Annals of Spiru Haret University
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GROSS PREMIUM INCOME AND CLAIMS SETTLEMENT FOR FIRE INSURANCE POLICY IN NIGERIA: A PANEL APPROACH
Full text linkABSTRACTClaims, being the heartbeat of the workability of insurance, are the most critical contact influencer between the insuring public and the insurer. It serves as a critical path to truth that shapes the policyholders’ ultimate perceptions of their insurers. This study evaluated the relationship between gross premium income and claims settlement with specific focus on fire insurance business in the Nigerian insurance industry from 2010 to 2021. Data on gross premiums income and gross claims paid over the period were extracted from Nigerian Insurers Association (NIA) annual reports and digest. Stationarity test carried out on the data revealed that data is stationary at the 1%, 5% and 10% levels of significance. Using the ordinary least squares regression, the calculated probability value of 0.0000 is lower than the 0.05 significant value, which shows that there is a significant significance of the data. The computed linear co-efficient of determination (R2= 0.928731) shows that 92.87% of the total return on asset is accounted for by the independent variables which are expense ratio and net claims. It was therefore concluded that there is a significant relationship between gross premium income and gross claims payment of fire insurance in careful consideration must be given to other administrative costs, such as underwriting, which have the potential to reduce the Revenues and profits of the compan
INVESTIGATING HOW MANAGERIAL COMMUNICATION INFLUENCES EMPLOYEE MOTIVATION
Full text linkThis paper aims to research the motivation of human resources, with a case study at CONEREPET SA PLОIЕȘTI[1], a Romanian crude oil products transport company.In the first part of the work, we dealt with the theoretical aspect of environmental pollution with petroleum products: polluting factors and methods of depollution. Then we presented theoretical aspects of human resource management, so that we can approach a research study in the second part of the paper. Also, we analyzed the CONEREPЕT SA company, and, like the research study, we dealt with the motivation of human resources within the company. We chose this topic due to the experience in the field.We concluded that human resources are primary among those needs and resources available to the organization in carrying out the activity to achieve its objectives and, consequently, it is logical to pay special attention to their management. At the center of all business are the people. All other resources, land, buildings, machinery, equipment, vehicles, or money are only of secondary importance. Business cannot be done without people. Businesses have no other purpose than to serve people's needs.[1] We will not divulge the name of the company where we conducted the case study for security reasons of the data and information provided. Thank you for understanding the situation
THE RELATIONSHIP BETWEEN CORPORATE SOCIAL RESPONSIBILITY AND MARKET SHARE: EVIDENCE FROM NIGERIA IN WEST AFRICA
Full text linkThe study examined the effect of corporate social responsibility on market share of listed manufacturing firm in Nigeria. It specifically examined the effect of internal environmental cost on market share of listed manufacturing firms in Nigeria, it also examined the effect of external environmental cost on market share of listed manufacturing firms in Nigeria. The study predicated of stakeholder’s theory.
The study adopted Ex post facto research design and secondary data was gathered to analyse the relationship between the variables. The population of the study consisted of forty-two manufacturing listed in the Nigeria Stock Exchange, while ten samples were collected from the population. The data collected were analysed through descriptive statistic, Error Correction MODEL (Long and short run relationship), and correlation matrix regression analysis.
The result of the findings revealed that internal environmental cost has positive and significant effect on market share of listed manufacturing firms in Nigeria (p= 0.1.454 > 0.05) and external environmental cost has positive and significant effect on market share of listed manufacturing firms in Nigeria(p=0.6757 > 0.05)
The study concluded that CSR activities such as internal environmental cost and external environmental cost through donations to the society where they operate their business and other social and infrastructural facilities reflect in their annual financial statement as external cost incurred during the year.
The study recommended that Nigerian manufacturing firms take advantage of external environmental costs by investing more on the business's environment, notably via corporate social responsibility
Key: Corporate Social Responsibility, Internal Environmental Cost, External Environmental Cost, Market Shar
WORK STRESS, RISK-TAKING PROPENSITY, AND RESILIENCE AS DETERMINANTS OF PSYCHOLOGICAL WELLBEING IN THE POLICE FORCE
Full text linkThis study evaluates the impacts of work stress, risk-taking propensity, and resilience on psychological wellbeing in Nigeria’s Police Force. Its sample was extracted from four (4) police stations in Ibadan, Oyo State of Nigeria. They are the Iyaganku, Eleyele, Orita Challenge, and Iwo Road testing ground police stations. This study has adopted a cross-sectional survey method, where the current scholar randomly distributed the study’s questionnaires. Nonetheless, from the 350 questionnaires floated, 319 were suitable for study and analyzed using Statistical Packages for Social Sciences (SPSS version 27). The present study conducted standard and hierarchical multiple regression analysis in testing the stated hypotheses and concludes that work stress and risk-taking propensity significantly reduce psychological wellbeing. In contrast, resilience increases it in Nigeria’s Police Force. It further settles that work stress, risk-taking propensity, and resilience significantly and jointly determine psychological wellbeing. Work stress, however, determines more significantly the psychological wellbeing of police officers than risk-taking propensity, resilience, and their combination matrix. Consequently, this paper advocates the need to reinforce stress management training among police officers to promote healthy lifestyles and improve psychological wellbeing. Also, Nigeria’s Police college should incorporate risk-taking concepts on the job to help them exhibit better risk-taking behaviors and maintain improved psychological wellbeing. Moreover, Nigeria’s Police Force should adopt strategies for promoting resilience levels, raising police officers’ positive emotions to recover from their adverse experiences. Besides, there is a severe need for psychological interventions to prepare police officers for the hurdles ahead. So, it is required that government make provisions for a salary increase, incentives, organizational support programs, and initiatives that can strengthen the coping styles of police officers for better psychological health and wellbeing
RISK FINANCING STRATEGY AND PROJECT SUCCESS: EVIDENCE FROM BUILDING CONTRACTORS IN LAGOS STATE, NIGERIA
Full text linkThe aim of the study is to evaluate the significant effect of risk financing strategy on project success among building contractors in Lagos State with a focus on risk transfer strategy and risk retention strategy on project success among building contractors in Lagos State, Nigeria. This study employed a descriptive survey research design. The population of the study comprises all registered builders in Lagos State which are 2,422 builders. The study adopted a convenience sampling method. The total sample used for the study is 170 respondents. The study employed a structured questionnaire as its instrument of data collection. Data collected were analyzed using a statistical package for social science students (SPSS) and regression analysis The regression result showed a strong positive relationship between risk transfer strategy and project success among building contractors in Lagos State which is indicated by the R-value (.701) at 5% significance level and it is statistically significant at .000 which is less than (P<0.05). The second hypothesis regression result showed a strong positive relationship between risk retention strategy and project success among building contractors in Lagos State which is indicated by the R-value (.701) at 5% significance level and it is statistically significant at .000 which is less than (P<0.05). it was concluded that The compliance level of the contractors with regards to the stipulation of section 64(1), No.37 of Insurance Act 2003 was very low compared to their high level of awareness with the stipulation. The compliance level was less than 20% compared to the awareness level that was more than 20%. It was recommended that all built environment stakeholders should become more involved in the implementation of risk management. Their early involvement will facilitate a better understanding of each party’s roles and enhance collaboration and communication within the Nigerian construction industry
Strategies to Enhance Local Government Finance in Nigeria
Full text linkThis study adopted historical approach to political research and used secondary sources of information. This paper focuses on assessing financial challenges facing local governments in Nigeria. The study observed that insufficient allocation from the federation account, lack of effective revenue generation drive, mismanagement of funds, intrusion of the state government into local governments use of funds, amongst others are the major challenges confronting local governments. Nevertheless, if right strategies such as effective planning, accountability, transparency, curbing of financial mismanagement, sound business undertaking, increased fund allocation from federation account are adopted, local Government may be in better position to accelerate the pace of infrastructural development in Nigeria
INSURANCE LITERACY AND RISK APPETITE: EVIDENCE FROM SELECTED SMALL AND MEDIUM-SIZED ENTERPRISES IN LAGOS, NIGERIA
Full text linkThe economic loss that possibly occurred from the inactions of individuals may be resultant effects due to lack of insurance literacy in their personal financing decisions. However, insurance decisions that rest upon the level of risk acceptability of an individual SMEs is usually expressed in the course of attaining a high level of personal financial satisfaction. Therefore, this study examined the relationships between insurance literacy, and risk appetites, with specific reference to SME operators/owners in Lagos, Nigeria. The study adopted a cross-sectional survey research design. Thus, the single-stage cluster sampling method was adopted in the questionnaire distribution and collection processes. A structured questionnaire was employed for data gathering. A total of 386 copies of the questionnaire were distributed, of which 273 were found usable which represented a 71% response rate. The data procedural technique employed were simple frequency percentages and the multivariate regression method. The results show that all other determinants of insurance literacy except for insurance behaviour have positive relationships with SMEs’ risk appetites in Lagos, Nigeria. This study recommended that insurance education, as a field of study, should be taken as seriously as possible so that it can help develop the peoples’ minds psychologically and sociologically to get attracted to insurance in order to manage their future. More so, insurance providers in Nigeria should attempt to make the business of insurance lovable and affordable to SMEs’ operators/owners in a bid to shapen their behavioural risk attitudes
THE EFFECT OF DIGITAL LEADERSHIP PRACTICE AND LEARNING ORGANIZATION RELATIONSHIP ON INDIVIDUAL PERFORMANCE
Full text linkHuman life is like swimming against the current. If a person is not making an effort to move forward, the current will undoubtedly drag him further back at any moment. This is true for every area touched by human hands. In business life, institutions have to swim against the current, just like people. Today, digital transformation and its effects emerge as a topic that is discussed extensively in academia and practice and constitutes the business agenda of companies. The digital age changes not only the way of doing business, but also customer relations, service models, product styles and most of all, the perception of "talent". This rapid transformation in business strategies has led to the emergence of digital leaders with new and different skills in the short term. These leaders focus on different points than traditional leaders. The aim of this study is to examine the effects of the digital age on leadership theory, how the new leadership model is defined and the studies carried out in the relevant period in order to reveal its dimensions
THE ROLE OF BLOCKCHAIN TECHNOLOGY IN THE UNIVERSAL METAVERSE FROM THE PERSPECTIVE OF COMPETITIVE RELATIONS IN BUSINESS. CHALLENGES AND UNCERTAINTIES
Full text linkBlockchain technology is becoming one of the most prominent trends in finance and digital innovation since the creation of the Internet. Blockchain technology makes data private, permanent and verifiable. Data and transaction logging is public, but encryption protects them from prying eyes and tampering. The architecture of the blockchain database and the associated protocols provide a solid foundation for creating new classes of applications. This is just the theory. In practice, however, blockchain technology has proven to be somewhat less miraculous. It is powerful and effective in a wide range of areas, but in addition to the well-publicized benefits of blockchain, experts have discovered a set of disadvantages of blockchain technology. That's why the Bitcoin blockchain is often referred to as the "open register" of Bitcoin. Experts around the world, with the exception of a few skeptics, see blockchain as a high-impact technology that has the potential to revolutionize the world of finance, gaming, entertainment and more. Starting from the analysis carried out by specialists in the field on their website, and from information on this technology, the present study brings some arguments to draw the attention of the more or less informed reader to the risks and dangers to which they are exposed and to whom this technology is applied in sensitive areas regarding the life, health, freedom and privacy of the citizens of this planet.Even if the role of this technology in some fields is undeniable, it must still be treated with great care from the perspective of respecting the fundamental rights and freedoms of human beings, the universal values that mankind has gained in centuries of human effort and sacrifice for current and future generations to evolve without repeating the mistakes of history. History makes fun of those who do not know it, repeating itself, said Nicola Iorga
EFFECT OF PENSION INVESTMENT ON FINANCIAL DEPTH IN NIGERIA: EMPIRICAL INVESTIGATION
Full text linkThis study examined the effect of pension investment on financial dept in Nigeria. The study adopted an ex-post facto research design. The population of the study is 14 years of Nigeria economy from the year 2007-2020. Time-series data were sourced for this study which are entirely secondary data from the Pension Commission and the Central Bank of Nigeria (CBN) statistical bulletin, and the World development indicator (WDI) of the World Bank Database. Autoregressive Distributed Delay Limitation (ARDL) bounds testing approach was adopted to examine the long- and short-term relationships between the series, using Eview 12 version. The result of the hypothesis shows that there is evidence that pension investment in equities has positive relationship with financial deepening. This implies that increases in pension investment in equities will lead to increase in financial depth in Nigeria. In sharp contrast, pension investments in FGN securities, local money market securities and mutual funds have a negative relation with financial depth. This implies that increases in pension investments in FGN securities, local money market securities and mutual funds will lead to decrease in financial depth in Nigeria. The result also shows that in the short run that pension investments in equities and mutual funds have positive but insignificant relationship with financial depth, while FGN securities and local money market securities have negative and insignificant relationship with financial depth. The study then recommended that, to accelerate financial sector depth, it is necessary for the financial sector regulators and policymakers to strengthen the depth of banks asset, other financial institutions and financial markets through policies and reforms to attract more pension investment that will contribute to the development of Nigeria’s financial stance.