MANAGERIAL STYLE AND EFFECT ON ORGANIZATION PRODUCTIVITY

(A CASE STUDY OF YAMMFY FARM NIGERIA LIMITED)

BY

ADEWUYI SULAIMON GBENGA

19/ND/ACC/107

SUBMITTED TO:

THE DEPARTMENT OF ACCOUNTANCY

SCHOOL OF MANAGEMENT STUDIES

LENS POLYTECHNIC OFFA KWARA STATE.

IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF

NATIONAL DIPLOMA IN ACCOUNTANCY

OCTOBER, 2021

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 CERTIFICATION

This is to Certify that this project was been read, certified, approved, undersigned and

submitted in partial fulfillment of the requirement of the Award of National Diploma in

Accountancy, Lens Polytechnic Offa, Kwara State.

_______________________ _______________________

MR. Olaniyi Lukman Abdulraheem Date

Project Supervisor

_______________________ _______________________

Mr. Akintayo K. Akintunde Date

Head of Department

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 DEDICATION

This Project work is dedicated to Almighty Allah and to my entire family. MR. & MRS.

ADEWUYI.

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 ACKNOWLEDGEMENT

Appreciation is the only justification given to God for his great manifestation Honour and

adoration be unto him for granting me knowledge, wisdom, understanding and good health

from the beginning of the project research to the end and for making this work successful.

I humbly express my unreserved appreciation to my supervisor, Mr. Olaniyi Lukman for his

patience, Guidance, loving, caring for how he enlightened me. On how to write this research

work and make necessary corrections at different stages of this research work.

I am equally much grateful to my HOD Mr. Akintunde K. Akintayo and all Departmental

lecturers who as one way or the other impact knowledge on me.

I express my gratitude’s to my lovely and caring parent Mr. and Mrs. ADEWUYI for their

caring guidance and contributions, always loving you to the End. I really appreciate you over

my life, physically, financially and spiritually toward my success in this great citadel of

learning. I pray that you will live long to eat the fruit of your labour and to reap the fruit of

your labour.

Also, my appreciation goes to all family members, brother and sister, and my friends,

Samson, Tope, Lola, Abbey, Dele, Fatai, Gloria, Zainab and Mary.

I will not forget to appreciate the effort and contribution on this research work, also my

lovely friends. Olamilekan, Ruth, Salome, Wunmi and others. My prayer is that we shall

reach the peak, and our vision shall come to pass.

And lastly to my Jewel Oladipupo Abiodun Temidayo. Your advice really goes a long way.

In my life and my studies thank you all.

I love you to the End.

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 ABSTRACT

This project is centered on the effect of management style on organization productivity. . it

was carried out purposely to help management in appreciating the critical importance of

peoples in the achievement of organizational goals and objectives and to know the techniques

involve in motivating employee. The researcher distributed questionnaires to workers of the

organization under study, personal interview was conducted with some workers of the

department, and the data gathered was analysed based on simple percentage. In view of this,

it was observed that monetary and non-monetary compensation used to personnel observation

enhance the workforce toward achieving organization objectives. It was recommended that

management should let the worker know they are valuable ad capable individual who were

needed to incentive for them as at when due.

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 TABLE OF CONTENT

TITLE PAGE. i

CERTIFICATION ii

DEDICATION iii

AKNOALEDGEMENT iv

ABSRACT v

TABLE OF CONTENT vi-vii

CHAPTER ONE: INTRODUCTION

1.1 Background of the study 1-3

1.2 Statement of research problem 3-4

1.3 Objective of the study 4

1.4 Research questions 4-5

1.5 Hypothesis of the study 5

1.6 Significance of the study 5-6

1.7 Scope of the study 6

1.8 Definition of the term 6-7

CHAPTER TWO: LITERATURE REVIEW

2.1 Introduction 7

2.2 Conceptual review 8

2.2.1 Concept of Management style 8-9

2.2.2 Structure of the Nigerian Management style 9-10

2.3 Empirical reviews 10-14

2.4 Theoretical framework 14

2.4.1 Efficient Market Hypothesis Theory 14-15

2.4.2 Management style Theory 15-17

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CHAPTER THREE: RESEARCH METHODOLOGY.

3.1 Introduction 18

3.2 Research Design 18

3.3 Population of the Study 18

3.4 Sampling Size and Sample Technique 18-19

3.5 Sources and Method of Data Collection 19

3.6 Validity and Reliability of Instrument 19

3.7 Technique of Data Analysis 19-20

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1 Introduction 21

42 Response Rate 21

4.3 Demographic Characteristics of Respondents 21-24

4.4 Data Analysis 24-31

4.5 Discussion of Findings 25

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Introduction 32

5.2 Summary and Conclusions 32

5.3 Recommendations 32-33

5.4 Limitations of the Study 33

5.5 Suggestion for Further Study 33

References 34-35

Appendices 36

Questionnaire 37-38

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 CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

The Management style is a subset of the financial system that is involved in the provision of

longer funds for productive use. The Management style drives any economy’s economic

growth and development because it is necessary for long term growth capital formation

(Osaze, 2015), but evidences from past studies have revealed a growing concern and

controversies on the role of the Management styles on economic growth and development.

While some (Atje and Jovanovic, 2016; Demirgue-Kunt and Levine, 2016; Levine and

Zervos, 2016) supported a positive link, some others (Harrris, 2017; Levine and Zervos,

2018; Ariyo and Adelegan, 2015; Ewah, Esang and Bassey, 2018; Donwa andOdia, 2018) do

not find any empirical evidence to support such conclusion. Nyong (2017) found a negative

link but Sudharshan and Rakesh (2016) saw, instead, economic growth playing a role in stock

market development. The neoclassical growth model made three important predictions:

i. Increasing capital relative to labour creates economic growth, because people can be

more productive given more capital.

ii. Poor countries with less capital per person will grow faster because each investment in

capital will produce a higher return than rich countries with ample capital.

iii. As a result of diminishing return to capital, an economy will eventually reach a point at

which any increase in capital will no longer create economic growth. However, it can

overcome this steady state and grow by investing on new technology.

Solow (2016) explains that if there were no technological progress, then the effects of

diminishing returns would finally cause economic growth to die down, however, economies

that achieve large increases in output over extended periods of time, not only enable rapid

increases in standards of living, but also have serious changes in their economic, political and

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social landscape. Therefore, for a country to attain a sustainable economic growth and

development, it requires both local and foreign capitals made available by the opportunities

provided by theManagement style (Ekundayo, 2016). However, non-availability of long-term

funds for investment financing has constituted a barrier to the development and growth of

most African countries, particularly in many developing countries such as Nigeria, wherein

capital has become a major constraint to economic development.

Despite the significant financial reforms experienced in the financial sector over the years,

there has been an underdevelopment of the real sector as a result of lack of funds from the

financial sector (Oluwole, 2015). The Nigeria Management style has grown to being capable

of providing facilities both to the private and public sectors to raise long term capital used in

executing development programmes as well as finance the expansion and modernization of

projects. However, how these reforms have influenced economic growth over the years still

remains unexplored by previous studies. Any economy that is financially underdeveloped is

usually characterized by under-employment of resources. Zuvekas (2016) puts it that

development is a progress towards the reduction of the incidence of poverty, unemployment

and income inequalities (Oluwole, 2017) but these incidences are still evident in the Nigerian

economy.

Capital market is a highly specialized and organized financial market and indeed essential

agent of economic growth because of its ability to facilitate and mobilize saving and

investment. To a great extent, the positive relationship between capital accumulation and

economic growths has long affirmed in economic theories (Anyanwu, 2015).Management

style is the prime tool that drives any economy on its path to growth and development

because it is responsible for long term growth and capital formation by issuing of funds for

long term investment, ensure an efficient and effective allocation of scarce resources for

optimal benefits to the economy, reduce over reliance of the corporate sector on short term

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financing for long term projects and encourage inflow of foreign capital. The growing

importance of Management style around the world has reinforced the belief that finance is an

important ingredient for growth. The focus is mainly on Management style development and

economic growth.

Levine and Zarkos, 2015 argued that various measures of Management style development

have explained part of the variation of economic growth. Many studies have concentrated on

cross section regressions which as pointed by (Levine and Renelt, 2015) among others should

be viewed with caution. Time series analysis can address the issue of endogeneity and

causality. A Management style across the world has reinforced the general conviction that

finance is an important element of economic growth. As such, the importance has remained

on economic growth and stock market development. Being an important pillar of the

economy of a country, the Management style plays a key role in the growth of the industry

and business which ultimately affects the economy of the country to a large extent. This is the

rationale that the industrial bodies, government advisors and even the central bank of any

country keep a close eye of observation on the activities of the Management style (Nazir and

Gilani, 2017).

The importance of the Management style as an efficient channel of financial intermediation

has been well recognized by different researchers, academicians, and policy makers as a

primary determinant of the economic growth of a country, both developed and developing.

Economic growth in a modern economy hinges on an efficient financial sector that pools

domestic savings and mobilizes foreign capital for productive investments. Underdeveloped

or poorly functioning Management styles typically are illiquid and expensive which deters

foreign investors. Furthermore, illiquid and high transactions costs also hinder the capital

raising efforts of lager domestic enterprises and may push them to foreign markets (Mishra,

et al., 2017).

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According to Levine et al., (2016), specifying the channels for economic progress through the

Management style opine that it provides opportunities for companies to borrow funds needed

for long-term investment purposes. It also provides avenue for the marketing of shares and

other securities in order to raise fresh funds for expansion of operations leading to increase in

output/production. It creates a means of allocating the nation’s real and financial resources

between various industries and companies. (Sule andMomoh, 2016), argue further that

through the capital formation and allocation mechanism theManagement style ensures an

efficient and effective distribution of the scarce resources for the optimal benefit to the

economy and it reduces the over reliance of the corporate sector on short term financing for

long term projects and also provides opportunities for government to finance projects aimed

at providing essential amenities for socioeconomic development.

1.2 Statement of the Problem

Capital market might face serious challenges in developing countries and may not perform

efficiently and that it may not be feasible for such economies to promote Management styles

given the huge costs and the poor financial structures. These problems are magnified in

developing countries with their weaker regulatory institutions and greater macroeconomic

volatility. Government of Nigeria sees Management style as a channel for long-term savings

and investment as opportunity for all peoples. Even though the policy changes in Rwanda

have had some positive impact on Management style development, there are many challenges

and problems that remain to be addressed in order to promote a functioning Management

style development and economic growth in Nigeria. The major problems inManagement style

authority are limited number of listings companies inManagement style. Currently in Rwanda

Management style are only 8 listed companies (CMA, 2015).

This signifies that the instruments for resource mobilization in the Management style are still

few and in the process of formation. Management style structure in its present form is not

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suitable for small and medium enterprises to raise capital in the form of equity securities.

Unlike the United State, where Management style structures are developed for small and

medium-sized firms to raise capital in the Over the Counter (OTC-NASDAQ) markets, there

are no such second tier markets in Nigeria to attract small firms that cannot be listed on the

Management style authority. In Nigeria most of Private Sectors have a negative attitude

towards listing on the stock market which causes the limit of attractiveness of the

Management style for domestic and foreign investors and the majority of Nigeria they don’t

have a culture of saving and investing for long term products such as bond and share because

they fear to lose managerial control to shareholders; more so, private companies do not want

to be pioneer in going public, they prefer bank loans as a source of capital to finance their

businesses.

1.3 Objectives of the Study

i. To determine the extent with which Management style affect the economy.

ii. To investigate the level at which economy development determine Management style.

iii. To explore the relationship between Management style and the Economy.

1.4 Research questions

i. To what level does economy growth of a nation determine the Management style?

ii. To what extent does Management style influence the development of the Economy?

iii. Does any relationship exist between Management style and the Economy?

iv. Can Management style decide the economy growth of a Nation?

1.5 Statement of the research Hypothesis

H0: There is no significant relationship between impact of Management style development

and economic growth.

H1: There is significance relationship between impact of Management style development

and economic growth.

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H0: There is no significance relationship between Nigeria stock exchange and how

Nigeria companies raise capital.

H1: There is no significance relationship between Nigerian stock exchange and how

Nigeria companies raise capital.

1.6 Significance of the Study

This study will add more knowledge to an existing body of literature on the concept of

economic development. It will shed more light on the relationship between Economic

development adopted by the leader of economist of an organization and the influence on the

economy. The outcome of the study will be useful to Scholars, Academician and researchers

in validating previous research, facilitating theory building.

1.7 Scope of the study

The scope of the study is to carry out an in-debt investigation unto Management style in

Nigeria.

1.8 Definition of Operational Terms

Capital Market: refers to a financial market in which long term debt (over a year) or equity-

backed securities are bought and sold.

Economic Growth: refers to an increase in the amount of goods and services produced per

head of the population over a period of time.

Gross Domestic Product: refers to monetary measures of the market value of all the final

goods and services produced in a period of time often annually or quarterly.

Inflation rate: refers to the percentage at which a currency is devalued during a period.

Nigeria Economy: Nigeria economy can be described as the act of working, particularly

through people for the achievement of the broad goal of an organization.

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 CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction

Management style in Nigeria, while the Securities and Exchange Commission is the apex

regulator of the market. The Exchange evolved from an understanding that a viable

Management style could be relied upon to finance industrial growth and development

projects. Other considerations by government for supporting the business community in

establishing the Exchange included the need to finance growing public budget deficits and

deteriorating balance of payments, both manifesting from the late 2015s. Thus, between 2016

when The Exchange opened to the public and 2002, the Federal Government at various times

used the facilities of the market to raise a total sum of money in excess of 10 billion for on-

lending to the regional and, later state government for the financing of development projects.

With the Federal Government approval of the recommendation of the Committee on the 1976

Review of Nigerian Financial System, that state government can, on their own, approach the

Management style for the financing of their capital projects.

Bonds are financial instruments through which the Management style provides long-term

debt financing to companies and government. Bonds or industrial loans provide alternative to

equity as investment outlet in the Management style. By 2016 bonds constituted 60% of the

NSE market capitalization, as at that year, the Federal Government had raised approximately

N10 billion. The equity sector of our Management style experienced increased activities over

the years. The market witnessed increase in new listings from the banks, and insurance

companies as well as other companies which raised fund through private placement and listed

by introduction. The banking consolidation which required banks to increase share capital

from N2 billion to N25 billion and another round of consolidation which made some of them

to increase shareholders funds to over N100 billion contributed immensely to market

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capitalization. By March 2017, market capitalization was in excess N12 trillion while the

NSE all share index exceeded 62,000 points. One of the lessons from the banking

consolidation is the absorptive capacity of our Management style which stood the test in

meeting issuers’ aspirations of raising huge funds from the market. The market also provided

a platform for the subsequent acquisition/merger that ensued. What all these symbolized is

the efficiency of the Nigerian Management style.

2.2 Conceptual Review

2.2.1 Conceptual Review on Management style

The Management style is the complex of institution and mechanisms through which

economic units desirous to invest their surplus fund, interact directly or through financial

intermediaries with those who wish to procure funds for their businesses. Okereke (2015)

describes the Management style as constituting of market and institutions that facilitates the

issuance and secondary trading of long-term financial instruments. Unlike the money market

that represents the short-end of financial system that provides facilities for claims and

obligations with maturity vary from one day to a year, the Management style provides

government at all levels an effective way of financing public projects; thus playing a vital

role in stimulating industrial as well as economic growth and development. Assuming the

role of the major supplier and user ofManagement style funds, the government has a lot of

pervading influence on the Management style.

In Nigerian, the government influences the Management style through the Nigerian Securities

and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). SEC has the

primary objective of being in charge of the overall regulation of the entire Management style

while NSE supervises the operations of the formal quoted market (as a self- regulatory

organization). However, the Nigerian financial markets are experiencing challenges such as

poor infrastructural facilities, low level of public awareness as to the benefits derivable from

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the operation of the Management style, inadequacy of supply of securities, stringent stock

exchange listing requirements limiting mostly the smaller companies, illiquid market and

unfavorable government policies.

2.2.2 Structure of the Nigerian Management style

The Management style operations are structured into three broad categories: the primary,

secondary and derivatives markets. The Primary Market: it is responsible for the issue of new

shares through the stock exchange or by private placement. Their operations are conducted

through the following methods: offer for subscription, offer for sale, right issue, private

placing and listing by introduction. The Secondary Market: also referred to as the stock

market, it provides the forum for Management style activities (trading in stock and shares,

bonds, debentures and other long-term securities) and is usually accessible to all category of

investors – small or big, government institution or individuals. The major participant in the

Nigerian Management style includes development banks, private firms, the treasury and the

CBN while the minor ones includes commercial and merchant banks, individuals, states and

local governments.

This market comprises of the organized stock exchange and the over-the-counter (OTC)

market but presently, there is no organized OTC market in Nigeria. Secondary market

transactions are carried out by licensed stock brokers on the seven trading floors of the

Nigerian Stock Exchange located in Lagos, Kaduna, Benin, Port Harcourt, Kano, Onitsha,

Ibadan, Yola, and Abuja.

The Derivatives Market: This is the market that trades, not in the issued securities, but on the

right to title on the underlying security or on the basis of the future title to the security. The

derivatives market in Nigeria is still in its infancy and the only derivative presently being

actively traded on the Nigerian Stock Exchange is right offer issue options. Nigeria, like

many countries, has a formal Management style symbolized by the existence of a stock

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 exchange and an active new issues market. The derivative market is the financial market for

derivative, financial instruments like futures contract or option, which are derived from other

forms of asset. The derivative instrument is an instrument whose value is derived from the

value of one or more underlying which can be commodities. According to Okereke (2015)

the Nigerian Management style constituencies can be broadly classified into four categories:

i. Providers of funds (Individuals, Unit Trusts, Pension Trust, Insurance Companies)

ii. Users of funds (Companies, Government at all tiers, etc)

iii. Intermediaries (Stock broking Firms, Issuing houses, Registrars, Auditing Firms)

iv. Regulators (SEC, NSE, CBN). Similarly, the financial instruments in use can broadly be

classified into the following:

i. Equity (Ordinary shares, Preference shares)

ii. Debt (Government bonds such as federal, state and local government bonds, Industrial

loans/debenture stock and bonds)

iii. Derivatives (Options rights, swaps, Futures, etc) In addition, the NSE has upgraded its

stock market towards the internationalization of its operations and one of such

development, that has increased the appeal of the Nigerian stock market internationally, is

the establishment of the Central Security Clearing System limited (CSCS), which started

operations in April 1997. The CSCS operates an automated clearing and settlement

system, i.e. the transfers of stock ownership from one shareholder to another and the

transfer of sales proceeds from the buying shareholder to the selling shareholder. The

transfer of shares is now done on a T + 3 (Trading day + three working days) time frames

under the automated CSCS, while transactions are executed on the basis of delivery

versus payment.

2.3 Empirical Review

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There has been considerable interest in the development of Management styles in many

developing countries in the last twenty years or so. In a study on emerging stock markets

performance and economic growth in Iran, Seyyed (2016) presented a systematic

investigation of the relationship between the two variables within the Vector Autoregressive

(VAR) model and deduced that macroeconomic activity was a main cause for the movement

of stock prices in the long run and that the stock market plays a role as a leading economic

indicator of future economic growth in the short run. Relative to Nigeria, Atoyebi, Ishola,

Kadiri, Adekunjo and Ogundeji (2013) study the impact of Management style on economic

growth using annual data of 2015 to 2018. Employing the Ordinary Least Square test and

Vector Auto Regression technique, a percentage increase in market index and market

capitalization was found to bring about respectively, an average of 33.7% and 44.8% increase

in real GDP.

Kolapo and Adaramola (2017), applying Johansen co-integration and Granger causality tests,

also examined the impact of the NigerianManagement style on its economic growth but from

2015 to 2018. Results show that a long run relationship exists betweenManagement style

(measured by market capitalization, total new issues, value of transactions, and total listed

equities and government stocks) and economic growth (proxy by GDP) in Nigeria. The

evidences from these studies reveal that the activities of theManagement style tend to impact

positively on the Nigerian economy. Similarly, Abu (2016) utilized the error correction

approach to examine whether stock market development increases economic growth in

Nigeria and it was found to be true. However, Donwa and Odia (2016) empirically analyzed

the impact of the Nigeria’s Management style on her socio-economic development from the

period of 2015 to 2018 and it was discover that Management style indices (market

capitalization, total new issues, volume of transactions, total listed equities and government

stock) have no significant impact on socio-economic growth.

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To a great extent, the positive relationship between Management style activities and real

economic growths has long been affirmed in previous empirical studies but in country

specific studies, the structural variations among economies may not have been adequately

accounted for. Success in capital accumulation and mobilization for economic growth and

development varies among nations and largely dependent on domestic savings and inflows of

foreign capital but the omission of these core variables that accounts for country specific

differences in the specification of the growth models possibly could have introduced some

bias and inconclusiveness in the result of these previous studies. In a bid to fill this gap in

literature, this study incorporates these vital variables in the investigation of both the short

run and long run relationship between Management style development and economic growth

in Nigeria. It therefore contributes to the body of existing knowledge by evaluating the

contribution of the Nigerian Management style to the growth of its economy but specifically

looking at the relationships between Management style development indicators such as

deposit mobilization, capital accumulation, labour supply, total listed stock market securities

with economic growth in Nigeria. A country specific study that incorporates the effect of

these structural differences that characterize the development of the Management style

among economies was provided, as well as the dynamic nature of Management style in

developing countries, such as Nigeria where the financial system is still highly undeveloped.

The World Bank (2015) found that stock market development does not merely follow

economic development, but provides the means to predict future rates of growth in capital,

productivity and per capita GDP. Tharavaniji (2017), observes that countries with deeper

Management style face less severe business cycle output contraction and lower chances of

economic downturn compared to those with less developed Management style. Adamu and

Sanni (2015), examine the roles of the stock market on Nigeria’s economic growth, using

Granger-causality test and regression analysis. They discovered a one-way causality between

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GDP growth and market turnover. They also observed a positive and significant relationship

between GPD growth and market turnover ratios. The authors advised that government

should encourage the development of Management style since it has a positive effect on

economic growth.

Chinwuba and Amos, (2015), examine the impact of the Nigerian Management style

performance on the economic development of Nigeria by using the Ordinary least Square

regression model. The result indicates that the performance of theManagement style impact

positively on the economic growth of Nigeria. Osinubi and Amaghionyeodiwe (2015)

examine the relationship between Nigeria stock market and economic growth during the

period 2015 to 2018, using Ordinary least square regression. The results show that there is a

positive relationship between the stock market development and economic growth. They

therefore suggested that government should pursue policies that are geared toward rapid

development of the stock market. Abu (2017), examines whether stock market development

raises economic growth in Nigeria, by employing the Error Correction Approach. The

econometric results indicate that stock market development raises economic growth. He

however encouraged SEC to facilitate the growth of the market, restore the confidence of

stock market participants and safeguard the interest of shareholders by checking sharp

practices of market operators.

Ewahet al (2018), appraise the impact of the Management style efficiency on economic

growth of Nigeria using time series data from 2014 to 2018. They found that the Management

style in Nigeria has potential of growth-inducing, but it has not contributed meaningfully

because of low market capitalization, low absorptive capitalization, illiquidity,

misappropriation of funds among others. Obamiro (2015), investigates the role of the Nigeria

stock market in the light of economic growth. He reported a significant positive effect of

stock market on economic growth. Moreover, Agarwal (2016) argues that financial sector

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development facilitates Management style development, and in turn raises real growth of the

economy. Similarly, kolapo and Adaromola (2012), found that Nigerian Management style

development has significant relationship with economic growth, just as Abdullahi (2015),

agrees that Management style development in Nigeria is an engine to her economic growth.

2.4 Theoretical Review

2.4.1 Efficient Market Hypothesis Theory

The efficient-market hypothesis was first expressed by Louis Bachelier, a French

mathematician, in his 2015 dissertation, "The Theory of Speculation". His work was largely

ignored until the 2016s; however beginning in the 30s scattered, independent work

corroborated his thesis. A small number of studies indicated that US stock prices and related

financial series followed a random walk model. Research by Alfred Cowles in the ’30s and

’40s suggested that professional investors were in general unable to outperform the market.

The efficient-market hypothesis was developed by Professor Eugene Fama at the University

Of Chicago Booth School Of Business as an academic concept of study through his Ph.D.

thesis in the early 2016s at the same school. It was widely accepted up until the 2017s, when

behavioral finance economists, who were a fringe element, became mainstream.

Empirical analyses have consistently found problems with the efficient-market hypothesis,

the most consistent being that stocks with low price to earnings (and similarly, low price to

cash-flow or book value) outperform other stocks. Alternative theories have proposed that

cognitive biases cause these inefficiencies, leading investors to purchase overpriced growth

stocks rather than value stocks. Although the efficient-market hypothesis has become

controversial because substantial and lasting inefficiencies are observed. The efficient-market

hypothesis emerged as a prominent theory in the mid-1960s. Paul Samuelson had begun to

circulate Bachelier's work among economists. In 2015Bachelier's dissertation along with the

empirical studies mentioned above were published in an anthology edited by Paul Cootner. In

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2015Fama published his dissertation arguing for the random walk hypothesis, and Samuelson

published a proof for a version of the efficient-market hypothesis.

In 2015Fama published a review of both the theory and the evidence for the hypothesis.

Further to this evidence that the UK stock market is weak-form efficient, other studies of

Management styles have pointed toward their being semi-strong-form efficient. A study by

Khan of the grain futures market indicated semi-strong form efficiency following the release

of large trader position information (Khan, 2016). Studies by Firth (2017, and 2018) in the

United Kingdom have compared the share prices existing after a takeover announcement with

the bid offer. Firth found that the share prices were fully and instantaneously adjusted to their

correct levels, thus concluding that the UK stock market was semi-strong-form efficient.

However, the market's ability to efficiently respond to a short term, widely publicized event

such as a takeover announcement does not necessarily prove market efficiency related to

other more long term, amorphous factors.

David Dreman has criticized the evidence provided by this instant "efficient" response,

pointing out that an immediate response is not necessarily efficient, and that the long-term

performance of the stock in response to certain movements is better indications. A study on

stocks response to dividend cuts or increases over three years found that after an

announcement of a dividend cut, stocks underperformed the market by 15.3% for the three-

year period, while stocks outperformed 24.8% for the three years afterward after a dividend

increase announcement.

2.4.2 Management style Theory

Forty years have passed since the principles of classical economics were first applied

formally to finance through the contributions of Fama in 2016 and his now-renowned fellow

academics. Over the intervening years, Management style theory and the efficient market

hypothesis have been developed and modified to form an elegant and comprehensive

22
framework for understanding asset pricing and risk. But events have dealt a cruel blow to

these theories, as John Authers argued Management style booms and crashes, culminating in

the latest sorry and socially costly crisis, have discredited the idea that markets are efficient

and that prices reflect fair value. Some economists still insist these events are simply the

lively interplay of broadly efficient markets and see no cause to abandon the prevailing

wisdom. Other commentators, including a number of leading economists, have proclaimed

the death of mainstream finance theory and all that goes with it, especially the efficient

market hypothesis, rational expectations, and mathematical modeling.

The way forward, they argue, is to understand finance based on behavioral models on the

grounds that psychological biases and irrational urges better explain the erratic performance

of asset prices and Management styles. Presented this way, the choice seems stark and

unsettling, and there is no doubt that the academic interpretation of finance is at a critical

juncture. The model explains asset pricing in terms of a battle between fair value and

momentum. It shows how rational profit seeking by agents and the investors who appoint

them gives rise to mispricing and volatility. Once momentum becomes embedded in markets,

agents then logically respond by adopting strategies that are likely to reinforce the trends.

Explaining the formation of asset pricing in this way seems to provide a clearer

understanding of how and why investors and prices behave as they do. For example, it throws

fresh light on why value stocks generally outperform growth stocks despite offering

seemingly poorer earnings prospects.

The new approach offers a more convincing interpretation of the way stock prices react to

earnings announcements or other news. It also shows how short-term incentives, such as

annual performance fees, cause fund managers to concentrate on high-turnover, trend-

following strategies that add to the distortions in markets, which are then profitably exploited

by long-horizon investors. At the level of national markets and entire asset classes, it will no

23
longer be acceptable to say that competition delivers the right price or that the market exerts

self-discipline.

24
 CHAPTER THREE

METHODOLOGY

3.1 Introduction

This chapter begins with by describing the research design adopted. It identifies the target

population from which the sample was selected and the sampling techniques used in

identifying the firms that were subjected to the study. The chapter ends by describing the data

analysis technique used in analyzing the data and the models applied in data analysis.

3.2 Research Design

The research design used in this study was the descriptive survey method. The descriptive

design leads to the discovery of association among the different variables. An explanatory

case study was used to explore causation in order to find underlying principles. The design

was found appropriate for carrying out a holistic in depth and comprehensive investigation

where much emphasis was placed on the impact of economic recession on the manufacturing

industry.

3.3 Population of the Study

A population is said to be made of all conceivable elements/subjects or observation relating

to a particular phenomenon of interest to the researcher. Hence, the population of this study

could be said to be the staff of Osogbo Stock Market Exchange, Office, Osun State.

3.4 Sampling size and sample technique

Sample is a representative part of the population. The information supply the sample unit is

considered as applying to the population. This population must be unambiguous so that valid

conclusion about them can be drawn. Simple random sampling is used as sampling

techniques; this specifies the way sampling units are to be selected. There are two broad

sample selection techniques; they are probability sampling techniques and non-probability

sampling techniques. Probability sampling techniques is one in which sample unit are

25
selected by chance while a non probability sampling technique is one in which chance

selection are not used.

Sample size is a specimen of the real in this case, the determination of the size took a serious

consideration, the extent to which the sample can be a fair- representation of the whole

population. “(Peter Charin)” explain sample size as the number of sample unit fewer than the

aggregate draw from the population and examined in detail. The sample size fifty (50)

respondents from four different such as production. Department, sales department, financial

department and marketing department out of the total population has been using simple

random sampling techniques.

3.5 Source and method of Data Collection

The instrument that was used in collecting data for this research work are primary source and

secondary source.

Primary source: The primary source of data for the purpose of this research work was

participant observation, and exclusive personal interview as well as questionnaire.

Secondary source: The secondary source of this research work was through the use of

journals, magazines and online materials gotten from the World Wide Web.

3.6 Validity and Reliability of the Research Instrument

Pilot test was used to be able to test the validity and reliability of the research work to know,

if the research is valid and reliable. According to Berechard (2008), the concept on which a

research is based is valid. Validity is concerned with how truly and adequate the data is able

to measure what is supposed to measure. If it is the truth of the data under investigation.

Oxford advance dictionary defined validity as a state of being legally acceptable. Reliability

is the consistency of scores or result obtained by the save sources at different times.

3.7 Techniques of Data Analysis

26
In analyzing the data collected for this research work, the descriptive statistics such as simple

percentage was used to evaluate the response of the respondents to each question in the

questionnaire.

27
 CHAPTER FOUR

DATA PRESENTATION, ANALYSIS OF BIO-DATA AND DISCUSSION OF

FINDINGS

4.1 Introduction

The focus of the chapter is to examine in conjunction with preceding chapter, the various

working hypothesis formulated under the review of the economic topic ‘’The Impact of

Management style in the development of Nigeria Economy. This will be done by presenting

and classifying the necessary data collected in a form that will make the important feather of

the subjects matter to be easily grouped and interpreted. The answer given to each to research

question as well as the question that test each hypothesis are presented in a tabular form. By

this method, data presented as a systematic arrangement of fact and figure in a series of boxes

made up of row and column and expressed in simple percentage with a written report

explaining the detail.

4.2 RESPONSE RATE

Table 4.1: Summary of Question Analysis from the Respondent

QUESTIONNAIRE FREQUENCY PERCENTAGE%

No of questionnaire
50 100%
distributed

No of questionnaire returned 50 100%

No of questionnaire used 50 100%

Total 50 100%

The table 4.1 above shows the total number of questionnaire distributed, 50 questionnaires

was distributed and used for the research work

4.3 Demographic characteristics of the respondent

Table 4.1.1: Analysis of data by Gender

28
 Gender Respondents Percentage

Males 23 46

Females 27 54

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.1.1 reveals that twenty three (23) respondents which represent forty-

six percent (46%) are males, while twenty-seven (27) respondents which represent fift-four

percent (54%) are females.

Table 4.1.2: Analysis of data by Age

Age Frequency Percentage

20-25 yrs 17 34

26-30 yrs 23 46

31-35yrs 10 20

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.2 reveals that seventeen (17) respondents which represent thirty-four

percent (34%) are between 20-25yrs, while twenty-three respondents (23) which represent

forty-six percent (46%) are between 26-30 yrs and ten (10) respondents which represent

twenty percent (20%) are between 31-35 yrs.

Table 4.1.3: Analysis of data by marital status

Marital Status Frequency Percentage

Single 22 44

Married 28 56

Total 50 100

Source: Field Survey, 2021

29
Interpretation: Table 4.2.3 above reveals that twenty-two(22) respondents which represent

forty-four (44%) are singles, while twenty-eight (28) respondents which represent fifty-six

(56%) are married.

Table 4.1.4: Distribution showing respondents by Educational qualification

Respondents Frequency Percentage

SSCE/GCE 3 6

ND/NCE 16 32

B.sc/ HND 17 34

M.sc and Above 14 28

Total 50 100

Length of services Frequency Percentage

1-5yrs 7 14

6-10 yrs 11 22

11-15 yrs 22 44

16-20 yrs 10 20

21 and Above - -

Total 50 100

Interpretation: Table 4.2.5 above reveals that seven (7) respondents which represent fourteen

percent (14%) have working experienced between 1-5 yrs, while eleven (11) respondents

which represent twenty-two percent (22%) are between 6-10 yrs and twenty-two (22)

respondents which represent forty-four percent (44%) are between 11-15yrs and ten

respondents (10) which represent twenty percent (20%) are between 16-20yrs. .

4.4 DATA ANALYSIS

Table 4.1.6: Distribution showing respondents by organization status

Respondents Frequency Percentage

Senior staff 21 42

30
 Junior staff 24 48

Customer 5 10

Others - -

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.6 reveals that twenty-one (21) respondents which represent forty-

two percent (42%) are Senior staff while twenty-four (24) respondents which represent forty-

eight (48%) are Junior staff, five respondents (5) which represent ten percent (10%) are

customers.

Table 4.2.7: Distribution showing that Management style has impact on Nigeria

Economy?

Response Frequency Percentage

Strongly Agreed 15 30

Agreed 20 40

Strongly Disagreed 5 10

Disagreed 10 20

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.1.6 above reveals that fifteen (15) respondents which represents thirty

percent (30%) strongly agreed that Management style exert impact on Nigeria Economy,

while twenty (20) respondents which represent forty percent (40%) agreed, five (5)

respondent which represent ten percent (10% ) strongly disagreed and ten (10) respondents

which represent twenty percent (20%) disagreed.

Table 4.2.8: Distribution showing that Management style has the capacity and ability to

raise long term capital used in executive developments?

31
 Response Frequency Percentage

Strongly Agreed 19 38

Agreed 13 26

Strongly Disagreed 8 16

Disagreed 10 20

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.8above reveals that nineteen (19) respondents which represent

thirty-eight percent (38%) strongly agreed that Management style has the capacity and ability

to raise long term capital used in executive development, while thirteen (13) respondents

which represent 26% agreed, eight (8) respondents which represent sixteen percent (16%)

strongly disagreed and ten (10) respondents which represent which represent 20% disagreed.

Table 4.2.9: Distribution showing that Management style facilitates the issuance and

secondary trading of long term financial instrument?

Response Frequency Percentage

Strongly Agreed 24 48

Agreed 7 14

Strongly Disagreed 19 38

Disagreed - -

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.9 above reveals that twenty-four (24) respondents which represent

forty-eight percent (48%) strongly agreed that Management style facilitates the issuance and

secondary trading of long term financial instrument, while seven (7) respondents which

represent fourteen percent (14%) agreed and nineteen (19) respondents which represent

thirty-eight (38%) strongly disagreed.

32
Table 4.2.10: Distribution showing that Management style is an essential agent that

ensue and mobilize saving and investment?

Response Frequency Percentage

Strongly Agreed 35 70

Agreed 15 30

Strongly Disagreed - -

Disagreed - -

Total 50 100

Response Frequency Percentage

Strongly Agreed - -

Agreed 23 46

Strongly Disagreed 15 30

Disagreed 12 24

Total 50 100

Interpretation: Table 4.2.11 above reveals that twenty-three(23) respondents which represent

forty-six percent (46%) agreed that Management style is an avenue for company to borrow

fund needed for long term investment purpose, while fifteen (15) respondents which

represent thirty (30%) strongly disagreed and twelve respondents (12) which represent

twenty-four percent (24%) disagreed.

Table 4.1.12: Distribution showing that Management style has severe relationship with

business circle and probability of economy downturn?

Response Frequency Percentage

Strongly Agreed 28 56

Agreed 22 44

Strongly Disagreed - -

Disagreed - -

33
 Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.12 above reveals that twenty-eight (28) respondents which represent

fifty-six percent (56%) strongly agreed that Management style has severe relationship with

business circle and probability of economy downturn, while five (5) respondents which

represent twenty (10%) agreed and three (3) respondents which represent six percent (6%)

strongly disagreed.

Table 4.2.13: Distribution showing that Management style can lead to effectiveness and

efficiency of Nigeria Development?

Response Frequency Percentage

Strongly Agreed 14 28

Agreed - -

Strongly Disagreed 26 52

Disagreed 10 20

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.13 reveals that fourteen (14) respondents which represent twenty-

eight percent (28%) strongly agreed that Management style can lead to effectiveness and

efficiency of Nigeria development, while twenty-six (26) respondents which represent fifty-

two percent (52%) strongly disagreed and ten respondents which represent twenty percent

(20%) disagreed.

Table 4.2.14: Distribution showing that Nigeria stock exchange aid economy

development?

Response Frequency Percentage

34
 Strongly Agreed 4 8

Agreed 6 12

Strongly Disagreed 16 32

Disagreed 24 48

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.13 reveals that four (4) respondents which represent eight percent

(8%) strongly agreed that Nigeria stock exchange aid economy development, while six (6)

respondents which represent twelve percent (12%)agreed, sixteen (16) respondents which

represent thirty-two percent (32%) strongly disagreed and twenty-four respondents which

represent forty-eight percent (48%) disagreed.

Table 4.2.15: Distribution showing that Management style is the prime tools that drive

any economy development?

Response Frequency Percentage

Strongly Agreed 20 40

Agreed 16 32

Strongly Disagreed 12 24

Disagreed 2 4

Total 50 100

Source: Field Survey, 2021

Interpretation: Table 4.2.13 reveals that twenty (20) respondents which represent forty

percent (40%) strongly agreed that Management style is the prime tools that drive any

economy development, while sixteen (16) respondents which represent thirty-two percent

(32%) agreed and twelve respondents which represent twenty-four percent (24%) strongly

disagreed and two respondents which represent 4% disagreed.

35
Table 4.2.16: Distribution showing that Management style is a higher specialized and

organized financial market indeed essential medium of economic growth?

Response Frequency Percentage

Strongly Agreed 19 38

Agreed 20 40

Strongly Disagreed 11 22

Disagreed - -

Total 50 100

Response Question 10 Question 12 Total

Strongly Agreed 35 28 63

Agreed 15 12 37

Strongly Disagreed - - -

Disagreed - - -

Total 50 50 100

Expected frequency = 50 × 63/ 100 = 31.5

Expected frequency = 50 x 37/ 100 = 18.5

Expected frequency = 50 x 37 / 100 = 18.5

S/N O E O–E (0 – E)2 (0 – E)2/ E

1 35 31.5 -3.5 12.25 3.89

2 15 31.5 16.5 272.25 8.43

3 28 18.5 9.5 90.25 4.88

4 22 18.5 -3.5 12.25 6.62

23.82

Tabulated chi-square value = 23.82

Using the formulae (c-1) (r-1) where c = number of column, r = number of row

From the above table c = 5, r = 4.

36
Substituting c = 5 and r = 4 in the formulae (c-1) (r-1) = (5-1) (4-1) = (4) (3) = 4× 3 = 12.

DECISION RULE

Since the calculated value of chi-square i.e. 23.82 is greater than the calculated value 12 at

0.05 level of significance. Therefore, the null hypothesis is rejected and the alternative

hypothesis is accepted. This implies that there is relationship between capital and the Nigeria

Economy.

37
 CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Introduction

This chapter make the presentation of the explicit summary of the whole project, in other to

give a reasonable general overview as well as logical conclusion of the study.

5.2 Summary

This study examined the impact of Management style in the development of the Nigeria

Economy. It was found to be positive; this suggests that for a significant growth to be

achieved in an economy, the main focus of the policy makers should be on measures to

promote growth in the stock market. This is a very pertinent and pre-requisite consideration

for any economy desiring increase and rapid economy development.

5.2.1 Conclusion

The increasing importance of financial markets has reinforced the researcher to study the

impact of Management style in the development of the Nigeria Economy, evidence from

Nigeria. The present study was attempted to investigate this relationship of Management style

development and economic growth. The effect of independent variable was empirically tested

on gross domestic product as a dependent variable for the period of 2016-2018. As such, the

results reported the expected positive significance which are statistically tested at a level of

significance. The development of Management style is important in sustaining the Economy

Growth. However, size of the market is low. But, the measured by market capital ratio.

Turnover and volume of share traded in the market have influenced the economic growth in

Nigeria from 2015-2018. The co-integration test illustrate that the variable co-integrated and

implying that a long relationship exist on the economic growth in Nigeria. Therefore, the

researcher accepts the alternative hypothesis and rejects the null hypothesis.

5.3 Recommendations

38
The findings from this study raise the following policy issue and recommendations. In order

to enhance the developments of the Nigeria Management style as the engine of economic

development. It is recommended that government should remove impediments to stock

market development in the form of tax, legal and regulatory barriers because they are

sometimes disincentive to investments. In order to increase the ease with which investors can

purchase and sell shares. Thus, guaranteeing liquidity on the stock market, the Nigeria

Security and Exchange Commission should improve on the trading system. Given that the

stock market operates in macroeconomic environments. It is therefore, necessary that the

environment must be an enabling one that will promote and encourage investment

opportunities for local and international investors. Management style regulations especially

the Securities and Exchange Commission should be more open to innovation and be flexible

without the interest and protection on investors as well as the efficiency of the market.

5.4 Limitation of the Study

The researcher was challenged in the following areas:

Financial constraints: There was no adequate finance in sourcing fr relevant materials that is

vital for the research work.

Time constraints: combining class work with visiting places where information are been

gathered was not easy.

Energy Expended: The energy expended in gathering the information cannot be quantified.

Inadequate of Mutual co-operation from place of case study. As they afraid to supply positive

information in the questionnaire as related to the research question.

5.5 Suggested Areas for further Studies

Based upon the findings and the recommendations proposal, the further studies should be

encouraged especially in area not convenient by this study.

39
 REFERENCES

Abdullahi, S.A (2015).Management style Performance and Economic Development in

Nigeria. A paper presented at the department of Business Administration, Bayero

University

Abu N (2009) “Does Stock Market Development Raise Economic Growth? Evidence from

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Adamu, J.A, Sanni. I. (2015).“Stock Market Development and Nigerian Economy Growth”.

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Agarwal, S (2015). Stock Market Development and Economic Growth: Preliminary

Evidence from African Countries. Web document, pp 34-52

Alile, H. (2017). “Government Must Divest” The Business Concord of Nigeria. 2nd

December, page 8.

Patrick O. A. (2005). The role of theManagement style in implementation of economic

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Anyanwu, H. (2015). “Stock Markets, Banks, and Growth: Panel Evidence, Journal of

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CMA. (2015). The Stock Market as a Leading Indicator: Kigali-Rwanda

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Central Bank of Nigeria (2017)Management style Dynamics in Nigeria: Structure

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Ilaboya, O J and Ibrahim S. (2015) “Impact of Stock Market Performance on the level of

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Kolapo, F.T and Adaramola A.O (2015) “The Impact if the NigerianManagement style and

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Volatility Effects. IMF working paper Wp/99/48, Washington DC, USA

Mishra P.K, Mishra U.S, (2016). The NigerianManagement style, International Journal of

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41
 Appendix

Department of Accountancy,

Lens Polytechnic,

Offa,

Kwara State.

28th September, 2021.

Dear Respondent,

REQUEST FOR COMPLETION OF QUESTIONNAIRE

I am a Student of Accountancy Department of the Lens Polytechnic, Offa, Kwara State. I am

conducting a research on the topic ‘impact of Management style on the Nigeria economy in

partial fulfillment of the requirement of the award of National Diploma in Accountancy.

I humbly seek for your co-operation and will be grateful, if you give me answers to the

questions stated in the questionnaire to guide and assist me to achieve the facts on this

research work. I assure you that all information required is purely for the purpose of this

research work and will therefore be treated as confidential.

Thanks for your co-operation.

Yours faithfully

Adewuyi Sulaimon

42
 QUESTIONNAIRE ON THE EFFECT OF MANAGEMENT STYLE ON

ORGANIZATION PRODUCTIVITY

(A CASE STUDY OF GUINESS PLC, IKEJA, LAGOS, STATE)

SECTION A: General information. Please kindly tick ( ) in appropriate box.

1. Gender : Male ( ) Female ( )

2. Age: below 25 yrs ( ) 25-34 ( ) 35-44 ( ) 45-54 years

55 yrs and above ( )

3. Marital Status: Single ( ) Married ( )

4. Qualification: ND/NCE ( ) HND /BSC ( ) MSC/PhD ( )

5. Working experience: Below 5yrs ( ) 6-10 years ( ) 11-15 years ( ) 16 – 20 ( )

21 and above

SECTION B: RESEARCH QUESTION:

Please kindly tick ( ) in appropriate box.

1. Distribution showing respondents by organization status?

Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly Disagree ( )

2. Distribution showing that Management style has impact on Nigeria Economy?

Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly Disagree ( )

3. Distribution showing that Management style has the capacity and ability to raise long

term capital used in executive developments?

Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly Disagree ( )

4. Distribution showing that Management style facilitates the issuance and secondary

trading of long term financial instruments? Strongly Agree ( ) Agree ( )

Disagree ( )Strongly Disagree ( )

5. Distribution showing that Management style is an essential agent that ensue and mobilize

saving and investment? Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly

43
 Disagree ( )

6. Distribution showing that Management style is an avenue for company to borrow fund

needed for long term investment purpose? Strongly Agree ( ) Agree ( )

Disagree ( ) Strongly Disagree ( )

7. Distribution showing that Management style has severe relationship with business circle

and probability of economy downturn? Strongly Agree ( ) Agree ( )

Disagree ( ) Strongly Disagree ( )

8. Distribution showing that Management style can lead to effectiveness and efficiency of

Nigeria Development? Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly Disagree

( )

9. Distribution showing that Management style Nigeria stock exchange aid economy

development? Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly Disagree ( )

10. Distribution showing that Management style is the prime tools that drive any economy

development? Strongly Agree ( ) Agree ( ) Disagree ( ) Strongly Disagree ( )

11. Distribution showing that Management style is a higher specialized and organized

financial market indeed essential medium of economic growth? Strongly Agree ( )

Agree ( ) Disagree ( ) Strongly Disagree ( )

44