Nnamdi Azikiwe University Journals
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EFFECT OF CORPORATE INVESTMENT ON INVESTMENT RATE OF DEPOSIT MONEY BANKS IN NIGERIA
No full text The study determined the effect of corporate investment on investment rate of deposit money banks in Nigeria. The specific objective was to assess the effect of firm leverage, firm’s size and firm liquidity on the rate of investment among listed deposit money banks in Nigeria. Ex-Post Facto research design was adopted. The study population was all the thirteen deposit money banks that are listed in Nigeria while the sample comprised of same thirteen deposit money banks in Nigeria. Secondary data were extracted from the banks’ annual reports from 2012 to 2022. Panel regression analysis was used in the study to test the hypotheses. The findings revealed that: firm leverage has a positive but non-significant effect on the investment rate of deposit money banks in Nigeria (p-value = 0.8148); firm size has a significant negative effect on the investment rate of deposit money banks in Nigeria (p-value = 0.000); firm liquidity has a significant negative effect on the investment rate of deposit money banks in Nigeria (p-value = 0.000). In conclusion, leverage emerges as a driver of increased investment, while larger size and higher liquidity appear to constrain investment activities. The study recommends that banks in Nigeria should ensure that risk management practices are robust to mitigate potential downsides of high leverage while leveraging debt for growth.
 
EFFECT OF CASH FLOW MANAGEMENT ON FINANCIAL PERFORMANCE OF NON-FINANCIAL LISTED FIRMS ON NIGERIA EXCHANGE GROUP
No full textThis study explored the effect of cash flow management on financial performance of listed non-financial firms in Nigeria. This study specifically seeks to ascertain the effect of operating cash flow and financing cash flow on return on equity of listed non-financial firms in Nigeria. Ex post facto research design was adopted for this study. The population of the study was ninety - five (95). Purposive sampling technique was used to select seventy–four (74) listed non-financial firms as sample population. Data were obtained from secondary sources for a period of thirteen years covering periods of 2011-2023. The data obtained were analyzed accordingly with the use of Ordinary Least Square (OLS) Multiple Regression Technique. From the analysis and results of this study, it was found amongst others that, operating cash flow has significant effect on return on equity while financial cash flow has no significant effect on return on equity of listed non-financial firms in Nigeria. Based on the findings of this study, it is recommended that since, operating cash flows has significant effect on the financial performance of selected non-financial firms, management should maintain improve on operating cash flow management to continue to boost return on equity. Also since financing cash flow has no significant effect on return on equity, management should re-appraise their financing cash flows, management should also be encouraged to reduce their means of changing accounting estimates for doubtful debts, method of depreciation because they do not contribute to firms return on equity.
 
EFFECT OF CASH HOLDING ON FINANCIAL PERFORMANCE OF QUOTED INSURANCE FIRMS IN NIGERIA
No full textThis study investigated the effect of cash holding on financial performance of quoted insurance firms in Nigeria. The study is vital as it portrays the extent to which cash holding influences firm financial performance in Nigeria. The study specifically seeks to determine the effect cash holding on return on equity and return on asset of quoted firms in Nigeria. Financial performance was proxy these variables in the study; return on equity and return on assets while cash holding on the other hand was represented by the ratio of cash and cash equivalent to total assets. Two hypotheses were formulated to guide the study and the statistical test of parameter estimates was conducted using Panel least squares regression model. Ex Post Facto design was adopted and data for the study were obtained from the Nigerian Exchange Group Factbook and published annual financial reports of quoted insurance firms in Nigeria spanning 2015-2023. The results of the study showed that cash holding has positive and significant effect on firm performance at 1% significant level. Thus, the study concluded that cash holding determines corporate financial performance in Nigeria. The study therefore recommends amongst other that, managers should consider the financial condition of a firm when determining the optimum cash holdings due to its different effects since optimum cash holdings ensure firm net assets value
AUDIT COMMITTEES’ ATTRIBUTES AND FINANCIAL REPORTING QUALITY AMONG NIGERIAN LISTED DEPOSIT MONEY BANKS
No full textFinancial reports give stakeholders accurate insights into a bank\u27s financial health, performance, and prospects. The audit committee plays a pivotal role in ensuring the quality of these financial reports. There are, however, concerns about the audit committee\u27s effectiveness in its role. This study examined the effect of Audit Committees\u27 Attributes on the financial reporting quality of Nigerian listed Deposit Money Banks (DMBs). This study further examined the factors determining the audit committee\u27s effectiveness, namely its size, independence, and financial expertise, and how they affect the quality of financial reports measured by the Jones\u27 discretionary accrual model. The study employed ex-post-facto research design and the Ordinary Least Squares technique to investigate the relationship between the variables using 12 DMBs listed on the Nigerian Exchange Group as of December 2022. Findings revealed that audit committee size [coef. = -0.008 (0.051)] has a marginally significant negative effect, while the audit committee\u27s financial expertise [coef. = 0.010 (0.002)] has a significant positive effect on the financial reporting quality of listed DMBs. These findings suggest that a large audit committee size may reduce coordination among members, leading to less effective oversight or causing a dilution of members\u27 influence, resulting in reduced focus and accountability. The Audit Committee\u27s independence [coef. = 0.000 (0.533)], however, does not significantly affect financial reporting quality. The study recommended that the Board should consider an optimal audit committee size and be cognizant of appointing members with proven financial expertise to the audit committee, while also maintaining the audit committee\u27s independence to avoid a conflict of interest between management and shareholders
FREE CASH FLOW EFFICIENCY, INVENTORY TURNOVER, AND FINANCIAL LEVERAGE AS PREDICTORS OF MARKET VALUATION AMONG NIGERIAN CONSUMER GOODS FIRMS
No full textThis study examined the effects of free cash flow efficiency, inventory turnover, and financial leverage on the market valuation of Nigerian manufacturing firms, with market capitalisation serving as the valuation proxy. Using panel data from the 2012 to 2023 audited annual reports of sampled firms listed in the consumer goods sector of the Nigerian Exchange Group, the research employed fixed effects, random effects, and robust regression models, supported by diagnostic and robustness checks to ensure the reliability of results. The specific objectives were to determine the individual and combined effects of the three explanatory variables on market value, assess their statistical significance, and provide practical recommendations for managers and policymakers. The findings reveal that firm size consistently and positively influences market valuation, while firm age exerts a negative effect across all model specifications. Free cash flow efficiency and inventory turnover show positive but generally insignificant effects, except for inventory turnover in the robust regression, while financial leverage has a negative and significant association in some models. Based on these results, the study recommends that Manager’s focus on expanding firm size and exercising caution with debt financing, policymakers enhance governance and market transparency, and investors prioritise firm size and age in valuation assessments.
 
CASH CONVERSION CYCLE AND FINANCIAL PERFORMANCE OF QUOTED INDUSTRIAL GOODS FIRMS IN NIGERIA
No full textThe study ascertained the effect of Cash Conversion Cycle on financial performance of quoted Industrial Goods firms in Nigeria. The specific objective was to evaluate the effect of Days Inventory Outstanding, Days Sales Outstanding and Days Payable Outstanding on net asset per share of quoted Industrial Goods firms in Nigeria. Ex-post facto research design was adopted in the study. Thirteen listed industrial goods firms made up the population of the study while purposive sampling was used to select the sample size of nine firms. Secondary data were sourced from the firms’ annual reports over a thirteen year period from 2012-2024. Descriptive tools were used to analyse the data. Pearson correlation was used to assess the relationship between the variables. Test of hypotheses was conducted using panel least square regression. The study found the following: Days Inventory Outstanding has a negative and significant effect on Net Asset Per Share of quoted Industrial Goods firms in Nigeria (β = -0.015358, p = 0.0000); Days Sales Outstanding has a positive and significant effect on Net Asset Per Share of quoted Industrial Goods firms in Nigeria (β = 0.043945, p = 0.0000); Days Payable Outstanding has a positive and significant effect on Net Asset Per Share of quoted Industrial Goods firms in Nigeria (β = 0.012739, p = 0.0000). In conclusion, working capital dynamics within the Nigerian industrial goods sector are uniquely structured in a way that accommodates longer receivables and payables periods without adverse effects on firm value, while delays in inventory turnover are penalized in terms of financial performance. The study recommends that operations and supply chain managers adopt more responsive inventory management strategies, such as Just-in-Time (JIT) systems, lean inventory methods, or demand-driven restocking models.
 
EXTENT OWNERS OF SMALL AND MEDIUM-SCALE ENTERPRISES ADOPT FINANCIAL RECORDS KEEPING MANAGEMENT PRACTICES FOR BUSINESS SUCCESS IN IMO STATE
No full textThe study determined the extent to which owners of Small and medium-scale Enterprises adopt financial records-keeping management practices for business success in Imo State. One research question was raised to guide to study, and one null hypothesis was tested at 0.05 level of significance. The study adopted a descriptive survey research design. The population of the study consisted of 1886 owners of small and medium-scale enterprises that were registered in Imo State. The sample for the study consisted of 320 owners of SMEs drawn from the population. This number was arrived at using the sample size determination from the Table of Krejcie and Morgan (1970). A structured questionnaire containing 10 items, which was validated by three experts was used for data collection. Cronbach alpha formula was used to determine the internal consistency of the questionnaire, which yielded an overall reliability coefficient of 0.76. The researchers administered the instrument with the help of four research assistants to the respondents. Mean and standard deviation were used to answer the research question and determine the homogeneity of the respondents\u27 opinions, while a t-test was used to test the null hypothesis. The study\u27s findings revealed that SMEs\u27 owners highly adopted financial record-keeping management practices for business success in Imo State. Owners of SMEs do not differ significantly in their mean ratings on the extent they adopt financial records keeping management practices for business success based on years of business existence in Imo State. The study concluded that SME owners in Imo State have solid knowledge of different financial record-keeping practices and are making efforts to gather accounting information that can promote the success of their enterprises. It was recommended among others that owners of SMEs should be trained through seminars and workshops to make more realistic evaluations of their business capabilities and incorporate advanced financial records keeping management practices management practices in their accrued expenses and advanced income operation
Moving against the tide of Untimely Demise: : Determining Constraints to Sustainability of Small-Scale Wood Workshops in Enugu State, Nigeria
No full textIn recent times, several small-scale wood workshops in Enugu State, Nigeria, that have existed for decades have been going underground. What may likely be the cause? This study, therefore, determined constraints to the sustainability of small-scale wood workshops in Enugu State. A descriptive survey design was adopted. The population comprised of 133 Small Scale Wood Workshops engaged in commercial and production in Enugu State. Four research questions guided the study. The instrument for data collection was a structured questionnaire. The data collected were analyzed using mean rating. The findings of the study revealed high-level agreement among small-scale wood workshop owners in Enugu State on the four major constraints to the sustainability of the success of their business; they include funding, technical know-how, resource management and environmental constraints. The implication is that the sustainability of Small-Scale Wood enterprises, especially in Enugu State, can be enhanced through improved funding, effective technical know-how, efficient resource management and a conducive business environmen
Secondary School Teachers’ Difficulties In Implementing Business Studies Curriculum In Osun Central Senatorial District
No full textThis study investigated the difficulties encountered by secondary school teachers in implementing the Business Studies Curriculum in Osun Central Senatorial District. Three (3) research questions were formulated to guide this study, and the study population consisted of all Business Studies teachers handling Business Studies at the third year of Junior Secondary Schools in Osun Central Senatorial District. Classroom observation and semi-structured interview were used as data-gathering instruments to elicit information from the sample. The validation of the interview questions in this research was done by three experts, two from the field of curriculum studies and an experienced Business Studies teacher. A qualitative approach involving thematic analysis was used to inductively analyze interview accounts, which is also referred to as an interview case. All recorded interviews were transcribed. The study revealed that scarcity of learning and instructional materials, students’ indiscipline, teachers’ professional development, unmotivated students, classroom learning environment, and teachers’ knowledge of the Business Studies Curriculum were the problems encountered during the implementation of the Business Studies Curriculum. In addition, one (1) topic was included; two (2) topics were omitted, while one (1) topic was modified. therefore, it was recommended that learning and Instructional materials should be provided for effective teaching and learning of Business studies
Entrepreneurship Training as Antidote for Business Education Students’ Human Capital Development and Economic Opportunities
No full textThe study examined entrepreneurship training as antidote toward business education students’ human capital development and economic opportunities. Three research questions guided the study. A descriptive survey research design was adopted. The population comprised all business education students in Olabisi Onabanjo University and Tai Solarin University of Education, Ogun State. A total of 250 business education students from these mentioned universities were selected using stratified sampling technique. Researcher developed instrument tagged: Entrepreneurship Training, Human Capital Development and Economic Opportunities Questionnaire (ETHCDEOPQ) was used for data collection with reliability coefficient 0.96. Research questions 1 and 2 were analysed using mean and standard deviation. Research questions 1, 2 and 3 were answered using regression analysis and Pearson Product Moment Correlation (PPMC) respectively. The findings of the study showed that entrepreneurship training was found to be significant and strongly determine business education students’ economic opportunities with the p-value less than 0.05 and magnitude of entrepreneurship training (β = 0.938, t = 73.336, p <.05). This implied that about 94% variation in business education students’ economic opportunities could be attributed towards entrepreneurship training. There was positive relationship between entrepreneurship training and business education students’ human capital development. There was positive relationship between entrepreneurship training and business education students’ economic opportunities. It was recommended that university management through its entrepreneurship skill acquisition centers should provide and sustain its skill acquisition schemes, by reviewing its activities to accommodate timely consumable needs, and expose their students to a regular skill acquisition programmes where the students must pass through before graduatio