Companies In Nigeria Research Articles

Factors Influencing Engineering Assets Management Decisions in Food Manufacturing Companies in Nigeria

This paper assessed the factors influencing Engineering Assets Management decisions in small and medium-scale food manufacturing companies in Southwestern Nigeria. Data were collected from 30 selected food manufacturing companies registered with National Agency for Food and Drug Administration and Control in the study area. The data were analyzed using descriptive and inferential statistics. The results reveal that food manufacturing companies practice some elements of Engineering Assets Management. There were no explicit guidelines and policy statements that guide their decisions and actions. However, a) how maintenance was to be carried out; and b) the amount and intensity of service that maintenance was expected to provide in order to satisfy the need of production, were the major factors that guided ways of making Engineering Asset Management decisions.

Executive Compensation and Financial Performance of Quoted Industrial Goods Manufacturing Firms in Nigeria

The study investigated the relationship between executive compensation and financial performance of quoted industrial goods manufacturing firms in Nigeria. The study utilized an ex-post facto research design due to the lack of control over the data collected, focusing on four (4) listed industrial goods manufacturing companies in Nigeria out of a population of thirteen (13). This sample was selected purposively based on the availability of complete and up-to-date data from the companies' annual financial reports obtained from the Nigerian Exchange Bulletin for the year 2023. Through secondary data sources, the researcher conducted descriptive statistics and linear regression analysis to investigate the relationship between salary, bonus, and profit after tax of the selected firms. This approach allowed the researchers to explore existing data and draw insights into the financial dynamics of the industrial goods manufacturing sector in Nigeria without directly intervening in the data collection process. The results revealed a significant positive association between salary and profit after tax, indicating that higher salaries may contribute to increased profitability for these firms. However, bonus was found to have no significant impact on profit after tax. These findings suggest that while salary plays a crucial role in influencing profitability, bonus schemes alone may not directly affect the financial performance of industrial goods manufacturing companies in Nigeria. Hence, the investigators further suggested that management should review salary structures to ensure competitiveness and alignment with employee responsibilities and performance, potentially leading to increased productivity and profitability. Also, management should implement performance-based bonus schemes tied to specific key performance indicators or financial targets to incentivize employees towards strategic goals and drive productivity.

Non-financial disclosure and firm performance: Insights from listed consumer goods manufacturing companies in Nigeria

In the dynamic landscape of corporate reporting and stakeholder engagement, the significance of non-financial disclosure has gained considerable prominence. As businesses strive for sustainable growth and investors increasingly recognize the value of environmental, social, and governance (ESG) factors, understanding the nexus between non-financial disclosure and firm performance becomes pivotal. This study endeavors to explore this relationship within the context of listed consumer goods manufacturing firms in Nigeria. The study encompassed a population of 21 listed consumer goods manufacturing firms in Nigeria. The sample size was 21 firms, determined through census sampling techniques. The research spanned from 2013 to 2022. FGLS regression model was used to examine the relationship between the variables studied. The results found that environmental disclosure and social disclosure had a positive and significant effect on the firm’s performance. While governance disclosure had a negative and significant effect on the firm’s performance. This implies that firms that engage in robust non-financial disclosure practices tend to experience better overall performance. The study concludes that non-financial disclosure, encompassing environmental, social, and governance aspects, plays a pivotal role in influencing the performance of listed consumer goods manufacturing firms in Nigeria. Firms are encouraged to enhance their ESG reporting frameworks, aligning with stakeholder expectations and global sustainability trends.

Board characteristics and tax planning of quoted companies in Nigeria

This study investigated board characteristics and tax planning among listed companies in Nigeria. It was an ex post facto type of research with a quantitative design covering a longitudinal time frame of five years (2017-2021). The data were analysed using panel regression (random and fixed effects). The outcomes of the study showed that board size and board gender diversity have no significant influence and exert a negative relationship with tax planning among firms while board independence and board political connection have significant influence and a positive relationship with the tax planning practices of the firms listed in Nigeria. It suggested that the government should ensure that boards of companies in Nigeria are well constituted with male and female members and those with politically connected members should be well monitored to prevent tax manipulations to the detriment of government tax revenue for expenditures. This study's potential to identify how board political relationships may promote tax aggression among firms. Thus, it will enable tax authorities to watch out for politically connected firms with regards tax reduction. Similarly, it will be a source of referencing material for researchers undertaking topics of this nature.

Income Tax Rate Regimes and Financing Decisions of Quoted Agricultural Companies in Nigeria

The purpose of the study was to examine income tax rate regimes and financing decisions of quoted agricultural companies in Nigeria. The specific objectives were as follows: to ascertain the extent to which company income tax rate regimes influence equity financing decision of the Nigerian quoted agricultural companies, to determine the extent to which company income tax rate regimes influence debt financing decision of the Nigerian quoted agricultural companies, and to investigate the extent to which company income tax rate regimes influence retained earnings financing decision of the Nigerian quoted agricultural companies. The study employed an ex-post facto research design in carrying out the study. Data for this study were gathered from secondary sources of data. The research data were obtained from various secondary sources which include Central Bank of Nigeria Statistical Bulletin, Central Bank of Nigeria Annual reports, Federal Inland Revenue Service (FIRS) revenue statistics as well as other researchers’ journals and publications. The study employed regression models for the purpose of the study. The major findings of this study showed that CIT1 had a positive and insignificant effect on company financing decisions, CIT2 had a negative and insignificant effect on company financing decisions, and CIT3 had a positive and significant effect on company financing decisions. Arising from the results obtained, the study makes the following recommendations: Government should make it possible for companies to evade tax and penalize any registered company that evades tax.

Sustainability Reporting and Performance of Selected Quoted Firms in Nigeria

The performance of quoted firms listed on the Nigerian Exchange Group (NGX) is crucial for driving economic development, job creation, and wealth generation in Nigeria. Despite the growing interest in sustainability practices among Nigerian firms, there is a lack of empirical research examining the relationship between sustainability reporting and financial performance. To address this gap, this study conducted a comprehensive analysis of the link between sustainability reporting and the financial performance of quoted firms in Nigeria. This research employed an ex-post facto research approach, utilizing data from annual reports, financial statements, and sustainability reports of 153 publicly listed companies on the Nigerian Exchange Group (NGX). Through quantitative methods, the study assessed the extent and quality of sustainability reporting among Nigerian companies and its relationship with financial performance indicators. A purposive sampling method was used to select a sample of 10 firms known for their voluntary disclosure of information in financial reports. The study spanned from 2012 to 2021, totaling 10 years, and involved both descriptive and inferential statistical analyses of the collected data. Using regression analysis, the study found a statistically significant positive impact of sustainability reporting metrics - including governance information disclosure, credibility information disclosure, and environmental profile disclosure - on firm performance. This suggests that companies in Nigeria that disclose information regarding governance policies, credibility, and environmental practices tend to perform better financially.This study concluded that companies that engage in transparent reporting regarding governance policies, credibility, and environmental practices demonstrate better financial performance. Based on the findings, it is recommended that Nigerian regulators and policymakers encourage and support sustainability reporting initiatives among quoted firms.

Process Innovation as a Strategic Tool in Enhancing the Performance of Organizations: A Study of Manufacturing Firms in Nigeria

This study investigated how process innovation might be used as a strategic tool to improve organizational performance in the context of Nigerian manufacturing companies. The study employed a descriptive survey methodology and population of the study consisted 7.533 employees from specifically 3 chosen manufacturing companies in Nigeria: Lafarge Africa Plc, Flour Mill Nigeria PLC and PZ Cussons. The sample size for the study was estimated using Andrew Fisher's Formula to be 366 and the distributed questionnaire was designed on a five-point Likert scale. Out of the 366 questionnaires that were distributed, 340 were returned, giving the study a response rate of 93%. SPSS was used to examine the data that were obtained. The study found a substantial correlation between the two variables and it was determined that process innovation is important for improving organizational performance. As a result, it was therefore recommended that manufacturing companies should constantly innovate their processes to increase competitive advantage in the market.

Insecurity, Counterterrorism and the Use of Private Military and Security Companies in Nigeria: A Qualitative Study

Insecurity and terrorism pose significant concerns in Nigeria. Yet, there is a paucity of research on citizens’ and private security providers’ (PSP) perceptions of Nigeria’s response to insecurity and the use of Private Military and Security Companies (PMSCs). The study adopts a qualitative approach, and data was collected using semi-structured interviews with 63 participants, including PSP, non-governmental organisations and lay participants from the public and private sectors in Nigeria. Thematic analysis from a social constructionist theoretical lens was used to analyse the data. The study found a lack of confidence in the Nigerian security forces, scepticism towards the perceived government’s insincere politicisation of military victory, positive reinforcement of the use of private military companies devoid of identity, ‘othering’, and perceived short-term use of private military security. It also found a perceived mistrust for government approaches in handling insecurity and a positive outlook towards involving PMSCs and mercenaries in combating terrorism regardless of the participants’ identities as Nigerians. In conclusion, the study recommends the need for policies to strengthen Nigerian security agencies to avoid a perceived trust for PMSCs instead of state security.

Board of Directors Structuring and Intellectual Capital Disclosure of Public Limited Liability Insurance Companies in Nigeria

This study is about the influence of corporate board structuring on intellectual capital disclosure of the 15 public limited liability insurance companies that trade on the Nigerian Exchange Group, using census sampling technique, with time scope of 10 years (2012-2021). Our research design was Ex-post facto. Secondary data were derived from the published yearly reports of the companies. The study used binary–logistic regression. The logistic regression result revealed that board independence and board size have negative and non-significant effect on intellectual capital disclosure of public limited liability insurance companies in Nigeria, but board financial expertise has a positive but not significant effect on intellectual capital disclosure of public limited liability insurance companies in Nigeria. The study concludes that corporate board structuring has no significant effects on intellectual capital disclosure of public limited liability insurance companies in Nigeria. Based on the conclusion derived from this study, the study recommends that the financial expertise of the board should be harnessed to give her an advantage in value creation through its disclosure of its intellectual capital. Keyword: Corporate Board Structuring, Board Expertise, Board Independence, Board Size, Intellectual Capital Disclosure

Gender diversity, corporate social responsibility and real earnings management for policy management decision: evidence from emerging market

Purpose The study aims to examine whether board gender diversity and corporate social responsibility (CSR) affect real earnings management (REM) practices of public companies in Nigeria. Design/methodology/approach The study analyzes data of public companies for the period of 2011 through 2020. Data on board gender diversity, CSR and REM were collected from audited financial statements. Findings The empirical findings show that companies with greater diverse board are effective in restraining REM, thus supporting the theoretical framework of the study. Also, the result provides strong evidence of association between CSR performance and REM for policy management decision. Research limitations/implications The study is constrained by not considering all public companies in the country. Furthermore, it considered only gender among numerous important board attributes and environmental, social and governance (ESG) among numerous CSR attributes. Hence, future studies should consider other important attributes on REM and important attributes of board diversity and CSR on real earnings management. Originality/value To the best of the authors’ knowledge, this study is the first to investigate the relationship between heterogeneous board gender diversity, CSR via ESG and REM in emerging markets such as Nigeria. Therefore, it provides appropriate treatment of CSR with science and technology via EGS viewpoint of organizational operations and behavior of managing earnings. Therefore, developing better policy management for sustainable development

Corporate Social Responsibility Dimensions and Societal Loyalty of Selected Upstream Oil and Gas Companies in Nigeria

Corporate Social Responsibility Dimensions and Societal Loyalty of Selected Upstream Oil and Gas Companies in Nigeria

Training & Development and Employee Retention Rates in Listed Insurance Companies in Nigeria

This study investigates the impact of Training and Development on Employee Retention in Listed Insurance Companies in Nigeria, guided by the Human Capital Theory. A cross-sectional survey design was employed, targeting management staff from 23 insurance firms. Data was collected using structured questionnaires, and validity and reliability were ensured through rigorous testing. Multivariate Analysis of Variance (MANOVA) was conducted to test hypotheses, revealing that while training frequency and quality significantly influence job satisfaction, they do not significantly affect turnover intention. Development opportunities moderately impact job satisfaction but have no significant effect on turnover intention. The findings underscore the importance of continuous and high-quality training programs in enhancing job satisfaction, supporting the Human Capital Theory. Future research should explore additional factors influencing retention and satisfaction within the insurance sector, including organizational culture, employee engagement, and career aspirations.

Corporate Social Responsibility Disclosure and Financial Performance of Listed Insurance Firms in Nigeria

The backdrop of contending views that CSR is merely façade, just a marketing campaign, and that CSR disclosures among insurance companies in Nigeria are very scanty; whereas organizations desire to be seen as legitimate corporate citizens satisfying various stakeholders, justify this study to examine the relationship between corporate social responsibility disclosure and financial performance of listed insurance companies in Nigeria. Based on the ex-post-facto research design, this study employed secondary data obtained from published financial statements of sampled seven insurance firms between 2015 and 2022. These seven insurance companies are all currently listed in Nigerian Exchange Group. The data gathered was analysed using simple linear regression technique based on the ordinary least square method assisted by E-Views version 9. Three hypotheses were formulated and tested at 0.05 level of significance based on the specific study objectives, using the results of analysis. The findings revealed that corporate social responsibility disclosures have statistically positive significant relationship with earnings per share, net profit margin, and return on assets of listed insurance firms in Nigeria. It was recommended that the management of insurance companies should adopt policies that would favour appropriate increase in corporate social responsibility to enhance performance and peaceful coexistence with their host communities.

Institutional Efficiency And Financial Performance Of Insurance Companies In Nigeria

This study investigated the impact of institutional efficiency on the financial performance of insurance companies in Nigeria covering the period from 2011 to 2022. The study employed an ex-post facto research design, the estimation techniques utilized were feasible generalized least squares (FGLS) on a sample of five insurance companies were taken. The key variables used in the analysis included net profit margin (NPM) as dependent variable and claims processing efficiency (CPE), risk management effectiveness (RME), and regulatory compliance (RC) as independent variables. The findings displayed that claims processing efficiency (β =0.185, p > 0.05) had positive but no significant effect with net profit margin, risk management effectiveness rate (β =105.910, p > 0.05) is positive but not significantly influencing in net profit margin, regulatory compliance also have negative but does not significantly impact net profit margin of the selected insurance companies in Nigeria at 1% level (β =-12.504, p > 0.05). The study thus recommended, among others, that policy maker should encourage insurance companies to adopt measures that enhance institutional efficiency, such as investing in technology, improving risk management practices, and enhancing customer service.

Examining the Influence of Risk Management Committee Dynamics on Financial Performance: A Case Study of Listed Insurance Companies in Nigeria

The Nigerian insurance industry has experienced substantial growth due to factors like increased awareness, regulatory reforms, and technological advancements. This research aimed to explore how the composition, structure, and activities of risk management committees influence key financial performance metrics, focusing on return on assets (ROA). Data from annual reports and audited financial statements of selected insurance companies listed on the Nigerian Exchange Group from 2013 to 2022 were analyzed using both descriptive and inferential statistics. The study revealed that risk management committee size and meeting frequency positively impact financial performance, suggesting that larger committees and more frequent meetings correlate with better financial outcomes. However, factors like committee independence and gender diversity had insignificant effects on financial performance. In conclusion, the presence and effectiveness of risk management committees significantly affect the financial performance of listed insurance companies in Nigeria. The study recommends that insurance companies prioritize diverse committee compositions to benefit from a wider range of expertise and perspectives.

Measuring performance through organisational dexterity of non-alcoholic beverage companies in Nigeria

Organizational dexterity has been investigated as a critical aspect of improving organisational performance. Organizational skill is the ability to explore opportunities and exploit capabilities to adapt and overcome environmental changes and contemporary challenges. The study examined the effect of organizational dexterity on the organizational performance of non-alcoholic beverage companies in the South-South/South-West, Nigeria. The cross-sectional survey research design method and stratified random sampling technique were used for the study. The study used a structured questionnaire as an instrument of data collection. To establish the reliability of the instrument, a test-retest method was used. Descriptive statistics, correlation and multiple regression analysis were used to analyze data. Findings showed that 67% of the change in organizational performance was brought about by the dimensions of organizational dexterity. Findings showed that organizational structure has the highest positive significant effect on organizational performance (ß = 0.429, P<0.05). Effective leadership has positive significant effect on organizational performance (ß = 0.088, P<0.05). It was concluded that organizational dexterity has positive effect on organizational performance of non-alcoholic beverage firms in Nigeria. The study recommended amongst others that companies should design their structures in harmony with the internal and external working environment conditions and organizational strategies in order to enhance employee innovative performance. The study demonstrated that leaders play a crucial role to foster a culture that encourages knowledge sharing, employee retention and create loyalty to the organization.

IMPACT OF CLAIMS SETTLEMENT ON PROFITABILITY OF GENERAL INSURANCE COMPANIES IN NIGERIA: A STUDY OF SELECTED LISTED GENERAL INSURANCE COMPANIES

This study investigates the impact of claims settlement practices on the profitability of general insurance companies in Nigeria. The study employed an ex post facto research design with the use of twenty (20) years’ financial data from 2003 to 2022 from published annual financial reports of five (5) sampled listed non-life insurance companies carrying on insurance business in Nigeria. Hypothesizing the dependent and independent variables with the proxies ROA; and LR, ER; CR. Panel data methods were used with other supporting tests using E-views (version 10) data analysis tool. With a balanced data of 100 observation - five cross-sectional data of 20 years period, the results revealed a negative relationship between the proxies (ER, LR and CR) of the independent variable – Claims settlement practices, as they could only explain to a negligible extent, the changes that occurs in the dependent variable. Premised on the findings, it is recommended that general insurance firms settle genuine claims as prompt as possible while the maintain required underwriting standard to avoid problem of adverse selection engendering possibility of ruin.

Company Age, Company Size and Earnings Management in Listed Industrial Goods Manufacturing Companies in Nigeria: A Moderating Role of Political Connection of Board Members

The study analysed the effect of company age, company size and political connections of Board members on earning management of quoted industrial goods manufacturing companies in Nigeria. The specific objectives of the study include assessing the effect of company age, company size and evaluating the moderating effect of political connections of board members on earnings management of quoted industrial goods manufacturing companies in Nigeria. The study used 130 firm-year data involving thirteen (13) quoted industrial goods manufacturing companies purposely selected over the period of 2012-2021. The data were sourced from the annual audited reports and accounts of the companies obtained from the Nigerian Exchange Group. The study used E-Views 8.0 statistical package and used panel regression techniques to analyse the data after carrying out diagnostic tests such as normality test, Panel Unit Root Test, Multicollinearity Test, Redundant Fixed Effects Tests, Hausman test, Heteroskedasticity Test, Serial Correlation Test to select the most appropriate model and fixed effect model was used for the model. The findings revealed that company age and company size do not influence earnings management. Also, the study revealed that political connection of board members insignificantly moderated the effect of company age and company size on earnings management. The study recommended that increased attention be given to internal control mechanisms to help curtail aggressive corporate earnings manipulation, reduce the effect of political connection, and enhance the financial reporting quality, particularly in Nigeria. Keywords: Firm Characteristics, Political Connections, Accruals, Real Earnings Management. Journal Reference Format: Adesuyi, T. Y. & Owoseni, G. D. (2024): Company Age, Company Size and Earnings Management in Listed Industrial Goods Manufacturing Companies in Nigeria: A Moderating Role of Political Connection of Board Members. Humanities, Management, Arts, Education & the Social Sciences Journal. Vol. 12. No. 1, Pp 49-72. www.isteams.net/humanitiesjournal. dx.doi.org/10.22624/AIMS/HUMANITIES/V12N1P4

Corporate Attributes and Risk Management Disclosure of Listed Insurance Companies in Nigeria

Disclosure of risk management practices by firms enhances transparency, thus giving shareholders’ more confidence and lowering their uncertainty about future cash flows. This study therefore examined the effects of corporate attributes on risk management disclosures of listed insurance firms in Nigeria from 2013 to 2022. Firm size, firm profitability and firm leverage were the measures of corporate attributes employed in this study while risk management disclosure was the dependent variable. The research design adopted for this study was ex post facto and twenty-three listed insurance firms constituted the population of the study. Purposive sampling technique was employed to select eight listed insurance firms and secondary used were analysed using marginal logistic regression. The statistical package employed was STATA 16. From the analysis, it was found out that firm size, firm profitability and firm leverage have significant effect on risk management disclosure of listed insurance firms in Nigeria. Thus, it was concluded that some firm specific attributes can enhance risk management disclosures of listed insurance firms in Nigeria. Based on these findings, the study recommended that the management of insurance firms in Nigeria should strive to increase their level of profitability as more profitable firms have the incentives to engage in risk management and disclosure practices.

Determinants and impact of strategy-driven manufacturing accounting techniques on organisational competitiveness: a structural equation modelling approach

Purpose This study aims to investigate contextual factors affecting the deployment of strategy-driven manufacturing accounting techniques (SMAT), as well as the impact of SMAT usage on organisational competitiveness. Seven major SMAT were investigated, namely, benchmarking, integrated performance measurement, environmental management accounting, strategic costing, strategic pricing, strategic investment and life cycle costing. Design/methodology/approach By using multi-informant strategy, structured questionnaire was used to gather survey data from 129 senior accounting, finance and production personnel of publicly quoted manufacturing companies in Nigeria. Data was analysed using structural equation modelling and propensity score matching. Findings Result shows that the usage rate of the SMAT is generally moderate. Market orientation and deliberate strategy formulation are notable determinants of SMAT usage. The inability of competition intensity and perceived environmental uncertainty to notably affect SMAT usage suggests that external environmental pressure to use SMAT is weak. Practical implications Although the impact of SMAT usage on organisational competitiveness is positive and statistically significant, it is conceivable that the impact of SMAT could have been more assuming SMAT recorded extensive usage. Thus, the lack of competitiveness of manufacturing companies in Nigeria may not be unconnected to the superficial usage of SMAT. Originality/value The study contributes to knowledge in three ways. First, it extends studies on the contingency theory that contextual factors influence the adoption of management accounting innovations. Second, it exposes the contextual factors affecting the adoption of SMAT in a developing country. Third, it provides evidence on the value relevance of management accounting innovation in enhancing organisational competitiveness.