Capital Assets Research Articles

Impacts of livelihood assets on livelihood security in drought-prone Gamo lowlands of southwest Ethiopia

Livelihood assets are a matter of high concern for secured survival. Drought-prone Gamo lowland households have differential access to livelihood resources which indicates the varying capacity of resisting to shocks. The main objective of this study is to explore the impacts of livelihood assets on livelihood security in the drought-prone Gamo lowlands. Multistage sampling procedures were employed to select the study sites and sample respondents. Primary data of households’ capital assets and livelihood security status were produced from 285 survey households, agricultural experts, key informants, focus group discussants, and field observation through transect walks. Descriptive and inferential statistics were used to analyze quantitative data, whereas discussions and annotations were employed for analyzing qualitative data. The Sustainable Livelihoods Framework is used with modifications to schematize the study conceptually. The findings indicated that the study households possessed combinations of livelihood resources differentially. Financial and natural capitals were found to be the most deficient and better-accessed capitals, respectively. The study also showed that lowland residents’ access to assets has significant indications of livelihood security. Households’ poor access to assets such as financial, information, and social capital demands raised attention of the concerned stakeholders and policy debates in the drought-prone rural setup. Hence, it has been concluded that the more assets are accessed, the stronger the capacity of the households to resist shocks, and better the livelihood security. Accordingly, enhancing people’s access to multiple livelihood assets is suggested to sustainably secure livelihoods.

Leveraging risk and data analytics for sustainable management of buried water infrastructure

AbstractA proactive and sustainable asset management program is vital for utilities to maintain their capital assets at the required level of service, while ensuring that adequate funds are available for intervening when needed on their riskiest assets. One of the most popular methods for building such programs is by prioritizing capital investments based on the asset's risk of failure, which evaluates its likelihood or probability of failure and impact, or consequence of failure. This paper presents the application of a financial planning analysis using system dynamics to provide insights into quantifying more practical risk avoidance. This is exemplified through a 5‐year budgetary planning scenario analysis for a large‐sized US water utility to help the utility best plan for short and long‐term capital operations and show the value of a data‐driven and risk‐based decision‐making.

Prime-time access for whom? Rhythms fairness and the dynamic pricing of infrastructure services

ABSTRACT In this paper, we approach a fair and inclusive transition to a circular economy from a perspective of daily rhythms and illustrate these concepts using examples from the electricity and transport sectors. The circular economy discourse endorses sharing and efficiently using capital assets. To be effective, such strategies further need to manage the timing of demand. Dynamic pricing is frequently used to manage, for example, the demand for electricity services and to match demand with the capacity of production. Congestion charges for road usage similarly aim to shape peak demand. The economic and environmental benefits of these schemes have been demonstrated, but the social consequences remain underexplored. Dynamic prices forge new everyday rhythms and contribute to “shift consumption” by limited access during peak demand. We inquire whether, and to what extent, the existing schemes of dynamic pricing consider issues of equality, equity and fairness when offering time-dependent and dynamic tariffs, and highlight the policy implications of promoting a circular economy with effective and more socially just management of the timing of demand.

The interrelationships of sustainable livelihood capital assets deprivations and asset based social policy interventions: The case of Addis Ababa informal settlement areas, Ethiopia

The purpose of the research is to analyze the pattern of interrelationships in deprivations of sustainable livelihood capital assets, sub-groups deprivation variations in light of the theoretical and empirical frameworks, and suggest recommendations for Asset Based Social policy (ABS). The research reviews the approaches of informal settlement interventions vis-a-vise livelihood capital assets, how livelihood capital assets deprivations affect each other, the relationships of assets and functioning of capability, and the institution role on access and control of assets by vulnerable sub-groups. The case study area was from two informal settlements of Addis Ketema sub-city Wereda 07 (the inner-city slum) and kolfe keranyo sub-city Wereda 03 (peri-urban). The research applied an explanatory mixed-method sequential design consisting of quantitative research based on a house-to-house random sampling survey, followed by the qualitative method of individual case study and key-informants interview. The research refined strategic issues/ indicators that require ABS interventions from the many aspects of deprivations relationships and argued in line with the theoretical and empirical frameworks. The research implicated strengthening institutions to make livelihood capital assets closer to vulnerable sub-groups, especially in peri-urban, empowering community associations bargain for poor rights, reinforce capability functioning for livelihood capital asset accumulation. ABS is crucial for addressing the strategic issue of livelihood capital assets deprivations, tackling institutional and legal constraints, effective functioning of assets and capability, address risk, safety, and vulnerability in informal settlements. The ABS policy improves the wellbeing of poor and vulnerable sub-groups through asset accession, asset valorization, and asset consolidation.

Planning for the evolution of the electric grid with a long-run marginal emission rate

SummaryEmissions factors are widely used to estimate how various interventions would influence emissions from the electric sector. Both of the most commonly used metrics, however, neglect how changes in electricity demand can influence the structural evolution of the grid (the building and retiring of capital assets, such as generators). This omission can be significant when the factors are intended to comprehensively reflect the consequences of an intervention. In this work we evaluate a lesser known metric—the long-run marginal emission rate (LRMER)—which incorporates both the operational and structural implication of changes in electricity demand. We apply a modeling framework to compare the LRMER to the two near-ubiquitous metrics, and show that the LRMER can outperform the other two metrics at anticipating the emissions induced by a range of interventions. This suggests that adopting the LRMER could improve decision-making, particularly by better capturing the projected role of renewable generators in the evolution of the power sector.

A marine natural capital asset and risk register—Towards securing the benefits from marine systems and linked ecosystem services

Abstract Documented biodiversity loss has galvanised a global process to develop conceptual frameworks that link the social and ecological systems. This paper focusses on the development of the first marine natural capital asset and risk register as a foundational decision support tool to understand the risk to ecosystem service delivery in relation to policy or management interventions. We make use of existing marine data products to define the component parts of the asset status (extent, condition, spatial configuration) in line with a natural capital approach. We ‘Pioneer’ the application of this approach in North Devon, UK, an area defined by UK Government to test how marine natural capital can be effectively managed to deliver benefits to the environment, economy and people, and identify how best to share and scale up this learning. We demonstrate that the majority of asset–benefit relationships are at a medium to high risk of loss under current use and management. Despite policy and management measures to reduce pressures on marine systems, activities linked to fishing, farming and the water industry continue to pose a medium to high risk to the asset–benefit relationships. A lack of accurate spatial fishing effort data greatly reduces opportunities for rational and targeted approaches to improve the condition status of marine natural capital assets. Marine protected areas as a single tool are insufficient to prevent further loss of biodiversity that underpins all asset–benefit relationships. Synthesis and applications. Through development of the first marine natural capital asset and risk register we demonstrates a novel decision support tool to understand the risk to ecosystem service availability in relation to environmental policy or management interventions. The results highlight that current marine governance strategies to protect biodiversity are not sufficient to reduce the risk of loss of ecosystem services. Wider application of the marine natural capital approach will require increasing confidence in the metrics to define marine asset status; more directed monitoring (extent and condition) and; greater accuracy in spatial fishing effort.

PENGARUH MODAL DAN TOTAL ASET TERHADAP PEROLEHAN SISA HASIL USAHA PADA KOPERASI WANITA PUSPITA KENCANA

Cooperatives are business entities that support the country's economy with the principle of kinship and prioritize common interests and mutual cooperation in general and can advance the prosperity of its members in particular. This study aims to determine and analyze the effect of capital and total assets on the acquisition of the remaining proceeds of the Ngadirejo Women's Puspita Kencana Cooperative in Kediri City. The object of the research used was the Ngadirejo Women's Puspita Kencana Cooperative in Kediri City, 2013-2017. The sample used in this study is the last 5 years of financial report data so that the data taken is 60 data. This type of research is quantitative research. The data analysis technique used in this study is multiple linear regression analysis using the classic assumption test first, coefficient of determination, F test and t test with SPSS tools (Statistical Product and Service Solution). The results of the research based on the F test show that capital (X1) and total assets (X2) have a positive and significant effect on the acquisition of operating income (Y).

Tree Diversity and Tree Community Composition in Northern Part of Megacity Bengaluru, India

Trees are natural capital assets, especially for cities, as they provide immense environmental benefits and improve urban biodiversity and ecology. However, urbanization has largely destroyed the original native ecosystems and has caused a homogenization where frequently native species are replaced by non-native species. When attempting to understand the role of trees in urban settings, it is important to generate science-based data on the spatial distribution of trees, their species composition and tree species diversity as a function of the degree of urbanization. Such information may specifically inform the planning of effective long-term management of trees across urban and rural gradients. A total of 23 of 1 ha each were surveyed along a Northern research transect laid out along the urban–rural gradient of the metropolitan area of Bengaluru, India. Plots were randomly selected from the stratum “settlement areas”, where WorldView-3 imagery supported both stratification and plot selection. The plots were fully mapped for trees, where a total of eleven variables had been observed for each tree. In addition, the basal area and wood volume was calculated to understand the biomass potential of the trees in the plots. The diversity indices such as the Shannon index, Simpson index, Pielou’s evenness and Margalef’s richness were considered for comparing the species diversity, composition and distribution along the gradient of Bengaluru. A total of 1128 individuals of 93 tree species were recorded. Among 92 species identified along the northern gradient, 53 are exotic, and 39 are native species. The Shannon–Wiener index varied from 1.33 to 2.72; Simpson’s index varied from 0.65 to 0.90; Pielou’s index varied from 0.66 to 0.90, and Margalef’s index ranged from 1.41 to 5.20 along the gradient. The basal area increased from 96.39 m2 to 102.76 m2 from 2017 to 2019 along the transect, with a net gain of 6.37 m2. Similarly, the wood volume increased from 1819.57 m3 to 1926.23 m3 with a net gain of 106.66 m3. The present study reports on tree distribution, species composition and tree species diversity along a gradient from the city center to the rural surroundings of northern parts of Bengaluru city. The information generated may support the city planners/administrators by providing a holistic understanding of the species composition and abundance for a further selection of adaptive species and appropriate tree and vegetation management practices to conserve the existing green spaces and contribute towards sustainable urban planning. The sample plots laid out may also serve as permanent observation plots for monitoring the dynamics of tree cover in the city.

Impacts of a saline water control project on aquaculture livelihoods in the Vietnamese Mekong Delta

PurposeDrought and salinity intrusion aggravated by climate change threaten agricultural livelihoods in Viet Nan's Mekong Delta. In response, authorities have built water management infrastructure for irrigation and salinity protection. This study assessed the impact of one such project, the Ba Lai dam in Ben Tre province, on the livelihoods of aquaculture farmers.Design/methodology/approachThis study uses the Sustainable Livelihoods Framework to assess the impact of the Ba Lai dam on the livelihood capitals of 18 farming households in four communes, located both upstream and downstream of the dam.FindingsThe authors find that, apart from some positive effects, the dam has also brought negative environmental consequences, such as increased water pollution. The authors also find that farmers have responded to the changes by adapting their livelihood practices.Research limitations/implicationsThe samples were relatively small, encompassing four communes in Ben Tre province. On the other hand, this case study is instructive to the many ongoing infrastructure projects in the Vietnamese Mekong Delta.Social implicationsThe project have caused an increase in water-related social conflict.Originality/valueThe case of the Ba Lai dam provides a cautionary example for infrastructure-based water management plans, both in Viet Nam and more broadly. The study suggests the need to strengthen community participation and prioritize impacts of farmers' capital assets when constructing water management infrastructure for climate change adaptation.

Geodiversity and the ecosystem approach

The term “biodiversity” has become well known in recent years, but much less so is the non-living or abiotic diversity of the planet, known since the 1990s as its “geodiversity.” In simple terms, geodiversity is the variety of the earth’s rocks, minerals, fossils, topography, landforms, physical processes, soils, and hydrological features. Geodiversity is part of the planet’s natural capital assets. In turn, natural capital provides goods and services to society identified through the “ecosystem services” approach. This paper gives several examples of how geodiversity brings many benefits to society that deserve to be better known by the public.

Climate vulnerability and risks to an indigenous community in the arid zone of South Africa

Arid rangelands have been greatly affected by climate change and the people occupying these landscapes have become increasingly at risk by this phenomenon. This study explored the climate vulnerability and risks to an indigenous Nama community n South Africa. A household survey was conducted to understand the diversity and extent of the climate risks faced by the pastoral community and overall their vulnerability. Responses were coded numerically for statistical analysis and a climate impact chain was also developed. The main climate hazards faced by the community included drought, hot temperatures and strong winds. These hazards were more concerning to pastoralists who do not have access to some of the key natural resources located inside the adjacent national park. Outcomes of this study showed moderate levels of vulnerability to climate change due to low sensitivity and moderate adaptive capacity. Some households had high levels of physical and human capital assets whereas financial and natural capital were the lowest. With increased adverse climate conditions and a degrading natural environment, the community's vulnerability is expected to increase. We recommend using the South African National Park's existing co-management model as a platform to support the Nama people to reduce climate change risks.

A comparative study of sustainability profiles between small-scale mariculture, capture fisheries and tourism communities within the Anambas Archipelago Small Island MPA, Indonesia

Mariculture is viewed by some as an unsustainable economic activity in marine protected areas (MPAs). Surprisingly, no study has confirmed or rejected the veracity of the view. In Indonesia's multi-purpose MPAs, mariculture is considered as part of the local communities' livelihood and resilience strategy. This study aimed to determine whether small-scale fish farming, along with small-scale fisheries and eco-tourism, contributes to the livelihood sustainability of communities in Indonesia's small island MPAs, and if the practice is compatible with the overall MPA objectives. The study was conducted in the Anambas Archipelago MPA and interviewed 66 respondents from three household groups (small-scale fish farmers, fishers, and eco-tourism operators) from 15 villages. A closed- and open-ended questionnaire was developed to determine the sustainability profile of each livelihood group. The questionnaire consisted of 75 questions representing the sustainability indicators (SIs) of the five capital assets described in the Sustainable Livelihoods Framework (SLF). The SIs were measured using a Likert-scale and a Likert-type scale with multiple scales. The data were standardised using linear transformation and aggregated to calculate the SIs composite values. The study found that the livelihood sustainability of the small-scale fish farmer group is comparable to small-scale fisher and tourism operator groups. Interestingly, the fish farmer group outperformed the other two groups in relation to human capital assets by developing a strong social network. Small-scale fish farmer, fisher and eco-tourism operator groups have a composite sustainability index value of 0.55, 0.61, and 0.50, respectively, categorised as intermediate sustainability. This study concluded that the sustainability profile of each livelihood group could be improved for the specific underperforming capital assets by increasing support from the government and MPA authority.

Contribution of Small-Scale Agroforestry to Local Economic Development and Livelihood Resilience: Evidence from Khyber Pakhtunkhwa Province (KPK), Pakistan

Agroforestry plays a vital role in enhancing environmental sustainability, improving local economies, and reducing poverty through livelihood resilience. Several researchers have studied the importance of agroforestry, but little attention has been paid to livelihood resilience and local economic development in developing countries. This study aims to find the role of small-scale agroforestry in local economic development in the Shangla and Swat districts of Khyber Pakhtunkhwa (KPK) Province, Pakistan. In this study, a total of 350 quantitative household surveys, 12 qualitative household case studies, and interviews of experts are used. The ordinary least squares (OLS), linear regression model, household income, wealth index, and five capitals of sustainable livelihood approach (SLA) were used to measure livelihood resilience. Results show several significant findings which may apply on a larger scale and in other cities of Pakistan or other countries. First, it directly shows the association between agroforestry, resilience-building, and local economic development. Second, financial capital can be improved through agroforestry, which can improve other capital assets. Third, small-scale agroforestry brings non-financial benefits such as environmental sustainability, improved living standards, reduced soil erosion, and provided shade. Fourth, irrigation plays a vital role in building livelihood resilience and promoting agroforestry. Lastly, on-farm diversity can be improved through agroforestry. This research discusses several practical implications along with recommendations for future research.

Vulnerability to Livelihood-shocks Among Agrarian Households in Oyo State, Nigeria

The impacts of livelihood shocks on agrarian population especially the natural resource-dependent smallholder farmers in Nigeria cannot be over-emphasized, as this devastating event renders many farmers vulnerable because of limited adaptive capacity. Therefore, this study examined the vulnerability of agrarian households to livelihood shocks using a sample size of 368 farmers selected from Oyo State, Nigeria, through a multistage sampling technique, and from whom relevant data were elicited. This study applied the livelihood vulnerability index approach, and composite score technique to decipher the vulnerability space of the respondents, and for the ordinal categorization of the respondents into different vulnerability categories, respectively. The study also used proportional odds model to investigate the determinants of livelihood vulnerability from the perspective of adaptive capacity vis-à-vis the livelihood capital assets of the farmers. Findings from the study indicated that farmers suffered heavily from crime and economic related shocks due to the farmers-herdsmen conflict, while covariate and idiosyncratic related stressors were also reported by the farmers. Findings also indicated a high level of farmers’ exposure to shocks, with a moderate sensitivity to shocks, and a low adaptive capacity, which apparently pre-dispose the farmers to a serious vulnerable position. The farmers’ adaptive capacity linkage of the livelihood capital assets were also found to contribute significantly to farmers’ vulnerability status in the study area. The study recommended strengthening of physical, human, natural, social, and financial capital assets in building a sustained adaptive capacity of the farming population.

ФОРМУВАННЯ ТРАНСПОРТНО-ЛОГІСТИЧНОГО РІЧКОВОГО КЛАСТЕРУ ЯК ШЛЯХ ПОКРАЩЕННЯ ВНУТРІШНЬОЇ ВОДНОЇ ГАЛУЗІ УКРАЇНИ

The main subject of the study is theoretical justification of the impact of the for-mation of a transport and logistics river cluster on the internal water industry of Ukraine. Becauseof a lot of problems on the inland waterways of Ukraine (insufficient funding, shallowing of rivers, unsatisfactory state of hydrotechnical structures and capital assets, imperfect legislation in the industry, overpriced prices, etc.), it is impossible to include domestic river transport into the sys-tem of multimodal transportation, as well as make it the main economy and trade of Ukraine. Therefore, it is necessary to search for innovative directions for the development of river trans-port. That is why the purpose of the article is the development of theoretical and practical aspects of the development of the river sector of Ukraine based on the formation and effective functioning of cluster structures. Many materials and experiences of foreign clusters were studied to show all aspects of working in clusters cooperation. The main advantages and features of the transport and logistics river cluster were considered in the article. There are also identified the main tasks of river clus-ter. Four types of projects, which can improve the position of the industry and the cluster, were presented, such as infrastructure project, innovative project, educational project and the project «Green logistic». A structural model of the formation of a transport and logistics river cluster, which includes enterprises of various specializations (logistic, educational, financial companies, etc.), was proposed.The formation of transport and logistics river clusters is an urgent problem and requires a deeper study. In the future, it is necessary to consider in more detail the methodological founda-tions of the formation and evaluation of the effectiveness of the creation of transport and logistics river clusters.In the article we used different methods: analysis, synthesis, systematic approach, analytical, visualization. Research from this article will be useful for river industry enterprises, river ports and logistics companies, entrepreneurs and authorities who want to improve the situa-tion of the river industry in Ukraine and their own business. Keywords: transport and logistics cluster, river logistics, cluster participants and model, economic results, cluster cooperation projects.

Neutrosophic-Based Multi-Objectives Model for Financial Risk Management

Financial organizations can no longer ignore the problem of managing risk. As a component of the financial system, efficient Financial Risk Management (FRM) may significantly affect business results. These findings show that the triangular neutrosophic numbers simulate capital asset key metrics. Performance metrics for capital assets may be modeled using this kind of value by accounting for all conceivable outcomes for their attainment. The profit on capital instruments, the risk of financial investments, and the covariance of capital instruments are the Key Performance Metrics (KPIs) modeled using triangular neutrosophic values. Specifically, this research employs two techniques. Prioritizing parameters for financial risk management dimensions using the Analytic Hierarchy Process (AHP). Second, the performance evaluation of financial risk management was evaluated from the perspective of several groups of specialists by the COCOSO method to assess the ranking of possible replies further. By using the presented method, we may better identify where to put our efforts and how to allocate our resources for greater effectiveness in managing financial risks.

Geographical developmental specificities of aggregative resource potential of farm economies of Ukraine throughout 2011–2017

The study focuses on the analysis of geographical developmental specificities of the potential of Ukrainian farm economies over seven years period (2011–2017). We assessed the average annual cost estimate of interconnected labor, material, and land resources that form the aggregative potential for the development of farms in Ukraine. Labor, material, and land resources were assessed through the cost estimate (money value). The cost of a commodity is defined as social labor embodied in the same. The cost is measured by money. Hence, money estimates are labor estimates. Labor resources and the units of labor produced by an average annual farm employe were counted through the labor’s funds analog, that is, through the annual totality of employees’ wages divided by the normative coefficient of efficiency of capital investments. Agricultural machinery, i.e., tractors, combine harvesters, corn harvesters, forage harvesters, seeders, windrowers, etc., available on farms in 2011–2017, were the basis for the assessment of material resources (capital assets). Bringing non-recurring (capital) costs to a per-year basis (to be comparable with other resources) was carried out by way of counting percentages of the current production assets following their established efficiency standard (0.15). Estimation of land resources based on natural productivity of Ukrainian lands, that is, on crop capacity gained on condition that crop rotation, was observed. The range of works on the mechanical treatment of arable land was applied, and no fertilizers were added. The Ukrainian farms’ aggregative resource potential was presented as a sum of the potentials of labor, material, and land resources. According to our calculations, the aggregative potential throughout 2011–2017 was 52 019 million hryvnias, or 2 771 million euros.

Estimation of the impact of CAP subsidies as environmental variables on Romanian farms

Romanian agriculture is characterised by the presence of small farm enterprises, with an average value of land capital of less than 5 hectares in more than 95% of cases. The aim of this research was to assess the level of technical efficiency in farming through a non-parametric approach such as the Data Envelopment Analysis (DEA), and also to estimate the impact that financial subsidies allocated under the first and second pillars of the Common Agricultural Policy (CAP) have had on the technical efficiency. In the application of this analysis, these two inputs have been considered as environmental variables in order to evaluate their effect in fostering the technical efficiency using a two-stage dea method. The results have revealed the pivotal impact of financial subsidies disbursed through the first and second pillars of cap in enhancing technical efficiency in the Romanian farms included in the fadn dataset. In contrast, the subsidies disbursed under only the second pillar of the CAP in the framework of rural development have not been found to have had any discernible effect on the technical efficiency of Romanian farms. The novelty of this quantitative approach in the estimation of technical efficiency lies in its focus on the role of environmental variables as drivers in affecting the technical efficiency of farms, defining, in addition, how important they are in addressing efficiency and in shifting enhancing the function of technical efficiency on farms as well.Some conclusions were drawn: it is important to increase the endowment of subsidies for rural development and as well as decoupled payments in order to raise the level of technical efficiency in Romanian farms. At the same time, the findings suggest the need for Romanian farmers to reduce the level of certain inputs, such as labour, on the one hand, while on the other, increasing the dimension size of farms in terms of land capital and encouraging greater investment in labor-saving technology, even if significant imbalances remain between different Romanian regions, both in terms of the level of technical efficiency achieved and also in terms of output yield, and in the endowment of land capital and other assets.

Problems Related to the Capital Assets Pricing Model on the Warsaw Stock Exchange: Applications of the 5-Factor Fama and French Model

This paper represents an attempt at empirically assessing the applicability of the Fama and French five-factor model in explaining the cross-sectional variation of stock return for the Polish market. Consistent with Fama and French results, this research shows that value, profitability and investment risk factors play an important role in assessing the expected return of an asset. Many researchers have since sought to identify alternative asset pricing models that could serve as the benchmark empirical asset-pricing model. It is hoped that the analysis conducted in this paper tests whether the revised five-factor model that incorporates the profitability and investment factors can address some of the issues of the three-factor model and could be incorporated in explaining the cross-section of stock returns for Poland.

Impact of Capital Market Instruments on Firm Development in Nigeria

This study probed the impingement of capital market instruments on firm’s development in Nigeria. The objectives of the study were to determine the effect of market capitalization on firm’s profitability, value of securities traded in the markets on firm’s total capital employed and all share indexes on firm’s total assets. The study adopted ex-post facto research design. An annual time series was collected from Central Bank of Nigeria (CBN) statistical Bulletin (2020) and Annual report of Unilever Nig. Plc for a period of fifteen (15) years ranging from 2006 – 2020. The hypotheses set out to for this work were examined and analyzed, using simple linear regression through E-views 9. The findings of the study revealed that market capitalization (0.128965) has a positive relationship with firm’s profitability, value of traded securities (1.173329) has a positive relationship with total capital employed and all share indexes (0.106388) has a positive relationship with firm’s total assets. The test of hypotheses revealed that market capitalization (p=0.0033<0.05) is statistically significant with firm’s profitability, value of traded securities (p=0.0935>0.05) is statistically insignificant with firm’s total capital assets and all share index (p=0.0169>0.05) is statistically insignificant with firm’s total assets. Following from the results of the analysis, it was recommended that a more vibrant Security and Exchange Commission (SEC) should be put in place with a view of ensuring a stronger regulatory and supervisory capacities activities in the capital market