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AKSU Journal of Administration and Corporate Governance, Volume 3 Number 2, August 2023

Firm Attributes and Earnings Predictability of Listed Manufacturing Companies
in Nigeria
Ememobong David Johnson
Department of Accounting
Akwa Ibom State University
Email: mayon29@gmail
...
edu
...
com
Phone: +234 8023227940
https://doi
...
61090/aksujacog
...
015
Abstract
Earnings predictability is a measure of how well the past earnings of a firm can explain its current
earnings
...
The primary role of the financial statement is to disclose the financial
statement information to internal and external users in a timely and reliable manner
...
The population of the study consisted of all the listed manufacturing companies
in Nigeria for the year ending 2021
...
during the period 2017 to 2021 and whose financial statements are available and have been
consistently submitted to NXG for the period under study
...
The firm attributes reviewed were
firm size, age, leverage and liquidity, while earnings predictability was measured by operational cash
flows on total assets
...
The result revealed that firm age, firm size, firm leverage and firm liquidity
all have weak effects on the dependent variable
...
It was recommended that
manufacturing companies should provide quality earnings reports stating the earnings per share,
operational cash flow, and total assets
...

Keywords: Firm attributes, earnings predictability, listed manufacturing companies
...
0 Introduction
Companies can be differentiated from each other based on certain attributes they possess
...
These attributes are generally termed firm attributes
...
Hassan and
Bello (2013) perceive firm attributes as those incentive variables that relatively are sticky at the
company's level across time
...

Firm attributes can also be defined as the behavioural pattern of a company's operation which
can enable them to achieve their objectives throughout their operations
...
They
are seen as factors that are mostly under the direct control of management and often account for interfirm differences in financial performance (Kazeem, 2015)
...
These
attributes are reported by firms in their financial statements and send a message to various stakeholders
of firms about their performance (Abdullahi, 2016)
...
Shehu & Ahmad (2013) surmise that they could also be categorized into firm structure (firm
size and leverage), performance (profitability, liquidity and growth) and monitoring (board composition
and institutional shareholding) attributes
...
Similarly, Rabiu (2019) in a study on firm
attributes and share prices view firm attributes as profitability, growth, leverage, firm size, board size,
board gender, audit committee composition, audit committee meeting, and managerial and institutional
share ownership
...
Earnings are important since they are used as the summary measure of a firm's performance
by a wide range of users
...
Earnings are the summary
measure of firms' performance produced under the accrual basis of accounting
...
, 2019; Francis, LaFond et al
...
Dechow, Ge & Schrand (2010)
define earnings quality as the relevance of the fundamental earnings reported to the decision context of
users
...
From an accounting perspective, earnings predictability is used as a measure to
complement value relevance, and it is a measure of earnings quality which is concerned with how well
past earnings can explain current earnings
...
This sets the gap under investigation
...
It is therefore
expected that the influx of investors into these productive sectors will increase, hence, the need to study
their earnings predictability in the manufacturing sector
...
This is further reiterated by the International
Accounting Standard Board (2001) that the objective of a financial report is to provide information
about the financial position, performance and change in the financial position of an entity that is useful
to a wide range of users in making economic decisions
...
However, a firm's attributes can help in providing relevant information for such a purpose
...
Given the
importance of a firm's attribute to the financial performance of manufacturing firms, this study deserves
adequate consideration
...
Specifically, the study seeks to
determine the individual and joint relationship between age, size, leverage and liquidity on earnings
predictability of listed manufacturing companies in Nigeria
...
0 Literature Review
2
...
1
...

These attributes, according to Rabiu (2021) are unique to specific companies and raise a perception in
the minds of the users of the information regarding the performance and future of the company
...

Firm attributes specify firm factors that either negatively or positively affect the operations of a firm
...
Firm attributes are identified internal structures, unique
strategies and distinctive profiles of organisations, which are resource-based, that affect the performance
and success of the business farm (Oluwatayo et al
...
Hence, firms' unique attributes are important
dynamics or elements that are used to influence firms' level of profitability and growing concerns
...
Firm attributes can also be defined as the behavioural pattern of a company's
operation which can enable them to achieve their objectives throughout their operations
...

They are seen as factors that are mostly under the direct control of management and often account
for inter-firm differences in financial performance (Kazeem, 2015)
...

These attributes are reported by firms in their financial statements and send a message to various
stakeholders of firms about their performance (Abdullahi, 2016)
...
Value
creation capability and consistency of returns being generated periodically, firms' attributes are specific
factors that exert controlling influence on the performance of the firm both in the short, medium and
long-terms of the business organizations
...
They could also be categorized into firm structure (firm size and leverage),
performance (profitability, liquidity and growth) and monitoring (board composition and institutional
shareholding) attributes (Shehu & Ahmad, 2013)
...

2
...
2 Earnings Predictability
Earnings predictability addresses the ability of earnings to predict itself
...
Earnings predictability is a desirable attribute because it is indicative of sustainable
earnings
...
Earnings
predictability is also a desirable attribute of accounting earnings as it aids in forecasting activities, a
critical aspect of valuation
...
, 2010)
...
, 2004;
Dechow et al
...
This is done if the firm's earnings exhibit steady growth over the years which can
also be reasonably maintained in future periods
...
This definition shows that earnings predictability is measured as the
variance of the error term in a model where the current year earnings of Firm "J" is regressed on a oneyear lag of earnings for the firm
...
As a result, different proxies have been
used by academics to infer earnings quality
...
, 2004)
...
However, seven attributes of earnings – accrual quality, persistence, predictability,
smoothness, value relevance, timeliness, and conservatism – have been defined by Francis et al
...

In their research, the first four attributes are normally measured by using accounting information only
...
In addition, the proxies for the last three
attributes are defined by the relations between the accounting data and market data
...
, 2004)
...
1
...

One of these proxies, earnings predictability refers to the extent to which investors can predict the future
earnings and/or future cash flows of a firm
...
Investors use earnings
information to analyse a particular firm's current performance and estimate its prospects
...
Moreover, the importance of the predictive nature of accounting earnings
180

AKSU Journal of Administration and Corporate Governance, Volume 3 Number 2, August 2023

is manifested when taking into consideration, for instance, the use of accounting earnings in the
valuation of a firm's equity, which requires investors to anticipate the firm's expected future cash flows
(Velury & Jenkins, 2006)
...
The
significance of the predictive value of earnings figures appears in the use of accounting numbers in
equity valuation, which requires the anticipation of expected future cash flows (Velury & Jenkins, 2006)
...
Recently, several studies
have introduced earnings predictability as a proxy for earnings quality (Atwood et al
...
, 2010)
...
Earnings predictability is tested using the slope
coefficient from a baseline regression between future cash flows and current earnings that capture the
ability of earnings numbers to predict future cash flows
...

Where:
CFOit + 1 is cash flows from operation for firm i in year t + 1 divided by the beginning of total assets
...

A positive and significant sign for β1 implies more predictive earnings, whereas a negative and
significant sign for β1 implies less predictive earnings
...
2 Theoretical Review
2
...
1 Stakeholders Theory
This study adopts the stakeholders' theory propounded by Ian Mitroff in 1983 as the fundamental theory
upon which this research is anchored
...
The stakeholder theory looks at the relationship
between an organization and others in the environment
...
The principal
reason behind the stakeholder theory is that organizations can survive longer and perform better when
they manage their stakeholder relationship effectively
...
Regarding regulatory standards, the stakeholder theory is seen as a conceptual
framework for good business ethics as it addresses moral and ethical values in the management of an
organization
...
(Donaldson & Preston, 1995)
...
John & Senbet (1998) made a comprehensive
review of corporate governance, with a particular focus on the stakeholder theory
...
Corporate firms are often bound by their obligations to their stakeholders and this
usually helps them create new moral obligations
...
By managing efficiently, the interest of the stakeholders, executives will also create as
much value as possible for shareholders and other providers of capital
...

181

AKSU Journal of Administration and Corporate Governance, Volume 3 Number 2, August 2023

2
...
2 Signaling Theory
Signalling theory is a theory that discusses information provided by a company about its future
performance which will be trusted by outsiders
...
In his research, Spence revealed that a signal
indicates that the sending party (the owner of the information) tries to provide pieces of relevant
information that can be used by the first party
...
This theory emphasizes the importance of information
issued by the company about investment decisions to be made by the investor
...

This announcement contains both positive and negative information that can create a market
reaction
...

Likewise, accruals in the company's income statement can be used as a prediction of future cash flows
that can provide positive or negative signals so that the company can predict the company's future
conditions
...
2
...
In his renowned work, Coase focused
on the ascertainment of Knight in the first place, establishing the science of the theory of the firm
...
Also, management's effort in operating the firm is not
directly observable to outsiders
...
Efficient contracting is an important component of this
alignment
...
For good corporate governance, these contracts should be efficient
...
For example, a firm
may benefit from lower borrowing costs if it incurs costs to reassure lenders, such as pledging specific
assets as security or accepting a covenant to limit further borrowing, which would water down the
security of existing lenders
...
3 Empirical Review
Taiwo et al (2020) examined the impact of volatility on the earnings predictability of Nigerian quoted
firms
...
The causal relationship research design was adopted
...
The system generalized method of moment (GMM) was used to estimate the dynamic panel
regression models of the study
...
The study
also found that volatility hurts earnings predictability
...

Redhwan & Ku Nor (2013) researched governance structure, ownership structure and earnings
predictability: Malaysian evidence
...
Using a
sample of 330 firms for the period of 2008 through 2009, the findings revealed that the predictive ability
of earnings is high when firms have small boards, an independent chairperson, and high shareholding
by institutions
...
The results also demonstrated that investors do not perceive
182

AKSU Journal of Administration and Corporate Governance, Volume 3 Number 2, August 2023

independent audit committees, more active audit committees, competent audit committees, and a high
shareholding of management, as good indicators of earnings numbers with a high predictive value
...
This was borne out of the empirical study on earnings
predictability, value relevance, and employee expenses
...

Hassan & Abubakar (2019) investigated firm characteristics and financial reporting quality:
evidence from listed consumer goods companies in Nigeria for the period of ten years, from 2008-2017
...
The population of the study consisted of 22 consumer
goods companies listed on the floor of the Nigerian Stock Exchange
...
The data used in this
study were derived from the annual reports of consumer goods companies that are listed on the NXG
...
The fixed effect regression result discovered that leverage has a
significant negative effect on the financial reporting quality of listed consumer goods companies in
Nigeria, but that firm size, board size, institutional shareholding, profitability and liquidity have no
significant effect on the financial reporting quality of listed consumer goods companies in Nigeria
...
Based on these findings, the study recommended that investors should consider
the size of the company they intend to invest in and that consumer goods firms should reduce their
leverage levels
...
This is because the firms that report better earnings than the previous period
generates significantly higher stock returns
...

John et al (2017) investigated the determinants of financial reporting quality on listed Agriculture
and Natural Resources firms in Nigeria
...
Data was collected through secondary sources from the
annual financial reports of the firms from 2008-2015
...
The results showed
a positive significant relationship between leverage, liquidity, board size and financial reporting quality,
measured using residuals from the modified Jones model by Dechow, et al
...
Earnings
predictability was used in this study as a proxy of financial reporting quality
...
0 Methodology
The research design employed in this study was the ex post facto design, to establish the effect of firm
attributes on earnings predictability
...
The information available to the researcher from the
NXG Fact Book of 2021, revealed a total of twenty-two (22) consumer goods companies in Nigeria
...

3
...
Tables, frequencies
and percentage analysis formed part of the descriptive analysis
...
The general equation for regression is given as Y = ƒ(X), which means Y, depends on X
...

The equation can be written as: Y = α+β1x1+β2x2+β3x3+β4x4+μ
Where, α is the intercept, and β1, β2, β3, and β4 are the coefficients of variables X1, X2, X3, and X4
respectively, which show the kind of relationship existing between dependent and independent variables
and μ is known as the error term
...
e
...
Therefore,
EQ = f (FAGE, FSZ, LEV, LIQ)
EPR = f (FAGE, FSZ, LEV, LIQ)
EPR = a0+β1FAGit+β2FSGit+β3LEVit+β4LIQit+μit
Equation 1
Where: i = 1,2,3……
...
In this model, i represents the ith cross-sectional unit and t
represents the tth time period
...

Table 3
...

Leverage
Independent LEV
Ratio of debt to equity
Liquidity
Independent LIQ
The ratio of current
asset
to
current
liabilities
Earnings
Dependent
EP
Operational
cash
predictability
flow/total assets

184

A priori Sign
+
+
+

AKSU Journal of Administration and Corporate Governance, Volume 3 Number 2, August 2023

4
...
1: Descriptive Statistic Results for the Variables used in the Study
Firm Age
Firm Size
Leverage
Liquidity
Earnings
Statistical
predictability
Description
60
60
60
60
Observation 60
20
...
3028
2
...
0948
-
...
3333
7
...
4942
1
...
0138
Median
2
...
689
4
...
822
2
...
796
-
...
174
1
...
922
Kurtosis
17
...
38
0
...
10
-
...
00
8
...
17
2
...
14
Maximum
Source: SPSS Computation (2023)
...
3333, 7
...
4942, 1
...
0138 respectively
...
3333, 7
...
4942, 1
...
0138
respectively
...
600, -
...
074, 0
...
589
respectively which indicate fairly symmetrical data in all the independent variables in the study
...
796, -
...
174, 1
...
922 were also obtained for firm age, firm size,
leverage, liquidity and earnings predictability respectively, indicating that the distributions for the
variables were platykurtic
...
A platykurtic
data set, which is often negative, occurs as a result of the data set being thin or having fewer values
...
00, 5
...
47, 0
...
55 respectively, while the maximum values were
35
...
56, 23
...
45 and 1
...

4
...


Table 4
...
Error of
Square
the Estimate
1

...
012
-
...
Predictors: (Constant), FAGE
ANOVAa
Model

Sum of Squares df


...
034
1

...
772
58

...
806
59
a
...
Predictors: (Constant), FAGE

185

F

Sig
...
721


...
Error
Beta
(Constant)
...
126
1
FAGE
-
...
006
-
...
Dependent Variable: EARNINGS PREDICTABILITY

t

Sig
...
718
-
...
475

...
Table A shows a correlation coefficient (R) with
a value of 0
...
By implication, there is a weak positive relationship between firm age and earnings
predictability
...
012 showed that firm age could explain 1
...
More so, Table B shows the goodness of fit result between
the regressed variables
...
721 and with P
(0
...
05, there is no excellent fit between the two variables being regressed
...
111 with a t value of -
...
399) > 0
...
8489%
...
Thus, the null hypothesis is accepted, while the
alternative hypothesis is rejected
...


Table 4
...
Error of the
Estimate
1

...
170
a
...
155


...
476
1

...
861
1
Residual
2
...
040
Total
2
...
Dependent Variable: EARNINGS PREDICTABILITY
b
...
Error
Beta
(Constant)
...
220
3
...
103

...
412
-3
...
Dependent Variable: EARNINGS PREDICTABILITY

186

Sig
...
001b

Sig
...
001

...
Looking at Table A (Model Summary), the
correlation coefficient (r) which depicts the relationship that exists between the variables is 0
...
Equally,
Table A has R2 which shows changes in the dependent variable that is caused by the independent
variable
...
170, the independent variable (firm size) used in the model can
explain a 17
...
Furthermore, Table B shows the result of goodness
of fit between the regressed variables
...
861 with a P (0
...
05 evidenced
the fact that the regressed variables are significant and have the goodness of fit between them
...
A look at the Table shows a β value of -
...
444 and P (0
...
05
...
3444
...
It shows a significant but negative relationship between firm size on
earnings predictability
...


Table 4
...
Error of
Square
the Estimate
1

...
012
-
...
21864
a
...
033
1

...
701
1
Residual
2
...
048
Total
2
...
Dependent Variable: EARNINGS PREDICTABILITY
b
...
Error
Beta
(Constant) -
...
034
1
LEV

...
008

...
Dependent Variable: EARNINGS PREDICTABILITY

-
...
837

Sig
...
406b

Sig
...
384

...
and C show the result of hypothesis three
...
109
...
The R2 value of 0
...
2% changes
observable in accrual
...
A
look at the table shows an F statistics value of 0
...
406
...
109 with a t value of
...
406) > 0
...
All the results show that firm leverage has a weak but
positive effect on the earnings predictability of the studied firms
...


Table 4
...
Error of the
Estimate
1

...
065
a
...
049


...
182
1

...
025
Residual
2
...
045
1
Total
2
...
Dependent Variable: EARNINGS PREDICTABILITY
b
...
Error
Beta
(Constant)
...
069
1
...
115

...
255
-2
...
Dependent Variable: EARNINGS PREDICTABILITY

Sig
...
049b

Sig
...
107

...
The value of R which represents the correlation
coefficient is 0
...

Equally, an R2 value of 0
...
5% changes observable in earnings
predictability
...
025 and P-value of 0
...
Reviewing the variables in the model, liquidity has a β
value of -
...
006 and a P-value of 0
...
This shows that, when tested independently,
a unit change in liquidity will decrease the firm's earnings predictability by -25
...
This shows a
significant but negative effect between the regressed variables
...

4
...
This is premised on the fact
that older firms that are well-established are likely to disclose more than younger companies, while new
companies may encounter difficulties in making changes to comply with the requirements of the law
(Abbott et al
...
Buttressing the above viewpoint, Sejjaaka (2003) further opined
that the competition argument proposes that young companies are not likely to disclose full information
about their financial results and position
...
These assertions are in tandem with the findings of this study
...
12
...
This finding prompted the
rejection of the null hypothesis in favour of the alternative hypothesis
...

The regression result of hypothesis two showed an R-square value of 0
...
This translates to
the fact that the firm size of the studied firms has a weak and positive effect on earnings predictability
...

The regression result of hypothesis three corresponds with the above preposition as well as with
the finding of this study
...
012
...
This
corresponds with the view of John, et al (2017) whose findings showed a positive relationship between
leverage, liquidity, board size and financial reporting quality
...

In business operations, suppliers, creditors and other short-term lenders of funds require a very
sound liquidity position of a firm to have confidence in the firm's ability to satisfy their requirements
(Kurfi, 2003)
...
065)
...
Similarly, Shehu & Musa (2014) revealed
liquidity has a positive impact on earnings quality
...
0 Conclusion
This study measured earnings predictability through the firm's attributes
...
Based
on the findings, it was concluded that firm attributes have weak but positive effects on earnings
predictability
...
1 Recommendations
Based on the results of the empirical analysis, the following set of recommendations are made:
i
...

ii
...

iii
...

iv
...

v
...
This will showcase the accrual quality which could assist
investors in estimating future earnings thereby making decisions to avoid security mispricing
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