Reviews of Management Sciences (RMS)
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Board Independence, Financial Performance, and Share Price Dynamics: Evidence from Nigerian Consumer Goods Firms
Full text linkPurposeThis study examines the determinants of share prices among Nigerian consumer goods firms, focusing on firm-specific characteristics, capital structure, and the moderating effect of board independence.
MethodologyPanel data from 13 firms covering 2014 to 2023 are analyzed using fixed effects and generalized method of moments (GMM) estimators to assess both direct and conditional effects on market valuation.
FindingsThe results indicate that firm size and market-wide performance consistently drive share price, underscoring the significance of resource advantages and macro-financial sensitivity in emerging markets. In contrast, profitability, liquidity, and leverage exhibit weaker direct effects. Board independence significantly moderates the relationships between firm size and profitability on the one hand, and share price on the other, enhancing the benefits of scale and constraining the influence of profitability on valuation. These findings highlight the conditional effectiveness of governance mechanisms and the dominant role of market-wide factors in determining valuation outcomes.
ConclusionThe study provides implications for corporate strategy, regulatory policy, and investor decision-making in emerging economies, emphasizing the need to align firm-level policies with macroeconomic conditions.
Asymmetric Effects of Pension Fund Asset Allocation on Financial Performance: Evidence from Nigeria
Full text linkPurposeThis study investigates the asymmetric effects of pension fund asset allocation on the returns on investment (ROI) of pension fund administrators in Nigeria, to understand how different asset classes influence fund performance in an emerging market context.
MethodologyThe study employs the Nonlinear Autoregressive Distributed Lag (NARDL) model using monthly data spanning 2007–2023. The analysis covers pension fund investments in federal government securities, equities, corporate bonds, money market instruments, mortgage funds, and real estate assets to assess both short- and long-run effects on ROI.
FindingsThe results show that government securities dominate pension fund portfolios; however, their long-term returns are constrained by inflation and interest rate volatility. Investments in equities, corporate bonds, and real estate exhibit positive but statistically insignificant effects on ROI in both the short and long run. Symmetry tests indicate no significant differences between positive and negative asset allocation shocks, suggesting that diversification strategies perform consistently across market conditions.
ConclusionThe study concludes that achieving a balance between investment safety and diversification is crucial for enhancing pension fund performance. It recommends gradual regulatory liberalization, market deepening, and innovative portfolio management approaches to improve returns, safeguard retirees’ welfare, and support Nigeria’s broader economic development
The Role of Digital Financial Services, Consumer Trust, and Institutional Quality in Driving Firm Growth in Nigeria
Full text linkPurposeThis study examines the impact of digital financial services (DFS) adoption—specifically mobile banking, FinTech platforms, and digital wallets—on consumer trust and firm growth in Nigeria. It develops a conceptual framework linking DFS adoption, consumer trust, and firm performance, while considering the moderating roles of institutional quality and digital infrastructure.
MethodologyThe study employs empirical models based on simulated firm-level panel data to analyze the relationships among DFS adoption, consumer trust, and firm growth. Moderation and mediation effects are incorporated to capture the influence of institutional quality and ICT infrastructure on these relationships.
FindingsThe results indicate that DFS adoption has a significant positive effect on firm growth, with consumer trust serving as a key mediating factor. Moreover, higher institutional quality and better digital infrastructure strengthen the positive impact of DFS adoption on firm performance.
ConclusionThe study contributes to the literature on digital transformation in emerging economies by highlighting the synergistic role of technology, trust, and institutions in enhancing firm growth. It underscores the need for policymakers to strengthen consumer protection, promote financial literacy, and invest in digital infrastructure, while firms should prioritize trust-building strategies alongside digital innovation to achieve sustainable growth
Integration of Total Quality Management Practices in Enhancing Supply Chain Resilience
Full text linkPurpose
This study examines the integration of Total Quality Management (TQM) practices in enhancing supply chain resilience. By fostering continuous improvement, supplier collaboration, and process optimization, TQM can mitigate risks and improve adaptability in supply chain operations.
Methodology
A systematic literature review was conducted using peer-reviewed journals, conference proceedings, and industry reports. Studies on TQM and supply chain resilience were analyzed to identify key themes, including process efficiency, supplier relationships, and proactive risk management. Empirical evidence from case studies and conceptual models was synthesized to evaluate the effectiveness of TQM in building resilience.
Findings
Findings indicate that TQM-driven approaches, such as Six Sigma and Kaizen, significantly reduce process variability, leading to a 20%–30% improvement in operational efficiency. Supplier quality management fosters long-term partnerships, reducing supply chain disruptions by 15–25 percent. Continuous improvement practices enable firms to enhance adaptability and crisis recovery, improving supply chain responsiveness by 30 percent. However, empirical research quantifying the long-term resilience benefits of TQM remains limited, and standardized resilience metrics for TQM applications are underdeveloped. Overall, TQM presents a viable framework for strengthening supply chain resilience by balancing efficiency with flexibility.
Conclusions
Despite its potential, challenges remain in defining standardized resilience measures and optimizing TQM for dynamic supply chain environments. Future research should focus on developing quantitative resilience metrics, exploring sector-specific applications, and integrating digital technologies to enhance the effectiveness of TQM in resilient supply chain management
Blockchain Integration in Islamic Finance: A New Era for Banking Sector in Pakistan
Full text linkPurpose
This study explores the integration of Blockchain technology within Islamic banks in Pakistan.
Methodology
Using a cross-sectional survey approach, data was collected from 500 participants, using a five-point Likert scale adopted questionnaire. Participants include banking professionals, Blockchain freelancers, technology experts, and academics. The analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM).
Findings
The results reveal that Blockchain technology adoption significantly improves the sustainable performance of Islamic Banking in Pakistan. The most transformative feature of Blockchain technology, i.e., transparency, governance, and traceability, has a significant positive impact on sustainable performance. Whereas the mediation analyses show that traceability and governance partially mediate the relationship between Blockchain technology and Islamic banking performance. Results further reveal that Blockchain technology demonstrates strong potential to enhance transaction efficiency, reduce operational costs, and improve security, all while ensuring compliance with Shariah Law.
Conclusion
The study concludes that implementing Blockchain technology can substantially enhance the sustainable performance of Islamic banking in Pakistan. The study incisively demonstrates the key reasons and implications for employing Blockchain technology in the Islamic banking sector. The findings thereof can be applied as an insightful manual for policymakers and industry experts to better understand, promote, and support the adoption of Blockchain technology in Islamic Banking institution
Leveraging Machine Learning for Exchange Rate Prediction: A Business and Financial Management Perspective in Nigeria
Full text linkPurpose
The continuous availability of historical data for asset prices propelled more attention of researchers to use analytical algorithms to study the evolution of prices. This paper aims to use four machine learning algorithms to forecast the exchange rates in Nigeria.
Methodology
The paper employs Logistic Linear Regression, Support Vector Machine, Random Forest, and XGBoost algorithms to predict the univariate time series of Nigeria\u27s exchange rate against the US dollar, using both hourly and daily data.
Findings
The findings indicate that the Random Forest (RF) model outperforms other approaches in predicting Nigeria’s exchange rate against the US dollar, demonstrating the lowest prediction errors (MAE, MSE, RMSE, and MAPE). RF remains the most accurate model across both hourly and daily frequencies, with XGBoost emerging as the second-best performer.
Conclusions
This study applies machine learning models to enhance exchange rate prediction, demonstrating that the exchange rate series is not sensitive to data periodicity. The findings provide valuable insights for stakeholders in the foreign exchange market, aiding policymakers in selecting the most accurate forecasting techniques
Social Reproduction and Financial Barriers in a South African Higher Education
Full text linkPurpose
This study investigates how financial barriers impact students from low-income backgrounds at a historically disadvantaged South African university.
Methodology
A qualitative approach was employed, with semi-structured interviews conducted among twenty purposively selected third-year students from one faculty. Data was analyzed thematically.
Findings
Findings align with previous studies on students from low-income backgrounds. Most lack access to adequate funding, and even those supported by the National Student Financial Aid Scheme (NSFAS) still struggle to cover essential non-tuition costs, such as academic materials. Participants described relying on family support, part-time jobs, and even relationships with older partners for financial assistance. Many had to take a gap year to earn money, while some dropped out entirely.
Conclusion
Universities should modernize learning methods—such as shifting to electronic assignment submissions—to cut printing costs. They should also explore third-stream income opportunities to help subsidize educational expenses for students in need
The Impact of Board Characteristics and CEO Duality on the Profitability of Listed Insurance Companies in Nigeria
Full text linkPurpose
This study examines how key corporate governance mechanisms—board size, board independence, board gender diversity, CEO duality, and board meeting frequency—affect the asset returns of listed insurance firms in Nigeria. It addresses a significant gap in the literature by focusing on market-based performance indicators rather than traditional accounting measures.
Methodology
Grounded in agency, stewardship, and resource-dependence theories, the study employs panel regression techniques using data from Nigerian listed insurance companies. The analysis explores whether internal governance structures influence investor-driven outcomes reflected in asset returns.
Findings
Board size, board independence, and meeting frequency significantly enhance asset returns, underscoring the importance of monitoring efficiency and active board engagement. CEO duality exhibits mixed effects, reflecting the theoretical tension between unified leadership and agency risks. Board gender diversity shows no significant impact, suggesting institutional or structural limitations in the Nigerian insurance context.
Conclusion
The results highlight the need for governance reforms that strengthen board independence, improve board engagement, and promote meaningful female representation. Regulators and investors may use these insights to strengthen governance quality and financial resilience
Oil, Uncertainty, and the Stock Market: How Geopolitical Risk Shapes an Oil-Dependent Economy
Full text linkPurpose
This study examines the macroeconomic and financial effects of geopolitical risk in Oman. Oman is an oil-dependent economy facing ongoing regional instability. The study explores dynamic links among geopolitical risk, private investment, household savings, and stock market performance.
Methodology
Monthly data from 2004 to 2023 are used for the Geopolitical Risk Index, gross fixed capital formation, private sector deposits, and the Muscat Securities Market index (MSX30). A Vector Autoregressive (VAR) framework captures endogenous interactions and feedback. Unit root tests confirm stationarity. The analysis uses impulse response functions, forecast-error variance decompositions, Granger causality, and CUSUM tests to assess shock transmission, causal links, and model stability.
Findings
Geopolitical risk strongly affects financial variables. Over time, it has a growing impact on private deposits and stock market fluctuations. There is bidirectional causality between savings and equity market performance. This suggests increased precautionary behavior and greater financial sensitivity during periods of uncertainty. Gross fixed capital formation, however, responds little to short-term geopolitical shocks. This implies investment decisions mainly depend on structural and macroeconomic factors.
Conclusion
The findings show that geopolitical risk in Oman mainly acts through financial and behavioral channels. There is little evidence of an immediate decline in investment. This highlights the importance of financial resilience and savings-based stabilization in resource-dependent economies
Marketing Strategies and Herbal Medicine for Mental Health Well Being in Nigeria
Full text linkPurpose
This paper examines the marketing strategies employed by TMPs in the herbal medicine sector, particularly regarding their impact on consumer behavior and the management of mental health wellness through herbal products.
Methodology
Data for this study were collected from multiple triangulated sources, including oral interviews, advert analysis, news media analysis, and field observations in HM markets across Nigeria. Participants were selected through convenience sampling to provide insights into TMP marketing practices.
Findings
TMPs play a critical role in the management of mental health by offering Indigenous medicine as an alternative to conventional treatments. TMPs utilize diverse marketing strategies such as direct marketing, advertisement, word of mouth (WOM), branding, and brand loyalty. Mass media (TV and radio) are essential in making consumers aware of the alleged medicinal value of HM in treating various ailments, including mental health issues. The increasing demand for HM is attributed to several factors, including the high cost of mental health care at Nigerian neuropsychiatric hospitals and the cultural and spiritual beliefs surrounding HM efficacy. These factors provide TMPs with an opportunity to expand their market by capitalizing on the need for affordable mental health solutions.
Conclusion
TMPs are integral to Nigeria\u27s mental health landscape, leveraging cultural and spiritual beliefs to market herbal medicines as viable alternatives to conventional treatments. The use of mass media and various marketing strategies plays a significant role in raising consumer awareness and influencing purchasing decisions regarding HM