Corporate governance (CG) is now one of the key concepts that businesses use to accomplish a variety of managerial goals. It might be argued that excellent governance produces a well-built business sector, which has a multiplier effect on economic growth [1]. The United States, Australia, the United Kingdom and Japan, among other developed nations, have been the focus of research on the relationship between corporate governance and the value relevance of accounting information. Studies have shown that there are considerable agency issues between the agents and principals of the firms in the majority of developed nations. In developing nations like Nigeria, a small number of people possess the majority of a company's stock. As a result, ownership and control are held by a small group of linked people who own more than 50% of the shares of the companies in question (friends, associates and family members). This issue demonstrates how crucial it is to comprehend the significance and relevance of accounting information in relation to the established corporate governance framework.

Despite this, interest in the notion of CG in the general corporate discussion has grown over time due to the expansion in industrialization around the world, including Nigeria, as well as the inflow of cross-border investments. Even if it is impossible to live in a community that is completely free of crime, it is crucial to establish clear ground rules. This explains why CG has become essential to organizations, particularly given that they are now charged with the task of generating sustainable shareholder value by ensuring good corporate governance practices and that business principles and dispositions are morally righteous, legitimate and open. Increasing the value of the data that businesses report to shareholders is one approach to do this.

Therefore, it is anticipated that effective CG processes will guarantee that the board and management, acting in the firm's and every shareholder's best interests, deliver sufficient accounting data to the ultimate users [2]. In reality, there doesn't seem to be any significant or recent empirical data from developing nations like Nigeria to support any inferred link between the value of accounting information and the systems of governance currently in place in firms, particularly in light of the country's recent corporate governance codes. In light of this, some problems arise, such as how effective corporate governance systems and practices, as outlined in the Governance Code of 2020, might increase the credibility of accounting information and make it more relevant to shareholders and other important users.

The motivation for this study comes from evidence from earlier arguments in studies from developing economies, which show that the relationship between CG and value relevance of accounting data may differ between developed and developing countries due to distinct regulatory structures, business environments and corporate ownership structures. Therefore, we speculate that:

• HO: Corporate governance systems does not exert significant influence on the value relevance of accounting information.

This study sets itself apart from earlier studies done in Nigeria since it will not only satisfy the demands of managers or scholars but will also offer insightful information to regulatory agencies on matters pertaining to the evaluation and restructuring of corporate governance systems.

The Concept of Corporate Governance (CG)

The topic of corporate governance has continued to be a focus in the majority of corporate concerns, reflecting the nature of contemporary organizations where ownership (by the shareholders) and control (by the board) are distinct. The requirement for an efficient corporate governance structure has been supported by empirical research over the years. Consequently, there have been numerous interpretations on the idea of "Corporate Governance" [2-6]. These explanations and definitions envision corporate governance as sets of rules and guidelines that serve as a foundation for setting and managing business goals. 

It is noteworthy that the research by Onuorah and Imene [4], cited Tudorescu, Zaharia and Zaharia [7], which defines corporate governance as an established structure used by organizations to manage, direct and oversee their activities with the aim of maximizing shareholder value. Furthermore, Onuorah and Imene [4] looked at the concept of corporate governance with a wider perspective, thus defined corporate governance as the set of structures, procedures, conventions, norms, regulations and practices that dictate how owners' resources are used or controlled in a firm in order to protect the interests of the owners.

These frameworks, procedures, norms, policies, legislation and processes, according to Anderson, Mansi and Reeb [8], determine how a corporation is governed, direct the self-seeking and possible duplicitous tendencies of directors, as well as protect the interests of the owners and as a result, require some costs (agency costs) to uphold them. Demaki [9], who underlined that corporate governance is an institutionalized system that regulates the extremes of controlling executives, clarified this viewpoint. In fact, the main goal of corporate governance is to make sure that the company is run effectively and that investors get a reasonable return [6,10].

Concept of Value Relevance

Financial reporting's goal is to provide high-quality accounting information that helps creditors, current and potential investors and major users make informed decisions about investments, loans and other matters [1]. Users of financial reports are supposed to be able to evaluate the size, timeliness and uncertainty of potential cash receipts. In the economic cycle, financial information is crucial, hence, Whelan [11], maintained that financial data are important for facilitating capital flow from overseas investors and demonstrating management's stewardship of the resources entrusted to them.

Given the associated complexities in today’s business world [12], investors, potential shareholders, creditors and other users rely heavily on financial reporting to assess the success of the business or even of managers. Because it is one of the measurement tools used in the decision-making process, financial reporting should be pertinent. Since accounting information is reflected in the price of the company's shares, the value relevance approach, according to Cornett, McNutt and Tehranian [13], measures the relevance of the information. Earnings as a variable is judged to be value relevant, according to Dabor and Adeyemi [14], when it has statistical relationship with the stock price, which also indicates firm value. We can infer from these findings that value relevance shows how well earnings information may correspond to the information that users use to value the firm. The ability to describe the worth of a firm through share price, earnings, or other measures is the essence of an accounting report's value relevance. In order to investigate the empirical relationship between share prices and other accounting figures, value relevance is focused on this [15]. The value relevance study was created to establish the benefit of accounting values in regard to the valuation of a company's equity. The ability of accounting information to summarize company and related activities is a key indicator of its value relevance.

Corporate governance practices are thought to minimize management's opportunistic pursuit of profits, which logically results in the creation of accounting data that is more trustworthy and pertinent to outsiders. Therefore, this study investigates how corporate governance affects earnings, being an indicant of assessing the usefulness of accounting information in Nigeria.

Theoretical Framework

Agency theory

According to the traditional organizational perspective, there may be inherent conflict if business management and investors are kept apart. Managers are clearly mandated to behave in the interests of investors through corporate governance systems. A few control mechanisms are involved. These control mechanisms include both internal and external mechanisms, including managerial incentive plans, director oversight and internal labor markets, as well as external mechanisms like external shareholder or debt holder oversight, the market for corporate control, competition in the product market, external bureaucratic labor markets and stock option laws that shield outside investors from expropriation by corporate insiders [16]. According to Ayadi and Boujelbène [17], financial information is the subject of corporate accounting and external reporting systems that provide solutions to numerous internal issues as well as publicly disclose audited, quantitative data regarding the financial position and performance of publicly held companies.

In addition to giving direct input to corporate control mechanisms, economic accounting systems also indirectly contribute to those processes by supplying the knowledge that is reflected in stock prices.

Given the aforesaid, we consider as appropriate, the agency theory given the main focus of this study which examines how corporate governance affects the value relevance of earnings (EPS) reported by companies based on firm-year financial records prepared by companies’ management (agents) and presented to different shareholders (principals).

Empirical Review

The study of Hussain and Hussain [18] provides evidence on Malaysia's board of directors' characteristics’ disclosures as it concerns the value of companies’ financial data. Panel data from 270 businesses for three years (2007–2009) were used. The size, shareholdings and number of independent non-executive directors on the board and the dual role of the Chief Executive Officer (CEO) and gender diversity, were examined. Findings suggest that directors’ shareholdings greatly increase the value relevance of companies’ financial data, but CEO duality had a considerable negative impact, while the presence of women on the board had no statistically significant impact.

Ayadi and Boujelbène [17] assessed whether factors relating to the board composition, such as board independence, board size, board meetings and directors' interests, may enhance the firm's performance and value relevance. To find this match, the authors examined a sizable sample of 495 businesses and information from their financial reports. Conclusions were that, despite the fact that directors' interests are irrelevant in this circumstance, strong governance practices such as reasonable board independence and board size significantly increase the value relevance of accounting information.

Usman, Amran and Shaari [19], examined empirically the impact of various mechanisms of CG on the valuation of income reporting (comprehensive income) in Nigeria. This analysis was done utilizing a sizable sample of 117 publicly traded companies throughout a 5-year study period that ended in 2014. Discovery was that comprehensive income was highly priced especially for firms with stronger governance mechanisms. Impliedly, the mechanisms of corporate governance positively influence investors’ pricing of corporations; thereby mitigating reliability concerns which may be associated in practical terms with fair value earnings.

A sample of 169 publicly traded companies from the years 2002 to 2007 were utilized by Ntim, Opong and Danbolt [1], to illustrate the relative value relevance of stakeholder vs. shareholder corporate governance disclosure in South Africa. The main focus of this study was on variables including board composition, audit quality and directors' stock ownership. Indication is that, with the exception of board meetings, which showed positive but negligible results, the aforementioned effective corporate governance practices on both shareholders and stakeholder’s effects positively and considerably on the value relevance of accounting data reported by South African companies.

The effect of corporate governance on the value relevance of quoted enterprises was examined by Holtz and Neto [20]. Indicators of board governance, such as board independence, foreign ownership, board ownership and board meetings, were employed in the study. To accomplish this, the authors utilized an OLS model to estimate the regression with already derived data from the annual reports of chosen companies. The investigation's findings revealed a strong inverse relationship between board ownership and the value relevance of accounting information. However, it was shown that board meetings, foreign ownership and board independence all had a positive and significant impact on value relevance as measured by net asset value.

By analyzing how Finnish listed companies' value relevance was impacted by CG mechanisms, Jarva and Lantos [21] provide empirical support for their claims using indicators of board characteristics like size, independence and meetings along with additional variables including audit quality and ownership structure. The result proved that the independence of boards and the ownership structure of enterprises have a considerable impact on the value relevance reports issued by listed corporations in Finland.

Bahri-Sales et al. [16] examined the differences between the boards of directors for wealthy and struggling companies during the epidemic. Companies listed on the Tehran Stock Exchange were used in this analysis. Emphasis was placed on CG metrics such board size, independence, board meetings and the time between external audits. The researcher found that the number of directors on the board has a positive and substantial correlation with the real value of reported EPS over time after interpreting the results. The quantity of directors was positively correlated with the number of meetings. 

Ikram [22] conducted study on Pakistan's corporate governance structure and its overall importance and usefulness to accounting information. Corporate governance (size, independence and shareholdings of the board) recorded reasonable influence on the relevance of companies’ accounting information.

Any research project can use one of several research designs. Nevertheless, the type of study being conducted and the researcher's goals are major factors in determining the design that will be used. The ex-post facto research design was chosen since this study is prepared to investigate the relationship between company governance and the value relevance of accounting information. This design is thought to be acceptable since it enables researchers to collectsecondary data that is already available, eliminating any possibility of data manipulation and reducing any potential for researcher bias in producing reliable results. 

Table 1: Variables’ Description

Source: Researchers’ Compilation, 2022.

Population and Sample

All the 107 companies listed as of December 31, 2021 on the floor of the Nigerian Exchange Group (NGX) other than those in the financial services industry make up the study's population. Based on the purposive sampling framework adopted, only 67 companies qualified for inclusion and were thus sampled for this research undertaking.

Model Specification

Our test of hypothesis is based the specified model in the following equations:

Earnings                =              ƒ (Corporate Governance)   eq.1a

EPSit  = β0 + β1BSHit + β2BINit + β3BSZit + β4BDLit + β5GOWSit + β6Mcapit + εt…. eq.1b

Where: 

i               =              firm variant of data (i.e. firm i)

t               =              time dimension of data (i.e. year t).

β0           =              Constant which sums up the approximate value of Y when the value of X = 0.

β1… β6  =              Regressors of the independent variables

ε              =              Error Term

Descriptive Statistics

Table 2 provides a summary of the descriptive statistics for our study's variables. The independent variables evaluating corporate governance are Board Shareholding (BSH), Independence (BIN), Size (BSZ), Diligence (BDL) and Ownership Structure, whereas the dependent variable demonstrating value relevance is Earnings Per Share (EPS). Market capitalization served as a control variable in this study and was employed as a gauge of the relative size of the examined enterprises. Based on the results reported, we observe that a total of 670 observations were examined. This is due to the fact that 67 companies' data were collected, processed and studied for this study (10 years period), which shows that the panel variables were strongly balanced. Remember that executing a panel unit root test requires firmly balanced panel data as a prerequisite.

In spite of the aforementioned, Table 2 also reveal that EPS had a mean score of 1.4436 and a matching standard deviation of 4.1795, with estimates ranging from -12.8 to 43.58.

After looking more closely at the data in Table 2, we saw that BSH had a mean score of 18.5859 and a standard deviation of 24.0037 for the independent variables. The seeming huge standard deviation, with values ranging from 0 to 94.35, may have been caused by the notable variance in shareholding among firms. Additionally, the average values for BIN, BSZ, BDL and GOWS were 68.5902, 8.8299, 4.6179 and 0.5194, with standard deviations of 13.9125, 2.5735, 1.2141 and 2.2355, respectively. BIN had a minimum and highest value of 16.67 and 93.33, whereas BSZ had a minimum and maximum value of 4 and 18, respectively.

It should be noted that BDL scores for all firms ranged from 0 to 10, with 10 serving as the highest score. Since standard deviations (Std.Dev.) are metrics indicating perceived level of dataset variability, when high values are recorded for standard deviations, it is implied that there may be indications that the data collected for the variables have significantly deviated from the corresponding average value, indicating that the data might not be normally distributed. When the data are not symmetrically distributed, it may not be possible to rely on the OLS regression estimate approach for the purpose of making inference. In light of the aforementioned, additional analyses were carried out to establish the data's nature in order to advise on the ideal instrument for evaluating the study's hypotheses. The section that follows displays the test results.

Table 2: Summary Statistics

Source: Researchers’ Computation, 2022.

Table 3: Correlation Result

Source: Researchers’ Computation, 2022.

Correlation Analysis

The findings of the correlation study for all variables are shown in Table 3. Notably, only the control variable (MCAP) and one indicator of corporate governance (BSZ) exhibited a positive connection with EPS. In contrast, the correlations between EPS and BSH, BIN, BDL and GOWS were all negative, with values of -0.1032, -0.0100, -0.0191 and -0.0182 respectively. Therefore, with positive coefficients of 0.1595 for BSZ and 0.4784 for MCAP. a rise in BSZ may probably lead to an increase in the value of EPS by around 0.1595 units; while a unit increase in MCAP may also result in a 0.4784-unit increase in EPS. A rise in one unit of BSH, BIN, BDL, or GOWS, on the other hand, is likely to lead to a decline in EPS of 0.1032, 0.0100, 0.0191 and 0.0182 units, respectively.

A more thorough study of results in Table 3 shows that there were no signs of multicollinearity among pairs of the independent variables. The Pearson Correlation (Pearson R) between independent variable pairs, which was discovered to range from -0.1839 to 0.4931, serves as an excellent example of this. Among the independent variables, the Pearson R between BSH and MCAP had the lowest (-0.1839), whereas the Pearson R between BSZ and MCAP had the largest (0.4931). According to Odjaremu and Jeroh [25], the independent variables included in this analysis do not show any signs of multicollinearity because no pair of independent variables had a Pearson R close to or around 0.80 and higher. To substantiate this assertion, additional diagnostic tests were conducted on the variables.

Other Diagnostic Tests

Additional diagnostic tests were run on the data after all the variables' data had been collected. In particular, tests for multicollinearity and heteroskedasticity were conducted as part of this investigation. These tests were required to confirm the models' suitability for the purposes of this investigation. The sections and tables below display the findings of the pertinent diagnostic tests conducted during the course of this investigation. The results of the tests for heteroscedasticity and multicollinearity are shown in Tables 4 and 5, respectively.

Result of Multicolinearity Test Using Variance Inflation Factor (VIF)

The outcomes of the multicollinearity test for the independent variables are shown in this section. The results of the Variance Inflation Factor (VIF) test, which was used to establish whether multicollinearity existed, are shown below.

Table 4 provides evidence that the independent variable's VIF range did not go beyond the maximum threshold. As can be observed, the VIF scores ranged from 1.40 (for MCAP) to 1.04. (for GOWS). The independent variables' mean VIF of 1.17 indicates that they are not multicollinear. This outcome emphasizes the relevance of the models used in this study even more.

Table 4. VIF Results for Independent Variables 

Mean VIF                                                                                                  1.17

Source: Researchers’ Computation, 2022.

Table 5. Result for Heteroskedasticity Test 

 Source: Researchers’ Computation, 2022.

Result of the Test of Heteroskedasticity

The Breusch-Pagan/Cook Weisberg Analysis was used to further test the study's data for heteroskedasticity and the results are reported in Table 5. They further lend credence to claims about the models' fitness made by the VIF test that was previously presented.

The results of the test used to determine if heteroscedasticity existed among the variables under consideration in this investigation are shown in Table 5. The chi2(1) value of the fitted values for the variables is 339.61 and the beta value (p-value) is 0.0000. The lack of consistent variance in the data suggests that relying on the OLS regression approach may be misleading even though the data do not exhibit any indications of multicollinearity. As a result of this finding, the Robust Regression Technique was deemed to be the best suitable method for assessing the study's premise. This finding supports the preceding trend that was shown by the descriptive statistics result. Therefore, a panel unit root test was conducted to establish the stationarity of the data for all variables in order to guarantee the validity of the robust regression's findings. The following part is a presentation of the outcome in this respect.

Panel Unit Root Test

Researchers have been encouraged to run panel unit root tests on the data for each variable to assess the order of integration among the variables in panel studies. As a result, it will be easier to determine whether or not the panel data generated for the study are stationary. In light of the aforementioned, this study tested for panel unit root using the Hadri-LM test for stationarity on the panel data collected for all variables. Table 6 displays the outcomes of the panel unit root test.

The Hadri-LM test results, which are shown in Table 6, show that the variables are integrated at levels and that the panel data used in this inquiry is stationary at levels. In light of findings from earlier studies, the Hadri LM test is appropriate for panel unit root testing, particularly when panel data for the specified variables have been gathered for a brief amount of time "T," in this case, 10 years. Notably, any particular regression model's co-integrating correlations may only be evaluated if the data are stationary. Therefore, the aforementioned elements support our choice to use the LM test.

Table 6. Hadri-LM Test for Unit-Root

Note: *significant at < 1% levels.

Source: Researchers’ Computation, 2022.

Table 6 also revealed the statistics for EPS, BSH, BIN, BSZ, BDL, GOWS and MCAP, with corresponding p-values of 0.0000, 0.0000, 0.0000, 0.0000, 0.0000 and 0.0000. The statistics for EPS, BSH, BIN, BSZ, BDL and MCAP were also 5.7177, 17.4194, 13,7381, 11.9156, 8.0975, 17.7484, These results show both the validity of the option to test our hypotheses using robust regression as well as the fitness of the models employed to test the study's hypothesis.

Table 7: Robust Regression Output for Hypothesis Testing

Source: Researchers’ Computation, 2022.

Test of Hypothesis

The results of this study's test of hypotheses are shown in Table 7 which includes MCAP as a control variable and the estimated association between corporate governance (BSH, BIN, BSZ, BDL and GOWS) and the value relevance of accounting information as determined by EPS.

A careful review of the data reveals that, with the exception of the control variable (MCAP), all the predictors (BSH, BIN, BSZ, BDL, GOWS) had negative coefficients that were roughly -0.0045, -0.0012, -0.0132, -0.0384, -0.0178 and 0.6377 correspondingly. This shows that the explanatory variable, corporate governance and EPS have a bad relationship. Based on the Fstat results, we argue that corporate governance has a big impact on how valuable and relevant accounting information (EPS) of Nigerian listed businesses is. It should be noted that the reported standard errors were rather small. It is crucial to keep in mind that standard errors in regression analysis demonstrate the degree of dependability and accuracy of the provided models. A high level of precision in the model estimations may be seen from the low standard errors. It is sufficient to declare that the predictions and estimations provided by the model used in testing hypothesis obtained accuracy levels that were above 95% in all situations, indicating a high level of reliability, given that the standard errors obtained were quite low for all the variables.

Based on the aforementioned findings, we have decided to reject the null hypothesis that corporate governance has no discernible impact on the value relevance of accounting information because the computed Fstat is 55.93 and the corresponding p-value is 0.0000. We infer from this that company governance significantly affects the usefulness and applicability of accounting information in the Nigerian context.

Our finding supports the claims made in other studies [3,18,22-24]. However, the significance of corporate governance, which is supported by this result, demonstrates why corporate firms in Nigeria are now charged with the duty of generating sustainable shareholder value by ensuring good corporate governance practices and making sure that business principles and dispositions are morally righteous, legitimate and open. The value of information that firms report to shareholders can be increased, as has been suggested in earlier research, as one method of achieving this.

Recent business and accounting scholarship has been drawn to the idea of corporate governance and the importance of accounting information. Businesses have undoubtedly been perceived as commercial or industrial enterprises that consciously engage in economic activities, keeping in mind that how they are governed, controlled and managed has a significant impact on their overall well-being and may encourage the creation of strategies that will further entice investors. The value of the financial data produced by businesses has been questioned in light of records of corporate failure and growing mistrust of top management personnel who have occasionally engaged in acts of earnings manipulation.

Our review of the relevant literature confirmed that not much of Nigerian works have focused specifically on investigating more closely and establishing whether specific corporate governance metrics, such as board shareholdings, size, diligence, ownership structure and board independence, may likely influence the value of a company.

This study investigates the posited relationship between relevant corporate governance criteria and the value relevance of accounting information by using market capitalization as a control variable. The results of the test of hypotheses, however, demonstrated that corporate governance practices had a considerable impact on the value relevance of accounting information in Nigeria, notwithstanding alleged instances of a relatively low level of compliance with prescribed governance regulations. In light of these, we suggest that:

Businesses must take care to closely monitor the shareholding distribution of their shareholders.

Regulatory agencies should make conscious efforts to improve corporate governance standards among businesses in Nigeria.

Regulatory bodies must continue to emphasize the imperatives of compliance to minimum standards by companies especially on matters relating to board size and diligence, as this study notes that, to date, some companies' Boards are irregular in their meetings, thereby undermining the presumed independent oversight of such corporate Boards.

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