Companies In Nigeria Research Articles

Lease Financing and Financial Performance of Pharmaceutical Companies in Nigeria: An Empirical Perspective

This study examined the effect of lease financing on financial performance of listed pharmaceutical companies in Nigeria. The ex post facto research design was adopted for the study with a population of seven (7) listed pharmaceutical companies in Nigeria as listed by the Nigerian Exchange Group in 2022. Data were retrieved from the annual reports of the selected listed pharmaceutical companies for the period 2015 to 2021. Multiple regression (Ordinary Least Square) analysis was used to analyse the data gathered with the aid of Stata12 statistical software. The study revealed a negative and insignificant effect of lease financing on net profit margin of listed pharmaceutical companies in Nigeria. Also, it revealed a negative and insignificant effect of lease financing on return on assets of listed pharmaceutical companies in Nigeria. Therefore, it was recommended that listed pharmaceutical companies in Nigeria should increase the proportion of lease finance in their operations as evidence suggests it has a negative and insignificant effect on financial performance (net profit margin). Also, that policymakers should increase tax shield for leasing products so as to encourage firms to make use of leasing financing rather than having high credits as it has shown that most pharmaceutical companies are yet to appreciate lease financing as an alternative source of financing.

Strategic Management Accounting and Financial Statement Quality of Quoted Manufacturing Companies in Nigeria

The study determined the relationship between strategic management accounting and financial statement quality of quoted manufacturing companies in Nigeria. Strategic management accounting was the independent variable, while reliability of financial statements was adopted as the measure of financial statement quality. The study was guided by one specific objective, one research question and one research hypothesis. The study was anchored on Contingency theory and adopted the survey research design. The population of the study consisted of one hundred and seventy-seven (177) manufacturing companies Nigeria that are listed on the Nigerian Stock Exchange (NSE). The sample size consisted of one hundred and twenty-three (123) employees and managers of the selected manufacturing companiesin Nigeria. The sample size of this study was determined by Taro Yamane’s formula. Simple random sampling technique was used to select the respondents. Structured questionnaire was the data collection instrument used. Frequencies, simple percentages and weighted mean were used to analyse the demographic data of the respondents and other questionnaire items while Pearson Product Moment Correlation was used to test the hypotheses formulated at 5% level of significance. Statistical Package for Social Sciences (SPSS) was used to run the data analysis. There is a positive and significant relationship between value chain analysis and reliability of financial statements of quoted manufacturing companies in Nigeria, there is a positive and significant relationship between value chain analysis and timeliness of financial statements of quoted manufacturing companies in Nigeria, there is a positive and significant relationship between balance scorecard and reliability of financial statements of quoted manufacturing companies in Nigeria and lastly, there is a positive and significant relationship between balance scorecard and timeliness of financial statements of quoted manufacturer

Tax Variances and Financial Performance of Deposit Money Banks Multinational Companies in Nigeria

The study examined the effect of tax variance and financial performance of deposit money banks multinational companies in Nigeria. It specifically examined the effect of book tax difference on return of asset of deposit money banks, it also examined the effect of effective tax rate on return of asset of deposit money banks in Nigeria .Ex-post facto research design was employed through secondary data to establish the relationship between dependent variable (Return on Asset) and independent variables (Book tax differences and effective tax rate) The population of this study covers all the 14 deposit money banks listed on the Nigeria Exchange Group as at 31 st December, 2020. The study used census sampling to cover all the 14 deposit money banks. Data on all the explained and explanatory variables were extracted from the published financial statements of the 14 deposit money banks for the period of 2006-2020 with 90 observations. Data were analyzed using Panel data which consist on correlation, multiple regression were used to analyze the data. The study found that book tax difference has positive and significant effect on return on asset of deposit money banks while effective tax rate was negative and insignificant on return of asset of listed deposit money banks. Consequent on the findings, the study concluded that tax variance has significant effect on financial performance of listed deposit money banks in Nigeria. The study recommends amongst others that policy makers, accounting standards developers and industry regulators can utilize the study findings to develop an insight on industry effect of book tax difference for ease of bankruptcy prediction from financing cash flow deficiency.

Corporate Governance Practices and Capital Structure Decisions: A Two-Sector Comparative Analysis

Globally, many corporate failures and scandals can be attributed to inherent poor corporate governance practices and inappropriate mix of capital structure within the organization, which has led to poor performance. Meanwhile, the capital structure with the optimum balance of debt and equity is a crucial decision made by the Board of Directors to make companies successful. Specifically, the study determines the strength and direction of the relationship between board characteristics and the leverage ratio of selected consumer and industrial sectors in Nigeria. Secondary data were utilized for the study and sourced from the annual financial reports of the sampled thirteen consumer and industrial goods companies for the period of nine years between 2012 to 2020. The data were analyzed using both descriptive and inferential statistics to achieve the study objectives. Pairwise correlation and the granger causality test were used to determine the strength and direction of the relationship between board characteristics and the leverage ratio of selected companies in Nigeria. Findings revealed that both board independence (BIND) and board gender diversity (BGD) have a positive relationship with leverage (LEVR) while other variables are negatively correlated with it for both companies. Further findings revealed that only corporate governance variables that have a significant impact on consumer goods firms’ leverage also have a causal relationship with it whereas for industrial goods both the board size (BDSZ) and CEO pay slice (CEPS) have a uni-directional relationship that runs from leverage. It was concluded that the relationship between corporate governance practices and leverage can be sector-sensitive. It is therefore recommended that manufacturing companies in the country should put in place strict evaluation mechanisms to identify the most appropriate board characteristics that will help to select an optimum balance of capital structure at all time

Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria

Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria

Effect of Debt Capital on Financial Performance of Listed Pharmaceutical Companies in Nigeria

This study investigated the effect of debt capital on financial performance of listed pharmaceutical companies in Nigeria. The ex post facto research design was adopted for the study with a population of ten (10) listed pharmaceutical companies in Nigeria as listed by the Nigerian Exchange Group in 2021. Data were retrieved from the annual reports of the selected listed pharmaceutical companies for the period 2013 to 2017. Multiple regression analysis was used to analyze the data gathered with the aid of Stata12 statistical software. The study revealed a negative and insignificant relationship between debt capital and profit before tax of listed pharmaceutical companies in Nigeria. it also revealed a positive and insignificant relationship between debt capital and return on assets of listed pharmaceutical companies in Nigeria. Therefore, it was recommended that management of listed Pharmaceutical companies should not adopt aggressive total debt financing policy. This means that the managers of listed Pharmaceutical companies should concentrate on using more current liabilities to finance assets, relative to debt capital. Also, the government should regulate the financial sector through various monetary and fiscal policies in order to reduce the cost of borrowing given that many Pharmaceutical companies rely on external borrowing to finance their cash requirements. As it has shown in this study that debt capital has no significant relationship with firm’s performance.

Transfer Pricing, Social Factors and Financial Performance of Universal Companies in Nigeria

Research into transfer pricing and the variables influencing its prevalence and scope in a setting such as Nigeria, a developing country, is fascinating. Understanding these elements is crucial for regulatory agencies in Nigeria or other developing nations to effectively monitor businesses and their transfer pricing operations. This study then examined transfer pricing, social factors and financial performance of universal companies in Nigeria. The study was predicated on agency theory to assess the conflict of interest that arises amidst the investors and executives over the practice of transfer pricing. Eighteen (18) listed universal companies were sampled. Panel regression technique was used to analyse the hypothesis to arrive at interpretable findings. The independent variables were board size, board independence and related party transactions while the dependent variable was return on assets. The control variables were firm size and leverage. Findings showed only RPT were not significantly associated with financial performance. However, the overall model was significant as revealed by the p-value of 0.000215 which is less than 0.05. It can be concluded that transfer pricing and social factors identified in this study have explanatory power to influence the financial performance of universal companies in Nigeria.As a result, it is recommended that regulators should expand their rules to increase the disclosure of transfer pricing practices by universal listed companies, and to expand controls and monitoring over transfer pricing in companies through improving corporate governance mechanisms, including increasing the power of smaller shareholders and independent board members in approving such transactions.

Corporate Sustainability Practices and the Financial Performance of Listed Financial Companies in Nigeria

The study examined the effect of sustainability disclosure on the financial performance of listed companies in Nigeria. The study specifically examined the effect of social, environmental, governance and ESG disclosure indexes (proxies of sustainability disclosure) on ROA, ROE, EVA and Tobin’s Q (proxies of financial performance). Ex-post facto and longitudinal research designs were used. The population consists of 49 financial companies listed on the Nigerian Exchange Group database as of May 29, 2022, with a sample size of 36 selected using purposive sampling technique. Data were collected from annual reports, websites of sampled companies, and NGX database based on GRI and ESG sustainability disclosures guidelines. Data were analysed using descriptive and inferential statistics (pooled OLS regression, fixed and random effects model). The study revealed that sustainability disclosure has significant effect on return on asset, economic value added, return on equity and Tobin’s Q of listed companies in Nigeria. The study therefore recommends that all listed financial companies in Nigeria should be mandated to comply with the sustainability reporting guidelines in order to enhance financial performance, environmental, social and governance wellbeing of stakeholders.

Green Accounting and Financial Performance of Quoted Manufacturing Companies in Nigeria

The study investigated green accounting activities and its implementations by manufacturing companies in Nigeria in relating to their financial performance. Qualitative research was adopted due to the fact that most of the Nigerian manufacturing companies do not attach financial quantities to their reports on sustainability activities. A sample of fifteen (15) manufacturing companies were investigated- (Dangote Floor mill, Dangote Cement, Cadbury,) The study used data from the central bank statistical bulletin as well as Nigeria Stock Exchange, and data were analyzed in the Statistical Package for Social Sciences (SPSS) Version 22. As well as Microsoft Excel The research hypotheses were tested using Ordinary Lease Square Regression (OLSR) analysis at a significance level of .05. The results of the findings were that there is no positive linear relationship between sustainability accounting of manufacturing companies and their profitability in Rivers state. This study recommends among others that as green accounting and sustainability reporting is still in arithmetic progression in Nigeria, more efforts should be applied in this regard, doing this will see a future positive correlative effect on the profitability of the manufacturing companies in Nigeria

Sustainability Disclosure and Financial Performance of Listed Food and Beverages Companies in Nigeria

Sustainability Disclosure and Financial Performance of Listed Food and Beverages Companies in Nigeria

Cost Accounting and Performance Evaluation in Manufacturing Companies

The main objective of the study was to examine cost accounting as a panacea for performance evaluation in manufacturing companies. The data used in the study was obtained from primary sources. The collection of primary data was done through the administration of questionnaire on respondents who are staff of Nigerian breweries plc Enugu.A questionnaire was designed and administered to One hundred and nine (109) respondents from a population of Two hundred (200) in which the completed ones were returned and used in the completion of this study. Taro Yamane’s formula was used in determining the sample size. The data collected were analyzed with the use of Statistical Package for Social Sciences (SPSS). Results showed that there is significant relationship between direct material and performance of manufacturing companies, there is significant relationship between direct labour and performance of manufacturing companies,overhead cost has significant effect on the performance of manufacturing companies and Cost accounting has significant effect on the performance of manufacturing companies in Nigeria. Consequently, the study concluded that cost accounting is a very efficient and effective panacea for performance evaluation in manufacturing companies. However, to prepare a good and workable costing technique, establishments must know its goals and objectives, as well as where it is heading to. Nevertheless, cost accounting control is a managerial tool and not a substitute for management

Strategic Flexibility and Employee Productivity of Quoted Pharmaceutical Companies in Nigeria

The global pharmaceutical industry is becoming increasingly prone to disruptions and economic fluctuations. In Nigeria, available records showed that pharmaceutical companies are plagued with poor employee productivity in the face of increasing competition and changes in the business environment. This study investigated the effect of strategic flexibility on employee productivity of quoted pharmaceutical companies in Nigeria. 
 The survey research design was adopted for the study. The research population consisted of 642 management and senior staff employees of the six quoted pharmaceutical companies in Nigeria. The study adopted total enumeration in soliciting responses from the sample population using an adapted and well-structured questionnaire. The data collected from respondents were analyzed using both descriptive and inferential (PLS-SEM) statistics. 
 Findings showed that strategic flexibility (coordination flexibility, futurity, reactive flexibility, resource flexibility) has a positive significant effect on employee productivity of quoted pharmaceutical companies in Nigeria. The study concluded that strategic flexibility does have a positive impact on employee productivity of quoted pharmaceutical firms in Nigeria and recommended that management of the pharmaceutical companies should pay more attention to resource flexibility, coordination flexibility, reactive flexibility and futurity in their bid to enhance employee productivity.

Analysis of Firm Characteristics on Leverage of Industrial Companies in Nigeria

This study analyzed the effect of firm characteristics on the leverage of industrial companies in Nigeria for a 16 years period covering 2007-2022. This study specifically ascertained the effect of firm characteristics on the debt-to-equity of industrial companies. Panel data was used in the study, obtained from Nigerian Exchange Group Fact Books and related companies’ annual financial reports of sampled industrial goods listed companies. Ex-Post Facto research design was employed and analyzed using a panel regression analysis. Variance inflation factor, Multicollinearity test and heteroskedasticity were applied to test the study’s hypothesis. The result revealed that growth opportunities positively affect the leverage of industrial companies by 135.77%. The study recommends among other things that industrial companies strive to increase sales so as to enhance the profitability of firms which increases their liquidity level, increasing the equity of firms and monitor that leverage acquired is channeled into viable investments.

Corporate Financial Problems: A Case Study of Listed Manufacturing Companies in Nigeria

A number of manufacturing firms in Nigeria are folding up. Although, there are several reasons why this is happening, the study investigated the corporate financial problems: A case study of listed manufacturing firms in Nigeria because of the crucial roles they play in the Nigerian economy. The results of the previous studies reviewed showed that equity financing had a positive significant impact on the financial performance of listed manufacturing firms in Nigeria. However, the findings on debt financing were not consistent. While some studies reported that debt financing had a positive significant impact on the financial performance of listed manufacturing firms in Nigeria, some revealed that debt financing had a negative significant impact on the financial performance of listed manufacturing firms in Nigeria. Thus, the study recommends that the listed manufacturing firms in Nigeria should continue to use the optimal level of equity in financing their operations because by using equity, they have directly avoided the payment of high interest that may impact negatively on their performance. In using equity to finance their activities, the excess profits can either be paid as dividend or they can be reinvested into the business for better performance if the management considers it that it is better do so.

Firm Attributes and Earnings Predictability of Listed Manufacturing Companies in Nigeria

Earnings predictability is a measure of how well the past earnings of a firm can explain its current earnings. Earnings measurement is very important in accounting since the performance of the firm can be seen by a wide range of users. The primary role of the financial statement is to disclose the financial statement information to internal and external users in a timely and reliable manner. This study was to ascertain the relationship between firm attributes and earnings predictability of quoted manufacturing companies in Nigeria. The population of the study consisted of all the listed manufacturing companies in Nigeria for the year ending 2021. Purposive sampling was used to sample 12 manufacturing firms that were continuously listed and actively trading on the floor of the Nigerian Exchange Group (NXG) Ltd. during the period 2017 to 2021 and whose financial statements are available and have been consistently submitted to NXG for the period under study. The ex post facto research design was used to establish the effect of firm attributes on earnings predictability. The firm attributes reviewed were firm size, age, leverage and liquidity, while earnings predictability was measured by operational cash flows on total assets. Panel regression data using a pooled estimate of ordinary least squares method was used for data analysis. The result revealed that firm age, firm size, firm leverage and firm liquidity all have weak effects on the dependent variable. Based on the findings, it was concluded that firm attributes have weak but positive effects on earnings predictability. It was recommended that manufacturing companies should provide quality earnings reports stating the earnings per share, operational cash flow, and total assets. This will showcase the accrual quality which could assist investors in estimating future earnings thereby making decisions to avoid security mispricing.

Environmental cost and financial performance of listed oil and gas companies in Nigeria

This study is aimed at investigating the relationship between Environmental Cost and Environmental Performance of Oil and gas companies in Nigeria. The study employed historical data design. Census Sampling Techniques was used in studying the entire population. Multiple regressive with the help of ordinary least square was used. Findings revealed that the amount spent on waste management and remediation has a negative and insignificant relationship with both growth in sales volume and return on assets. It was, however, recommended that oil and gas companies should continue to manage their waste, and include community development in their decision making. It is in line with global best practices to keep them socially accepted as these will ensure a symbiotic relationship among various stakeholders or their host communities.

Financial Management Practices and the Performance of Listed Manufacturing Companies in Nigeria

The success of listed manufacturing companies is impacted by financial management practices. In this study, the return on equity of 40 listed manufacturing companies in Nigeria was compared to the effects of financial management practices. Finding out whether there is a significant correlation between financial management practices (via working capital practices, capital structure practices, and corporate governance practices) and the return on equity (ROE) of listed manufacturing companies in Nigeria is the specific goal of this study. The study adopted a correlational research design. In addition, the corporate annual reports and website for the periods 2017-2021 were utilized as the main sources of secondary data. In testing the research hypotheses and ascertaining the significant effect of the variables, the study utilized panel estimation technique methods of data analysis. The research found a strong correlation between working capital management, capital structure, corporate governance, and business performance as measured by return on equity (ROE). In order to improve the performance of Nigerian manufacturing companies, the study advised listed manufacturing companies in Nigeria to make sure that working capital practices, capital structure practices, and corporate governance practices are maintained in all aspects of the organizational decision. To stabilize and enhance return on equity, control factors should also be added to the analysis.

The Study on the Challenges and Prospect on Marketing Nigeria Made Computer Software: A Case Study of Gombe Metropolis

This study examines the challenges and prospects of marketing Made-in-Nigeria software, with a focus on the Gombe State region. It investigates attitudes towards locally produced software, identifies societal problems affecting software marketing, analyzes challenges faced by software development students, explores factors influencing the preference for foreign software, and proposes strategies for promoting Made-in-Gombe software. The research questions address various aspects of software marketing and the behavior of Gombe consumers. The study finds that there are significant challenges in marketing Made-in-Gombe software, including perceived inadequate skills among developers, limited government support, and socioeconomic factors impacting students' software development, poor classroom environments, frequent lecturer transfers, and insufficient learning materials. Locally made software is also perceived as inefficient, and the high cost of hosting websites and deploying software hinders its development. The study's significance lies in aiding multinational and indigenous companies in Nigeria with effective marketing planning, providing insights for academics and marketing consultants, and encouraging further research in promoting Gombe-made products. While the study focuses on Gombe-made software, its findings can be applicable to other locally manufactured products. Recommendations are provided to address the identified challenges and improve the marketing of Made-in-Gombe software.

Influence of Sustainability Marketing Performance on Organisational Sales Performance in the Food and Beverage Companies in Nigeria

The study investigated sustainability marketing and organisational sales results in the food and beverage companies based on a study of Nigerian Bottling Company Plc in Lagos State. The study adopted a quantitative research method in terms of a descriptive research strategy using a survey method. A sample of 337 respondents was chosen through purposive sampling technique and convenience sampling technique to select respondents from the Nigerian Bottling Company Plc headquarters in Ebute Metta and Agidingbi areas of Lagos State. Data collection was done through a designed questionnaire and was analysed through the utilisation and employment of frequency distribution, simple percentages, means, standard deviations and regressionre analysis. The findings and outcomes from the data analysis indicated that social responsibility, economic responsibility and environmental responsibility have a significant positive influence on the sales performance of the Nigerian Bottling Company Plc in Lagos State. It was therefore concluded that sustainability marketing has a significant positive influence on organisational sales performance in the Nigerian Bottling Company Plc in Lagos State. In consensus with the results and conclusion of this work, it was recommended among other things that sustainability marketing strategy should be done in a meaningful manner that creates value for the communities and society, shareholders and investors as well as the environment in which the Nigerian Bottling Company in Lagos State operates.

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In today’s dynamic and competitive business environment, solvency is a critical success factor that strategically enables a firm to structure their resources in meeting their financial obligations on the short, medium and long-term bases. However, the inability of a firm to maintain acceptable level of financial stability threatens its future growth. A company’s inability to sustain robust solvency portends the firm’s sick state that impairs its organic growth rate. Firms’ improper utilization of their unique characteristics as their corporate strategic drivers has given rise to illiquidity causing existential threat among listed firms in Nigeria. This study examines the effect of firms’ characteristics on solvency of selected listed companies in Nigeria. The study adopted ex-post facto research design. The population of the study was 161 listed companies in Nigeria as at 31st December 2020 with a chosen sample size of 111 purposively determined. Secondary data extracted from the published audited financial statements covering a 10-year period (2011–2020) were used for the study. Descriptive and inferential (multiple regression) statistics were employed to analyze the data. Findings revealed that corporate strategic drivers had joint significant effects on short-term solvency and long-term solvency. The study concludes that corporate strategic drivers exert significant influence on solvency of listed firms in Nigeria. The study recommends that firms should continue to utilize their corporate strategic characteristics to drive their short-term and long-term solvency statuses. Keywords: Corporate Strategic Drivers, Financial strategy, Firms’ Characteristics, Long-term solvency, Short-term solvency