Malete Journal of Accounting and Finance
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DOES DIRECTOR REMUNERATION INFLUENCE GOING CONCERN IN SELECTED MANUFACTURING FIRMS IN NIGERIA
Full text linkThe Nigerian manufacturing sector is a critical driver of economic growth, employment, and GDP contribution. However, several high-profile corporate failures have highlighted concerns about financial instability and threats to the going concern of listed firms .It is against this backdrop that the inspiration to this study arose. Therefore, this study examines the impact of directors’ remuneration on the going concern of manufacturing firms listed on the Nigerian Exchange Group. Using an ex-post facto research design, secondary data were collected from the audited annual reports of 56 listed manufacturing firms spanning 2015 to 2024. Directors’ remuneration was proxies by the natural logarithm of total directors’ pay, while going concern was measured using the Going Concern Ratio (GCR). Multiple linear regression analysis using the fixed-effect model revealed that directors’ remuneration has a significant positive effect on going concern (β = 249,704; p = 0.010 < 0.05). This finding indicates that appropriate remuneration packages can enhance directors’ commitment to maintaining firm sustainability, particularly in financially stable firms. Based on these results, the study recommends that manufacturing firms should implement performance-linked remuneration structures that balance the interests of directors and other stakeholders, ensuring firm continuity without compromising shareholder value or operational efficiency
EFFECT OF ORGANISATIONAL CLIMATE ON ORGANISATIONAL CITIZENSHIP BEHAVIOUR AMONG EMPLOYEES OF UNION HOMES SAVING AND LOAN PLC
Full text linkDue in large part to a lack of knowledge of important behavioural concepts and their importance for long-term organisational survival and success, many businesses continue to face poor employee engagement, high turnover rates, and diminishing productivity. Although organisational climate and organisational citizenship behaviour are acknowledged to be important, there is a crucial gap in the empirical understanding of how these factors interact within certain organisational contexts, which this study aims to fill. This study examined the effect of organisational climate on organisational citizenship behaviour using Union Homes Saving and Loan Plc as a case study. The study used a responses generated from respondents. However, a sample size of One Hundred and Seventy-Six (176) employees were selected for the study using a stratified sampling technique. The sample size was determined using Cochran\u27s formula for sample size determination, considering a margin of error of 5% and a confidence level of 95%. The study used a survey, while mean distribution twas used to interprete respondents’ biodata, simple regression analysis and coefficient of correlation to analysed various research hypotheses developed for the study. The results showed that factors including autonomy, creativity, established guidelines, and clear communication significantly affected workers\u27 propensity to act outside of their official job duties. The study concluded that fostering a supportive and flexible organisational climate can enhanced organisational citizenship behaviour thereby contributing to an improved firm effectiveness and employees’ job satisfaction. Therefore, the study suggested that Union Homes Savings and Loan Plc improve employee autonomy through decentralised decision-making and cultivate a creative work environment in order to strengthen its organisational climat
BOARD CHARACTERISTICS AND TAX SHELTERING OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
Full text linkTax is an important source of revenue to any government; however, the amount of tax paid by consumer goods firms in Nigeria is sometimes low due to firms’ tax sheltering activities. The study therefore investigates how board characteristics influence tax sheltering practices among listed consumer goods firms in Nigeria. The study adopts an ex-post factor research design because historical data were utilized. The population of the study comprised all 21 consumer goods firms listed in Nigeria as at 31 December 2024. Using a purposeful sampling technique and based on data availability, the study covered 13 firms. Secondary data covering a ten-year period (2015 to 2024) were sourced from the annual reports of the sampled firms. Descriptive and regression analyses were conducted using STATA 13 statistical software. The results show that board gender diversity has positive significance effect on tax sheltering (coeff. 0.411, P-value 0.038), board meetings have a positive and statistically significant effect on tax sheltering (coeff. 0.0512, P-value 0.018), board size exhibits a negative but insignificant effect (coeff. 0.004, P-value 0.619), while board independence shows a positive insignificant effect on tax sheltering (coeff. 0.122, P-value 0.301). Based on its findings, the study concludes that board characteristics exert a meaningful influence on tax sheltering practices among listed consumer goods firms in Nigeria. Based on its conclusion, the study recommends that listed consumer goods firms in Nigeria should complement increased female board representation and frequent board meetings with robust board-level tax governance, including clear tax planning limits, periodic compliance reviews, and transparent documentation of tax decisions, while regulators strengthen monitoring and enforcement of corporate reporting practices
MACROECONOMIC DETERMINANTS OF MICROFINANCE BANKS’ CAPITAL STRUCTURE IN NIGERIA
Full text linkThe financial stability of Microfinance Banks (MFBs) in Nigeria is pivotal to advancing financial inclusion and stimulating economic development, particularly among underserved populations. However, these institutions operate in a dynamic and often unstable macroeconomic environment, which significantly influences their capital structure decisions. This study investigates the macroeconomic determinants of capital structure among Nigerian MFBs, focusing specifically on inflation, exchange rates, gross domestic product (GDP), and lending rates. Adopting an ex-post facto research design, the study utilizes aggregated secondary data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin, covering the period from 1992 to 2022. The analysis employs the Auto Regressive Distributed Lag (ARDL) regression technique to examine both short-run and long-run dynamics. The findings show that the inflation rate has a positive association with MFBs\u27 capital structure (coefficient = 0.018, p = 0.016) in the short run and (coefficient = 0.008, p = 0.033) in the long run. Similarly, GDP negatively impacts capital structure of MFBs with (coefficient = -0.024, p = 0.035) in the long run. Other variables, such as exchange rates and lending rates, were not statistical significant. The study concludes that macroeconomic conditions substantially shape the capital structure decisions of MFBs in Nigeria. It recommends among others that MFBs should adopt strategic measures to manage macroeconomic fluctuations, such as implementing inflation-hedging strategies by increasing reliance on equity financing during periods of high inflation
EFFECT OF BOARD ATTRIBUTES ON CORPORATE TAX PLANNING AMONG LISTED MANUFACTURING COMPANIES IN NIGERIA
Full text linkIneffective governance structures, like excessively large boards and a lack of gender diversity, hinder decision-making and tax compliance, leading to suboptimal tax planning practices. This study examined the effect of board attributes on corporate tax planning among listed manufacturing companies in Nigeria using an ex-post facto research design and data from annual reports and financial statements for 2017 to 2023. The population of the study consists of listed manufacturing companies on the Nigerian Stock Exchange. There are 43 companies listed on the Nigerian Stock Exchange Market as of 31st December 2023.A census sampling technique was used to select the sample size for the study. Thus, the study filtered the sample firms using the following two-point filter. Thereafter, all firms that scaled the filter was selected using census sampling. Multiple regression analysis revealed that board size, CEO tenure, gender diversity, and board independence positively impact corporate tax planning. Based on the results presented, the study concludes that corporate board size, gender diversity, CEO tenure and board independence encourage tax planning practices. The study recommends women\u27s participation on boards to promote effective tax planning. Diverse boards improve decision-making and innovation, while CEO tenure can reduce tax liability. Although the impact of women on tax planning is minimal, prioritizing independent directors is essential for influencing tax strategies effectively
EFFECT OF PONZI SCHEMES ON FINANCIAL LOSSES IN NIGERIA: LESSONS FROM THE PAST AND RECENT SCAMS
Full text linkThis study examines the effect of Ponzi Schemes on Financial Losses in Nigeria by analyzing ten major schemes that operated between 2015 and 2025. The study population includes all publicly known fraudulent investment operations within this period, from which a purposive sample of ten schemes such as CBEX, MMM, MBA Forex, Crowd1, and FINAFRICA was selected based on financial scale, data availability, and public significance. Secondary data were gathered on variables including number of investors, promised return rates, scheme duration (in months), inflation, and unemployment. These data were sourced from the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), investigative media reports (BusinessDay, Proshare), and prior academic research. Using descriptive statistics, Pearson correlation, and multiple regression analysis, the study found that schemes offering the highest promised returns such as CBEX and Crowd1 produced the greatest financial losses. MBA Forex and FINAFRICA also recorded significant losses, regardless of their duration or investor count. Inflation was moderately associated with financial losses, indicating economic pressure as a contributing factor. Unemployment, however, showed a weaker influence, possibly due to lower risk-taking among jobless individuals. The findings suggest that investor vulnerability is driven by a combination of unrealistic return expectations, poor regulation, and economic instability. The study recommends stronger regulatory enforcement, public financial education, and economic reforms that address inflation and joblessness as strategies to reduce the appeal and impact of Ponzi schemes
A SPATIAL-QUANTILE-FRONTIER ANALYSIS OF FINTECH-ENERGY TRANSITION: SPILLOVERS AND DISTRIBUTIONAL EFFECTS OF FINTECH ON RENEWABLE ENERGY INVESTMENT IN DEVELOPING COUNTRIES
Full text linkAmid growing global urgency for climate action, innovative financial mechanisms are critical for advancing renewable energy transitions in developing economies. This study investigates the role of financial technology (fintech), with a focus on foreign portfolio investment (FPI), in influencing renewable energy investment (REINV) across 54 developing countries in Africa, Asia, and Latin America from 2010 to 2023. Employing a multi-method empirical approach, comprising Spatial Durbin Models (SDM), Quantile Regression (QR), Stochastic Frontier Analysis (SFA), and Spatial Quantile Regression (SQR), the research captures spatial dependencies, distributional heterogeneity, and efficiency dynamics. The SDM results indicate that FPI significantly increases REINV both directly (1.112) and indirectly through spillover effects (0.445), supported by significant spatial autocorrelation (0.334). Economic development and institutional quality also play key roles, with GDP per capita and institutional quality exerting positive and significant direct effects. Quantile regression reveals that FPI has a stronger influence at higher quantiles of REINV, with coefficients rising from 0.745 to 1.445, highlighting distributional inequality in fintech impact. SFA results show that FPI also enhances technical efficiency (0.912), though diminishing marginal returns are evident. Greater financial depth and electricity access reduce inefficiency, while inflation worsens it. Spatial quantile regression further confirms that regional spillovers are more pronounced among high-investment countries, underscoring the role of spatial dynamics in clean energy financing. The findings suggest that fintech can be a catalyst for renewable energy growth, especially in countries with higher institutional and financial capacity. Policy recommendations include strengthening digital infrastructure, enhancing regulatory coordination, and ensuring macroeconomic stability to fully leverage fintech\u27s potential. Future research should explore emerging fintech tools such as decentralized finance and blockchain-based green bonds
LEASE FINANCING IN NIGERIA: A TWO DECADE ANALYSIS OF GROWTH, RESILIENCE AND ECONOMIC IMPACT
Full text linkDespite steady growth, the performance of Nigeria’s leasing industry under conditions of economic volatility remains insufficiently studied. This research investigates the evolution of the Nigerian leasing industry between 2005 and 2024, focusing on its relationship with overall economic growth and resilience during macroeconomic shocks. The study aims to determine whether leasing has maintained, accelerated, or structurally shifted its trajectory amidst Nigeria’s fluctuating economic conditions. Relying exclusively on secondary data, the study draws from reputable sources including the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), Equipment Leasing Association of Nigeria (ELAN), and World Bank Development Indicators. The population comprises all recorded lease transactions nationwide, with the sample consisting of aggregated annual leasing volumes and macroeconomic indicators across the 20 year period. Data were collected through archival methods and analyzed using descriptive statistics and trend analysis to evaluate leasing volumes, annual and marginal growth rates and GDP performance. The results reveal that leasing volumes grew from ₦115 million in 2005 to approximately ₦2.8 billion in 2024, expanding even during GDP contractions of –1.6% in 2016 and –1.9% in 2020. Early years were marked by volatility, while post-2019 trends reflect increasing stability and institutional maturity. The analysis identifies a transition from a volatile build-out phase (2005-2018) to a more stable scale phase (2019-2024), highlighting leasing’s countercyclical and complementary role in Nigeria’s financial system. The study concludes that leasing is a resilient but underutilized financing tool. The study recommends among others strengthening repossession rights and credit infrastructure to deepen market trust and support sustainable industry growth
REAL EXCHANGE RATE FLUCTUATION AND AGRICULTURAL OUTPUT: THE NIGERIAN EXPERIENCE
Full text linkAgricultural sector holds a dominant place in Nigerian economy. The sector with its heavy reliance on imported inputs and its contribution to export earnings has rendered the sector highly sensitive to exchange rate fluctuations. The rate of fluctuations affects the costs of imported inputs, export competitiveness, consumer purchasing power, and investment flows. This study is an assessment of the impact of exchange rate fluctuations on agricultural output growth in Nigeria. The study used time-series data spanning from 1981 to 2023 which were obtained from the World Bank World Development Indicators (WDI) dataset and employed the Autoregressive Distributed Lag (ARDL) model for estimation. The results show strong persistence in agricultural output, with the first lag positive and highly significant (0.8665, p=0.0002) at 5% significance level and the second lag negative and significant (−0.5641, p=0.0303) at 5% level of significance, indicating cyclical fluctuations. Exchange rate effects are dynamic; while current value is insignificant (p=0.7158), short-run depreciation raises output (0.1988, p=0.0045, 5% level) and prolonged depreciation reduces it (−0.2139, p=0.0050, 5% level). Inflation has no immediate effect (0.0019, p=0.9409) but shows a delayed negative impact (−0.0595, p=0.0472) at 5% level of significance. Interest rates exhibit weak short-run gains (0.2415, p=0.0810), negative intermediate effects, and a strong long-run recovery (0.3527, p=0.0046) at 5% significance level. Based on the findings the study concludes that exchange rate stability, controlled inflation, and affordable credit are necessary complements if agricultural output is to benefit from openness rather than be undermined by it. The study therefore recommends stabilising exchange rates through stronger foreign reserves and export diversification, while promoting local production of agricultural inputs to reduce import dependence. Interest rate policies should also ensure affordable credit access for farmers and agribusinesses, balanced with measures that safeguard long-term growth. These strategies would enhance resilience and sustain agricultural productivity in the face of macroeconomic fluctuations
RURAL FINANCIAL INTERMEDIATION AND PER CAPITA INCOME GROWTH IN NIGERIA
Full text linkNigeria continues to experience persistently low per capita income growth, a challenge that is especially acute in rural areas where the majority of the population resides. One major contributing factor to this stagnation is poor rural financial intermediation, characterized by limited access to credit, inadequate deposit mobilization, and insufficient banking services through rural branches of commercial banks. This financial exclusion constrains investment opportunities and entrepreneurial activities, thereby impeding income growth in rural communities. This study investigates the long-run effect of rural financial intermediation on per capita income growth in Nigeria, focusing on the role of rural branches of deposit money banks in improving income in underserved rural areas. Building on existing research linking financial inclusion to economic growth, this study disaggregates rural financial intermediation to specifically examine rural loans and deposits, addressing a gap in understanding their direct impact on income growth. Using an ex-post facto research design, time-series data are analyzed with an Autoregressive Distributed Lag model to estimate the long-term relationships between rural banking operations, population growth, interest rates, and per capita income growth. The study concludes that while rural financial intermediation shows positive signs of influencing per capita income growth in Nigeria, its current impact is statistically insignificant. However, the significant positive effect of interest rates indicates that access to credit continues to play a vital role in driving income growth despite borrowing costs. In light of these findings, it is recommended that policymakers should focus on expanding credit availability alongside financial education to promote productive borrowing