EFFECT OF AUDIT FIRM SIZE ON MARKET PERFORMANCE OF INDUSTRIAL GOODS COMPANIES IN NIGERIA
P. C. IFURUEZE *
Department of Accountancy, Faculty of Management Sciences, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria.
A. S. ANICHEBE
Department of Accountancy, Faculty of Management Sciences, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria.
MBAH ALICE NKECHI
Department of Accountancy, Faculty of Management Sciences, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
This study investigated whether audit firm size of the selected industrial goods firms in Nigeria affect market performance via share prices. Market performance (MAPEF) was used as dependent variable measured using share price and audit firm size (AUDFSZ) was the independent variable measured using Big4 audit firms. The study used sample size companies of 18 quoted industrial goods firms in Nigeria. The study employed ex-post facto and descriptive research design. Secondary data were collected from annual reports of the selected industrial goods firms quoted in Nigeria exchange. The result from the study revealed that Audit firm size (AUDFSZ) has positive and significant relationship on market performance (MAPEF) of industrial goods companies in Nigeria. Based on the above findings, we recommend that emphasis on the use of Big4 audit firms should be encouraged since it has shown to have high chances of improving the market share price of industrial goods firms in Nigeria.
Keywords: Karyotypes, Audit firm size, Gastrothylax Crumenifer, market performance, Fischoederius cobboldi, share price, F. elongatus, Carmyerius trematode species