GUSAU JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES
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ASSESSMENT OF PRIVATIZED CEMENT INDUSTRY’S PERFORMANCE AND CORPORATE GOVERNANCE IN NIGERIA: AN APPLICATION OF TOBIN’S Q MODEL
No full textThe paper investigates the application of Tobin’s Q model in assessing the impact of corporate governance on firm value of cement industry. The variables studied were Tobin’s Q as firm value’s proxy (dependent variable) and corporate governance proxies as independent variables. Data was obtained from the secondary source, and the statistical tools employed in the Methodology were; Performance Trend Analysis and OLS regression. Trend analysis result shows that, post-privatisation has higher firm value. Inferential statistics result suggests that, Average Minority ownership, average percentage of executive directors, average foreign ownership, average board size, average percentage of non-executive directors, average percentage of management staff and average workforce have a positive and significant impact on Cement industry’s performance (Tobin’s q). However, average total market value of shares, institutional ownership and privatisation have negative and significant impact on the Cement industry’s market value while, State ownership has positive and insignificant impact on market value of cement industry. In conclusion, the result of inferential statistics has rejected the null hypothesis that corporate governance does not have significant impact on the performance of Cement industry. Admirably, the result confirmed the findings of the performance trend analysis result. The study recommends that cement industry need to; introduce effectives mechanisms of protecting the overall interest of existing shareholders and potential investors, create a strong corporate governance practice that is value-oriented and ensures economic efficient method of production to maximize earnings per share as well as timely dividend payment, the board of directors should increase the numbers of independent audit committee in order to improve transparency, timely and accurate information flow and prudent financial statement and corporate governance reporting system
PETROLEUM ENERGY CONSUMPTION, TRADE OPENNESS AND FOREIGN DIRECT INVESTMENT: A TRIPARTITE APPROACH TO ECONOMIC GROWTH IN NIGERIA
Get PDFNigeria is an oil-rich country with a significant reliance on petroleum consumption. This study examines the tripartite effects of petrol final energy consumption, trade openness, and foreign direct investment on economic growth in Nigeria over the period 1990-2021. The unit root results and the number of data points at the disposal of this study permit the application of ARDL econometric estimation technique. The short-run and long-run estimated parameters indicate that there are impacts of petroleum consumption, Foreign Direct Investment (FDI) and trade openness on economic growth in both short-run and long-run in Nigeria. In the long run, petroleum consumption (0.3762%), trade openness (0.2272%) and FDI (0.1271%) have a positive and significant impact on economic growth. The coefficient of the error correction term is negative and statistically significant. This implies that the model is mean-reverting, and that the short run model tends to revert to its long-run equilibrium value over time in the event of disequilibrium at the speed of 63% per annum. The model is robust for policy making as it passed diagnostics tests, no evidence of serial correlation, no evidence of heteroskedasticity, no evidence of model misspecification, there is dynamic stability via Cusum and Cusum of Square and the residuals are normally distributed as evidenced from Jarque-Bera statistics. Based on the statistically significant positive impacts of petroleum energy consumption, trade openness and foreign direct investment, this study suggests that policies aimed at increasing petroleum consumption, FDI and trade openness are going to lead to increase in economic growth in Nigeria
INSTITUTIONAL QUALITY AND ECONOMIC RESILIENCE: PANACEA FOR POTENTIAL LONG-TERM ECONOMIC GROWTH IN WEST AFRICA
No full textHigh and sustained economic growth can be achieved through strong institutions and the development of resilient economies. This exploratory study used data from World Development and Governance Indicators to attempt the construction of a macroeconomic stability index and economic resilience index for West African countries following the work of Briguglio et al (2009). It further used the indices constructed to examine the effect of resilience on growth and the modifying effect of institutional quality in this relationship. It found that from the index developed, there was a low level of resilience among West African countries with the highest at 46.4%. Institutional quality was found to positively and significantly influence the effect of resilience on economic growth in countries within the region and thus recommends strengthening the institutional framework for countries in the region through the ECOWAS community strategy. Also being armed with the knowledge of each member states' economic resilience level will help set the agenda for investment decisions that will engender economic prosperity
EFFECT OF CUSTOMER SATISFACTION ON CUSTOMER LOYALTY IN YOGHURT COMPANIES
No full textThe number of yoghurt companies in Nigeria is on the rise; however, the discernible level of service delivery failure suggests a prevalent ineffectiveness in customer relations. This study therefore became imperative due to the effect of this fluctuation on customer loyalty to yoghurt companies. To tackle this issue, marketers employ diverse tools and strategies aimed at retaining both current and potential customers. This quantitative study investigates the effect of customer satisfaction on customer loyalty in yoghurt companies. The research utilizes survey and cross-sectional research designs to collect data from respondents, employing a systematic sampling technique. Given the infinite population size, data was collected from a sample of 397 customers of these yoghurt companies. Regression was applied to analyze the data and test the hypothesized relationships. The findings reveal that customer satisfaction impact on customer loyalty. It was recommended that managers should foster customer satisfaction as this will ultimately lead to increased customer loyalty
STRATEGIC HUMAN RESOURCE MANAGEMENT AND PERFORMANCE OF FIRST BANK OF NIGERIA PLC
No full textThis strategic fit is constantly changing and evolving, and deposit money banks are disadvantaged due to obstacles confronting the implementation of Strategic Human Resource Management (SHRM) in Nigeria. This study, therefore, examined the impact of SHRM on performance in the banking industry. The study employed exploratory and descriptive research designs to answer research questions in line with the study objectives; to examine the challenges affecting SHRM practices on bank performance, to determine the effect of human resources training and development, and to investigate the extent to which strategic human resource planning affects bank performance. Probability and non-probability sampling techniques through purposive and simple random sampling were employed to select a sample size of 120 out of the total population of 175 employees of First Bank Plc in the Ilorin Metropolis. Regression and Thematic analysis were used to test the study's hypotheses using SPSS and Nvivo Software. The hypotheses were subjected to test at a 5% level of significance. The finding revealed that financial legal practice (β=0.534; p=0.000<0.05), strategic managerial change(β=0.448; p=0.033<0.05), leadership development problem(β=0.625; p=0.000<0.05), talent retention(β=0.833; p=0.014<0.05), and compensation management system(β=0.697; p=0.000<0.05) are SHRM challenges affecting service delivery operational performance, which passed their test of significance at 5% levels except adapting to financial innovation (β=0.051; p=0.531>0.05). A sequel to this was the finding from the thematic analysis that a push toward digital innovation within the industry generated an uproar regarding job insecurity and slowed down operational performance while going remotely due to security challenges, technical constraints, and infrastructural deficiency. The study concludes that a holistic planning approach towards talent retention, innovation, reward, career development and the degree to which jobs are narrowly defined as a strategic fit to improve employee performance. It was recommended that strategic managers pay positive attention to the planning, particularly one involving a reward management system that meets the cultures of individuals who want to join the organisation to avoid underperformance
MODERATING ROLE OF DYNAMIC CAPABILITIES IN THE RELATIONSHIP BETWEEN INTELLECTUAL CAPITAL AND PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN ABUJA, FCT
Get PDFThis study investigates the moderating role of dynamic capabilities in the relationship between intellectual capital and performance of Small and Medium Enterprises in Abuja, FCT. Recognizing the high failure rate of SMEs within their first five years, the research aims to understand the factors influencing SME performance. Data were collected through questionnaires administered directly to the targeted demographic, and analyses were conducted using SPSS version 23 for preliminary findings and Partial Least Squares (PLS) path modeling for the main analysis. The study's findings indicate that human capital does not significantly impact SME performance in the FCT. However, relational and structural capital were found to have significant effects. Interestingly, dynamic capabilities were observed to significantly moderate the relationship between human capital and SME performance, but not between relational capital and SME performance. Conversely, dynamic capabilities do moderate the relationship between structural capital and SME performance. Based on these findings, the study recommends that SME owners and managers in the FCT should focus on developing technical, interpersonal, and conceptual skills to enhance enterprise management and performance. Additionally, improving relational capital through stakeholder relationship-building is advised. These strategies are expected to contribute positively to the sustainability and success of SMEs in the region
MODERATING ROLE OF ENTREPRENEURIAL INTEGRITY ON THE RELATIONSHIP BETWEEN FUNDING CAPACITY AND SMES PERFORMANCE IN ABUJA METROPOLIS
No full textSMEs in Nigeria have not been performing to expectation, most of the SMEs die within their first five years of existence, a smaller percentage goes into extinction between the sixth and tenth year while only about five to ten percent survive, thrive and grow to maturity in Nigeria. The main objective of the study is to examine the moderating role of entrepreneurial integrity on the relationship between funding capacity and SMEs performance in Abuja metropolis. The study used primary data which was obtained through a survey questionnaire. The population of this study comprises of Small and Medium Enterprises (SMEs) that are operating within Abuja metropolis. Abuja metropolis has one thousand five hundred and sixty-five (1,565) SMEs. A total of 465 questionnaires were distributed to SMEs in Abuja Metropolis, out of 408 returned questionnaires only 396 were finally used for the analysis. SPSS was used to carry out the preliminary data analysis and PLS-SEM for the major analysis of the study. The findings of the study revealed that funding capacity has significant relationship with SMEs performance and entrepreneurial integrity significantly moderates the relationship between funding capacity and SMEs performance. The study recommended among others that ggovernment agencies along with micro finance institutions and banks should organize financial education programs that will create awareness on areas that are lacking such as more effective sources of funds for businesses. This will improve funding capacity of SMEs and assist them to expand and grow in areas they are lacking. The welfare of the employees should be improved to improve their integrity and discourage them from any unethical behavior that can affect their integrity
OWNERSHIP STRUCTURE AND DIVIDEND POLICY OF LISTED OIL AND GAS COMPANIES IN NIGERIA
Get PDFThe study examines the effect of ownership structure on dividend policy of listed oil and gas companies in Nigeria. The independent variable was proxied using managerial ownership, government ownership and foreign ownership. On the other hand, dividend policy was proxied by dividend payout ratio. The study employed the ex-post facto research design in analyzing the panel data collected from eight (8) oil and gas companies sampled from a total population of twelve companies listed on the Nigerian Exchange Group (NGX). the study covered a period of ten years (2013 to 2022) while the purposive sampling technique was employed. The multiple regression technique of analysis was employed in analyzing the data and the results of the analysis revealed a positive and significant relationship between Managerial Ownership and Dividend policy. Thus, suggesting that, an increase in the proportion of shares held by management would results in increased dividend payment. On the contrary, government ownership and foreign ownership had no significant effect on dividend policy of listed oil and gas companies in Nigeria. The study therefore concludes that, managerial ownership would influence dividend payment. Hence it is recommended that, managerial ownership of oil and gas companies be monitored by regulatory agency to ensure compliance with relevant codes and provision
HERDING BEHAVIOUR AND INVESTMENT DECISION IN NIGERIAN STOCK AMONG RETAIL INVESTORS IN SOUTH WEST NIGERIA: DOES RISK TOLERANCE MATTER?
No full textResearch evidences have shown recurrent patterns of irrationality, unpredictability, and inadequacy in investors' decision-making processes when faced with market uncertainty. These irrational behaviors may have been the cause of not making the right investment decision. Previous research efforts have identified a number of behavioural factors that may affect investment decision, though results produced over the years have not been consistent. Consequently, literature has suggested risk tolerance as a possible contingent factor in the relationship between behavioural factors and investment decision. Hence, this study examined the effect of herding behaviour on investment decision among retail investors in stock market in South West Nigeria using risk tolerance as a moderator. The study employed sample of 538 investors and cross-sectional research survey design through questionnaire items adapted from past studies. The study employed Partial least square structural equation modeling using Smart PLS 4.0. The results showed that herding behaviour and risk tolerance were significant in predicting investment decision. However, the study discovered that risk tolerance failed to significantly moderate the relationship between herding behaviour and investment decision. In line with the findings of this study, it is concluded that investment decision is affected by herding behaviour and risk tolerance. The study also concluded that risk tolerance failed to significantly moderate the relationship between herding behaviour and investment decision. The study therefore recommended that retail investors should be more tolerance to risk and imbibe herding attitude but exercise care on every actions of the major participants in the marke
ROLE OF TECHNOLOGICAL ORIENTATION ON EFFECT OF INTELLECTUAL CAPITAL ON SMALL AND MEDIUM ENTERPRISES (SMES) PERFORMANCE
No full textMost SMEs in Nigeria die within their first five years of existence, a smaller percentage goes into extinction between the sixth and tenth year while only about five to ten percent survive, thrive and grow to maturity, the death of the businesses was largely caused by inadequate intellectual capital and technological orientation. The objective of the study is to examine the relationship between intellectual capital and SMEs performance with the moderating role of technological orientation. The study obtained data through a survey questionnaire. The researcher employed Statistical Package for the Social Sciences (SPSS) version 18 for preliminary analyses. For main analysis, the study employed partial least squares (PLS) path modelling. The findings of the study revealed that intellectual Capital has significant effect on Small and Medium Enterprises (SMEs) performance, technological orientation significantly moderate the relationship between intellectual capital and Small and Medium Enterprises (SMEs) performance. The study recommended that Owner/managers of SMEs should possess technical, interpersonal, and conceptual skills to effectively plan, lead, organize and control the enterprise effectively leading to increased performance. The study concluded that intellectual capital has significant effect on SMEs performance and technological orientation significantly moderates the relationship between intellectual capital and SMEs performance