Cash Flow Management and Financial Performance of Selected Listed Companies in Nigeria

Etim, Etim Osim; Daferighe, Emmanuel Emeakponuzo; Enang, Ekwere Raymond; Nyong, Mary Bassey

doi:10.47509/iajfa.2022.v03i01.03

Cited by 3 publications

(6 citation statements)

References 6 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…As a result, alternate hypothesis was accepted which holds that the performance of Nigerian listed manufacturing companies is significantly impacted by their operating activities. This is consistent with the a priori expectations of Tonye, Emmanuel, Stanley [2], Etim, Emmanuel, Ekwere, and Mary [14], and others who discovered a significant and positive correlation between operating cash flow management and business performance. In disagreement, Chibuike and Celestine [8], Nangih, Ofor and Onuora [5] found insignificant relationship between operating cash flow management and corporate performance.…”

Section: Discussion Of Findingssupporting

confidence: 91%

“…The findings of Chibuike and Celestine [8], Ebimobowei, Awuji and Anuogwu [15], Tonye, Emmanuel and Stanley [2], and Nangih, Ofor and Onuora [5] that financing cash flow management ensures corporate performance are in line with our presumptions. This disagrees with the status quo of Ekwunife and Okoro [6], Etim, Emmanuel, Ekwere and Mary [14] who found insignificant and negative relationship between the variables. H03: Investing activities has no significant effect on performance of listed manufacturing firms in Nigeria.…”

Section: Discussion Of Findingscontrasting

confidence: 85%

“…As a result, we decided to reject the null hypothesis and accept the alternate one, which states that investing activities has significant effect on performance of listed manufacturing firms in Nigeria. In agreement, Tonye, Emmanuel and [2], Etim, Emmanuel, Ekwere and Mary [14] found positive and significant relationship between investing activities and firm performance. This is not in tandem with the priori expectations of Nangih, Ofor and Onuora [5], Ekwunife and Okoro [6] who found insignificant relationship between investing cash flow management and corporate performance.…”

Section: Discussion Of Findingssupporting

confidence: 65%

“…Etim, Emmanuel, Ekwere, and Mary [14] examined how Nigerian listed companies' financial performance was affected by cash flow management. The study used secondary data from sixty-three (63) selected listed companies on the Nigerian Stock Exchange (NSE) from 2013 to 2019 and employed an ex-post facto research design.…”

Section: Empirical Reviewmentioning

confidence: 99%

“…Nangih, Ofor and Onuorah [5], Etim, Emmanuel and Ekwere [14], Chibuike and Celestine [8] It is expected to have a positive effect.…”

Section: Logarithm Of Cash Flow From Operating Activitiesmentioning

confidence: 99%

See 4 more Smart Citations

Cash Flow Management and Firm Performance: Moderating Effect of Corporate Governance Mechanism in the Era of Disruption in Emerging Economy

Emeka,

Kelvin,

Okpala, Ngozi. E.

2023

SAJSSE

View full text Add to dashboard Cite

The moderating effect of corporate governance mechanism on the relationship between cash flow management and performance of listed manufacturing firms in the era of disruption in Nigeria was empirically investigated in this study. Operating, financing, and investing activities were used as proxies for cash flow management. Net assets per share (NAPS) was used to measure firm performance while board independence was used as a proxy for the corporate governance mechanism (moderating variable). Panel least squares regression model operated with E-View 12 was utilized to perform the statistical test of parameter estimates, and six hypotheses were formulated to direct the investigation. Ex Post Facto design was used, and the data for the study was collected from the published annual financial reports and accounts of companies listed on the Nigerian Exchange Group (NGX) under the consumer goods sector, industrial goods sector, and oil and gas sector. The results of the study show that operating activities (OA) significantly affect firm performance (NAPS) at 5% significant level. Furthermore, it was discovered that, at 1% significant level, financing activities (FA) has a positive and significant effect on firm performance, whereas investing activities (FA) has the same effect on firm performance in Nigeria. Also, it was noted that, at 1-5% significant level, corporate governance mechanism (board independence) moderated the effect of cash flow management on firm performance in Nigeria. Thus, the study concludes that in this disruptive era in Nigeria, firms’ performance is determined by their ability to manage their cash flow effectively. Moreover, strong corporate governance practices ensure the success of the company. In light of the study's findings, the study recommends that businesses should review their approaches to managing cash flow so that they can produce enough cash to cover both their operating and investing needs. On the other hand, net cash flow from financing activities ought to be preserved because it has a substantial impact on the financial results of the Nigerian listed companies.

show abstract

Section: Discussion Of Findingssupporting

confidence: 91%

Section: Discussion Of Findingscontrasting

confidence: 85%

Section: Discussion Of Findingssupporting

confidence: 65%

Section: Empirical Reviewmentioning

confidence: 99%

“…Nangih, Ofor and Onuorah [5], Etim, Emmanuel and Ekwere [14], Chibuike and Celestine [8] It is expected to have a positive effect.…”

Section: Logarithm Of Cash Flow From Operating Activitiesmentioning

confidence: 99%

See 3 more Smart Citations

Cash Flow Management and Firm Performance: Moderating Effect of Corporate Governance Mechanism in the Era of Disruption in Emerging Economy

Emeka,

Kelvin,

Okpala, Ngozi. E.

2023

SAJSSE

View full text Add to dashboard Cite

show abstract

Social Financial Technologies for the Development of Enterprises and the Russian Economy

Kostyrin¹,

Sokolov²

2023

Adv. sci. technol. eng. syst. j.

View full text Add to dashboard Cite

The main contradiction identified in the study is that the existing scientific and methodological solves of economy development management processes does not create prerequisites for improving the efficiency of their work, the introduction of progressive technologies for material and moral stimulation of the work of performers and administrative and managerial personnel, advanced social mechanisms for country's economy development and social security employees. Economic and mathematical modeling of the complex system of social financing of enterprises and the economy of the country, scientifically sound personnel policy and the system of motivation of performers and administrative and management personnel is an important and urgent problem. The purpose of the study is to develop and implement an economic and mathematical model of a comprehensive system of social financing of enterprises and the economy of the country, optimizing the wages of the workforce, consistent with revenue growth, deductions for the development of the enterprise (relevant for the employer and the entire workforce), taxation and social contributions (important for the state). The results of the studies conducted and presented in this article allow us to conclude that the proposed social financial technologies for the development of enterprises and the economy of Russia, make it possible, at quite achievable rates of growth of gross domestic product (revenue of enterprises) by 3% per year, to ensure an increase in the wages of working citizens for 5 years by 34 %, which will make it possible to practically end poverty, and to increase contributions to the development fund over 5 years by 16%. Starting from 2026, increase receipts from income tax, tax on profit rate and value added tax and bring this growth to 30% by 2041, which will allow the state to solve many social problems.

show abstract

Economic and Mathematical Modeling for the Process Management of the Company's Financial Flows

Kostyrin

Rozanov

2023

Emerg Sci J

View full text Add to dashboard Cite

This paper presents an analysis of existing methods and models designed to solve the problem of planning the distribution of financial flows in the operational management cycle of the enterprise; it also offers tools for process management of enterprise financial flows based on the method of dynamic programming, which allows for determining the optimal combination of factors affecting the financial flow of the enterprise, taking into account existing restrictions on changes in the influencing parameters of the model. The current study develops an innovative model that maximizes the economic efficiency of investment in the sale of food products through retail chains and the practical implementation of the developed model based on the data from the financial reports of LLC "Kraft Heinz Vostok". The theoretical and methodological basis of the research includes the works of Russian and foreign experts in the fields of methodology of economic and mathematical modeling and decision-making, dynamic programming, system analysis, information approach to the analysis of systems, process management of enterprise financial flows, and human resource management. The author's methodology makes it possible to increase the company's profitability in key clients and categories in the range of 4 to 6 million dollars and to increase the return on investment by 10–17%. The scientifically innovative aim is to develop a toolkit for process management of enterprise financial flows, characterized by a systematic combination of methods of dynamic programming, social financial technologies, and economic evaluation of investments, which allows for the creation of mechanisms for managing the development of enterprises of all organizational and legal forms and the development of model projects of decision support systems with the prospects of their incorporation into existing information and analytical systems. Doi: 10.28991/ESJ-2023-07-03-017 Full Text: PDF

show abstract

Cash Flow Management and Financial Performance of Selected Listed Companies in Nigeria

Cited by 3 publications

References 6 publications

Cash Flow Management and Firm Performance: Moderating Effect of Corporate Governance Mechanism in the Era of Disruption in Emerging Economy

Cash Flow Management and Firm Performance: Moderating Effect of Corporate Governance Mechanism in the Era of Disruption in Emerging Economy

Social Financial Technologies for the Development of Enterprises and the Russian Economy

Economic and Mathematical Modeling for the Process Management of the Company's Financial Flows

Contact Info

Product

Resources

About