Nnamdi Azikiwe University Journals
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An Investigation into Valuation Inspection Templates amongst Estate Surveyors and Valuers in Nigeria
No full textThis study investigated valuation inspection templates amongst Estate Surveyors and Valuers in Nigeria. The research aims to determine the extent to which Estate Surveyors and Valuers use standard valuation inspection template and to identify the challenges associated. The study utilized a mixed-methods research design, combining both qualitative and quantitative approaches. A total of 260 Estate Surveyors and Valuers respondents were surveyed using a structured questionnaire. The study uncovered the level of adoption Estate Surveyors and Valuers have on the use of standard valuation inspection template in Nigeria. They should follow international standard and local code of ethics. However, the study tried identifying whether there are adequate regulatory frameworks to ensure compliance with the set minimum standard. The research identified that due to the differing nature of properties, firms produce in-house and ad-hoc template to forester practice flexibility, also the study strived to reveal any lacuna and discrepancies in this regard as it relates with the need for Estate Surveyors and Valuers to adopt global best practices to forester credibility of the process and improve the valuation procedure in general and the need for improvement. The research recommends regulatory harmonization, and technology adoption to enhance capacity building and training of Estate Surveyors and Valuers in inspection in general
FISCAL POLICY AND MANUFACTURING CAPACITY UTILIZATION IN NIGERIA
No full textThis study critically examined the impact of fiscal policy on sustainable manufacturing capacity utilization in Nigeria, providing empirical insights relevant to emerging economies. Utilizing a comprehensive dataset spanning various fiscal measures including taxation, government spending, and budget deficits. This research isolates the effects of these variables on the manufacturing sector. Data from 1986 to 2022 were sourced from the Central Bank of Nigeria\u27s Statistical Bulletin. Following rigorous diagnostic tests, the time series data were validated for empirical analysis. The study employed the Autoregressive Distributed Lag (ARDL) model to estimate both the short-run and long-run impacts of fiscal policies on manufacturing capacity utilization, with appropriate controls for macroeconomic indicators such as interest rates and exchange rate stability. The findings revealed significant variations in how different fiscal policies influence manufacturing capacity utilization, underscoring the importance of coherent and effective policy frameworks to support sustainable industrial growth. The study concluded with policy recommendations tailored to optimize fiscal interventions, thereby enhancing industrial productivity and bolstering economic resilience in the face of both domestic and global challenges. These insights are crucial for policymakers seeking to refine economic strategies in Nigeria and other emerging economies.
BRAND IMAGE AND PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN SOUTHEAST NIGERIA
No full textThis study examined the effect of brand image on the performance of Small and Medium Enterprises (SMEs) in Southeast Nigeria, with a specific focus on sales growth as a measure of performance. The study investigated five core components of brand image: brand awareness efforts, unique brand identity, brand reputation management, customer engagement initiatives, and digital branding. A descriptive research design was employed on a population of 5,278 selected registered Small and Medium Enterprises located in the selected states for the study: Anambra, Enugu and Abia in Southeast, Nigeria. A sample size of 300 SMEs was obtained using Multistage sampling technique. Data were collected using a structured questionnaire and analyzed using regression analysis via SPSS version 25. Findings revealed that all five components of brand image had statistically significant and positive effects on sales growth of SMEs. Specifically, digital branding and customer engagement emerged as the strongest predictors of sales performance, followed closely by brand reputation management, brand identity, and brand awareness. These results reveal the critical role of a well-developed brand image in enhancing SME competitiveness and market success. The study thus concludes that strategic brand management is essential for SME growth and recommends that business owners invest in brand development, adopt digital tools, and engage customers consistently to sustain improved performance
ESG DISCLOSURE AND FIRMS VALUE OF LISTED CONSUMER GOODS IN NIGERIA
No full textBroadly, the study examined the effect of ESG disclosure on firm value of listed consumer goods firms. The specific objectives were to ascertain the effect of Environmental disclosure on firm value of listed consumer goods firms; determine the effect of Social disclosure on firm value of listed consumer goods manufacturing firms, and evaluate the effect of governance disclosure on firm value of listed consumer goods firms.This study adopted the ex-post facto research design. A sampled of eighteen (18) out of the population of twenty one (21) consumer goods manufacturing firms due to unavailability of some firm’s data. The data will be extracted from the annual reports and accounts of the sampled firms in Nigeria from 2012 to 2023. Data will be analyzed with descriptive statistics, and the hypotheses will be tested with Pearson correlation, and multiple regression analysis to arrive at final conclusion. Based on the analysis, the study found that those environmental practices had a negative effect but was statistically significant on firm value of consumer goods in Nigeria. The result revealed that the social practice had a positive and also statistically significant on firm value of consumer goods in Nigeria, and the result also indicated that governance practices disclosure had a negative but was statistically significant on firm value of consumer goods in Nigeria. Based on the outcome of the study, the study recommended among others that environmental disclosure shows negative significant for Nigerian firms. Nigerian government agencies should improve on the Environmental performance evaluation system
COSTING MECHANISM AND MATERIAL MANAGEMENT AMONG INDUSTRIAL GOODS SECTOR LISTED ON NIGERIAN EXCHANGE GROUP
No full textThe study investigated the effect of costing mechanism on material management among industrial goods sector listed on Nigerian exchange group. Specifically, the study analyzed the effect of activity-based costing and process costing, on inventory turnover rate of listed industrial goods sector in Nigeria. Employing the ex-post facto research design, secondary data from the 2014 to 2024 financial statements of 11 purposively sampled firms listed industrial goods sector from were exposed to data analysis using panel least square regression through the E-views 10 statistical software. Findings made indicates that activity-based costing (ABC) has a significant and positive effect on inventory turnover of listed industrial goods sectors in Nigeria (p=0.0000). Further findings showed that process costing has a significant but negative effect on inventory turnover rate of listed industrial goods sector in Nigeria. (p-value = 0.0000). The study therefore recommended that manufacturing firms should invest in proper ABC infrastructure, including staff training and appropriate software solutions, to accurately allocate overhead costs to specific activities
POST-IFRS INTANGIBLE ASSET RECOGNITION AND CORPORATE VALUE OF LISTED FOOD AND BEVERAGES FIRMS IN NIGERIA
No full textThe study ascertained how post-IFRS intangible asset recognition affects the corporate value of listed food and beverages firms in Nigeria. Specifically, the study determined the extent to which post-IFRS intangible asset recognition affects the Tobin’s Q of listed food and beverages firms in Nigeria. The study employed an ex-post facto research design. Its population consisted of 16 publicly listed food and beverage companies in Nigeria. Using purposive sampling, 12 companies that had maintained continuous listing between 2012 and 2024 were selected. Data were sourced from the annual reports of these firms covering the thirteen-year period from 2012 to 2024. Descriptive statistics were applied to summarize the data, while panel estimated generalized least squares (EGLS) was used to test the hypotheses. The study revealed that Post-IFRS intangible asset recognition has a positive and significant effect on Tobin’s Q (β=0.2284, p=0.0000). In conclusion, the market places value on the recognition of intangible assets in accordance with IFRS, implying that investors interpret such recognition as a credible reflection of underlying economic benefits expected to flow to the firm. The study recommends that management of listed food and beverage firms in Nigeria should strengthen their internal processes for identifying, valuing, and reporting intangible assets in strict compliance with IFRS. This involves ensuring that accounting teams are adequately trained on IFRS provisions related to intangible assets and that robust documentation supports recognition decisions
BOARD CHARACTERISTICS AND ENVIRONMENTAL REPORTING QUALITY: EVIDENCE FROM AN EMERGING ECONOMY
No full textThis study examined the effect of board characteristics on environmental reporting quality among listed industrial goods firms in Nigeria from 2014 to 2024. Specifically, it investigated the influence of board gender diversity, board financial expertise, and board meeting frequency on the quality of environmental disclosures, while controlling for firm size. The study adopted an ex post facto research design, using panel data derived from content analysis of annual reports of nine purposively selected firms. Descriptive statistics, correlation analysis, and panel regression techniques were employed for data analysis. The findings revealed that board gender diversity, board financial expertise, and board meeting frequency each had a positive and statistically significant influence on environmental reporting quality. Additionally, firm size showed a significant positive effect, suggesting that larger firms disclose more extensive environmental information. The study concludes that certain board attributes significantly enhance environmental transparency in Nigeria’s industrial goods sector. It recommends that firms should prioritise diverse and financially literate boards that meet regularly to strengthen sustainability governance and disclosure practices.
 
FINANCIAL DISTRESS AND CORPORATE VALUATION OF NON-FINANCIAL FIRMS IN NIGERIA
No full textThis study investigated the effect of financial distress on the corporate valuation of non-financial firms listed in Nigeria, with a specific focus on firms within the consumer goods sector. The research assessed how liquidity ratio, cumulative profitability, asset productivity, and corporate insolvency influenced firm value, as proxied by Tobin’s Q. An ex-post facto research design was adopted to analyse historical data without manipulating variables, making it particularly suited for examining retrospective financial conditions and their long-term implications on valuation. The study drew its population from the 21 listed consumer goods companies on the Nigerian Exchange Group (NGX) as of December 2024. Using purposive sampling, 16 companies were selected based on operational consistency, listing history since 2012, and the availability of complete financial reports spanning from 2012 to 2023. Data were sourced from audited financial statements and analysed using a panel data methodology, integrating both time-series and cross-sectional dimensions to enhance the robustness of findings. The regression results revealed that liquidity ratio, cumulative profitability, asset productivity, and corporate insolvency all exert significant effects on Tobin’s Q at a 5% significance level. Specifically, adequate liquidity and strong profitability enhance firm valuation, while higher levels of corporate insolvency reduce it. Asset productivity also shows a positive and significant influence, underscoring the importance of operational efficiency in driving firm value. The study recommended that corporate financial managers adopt liquidity benchmarking tools and proactive working capital policies to maintain optimal solvency. Profitability should be sustained through strategic reinvestment and transparent financial reporting, while asset utilisation must be optimised via technology and lean practices. To mitigate insolvency risks, firms should implement financial early warning systems and adopt prudent capital structure policies. Regulatory bodies such as the Nigerian Exchange Group and the Securities and Exchange Commission (SEC) are encouraged to institutionalise stress testing and financial resilience disclosures to improve transparency and investor protection
EFFECT OF MANUFACTURING, HUMAN AND NATURAL CAPITAL DISCLOSURES ON MARKET CAPITALIZATION OF LISTED COMPANIES ON THE NIGERIAN EXCHANGE GROUP
No full textThe study was explicitly to determine the effect of manufacturing capital disclosure, human capital disclusore and natural capital disclosure on market capitalization of listed companies on Nigerian Exchange Group. The research design adopted was ex post facto research design. The population of the study was the one hundred and fifty-eight (158) companies listed on the Nigerian Exchange Group as at 31st December 2023. The study used purposive sampling technique to select the sample size of one hundred and sixteen (116) listed companies. The tool used for analysis was ordinary least square regression. The findings showed that manufacturing capital disclosure, human capital disclosure and natural capital disclosures had significant effects on market capitalization of listed companies on Nigerian Exchange Group. The study recommended among others that since manufacturing capital disclosure had a significant effect on market capitalization. Therefore; The NGX and regulatory bodies such as the Financial Reporting Council of Nigeria should require listed manufacturing firms to adopt standardized and detailed disclosure frameworks for manufacturing capital. This could include reporting on plant capacity, equipment upgrades, production efficiency, technology adoption, and sustainability practices in manufacturing. Such transparency will help investors better assess operational strength and growth potential, leading to more accurate company valuations. The study recommended among others that hence human capital disclosure had a significant effect on market capitalization; the policymakers should encourage initiatives that enhance employees’ development, diversity, inclusion and disclose information about their human capital practices. Since the finding showed that natural capital disclosure had significant effect on market capitalization, the study recommended that the NGX, in collaboration with the Financial Reporting Council of Nigeria and environmental agencies, should mandate comprehensive and standardized natural capital disclosures. This should cover resource use efficiency, biodiversity protection, waste management, carbon emissions, and climate risk mitigation. Such transparency will help investors factor environmental performance into company valuations, boosting market confidence and capitalization