Malete Journal of Accounting and Finance
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DIVIDEND POLICY AND FINANCIAL PERFORMANCE OF QUOTED OIL AND GAS COMPANIES IN NIGERIA
Get PDFDividends are payments made by a company to its shareholders to compensate them for the unforeseen risk they decided to undertake and for the time value of their investment in the organisation This study examined the impact of dividend policy (DP) on the financial performance of oil and gas in Nigeria. The study employed exploratory research design. Six (6) listed oil and gas companies were chosen through a purposive sampling technique and data extracted from the annual reports of these oil and gas from year 2009 to 2021. A panel data regression was used to analyse the data. Dividend policy was proxies with dividend per share (DPS), leverage (LEV), liquidity (LIQ), Earnings per share (EPS), and risk (RISK) while financial performance was proxies with Return on Equity (ROE) and Return on Asset (ROA). Findings revealed that the variable- leverage (LEV), earnings per share (EPS), risk (RISK) has statistical significant effect on the Return on Asset (ROA) while Dividend per share (DPS) and liquidity (LIQ) have negative and significant impact on Return on Asset (ROA). Results also, show that the variable- leverage (LEV), earnings per share (EPS), risk (RISK) has statistical significant effect on the Return on Asset (ROE) while Dividend per share (DPS) and liquidity (LIQ) have negative and significant impact on Return on Asset (ROE). It was concluded that dividend policy had negative significant impact on return on asset and return on equity. The study recommended that, the company would pay no dividend. They would retain all earnings to maximise market price per share since they can earn more on investment than share holder expectation
EFFECT OF VALUE PROPOSITION AS A MARKETING STRATEGY ON INNOVATIVE CAPACITY OF THE PERFORMANCE OF PHARMACEUTICAL FIRMS IN KWARA STATE
Get PDFThere is a lot of believe that marketing starts and ends in product or service delivery. This believe and many more envelop most companies focusing on selling of the product with little or no emphasis on the level of product satisfaction on customers. On the basis of this, this study examines the impact of Value Proposition as a Marketing Strategy for Innovative Capacity of pharmaceutical firms in Kwara State of Nigeria. The study adopted a cross sectional survey design, involving the use of structured questionnaire as research instruments. The population comprises of the 283 employees in the manufacturing pharmaceutical firms in Kwara State and employed the convenience sampling techniques to arrive at a sample of 169 respondents. The study adopted the use of structural equation model to analyse the data. The result of the study as (0.365,0.594 and 0.224) reveals that value proposition as a marketing strategy has significant effect on innovative capacity of pharmaceutical firms in Kwara State. Furthermore, the relationship between Value Proposition and Innovative Capacity as a marketing strategy impacts on the performance of pharmaceutical firms in Kwara State of Nigeria. Therefore, the study recommends that to enhance the innovative capacity of the firms, managers should be conscious of the product usability and the product style
EXTENT OF ADOPTION OF STRATEGIC MANAGEMENT ACCOUNTING PRACTICES IN SELECTED NIGERIAN CONSUMER GOODS COMPANIES
Get PDFThe place of Strategic Management Accounting (SMA) in contemporary business organizations cannot be over-emphasized. Research has shown that organizations that employ the tools of SMA tend to remain competitive in their industry of operation. Therefore, this study examines the adoption of Strategic Management Accounting Practice in selected Nigerian Consumer Goods Companies with a view to establishing the extent of the adoption of this practice. The study made use of primary data obtained from structured questionnaires administered to concerned managers of the companies. Purposive sampling technique was used to obtain a sample size of 18 firms because of the technicality of the subject matter as well as the availability of required respondents. The data generated was analyzed using descriptive statistics. It was found that all 21 SMA practices examined were adopted with Benchmarking having the highest mean statistics of 4.73 and theory of constraint is the least adopted with an average of 3.36. The study concludes that there is a high rate of adoption of the SMA practices and consequently recommends that the others like theory of constraint and kaizen costing that have relatively lower rate of adoption should be considered by companies that are yet to
TRANSLATION EXPOSURE AND PERFORMANCE OF DEPOSIT MONEY BANKS: EVIDENCE FROM NIGERIA
Get PDFThe increasing dealings in foreign exchange by commercial banks with foreign subsidiaries expose their performance to the sensitivity of change in real domestic currency. However, studies on the effect of translation exposure on deposit money banks performance in Nigeria are limited. Therefore, this study examined the effect of translation exposure on performance of deposit money banks in Nigeria. This study used ex-post facto research design and utilised panel data using Nonlinear Auto Regressive Distributed Lag (NARDL) model covering a period of sixteen years (2004-2019). The study found out that translation exposure has an asymmetric impact on financial performance for deposit money banks in Nigeria and thus concluded that translation exposure has a positive and significant effect on performance of deposit banks in Nigeria. The study recommended that bank managers should encourage periodic assessment of the banks statement of financial position
EMPIRICAL STUDY OF INFLUENCE OF FINANCIAL INNOVATION ON ORGANISATIONAL PERFORMANCE OF SELECTED NIGERIAN INSURANCE COMPANIES
Get PDFDespite the proliferation of information technology, many Nigerian insurers do not deploy fully integrated computer software system. This study therefore examines the effect of financial innovation on organisational performance with specific reference to the Nigerian insurance industry. Specifically, the study examines the association that exists between process innovation, product innovation, service innovation, organisation innovation and organisational performance. A survey research approach was adopted to sample the opinion of respondents. A purposive sample technique was adopted to select 150 senior managers of the selected 69 insurance companies in Southwest, Nigeria. The data collection instruments for the study were structured questionnaires designed for the study. Path Analysis was used to analyse the data. The study concluded that process innovation, product innovation, service innovation, and organisation innovation have positive and significant association with organisational performance. Therefore, the study recommended that it is imperative for the insurance sector in Nigeria to fully implement financial innovation to enable it achieve its vision of being the industry of choice among emerging markets noted for high market capacity, transparency, efficiency and safety and to attain the position of one of the 20 largest insurance markets in the world by the year 2030
EFFECT OF BOARD ATTRIBUTES ON FINANCIAL PERFORMANCE OF LISTED INSURANCE COMPANIES IN NIGERIA
Get PDFThe continuous failure of companies around the world as a result of adverse strategic decisions made by the board, which had consequently affected the financial strength of companies, has raised questions on the effectiveness of board of directors. Therefore, this study examined the effect of board attributes on financial performance of listed insurance companies in Nigeria. The population of the study consists of thirty-four (34) listed insurance companies on the Nigerian Stock Exchange as at 31st December 2018 while twenty-three companies were used as sample due to the incomplete annual reports of some insurance companies. Random-effect regression analysis was employed in analyzing the secondary data obtained from the annual reports of the sampled companies for the period 2013-2018. The study found that board remuneration has significant negative effect on financial performance of listed insurance companies in Nigeria at 95% confidence level (p-value of 0.031) while board gender diversity has significant positive effect (p-value of 0.002) on financial performance of listed insurance companies in Nigeria. Therefore, this study concluded that board attributes have significant effect on financial performance of listed insurance companies in Nigeria. The study recommends that women should be given more consideration in board composition
IMPACT OF CAPITAL FLIGHT AND EXCHANGE RATES ON DOMESTIC INVESTMENT IN NIGERIA
Get PDFThe importance of capital flight and exchange rate on domestic investment has been realised by successive administrations in Nigeria. Yet, the continued occurrence of capital flight in Nigeria has aggravated the shortage of resources for development and indirectly led to a decline in domestic investment. Hence, the need to examine the impact of capital flight and exchange rates on domestic investment in Nigeria. Specifically, this study examined the effect of capital flight on domestic investment in Nigeria; evaluated the impact of exchange rates on domestic investment in Nigeria as well as examined the direction of causality between capital flight and domestic investment in Nigeria. In line with the objectives, autoregressive distributed lags (ARDL) model and the Pairwise Granger Causality Test were used to analyse the time series data collected from 1981 to 2016 from the Central Bank of Nigeria Statistics Bulletin. The study revealed that there is existence of a significant relationship between exchange rates and domestic investment in Nigeria at 5% significance level. Furthermore, the study revealed that capital flight is a significant determinant of domestic investment at 5% significance level. Finally, the study revealed that there exists a uni-direction causality between capital flight and domestic investment. The study concluded that capital flight and exchange rates have a negative impact on domestic investment in Nigeria. The study therefore, recommends that since exchange rates are known to affect domestic investment therefore the exchange rates should be managed in a way that it will be favorable to domestic investment in Nigeri
EFFECT OF E-RECRUITMENT ON THE GROWTH OF PHARMACEUTICAL COMPANIES IN ILORIN, KWARA STATE
Get PDFThe world is classified a global village due to the development of the internet. Technology as it is often described has taken the space for which people based their survival, including profit-oriented organisations. This study focused on examining the effect of e-Recruitment on the growth of pharmaceutical companies in Ilorin, Kwara State. The study employed survey research design through the use of self-administered questionnaire. The study had a population of one hundred and sixty (160) managerial staff of the selected pharmaceutical firms in Kwara State. Data was analysed using descriptive and inferential statistics. With the aid of Correlation and Regressions Analysis and in order to determine and explain the variables used, the study found that; e-recruitment has positive effects on business growth. This is shown by the probability value of 0.081, 0.051 and 0.053 which is less than the chosen 10% significance level. The study therefore concludes among others that pharmaceutical firms should maintain or adopt the use of e-recruitment in order to boost the company revenue or profit profile. This is because e-recruitment as a new development has helped drop the cumbersome nature of manual recruitment processes to a more robust, transparent and technological exercise. The study therefore recommends that pharmaceutical companies using e-recruitment can maintain their operations and those yet to key into it should adopt he technology
MICROFINANCE BANK SERVICES AND EMPLOYMENT GENERATION OF SMALL AND MEDIUM SCALE ENTERPRISES IN NORTH-CENTRAL NIGERIA
Get PDFOne of the important roles of Small and Medium Enterprises (SMEs) play in Nigeria’s economy is employment creation. But with the persistent increase in the rate of unemployment in the country, one begins to marvel whether the prevailing numbers of SMEs are insufficient or poorly managed to address the cahllenge. It is in the light of this that this study examined microfinance bank services and employment generation of small and medium scale enterprises in north-central Nigeria. Data was elicited from 370 respondents who were carefully chosen using a 4-stage sampling technique. Data was collected through a well-structured questionnaire. Data analyses were carried out by employing ordinary least square regression. Variables that suggestively give details of the employment generation of small and medium enterprises among the respondents were gender of SME owners (p < 0.05), microfinance banking services (p < 0.05), electronic banking services (p < 0.1), banking supervision (p < 0.05) and group formation (p < 0.05). It could be inferred from the study that both the Microfinance Banks (MFBs) financial and non-financial service are vital instruments for improved levels of SMEs employment generation. Policies that will improve the availability of financial and non-financial services of microfinance banks, particularly those related to the provision of microfinance and electronic banking services, supervision/monitoring and group formation should be put in place in order to enhance the level of employment generation of SMEs in the region. Attempt should also be made to improve the quality of banking supervision rendered by microfinance banks so as to exert positive influence on SMEs employment generatio
DETERMINANTS OF HUMAN RESOURCE MANAGEMENT (HRM) ADOPTION AMONG SMALL AND MEDIUM SCALE ENTERPRISES (SMEs) IN KADUNA STATE, NIGERIA
Get PDFThe contributions of small-scale businesses to economic development are generally acknowledged. Entrepreneurs in this sector face many challenges that limit their long-term survival and development. These challenges have been linked to some economic variables such as lack of finance, inadequate infrastructure, low industrialization capacity, inconsistent government policies and poor management practices among others which interact with the economic variables to undermine the capacity of SMEs. This study examines the factors that affect the adoption of Human Resource Management Practices (HRMP) among SMEs in Kaduna state, Nigeria. The study adopted survey research design and data was gathered from purposively selected 100 SMEs respondents through copies of structured questionnaires in selected local government areas of the state. Multiple Regression Analysis was used to analyze the data obtained. Findings of the study indicated that HRM practices have significant effect on business performance at 1% level of significance. The investigation likewise uncovered that while remuneration and performance evaluation autonomously and collectively impacted on business performance, the impact of recruitment was significant. Training had an inverse relationship with business performance. The study likewise found that financial resources and firm size were main factors that had significant impact on HRM Practices adopted by SMEs in the study sample. The study recommends that an enabling environment that will encourage the adoption of HRM practices by SMEs should be provided. This is expected to facilitate their ability to grow and build up the required capacity for the promotion of sustainable development in the nation