244 research outputs found
Sort by
WORKING CAPITAL MANAGEMENT AND FIRM PERFORMANCE OF HIGH-GROWTH ENTERPRISES: EVIDENCE OF CORPORATE FINANCIAL MANAGEMENT IN EMERGING ECONOMIES
Full text linkThis study examines the relationship between working capital management (WCM) and profitability among high-growth firms (HGFs) in Nigeria, utilizing a comprehensive panel dataset spanning 2002 to 2023. Employing fixed effects and system GMM estimations, the analysis reveals a significant inverted U-shaped relationship between the cash conversion cycle (CCC) and firm profitability, indicating that both insufficient and excessive investment in working capital adversely affect financial performance. Subsample analyses across industries and time periods further highlight sectoral heterogeneity and increased sensitivity of WCM post-2015 amid macroeconomic volatility. These findings underscore the critical need for balanced, dynamic working capital policies tailored to firm-specific and macroeconomic contexts. The study contributes to the understanding of financial management strategies in emerging markets and offers actionable insights for corporate managers, financial institutions, and policymakers aiming to enhance firm resilience and economic development
THE INTERMEDIATING ROLE OF FINANCIAL LITERACY IN THE MICROFINANCE SUSTAINABILITY NEXUS: EVIDENCE FROM WOMEN-LED SMES IN NIGERIA
Full text linkThis study examines the interconnected roles of microfinance access and financial literacy in enhancing business sustainability among women-led small and medium enterprises (SMEs) in Nigeria. Drawing on cross-sectional survey data from 3,421 women entrepreneurs across urban and peri-urban regions, the study employs a mediation analysis within an Ordinary Least Squares (OLS) framework, supported by bootstrapping procedures and robustness checks using structural equation modelling. The empirical findings reveal that access to microfinance significantly enhances business sustainability, while financial literacy independently contributes to sustainability outcomes. Importantly, financial literacy mediates the relationship between microfinance and business sustainability, with a statistically significant indirect effect, validated by the Sobel test and bootstrapped confidence intervals. Control variables such as age, education, and business location further contextualize the findings. These results highlight the critical role of cognitive and educational capabilities in translating access to finance into sustainable business performance. Policymakers and development practitioners are encouraged to embed financial literacy training within microfinance schemes and develop targeted programs for rural and underserved populations. Future research should adopt longitudinal and experimental designs to validate causality and assess sectoral and digital moderating factors in the financial empowerment of women entrepreneurs
ELECTRONIC BANKING AND PERFORMANCE OF BANKING SECTOR IN NIGERIA
No full textElectronic banking has become an important issue in gaining a competitive advantage while maintaining and growing overall effectiveness of banking sector. Despite the importance of electronic banking, the banking sector has continued to face challenges, such as long queues in certain banking halls, excessive cash handling by customers, and frequent network failures. Hence this research examined electronic banking and performance of banking sector in Nigeria. The financial reports of the chosen Nigerian deposit-taking banks provided the secondary data used in this investigation. The acquired data was analyzed using static panel data regression. With a coefficient value of 0.0080 and at the 5% significant level, the regression analysis's findings showed that online banking has a major impact on Nigerian deposit money banks' net interest revenue. The study's findings also showed that, at the 5% significant level, automated teller machines have an effect on the net interest revenue of deposit money institutions in Nigeria, with a coefficient value of 0.0063. With a coefficient value of 0.0056 and at the 5% significant level, the study also showed that mobile banking significantly affects the net interest revenue of deposit-taking institutions in Nigeria. The research concludes that Nigerian deposit money banks' performance is greatly impacted by electronic banking. The study recommends that in order for banks to truly gain from electronic banking, more customer orientation should be undertaken to raise awareness and encourage users to use the services
MITIGATING COORDINATION FRICTIONS IN DEFI: EMPIRICAL EVIDENCE FROM DYNAMIC PANEL MODELS AND EVENT STUDY OF ETHEREUM-BASED PROJECTS
Full text linkThis study examines the role of crypto funds (CFs) in enhancing the valuation and performance of decentralized digital platforms (DDPs) by mitigating coordination frictions and information asymmetries. Drawing on panel data from 1,200 Ethereum-based projects and event-study evidence around CF investment disclosures, we find that CF-backed DDPs achieve significantly higher token valuations in the primary market, experience positive cumulative abnormal returns (CARs) around investment announcements, and outperform non-CF-backed peers’ post-issuance. The impact of CFs is stronger when they hold central positions in investor networks and when token ownership is more decentralized. Robustness checks using alternative dependent variables, subsample analyses, and interaction terms confirm the validity of the findings. These results highlight the importance of institutional capital not only in financing but also in signaling quality and enhancing governance in decentralized ecosystems. Policy implications include the need for standard CF disclosure practices, token distribution guidelines, and improved audit standards for smart contracts. The findings contribute to emerging debates on institutional legitimacy, valuation dynamics, and governance in the digital asset economy
THE EFFECT OF GOVERNMENT BOND ATTRIBUTES ON CAPITAL MARKET PERFORMANCE IN NIGERIA
No full textThe study examined the impact of government bonds on capital market performance in Nigeria, Specifically, this study investigated the volatility level of government bonds in the Nigeria capital markets, the impact of government bonds markets capitalization on capital market performance. Ten-year Time-series data was used for this study from 2014 to 2023 sourced from the Central Bank of Nigeria (CBN), Nigerian Exchange and Securities and Exchange Commission (SEC). Data was subjected to linear regression analysis which was used to estimate the parameters of the model. The findings revealed that Government bond market capitalization, value of government bond and new issues of government bonds all have a significant positive effect on capital market performance in Nigeria. While, volatility level of government bonds hurts capital market performance. Based on the findings the study concluded that government bonds capitalization, the volume of government bonds, and new issues on government bonds should be increased, while volatility in the value of government bonds should be reduced. The study therefore recommended that the government should increase its bond market capitalization to increase the capital market performance; the government through its agency should attempt to prevent the bond price and return fluctuation and the government should increase the number of bond issuance in circulation to increase the level of capital market performance in the country
EFFECT OF INTERNAL CONTROL COMPONENTS AND REVENUE LEAKAGE: EVIDENCE FROM FINANCIAL INSTITUTIONS IN EDO STATE, NIGERIA
Full text linkThis study examines the relationship between internal control systems and revenue leakage in financial institutions in Edo State, specifically banks and microfinance institutions, by accessing how the various aspects of internal control, which includes control environment, risk assessment, control activities, information and communication, and monitoring, contribute to minimizing financial losses due to revenue leakage.This exploratory study utilised the administration of a well-structured 5-point Likert scale questionnaire to 384 employees of financial institutions in Edo State in gathering data. The instrument's reliability was confirmed with a Cronbach’s Alpha coefficient of 0.856. Data analysis involved the use of both descriptive statistics and multiple regression analysis to assess the relationship between internal control components and revenue leakage. The findings revealed that control activities had a significant relationship with revenue leakage, while other internal control components such as risk assessment, information and communication, and monitoring did not show a significant relationship with revenue leakage. This suggests that while control activities are crucial in minimizing revenue leakage, other components may require more effective implementation. Notably, the positive relationship of the coefficients contradicts the expected negative link between strong internal controls and revenue leakage. This may indicate that internal controls, though present, are not effectively enforced or are implemented superficially. The study recommends strengthening of control activities and enhancing the integration of risk assessment and monitoring mechanisms to reduce revenue leakage in financial institutions
EFFECT OF AUDIT COMPLIANCE PARAMETERS ON REGULATORY FILING TIMELINESS OF SOME SELECTED LISTED COMPANIES IN NIGERIA
Full text linkThe study examines the effect of audit compliance parameters on the regulatory filing timeliness of some selected listed companies in Nigeria. Regulatory filing timeliness is measured by the number of days between the financial year-end and the date the auditor signs the financial statements, while audit compliance parameters are represented by audit firm size, audit tenure, and audit committee size. Using a panel dataset of 42 firms over ten years (2012-2021), comprising 420 firm-year observations, the study employs a descriptive and correlational research design. Secondary data were collected using a convenience sampling approach and analyzed using Feasible Generalized Least Squares (FGLS) regression. The hypotheses tested explore the relationship between each audit compliance parameter and regulatory filing timeliness. The findings show that audit firm size, audit tenure, and audit committee size all have a positive and statistically significant effect on the regulatory filing timeliness of listed firms in Nigeria. The results of the study suggested that larger audit firms, longer audit tenures, and effective audit committees contribute to timely financial disclosures. The study recommends that firms engage reputable auditors, maintain stable auditor relationships, and strengthen auditcommittee composition to enhance timeliness in financial reporting
MORTGAGE FINANCE, INSTITUTIONAL FACTORS AND HOUSING DEVELOPMENT IN NIGERIA
Full text linkThe need to establish the role of institutional factors in the impact of mortgage finance on housing development in Nigeria creates the necessity for this study. This study examines the interacting effect of institutional factors in the relationship between mortgage finance and housing development. Quarterly data on housing delivery, mortgage finance and institutional and economic factors were sourced from the Central Bank of Nigeria statistical bulletin, Federal Mortgage Bank of Nigeria audited report and World Governance Indicator between 2005 to 2022. Empirical analysis was conducted using the Autoregressive Distributed Lag (ARDL) model. The research found a negative and significant (at 10% level of significance) interacting effect of institutional factors in the relationship between mortgage interest (coeff.;-1.967: p-value;0.0734) and housing development, while institutional factors render the effect of mortgage loan and mortgage equity on housing delivery insignificant. The paper concludes that the interaction of institutional factors such as government effectiveness, corruption, regulatory framework, rule of law among others, downplays the efficacy of mortgage finance in causing housing development in the short run and recommends a strengthened institutional framework that guarantees stringent anti-corruption measures, transparent mortgage application and approval process, and expedited bureaucratic processes, to enhance accessibility of mortgage finance
MANAGERIAL EMOTIONAL INTELLIGENCE AND STRATEGIC MANAGEMENT ACCOUNTING PRACTICES OF PHARMACEUTICAL INDUSTRIAL GOODS COMPANIES IN KWARA STATE
Full text linkIn implementing strategic management accounting practices, insufficient attention to managers' emotional intelligence often leads to poorly aligned strategies and weakened organizational performance, especially in the pharmaceutical manufacturing sector where adaptability and collaboration are vital. Therefore, considering managers’ emotional intelligence is crucial for successful SMA implementation. This study investigated the influence of managerial emotional intelligence on strategic management accounting (SMA) practices in selected pharmaceutical industrial goods companies in Ilorin, Kwara State. The study used a survey research design and the population covered all the eight (8) pharmaceutical manufacturing firms in Ilorin metropolis, kwara state. All the pharmaceutical manufacturing firms in Ilorin metropolis were selected for the study, hence, a census study. Primary data used for the study were collected with the use of questionnaire administration to the cost accountants, management accountants, internal auditors, production managers, sales managers and finance directors of the studied firms. Data collected for the study were analyzed using both descriptive and inferential statistics ordered logistic regression. The findings of the study were: self-awareness has a positive significance impact on strategic management accounting practices, self-awareness, empathy, self-regulation and motivation have significance impact on SMA practices in the studied manufacturing firms, p-value greater than 0.001, while social skills does not have significance influence on SMA practices in the study with (?=0.78,p<0.007 ). Based on the findings, it is concluded that emotional intelligence as contingency factors has a substantial influence on the strategic management accounting practices in the selected firms. It is therefore recommended that enhancing emotional intelligence in managers, particularly through training in self-awareness, empathy, self-regulation, and motivation, can improve SMA practices and strategic decision-making. Furthermore, the pharmaceutical manufacturing firms should deeply seized the importance of integrating emotional intelligence development into managerial training programs to optimize SMA outcome
THE EFFECT OF INTERNALLY GENERATED REVENUE COMPONENTS ON DOMESTIC DEBT ACCUMULATION IN NIGERIA’S NORTH CENTRAL STATES
Full text linkDomestic debt has been a major concern and has brought about several reactions by stakeholders in accounting literature. Sustaining the high debt profile of North Central states has become worrisome that needs urgent attention. The size of domestic debt has been a persistent problem that has brought about the inability to meet societal expectations. This inability to sustain the debt profile can be traced to the insufficiency of internally generated revenue. The study therefore investigated the effect of Internally Generated Revenue (IGR) on domestic debt of North Central States in Nigeria. Ex-post facto research design was adopted. The population of the study was 6 States in the North central, Nigeria which also constitute the sample of the study. Data covering a period of 14 years (2010–2023) were extracted from audited accounts of the States. The reliability of the data was premised on the certification of the audited accounts by the Nigerian regulatory and legal authorities. Descriptive and inferential statistics were used to analyze the data at 0.05 level of significance. Findings reveal that internally generated revenue had a significant effect on size of domestic debt (Adj R2 = 0.266, F (4, 79). The study concluded that internally generated revenue impacted size of domestic debt of North Central States in Nigeria. The study recommends that the State Government should enhance compliance mechanisms to streamline Pay as You Earn (PAYE) collection processes and incentivize tax compliance