INNOCENT C H U K W U E B U K A NNUBIA

The study examined the relationship between firm's characteristics and cash holdings of listed consumer and industrial goods firms in Nigeria, South Africa and Kenya. Out of 35, 23 and 15 listed consumer and industrial goods firms in Nigeria, South Africa and Kenya respectively, we sampled fiftytwo (33 for Nigeria, 12 for South Africa and 7 for Kenya) firms for a period of 8 years (from 2011-2018). The main type of data used in this study is secondary in nature; sourced from the financial statements of the selected firms via Nigerian Stock Exchange (NSE), Johannesburg Stock Exchange (JSE), and Nairobi Securities Exchange (NSE). This study applied ex-post facto research design. The data collected were analyzed using Pearson product-moment correlation matrix. The results revealed that in South Africa, firm size (FSIZE) was statistically significant at 5% with its t-value as 2.083134 and p-value as 0.0400; while in both Nigeria and Kenya, it was statistically insignificant at 5% with its t-values as-1.000160 and-1.900007 and p-values as 0.3182 and 0.0631 respectively. In Kenya, leverage (LEVG) was statistically significant at 5% with its tvalue as 3.850902 and p-value as 0.0003; while in both Nigeria and South Africa, it was statistically insignificant at 5% with its t-values as 0.985502 and-0.584775 and p-values as 0.3253 and 0.5601 respectively. In Nigeria and Kenya, profitability (PROF) was statistically significant at 5% with its t-values as 5.889308 and 4.249736 and p-values as 0.0000 and 0.0001 respectively; while in South Africa, it was statistically insignificant at 5% with its t-value as 0.435708 and p-value as 0.6641. Finally, dividend policy (DIVP) was statistically insignificant at 5% in Nigeria, South Africa and Kenya with its t-values as-1.098510, 1.691096 and 1.234615 and p-values as 0.2730, 0.0942 and 0.2226 respectively. In view of the discoveries of our investigation, a financial specialist can sensibly reason that an organization with high leverage ought to like to hold more money. The higher leverage recommends higher office costs; this may be because of the potential size of riches move from obligation holder to investors. Thus, insightful supervisors will need to abstain from holding over the top money saves as this would pull in examination from the capital markets.

The study examined the nexus between the external borrowing, foreign aid and economic growth in Nigeria. The data used were secondary data and were drawn from 1986 to 2016. The data were sourced and obtained from CBN statistical bulletin, published articles, and journals. This study applied ex post facto research design. The data collected were analysed using Pearson Correlation Matrix. The study revealed that economic growth proxied by Gross Domestic Product (GDP) has a positive association with foreign reserves, foreign aid and openness of the economy; but has negative association with external debts at 5% level of significance. The study, therefore among others recommends that Nigeria Government should be mindful of the high cost of capital and move from the practice of external borrowing. They should set a platform where the reserve of the country can be used for infrastructural development in order to support economic growth and that in order to reduce the cost of capital of external borrowing when making decision as regards to external borrowing since it has negative effect on economic growth. Caution should also be taken as regards to external debts because it reduced resources available for investment due to debt servicing.

The study investigated the relationship between corporate cash holdings and dividend policy of listed consumer goods companies in Nigeria. To achieve the objective, corporate cash holdings key proxy variables were used in the study, namely cash ratio, net cash ratio and cash & cash equivalents while dividend policy which is the dependent variable on the other hand is represented by dividend paid out as per financial statement. Three hypotheses were formulated to guide the investigation and the statistical test of parameter estimates was conducted using Pearson Correlation Method. Ex-post facto research design was adopted and data for the study were obtained from the Nigerian Stock Exchange Fact book and the published annual financial reports of the selected consumer's goods companies listed on Nigerian Stock Exchange (NSE) with data spanning from 2006-2019. Analyses of data indicated that dividend policy has a positive association with cash ratio, net cash ratio and cash & cash equivalent of listed consumer goods companies in Nigeria. The study among others recommends that keen bosses should swear off holding over the top cash saves as this would pull in assessment from the capital business sectors. The study also suggests a good understanding of the nexus between dividend payment policy and the corporate cash holdings; stakeholders can pass informed judgments regarding the cash balances of the firms of their choice.

This paper, investigated the effect of Coronavirus disease 2019 (COVID-19) on developing Economy. The paper relied on secondary data and content analyses methodology to effectively examine the perceived effect of COVID-19 on the economy of selected African Countries such as Nigeria, South Africa and Kenya. Amidst the fall in household consumptions, investments by firms, and the fall in the global demand for commodities stemming from the pandemic, the paper suggests better ways of making the government policy as regards to economy effective. Hence, the extant literature reviewed that, given the size and scope of the economic impact of the pandemic, there is the need to implement other recovery strategies to stimulate demand. Therefore, we recommend that federal government should monitor and improve the efforts towards enhancing the efficiency and effectiveness of the implementation of fiscal and monetary policy measures issued by government.
Keywords: Covid-19, African Economy, Financial Implication, Policy Response.

This paper examines the impact of environmental accounting on sustainable development in Nigeria. The study used content analysis research design. The extant literature reviewed that the efforts made by the Nigerian companies to make environmental disclosures deserve appreciation, but in most cases the quality and quantity of disclosures are not satisfactory as observed that environmental accounting has positive impact on sustainable development in Nigeria. The paper concludes that the impact of environmental accounting is that organizations can track their environmental data and other green house gas (GHG) emission against reduction targets, and facilitates environmental reporting to provide sustainability related data that is comprehensive, auditable, and timely to advance and strengthen the interdependent and mutually reinforcing pillars of sustainable development-economic development, social development and environmental protection in Nigeria. The paper recommends that a standard should be developed by regulatory bodies to guide the practices of Environmental Accounting.

The study examined the effect of tax incentives on economic growth in Nigeria. The data were drawn for 2007 to 2016 as regards to tax incentives. The main type of data used in this study is secondary; sourced from the CBN Statistical Bulletin. This study applied ex post facto research design. The data collected were analysed using Ordinary Least Square Method. The results show that Annual allowance is positive and has significant impact on economic growth in Nigeria; whereas Investment allowance is negative and has significant impact on economic growth in Nigeria. The study, therefore among others recommends that in order to encourage investment in the manufacturing industry, the policy makers and the government should formulate and enact laws that increase the rate of investment allowance from 15% to 20% on plant and machineries used in manufacturing business.

This paper, investigated the effect of Treasury Single Account (TSA) on budget implementation in Nigeria. The paper relied on secondary data
and uses content analyses methodology to effectively examine the
fiscal impact of TSA policy on budget implementation in Nigeria. Amidst the dwindling oil price and the superiority of Dollar against the Naira, the paper suggests better ways of making the policy effective. Hence, the study revealed that the consolidation of cash resources through a TSA helps to avoid both internal and external borrowing to finance the budget implementation in Nigeria, and also avoid paying additional interest charges to finance the expenditures of some agencies while other government agencies keep idle balances in their various bank accounts. The study therefore concluded that TSA policy is essential in the nation's revenue drive, transparency, fight against corruption and most importantly, budget implementation in Nigeria.

This paper analyzed the effect of Personal Income Tax Act 2004 and 2011 on the personal income of employees in Nigeria. The study used
content analysis research design. The extant literature reviewed the
following findings: (i) that the Personal Income Tax Amendment Act 2011 affected the tax payer's revenue generation due to the increase in the tax rate which constituted a major change in the computation of tax table. (ii) that the amended law makes it very easy to calculate income taxes unlike before, thus eliminating the loopholes that was both exploited by tax payers and the tax man. The paper concludes that the amendments will mean different things to different people, possibly with some unintended consequences. Many may have to pay more while some will pay less and a few will be indifferent. The paper recommends that the tax authorities at various levels, Nigeria Professional Accounting bodies, the Chartered Institute of Taxation of Nigeria, CITN, and their members to carryout sufficient education, seminar and enlightenment programmes for all the stakeholders connected or affected by the amended Act. It also recommends that the government should embark on aggressive infrastructural development to justify taxes received.

The study investigates the relationship between Accrual Accounting basis and Cash flow future predictions of selected quoted companies in Nigeria. Sample of 10 Nigerian firms listed on Nigerian Stock Exchange for a period of 10 years (from 2007-2016) was selected. The main type of data used in this study is secondary; sourced from the Nigerian stock exchange fact book. This study applied ex post facto research design. The data collected were analysed using Ordinary Least Square Method. The results show that for the Nigerian listed firms, Cash flow (CFO) has positively associated with accounts receivable (0.522725), accounts payable (0.823528), deferred tax liability (0.632530) and depreciation expense (0.075088).The study, therefore recommends among others that the Investors should not ignore information from current accruals, since knowledge of accounting accruals aids in predicting future cash flows over and above these firm characteristics.

The study investigates the effect of financial statements on shareholders' investment decisions making in Nigerian stock market. The main type of data used in this study is secondary; sourced from the Nigerian Stock Exchange Fact Book for a period of 17 years (from 1998-2014). The regression analysis of the least square is the estimation technique employed in this study. The findings revealed that return on investment (ROI), dividend per share (DPS) earnings per share (EPS), leverage and liquidity had significant positive effect on investment decision. The study recommends that shareholders are to mak e proper investigation about the financial status of the company of their choice before making investment decisions. They should consult financial analysts so as to be properly guided when making investment decision.

The study investigates the effect of intellectual capital on performance of non-financial firms in Nigeria. A sample of 21 Nigerian non-financial firms listed on Nigerian Stock Exchange for a period of 10 years (from 2007-2016) was selected. The main type of data used in this study is secondary; sourced from the Nigerian stock exchange fact book and internet. This study applied ex post facto research design. The data collected were analysed using Ordinary Least Square Method. The results show that for the Nigerian listed non-financial firms, the explanatory variables-capital employed efficiency, human capital efficiency and structural capital efficiency has positive significant effect on the dependent variable-earnings per share and market to book value (Performance). The study, therefore recommends among others that the organization can achieve sustainable value with investment on intellectual capital and with focusing on intellectual capital; they can move from the economy based on the tangible assets towards economy based on the intangible assets.

The study investigates the effect of director's tunnelling on firm performance of quoted companies in Nigeria. A sample of 15 Nigerian consumer goods firms listed on Nigerian Stock Exchange for a period of 8 years (from 2010-2017) was selected. The main type of data used in this study is secondary; sourced from the Nigerian stock exchange fact book. This study applied ex post facto research design. The data collected were analyzed using Ordinary Least Square Method. The results show that for the Nigerian listed consumer goods firms, the explanatory variables-Chairman's pay and Director's equity holding has negative significant effect on the dependent variable-asset utilization (Performance); whereas Board of director's pay is positive and has no significant impact on the asset utilization (Performance). The study, therefore recommends among others that the chairman and other board member pay should not be fix by the CEO rather it should be fixed by the entire shareholder during the annual general meeting to reduce the influence of the CEO and the give and take politics of the board.