Group Plc Research Articles

Effect of Financial Metrics on Risk Indicators in Nigeria Listed Deposit Money Banks

This study investigates the effect of financial metrics on risk indicators in Nigerian deposit money banks. The analysis employs yearly time series data spanning from 2007 to 2022, acquired from the Exchange Group PLC. Descriptive statistics, panel unit root tests, Hausman tests, and Panel Ordinary Least Squares (OLS) procedures were used at a 95% confidence interval. The study utilized secondary data sourced from the Exchange Group PLC database. The R-squared (0.564390) and Adjusted R-squared (0.540629) values indicate that the models have strong explanatory power. The results show that all variables are stationary at their levels (I(0)). The primary financial metrics influencing risk indicators among deposit money banks in Nigeria are revenue growth, net interest margin, and earnings per share. It was recommended that banks should implement effective risk management systems that can handle increased complexity and scale of operations, and regularly update them, leveraging blockchain technology for decentralized risk management as it relates to revenue growth rate of banks. Maintain a healthy net interest margin through effective risk management practices and internal controls, and utilize this strength to invest in risk mitigation measures, introducing incentive programs to encourage employee involvement in risk management. Conduct regular financial reviews and audits to ensure accurate earnings reporting and risk identification, utilizing AI-powered tools for earnings analysis to identify anomalies and potential risks. Prioritize prudent lending practices and effective risk management to maintain financial stability, implementing dynamic adjustments to the debt-to-equity ratio in response to changes in risk detection needs.

The Interplay Between Celebrity Image Rights and the Tort of Passing off: An Examination of the Rihanna v Topshop Case and Its Implications

In the era of globalization, the acts of counterfeiting and infringement against celebrities have occurred all over the world. The “classic trinity” test, established by Lord Oliver in the Jif Lemon case, is widely regarded as the most reliable method for proving a passing-off allegation. To succeed, the claimant must demonstrate the following three elements: goodwill, misrepresentation, and damage or the likelihood of damage. This article delves into the intersection of celebrity image rights and the tort of passing off within the UK legal framework. This article highlights the challenges celebrities face in protecting their likeness in the absence of a codified image right in the UK, contrasting this with the broader approach seen in the United States. Additionally, it examines the necessity for celebrities to establish local goodwill to succeed in passing-off claims, as evidenced by the Starbucks (HK) Ltd v British Sky Broadcasting Group Plc case. The paper emphasizes the delicate balance between free competition and protection against unfair competition, illustrating the complexities involved in enforcing celebrity image rights through passing off.

3x3 array module of 8×8×32 mm3 position-sensitive virtual frisch-grid CdZnTe detectors for imaging and spectroscopy of cosmic gamma-rays

We evaluated the performance of the 3 × 3 array of 32-mm long position-sensitive virtual Frisch-grid (VFG) CdZnTe (CZT) detectors read out by the IDEAS GDS-100 data acquisition system. The array is a mechanically solid module designed for integration into a large effective area gamma-ray telescope proposed for imaging and spectroscopy of cosmic gamma-rays. The array employs the bar-shaped 8 × 8 × 32 mm3 CZT crystals which recently became available from Redlen Technologies, Inc. and Kromek-eV Group PLC at affordable costs. The waveform sampling IDE3421 application-specific integrated circuit (ASIC), developed by the University of Michigan and IDEAS for CZT pixel detectors, was adapted to capture the signals from the array's VFG detectors. We showed good spectral performance of the Redlen detectors with an energy resolution of <1% FWHM at 662 keV and slightly poorer performance of the Kromek-eV detectors with a resolution of <2% measured at a reduced temperature of 13 °C. By testing the same detectors as single devices using hybrid charge-sensitive preamplifiers, we demonstrated improved energy resolutions at a normal temperature of ∼25 °C: <1% and 1.3–1.7%, respectively. However, the Kromek-eV detectors did not perform as well as the Redlen ones. We explained this by the space charge formation (polarization) decreasing the electric field and the electron drift times. The polarization was likely caused by the high injections of holes from the anode contacts. The absence of polarization in Redlen detectors suggested that the quality of the contacts might have played a role in this case.

Group Cohesion and Workers' Diversity in Selected Manufacturing Companies in Enugu Metropolis, Nigeria

In the current competitive and global conditions, it is assumed that organizations with a diverse staff outperform those without. Diversity in the workforce broadens the pool of talent available to a business and allows its individuals to benefit from each other's backgrounds, experiences, and points of view. The workforce is varied because of diversity. This study examined the effect of worker diversity on group cohesion in selected manufacturing companies in the Enugu metropolis. The study adopted a descriptive survey design. The population of the study consists of the staff of two selected manufacturing companies in Enugu state namely; Innoson Group and Nigerian Breweries Plc. They are made up of two hundred and eighty-seven (287) respondents. Cochran sample size derivation statistic was used to derive the sample size of the study and the value yielded one hundred and sixty-four (164). A simple random sampling technique was used as the sampling technique for the reason that the method ensures an equal chance of selection among the respondents. The data for the study was collected with the aid of a questionnaire that is properly designed using the 5-scale Likert system. Data collected from the questionnaire were analyzed and interpreted accordingly with the aid of descriptive statistical techniques such as simple percentages and regression analysis. The major findings of the study showed that age diversity contributes positively and significantly to group cohesion in selected manufacturing companies in Enugu metropolis, ethnic diversity contributes positively and significantly to group cohesion in selected manufacturing companies in Enugu metropolis and gender diversity contributes positively and significantly to group cohesion. It is the recommendation of the study that the management of companies should ensure there are no internal forms of discrimination based on the diversity of the workforce and sometimes, diverse groups will start forming cliques of sameness in the organization. The management of these companies should watch out for these developments.

An Assessment of Capital Structure Decisions among Listed Deposit Money Banks in Nigeria

This study aimed to assess Capital Structure Decision among listed Deposit Money Banks (DMBs) in Nigeria by assessing the effects of total equity and debts on capital structures of DBMs in Nigeria. The study alsocorrelated asset tangibility to firm size and examined the effect on the capital structure of the Banks. The study used secondary data collected from the annual accounts and reports of the selected ten (10) banks purposively selected for twelve (12) years covering 2011- 2022. The study’s population is made up of twenty-four existing listed deposit money banks on the list on the Nigerian Exchange Group plc based on the availability of data. The study employed explanatory variables of total equity, total debt, asset tangibility, and firm size to capture financial statement components. Data was analyzed using descriptive analysis and panel regression models. Findings revealed that equity, debts, and assets tangibility have positive and significant effects on the capital structure decision of the selected banks, while the firm’ size does not. The study concluded that equity capital, debt capital, and long-term assets are relevant in capital structure decision of listed deposit money banks in Nigeria. It is recommended that management should carefully assess the appropriate mix of equity and debt that maximizes income potentials and continuity of the firm in the context of substantial tangibility of the assets.

EFFECTIVE LOAN MANAGEMENT AND FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN RWANDA

The aim of this study was to find out the effective loan management and financial performance of commercial banks in Rwanda. The methodology employed descriptive and correlational designs. Purposive sampling technique was applied to select sampled respondents. Data was analyzed using descriptive statistics, spearman correlation, regression analysis and financial ratios analysis. After all the following findings were reached: The effectiveness of loan management was measured by loans planning, client appraisal and collection policy. Qualitatively analysis was used to explain the effectiveness of loan management and financial performance. According to the financial performance considering the overall mean of 3.97 which is interpreted as high mean. The quantitative results that were examined through the financial statements of Bank of Kigali Group Plc in form of profitability ratio, liquidity ratios and efficiency. To the third specific objective, it was found that there is high correlation between loan management and profitability of Bank of Kigali Group Plc. This is explained by the correlation (r) of 0.734 which is interpreted as high and the p-value of 0.00 which is less that the significance value of 0.01. Based on findings have provide the suggestions to BK Plc: It is suggested that periodically relevant training programs are organized for credit officers particularly in the area of risk management, management of loan default and financial analysis. This helps improve the knowledge and analytical skills of the loan officers so as to improve their client’s appraisal techniques. The credit committees at all levels must review clients’ bank statements in order to ensure that credit is collected in a timely manner. The Bank of Kigali Plc should check at the character of the borrower during loan review and to enhance their loan risk control.

Effects of Operating Costs on Financial Performance of Oil and Gas Companies in Nigeria

This research examined the effects of operating costs on the financial performance of Oil and Gas companies in Nigeria. The study sampled five (5) firms out of all the listed Oil and Gas companies on the Nigerian Exchange Group plc. Secondary data were sourced to obtain panel data. The data collated were analyzed using descriptive and inferential statistical techniques. The study found that the coefficient of administrative cost is positive and statistically significant. The beta value of distribution cost is positive and statistically significant, the beta value of firm size is positive and statistically significant, but the beta value of selling cost is negative and statistically significant. This research therefore concluded that administrative and distribution costs of oil and gas companies and degree of their size contributed positively to the improvement of their financial performance, but selling cost contributed negatively meaning that money spend on was improperly utilized. The study recommended that selling costs of oil and gas companies in Nigeria need absolute control by those concern and should be minimized to enhance their financial concert. Keywords: Financial performance, operating costs, Nigerian Oil and Gas companies

The Relationship between Mortality from Cardiovascular Diseases and Total Drinking Water Hardness: Systematic Review with Meta-Analysis.

Interest in water chemical activity, its content, and its impact on human health has greatly increased throughout the last decade. Some studies suggest that drinking water with high hardness may have preventative effects on cardiovascular diseases. This study aims to investigate the association between drinking water hardness and cardiovascular disease (CVD) mortality. The study selection process was designed to find the association between drinking water hardness and CVDs mortality. The search included both qualitative and quantitative research and was performed in three databases: Web of Science (Clarivate Analytics, Ann Arbor, MI, USA), PubMed (National Institute of Health, Bethesda, MA, USA), and Scopus (Elsevier, RELX Group plc, London, UK). The project was registered in the International Prospective Register of Systematic Reviews (PROSPERO), registration number: CRD42020213102. Seventeen studies out of a total of twenty-five studies qualitatively analyzed indicated a significant relation between total water hardness and protection from CVD mortality. The quantitative analysis concluded that high drinking water hardness has a significantly lowering effect on mortality from CVDs, however, the heterogeneity was high. This systematic literature review shows that total water hardness could affect CVD prevention and mortality. Due to the many confounding factors in the studies, more research is needed.

Thinking ‘More Before’

Creating more flexible, digitally powered automation solutions at speed is a key challenge for machine builders. With inputs from Mpac Group Plc, Rich Fear, Head of OEM at Siemens explains how digital modelling technology is helping machine builders make major efficiency gains.

Corporate Social Responsibility and Shareholders’ Wealth of Industrial Goods Producing Companies Listed on the Exchange Group PLC of Nigeria

Purpose: The purpose of this study is to determine how the practices of corporate social responsibility (CSR) influence the wealth of shareholders of industrial goods producing companies listed on the Exchange Group Plc of Nigeria and other developing countries. Theoretical Framework: The role played by CSR practices in enhancing shareholders’ wealth has attracted the interests of companies’ executives and policy makers all over the world. The theoretical foundations of this research work are provided by the Shareholder Value Theory, the stakeholder theory, the Business Ethics theory and the Agency theory. However, this work is anchored on the shareholder value theory propounded by Milton Friedman in 1970 and this is used to evaluate the influence of corporate social responsibility on shareholders’ wealth. Design/methodology/approach: The study uses the ex-post facto research design and judgemental sampling technique to select a sample of 10 industrial goods producing firms listed on the Nigerian Exchange Group Plc as at 31st December, 2021. Social responsibility relationships with the society, employees, suppliers, customers, tax authorities and lenders provide the basis for sample selection. Information from the financial statements of the sampled companies was used to compute weighted average cost of capital (WACC), rate of stock turnover, actual corporate tax rate, invested capital, leverage, return on equity (ROE), value of debts and value of equity. This approach facilitates the computation of economic value added (EVA) which is used as proxy for shareholders’ wealth. Firm-year observations of 1,840, ordinary least squares panel data regression, fixed and random effects models, stationarity test, cross-section dependence test and the Hausman test are used for data diagnosis and analysis. Findings: The research has disclosed that CSR to society positively and significantly influences shareholders’ wealth while CSR to suppliers and lenders have non-significant positive effect on shareholders’ wealth. Contrastingly, it is further revealed that CSR to employees and tax authorities have significant negative effects on shareholders’ wealth while CSR to customers negatively and non-significantly influences shareholders’ wealth. Research, Practical &amp; Social implications: The implication for managers is that CSR relationship with society is value enhancing in Nigeria’s industrial goods sector while CSR relationships with employees and tax authorities are value destroying. Value enhancing results of the dealings with suppliers and lenders and the value destroying result of the dealings with customers lack sufficient evidence. This research has helped in filling the gap in the existing literature and in serving as the basis for the economic and social development of Nigeria and other developing and developed countries of the world. Originality/value: This is the first time in the industrial goods sector that we are associating four new corporate social responsibility variables namely, CSR to suppliers, CSR to customers, CSR to tax authorities and CSR to lenders with shareholders’ wealth. This study encourages the revival of CSR to employees and CSR to tax authorities which are currently value destroying in the industrial goods sector of Nigeria.

The Impact of Digital Transformation on the Fashion Industry in the Post-Pandemic Era

The Covid-19 pandemic has brought significant challenges to the global luxury market since 2020. The economic downturn, declining customer incomes, lockdowns in public places, and a sharp reduction in international travel have all reduced customer demand for luxury goods. On the other hand, with brands' digital sales soaring during the pandemic and a younger customer base, more luxury brands are doubling down on online channels to compensate for physical store closures or limited sales due to safety regulations and lockdowns. In this context, this study uses Burberry Group plc as an example to analyze how a traditional fashion house can gain an advantage in the post-pandemic era through digital transformation strategies. The first is to analyze the brand's status quo through financial strategy analysis to understand the epidemic's impact on luxury brands. The second is to show Burberry's strengths and weaknesses through SWOT ANALYSIS. Third, analyze Burberry's digital transformation strategy. For research methodology, this study conducted a literature analysis of books and papers and kept the case studies' Timeliness through websites, social media, and news articles. The results show that Burberry avoided the epidemic's impact through online channels and broke geographical restrictions, further influencing consumers through digital platforms and deepening consumers' impressions. Burberry's case shows that digital transformation can flexibly respond to the disruption caused by the epidemic and minimize losses, thereby helping to build its advantage. As a result, the report contends that digital transformation will be a crucial component of fashion firms' future business plans.

Continuous, Subcutaneous Apomorphine Infusion for Persistent Motor Fluctuations in Parkinson’s Disease: Full results of the AP2-3000 open-label study (S32.008)

Continuous, Subcutaneous Apomorphine Infusion for Persistent Motor Fluctuations in Parkinson’s Disease: Full results of the AP2-3000 open-label study (S32.008)

Evaluation of the Biodistribution, Efficacy, and Side-Effect Profile of Deflazacort, Prednisolone and Vamorolone in a DMD Mouse Model (S34.010)

Evaluation of the Biodistribution, Efficacy, and Side-Effect Profile of Deflazacort, Prednisolone and Vamorolone in a DMD Mouse Model (S34.010)

Accounting Ratios and False Financial Statements Detection: Evidence From Nigerian Quoted Companies

The broad objective of the study was to investigate accounting ratios and false financial statements detection. The study was a descriptive survey in design. This study employed pooled data from firms listed in the Nigerian Exchange Group PLC, covering a period of 5 years (2017- 2021). A total of 239 firms quoted on the Nigerian Exchange constituted the population of the study. The study relied on secondary data. Historical data were obtained from the annual financial reports of accounts of 10 purposively sampled service sector firms. Data obtained were analysed using descriptive statistics, Pearson correlation and Pooled Data Binary logit regression analysis. The findings of the study revealed that profitability has a positive relationship with false Financial Statement detection. However, profitability and leverage ratios do not significantly relate to the probability of Financial Statement fraud occurrence. Based on the findings, it was recommended that the firm’s financial managers should note with caution, the negative relationship between financial ratios and the firm’s profitability. Hence, if the purpose of financial management is to improve fraudulent detection, then such efforts must be improved in using financial ratios to detect fraudulent financial reporting.

How can corporate taxes contribute to sub-Saharan Africa’s Sustainable Development Goals (SDGs)? A case study of Vodafone

BackgroundThe COVID-19 pandemic and the climate emergency threaten progress in reaching many of the Sustainable Development Goal (SDG) targets by 2030. The under-5 mortality and maternal mortality rates are well below the targets, and if we progress at the current pace, there is a high risk of not meeting the 2030 goals. Furthermore, the initial progress in the decline in child and maternal mortality since 1990 is likely to be eroded. Much of this progress has resulted from increased sanitation, drinking water, education, and health service coverage. The adequate provision of public services is possible if there is sufficient government funding. When governments have more income, they spend more on public services, which increases access to fundamental economic and social rights and, thus, contributes to the SDGs. One of the key drivers of government financing, taxation, constitutes 70% of government revenue in low- and lower-middle-income countries. Corporate income tax constitutes 18.8% of tax revenue in African countries compared to 10% of tax revenue in OECD countries. Therefore, it plays a critical role in SDG progress.This paper aims to quantify the contribution of one large taxpayer, that publishes their tax payments, (Vodafone Group Plc) on progress towards SDGs in six African countries. We use econometric modelling to estimate the impact of an increase in government revenue equivalent to Vodafone's average tax paid between 2007–2017.ResultsWe find that government revenue equivalent to Vodafone’s taxes made a significant contribution to progress in attaining selected SDGs. We found that the revenue equivalent to Vodafone’s taxes allowed 966,188 people to access clean water and 1,371,972 people to access basic sanitation each year. Over the time period studied, 858,054 children spent an extra year in school and 54,275 children under five years and 3,655 mothers survived. In just one of these countries, Tanzania, the revenue equivalent to Vodafone's tax contribution allowed 174,121 people to access clean water and 223,586 to access sanitation each year. Over the time studied 187,023 children spent an additional year at school, 6,569 additional children under five and 625 additional mothers survived.ConclusionsThese findings demonstrate that the reported contributions from a single multinational corporation drive SDG progress. Furthermore, it highlights the importance of transparent taxes and explores the responsibilities of global institutions, governments, investors, and multinational corporations.

Kier Group Plc: business and financial performance analysis and evaluation

Kier Group Plc: business and financial performance analysis and evaluation

Enhancing the Performance of Consumer Goods Firms through the Equity Capital in Nigeria (2011-2021)

This study examined whether or not equity capital enhances the performance of listed consumer goods firms in Nigeria. The study purposively sampled fourteen (14) out of twenty-one (21) consumer goods firms listed on the Nigerian Exchange Group Plc. The study used secondary sources to obtain panel data from the annual financial statements of the selected companies. Data sourced for were analyzed using random effects model and arithmetical means. Findings from the study revealed that the coefficient of share capital is positive (0.903050) and statistically significant (p=0.0099&lt;0.05), but the beta value of retained earnings is negative (−0.683966) and significant (p=0.0023&lt;0.05) for listed consumer goods firms in Nigeria. The average results found that 45% and 7% of total assets of the firms were financed by retained earnings and share capital respectively. The study confirmed that the appropriate mode of finance that could be considered for the effective performance of the firms in Nigeria is the share capital. The study concluded that share capital enhanced the performance of firms while the retained earnings did not in the country. The research recommended that the government of Nigeria should try to rebrand its dead local enterprises especially the affected consumer goods firms to enable them to attract more foreign investors into the country to enhance its economic growth.

BOARD CHARACTERISTICS AND FINANCIAL REPORTING TIMELINESS OF FIRMS IN NIGERIA

Several studies have examined issues relating to board characteristics and financial reporting timeliness in Nigeria, but none have conducted studies to examine board independence and board size in relation to financial reporting timeliness of non-financial distress likelihood zone firms in Nigeria. This study aims to examined board characteristics as well as financial reporting timeliness of firms in Nigeria. Different variables of board characteristics like board independence as well as board size were examined to determine how they are related to financial reporting ttimeliness. For the purpose of the study to be achieved, twenty-eight (28) distress likelihood zone firms from 2012 to 2021 as it relates to the non-financial firms that are listed on Nigerian Exchange Group (NXG) PLC as at 31st December, 2021 were carefully selected and studied. The panel least squares (PLS) regression was employed in the study and E-view 9.0 packages was used for the analysis of data. The regression analysis revealed a positive as well as a relationship that is significant between board independence and financial reporting timeliness while board size was found to be insignificant and negatively related with financial reporting timeliness of firms in Nigeria. Hence, it is recommended that the presence of independent board and their skills should not be neglected as it is in a better position to make sure financial statements are properly presented and reported for the shareholders to make good decision.

Thomas Cook: flightpath to failure

Theoretical basis To evaluate Thomas Cook’s financial condition, students deploy financial analysis techniques including comparative analysis. The role of financial reporting in impressions management is considered in two respects: firstly, the use of separately disclosed items by companies; and secondly, the treatment of goodwill on acquisition. Research methodology The case draws on a range of public data from Annual Reports and secondary sources including the Department of Business Energy and Industrial Strategy investigation into the failure of Thomas Cook. Case overview/synopsis Thomas Cook Group plc’s (Thomas Cook) was one of the oldest travel firms, yet its apparently sudden failure on 23 September 2019 left 600,000 holidaymakers stranded and sparked the largest ever peacetime repatriation of British citizens at cost of £83m to the Department of Transport. Around 9,000 employees who had expected to be paid on 30 September were left unpaid.Could CEO Peter Frankhauser have addressed the challenges faced by Thomas Cook more effectively during his tenure or was the company locked into a flightpath to failure? The case highlights the importance of context when performing financial analysis and encourages students to evaluate the challenges posed by the current standards related to accounting for goodwill and corporate reporting of underlying performance. Complexity academic level This case can be used in undergraduate financial reporting and current issues in accounting courses/modules at the postgraduate level.

Do key audit matters signal corporate bankruptcy?

Research Question: This paper aims to answer whether the Key Audit Matters (KAMs) Signaling Corporate Bankruptcy and investigate auditor responsibility versus the lack of auditing standards, and examine whether the disclosure of the KAMs by independent auditors enhances the prediction of corporate bankruptcy and the extent to which the KAMs reduce the information asymmetry between firm managers and shareholders. Motivation: We analyse the risk topics in the annual reports, then the KAMs highlighted by the auditor and then the KAMs are disclosed by adopting a case study approach. Data: We use a single descriptive case study approach and read the relative academic and professional literature to explore the KAMs included in the auditors' reports before the Thomas Cook Group Plc bankruptcy. Findings: We find no significant predicting power of KAMs disclosed by Ernst &amp; Young (EY) on Thomas Cook's annual reports. We found that the auditor is not responsible for indicating financial failure. Contribution: We suggest that the regulators and the accounting boards adopt more restrictive standards and improve the International Standards on Auditing (ISA) 701. Furthermore, attention should be focused on the reliability of KAMs specified in ISA 701. We conclude that the KAMs are ineffective in disclosing bankruptcy risk. Our paper concludes that the current auditing standards should be more instructive in preventing corporate bankruptcy. We contribute to the literature in a unique and core research area not researched previously.