BANKRUPTCY PREDICTION AND FINANCIAL RISK ASSESSMENT IN EMERGING MARKETS: EVIDENCE FROM NIGERIA

This study evaluates the predictive performance and associated risks of four prominent bankruptcy prediction models within the Nigerian business environment: the Altman Z-score, Ohlson O-score, and the locally validated IN01 and IN05 indexes. Utilizing a comprehensive dataset of Nigerian firms, the models are assessed across multiple metrics, including overall accuracy, sensitivity, specificity, precision, and F1 scores. Our empirical results demonstrate that the Nigerian-validated IN01 and IN05 models outperform the traditional Altman and Ohlson models, highlighting the critical importance of contextualizing bankruptcy prediction tools to local economic conditions. The analysis further includes Receiver Operating Characteristic (ROC) curves and confusion matrix heatmaps to provide nuanced insights into model discriminative power and classification errors. Findings underscore the practical implications for financial institutions and regulators in improving early warning systems and mitigating systemic risks in emerging markets. Limitations related to data quality and model scope are acknowledged, with recommendations for integrating machine learning and macroeconomic variables to enhance future predictive frameworks

RELATIONSHIP BETWEEN BOARD HETEROGENEITY AND ENVIRONMENTAL PERFORMANCE IN NIGERIAN MANUFACTURING FIRMS

This study investigates the relationship between board heterogeneity and environmental performance in Nigerian manufacturing firms, focusing on four key dimensions of board composition, board independence (BIND), board gender diversity (BGEN), board professionalism (BPRO), and board nationality diversity (BNAT), with firm size (FSZ) as a moderating variable. Using a panel dataset of 68 Nigerian manufacturing firms over the period 2015 to 2024, the study employs panel corrected standard errors (PCSE) regression models to address heteroscedasticity and autocorrelation issues. The findings indicate that all four dimensions of board heterogeneity positively influence environmental performance, with firm size enhancing the effect of diversity on sustainability practices. This study contributes to corporate governance literature by demonstrating the importance of board diversity in improving environmental stewardship, particularly in large firms. Conclusively, this study emphasizes the importance of promoting diversity in board composition to improve environmental stewardship. Recommendations include that Nigerian manufacturing firms should prioritize increasing the diversity of their boards, particularly in terms of gender and nationality, to strengthen environmental governance. Additionally, policymakers should consider creating incentives for companies to enhance board diversity as a strategic tool for improving corporate sustainability

ELECTRONIC BANKING AND PERFORMANCE OF BANKING SECTOR IN NIGERIA

Electronic banking has become an important issue in gaining a competitive advantage while maintaining and growing overall effectiveness of banking sector. Despite the importance of electronic banking, the banking sector has continued to face challenges, such as long queues in certain banking halls, excessive cash handling by customers, and frequent network failures. Hence this research examined electronic banking and performance of banking sector in Nigeria. The financial reports of the chosen Nigerian deposit-taking banks provided the secondary data used in this investigation. The acquired data was analyzed using static panel data regression. With a coefficient value of 0.0080 and at the 5% significant level, the regression analysis's findings showed that online banking has a major impact on Nigerian deposit money banks' net interest revenue. The study's findings also showed that, at the 5% significant level, automated teller machines have an effect on the net interest revenue of deposit money institutions in Nigeria, with a coefficient value of 0.0063. With a coefficient value of 0.0056 and at the 5% significant level, the study also showed that mobile banking significantly affects the net interest revenue of deposit-taking institutions in Nigeria. The research concludes that Nigerian deposit money banks' performance is greatly impacted by electronic banking. The study recommends that in order for banks to truly gain from electronic banking, more customer orientation should be undertaken to raise awareness and encourage users to use the services

THE EFFECT OF GOVERNMENT BOND ATTRIBUTES ON CAPITAL MARKET PERFORMANCE IN NIGERIA

The study examined the impact of government bonds on capital market performance in Nigeria, Specifically, this study investigated the volatility level of government bonds in the Nigeria capital markets, the impact of government bonds markets capitalization on capital market performance. Ten-year Time-series data was used for this study from 2014 to 2023 sourced from the Central Bank of Nigeria (CBN), Nigerian Exchange and Securities and Exchange Commission (SEC). Data was subjected to linear regression analysis which was used to estimate the parameters of the model. The findings revealed that Government bond market capitalization, value of government bond and new issues of government bonds all have a significant positive effect on capital market performance in Nigeria. While, volatility level of government bonds hurts capital market performance. Based on the findings the study concluded that government bonds capitalization, the volume of government bonds, and new issues on government bonds should be increased, while volatility in the value of government bonds should be reduced. The study therefore recommended that the government should increase its bond market capitalization to increase the capital market performance; the government through its agency should attempt to prevent the bond price and return fluctuation and the government should increase the number of bond issuance in circulation to increase the level of capital market performance in the country

MORTGAGE FINANCE, INSTITUTIONAL FACTORS AND HOUSING DEVELOPMENT IN NIGERIA

The need to establish the role of institutional factors in the impact of mortgage finance on housing development in Nigeria creates the necessity for this study. This study examines the interacting effect of institutional factors in the relationship between mortgage finance and housing development.  Quarterly data on housing delivery, mortgage finance and institutional and economic factors were sourced from the Central Bank of Nigeria statistical bulletin, Federal Mortgage Bank of Nigeria audited report and World Governance Indicator between 2005 to 2022. Empirical analysis was conducted using the Autoregressive Distributed Lag (ARDL) model. The research found a negative and significant (at 10% level of significance) interacting effect of institutional factors in the relationship between mortgage interest (coeff.;-1.967: p-value;0.0734) and housing development, while institutional factors render the effect of mortgage loan and mortgage equity on housing delivery insignificant. The paper concludes that the interaction of institutional factors such as government effectiveness, corruption, regulatory framework, rule of law among others, downplays the efficacy of mortgage finance in causing housing development in the short run and recommends a strengthened institutional framework that guarantees stringent anti-corruption measures, transparent mortgage application and approval process, and expedited bureaucratic processes, to enhance accessibility of mortgage finance

WORKING CAPITAL MANAGEMENT AND FIRM PERFORMANCE OF HIGH-GROWTH ENTERPRISES: EVIDENCE OF CORPORATE FINANCIAL MANAGEMENT IN EMERGING ECONOMIES

This study examines the relationship between working capital management (WCM) and profitability among high-growth firms (HGFs) in Nigeria, utilizing a comprehensive panel dataset spanning 2002 to 2023. Employing fixed effects and system GMM estimations, the analysis reveals a significant inverted U-shaped relationship between the cash conversion cycle (CCC) and firm profitability, indicating that both insufficient and excessive investment in working capital adversely affect financial performance. Subsample analyses across industries and time periods further highlight sectoral heterogeneity and increased sensitivity of WCM post-2015 amid macroeconomic volatility. These findings underscore the critical need for balanced, dynamic working capital policies tailored to firm-specific and macroeconomic contexts. The study contributes to the understanding of financial management strategies in emerging markets and offers actionable insights for corporate managers, financial institutions, and policymakers aiming to enhance firm resilience and economic development

THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON BANK PERFORMANCE IN NIGERIA

The objective of the study was to investigate the impact of corporate social responsibility on bank’s performance in Nigeria. The ex-post-facto research design was adopted, and the study focused on selected banks. A yearly panel series data from 2007-2016 were sourced from the banks’ annual reports and Nigerian Exchange Group. The data was subjected to panel regression analysis to estimate the parameters of the model. The findings revealed that CSR have a significant and positive impact on net profit margin, suggesting that firms actively engaged in corporate social responsibility initiatives tend to experience better profitability. The analysis also shows a negative relationship between corporate social responsibility and earnings per share, indicating that corporate social responsibility may contribute to long-term value creation. Firm size emerges as a crucial factor in determining financial performance. Larger firms generally enjoy higher returns on equity and are more efficient in utilizing their assets to generate returns. The study concluded that the dual-edged nature of corporate social responsibility engagement, where the benefits to profitability and long-term value must be balanced against the potential short-term financial drawbacks. The study therefore recommended that firms should strategically integrate corporate social responsibility initiatives with their core business objectives to maximize the positive impact on profitability. firms should carefully evaluate the timing and scale of their corporate social responsibility investments. Firms should focus on streamlining operations to prevent the erosion of net profit margins. This can be achieved by adopting advanced technologies, optimizing supply chains, and reducing unnecessary overhead costs. Banks should establish clear metrics for evaluating the success of their corporate social responsibility programs, regularly review their impact on financial performance, and adjust as needed to maintain a balance between social responsibility and profitability

DOES TAXATION AFFECT BANKS’ PROFITABILITY: EVIDENCE FROM NIGERIA

Abstract Taxation and tax policy of any economy has a major implication on the growth “and performance of businesses in every economy. fiscal policy instrument should not be rigid for the taxpayers. This is because a flexible and viable taxation system has the capacity to stimulate economic activities. The paper examines how taxation impact the profitability of commercial banks in Nigeria. To test the hypothesis, the paper applied the panel regression on published information from fifteen banks from 2011-2022. The findings reveal that the marginal tax rate, effective tax rate and the average tax rate have strong positive and significant effects on return on asset. The outcome offers corporations useful insights on tax planning strategies properly and show how their tax avoidance skills could be used without practicing tax evasion. Amongst others, the recommends that regulators should grant tax incentives and reforms to reduce the tax burden on companies. Moreso, governments should formulate unequivocal tax policies that would aid tax law and administration that would encourage business growth

FINTECH PENETRATION AND CLIMATE-SMART INFRASTRUCTURE: EVIDENCE FROM RENEWABLE ENERGY FINANCING IN THE GLOBAL SOUTH

This study investigates the impact of financial technology (fintech) penetration on renewable energy investment in developing countries between 2010 and 2024. Drawing on a balanced panel dataset covering 60 developing economies, the study constructs a Fintech Penetration Index (FPI) based on subcomponents including mobile payments, digital lending, and crowdfunding. Using fixed effects and system GMM estimators, the empirical analysis finds a robust and statistically significant relationship between fintech diffusion and renewable energy investment. Specifically, a 1% increase in FPI is associated with a 0.487 unit rise in renewable investment, with individual fintech components also exhibiting positive and significant effects. The findings remain robust across alternative specifications, sensitivity tests, and post-estimation diagnostics. The results highlight the critical role of digital financial systems in lowering financing barriers, enhancing institutional quality, and enabling green capital flows. Policy implications suggest that fintech should be integrated into national green investment strategies, with regulatory frameworks designed to foster innovation while ensuring sustainability and financial inclusion. Future research should explore disaggregated impacts at the firm and household levels, and assess the interplay between fintech adoption, regulatory capacity, and environmental governance

THE EFFECT OF AUDIT FIRM SIZE, TENURE, AND COMMITTEE SIZE ON REGULATORY FILING TIMELINESS OF NIGERIA LISTED FIRMS

The study investigates the effect of audit firm size, tenure, and committee size on regulatory filing timeliness of Nigeria Listed Firms. Regulatory Filing Timeliness is represented with ‘the difference between the financial end to the date in which the auditor signs the financial statements’ while Audit Firm Size, Tenure, and Committee Size are represented with audit firm size, audit tenure and audit committee. Using 42 firms-years longitudinal paneled of 420 observations. Ddescriptive and correlational research design is used. Based on the data's availability at the time of the inquiry, the study used a convenient sampling strategy to gather secondary data. These data cover the years 2012 through 2021 and were compiled from the annual financial reports of these selected companies. Descriptive statistics and panel regression analysis were used to analyze the data. The analysis findings shows that audit firm size, audit tenure and audit committee all has a positive and statistically significant effect on the Regulatory Filing Timeliness of some listed companies in Nigeria. According to the findings, managers should keep in mind that larger audit firms tend to have more resources, expertise and experience will contribute to efficient and timely financial reporting. Similarly, longer audit tenure enhances familiarity, knowledge, and the ability to streamline the audit process, results to more timely reporting and lastly the committee should compose of individuals with diverse expertise and knowledge which will enable them with the necessary resources and support to fulfill their responsibilities effectively