Main Article Content
This study examined the relationship between IFRS adoption and FDI in Nigeria and Ghana. Using ordinary least square as well as other diagnostic test, findings show a negative but insignificant relationship between IFRS adoption and FDI in Nigeria. Also, it was discovered that IFRS adoption has a positive and significant relationship in Ghana. Findings also show that IFRS adoption alone would not lead to FDI inflows and FDI is affected by other factors such as exchange rate, inflation and political instability. The study recommends that Effective execution of IFRS requires strategic planning and IFRS ought to be linked to an objective for it to have a beneficial outcome.
Poria SV. IFRS Implementation and Challenges in India, India; Maharashtra Economic Development Council (MEDC); 2009.
FASB. International convergence of accounting standards: A brief history, U. S. A. Financial Accounting Standards Board (FASB); 2013.
Tsakumis G, Campbell DR, Doupnik TS. IFRS: Beyond the standards. Journal of Accountancy, AICPA; 2009.
Ikpefan OA, Akande AO. International Financial Reporting Standard (IFRS): Benefits, obstacles and intrigues for implementation in Nigeria. Research Journal of Finance and Accounting. 2012;3(10):143.
Saidu S, Umar D. An assessment of compliance with IFRS framework at first time adoption by the Quoted Banks in Nigeria. Journal of Finance and Accounting. 2014;2(3):64-73.
Zaidi S, Paz V. The impact of IFRS adoption: A literature review. Journal of Theoretical Accounting Research. 2015;10(2):116–141.
Nor, Wah, Nor. Foreign direct investment, economic growth and quality of stock market development’ panel analysis. Jurnal Ekonomi Malaysia. 2015;49(1).
Lungu CI, Caraiani C, Dascălu C. The impact of IFRS adoption on foreign direct investments: Insights for emerging countries. Accounting in Europe, 9480; 2017.
Akisik O. Financial reporting and foreign direct investments in Latin America. Research in Accounting in Emerging Economies. 2014;14:135–149.
Ojewumi SJ, Akinlo AE. Foreign direct investment, economic growth and environmental quality in Sub- Saharan Africa: A dynamic model analysis. Journal, African Review, Economic. 2017;5(1):48–68.
Osinubi TS, Amaghionyeodiwe LA. Foreign direct investment & exchange rate volatility in Nigeria. International Journal of Applied Econometrics & Quantitative Studies. 2009;6(2):83- 116.
Bruggemann U, Pope PF. How do individual investors react to global IFRS adoption? 2011.
Madawaki A. Adopting International financial reporting standards in developing countries: The case of Nigeria. International Journal of Business and Management. 2012;7(3).
Samaha K, Khlif H. Adoption of and compliance with IFRS in developing countries. Journal of Accounting in Emerging Economies. 2016;6(1):33–49.
Utama S, Farahmita A, Anggraita V. Economic consequences of IFRS adoption in Indonesia. 2016;6(1):79–85.
Zeghal D, Mhedhbi K. An analysis of the factors affecting the adoption of international accounting standards by developing countries. The International Journal of Accounting. 2006;41.
Brüggemann U, Hitz JM, Sellhorn T. Intended and unintended consequences of mandatory IFRS adoption: A review of extant evidence and suggestions for future research. European Accounting Review. 2013;22(1).
Lourenço IMEC, Branco MEM de AD. Main consequences of IFRS adoption: Analysis of existing literature and suggestions for further research. Revista Contabilidade & Finanças. 2015;26(68):126–139.
Yousefinejad M, Ahmad A, Salleh FM, Rahim RA, Azam HM. The mediating effect of information asymmetry on IFRS and foreign direct investment. Int. Journal of Economics and Management. 2018;12(2):641-656.
Nobes C. The survival of international differences under IFRS: Towards a research agenda. Accounting and Business Research. 2006;36(3):233- 245.
Chakrabarti A. The determinants of foreign direct investments: Sensitivity analyses of cross-country regressions. Kyklos. 2001;54(1):89-113.
Sunder S. Adverse effects of uniform written reporting standards on accounting practice, education and research. Journal of Accounting and Public Policy. 2010;29:99-114.
Feldstein M. Aspects of global economic integration: Outlook for the future. National Bureau of Economic Research Working Paper, 7899; 2000.
Lipsey R, Chrystal A. Economics. 10th Eds. Oxford University Press. New Delhi. 2003;641-642.
Antràs P, Desai MA, Foley CF. Multinational firms, FDI flows and imperfect capital markets. National Bureau of Economic Research Working Paper 12855; 2007.
Alfaro L, Chanda A, Kalemli-Ozcan S, Sayek S. How does foreign direct investment promote economic growth? Exploring the effects of financial markets on linkages. Cambridge, MA, USA. NBER Working Paper No. 12522; 2006.
Yartey CA, Adjasi CK. Stock market development in Sub Saharan Africa: Critical issues and challenges. IMF Working Paper No. WP/07/209; 2007.
Ang JB. Determinants of foreign direct investment in Malaysia. Journal of Policy Modeling. 2008;30(1):185-189.
Dirk W. Foreign direct investment and development: An historical perspective. Overseas Development Institute, Background Paper for World Economic and Social Survey; 2006.
Ezeoha AE, Cattaneo N. FDI flows to Sub-Saharan Africa: The impact of finance, institution and natural resource endowment. Comparative Economic Studies. 2012;54(3):597-632.
Lall S. Competitiveness, technology and skills, Edward Elgar, Cheltenham; 2001.
Abdul-Baki Z, Uthman AB, Sanni M. Financial ratio as performance of IFRS and Nigerian GAAP. Accounting and Management Information System. 2014;1:82-97.
Alfaro L. Foreign direct investment and growth: Does the sector matter? Harvard Business School Working Paper; 2003.
De Mello LR. Foreign direct investment-led growth: Evidence from time series and panel data. Oxford Economic Papers. 1999;51(1):133–151.
Hossein SM, Yazdan GF. FDI and ICT effects on productivity growth in Middle East countries. Journal of Economics and Sustainable Development. 2012;3(8):111-121.
Teece DJ. Transactions cost economics and the multinational enterprise an assessment. Journal of Economic Behavior & Organization. 1986;7(1):21-45.
Buckley PJ, Casson MC. The future of multinational enterprises. London: Macmillan; 1976.
Gordon LA, Loeb MP, Zhu W. The impact of IFRS adoption on foreign direct investment. Journal of Accounting and Public Policy. 2012;31(4):374–398.
Okpala KE. Adoption of IFRS and financial statements effects: The perceived implications on FDI and Nigeria economy. Australian Journal of Business and Management Research. 2012;2(5):76-83.
Adetula DT, Owolabi F. International financial reporting standards and foreign direct investment in Nigeria. International Journal of Commerce, Business and Management (IJCBM). 2014;3(3):446-449.
Jayeoba OO, Ajibade AT, Olayinka IM, Ogundajo GO, Kwarbai JD. Accounting standards and foreign direct investment inflows in selected African countries. International Journal of Advanced Academic Research. 2016;2(10):17-28.
Akpomi ME, Nnadi MA. The impact of international financial reporting standards (IFRS) adoption on foreign direct investments (FDI): Evidence from Africa and implications for managers of education. Journal of Accounting and Financial Management. 2017;3(2):51- 65.
Jinadu O, Ojeka SA, Ogundana OM. IFRS adoption and foreign direct investment: Evidence from Nigerian quoted firms. Mediterranean Journal of Social Sciences. 2016;7(2):99-105.
Owusu GMY, Saat NAM, Suppiah SDK, Law SH. IFRS adoption, institutional quality and foreign direct investment inflows: A dynamic panel analysis. Asian Journal of Business and Accounting. 2017;10(2):43-75.
Nejad MY, Ahmad A, Mdsalleh F, Rahim RA. IFRS adoption and foreign direct investment: An application of the LSDVC estimator. Proceeding of the 5th International Conference on Management and Muamalah 2018 (ICoMM 2018) e-ISBN: 978-967-2122; 2018.
Jong-A-Pin R. On the measurement of political instability and its impact on economic growth. European Journal of Political Economy. 2006;25(1):15-29.
Okere W, Imeokparia L, Ogunlowore JA, Isiaka M. Corporate social responsibility and investment decision in listed manufacturing firms in Nigeria. Journal of Economics, Management and Trade. 2018;21(4):1-12.