Majority of the developing countries depend on one form of assistance or the other from the devel... more Majority of the developing countries depend on one form of assistance or the other from the developed nations to improve their general economic welfare even though it has been argued that the donor countries benefit more from this grant /loan than the recipient countries. This study therefore, examine whether foreign aid in terms of Net Bilateral disbursement of official Development Assistance (BIODA) from eight selected Donor countries have a significant effect on Economic Development (HDI) in Nigeria for the period of 2003 to 2015. The data for the study was analyzed using linear regression. The result of this study shows that foreign Aid has a significant effect on economic development in Nigeria. But however, the result on the effect of Net Bilateral Disbursement of official Development Assistance from Finland to Nigeria shows that aids from this country has no effect on HDI. Thus, it is recommended that since its impact outweighs the level of insignificance foreign aid should b...
This study examined the relationship between ownership structure and performance of listed non-fi... more This study examined the relationship between ownership structure and performance of listed non-financial firms in Nigeria. Secondary data on managerial ownership, ownership concentration, foreign ownership, institutional ownership, Tobin q, return on assets, return on equities, and earnings per shares were collected from forty (40) sampled firms. The data were analyzed using canonical correlation and the findings showed that managerial and foreign ownerships are the dominant ownership structures while Tobin q, EPS, and ROA are the dominant performance measures. The study also found that ownership concentration, foreign ownership, and institutional ownership are positively correlated with firm performance, while managerial ownership is negatively correlated with firm performance. The study recommended that listed non-financial firms should encourage foreign investments in their firms and rewards performing managers with shares in the firm.
Journal of Management Research and Development, 2011
The objective of this study is to examine the impact of Small and Medium scale Enterprises (SMEs)... more The objective of this study is to examine the impact of Small and Medium scale Enterprises (SMEs) on economic growth in Nigeria. We employed secondary data of credit to SMEs and gross domestic product for the period 1997-2007 and used Ordinary Least Square regression as method of data analysis. We found that increased credit to SMEs has a positive impact on economic growth if the credit is adequately utilized and recommends that the CBN should establish National Credit Guarantee Scheme for SMEs that will guarantee atleast 80% of credit to SMEs in Nigeria.
Kwararafa University Journal of Management Sciences (KUJOMS) , 2015
This study examined the liquidity of Exchange Traded Fund and its component stocks 1 on the Niger... more This study examined the liquidity of Exchange Traded Fund and its component stocks 1 on the Nigerian Stock Exchange (NSE). The data for this study was the daily opening price, day price, and volume traded for the ETF and the first 10 most capitalised stocks of NSE 30. The data was analysed using descriptive statistics and Amihud's measure of illiquidity. The results show that the component stocks are more liquid than the ETFs and it was recommended that the regulators should educate the investors and their agents on the likely benefits of investing in ETFs rather than the individual component stocks.
Kwararafa University Journal of Management Sciences (KUJOMS) , 2018
Many studies have reported the relationship of recession on the economy but none of the studies c... more Many studies have reported the relationship of recession on the economy but none of the studies conducted assessed its relationship on the performance of SMEs in Nigeria. Therefore, the objective of this study is to examine the relationship between recession and sales performance of SMEs in Benue State. For the purpose of investigation research questions and hypotheses were formulated and the study adopted the cross sectional survey design, as such, a total of fifteen (15) questions were designed in questionnaire form which was distribution in order to elicit responses after validity and reliability test. The study employed the spearman's rank order correlation methods with the aid of SPSS 23.0 to analyze the formulated hypotheses. The study found that recession has significant influence on the sales performance of SMEs in Benue State. It is therefore recommended that SMEs should be strategically positioned to increase their competitiveness during the period of recession through aggressive marketing to boast sales and involved in R & D to improve it product quality.
Foreign Direct Investment (FDI) facilitates the growth of international production which provides... more Foreign Direct Investment (FDI) facilitates the growth of international production which provides an unprecedented opportunity for developing countries to achieve faster Economic Growth through foreign investments. This paper examines the causal relationship between FDI and Economic Growth in Nigeria for the period 1978-2007. The stationarity of the data series are tested using Augmented Dickey-Fuller (ADF) and Johansen Co-integration test, and Vector Error Correction Model (VECM) used for causality test. The study found that the FDI and Gross Domestic Product (GDP) are cointegrated while the VECM employed shows that causality runs from GDP to FDI. Given the existence of long-run and the causal relationship, the paper recommends that efforts should be made to attract FDI to other sectors that also contribute to GDP other than the extractive (oil) sector.
Journal of Taxation and Economic Development, Chartered Institute of Taxation 17(1) 179 – 188., 2018
A country’s tax structure is usually made to enhance economic growth and development. The Nigeri... more A country’s tax structure is usually made to enhance economic growth and development. The Nigerian tax policy consists of different range of statues which might change for the purpose of public expenditure collection depending on the government in power. But most recently tax incentives have been identified as one of the strategies required to foster investment and general economic well being of emerging economies since incentive are meant to reduce the burden of tax on tax payer. That is why this study examines how tax incentives will enhance entrepreneurship outcomes in areas of wealth creation, value addition, employment generation and community improvement in Nigeria. To achieve the objective of this study, exploratory survey of literature was undertaken. Tax incentives have varying impact in various economies. From the review, a holistic set of tax incentives have the capacity to stimulate entrepreneurship. The fixed regime of policies of government should be made not to be counter-productive as to ensure optimal impact of tax incentives.
International Journal of Business and Technopreneurship, 2020
The solution to herders-farmers violent clashes in Nigeria has remained elusive due to lack of co... more The solution to herders-farmers violent clashes in Nigeria has remained elusive due to lack of consensus, especially between the Federal Government of Nigeria and affected north-central and southern states' Governments, regarding the right methodology for curbing the menace. This lingering lack of consensus is attributable to the sentimentalization of this sensitive national issue given the wide ethnic and religious differences between two warring groups-the 'herders' who are predominantly Muslims and Fulani, and the crop farmers who are predominantly Christians from the middle-belt. The quest of this paper, therefore, is to identify any key stakeholder group that uses scientific methods devoid of sentiments to study any phenomenon before concluding fact-based findings. It is against this backdrop that this study strives to examine academics' recommendations on the sustainable panacea to Herders-Farmers conflict in Nigeria. The paper is empirical in nature to the extent that it employed library-and-desk research methods for data collection. The population of the study constitutes journal articles on Herders-Farmers clashes in Nigeria. Twenty-eight papers were sourced and analyzed using content analysis. The study found that the majority of the academics recommended conflict resolution mechanisms, mass orientation, and ranches as the sustainable panaceas to the constant herders-farmers conflict in Nigeria. The study, therefore, recommends that the ranches proposed by the Federal Government of Nigeria should be piloted in some affected states to be able to appraise its real potentials rather than totally rejecting it without subjecting it to any form of experimentation.
Research in the area of finance in developed economies has long identified issuer credit quality ... more Research in the area of finance in developed economies has long identified issuer credit quality as critical concern to investors. However, this do not receive much attention in developing countries such as Nigeria until recently. Thus, this study investigates the effect of issuer credit quality on corporate bond returns of some selected deposit money banks (issuers) in Nigeria for the period 11 years (2005-2015). The descriptive and correlational research designs were used and the data for the study were collected from the annual reports and accounts of sampled DMBs, SEC publications and NSE fact book for the period of study. The Panel Regression Model was used for data analysis and the findings showed that, Issuer credit quality had a significant negative effect on the corporate bond returns of the sampled deposit money banks (DMBs) listed on the Nigerian Stock Exchange. Based on these findings, it is the recommended that policymakers and regulators of DMBs in Nigeria should ensure regular and consistent periodic credit rating as it restores investors' confidence and that DMBs banks should ensure credible outlook that will reflect the quality of the corporate bond.
This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgo... more This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgold ETF that tracks daily prices of gold/g in rand was used in the study. We collected data on daily prices from January, 2014 to May, 2015 on the ETF and the gold and tested for volatility using ARCH and GARCH model. The result shows that ETF is not significant in influencing the underlying asset and that previous day's return information of the gold price and its shock influences the volatility of the underlying stock. It was recommended that investors and fund managers should not only rely on current domestic news about the ETF but should take into considerations international news about the underlying asset as there are spillovers.
Journal of Management Research and Development (JMRD), 2016
The study examines the effect of inflation on stock returns of the stocks listed on the Nigerian ... more The study examines the effect of inflation on stock returns of the stocks listed on the Nigerian Stock Exchange. Descriptive research design was used in the study and secondary data were collected from CBN statistical bulletin and NSE for the purpose of analysis. The analysis was done using ordinary least square regression and it was found that an inflation rate has a significant positive effect on stock returns on the NSE. This finding suggested that stock market returns may provide an effective hedge against inflation in Nigeria. It is recommended that policies geared at controlling inflation should take into cognizance the role of monetary policies as these will go a long way in further deepening of the stock market.
AE-FUNAI JOURNAL OF ACCOUNTING, BUSINESS AND FINANCE(FJABAF), 2018
Majority of the developing countries depend on one form of assistance or the other from the devel... more Majority of the developing countries depend on one form of assistance or the other from the developed nations to improve their general economic welfare even though it has been argued that the donor countries benefit more from this grant /loan than the recipient countries. This study therefore, examine whether foreign aid in terms of Net Bilateral disbursement of official Development Assistance (BIODA) from eight selected Donor countries have a significant effect on Economic Development (HDI) in Nigeria for the period of 2003 to 2015. The data for the study was analyzed using linear regression. The result of this study shows that foreign Aid has a significant effect on economic development in Nigeria. But however, the result on the effect of Net Bilateral Disbursement of official Development Assistance from Finland to Nigeria shows that aids from this country has no effect on HDI. Thus, it is recommended that since its impact outweighs the level of insignificance foreign aid should be enhanced in Nigeria and policies should be put in place to ensure that the benefits of these aid actually translate to general economic development.
AE-FUNAI JOURNAL OF ACCOUNTING, BUSINESS AND FINANCE(FJABAF), 2018
This study examined the effect of working capital management (WCM) on the financial performance o... more This study examined the effect of working capital management (WCM) on the financial performance of quoted conglomerate firms in Nigeria for the period 2006 to 2016. Account receivable period (ARP), account payable period (APP), inventory turnover period (INV) and cash conversion cycle (CCC) were adopted as the proxies for WCM while return on equity (ROE), return on assets (ROA) and return on investments (ROI) were adopted as proxies for financial performance. Secondary data were obtained from ten (10) quoted conglomerate firms' financial statements and Structural Equation Modeling (SEM) was used for the analysis. The study reveals that APP and CCC have positive effect on financial performance; while ARP and INV have negative effect on financial performance. The general result indicates that there is significant effect of WCM on financial performance (ROA, ROE and ROI) of quoted conglomerate firms in Nigeria. It is recommended that the companies should; ensure speedy collections of account receivables; increase account payable period; formulate and implement effective strategies for inventory management system that minimizes inventory turnover period and management should ensure that investments in working capital is optimized by reducing the length of time from the actual outlay of cash for purchases until the collection of receivables resulting from the sales of goods or services.
Association of National Accountants of Nigeria, Sep 2015
This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgo... more This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgold ETF that tracks daily prices of gold/g in rand was used in the study. We collected data on daily prices from January, 2014 to May, 2015 on the ETF and the gold and tested for volatility using ARCH and GARCH model. The result shows that ETF is not significant in influencing the underlying asset and that previous day's return information of the gold price and its shock influences the volatility of the underlying stock. It was recommended that investors and fund managers should not only rely on current domestic news about the ETF but should take into considerations international news about the underlying asset as there are spillovers.
Journal of Finance and Accounting Research , Department of Accounting, Nasarawa State University Keffi, 2012
"Abstract
The global financial crisis began in industrialized countries and quickly spread to em... more "Abstract
The global financial crisis began in industrialized countries and quickly spread to emerging market and developing economies. Investors pulled capital from countries and caused values of stocks and domestic currencies to plunge, pushing economies worldwide either into recession or into a period of slow economic growth. Thus, this paper examines the relationship between Gross Domestic Product and All Share Index of the Nigerian Stock Exchange during the period of the global financial crisis. The study uses quarterly time series data between 2007 and 2009 which were tested and found to be stationary as well as cointegrated. Ordinary Least Square regression was used in the analysis and it was found that there is a negative relationship between gross domestic product and stock market indices in Nigeria during this crisis period. It was recommended that there is need to strengthen the regulation of the market in order to restore investor’s confidence and cushion the effect of the meltdown on the economy.
"
Research in Accounting in Emerging Economies: Finance and Development in Africa: Vol 12B: Edited by Kojo Menyah and Joshua Abor, Sep 2012
Structured Abstract
Purpose
The purpose of this study is to examine the impact of Foreign Direc... more Structured Abstract
Purpose
The purpose of this study is to examine the impact of Foreign Direct Investment (FDI) on the performance of manufacturing firms in Nigeria.
Methodology
Annual data of Aggregate Foreign Direct Investment (AFDI), Manufacturing Foreign Direct Investment (MFDI), Manufacturing Index, Manufacturing Capacity Utilization (MCUT), Manufacturing Value Added, and Manufacturing Turnovers (MTOV) were used. In the analysis, we tested for stationarity using Augmented Dickey-Fuller (ADF) test and the test for long-run relationship was conducted using Johansen Cointegration test. Vector Error Correction Model (VECM) was used for causality test.
Findings
The data satisfied the stationarity test and that there is a long-run relationship between Foreign Direct Investment and the performance of manufacturing firms in Nigeria. The study also found that causality runs from foreign direct investment to the performance of manufacturing firms.
Practical implications
Since there is a long-run relationship among the variables, policies to attract FDI into the manufacturing sector should have a long range view and should be sustainable. The policy direction should focus on improving productivity and innovative capabilities of the manufacturing sectors and strengthening the supporting industries and institutions. Specifically, policies like provision of tax relief to manufacturers on importation of new technology and expatriate that will bring about efficiency and effectiveness in productions.
Originality/Value of paper
This is one of the few attempts at studying the impact of FDI on manufacturing firms. The study draw attention of policy makers in Nigeria to the fact that diversification of the economy can be achieved through a viable manufacturing sector.
Journal of Finance and Accounting Research, Department of Accounting, Nasarawa State University, Keffi, Nasarawa State – Nigeria. Vol. 1(1) pg 36 – 49, 2009
In this era of intense competition on price and quality, attention is shifting from standardizati... more In this era of intense competition on price and quality, attention is shifting from standardization to customisation of products and services. The traditional costing method has become obsolete because various costs especially overheads are incorrectly allocated to products or services. Thus, the objective of this paper is to examine the applicability of ABC in hotel industry in Nigeria using the hotels in Keffi as case study. Questionnaires were administered to Managers and Accountants of the hotels, simple percentages was used in analysing their responses and it was found that most of the hotels in the study area do not apply ABC system in their costing. It is recommended among others that hotel operators should be educated on the need to have in place an efficient costing system to be in tune with current practices around the globe.
Majority of the developing countries depend on one form of assistance or the other from the devel... more Majority of the developing countries depend on one form of assistance or the other from the developed nations to improve their general economic welfare even though it has been argued that the donor countries benefit more from this grant /loan than the recipient countries. This study therefore, examine whether foreign aid in terms of Net Bilateral disbursement of official Development Assistance (BIODA) from eight selected Donor countries have a significant effect on Economic Development (HDI) in Nigeria for the period of 2003 to 2015. The data for the study was analyzed using linear regression. The result of this study shows that foreign Aid has a significant effect on economic development in Nigeria. But however, the result on the effect of Net Bilateral Disbursement of official Development Assistance from Finland to Nigeria shows that aids from this country has no effect on HDI. Thus, it is recommended that since its impact outweighs the level of insignificance foreign aid should b...
This study examined the relationship between ownership structure and performance of listed non-fi... more This study examined the relationship between ownership structure and performance of listed non-financial firms in Nigeria. Secondary data on managerial ownership, ownership concentration, foreign ownership, institutional ownership, Tobin q, return on assets, return on equities, and earnings per shares were collected from forty (40) sampled firms. The data were analyzed using canonical correlation and the findings showed that managerial and foreign ownerships are the dominant ownership structures while Tobin q, EPS, and ROA are the dominant performance measures. The study also found that ownership concentration, foreign ownership, and institutional ownership are positively correlated with firm performance, while managerial ownership is negatively correlated with firm performance. The study recommended that listed non-financial firms should encourage foreign investments in their firms and rewards performing managers with shares in the firm.
Journal of Management Research and Development, 2011
The objective of this study is to examine the impact of Small and Medium scale Enterprises (SMEs)... more The objective of this study is to examine the impact of Small and Medium scale Enterprises (SMEs) on economic growth in Nigeria. We employed secondary data of credit to SMEs and gross domestic product for the period 1997-2007 and used Ordinary Least Square regression as method of data analysis. We found that increased credit to SMEs has a positive impact on economic growth if the credit is adequately utilized and recommends that the CBN should establish National Credit Guarantee Scheme for SMEs that will guarantee atleast 80% of credit to SMEs in Nigeria.
Kwararafa University Journal of Management Sciences (KUJOMS) , 2015
This study examined the liquidity of Exchange Traded Fund and its component stocks 1 on the Niger... more This study examined the liquidity of Exchange Traded Fund and its component stocks 1 on the Nigerian Stock Exchange (NSE). The data for this study was the daily opening price, day price, and volume traded for the ETF and the first 10 most capitalised stocks of NSE 30. The data was analysed using descriptive statistics and Amihud's measure of illiquidity. The results show that the component stocks are more liquid than the ETFs and it was recommended that the regulators should educate the investors and their agents on the likely benefits of investing in ETFs rather than the individual component stocks.
Kwararafa University Journal of Management Sciences (KUJOMS) , 2018
Many studies have reported the relationship of recession on the economy but none of the studies c... more Many studies have reported the relationship of recession on the economy but none of the studies conducted assessed its relationship on the performance of SMEs in Nigeria. Therefore, the objective of this study is to examine the relationship between recession and sales performance of SMEs in Benue State. For the purpose of investigation research questions and hypotheses were formulated and the study adopted the cross sectional survey design, as such, a total of fifteen (15) questions were designed in questionnaire form which was distribution in order to elicit responses after validity and reliability test. The study employed the spearman's rank order correlation methods with the aid of SPSS 23.0 to analyze the formulated hypotheses. The study found that recession has significant influence on the sales performance of SMEs in Benue State. It is therefore recommended that SMEs should be strategically positioned to increase their competitiveness during the period of recession through aggressive marketing to boast sales and involved in R & D to improve it product quality.
Foreign Direct Investment (FDI) facilitates the growth of international production which provides... more Foreign Direct Investment (FDI) facilitates the growth of international production which provides an unprecedented opportunity for developing countries to achieve faster Economic Growth through foreign investments. This paper examines the causal relationship between FDI and Economic Growth in Nigeria for the period 1978-2007. The stationarity of the data series are tested using Augmented Dickey-Fuller (ADF) and Johansen Co-integration test, and Vector Error Correction Model (VECM) used for causality test. The study found that the FDI and Gross Domestic Product (GDP) are cointegrated while the VECM employed shows that causality runs from GDP to FDI. Given the existence of long-run and the causal relationship, the paper recommends that efforts should be made to attract FDI to other sectors that also contribute to GDP other than the extractive (oil) sector.
Journal of Taxation and Economic Development, Chartered Institute of Taxation 17(1) 179 – 188., 2018
A country’s tax structure is usually made to enhance economic growth and development. The Nigeri... more A country’s tax structure is usually made to enhance economic growth and development. The Nigerian tax policy consists of different range of statues which might change for the purpose of public expenditure collection depending on the government in power. But most recently tax incentives have been identified as one of the strategies required to foster investment and general economic well being of emerging economies since incentive are meant to reduce the burden of tax on tax payer. That is why this study examines how tax incentives will enhance entrepreneurship outcomes in areas of wealth creation, value addition, employment generation and community improvement in Nigeria. To achieve the objective of this study, exploratory survey of literature was undertaken. Tax incentives have varying impact in various economies. From the review, a holistic set of tax incentives have the capacity to stimulate entrepreneurship. The fixed regime of policies of government should be made not to be counter-productive as to ensure optimal impact of tax incentives.
International Journal of Business and Technopreneurship, 2020
The solution to herders-farmers violent clashes in Nigeria has remained elusive due to lack of co... more The solution to herders-farmers violent clashes in Nigeria has remained elusive due to lack of consensus, especially between the Federal Government of Nigeria and affected north-central and southern states' Governments, regarding the right methodology for curbing the menace. This lingering lack of consensus is attributable to the sentimentalization of this sensitive national issue given the wide ethnic and religious differences between two warring groups-the 'herders' who are predominantly Muslims and Fulani, and the crop farmers who are predominantly Christians from the middle-belt. The quest of this paper, therefore, is to identify any key stakeholder group that uses scientific methods devoid of sentiments to study any phenomenon before concluding fact-based findings. It is against this backdrop that this study strives to examine academics' recommendations on the sustainable panacea to Herders-Farmers conflict in Nigeria. The paper is empirical in nature to the extent that it employed library-and-desk research methods for data collection. The population of the study constitutes journal articles on Herders-Farmers clashes in Nigeria. Twenty-eight papers were sourced and analyzed using content analysis. The study found that the majority of the academics recommended conflict resolution mechanisms, mass orientation, and ranches as the sustainable panaceas to the constant herders-farmers conflict in Nigeria. The study, therefore, recommends that the ranches proposed by the Federal Government of Nigeria should be piloted in some affected states to be able to appraise its real potentials rather than totally rejecting it without subjecting it to any form of experimentation.
Research in the area of finance in developed economies has long identified issuer credit quality ... more Research in the area of finance in developed economies has long identified issuer credit quality as critical concern to investors. However, this do not receive much attention in developing countries such as Nigeria until recently. Thus, this study investigates the effect of issuer credit quality on corporate bond returns of some selected deposit money banks (issuers) in Nigeria for the period 11 years (2005-2015). The descriptive and correlational research designs were used and the data for the study were collected from the annual reports and accounts of sampled DMBs, SEC publications and NSE fact book for the period of study. The Panel Regression Model was used for data analysis and the findings showed that, Issuer credit quality had a significant negative effect on the corporate bond returns of the sampled deposit money banks (DMBs) listed on the Nigerian Stock Exchange. Based on these findings, it is the recommended that policymakers and regulators of DMBs in Nigeria should ensure regular and consistent periodic credit rating as it restores investors' confidence and that DMBs banks should ensure credible outlook that will reflect the quality of the corporate bond.
This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgo... more This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgold ETF that tracks daily prices of gold/g in rand was used in the study. We collected data on daily prices from January, 2014 to May, 2015 on the ETF and the gold and tested for volatility using ARCH and GARCH model. The result shows that ETF is not significant in influencing the underlying asset and that previous day's return information of the gold price and its shock influences the volatility of the underlying stock. It was recommended that investors and fund managers should not only rely on current domestic news about the ETF but should take into considerations international news about the underlying asset as there are spillovers.
Journal of Management Research and Development (JMRD), 2016
The study examines the effect of inflation on stock returns of the stocks listed on the Nigerian ... more The study examines the effect of inflation on stock returns of the stocks listed on the Nigerian Stock Exchange. Descriptive research design was used in the study and secondary data were collected from CBN statistical bulletin and NSE for the purpose of analysis. The analysis was done using ordinary least square regression and it was found that an inflation rate has a significant positive effect on stock returns on the NSE. This finding suggested that stock market returns may provide an effective hedge against inflation in Nigeria. It is recommended that policies geared at controlling inflation should take into cognizance the role of monetary policies as these will go a long way in further deepening of the stock market.
AE-FUNAI JOURNAL OF ACCOUNTING, BUSINESS AND FINANCE(FJABAF), 2018
Majority of the developing countries depend on one form of assistance or the other from the devel... more Majority of the developing countries depend on one form of assistance or the other from the developed nations to improve their general economic welfare even though it has been argued that the donor countries benefit more from this grant /loan than the recipient countries. This study therefore, examine whether foreign aid in terms of Net Bilateral disbursement of official Development Assistance (BIODA) from eight selected Donor countries have a significant effect on Economic Development (HDI) in Nigeria for the period of 2003 to 2015. The data for the study was analyzed using linear regression. The result of this study shows that foreign Aid has a significant effect on economic development in Nigeria. But however, the result on the effect of Net Bilateral Disbursement of official Development Assistance from Finland to Nigeria shows that aids from this country has no effect on HDI. Thus, it is recommended that since its impact outweighs the level of insignificance foreign aid should be enhanced in Nigeria and policies should be put in place to ensure that the benefits of these aid actually translate to general economic development.
AE-FUNAI JOURNAL OF ACCOUNTING, BUSINESS AND FINANCE(FJABAF), 2018
This study examined the effect of working capital management (WCM) on the financial performance o... more This study examined the effect of working capital management (WCM) on the financial performance of quoted conglomerate firms in Nigeria for the period 2006 to 2016. Account receivable period (ARP), account payable period (APP), inventory turnover period (INV) and cash conversion cycle (CCC) were adopted as the proxies for WCM while return on equity (ROE), return on assets (ROA) and return on investments (ROI) were adopted as proxies for financial performance. Secondary data were obtained from ten (10) quoted conglomerate firms' financial statements and Structural Equation Modeling (SEM) was used for the analysis. The study reveals that APP and CCC have positive effect on financial performance; while ARP and INV have negative effect on financial performance. The general result indicates that there is significant effect of WCM on financial performance (ROA, ROE and ROI) of quoted conglomerate firms in Nigeria. It is recommended that the companies should; ensure speedy collections of account receivables; increase account payable period; formulate and implement effective strategies for inventory management system that minimizes inventory turnover period and management should ensure that investments in working capital is optimized by reducing the length of time from the actual outlay of cash for purchases until the collection of receivables resulting from the sales of goods or services.
Association of National Accountants of Nigeria, Sep 2015
This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgo... more This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgold ETF that tracks daily prices of gold/g in rand was used in the study. We collected data on daily prices from January, 2014 to May, 2015 on the ETF and the gold and tested for volatility using ARCH and GARCH model. The result shows that ETF is not significant in influencing the underlying asset and that previous day's return information of the gold price and its shock influences the volatility of the underlying stock. It was recommended that investors and fund managers should not only rely on current domestic news about the ETF but should take into considerations international news about the underlying asset as there are spillovers.
Journal of Finance and Accounting Research , Department of Accounting, Nasarawa State University Keffi, 2012
"Abstract
The global financial crisis began in industrialized countries and quickly spread to em... more "Abstract
The global financial crisis began in industrialized countries and quickly spread to emerging market and developing economies. Investors pulled capital from countries and caused values of stocks and domestic currencies to plunge, pushing economies worldwide either into recession or into a period of slow economic growth. Thus, this paper examines the relationship between Gross Domestic Product and All Share Index of the Nigerian Stock Exchange during the period of the global financial crisis. The study uses quarterly time series data between 2007 and 2009 which were tested and found to be stationary as well as cointegrated. Ordinary Least Square regression was used in the analysis and it was found that there is a negative relationship between gross domestic product and stock market indices in Nigeria during this crisis period. It was recommended that there is need to strengthen the regulation of the market in order to restore investor’s confidence and cushion the effect of the meltdown on the economy.
"
Research in Accounting in Emerging Economies: Finance and Development in Africa: Vol 12B: Edited by Kojo Menyah and Joshua Abor, Sep 2012
Structured Abstract
Purpose
The purpose of this study is to examine the impact of Foreign Direc... more Structured Abstract
Purpose
The purpose of this study is to examine the impact of Foreign Direct Investment (FDI) on the performance of manufacturing firms in Nigeria.
Methodology
Annual data of Aggregate Foreign Direct Investment (AFDI), Manufacturing Foreign Direct Investment (MFDI), Manufacturing Index, Manufacturing Capacity Utilization (MCUT), Manufacturing Value Added, and Manufacturing Turnovers (MTOV) were used. In the analysis, we tested for stationarity using Augmented Dickey-Fuller (ADF) test and the test for long-run relationship was conducted using Johansen Cointegration test. Vector Error Correction Model (VECM) was used for causality test.
Findings
The data satisfied the stationarity test and that there is a long-run relationship between Foreign Direct Investment and the performance of manufacturing firms in Nigeria. The study also found that causality runs from foreign direct investment to the performance of manufacturing firms.
Practical implications
Since there is a long-run relationship among the variables, policies to attract FDI into the manufacturing sector should have a long range view and should be sustainable. The policy direction should focus on improving productivity and innovative capabilities of the manufacturing sectors and strengthening the supporting industries and institutions. Specifically, policies like provision of tax relief to manufacturers on importation of new technology and expatriate that will bring about efficiency and effectiveness in productions.
Originality/Value of paper
This is one of the few attempts at studying the impact of FDI on manufacturing firms. The study draw attention of policy makers in Nigeria to the fact that diversification of the economy can be achieved through a viable manufacturing sector.
Journal of Finance and Accounting Research, Department of Accounting, Nasarawa State University, Keffi, Nasarawa State – Nigeria. Vol. 1(1) pg 36 – 49, 2009
In this era of intense competition on price and quality, attention is shifting from standardizati... more In this era of intense competition on price and quality, attention is shifting from standardization to customisation of products and services. The traditional costing method has become obsolete because various costs especially overheads are incorrectly allocated to products or services. Thus, the objective of this paper is to examine the applicability of ABC in hotel industry in Nigeria using the hotels in Keffi as case study. Questionnaires were administered to Managers and Accountants of the hotels, simple percentages was used in analysing their responses and it was found that most of the hotels in the study area do not apply ABC system in their costing. It is recommended among others that hotel operators should be educated on the need to have in place an efficient costing system to be in tune with current practices around the globe.
Uploads
The global financial crisis began in industrialized countries and quickly spread to emerging market and developing economies. Investors pulled capital from countries and caused values of stocks and domestic currencies to plunge, pushing economies worldwide either into recession or into a period of slow economic growth. Thus, this paper examines the relationship between Gross Domestic Product and All Share Index of the Nigerian Stock Exchange during the period of the global financial crisis. The study uses quarterly time series data between 2007 and 2009 which were tested and found to be stationary as well as cointegrated. Ordinary Least Square regression was used in the analysis and it was found that there is a negative relationship between gross domestic product and stock market indices in Nigeria during this crisis period. It was recommended that there is need to strengthen the regulation of the market in order to restore investor’s confidence and cushion the effect of the meltdown on the economy.
"
Purpose
The purpose of this study is to examine the impact of Foreign Direct Investment (FDI) on the performance of manufacturing firms in Nigeria.
Methodology
Annual data of Aggregate Foreign Direct Investment (AFDI), Manufacturing Foreign Direct Investment (MFDI), Manufacturing Index, Manufacturing Capacity Utilization (MCUT), Manufacturing Value Added, and Manufacturing Turnovers (MTOV) were used. In the analysis, we tested for stationarity using Augmented Dickey-Fuller (ADF) test and the test for long-run relationship was conducted using Johansen Cointegration test. Vector Error Correction Model (VECM) was used for causality test.
Findings
The data satisfied the stationarity test and that there is a long-run relationship between Foreign Direct Investment and the performance of manufacturing firms in Nigeria. The study also found that causality runs from foreign direct investment to the performance of manufacturing firms.
Practical implications
Since there is a long-run relationship among the variables, policies to attract FDI into the manufacturing sector should have a long range view and should be sustainable. The policy direction should focus on improving productivity and innovative capabilities of the manufacturing sectors and strengthening the supporting industries and institutions. Specifically, policies like provision of tax relief to manufacturers on importation of new technology and expatriate that will bring about efficiency and effectiveness in productions.
Originality/Value of paper
This is one of the few attempts at studying the impact of FDI on manufacturing firms. The study draw attention of policy makers in Nigeria to the fact that diversification of the economy can be achieved through a viable manufacturing sector.
The global financial crisis began in industrialized countries and quickly spread to emerging market and developing economies. Investors pulled capital from countries and caused values of stocks and domestic currencies to plunge, pushing economies worldwide either into recession or into a period of slow economic growth. Thus, this paper examines the relationship between Gross Domestic Product and All Share Index of the Nigerian Stock Exchange during the period of the global financial crisis. The study uses quarterly time series data between 2007 and 2009 which were tested and found to be stationary as well as cointegrated. Ordinary Least Square regression was used in the analysis and it was found that there is a negative relationship between gross domestic product and stock market indices in Nigeria during this crisis period. It was recommended that there is need to strengthen the regulation of the market in order to restore investor’s confidence and cushion the effect of the meltdown on the economy.
"
Purpose
The purpose of this study is to examine the impact of Foreign Direct Investment (FDI) on the performance of manufacturing firms in Nigeria.
Methodology
Annual data of Aggregate Foreign Direct Investment (AFDI), Manufacturing Foreign Direct Investment (MFDI), Manufacturing Index, Manufacturing Capacity Utilization (MCUT), Manufacturing Value Added, and Manufacturing Turnovers (MTOV) were used. In the analysis, we tested for stationarity using Augmented Dickey-Fuller (ADF) test and the test for long-run relationship was conducted using Johansen Cointegration test. Vector Error Correction Model (VECM) was used for causality test.
Findings
The data satisfied the stationarity test and that there is a long-run relationship between Foreign Direct Investment and the performance of manufacturing firms in Nigeria. The study also found that causality runs from foreign direct investment to the performance of manufacturing firms.
Practical implications
Since there is a long-run relationship among the variables, policies to attract FDI into the manufacturing sector should have a long range view and should be sustainable. The policy direction should focus on improving productivity and innovative capabilities of the manufacturing sectors and strengthening the supporting industries and institutions. Specifically, policies like provision of tax relief to manufacturers on importation of new technology and expatriate that will bring about efficiency and effectiveness in productions.
Originality/Value of paper
This is one of the few attempts at studying the impact of FDI on manufacturing firms. The study draw attention of policy makers in Nigeria to the fact that diversification of the economy can be achieved through a viable manufacturing sector.