LEVERAGING BLOCKCHAIN AND BIG DATA FOR TRANSPARENT AND EFFICIENT FINANCIAL REPORTING: EVIDENCE FROM NIGERIAN LISTED FIRMS

Abstract

This study empirically examined the effects of blockchain adoption readiness and big data analytics capability on the transparency and efficiency of financial reporting among firms listed on the Nigerian Exchange (NGX). The study is anchored on the Technology Acceptance Model and Diffusion of Innovation theory to explain the reporting-quality implications of these technologies. An ex post facto research design was adopted, covering 68 non-financial listed firms from 2019 to 2024, resulting in 408 firm-year observations. Primary data were collected through structured questionnaires administered to 312 preparers, auditors, and users of financial statements, while secondary data were obtained from audited annual reports and NGX filings. Financial reporting transparency was measured using a disclosure quality index and analyst forecast dispersion, while efficiency was assessed through audit report lag and financial reporting preparation cost. Data were analyzed using descriptive statistics, Pearson correlation, ordinal logistic regression, and generalized least squares panel estimation. The findings reveal that blockchain adoption readiness and big data analytics capability significantly improve both financial reporting transparency and efficiency. Big data analytics, however, has a stronger and more mature presence among Nigerian listed firms, while blockchain adoption remains at an early stage. Regulatory and infrastructural readiness significantly strengthens the relationship between technology adoption and financial reporting outcomes. The study contributes firm-level evidence from an emerging economy and integrates technology readiness with measurable reporting outcomes. It recommends clearer blockchain regulation, improved digital and power infrastructure, phased technology investment, and stronger professional capacity development. The study concludes that technological capability and a supportive institutional environment are essential for effective adoption.