Journals site for the Ekiti State University Ado Ekit
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Nigerian Journal of Banking and Financial Issues (NJBFI): CAPITAL STRUCTURE, CORPORATE GOVERNANCE AND COST EFFICIENCY IN SELECTED LISTED INSURANCE FIRMS IN NIGERIA
No full textThe study examined the capital structure\u27s effect on the listed insurance organizations as well as the cost effectiveness of a sample of Nigerian insurance firms that were publicly traded. Additionally, it assessed the impact of corporate governance on the selected listed insurance institutions in Nigeria while taking cost effectiveness and capital structure into consideration. Between 2005 and 2020, the post-consolidation period and the time the nation was impacted by the infamous corona virus that shook the entire world, they were with the intention of providing information on the interactions between capital structure, corporate governance, and cost efficiency in a number of Nigerian insurance organizations. This study\u27s goal is to investigate the capital structure, corporate governance, and cost effectiveness of a sample of Nigeria\u27s listed insurance institutions. The study used a descriptive survey design and secondary data from 10 listed insurance firms in Nigeria. Stochastic Frontier Analysis (SFA) was used to test the data. Business governance factors including board size (t= 2.285, p < 0.05) and board expertise (t=-2.311, p< 0.05) have a substantial impact on the capital structure. The results also showed that variables that worked as mediators between corporate governance and cost effectiveness, such as board size (t=-2.807, p < 0.05), board independence, and board composition, were both statistically significant at the 5% level. The findings of the investigation showed a strong correlation between capital structure, corporate governance, and cost effectiveness
Nigerian Journal of Banking and Financial Issues (NJBFI): EFFECT OF REMUNERATION ON BUSINESS GROWTH IN THE 21ST CENTURY: A CASE STUDY OF MANUFACTURING FIRMS IN NIGERIA
No full textThis study investigated the effect of remuneration on business growth in the 21st Century. The study specifically examined the effect of remuneration (measured in terms of salaries and employee benefits) on asset growth and sales growth of selected quoted manufacturing firms in Nigeria. For empirical analysis, two models were formulated to capture effect of remuneration on the two measures of business growth, asset growth and sales growth. Data used for these were then extracted from annual financial reports of ten selected quoted manufacturing firms in Nigeria, and data were analyzed with correlation and panel regression (pooled OLS, fixed effect estimation and random effect estimation) analysis methods. Result of fixed effect estimation for Model 1 showed that remuneration had significant positive effect on asset growth rate of selected manufacturing firms in Nigeria. Result of random effect estimation for Model 2 also indicated that remuneration has insignificant positive effect on sales growth of selected manufacturing firms in Nigeria. Hence, the study concluded that remuneration has significant effect on business growth in manufacturing firms in Nigeria. However, it was identified that the relativity of remuneration system among firms seems to be the main factor responsible for this outcome. Therefore, this study recommended among others that government as a beneficiary to firm growth should put in place appropriate remuneration system for private sector of the economy in order to minimize the gap in payment
Nigerian Journal of Banking and Financial Issues (NJBFI): EFFECT OF REMUNERATION ON BUSINESS GROWTH IN THE 21ST CENTURY: A CASE STUDY OF MANUFACTURING FIRMS IN NIGERIA
No full textThis study investigated the effect of remuneration on business growth in the 21st Century. The study specifically examined the effect of remuneration (measured in terms of salaries and employee benefits) on asset growth and sales growth of selected quoted manufacturing firms in Nigeria. For empirical analysis, two models were formulated to capture effect of remuneration on the two measures of business growth, asset growth and sales growth. Data used for these were then extracted from annual financial reports of ten selected quoted manufacturing firms in Nigeria, and data were analyzed with correlation and panel regression (pooled OLS, fixed effect estimation and random effect estimation) analysis methods. Result of fixed effect estimation for Model 1 showed that remuneration had significant positive effect on asset growth rate of selected manufacturing firms in Nigeria. Result of random effect estimation for Model 2 also indicated that remuneration has insignificant positive effect on sales growth of selected manufacturing firms in Nigeria. Hence, the study concluded that remuneration has significant effect on business growth in manufacturing firms in Nigeria. However, it was identified that the relativity of remuneration system among firms seems to be the main factor responsible for this outcome. Therefore, this study recommended among others that government as a beneficiary to firm growth should put in place appropriate remuneration system for private sector of the economy in order to minimize the gap in payment
Nigerian Journal of Banking and Financial Issues (NJBFI): IFRS DISCLOSURE AND FINANCIAL PERFORMANCE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
No full textIFRS are principles that establish the general rules by which specific items in the financial statement are to be treated. Therefore, the broad objective of the study is to examine IFRS Disclosure and Financial Performance of Listed Non-Financial Firms in Nigeria. However, the specific objective is to assess how the relationship between disclosure of financial information under IFRS and the firm’s performance has been a concern of contemporary research. Prior researchers in developed and developing economies have provided robust evidence of company disclosure practices under IFRS as they influence performance. This study has therefore examined the influence of IFRS disclosure and financial performance of listed non-financial firms in Nigeria. The study was premised on stewardship theory. The population of the study constitutes 173 quoted companies on the floor of the Nigerian Exchange Group (NEG) as at 31 December 2022. Sixty-four (64) listed non-financial companies were used in the final analysis. In order to arrive at the testable conclusion, purposive sampling technique was adopted. The study utilized a mix of descriptive, unit root and OLS regression analytical techniques. Findings revealed that there is substantial relationship between total disclosure and firms\u27 financial success in the context of listed non-financial enterprises in Nigeria. Also, higher profitability was found to be associated with extensive accounting disclosure. The conclusion of this study is that there is a relationship between company disclosure levels and financial performance. According to this finding, businesses should be concerned with disclosing pertinent information as cheaply as feasible in order to mitigate the potential impact that comprehensive required and voluntary disclosure may have on financial performance
Nigerian Journal of Banking and Financial Issues (NJBFI): ASSESSING THE EFFECT OF BOND INSURANCE ON THE DEVELOPMENT OF THE NIGERIAN CAPITAL MARKET
No full textThis research investigated the effect of bond insurance premiums on market capitalization in Nigeria using data gathered from the World Development Indicator, Global Financial Development Database, and the Central Bank of Nigeria statistical bulletin, from 2000 to 2023. The data were analyzed using the ARDL co-integration approach, and the results showed that, although only in the long run, bond insurance premiums had a positive effect on market capitalization in Nigeria, as did bond insurance claims. The result shows normality test statistics of 1.641757 (p > 0.05), LM test statistics of 0.2124238 (p > 0.05), heteroscedasticity test statistics of 0.241894 (p > 0.05) indicate that the assumption of normality, homoscedasticity and no serial autocorrelation are satisfied. Also, that bond insurance premiums and claims positively affect market capitalization, with a significant long-term impact of 0.93% and 1.89%, respectively. Finally, there was no causal relationship between bond insurance premiums and market capitalization in Nigeria. According to the study\u27s findings, bond insurance significantly contributes to the expansion of Nigeria\u27s capital market. As a result, financial sector regulators must encourage bond issuers to participate in bond insurance programs in order to increase market capitalization in the nation
Nigerian Journal of Banking and Financial Issues (NJBFI): FOREIGN RESERVES AND MANUFACTURING SECTOR PERFORMANCE IN NIGERIA (1991-2021)
No full textThis study examined the effect of foreign reserve on manufacturing sector performance in Nigeria covering 1991 to 2021. Foreign reserve was proxied with foreign reserve, trade openness, foreign direct investment and exchange rate while manufacturing sector performance, the dependent variable was proxied with manufacturing sector’s contribution to real gross domestic product (RGDP) in Nigeria. Data were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin. The study employed Augmented Dickey-Fuller unit root test for pre-test. The data was analyzed using error correction mechanism (ECM) and Johansen Co-Integration. To determine the residual\u27s normality, the study used post estimation tests such as the Breausch Godfrey serial correlation, the Breausch Pagan Godfrey test, and histogram. The study revealed that all the explanatory variables except exchange rate have a positive relationship with manufacturing sector performance. Specifically, external reserves has an insignificant positive effect on manufacturing sector’s performance with p-value of 0.070 > 0.05 and adjusted R2 of 60%. Consequently, the study concluded that foreign reserve has a positive effect but in significant effect on Nigerian manufacturing sector’s performance. Thus, the study recommended that managers of external reserves should design more positive and progressive measures to continue to stimulate growth of important sectors like manufacturing
Nigerian Journal of Banking and Financial Issues (NJBFI): MICROFINANCE BRANCH NETWORK AND ITS IMPLICATION ON FINANCIAL INCLUSION IN NIGERIA
No full textThis study explores the impact of microfinance banks on financial inclusion in Nigeria using data from 2011 to 2023. Microfinance institutions were established to address gaps in the economy left by traditional financial services, aiming to stimulate economic activity, reduce poverty, and foster growth. The research employs a quantitative approach, analyzing secondary data obtained from the World Bank and the Central Bank of Nigeria. Financial inclusion, measured by Financial Deepening (M2), is assessed alongside variables such as microfinance branch networks, microloans, and microsavings. The findings indicate a positive and significant relationship between these variables and financial inclusion. Recommendations include the formulation of comprehensive policies by financial regulators to promote financial intermediation across various sectors, thus enhancing financial inclusion
Nigerian Journal of Banking and Financial Issues: EFFECT OF MONETARY POLICY ON DEPOSIT LIABILITIES OF COMMERCIAL BANKS IN NIGERIA
No full text© Department of Finance
Ekiti State University, Ado Ekiti, Nigeria.
The Nigerian Journal of Banking and Financial Issues (NJBFI) provides a unique forum for the articulation and dissemination of applied research by academics and professionals in the field of Banking and Finance or tested disciplines. It is biannual journal published by the Department of Finance, Ekiti State University, Ado Ekiti, Nigeria.
The Journal contains analysis of banking and finance issues relevant to the Nigeria economic experience and financial policies. Opinions expressed herein are these of the authors and her necessarily those of the Department of Finance.
All right reserved. No part of this publication may be reproduced or transmitted in any form or by any means. electronic, mechanical, photocopying, recording or otherwise of series in any retrieval system of any nature, without the prior written permission of the copyright holder.
Subscription Rate: Nigeria
Students: N2,000
Others: N2,500
Foreign US $25
Volume 9 No. 1, March 2023
ISSN: 1119 - 8494
Printed in Nigeria by: Department of Finance Ekiti State University Ado Ekiti,
Nigeria.
Tel: 08035023117,
080283887163.
EDITOR –IN – CHIEF: PROF. J. A. OLOYEDE MANAGING EDITOR: DR.(MRS) B. A. AZEEZ ASSOCIATE EDITOR: DR. F. T. KOLAPO
ADVISORY BOARD PROF. WOLE ADEWUNMI PROF. W. I. IYIEGBUNIWE PROF. S. I. OWUALAH
PROF. (MRS) E. O. ADEGBITE PROF. FAMOUS IZEDOME PROF. A. A. AWE
PROF. T. M. OBAMUYI PROF. S. O. AKINMULEGUN PROF. F. M. EPETIMEHIN PROF. S. A. TELLA
PROF. R. O. SOMOYE
EDITORS
PROF. S. O. ADEUSI PROF. A. O. ADARAMOLA DR. L. B. AJAYI
M. O. OKE
L. A. SULAIMAN DR. J. O. MOKUOLU DR. DAPO FAPETU DR. J. A. AJAYI
BUSINESS MANAGERS
S. O. DADA
DR.MRS. O. G. OBISESAN DR. MRS. A. O. ADEJAYAN DR. I. E. AJAYI
CALL FOR PAPERS
The Nigerian Journal of Banking and Financial Issues (NJBFI) provides a unique forum for the articulation and dissemination of applied research by academics and professionals in the field of Banking and Finance or tested disciplines. It is biannual journal published by the Department of Finance, Ekiti State University, Ado Ekiti, Nigeria.
Interested contributors are invited to submit well researched papers which have not been provide published either in whole or part in any journal.
i Three copies of the manuscript should be submitted, each copy of which must be typed on one side of A4 sized paper only and double spaced.
Manuscript should not exceed twenty pages, including notes, reference, table and chart
The cover page of each manuscript should contain title of papers, names(s) and additional of author(s)
An abstract of not more than 120 words typed single spaced on a separate sheet book precede the main text. The short abstract should summarize the main argument of the article
Bibliographical references should be indicated in the text using the author data style with page numbers where necessary. All reference must adopt America psychological Associate (APA) current style and reference pattern.
Table and charts should be placed as close as possible to relevant discussion. End noted should be numbered consequently, and should not solely comprise references.
Manuscript which do not conform to these guidelines may be returned
All manuscript and other correspondences should be sent to:
The Managing Editor:
Journal of Banking and Financial Issues C/o Department of Finance
Ekiti State University, Ado -Ekiti, Nigeria.
OR
The Business Editor: Department of Finance,
E-mail: [email protected]
Nigerian Journal of Banking and Financial Issues (NJBFI): IFRS DISCLOSURE AND FINANCIAL PERFORMANCE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
No full textIFRS are principles that establish the general rules by which specific items in the financial statement are to be treated. Therefore, the broad objective of the study is to examine IFRS Disclosure and Financial Performance of Listed Non-Financial Firms in Nigeria. However, the specific objective is to assess how the relationship between disclosure of financial information under IFRS and the firm’s performance has been a concern of contemporary research. Prior researchers in developed and developing economies have provided robust evidence of company disclosure practices under IFRS as they influence performance. This study has therefore examined the influence of IFRS disclosure and financial performance of listed non-financial firms in Nigeria. The study was premised on stewardship theory. The population of the study constitutes 173 quoted companies on the floor of the Nigerian Exchange Group (NEG) as at 31 December 2022. Sixty-four (64) listed non-financial companies were used in the final analysis. In order to arrive at the testable conclusion, purposive sampling technique was adopted. The study utilized a mix of descriptive, unit root and OLS regression analytical techniques. Findings revealed that there is substantial relationship between total disclosure and firms\u27 financial success in the context of listed non-financial enterprises in Nigeria. Also, higher profitability was found to be associated with extensive accounting disclosure. The conclusion of this study is that there is a relationship between company disclosure levels and financial performance. According to this finding, businesses should be concerned with disclosing pertinent information as cheaply as feasible in order to mitigate the potential impact that comprehensive required and voluntary disclosure may have on financial performance
EKSU Journal of Management Research (EJMR) : ACCESSIBILITY OF INTERVENTION FUNDS TO MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES) IN SOUTH-WEST, NIGERIA
No full textThe impact financing has on the business performance and capacity development of Micro, Small and Medium Enterprises (MSMEs) in developing the Nigerian economy cannot be over emphasised. This industry is saddled with the potential to reach out to relatively low scale investors, hence developing the home industries. However, in spite of vast interventions from government, MSMEs have long-suffered from never-ending challenges of competitive disadvantage, lack of awareness, declining sales growth, poor financing and declining in profitability. With the use of cross-sectional survey design, data was collected from a sample size of 1,560 out of a population of 6,445,452 MSMEs in South-West, Nigeria. The multiple regression results showed that MSMEs in this region had a low access to intervention funds (Anchor borrowers (ANCR), Micro, Small and Medium Enterprises Development Fund (MSMF), BOI/YES Funding, Agricultural credit Guarantee scheme Fund (ACSF), Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) and Targeted Credit Facility (TCF), as indicated by the mean score of 1.77 on the scale of 5. This was due to the lack of awareness of these intervention fund schemes. The research suggests that the Central Bank of Nigeria should guarantee an enhanced accessibility of funding to MSMEs at a reduced cost, in order to foster their expansion. Emphasis should also be placed on revitalising most of the dying intervention fund schemes as the study has shown that although they are integral in the revitalisation of the MSMEs, these intervention funds are largely unknown and not useful