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An underexplored research in modern finance theory borders on the issue of taxes and corporate debt policy. Financial theory should be able to explain why large, profitable and heavy tax paying firms do not fully exploit the potential tax savings generated by debt. At best, partial explanations exist for debt conservative behavior. This study delves into the role of taxes on corporate borrowing in Nigeria. The population of study comprises all non-financial corporations quoted on the Nigerian Stock Exchange (NSE) for the period 1999-2014 out of which 50 companies that met the minimum data criteria were utilized. Using a combination of panel data least squares regression, the Modigliani- Miller tax benefit formula, the Miller equilibrium and the Graham simulation technique, the research documents the following findings. First, the factors that exert positive influence on corporate borrowing include firm age, financing deficit, asset intangibility and expected inflation while those factors that exert negative influence on capital structure include asset tangibility, growth, size, volatility of earnings, profitability, liquidity, dividend-paying status and uniqueness of industry. Second, the marginal tax rate exerts a negative impact on corporate debt ratios and there is weak evidence that tax considerations are crucial in capital structure choice – a position that challenges the trade-off theory. The results were, at best, mixed with respect to the portability of pecking order, target adjustment, agency and market conditions models. Asymmetric information rationalizes the aggressive debt posture of smaller, less profitable, less liquid firms with more risky intangible assets and low dividend-payers. The study recommends the use of non-debt tax shelters for corporate tax planning, government simplification of tax administration.

This paper examined the influence of dividend payments on the price of share of quoted manufacturing companies in Nigeria employing panel data with 125 data observations spanning from 2014-2018. A purposeful sampling technique was used to select twenty-five manufacturing companies investigated from the Nigerian stock market. A linear regression model was specified and was further broken down into a bivariate regression model and the method of least square regression was adopted for data analysis. The outcome of the panel regression indicated that, dividend per share has a positive influence on the price of shares of high and low geared manufacturing firms; earnings per shares positively influence the shares price of both dividend and non-dividend paying manufacturing companies; dividend yield show an adverse effect on the share price of new and old manufacturing companies; credit risk was found to positively impact share price of big manufacturing companies, but adversely affect the share price of small manufacturing companies in Nigeria. In view of the outcomes of the analysis, the study therefore recommended that a conducive and favorable business environment should be created by the government for both old and new manufacturing companies in Nigeria to thrive. Also, credit risk should be effectively and efficiently managed by small manufacturing companies in particular in order to eliminate its adverse influence on their share price.

This study examines the impact of board composition on the degree of financial reporting quality of consumer goods companies listed on the Nigerian Stock Exchange between 2016 and 2021. Samples of thirteen businesses were selected after using two filters. The study employed an ex post facto methodology, and secondary data were extracted from the population's annual reports and accounts. Regression utilising the Ordinary Least Square Model was used to test the hypotheses. An increase in the number of specialists on the board will help consumer goods companies' financial reporting because it was discovered that board expertise is essential and positively correlated with financial reporting quality.On the other hand, it was discovered that board diversity and independence were unimportant and irrelevant to the accuracy of financial reporting. The study concludes that board attributes, particularly board expertise, influence the quality of financial reporting. Accordingly, listed consumer goods firms should prioritise board expertise by increasing the number of non-executive members on the board who are knowledgeable about accounting, have professional certifications, and have a wealth of work experience to reduce management manipulations and halt fraud in the company.