45 out of 61 non-financial companies are also audited by the Big 4. With respect to industry, as illustrated in Table 4.10, all the 17 companies in the banking sector and the 7 companies in the petroleum companies are being audited by the Big 4. This reveals the Big 4 audit firms are appointed auditors of listed companies in Nigeria, especially Akintola Williams Delloite with the biggest market share of 54%. The big share is attributable to the merger of the accounting firm, Akintola Africa’s foremost Williams with KPMG Nigeria in 2003, for better and enhanced efficiency. This merger has led to the enlargement of the firm and their clientele. 4.1.2.7 Type of Industry The sampled companies are classified into nine industries by the researcher. They are agriculture, manufacturing (Automobile and Tyre, Industrial, Packaging, Textile), Banking (local and foreign) and Service (maritime, aviation, commercial, computer, hotel), Food/Health (Breweries, Food and Beverages, Health care), Building (Building materials, Chemical and Paints, Real Estate), Conglomerate, Petroleum marketing, and Insurance/Mortgage (Insurance and Mortgage). These nine industries are further classified as financial and non-financial sectors. The distribution of the sampled industries per sector is as shown in Figure 4.11 below. Of the 90 sampled companies, 29 are financial companies while 61 are non-financial companies. This reflects the ratio of the financial companies to non-financial companies at the Nigerian Stock Exchange in 2006. Table 4.11: Industries by Sector Cross-tabulation Source: Field Study (2009) 4.1.3 Normality Tests The data was examined for normality. Appendix VI reveals the non-linearity of the dependent and independent data. The Kolmogorov-Smirnov tests are shown in Table 4.12 below. Table 4.12: Tests of Normality Source: Field Study (2009) It can be seen from above, that the test is significant for all the continuous independent and dependent variables except for the factored size variable, with p >
45 out of 61 non-financial companies are also audited by the Big 4. With respect to industry, as illustrated in Table 4.10, all the 17 companies in the banking sector and the 7 companies in the petroleum companies are being audited by the Big 4. This reveals the Big 4 audit firms are appointed auditors of listed companies in Nigeria, especially Akintola Williams Delloite with the biggest market share of 54%. The big share is attributable to the merger of the Africa’s foremost accounting firm, Akintola Williams with KPMG Nigeria in 2003, for better and enhanced efficiency. This merger has led to the enlargement of the firm and their clientele. 4.1.2.7 Type of Industry The sampled companies are classified into nine industries by the researcher. They are agriculture, manufacturing (Automobile and Tyre, Industrial, Packaging, Textile), Banking (local and foreign) and Service (maritime, aviation, commercial, computer, hotel), Food/Health (Breweries, Food and Beverages, Health care), Building (Building materials, Chemical and Paints, Real Estate), Conglomerate, Petroleum marketing, and Insurance/Mortgage (Insurance and Mortgage). These nine industries are further classified as financial and non-financial sectors. The distribution of the sampled industries per sector is as shown in Figure 4.11 below. Of the 90 sampled companies, 29 are financial companies while 61 are non-financial companies. This reflects the ratio of the financial companies to non-financial companies at the Nigerian Stock Exchange in 2006. Table 4.11: Industries by Sector Cross-tabulation Source: Field Study (2009) 4.1.3 Normality Tests The data was examined for normality. Appendix VI reveals the non-linearity of the dependent and independent data. The Kolmogorov-Smirnov tests are shown in Table 4.12 below. Table 4.12: Tests of Normality Source: Field Study (2009) It can be seen from above, that the test is significant for all the continuous independent and dependent variables except for the factored size variable, with p >
ACCOUNTING_DISCLOSURES_AND_CORPORATE_ATTRIBUTES.docx