penetration and human development nexus in middle-income countries: the synergy effect of inclusive resources distribution
(Information Technology for Development Volume 28, 2022 - Issue 4 (Published online), 2022) Adegboye Alex; Ojeka Stephen A.; Tolase Olawunmi; Omoremi Oluwatayo; Jude-Okeke Yvonne
This paper intends to examine how interactions between equal distribution of resources and the information and communication technology (ICT) influence inclusive human development (inequality-adjusted human development) for 81 countries from middleincome countries within the period 2005–2017. We use a double-censored Tobit regression as it accounts for the dependent variable with a limited range. It exhibits the behavior that is consistent with the method of estimation. We employ the instrumental variable (IV) for the independent variables of interest to deal with simultaneity or reverse causality due to endogeneity. In light of established findings for this study, we conclude that equal distribution of public goods such as technologies could play a critical role in promoting inclusive human development. Supplementary policy repercussions are highlighted.