Financial sector and manufacturing sector performance: evidence from Nigeria

Asaleye, Abiola John; Adama, Ibrahim Joseph; Ogunjobi, Joseph Olufemi

doi:10.21511/imfi.15(3).2018.03

Cited by 27 publications

(31 citation statements)

References 38 publications

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“…The LSDV estimate, however, shows that the reduction is to a significant degree. Considering the disparity in the estimates of the two techniques in the area of statistical significance, it may be safely concluded that increases in board size shrinks dividend 3 The fact that the firm size is also dependent on some factors, which may be used to increase its value, this variable may exhibit an endogenous nature. Yet, as stated under the estimation strategy, the inclusion of the time and entity/firm fixed effects are counted on to mitigate the possibilities of reverse causations.…”

Section: Resultsmentioning

confidence: 99%

Foreign directors, indigenous directors and dividend payout structure in Nigerian deposit money banks

Eluyela

Adetula

Obasaju

et al. 2019

Banks and Bank Systems

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This paper aims to examine the influence foreign and indigenous directors have on determining firms’ dividend payout structure. The population for this study is the fifteen deposit money banks listed on the Nigerian Stock Exchange. Using a random sampling technique, a sample of 14 deposit money banks for the 2010 to 2017 period was taken. The total observations used for the work was 112. The study adopted a panel data methodology, which was estimated with a random-effect model. It was observed that a significant relationship exists between foreign directors and the dependent variable (dividend payout structure). The dividend payout structure by dividend per share of sampled firms was measured. This study will improve analysts and investors’ understanding of dividend policy by giving them insights in identifying the main determinants of dividend policy. For policy makers, this study reinforces the fact that good corporate governance is important to develop financial markets and improve the firm value.

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Section: Resultsmentioning

confidence: 99%

Foreign directors, indigenous directors and dividend payout structure in Nigerian deposit money banks

Eluyela

Adetula

Obasaju

et al. 2019

Banks and Bank Systems

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“…Operational efficiency in the manufacturing sector continues to be a prominent issue among academics and industry players. An efficient manufacturing sector is an important solution to resolving the problems of unemployment and sustainable economic growth (Asaleye et al, 2018). The Rent Theory of Profit is one of the few theories that explain the impact of efficiency on profits (Bloom et al, 2018;Teece, 2017;Syversson, 2011;Walker, 1887).…”

Section: Literature Reviewmentioning

confidence: 99%

“…To address this, the Nigerian government seeks to place more emphasis on the development of the manufacturing sector in order to promote sustainable growth and development. It is believed that an improved manufacturing sector is a prerequisite for economic development (Asaleye et al, 2018). The sectors" contribution to GDP has not changed substantially over the course of the decade.…”

Section: Introductionmentioning

confidence: 99%

Operational efficiency and financial sustainability of listed manufacturing companies in Nigeria

Imhanzenobe¹

2019

J. Account. Taxation

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This study investigates the impact of operational efficiency on the financial sustainability of listed manufacturing companies in Nigeria. The recent economic crisis in Nigeria has caused an alarming decline in financial sustainability indicators of manufacturing companies. Managers are forced to make efficient use of resources to maximize profitability so as to cope with and compete in the harsh economic condition. Several measures of efficiency were analysed in relation to financial sustainability. There is a dearth of studies on effect of operational efficiency on long-term profitability in Nigerian manufacturing sector. Also, stock market performance has been ignored by studies in Nigeria. This study helps to fill these gaps by evaluating the impact of operational efficiency on long-term profitability (return on asset) and stock market performance (Tobin's Q). The efficiency variables considered include; employee growth, operating expenses, account receivables turnover, inventory turnover and asset turnover. A secondary panel dataset ranging from 2009 to 2016 for 16 listed manufacturing companies was obtained from the Bloomberg portal. The Ordinary Least Square method was used to test the 5 formulated hypotheses. The findings revealed that in relation to ROA, operating expenses and asset turnover had negative and positive significant relationship respectively. Employees' growth, account receivable turnover and inventory turnover were found to be insignificant. In relation to Tobin's q, both inventory and asset turnover had a positive significant relationship. Operating expense had a negative significant relationship. Again, employees' growth and account receivables turnover were found to be insignificant. Based on the findings, the study suggests that the common notion of employee retrenchment and keeping a thin workforce may not necessarily promote financial sustainability. The study recommends that firms should strive to reduce their operating expenses and implement efficient strategies that address asset and inventory turnover.

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“…Therefore, informed the niche of this study. Likewise, most African countries are regarded as low-income countries when high unemployment rate and poverty are the major macroeconomic problems [29][30][31]. Hence, Sphenostylis stenocarpa can help to improve the nutritional quality of these resource-poor countries.…”

Section: Introductionmentioning

confidence: 99%

Selecting Yield and Nutritional Traits in Sphenostylis stenocarpa Landraces for Food Improvement

Aremu

Abberton

Adebiyi

et al. 2020

FNA

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Background: Sphenostylis stenocarpa is an underexploited African indigenous food crop that is enriched in nutritional quality. Objective: Exploring the robust genetic base of this landrace can help to maximize the benefit of the agricultural sector on the economy through production that is enhanced by packaging and patent. This as well will increase the quality of food production and promote African campaign on food sustainability. Methods: Upon this, this research made use of multiple statistics to identify S. stenocarpa yield and nutritional trait relatedness that supported selection for maximum yield and nutritional trait output. Yield and related traits including protein and oil contents of twenty-three Sphenostylis stenocarpa landraces were studied under a four year planting seasons in Teaching and Research farm of Landmark University, Nigeria. Results: Trait variances from Landrace × Year (L × Y) interaction, Principal Component and Cluster analyses were evaluated and the variation patterns were identified. Some vegetative (maturity phase, height and branching) and yield traits (Pod traits, seed yield and oil content) correlated significantly (p < 0.05) in the L × Y interactions. This suggests the usefulness of these traits in improving S. stenocarpa grain and oil quality yield. Tuber and nodule yield including protein content did not differ significantly in the variance table. Conclusion: The result indicates that one location trial is insufficient to determine such trait performance. The first four PCs that accounted for 51 percent of the total variations were traceable to branching, maturity date, pod numbers, seed and oil content as main contributors to yield.

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Financial sector and manufacturing sector performance: evidence from Nigeria

Cited by 27 publications

References 38 publications

Foreign directors, indigenous directors and dividend payout structure in Nigerian deposit money banks

Foreign directors, indigenous directors and dividend payout structure in Nigerian deposit money banks

Operational efficiency and financial sustainability of listed manufacturing companies in Nigeria

Selecting Yield and Nutritional Traits in Sphenostylis stenocarpa Landraces for Food Improvement

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