Effect of Digital Innovation on the Financial Reporting of Firms Listed on Nigeria Exchange Group (Published)
This research investigates the influence of digital innovation on the financial reporting procedures of publicly traded companies in Nigeria, emphasizing its effects on timeliness, accuracy, quality, reliability, and the issues that arise. A quantitative research design was employed to gather primary data from 224 respondents across all sectors of the Nigerian Exchange Group (NGX) via a structured questionnaire. The data were analysed using descriptive statistics, correlation analysis, and ANOVA. The findings indicate that digital innovations are progressively integrated into financial reporting processes, markedly improving report quality, timeliness, and stakeholder confidence, but adoption rates differ within industries. The findings also show that problems with infrastructure, cybersecurity issues, and a lack of skills limit the benefits of these new technologies. Although ERP and automation technologies have demonstrated significant positive impacts on data integration and accuracy, the use of blockchain remains constrained due to regulatory ambiguity. The study finds that digital innovation is a key factor in better financial reporting in Nigeria, as long as investments in infrastructure, staff training, and cybersecurity are made beforehand. It suggests that companies on the list gradually add digital capabilities, make rules for how technology may be used stronger, and engage with authorities to come up with regulations that would help new technologies grow.
Keywords: Blockchain, Digital Innovation, Financial Reporting, cyber security, risk association