How does Directors remuneration affect SMEs’ performance?

The purpose of this paper is to explain empirically the relationship between the remuneration levels of a sample of listed Small and Medium Enterprises (SMEs) directors and firm performance. The paper also investigates whether deviations from the optimal directors’ remuneration level reduce firm performance. The study uses a panel data regression analysis of 802 AIM-listed SMEs over an eight-year period (2005-2012). Using a non-linear approach, the results show that an optimum director’s remuneration level exist which results from comparing the benefits and costs of director’s remuneration. Hence, the paper does not only show how directors’ remuneration level affects firm performance, it also extends the stream of knowledge by indicating how a deviation from the optimal point influences UK-listed SMEs performance. Moreover, the results show that the effect of directors’ remuneration on firm performance is greater during financial crisis period. Compared with previous literature on directors’ remuneration, this paper focuses on AIM-listed SMEs and our finding of a concave relationship between directors’ remuneration level and performance of leads us to recommend that firms, especially SMEs should endeavour to determine the optimal level of directors’ remuneration to maximise performance

Using Extreme Value Theory to Model Insurance Risk of Nigeria's Motor Industrial Class of Business

Extreme losses have been recorded in Nigeria insurance companies due to motor insurance class claims; Nigeria Insurance market being a developing one requires building the confidence of the public to subscribe to their products. Nigeria’s motor industrial insurance claim data for five insurance companies in a two year period is modelled in this paper with extreme value theory (EVT) to estimate the Value-at-Risk (VaR), where VaR gives estimate of the minimum amount of claims an insurance company would pay in a given period of time. The time series plot was obtained which aimed at capturing the trend of the claims over the two-year period, the mean excess plot was obtained which helped to determine threshold and the shape of the distribution in the tail area. The returns were then fitted in a Generalized Pareto model (GPD), a similar model that would have been used is the Generalized Extreme Value model (GEV) but the GPD is used in this study because it describes what happens in the tail area of the distribution and not just the maximum tail. A linear Q-Q plot reveals that parametric model fits the data well. VaR estimate was finally obtained using the extreme value method and other two methods of Historical and Gaussian at 5% confidence interval. The three methods of estimating VaR were compared and the empirical result shows that extreme VaR is most suitable to calculate VaR as compared to the Historical and Gaussian method

Influence of Weed Control Methods on Viability and Vigour of Maize (Zea mays L.) Seeds

Weed control method of choice should achieve the objective of controlling weeds without sacrificing seed quality. The influence of Combination of mechanical method (slashing at 2, and 4 week intervals), and herbicide (pre-emergence and post emergence) for weed control in maize on seed quality (viability and vigour) of maize seeds were evaluated.. Field and laboratory experiments were conducted to investigate the influence of pre-emergence (Diuron 50% SC {N (3, 4-dichlorophenyl) N, N-dimethyl urea} and post-emergence (Atrazine 50FW-{6 chloro-N-methyl-N-(1-methylethyl) 1, 3, 5-triazine, 2, 4 diamine}) herbicides either alone, or in combination with slashing at two and four-week, on seed quality. Combination of pre-emergence herbicide and slashing 2-weeks after planting  slashing gave the highest viability (91.37%) and lowest conductivity value (2.79 µS/cm/g), whereas combination of post emergence herbicide and 4 week slashing gave the lowest viability (77.67%) and the highest conductivity value (15.71 µS/cm/g). In accelerated ageing test, combination of pre-emergence herbicide with either 2 week slashing, or 4 week slashing  WAP gave the highest viability (84%), whereas combination of post emergence herbicide with 2 week slashing gave the lowest viability (51.33%) and lowest germination rate index (10.37). Combination of pre-emergence herbicide and 2-week slashing is the best complementary option for weed control in maize seed crop. Keywords; pre-emergence, post-emergence herbicides,  seed physiology,  maize seed viabilit

Impact of Thrift and Loan Associations in Reducing Poverty for Economic Development of Farmers in Lafia Local Government Area of Nasarawa State, Nigeria

In rural areas, low level people hardly ever get access to credit facilities and farm inputs due to their socio economic status, thus the poverty level of people in rural areas continue to worsen. This study was carried out to examine the impact of thrift and loan associations in reducing poverty for economic development of farmers in Lafia Local Government Area of Nasarawa State. A multi-stage sampling technique was used in selecting the respondents. Data were collected through questionnaire and interview schedule. Tools for analyses were descriptive statistics and multiple regressions. Findings revealed that household size, farm income, non-farm income, educational level and interest rate charged on credit were the significant factors that influenced the level of participation of members in thrift and loan associations. The study concludes that Micro-lending through thrift and loans associations has been considered as the solution for poverty reduction. It was therefore recommended that thrift and loan association should be supported to grow their wealth sufficiently through accumulation of enough  institutional  capital  to  finance funded  assets,  provide  cushion  to  absorb  losses, link up farmers with sources of input production thereby reducing poverty among members. Keywords: impact, thrift and loans, association, poverty, economic, developmen

Comparative analysis of the performance of hydrophobically associating polymer, xanthan and guar gum as mobility control agent, in enhanced oil recovery application.

This study aimed at evaluating the performance of hydrophobically associating polymer (HAPAM), xanthan gum, and guar gum in enhanced oil recovery (EOR) processes. Their performances in terms of oil recovery applications were investigated through rheological behavior analysis and core flooding experiments. Rheological studies reveal shear thinning characteristics with HAPAM showing superior rheological behavior at elevated shear rates for all concentrations tested. Core flooding tests were conducted on different sandstone core samples with similar petrophysical properties to evaluate the EOR performance using the three polymers. Cumulative oil recovered after waterflood implies that HAPAM shows better oil recovery capability with 41.1, 62.4, and 63.5% oil recovery compared to xanthan achieving 32.8, 33.7, and 56.2% and guar gum achieving 41.8, 57.1, and 61.2% oil recovery using the three concentrations; concentration 1, 2 and 3 (1,000, 4,000 and 6,000 ppm), respectively. The superior performance by HAPAM was also evident in its lesser amount of permeability damage after flooding with 28.3% concentration

Impact of Thrift and Loan Associations in Reducing Poverty for Economic Development of Farmers in Lafia Local Government Area of Nasarawa State, Nigeria

In rural areas, low level people hardly ever get access to credit facilities and farm inputs due to their socio economic status, thus the poverty level of people in rural areas continue to worsen. This study was carried out to examine the impact of thrift and loan associations in reducing poverty for economic development of farmers in Lafia Local Government Area of Nasarawa State. A multi-stage sampling technique was used in selecting the respondents. Data were collected through questionnaire and interview schedule. Tools for analyses were descriptive statistics and multiple regressions. Findings revealed that household size, farm income, non-farm income, educational level and interest rate charged on credit were the significant factors that influenced the level of participation of members in thrift and loan associations. The study concludes that Micro-lending through thrift and loans associations has been considered as the solution for poverty reduction. It was therefore recommended that thrift and loan association should be supported to grow their wealth sufficiently through accumulation of enough  institutional  capital  to  finance funded  assets,  provide  cushion  to  absorb  losses, link up farmers with sources of input production thereby reducing poverty among members. Keywords: impact, thrift and loans, association, poverty, economic, developmen