1,720,972 research outputs found
ANALYSIS OF ENVIRONMENTAL SCARCITIES, ENTREPRENEURIAL ADAPTATION, AND INSTITUTIONAL GAPS IN SMALL-SCALE ENTERPRISES IN NIGERIA
Full text linkThis study examines the intricate relationship between the business environment and the performance of small-scale enterprises (SSEs) in Ibadan North, Nigeria. Grounded in systems theory and resource-based view, the research conceptualizes the operating environment as a "constraint frontier" that defines the limits of entrepreneurial possibility. Through a descriptive survey design, data were collected from 250 entrepreneurs, managers, and staff using structured questionnaires, with analysis conducted via descriptive statistics and Chi-square tests. Findings reveal that environmental factors—particularly access to credit, infrastructural deficiencies, and unstable government policies—constitute binding constraints that significantly impede SSE performance. Statistical evidence confirms significant relationships between external environmental factors and performance (χ²=195.023, p=0.000), socio-cultural factors and patronage (χ²=82.877, p=0.000), and government policy and enhanced performance (χ²=126.108, p=0.000). Despite these challenges, SSEs demonstrate remarkable adaptive resilience through strategies prioritizing customer satisfaction, workforce training, and operational flexibility. The study identifies critical institutional gaps in financial intermediation, infrastructure provision, and policy coherence that perpetuate environmental scarcities. The research concludes that sustainable SSE development requires targeted institutional reforms that systematically lower transaction costs, mitigate risks, and expand the entrepreneurial opportunity space. Policy recommendations emphasize the need for credit market innovations, strategic infrastructure investment, and stable regulatory frameworks to transform the constraint frontier into an enabling ecosystem for SSE growth and economic development
INTERNAL AUDIT, INTERNAL CONTROLS, AND FISCAL DISCIPLINE: EMPIRICAL INSIGHTS FROM STRENGTHENING CONTROL SYSTEMS AS DRIVERS OF FINANCIAL ACCOUNTABILITY IN NIGERIAN LOCAL GOVERNMENTS
Full text linkThe purpose of this study is to examine the effects of internal audit control and internal control systems on financial accountability in Nigerian local governments, based on a case study of Ilorin West, Kwara State. Using agency and stewardship theories as the theoretical base, a quantitative survey design was employed using purposive sampling of 125 accounting and audit staff members, with reliability analysis verifying the strength of the constructs and ordered logit regression empirically validating the hypothesised relationships. The results show that internal audit control and internal control systems have significant and positive effects on financial accountability, with internal control systems having a greater impact. These results emphasise the significance of institutionalised audit mechanisms, preventive controls, and staff commitment in maintaining transparency and fiscal discipline. The policy implications are that strengthening audit independence, strengthening compliance structures, and making use of incentive-compatible measures that combine sanctions with rewards are necessary. The study adds to the accountability and governance literature by illustrating how effective control frameworks enhance local government financial management and reinforce fiscal decentralisation and citizen confidence in public institutions
SCHOOL CLIMATE, PRINCIPALS’ CONFLICT MANAGEMENT APPROACHES AND ADMINISTRATIVE EFFECTIVENESS IN SECONDARY SCHOOLS IN NORTH CENTRAL, NIGERIA
Full text linkThis study investigated the relationship within the coverage of secondary schools in the North-central zone of Nigeria. Using a cross-sectional survey, the research targeted 1836 school heads and 29201 teachers from government-owned secondary schools in the North-central zone of Nigeria. The sample comprised 899 respondents containing 139 school principals and 760 teachers, who completed a questionnaire called the School Climate, Principals' Conflict Management Approaches and Administrative Effectiveness Questionnaire (SCPCMAAEQ). The reliability coefficients for the questionnaire sections were 0.76, 0.82, and 0.84, respectively, determined using Cronbach’s alpha. The mean and standard deviations were employed in answering the research questions, while inferential statistics, like the multiple regression analysis and Pearson's Product Moment Correlation were adopted in testing the formulated hypotheses at 0.05 significance level. The results indicated that school climate, principals' conflict management approaches, and administrative effectiveness were at favourable levels, with mean scores of 39.18, 37.96, and 25.75, respectively. Additionally, there was a significant correlation between school climate, principals' conflict management approaches, and administrative effectiveness, evidenced by an R2 value of 51%. The study also identified meaningful relationships among the physical environment, safety and school size, social environment, affective environment, and administrative effectiveness, all with significant values of 0.001, which is below the 0.05 threshold. Furthermore, a significant correlation was found among the various conflict management methods and administrative effectiveness, again with significant values of 0.001. In conclusion, the findings highlighted that a supportive school climate, effective conflict management by principals, and high levels of administrative effectiveness are interconnected
GOVERNANCE MECHANISMS AND RISK MANAGEMENT AS DETERMINANTS OF FINANCIAL SUSTAINABILITY IN MICROFINANCE OF EMERGING ECONOMIES: EVIDENCE FROM NIGERIAN MICROFINANCE INSTITUTION
Full text linkMicrofinance institutions (MFIs) have come to be seen as a pillar in financial inclusion and poverty reduction in the developing economies, especially in the sub-Saharan Africa. This paper examines the role of governance and risk management towards financial performance and sustainability of MFIs in Nigeria. Based on secondary panel data and regression estimates, the findings show that risk managers, risk committees, and full fledged governance systems are key to increasing both a return on assets (ROA) and operational self-sufficiency (OSS). Nevertheless, the quality of loan portfolios has a negative correlation with financial results, which highlights the long-term credit risk issues. The stability of the findings is proved by sensitivity and robustness analyses, whereas, post-estimation diagnostics demonstrate that the models are well-specified and have no econometric issues. The paper emphasizes the roles of integrated governance reforms, capacity building and adoption of innovative credit risk management tools in promoting institutional resilience. It concludes that good governance is a strategic value added in ensuring sustainable financial inclusion in the emerging markets
MONETARY-FISCAL INTERACTIONS AND THE STABILITY OF MONEY MARKET INSTRUMENTS IN NIGERIA: ASSESSING NIGERIA’S MONEY MARKET AND POLICY TRANSMISSION
Full text linkResearch Problem: Despite the central role of money markets in monetary policy transmission, limited empirical research has examined how different money market instruments interact with key monetary and fiscal variables in Nigeria. Persistent macroeconomic instability, fluctuating interest rates, and inconsistent policy alignment have raised concerns about the efficiency of the money market in supporting monetary policy objectives. Understanding these dynamics is essential for strengthening financial stability and policy effectiveness.
Methods/Theory: This study adopts cointegration analysis and the Vector Error Correction Model (VECM) to investigate the short- and long-run relationships between money market instruments and monetary policy indicators. Four key instruments—Treasury bills, Treasury certificates, certificates of deposit, and bankers’ acceptances—were regressed against interest rates and money supply, with economic growth and fiscal policy included as control variables. Unit root and Johansen cointegration tests established the integration properties of the variables and confirmed the presence of at least two long-run equilibria.
Results: The VECM findings reveal that interest rates exert a significant negative effect on money market activity, indicating contractionary implications for instrument performance. By contrast, money supply and economic growth have positive and significant impacts, demonstrating their roles in enhancing money market depth. Fiscal policy shows a weak but negative effect, suggesting potential crowding-out tendencies. The error correction term is significant, confirming a meaningful speed of adjustment toward equilibrium and signalling resilience within Nigeria’s financial system. Diagnostic tests validate the stability and robustness of the estimated model.
Conclusion: Money market performance in Nigeria is shaped by the interplay of monetary and fiscal variables, with interest rate movements and liquidity conditions exerting the strongest influence. Effective coordination between monetary and fiscal authorities is crucial for enhancing the efficiency of the money market as a transmission channel.
Key Contribution to Knowledge: This study enriches monetary economics literature by providing comprehensive empirical evidence on the joint effects of interest rates, money supply, fiscal policy, and growth on key money market instruments in Nigeria over more than three decades.
Recommendation: The study recommends aligning monetary and fiscal policies to reduce crowding-out pressures, ensuring interest rate stability, and strengthening money market instruments to enhance their effectiveness in monetary policy transmission. Further research should explore instrument-specific behavioural dynamics and incorporate structural breaks to capture evolving financial reforms
MACROECONOMIC FUNDAMENTALS, INTERNATIONAL TRADE AND ECONOMIC GROWTH IN WEST AFRICA COUNTRIES
Full text linkThe study examined the impact of macroeconomic fundamentals, international trade and economic growth in West African countries. The study utilized secondary data obtained from the World Development Indicators. Static panel regression was adopted to analyze the data obtained for the study. The study revealed that inflation negatively impacts economic growth in West Africa. The study also revealed that trade openness significantly affects economic growth in West Africa. Finally, the study revealed that exports significantly affect economic growth in West Africa. The study concluded that macroeconomic fundamentals and international trade affect economic growth in West Africa. The study therefore recommended that the Government should encourage diversification of export products and target new international markets. Supporting value addition and improving product quality will help reduce dependence on a narrow range of exports and enhance resilience against external shocks
FIRM CHARACTERISTICS, MARKET STABILITY, AND THE DYNAMICS OF STOCK PRICE CRASHES: EVIDENCE FROM FIRM-LEVEL DATA IN EMERGING MARKETS
Full text linkThe paper examines the risk of stock price crashes in emerging markets based on structural and governance features of companies. The analysis based on a balanced sample of 2010-2023 firms, as well as random-effects generalized least squares (GLS) regression, examines how leverage, firm size, firm age, and board size are associated with the probability of a crash event occurring. The findings indicate that the size of firms has a significant impact on the crash risk as the greater the size the less vulnerable it is, and the larger the board size the greater is the monitoring role of corporate governance mechanisms. The age of the firm is partly affected, as both reputational capital and structural rigidity are present, and leverage is statistically insignificant in explaining the risk of crashing. The robustness of the findings is supported by sensitivity tests of the fixed-effects, random-effects, and robust OLS models and the post-estimation diagnostic shows that there is no multicollinearity, autocorrelation, and heteroskedasticity. The results show that governance-based regulatory changes and transparency at the firm level play a significant role in reducing stock price crashes, hence, playing a crucial role in ensuring financial stability in the emerging markets
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE OF FIRMS IN LAGOS STATE, NIGERIA
No full textCorporate social responsibility (CSR) is widely practiced by multinational companies in developed countries. But Nigerian companies are not widely accepted the concept. Hence, this study examines the impact of CSR on the performance of companies in Lagos State. The study used primary data collected through a questionnaire survey. Ordered logit and Structural Equation Modelling method of multiple regressions was used to analyze the data obtained. The results indicate that educational accountability has a positive, statistically significant effect on service delivery at the 1% significance level. Environmental responsibility was also found to have a significant impact on service delivery. Ethical responsibility also shows a significant effect of service provision at the 1% level of significance. Additionally, a significant effect of service provision is found at the 1% level of financial responsibility. The study concludes that CSR plays an important role in increasing the performance of companies in Lagos State. Nigeria. For this reason, it is recommended that companies should prioritize education and CSR initiatives as these have been identified as key drivers of improved and sustainable customer service
EXPLORING THE MULTIDIMENSIONAL ROLE OF INCLUSION IN ENHANCING FIRM-LEVEL GROWTH IN EMERGING ECONOMIES: EVIDENCE FROM DYNAMIC PANEL MODELS IN SUB-SAHARAN AFRICA
Full text linkUsing a sample of 335 firms from 15 countries in Sub-Saharan Africa from 2013 to 2022, this study examines the effects of financial inclusion on firm-level performance (profitability and sales growth) controlling for firm-level and country-level factors using a multidimensional Financial Inclusion Index (FII) that captures access, usage, and penetration of financial services. The results show that financial inclusion has a significant positive impact on both profitability and sales growth, and the effects are robust across different measures of financial inclusion and firm performance (ROA and ROE). The findings suggest that financial inclusion can be a catalyst for productive investment, operational efficiency, and sustainable firm growth. The policy implications emphasize the need to deepen the digital financial infrastructure, enhance access to affordable credit, and integrate financial inclusion into broader economic development strategies
DEPOSIT MONEY BANKS’ SERVICES AND PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN KWARA STATE, NIGERIA
Full text linkThe efficacy of SMEs in developing an economy cannot be undermined. However, this effect has been jeopardized with poor services extended by financial institutions. The efficiency of bank financing and associated services is commonly poor due to insufficient infrastructure, poor managerial capacity as well as unstable macro-economic environment. This study examined the performance of medium-sized and small businesses in the Kwara state of Nigeria with respect to the services rendered by commercial banks. In order to gather primary data for this study, 150 copies of the questionnaire were distributed. The investigation employed descriptive statistics and ordered logit regression to analyse the gathered data. The study\u27s findings showed that loans and advances, supervisory functions, and interest rates all of them were at the 5% significant level, with the exception of advising services, which had a negative impact on the performance of small and medium-sized enterprises in Kwara state. In conclusion, the services offered by deposit money banks have a big impact on the performance of small and medium-sized enterprises in Kwara State. Therefore, the research recommends that deposit money banks improve the loans they offer to small and medium-sized enterprises, which will improve their performance in Kwara State
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