BANK SPECIFIC FACTORS AND ASSET QUALITY OF LISTED DEPOSIT MONEY

This study examined the effect of bank specific factors on asset quality of listed deposit money banks in Nigeria. Asset quality was proxied by nonperforming assets whereas the independent variables include Return on Asset, Interest Income Spread, Income Diversity and Credit Growth Rate. The study used a correlation research design for which data were collected from the published annual financial reports and accounts of the studied DMBs listed in Nigeria for seven years ((2012-2018) and analyzed using multiple regression analysis with the aid of STATA software. The population consisted of the 14 listed DMBs on the Nigerian stock exchange as at 31st December, 2018, whereas as a result of applying a filter, the sample size was 13 listed DMBs. The outcome of the study revealed that ROA has a negative and significant effect on Asset Quality of listed DMBs in Nigeria. While Income Diversity and Interest Income Spread have a favorable and considerable impact on DMB Asset Quality in Nigeria. Credit Growth Rate, on the other hand, had a favorable but negligible influence on Asset Quality of Nigerian listed DMBs. The study concludes that management of listed DMBs in Nigeria should aim to balance their profit pursuit with better asset quality, based on the data. Furthermore, in order to enhance the asset quality of DMBs, the study suggests that management should always guarantee that other investments outside of their lending/financial intermediation business are kept to a minimum or not prioritized at all

BOARD PHYSIOGNOMIES AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE OF LISTED OIL AND GAS FIRMS IN NIGERIA

This study examines the impact of board characteristics on corporate social responsibility disclosure of listed oil and gas firms in Nigeria for the period of ten years from 2010-2019. The study used census sampling technique to arrive at sample size of nine (9) oil and gas firms listed on the floor of Nigerian Stock Exchange as at 2019. Data were extracted from annual reports and accounts of the sampled firms, the data was analyzed by means of descriptive statistics, correlation and regression analysis using STATA13. The multiple regressions result reveals that foreign directors on the board has positive insignificant impact on corporate social responsibility disclosure while board independence, board meetings and women director on the board have a positive and significant impact on corporate social responsibility disclosure of the sample firms. Based on the findings, the study concludes that board independence, board meetings and women director on the board improved corporate social responsibility disclosure of listed oil and gas firms in Nigeria. Based on the findings and conclusion, its therefore recommends among others, that the management of listed oil and gas companies in Nigeria should maintain proportions of board independence as this will increase their investment in corporate social responsibility. This is because the presence of independent directors on the board will increase the board’s objectivity and its ability to represent multiple points of view of the firm’s role

THE EXTENT OF SUSTAINABILITY DISCLOSURE: EVIDENCE FROM LISTED NIGERIAN OIL AND GAS COMPANIES

Global reporting initiatives (GRI) guidelines has received wide spread acceptance across the globein the area of sustainability reporting. Several studies conducted in developed countries proved theeffectiveness of the GRI index. In order to enjoy the benefits attributable to sustainability reporting,many developing nations claim compliance with the GRI index. However, the extent of compliancewith the index remain sketchy. The objective of this research is to discuss this challenge bymeasuring the extent of sustainability disclosure in the Nigerian oil and gas companies using theGlobal Reporting Initiatives (GRI) framework as yardstick. The study used secondary data collectedfrom the annual report and accounts of eight (8) selected oil and gas companies listed on NigerianStock Exchange (NSE). Weighted disclosure index was used to measure the level of compliance withsustainability disclosure among these companies. T-test was used to find the means difference of theselected companies using company characteristics. The findings reveal that there is significancelevel of compliance with sustainability disclosure requirement by the companies. It also revealsyearly improvement in the means compliance across the study period. In addition, companiescomplied more with the requirement under strategy and analyses than other categories of thedisclosure requirement. It also shows that big companies complied more with the disclosurerequirement than small companies. However, profitability and audit quality of the companies haveno significance difference in influencing level of disclosure. The study further suggests for futureresearch the assessment of value relevance of this level of compliance. : Sustainability Disclosur

WORKING CAPITAL MANAGEMENT AND THE FINANCIAL PERFORMANCE OF LISTED OIL AND GAS COMPANIES IN NIGERIA

Working capital is required for steering the day to day operations of an organization and hence its importance. This study examines the impact of working capital management on the financial performance of listed oil and gas firms in Nigeria. The study used secondary data only covering a period of 8 years (2011-2018). Correlational research design was used on a sample of 11 oil and gas firms. The study also employed the Robust Generalized Least Squares (GLS) multiple regression technique for data analysis, it concluded that cash conversion circle, and average period of debt settlement are negatively and strongly influencing return on asset of listed oil and gas firms in Nigeria, while average collection periods is positively influencing the return on asset of listed oil and gas firms in Nigeria. But average period of inventory retention has no statistical significant positive impact on the return on asset of listed oil and gas firms in Nigeria. The study therefore recommended that the management of oil and gas firms in Nigeria among others should consider reducing the cash conversion circle so as to increase their firm profitability. In addition, managers’ of oil and gas firms should encourage larger sales turnover and volume by allowing their customers’ shorter periods of account collections through granting of prompt sales cash discounts. The policy implication from the finding is that, management of listed oil and gas firms in Nigeria must embrace a more flexible trade credit policy from suppliers with elongated time to make payments for the profitability of their firms to improve

AGENCY BANKING STRATEGIES AND FINANCIAL INCLUSION OF RURAL AREAS IN KWARA STATE, NIGERIA

The nexus between agency banking strategies and financial inclusion have been a debatable paradox for a long period of time due to the important role play by deposit money banks in finance inclusive economy functions. However, the goal of financial inclusion has not been achieved due to geographical distance of banks to rural area, poor bank innovation and technological advancement to rural settlement. The study investigates the effect of agency banking strategies (bank innovation strategy, geographical coverage strategy, and technological advancement strategy) on financial inclusion in rural areas in Kwara State, Nigeria. The study employed primary data obtained from respondents through administration of questionnaire within the period of 2019 and 2020. The data obtained were subjected to reliability and validity tests as well as Tobit Regression method of analysis. Findings revealed that agency banking strategies such as bank innovation strategy, geographical coverage strategy and technological advancement strategy have positive and significant effect on financial inclusion of rural areas in Kwara State, Nigeria. The study concludes that agency banking strategies enhance financial inclusion of rural areas in Kwara State, Nigeria. The study recommends that deposit money banks management should extend bank innovative products or services and enlighten the rural segment entrepreneurs on bank inclusion strategies so as to increase inclusive financial services and economic activities for the rural segments

INTERLOCKING BOARD MEMBERSHIP AND FINANCIAL PERFORMANCE OF LISTED FIRMS IN NIGERIA

This study examined interlocking board membership and financial performance of listed firms in Nigeria. A sample of fifty (50) listed non- financial firms was selected from the population using the systematic random sampling technique. The data for the period, 2007 to 2018 was analyzed using the descriptive statistics, correlation matrix and the general method of moment (GMM). Findings revealed that the one lag value of the returns on equity is statistically significant and positively correlated with the firms’ financial performance. Interlocking board membership (IBM) exerted a negative and significant impact on the firms’ financial performance. Board size exerted a positive impact on the performance of the firms, suggesting that a relatively large board size engenders conflicts in decision making and may hamper financial performance of firms. Firm size was positive and significant on the firm performance in the reference period. Implicitly, board interlocks under the upper echelon theory, irrespective of the size of the board is yet a key driver of corporate financial performance in Nigeria. The study recommends that managerial interlocking board membership should be examined in the context of agency relationship on firm performance. There is need for regulators to design a framework on the proportion of board interlocks inclusion in firm board. Firm should be mandated to disclose proportion of board interlock as it will guide researchers in carrying out critical analysis for policy recommendations

FOREIGN RESERVE ACCUMULATION AND MACRO ECONOMIC VARIABLES OF SUB-SAHARAN AFRICAN COUNTRIES

This study investigates the effect of foreign exchange reserves accumulation on economic stability proxied by inflation, unemployment, exports and GDP for a sample of 49 Sub-Saharan African countries for the periods 2009- 2018 using panel (longitudinal) fixed model. Findings from this study reveal that foreign exchange reserves have a significant negative effect on unemployment and inflation; however, it shows a significant positive effect on export and gross domestic product (GDP. To improve the overall economy of the listed sub-Saharan countries, the paper therefore recommends sub-Saharan African countries to adopt a mixture of investment friendly and direct unemployment reduction polices by reinvesting investible surplus into inflationary controllable and productivity boosting policies that will stimulate economic prowess rather than keeping this huge amount of resources redundant

TAXATION AND SOCIAL SERVICES: EVIDENCE FROM NIGERIA

This study econometrically examined taxation effect on social services in which how taxation incomes finance education services were investigated. Data were collected from FIRS bulletin and CBN statistical bulletin covering 1981 to 2020. To realize econometric impact of taxation on social services, regression model, Cointegration, VECM and granger causality wald test were analytically engaged. Petroleum profit tax, company income tax, Value added tax and Custom and Excise Duties have positive significant impact on Social services both in the short run and in the long run in Nigeria. It is concluded that taxation positively ignited education services and vice versa. This displayed bidirectional causality amid taxation and social services. Also taxation has positive significant impact on education services both in the short and long run in Nigeria. The huge revenue earned by the government through taxation assisted government to improve her education and EDUT services. It is recommended that administration of taxes especially company income tax and customs and excise duties should be done in a way that collection and remittance cannot be evaded so that its effectiveness will be properly comprehended in the magnitude of social services provision

EFFECT OF MACROECONOMIC FACTORS ON CAPITAL STRUCTURE OF FIRMS IN DEVELOPING AFRICA: A TWO-STEP GMM APPROACH

The study examines the effects of macroeconomic factors and on capital structure of non- financialfirms in Africa. Using a recent data for an advanced dynamic model (2step system generalizedmethods of moment (GMM)) technique for a panel data model of 406 non-financial firm of 8developing African nations. The findings reveal that macroeconomic variables are determinant ofcapital structure of non-financial in Africa. The findings show that financial managers can benefitfrom raising additional capital as macroeconomic conditions are favorable. Moreover,shareholders should employ firm managers with good knowledge of macroeconomic conditions andalso encourage them raise debt capital needed to fund positive investment. Lastly, Policymakersshould enact policies that promote financial market development because such policies wouldcomplement the banks’ financing strategies and firms would have more access to debt capital

DETERMINANTS OF SOCIAL AND ENVIRONMENTAL ACCOUNTABILITY OF NIGERIAN FIRMS

Corporate organisations are following legal and illegal means to avoid and evade payment of corporate taxes considered as corporate burdens that erode profits as the main motive of businesses. Conversely, activities of corporate organisations are associated with depletion and destruction of natural resources and negative impacts on the society and environment and there are increasing pressure on corporate organisations to render social and environmental accountability. However, rendering such accountability is capable of further eroding profits; thus, corporate organisations may render less accountability with payment of corporate taxes. Therefore, the aim of this paper is to evaluate the relationship between corporate tax, size, profitability and leverage, and social and environmental accountability by listed Nigerian construction and building materials and pharmaceutical and healthcare companies from 2009 to 2018. Data on annual social and environmental disclosure are collected from the annual reports and accounts of 5purposively selected companies each as samples from population of 9 companies in the construction and 10 companies in the pharmaceutical industries. Social and environmental accountability is evaluated by obtaining quantity of disclosure using modified words count content analysis while panel regression analysis is conducted to determine the influence of chosen variables on the disclosure. Results from the study indicated that corporate size statistically explain CSED by construction companies while leverage is significant in pharmaceutical companies. Corporate tax is negatively related with CSED in construction industry while other variables are not significant. Stakeholder theory explain the disclosure practices which have the policy implications requiring more CSED by the two industries while public policy makers may regulate CSED in the two industries