What does this research mean for the field?

Big 4 affiliation and audit fees positively affect stock prices and trading volume in the Nigerian capital market, while auditor tenure has a non-linear, inverted-U relationship with investor confidence. Novelty: ClaimNovelty.NOVEL_FINDING. Consensus alignment: ConsensusAlignment.CHALLENGES_CONSENSUS.

What question did this study set out to answer?

This research aims to explore how audit quality impacts investor confidence in the Nigerian capital market, focusing on specific proxies for audit quality.

February 24, 2026Open Access

Audit Quality and Investor Confidence in the Nigerian Capital Market: Evidence from Panel Data Analysis

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This research aims to explore how audit quality impacts investor confidence in the Nigerian capital market, focusing on specific proxies for audit quality.
Analyzed panel data from 148 listed firms in Nigeria from 2010–2024
Proxied audit quality through Big 4 affiliation, audit fees, and auditor tenure
Employed fixed-effects and random-effects panel regression models with Hausman tests
Considered control variables including firm size, profitability, leverage, growth opportunities, and liquidity
Big 4 affiliation and higher audit fees positively influence stock prices and trading volumes
Auditor tenure shows a non-linear relationship with investor confidence, following an inverted-U shape
Control variables generally aligned with expectations regarding their impact on investor confidence

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Implication

Analysis demonstrates that audit quality affects stock prices and trading volume in Nigerian firms, suggesting improved practices can boost investor trust.

Cite This Study

Onipe Adabenege Yahaya (2026) studied this question.

synapsesocial.com/papers/699d4028de8e28729cf653c4 https://doi.org/10.5281/zenodo.18729788

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Implication

Analysis demonstrates that audit quality affects stock prices and trading volume in Nigerian firms, suggesting improved practices can boost investor trust.

Audit Quality and Investor Confidence in the Nigerian Capital Market: Evidence from Panel Data Analysis

Key Points

Discussion

Implication

Cite This Study

Audit Quality and Investor Confidence in the Nigerian Capital Market: Evidence from Panel Data Analysis

Key Points

Discussion

Implication

Cite This Study

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