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Effect of Firm Size, Profitability and Leverage on Voluntary
Disclosure of Insurance Companies in Nigeria
Ibrahim, Nasiru Butack; Sa’idu Adamu (Ph.D.); and Shehu, Usman Hassan
(Prof.)
Department of Accounting, Faculty of Management Sciences, Federal University of Kashere (FUK), Gombe
State, Nigeria.
Corresponding author: nasirubutack@gmail.com
DOI: https://doi.org/10.62154/ajmbr.2024.017.010532
Abstract
The level at which listed firms in Nigeria disclose voluntary information is at increasing rate yearly.
This therefore, led to this research as to what factors influence this voluntary disclosure by
insurance companies. This study primarily tries to determine the effects of firm size, profitability,
and leverage on the content and degree of voluntary disclosure by insurance companies in
Nigeria. All 15 insurance companies listed on the Nigerian Stock Exchange were used as the
study's population, and a census sampling technique was applied to arrive at a sample size of
ten (10) insurance companies. Data were collected from the insurance companies’ annual reports
and accounts. Multiple regression analysis was used to investigate the effects of firm size,
leverage, and profitability on voluntary disclosure. The results indicated that leverage and
company size have a positive but insignificant effect on voluntary disclosure. Indeed, profitability
has a negative but significant effect on voluntary disclosure. It is therefore, recommended that
insurance companies should embark on good corporate governance practices such as the
voluntary disclosure of information in order to attract investors and improve their performance.
Keywords: Firm Size, Profitability, Insurance Companies, Voluntary Disclosure, Nigeria.
Introduction
A company's financial statement is a key document for learning critical details about its
financial health, development, and accomplishments. One of the main goals of financial
statements is to provide users with information on the organization's financial health,
progress, and other conditions. Most users of the financial statement find this information
to be highly significant, and this also serves to demonstrate the management's
responsibility for using resources that have been entrusted to it (Putri, 2020). Voluntary
disclosure simply refers to the disclosure of information by the management which they are
not duty bound to do so but just to provide some additional useful information to its users
which might be beneficial to them. Insurance corporations are financial intermediaries that
engage in direct insurance or reinsurance services to safeguard against future hazards. In
exchange for a fee or premium, the insurance company agrees to compensate the
policyholder for losses incurred by a predefined occurrence (Abubakar, 2018). In the context
of insurance companies, voluntary disclosure simply refers to the proactive sharing of
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information by insurance companies about their operation, performance and risk. This
information includes things like financial statement, operational data and corporate
governance practice. Voluntary disclosure help to increase transparency and accountability
build trust with stakeholders and support informed decision (Gaber et al., 2022). Voluntary
disclosure practices of listed Insurance companies in Nigeria are affected by a range of firm
attributes such as firm size, profitability, and leverage etc. However, the extent to which
these attributes influence disclosure practices remains unclear, and the relationships
between these factors and disclosure practices have not been thoroughly explored in the
Nigerian context. Therefore, there is a need for more research to better understand the
effect of firm size, profitability and leverage in shaping voluntary disclosure practices in
Insurance companies in Nigeria.
With the advancement of economic conditions, the company size becomes a significant
aspect in facing corporate competition. Large organizations have a low risk profile because
they have reasonable power over market conditions and can easily exercise control (Juhandi
et al., 2019). Large organizations also show signs of maturity and have higher chances of
generating profit easily than small organizations because of their bigger assets which can
easily help them to generate profits (Husna & Satria, 2019). According to agency theory,
there is a correlation between size and agency cost. This means that if a company is
enormous, the cost of the agency will likewise be high, and vice versa. Therefore, larger
organizations may enhance the level of voluntary disclosure to avoid this agency problem
and conflict; in other words, large companies are more able to provide greater voluntary
disclosure than small companies (Dahiyat, 2020a) This argument is supported by many
studies such as (Fah & Huei, 2016; Monday Ikpor et al., 2019; Nurudeen et al., 2018; Ramalan
et al., 2021; Seran, 2022).
Profit is one of the very important tool use in evaluation of manager’s performance and
accountability (Kalbuana et al., 2022). Business managers are continuously striving to
increase earnings and remain competitive. Every business manager wants to make an
increase in returns on every business activity and this can easily be evaluated through
profitability ratio when computed(Masdupi et al., 2018). Profitability simply refers to a
corporation's efforts to make more profits through sales. Present and potential investors
will be most concerned with the corporation efforts put in place to earn and maximize their
profits (Lambey, 2021).
Leverage is the use of debt in a company's capital structure. When a company makes
financial decisions, it should examine its capital structure since it affects the ratio of debt to
equity and, as a result, the earnings and risks that shareholders face (Al-Slehat, 2019). It is
also a strategy where a firm successfully use finances with a debt portion in order to attain
an optimal level of corporate income. The corporation seeks to boost returns above the
value of the items being leveraged and the source of the funds from which it was collected.
Typically, the corporation will disclose higher earnings in order to maintain the company's
public good image. This is done because a higher leverage ratio diminishes the company's
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prospects of receiving further money from creditors, as creditors believe the company will
struggle to repay the debt (Indrati & Aulia, 2022a).
From the theoretical point of view, several studies by (Aliyu et al., 2018; Ibrahim, 2014;
Monday Ikpor et al., 2019; Nurudeen et al., 2018; Odewale, 2020; Of et al., 2018; Ramalan
et al., 2021; Usman Shehu, n.d.) among others, have provided some theoretical issues from
the Nigerian context. To the best of the researcher’s review, there are conflicting,
debatable, mixed and inconclusive results from the extant literatures. These theoretical
flaws can be in form of contextual gap, environmental, periodical and methodological
issues. Hence, creating a gap and clarion need to explore the effect of firm size, profitability,
and leverage on voluntary disclosure of insurance companies in Nigeria.
Research Questions
Based on the aforementioned practical and theoretical issues, it was formulated thus:
what is the effect of firm size, profitability, and leverage on voluntary disclosure of
insurance companies in Nigeria? The specific research questions are as follows:
i. What is the effect of firm size on voluntary disclosure of insurance companies in
Nigeria?
ii. Does profitability affect voluntary disclosure of insurance companies in Nigeria?
iii. To what extent leverage affect voluntary disclosure of insurance companies in
Nigeria?
Research Objectives
In line with the research questions, the study generally seeks to investigate the effect of
firm size, profitability, and leverage on voluntary disclosure in insurance companies in
Nigeria. The specific objectives are to:
i. Investigate the effect of firm size on voluntary disclosure;
ii. Examine the effect of profitability on voluntary disclosure;
iii. Evaluate the effect of leverage on voluntary disclosure.
Research Hypotheses
Based on the above aims, the following research hypotheses have been developed in a null
form to guide the study:
H01: Firm size has no significant effect on the level of voluntary disclosure;
H02: Profitability has no significant effect on the level of voluntary disclosure;
H03: Leverage has no significant effect on the degree of voluntary disclosure.
The outcome of this research work will be of high relevance to the area of accounting and
finance and the existing body of knowledge. With the large number of studies in this area,
there is death of evidence using data from previous researches that empirically investigated
the effect of firm size, profitability, and leverage on voluntary disclosure in insurance
companies in Nigeria. The findings of this study therefore, will serve as a reference for
future study in this regard.
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This study could be of immense benefit to a large number of users of accounting
information. The findings of this research will serve as a policy guide for the management
and other stakeholders of insurance companies in Nigeria.
Furthermore, the government and its agencies could find the results of this study relevant
and useful, thereby, providing a conducive operating environment through the provision of
adequate disclosure measures, standard of best practices for effective and hitch-free
operations of the listed insurance companies in Nigeria, it will also enhance the revenue
generation strategy by the Federal Inland Revenue Service (FIRS).
The regulatory authorities such as the (NGX), the standard setting agencies comprising of
the Financial Reporting Council of Nigeria (FRCN) among other relevant agencies and
institutions could also find the results of this study very crucial. Hence, they could find the
result of this study vital in providing effective laws and regulatory frameworks for policy
implications and strategy implementations which could be useful for stock market
regulations.
This research is also expected to add to the body of existing knowledge by conveying the
perspectives of many researchers on voluntary disclosure; as such, the study could be used
as a source of academic literature.
The study spans five (5) years (2018-2022). The selection of this period is based on the fact
that a number of political and socioeconomic events occurred during the period, including
the 2019 general elections, the worldwide economic crisis, and the Covid-19 Pandemic,
among others. These events are thought to have a substantial influence on the variables of
study and the domain.
Literature Review
This section will provide a review of the work of previous scholars and highlight the gaps
that this research work will fill. It’s noteworthy to say that previously there has been a
research work on this very important area as will be reviewed empirically and where this
very important research will fill and also contribute to the existing knowledge.
Review of Empirical Studies
A study conducted by Indrati and Aulia, (2022) the objective of their research is to find out
the effect of company size, profitability, leverage, and financial distress on voluntary
information disclosure on the listed consumer industrial goods companies in Indonesia
Stock Exchange (IDX) within the stipulated time period of 2018-2020, their findings
revealed that, firm size has a impactful and strong effects on the information voluntarily
disclosed, leverage has no impactful effect on voluntary information disclosure, profitability
do have a great impactful effects on the information voluntarily disclosed, whereas financial
distress has a slightly weak and non-impactful effect on voluntary information disclosure.
Seran (2022) examined the impact of company attributes and the levels of voluntary
information disclosure in the historical financial reports of companies that are listed on the
Indonesia Stock Exchange. it was revealed from the findings of the research that company
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characteristics such as size of the company, liquidity nature, profitability and the types of
the industry have a strong relationship with voluntary information disclosure, however
other variables like leverage, age, and ownership structure have weak relationship with
voluntary information disclosure.
Usman Ekin, Teru, and Shaki, (2022). studied the influencers of voluntary information
disclosure of listed commercial banks in Nigeria, their research shows that company size
and Number of Shareholders both have a good and statistically strong impact on voluntary
information disclosure of commercial banks in Nigeria at 1% significance level, whereas
Leverage had a weak and statistically great impact on information voluntarily disclosed at
1% significance level. At 1%, 5%, and 10%, board independence (BiD) and financial
performance (P) both had a positive but statistically negligible impact on the information
voluntarily disclosed, while board size (BS) had an insignificant negative impact on VD.
Their research finally agreed that leverage company size and number of shareholders are
influencers of voluntary disclosure of listed deposit money institutions.
Ramalan, Kurfi, and Bello (2021) They study the impact of company attributes and
information disclosed voluntarily on 15 listed consumer goods firms in Nigeria for the
periods of 2009-2018 and the data for the study were extracted from their historic annual
report. The outcome shows that corporate traits proxied by age and leverage had a strong
favorable impact on voluntary disclosure. However, the size of the firm, profitability, and
ICT were found to have a negligible and favorable impact on the voluntary information
disclosure of the mentioned companies. Liquidity, on the other hand, signals a weak and
minor influence on voluntary information published by quoted companies.
Another research conducted by Putri (2020), the objective of the study was to determine
whether profitability, firm size, audit committee, liquidity, financial distress and
commissioners can influence voluntary information disclosure in mandatory annual reports
of manufacturing companies listed on the Indonesia Stock Exchange between 2012 and
2016. According to the research findings, financial crisis, profitability, liquidity, firm size,
and the audit committee have no substantial impact on voluntary information disclosure,
however the board of commissioners does.
In the same vein, Pernamasari (2020) studied the extent of voluntary information disclosed
evaluated by firm performance, dividend payment policy, and financial distress in the
manufacturing sub-sector of consumption companies listed on the Indonesia Stock
Exchange from 2016 to 2018. The findings revealed that financial distress has a weak effect
on voluntary information disclosed, and company performance measured by ROA has an
impactful effect on voluntary information disclosed, while other variables such as dividend
payout policy and debt to equity have no impactful influence on voluntary information
disclosed.
Ikpor, Eneje, Ogbaekirigwe, and Nnachi (2019)studied the nature of non-mandatory
information disclosure by the top 61 companies listed on the Nigeria Stock Exchange (NSX).
Studied the effect of non-external characteristics on non-mandatory information disclosure
of non-financial information in annual reports of firms through the use of a self-constructed
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disclosure index. The outcome revealed that companies listed on NSX do not account for
substantial amount of non-mandatory information in their historical annual report.
Aliyu, Adejola, and Nguvese (2018) investigated the impact of financial performance
proxied by return on assets on voluntary information disclosure of financial service firms
listed on Nigeria stock exchange over for a period of 10 years ranging from 2008- 2017. Their
findings show financial performance has no impactful influence on voluntary disclosure of
listed financial service firms in Nigeria. The control variables (Size and Age) have a
substantial effect on voluntary disclosure.
Nurudeen, Shalli and Ahnda (2018) studied the influence of company special attributes on
the voluntary information disclosed by listed on Nigeria stock exchange from 2014-2018.
Their studies demonstrated that profitability and leverage have a negative and
considerable impact on financial service firms on voluntary information disclosure in
Nigeria. However, Firm size doesn’t.
Madi, ishak, and Manaf (2014) explore the effect of audit committee features of 146 listed
malaysian corporation on corporate voluntary disclosure in 2009 using content analysis of
disclosure. multiple regressions was use as a method analysis and the findings revealed that
multiple directorship of audit committee members, size, and the independence of audit
committee has positive relationship with corporate voluntary information disclosure. While
other variable like financial skill of the members of the audit committee and the frequency
of meeting doesn’t have.
Based on the reviewed, most of these studies have been conducted outside Nigeria;
therefore, their findings may not be applicable to Nigeria, because of cultural,
socioeconomic difference. Therefore, this gives room for more research on this important
variable while those conducted within Nigeria, to the best of the researcher’s reviewed so
far, there were only few studies conducted solely in insurance companies in Nigeria.
Firm Size and Voluntary Disclosure
Research conducted by Asmare & Viswanadham, (2022); Bourveau et al., (2022); Dahiyat,
(2020b); Indrati & Aulia, (2022); Seran, (2022); Tufail, (2013); Usman Shehu, n.d.; Volume et
al., n.d.; Yuniarti, 2017)(Aliyu et al., (2018); Fah & Huei, 2016; Nurudeen et al., 2018; Paper,
2017; Uyar et al., 2013) have all concluded that firm size have a positive relationship with
voluntary Disclosure while in contrary, research conducted by Putri (2020) revealed that
firm size has a negative impact on voluntary disclosure,
Profitability and Voluntary Disclosure
while for Profitability, a research conducted (Dahiyat, 2020a; Fah & Huei, 2016; Indrati &
Aulia, 2022b; Pernamasari, 2020; Seran, 2022; Tufail, 2013; Usman Shehu, n.d.) concluded
that company performance have a positive and strong effect on voluntary information
disclosure, while studies conducted by Ramalan et al., (2021) reveals that firms
performance were found to be positive but insignificant on voluntary disclosure, and other
research by Aliyu et al., (2018); Nurudeen et al., (2018); Putri, (2020); Uyar et al., (2013)
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shows that firm performance have no significant impact on voluntary information
disclosure.
Leverage and Voluntary Disclosure
research conducted by Fah and Huei (2016), Ramalan, Kurfi and Bello (2021) revealed that
leverage have significant positive influence on voluntary disclosure while for studies
conducted by Indrati and Aulia (2022), Seran (2022) find out that leverage have week effect
on voluntary disclosure however studies by Najm-Ul-Sehar1, Bilal and Tufail (2013),Uyar,
killic and Bayyurt (2013), Nurudeen, Ahnda and Shalli (2018), Dahiyat (2020), Ekin, Teru,
Shaki, and Usman (2022) their findings revealed that leverage have a negative significant
effect on voluntary disclosure. This controversial of findings also create room for more
research in this area.
Methodology and Model Specification
In this section, the study has employed expo-factor as the research design of the study.
This is based on the fact that it gives an opportunity for the extraction of quantitative data
from the annual financial reports. The population of the study covers all fifteen (15)
insurance companies listed on Nigerian Stock Exchange. Study utilized the census sampling
techniques to arrive at a sample of Ten (10) companies after employing two filters. The first
filter excludes does insurance companies that have not been listed for the entire period of
the study (2018-2022). While the second filter excludes firms with incomplete annual
reports.
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Table 1: Measurement of Variables
Variables Name
Measurement
Source(s)
Voluntary
Disclosure (DV)
Firm Size (I.V)
Profitability (I.V)
Leverage (I.V)
This will be Calculated using a
checklist, this simply means that for
each item reported, the companies will
score (1) and also the company will
score (0) if the items were not
disclosed. The totals disclose item is
then divided by the total number f
items in the checklist.
Natural logarithm of total asset.
Return on asset calculated as the Net
Profit after Tax divided by Total asset
Total debt divided by Total Equity
Pernamasari (2020), Ramlan,
Kurfi and Bello (2021) Indrati and
Aulia (2022).
Putri (2020), Ramlan, Kurfi & Bello
(2021) Indrati & Aulia(2022).
Pernamasari (2020), Ramlan, Kurfi
& Bello (2021) Indrati & Aulia
(2022).
Abadi et al., (2019), Pernamasari
(2020) Ramlan, Kurfi & Bello (2021)
Indrati Aulia (2022).
Source: Compiled by the Author, 2023
Model Specification
The model is specified as follows:
VDCit = β0 + β1FSit + β2PRTit + β3LEVit +Eit
where:
Y = this represents the voluntary disclosure checklist (Dependent variable)
β0 = where this represents the constant in the model
β1-4 = this stands for the regression coefficient
FS = company size or firm size
PRT = Profitability in the model
LEV = this represents the leverage in the model
ε = this stands for error term in the model
Results and Discussion
This section discussed the descriptive statistics, correlation, it also analyses the results
obtained from the regression output and other robustness tests.
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Descriptive Statistics
This present the summary of descriptive statistics of explanatory and dependent variables
of the study which were discussed as follows:
Table 2: Descriptive Statistics
Variable
Observation
Mean
Std. Dev
Min
Max
Y 50 .4016 .0319668 .36 .46
PRT 50 .0140001 .102627 -.5515237 .1628261
LEV 50 1.044344 1.613316 -2.222075 5.842413
FS 50 17.56768 2.122126 15.05912 23.55898
Source: STATA Output Results, 2023
From the above table 2, the result for descriptive statistics taken from the variables of the
study as captured in the model. It shows that the mean value for Y (Voluntary Disclosure) in
the listed Nigerian insurance firms is 0.4016 this means that the listed insurance firms
disclose at least (40%) of their information voluntarily with the minimum value of 0.36 as
well as maximum value of .46. It further indicates that PRT has a mean value of 0 .014 and
the minimum as well as the maximum of -0.5515 and 0.1628 respectively. LEV has a total
mean value of 1.044 with the minimum and maximum values of -2.222 and 5.842
respectively. Finally, FS with an estimated mean value of 17.568 with the minimum and
maximum values of 15.059 and 23.559 respectively.
Correlation Matrix
The correlation matrix was used to assess the relationship between the variables of study
(D.V and I.V) Presented below.
Table 3: Correlation Matrix
Variable
Y
PRT
LEV
FS
Y 1.0000
PRT -0.2274 1.0000
LEV 0.0274 0.3124 1.0000
FS 0.0554 0.3144 0.3188 1.0000
Source: STATA Output Results, 2023
The correlation analysis from the table 3 display that the Profitability PRT possess a
negative but statistically significant relationship with the Voluntary disclosure Y at 1% level
of significance. Hence, this signifies a signal on the degree of relationship between
Profitability PRT and Voluntary Disclosure Y in the regression model and Leverage LEV and
Firm size FS revealed a positive but insignificant relationship with Voluntary Disclosure in
the listed Insurance Companies in Nigeria. However, Profitability PRT has a positive and
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significant relationship with leverage LEV and firm size FS while and finally leverage LEV
also has a positive and statistically significant relationship with firm size FS.
Regression Results
Table 5: Summary of Regression Results
Source: STATA Output Results, 2023.
From the table 5 above, the results show an Adjusted R square of (0.222) which represents
the proportion of change in voluntary disclosure as explained by independent variables.
This show that 22% changes in the voluntary disclosure is effected by explanatory variables
used in the model; this suggests that the explanatory variables cumulatively bring about
22% changes in listed insurance companies in Nigeria while 78% is explained by some
variables not studied in this research. The F text results show the P-value of 0.0002, this
simply confirmed that the model is fit and the variables are properly designated. However,
robustness test was carried-out in order to ensure the validity of all statistical inferences for
the study. And the study also employed Variance Inflation Factor (VIF) to check whether
there is present of multicollinearity in this study. The result indicates that the mean VIF is
1.18 which is less than 10 this shows absence of multicollinearity.
Finally, hausman specification test was conducted to select either fixed or random effect,
the results show that the Random effect is more appropriate than fixed effect considering
Prob>chi2 of 0.8777.
This study has extensively provided evidence on the relationship between the explanatory
variables (Firm size, Profitability, and leverage) and the D.V (Voluntary disclosure). Based
on statistical evidence, it is therefore concluded that firm size and leverage has a positive
but insignificant effect on voluntary disclosure of listed insurance companies in Nigeria
during the period under review. However, it is also concluded that profitability has a
negative but significant effect on voluntary disclosure of listed insurance companies in
Nigeria during the period under review.
Variable
Coefficient
-.0892687
.0015999
.0017714
.3700601
T-value
P-value
PRT
-2.61
0.009
LEV
1.24
0.216
FS
1.27
0.205
Constant
14.53
0.000
Adjusted R-sq.
0.222
F- value
19.45
Prob. (F)
0.0002
Mean VIF
1.18
Hausman Test
0.8777
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In accordance with the above-mentioned fact in this study, the following recommendations
are made:
i. It is recommended that the regulatory bodies FRCN and SEC should ensure
provision of adequate disclosure measures, standard of best practices for effective
and hitch-free operations of the listed insurance companies in Nigeria. This will also
enhance the revenue generation capacity by the Federal Inland Revenue Service
(FIRS);
ii. The study also recommended that insurance companies should embark on good
corporate governance practices such as the voluntary disclosure of financial
information in order to attract local and even international investors into the
company. This could have the tendency of improving their performance and
shareholders’ value.
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