Quality of the Information Contents of Corporate Reports on the Investing Public Interests of Deposit Money Banks in Nigeria

The purpose of this study is to examine the quality of the information contents of corporate reports of deposit money banks (DMB) on the investing public interests in Nigeria. The primary aim is to demonstrate a functional relationship between various indicators of corporate reporting quality which include Completeness and Comprehensive Information (CCI), Voluntary Information Disclosure Measures (VIDM), Standard Pronouncement on Materiality (SPM), and Material Non-public Information (MNPI) and the investing public interest (IPint). Because of the technicalities involved, a questionnaire containing variables determined by a thorough review of numerous journals and articles published in this field were sent to 72 top management professional accountants (who are either employees or external auditors) in the twelve (12) deposit money banks, out of the fourteen (14) banks listed on the Nigerian Stock Exchange and are also investors. To ensure that each component of the corporate reporting quality is mutually exclusive, the binary logit model is coded as two possible outcomes and used to determine the likelihood of a DMBi having one of the j mutually exclusive quality corporate reporting information disclosures, where 0 represents no disclosure (No) and 1 represents disclosure (Yes). Findings revealed that all the predictor variables with coefficients of 0.2468, 0.3298, 0.1353, and 0.3205 for CCI, VIDM, SPM and MNPI respectively have positive impact on (IPint) with VIDM having the strongest influence. The respective z-values for CCI, VIDM, SPM, and MNPI are 0.025, 0.027, 0.022, and 0.026 and corresponding low p-values indicate that they are statistically significant.