The Role of Financial Transparency in Improving Public Trust and Accountability in Government Entities

• Post by: airjournals
• November 9, 2023
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Eze, Regina Chekwubechi PhD¹ & Ojeh, Nwode Offor^2
1Federal Polytechnic Ohodo, Enugu, Nigeria
²Federal College of Education Technical Isu, Ebonyi State, Nigeria

Citations – APA

Eze, R. C. & Ojeh, N. O. (2023). The Role of Financial Transparency in Improving Public Trust and Accountability in Government Entities. Global Journal of Finance and Business Review, 6(4), 20-32. DOI: https://doi.org/10.5281/zenodo.10215915

This study employed a descriptive correlational research design to investigate the factors influencing financial transparency, public trust, and accountability in government entities. Simple random sampling was adopted as the sampling technique, ensuring an equal chance for each case in the population to be included. The population of the study consisted of 498 staff members from selected government entities in Enugu State, Nigeria. The sample size was determined using the Yamane Sample size determination approach, resulting in a sample of 222 participants. A well-designed questionnaire was distributed among the selected employees, and the data collection period lasted one week. Out of the 222 distributed questionnaires, 37 were rejected due to errors or incomplete information, resulting in 185 accepted responses. The questionnaire included variables such as the presence of facilitating factors (organizational culture, legal and regulatory frameworks, technological infrastructure, and capacity building initiatives), level of financial transparency, public trust, and accountability. Participants rated these variables on a four-point Likert scale. The collected data was analyzed using Spearman’s correlation and simple linear regression analysis. Statistical Package for the Social Science (SPSS version 28.0) was utilized for the analysis. Spearman’s correlation was used to examine the relationship between the presence of facilitating factors and the level of financial transparency. Simple linear regression analysis was employed to investigate the relationship between financial transparency and public trust. The findings of this study contribute to our understanding of the factors that influence financial transparency, public trust, and accountability in government entities. The results provide valuable insights for policymakers and stakeholders aiming to enhance transparency and rebuild public trust in the public sector.

ABSTRACT

Keywords: Financial Transparency; Improving Public Trust; Enugu State; Government Entities; Accountability