IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v7y2023i9p1648-1664.html

Internal Control System and Financial Management in Federal Government Hospitals

Author

Listed:
  • Oluyemi Ayodeji Olayisade

    (Department of Accounting, College of Social and Management Science, Afe Babalola University, Ado-Ekiti, Ekiti State, Nigeria)

  • Olusola Esther Igbekoyi (Ph.D)

    (Department of Accounting, Faculty of Administration and Management Sciences, Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria)

  • Kolawole Mohammed Akande

    (Department of Accounting, College of Social and Management Science, Afe Babalola University, Ado-Ekiti, Ekiti State, Nigeria)

  • Bukola Elizabeth Abiola

    (Department of Accounting, College of Social and Management Science, Afe Babalola University, Ado-Ekiti, Ekiti State, Nigeria)

Abstract

Literatures on internal control system in the public sector are quite numerous, with just a few studies assessing how financial management in Federal hospitals in Southwest, Nigeria could be enhanced by the components of internal control system. This study covered this gap by examining internal control system and financial management if Federal government hospitals in Southwest, Nigeria. Descriptive research was adopted and the population covered six Federal government hospital in Southwest. 91 respondents were selected across the sampled Federal government hospitals in Southwest, Nigeria. A close-ended questionnaire was used after which, analysis was carried out via Pearson product moment correlation and multiple regression. It was discovered that there is a positive and significant relationship between the components of internal control system (control activities, control environment, risk assessment, information and communication and monitoring) and financial management (financial planning and control) in Federal government hospitals in Southwest, Nigeria. It was concluded that financial management in Federal government hospitals could be enhanced through the internal control system. Thus, it was recommended that the federal government hospital management should ensure that the internal control system is periodically monitored and evaluated to enhance their financial management productivity.

Suggested Citation

  • Oluyemi Ayodeji Olayisade & Olusola Esther Igbekoyi (Ph.D) & Kolawole Mohammed Akande & Bukola Elizabeth Abiola, 2023. "Internal Control System and Financial Management in Federal Government Hospitals," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(9), pages 1648-1664, September.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:9:p:1648-1664
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-7-issue-9/1648-1664.pdf
    Download Restriction: no
    File URL: https://www.rsisinternational.org/journals/ijriss/articles/internal-control-system-and-financial-management-in-federal-government-hospitals/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dongyoung Lee, 2017. "Corporate Social Responsibility and Management Forecast Accuracy," Journal of Business Ethics, Springer, vol. 140(2), pages 353-367, January.
    2. Jensen, Michael C. & Meckling, William H., 2008. "Theory of the firm: managerial behavior, agency costs and ownership structure," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 48(2), April.
    3. Brahmadev Panda & N. M. Leepsa, 2017. "Agency theory: Review of Theory and Evidence on Problems and Perspectives," Indian Journal of Corporate Governance, , vol. 10(1), pages 74-95, June.
    4. Cordelia Onyinyechi Omodero & Michael Chidiebere Ekwe & John Uzoma Ihendinihu, 2018. "The Impact of Internally Generated Revenue on Economic Development in Nigeria," Accounting and Finance Research, Sciedu Press, vol. 7(2), pages 166-166, May.
    5. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 103-126, October.
    6. Ghosh, Koustab, 2017. "Corporate reputation, social performance, and organizational variability in an emerging country perspective," Journal of Management & Organization, Cambridge University Press, vol. 23(4), pages 545-565, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. George Georgakopoulos & Kanellos Toudas & Evangelos I. Poutos & Theodoros Kounadeas & Stefanos Tsavalias, 2022. "Capital Structure, Corporate Governance, Equity Ownership and Their Impact on Firms’ Profitability and Effectiveness in the Energy Sector," Energies, MDPI, vol. 15(10), pages 1-10, May.
    2. Farida Farida* & Adhika Ramadhan & Ratih Wijayanti, 2019. "The Influence of Good Corporate Governance and Corporate Social Responsibility on Firm Value: Evidence from Indonesia," International Journal of Economics and Financial Research, Academic Research Publishing Group, vol. 5(7), pages 177-183, 07-2019.
    3. Phuong Bui & Phuc Nguyen, 2025. "Unveiling the Dynamics: Corporate Governance’s Impact on Firm Performance in Vietnam’s Thriving Market Landscape," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 9095-9122, June.
    4. Mathias Dewatripont & Patrick Legros, 2005. "Public-private partnerships: contract design and risk transfer," ULB Institutional Repository 2013/175947, ULB -- Universite Libre de Bruxelles.
    5. Darine Bakkour, 2013. "Un essai de définition du concept de gouvernance," Studies and Syntheses 13-05, LAMETA, Universtiy of Montpellier, revised Dec 2013.
    6. Hernández-Atienza, Fernando & Rodríguez-Sanz, Juan Antonio & Tejerina-Gaite, Fernando, 2024. "The pathways of board diversity in European contexts: Exploring the influence of director types on firm performance," Research in International Business and Finance, Elsevier, vol. 72(PA).
    7. Dr. Babagana Abba & Dr. Yusuf Yahaya & Professor Abdurahman Bala Sani & Dr. Asma’u Abubakar, 2025. "Corporate Attributes And Prudential Guideline Compliance Among Nigeria Banks’," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(1), pages 191-217, January.
    8. Prateek Nanda & Arun Kumar Gopalaswamy, 2023. "Post-Acquisition Changes in Agency Cost of Acquirers: Effect of Target Companies," JRFM, MDPI, vol. 17(1), pages 1-16, December.
    9. Bruno Esien Eddy, 2019. "Principal-Agent Relation and Contracting-out for Employment Case Management to Enable Third-Country Nationals’ Transition to Work," NISPAcee Journal of Public Administration and Policy, Sciendo, vol. 12(2), pages 9-28, December.
    10. Tin Htun Aung & Oyyappan Duraipandi & Amiya Bhaumik, 2026. "Advancing bank stability assessment: a SPRAF-enhanced Z-score framework for volatile markets (evidence from Myanmar’s banking sector)," Journal of Banking Regulation, Palgrave Macmillan, vol. 27(2), pages 1-13, June.
    11. Dyana Novita Taristy & Nadia Asandimitra & Ulil Hartono, 2023. "Moderation Analysis of Company Size and Capital Structure on the Influence of Liquidity, Corporate Governance, and Business Risk on Financial Performance," Technium Social Sciences Journal, Technium Science, vol. 45(1), pages 222-239, July.
    12. Clara Pérez‐Cornejo & Esther de Quevedo‐Puente & Alan Wilson, 2022. "In search of the roots of corporate reputation management: Being a consistent corporate social performer," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(1), pages 4-16, January.
    13. Saleh F.A. Khatib & Dewi Fariha Abdullah & Ali Shariff Kabara & Saddam A. Hazaea & Tamil Selvi Rajoo, 2020. "Does Debts have any Impact on Governance Bundle and Agency Costs? Over-Governance Hypothesis," Technium Social Sciences Journal, Technium Science, vol. 9(1), pages 384-396, July.
    14. Sabahat Riaz & Mohamed Hisham Hanifa & Fauzi Zainir, 2021. "Does Foreign Institutional Equity Participation Instigate Sustainable Corporate Investment Efficiency? Evidence from Emerging Economies," Sustainability, MDPI, vol. 13(8), pages 1-17, April.
    15. Srinivas Raghavendra & Petri T. Piiroinen, 2019. "Conflict as a closure: A Kaleckian model of growth and distribution under financialization," ICAE Working Papers 96, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    16. Raffaele Trequattrini & Fabio Nappo & Benedetta Cuozzo & Alberto Manzari, 2024. "Creating value by corporate anti‐corruption models: An empirical analysis in the Italian scenario," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(6), pages 5590-5605, November.
    17. Viral V Acharya & Cecilia Parlatore & Suresh Sundaresan, 2025. "Financing Infrastructure in the Shadow of Expropriation," The Review of Financial Studies, Society for Financial Studies, vol. 38(5), pages 1368-1418.
    18. Husam Ghizawi Shahroor & Abdussalaam Iyanda Ismail, 2025. "Corporate Governance Mechanisms and Earnings Management Activities: Evidence from the UAE Banking Sector," FIIB Business Review, , vol. 14(5), pages 619-630, October.
    19. Martin Kabwe, 2023. "Corporate governance attributes and financial reporting quality: An evidence from a developing country in Africa," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 12(1), pages 179-191, January.
    20. Jaafaru Modibbo & Prof. Hamisu Suleiman Kargi & Dr. Ibrahim Yusuf & Prof. Salisu Umar, 2025. "Effect of Audit Committee Attributes on Corporate Tax Avoidance of Listed Non-Financial Firms in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(9), pages 7434-7451, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:7:y:2023:i:9:p:1648-1664. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.