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

Stochastic frontier modelling of working capital efficiency across Europe

This paper adopts the stochastic frontier analysis (SFA) to model working capital efficiency (WCE) on a sample of 6,170 European firms from 2009 to 2018. We find: (i) larger firms are more efficient with their working capital management (WCM) than smaller firms, (ii) higher cash holding contributes to WCE, (iii) high competition is less conducive to WCE than low competition, (iv) export and sales growth potential decrease WCE and (v) WCE increases with access to bank credit. In the analysis, a distinction is made between the "old" EU countries and the "new" EU countries. The results are sensitive to the year of admission into the EU. The results are robust to omitted variable bias, using a more novel approach

Assessment of frequency, density and abundance of weed species in different Cropping Systems

This study was conducted at the Teaching and Research Farm, Obafemi Awolowo University, Ile-Ife, Nigeria to determine effect of cropping systems on weed diversity  and weed seeds bank at various soil depths. Weed flora composition in different cropping systems were also correlated with land use history. Two broad  cropping systems were considered namely; plantation cropping (cocoa, oil palm and cashew) and arable fields (maize, cassava/maize and a natural fallow which served as control. Twenty six weed families were recorded in all. Out of these 26 families, only two are grasses while the remaining were broadleaves. Oil palm and cashew plantations had the highest weed diversity. Using Shannon index (H>1.0), Panicum maximum (Poaceae) and Vigna gracilis (Papilionaceae) weeds were more frequently encountered across the cropping systems with diversity index H>0.5. Asteraceae, Papilionaceae, Rubiaceae were the broadleaves families widely distributed in the cropping systems. Results on the weed seed bank indicated that the number of weed seeds decreased as soil depth increased, the highest number of seeds was found in the soil layer of 0-8 cm. Keywords: Cropping System, Seed bank, abundance, densit

The Role of Dialogue in the Search for National Security in the Face of Boko Haram Phenomenon: a Case Study of 2 Samuel 20:16-22

The coordinated and unrelenting attacks by the Boko Haram sect in the northern states of Bornu, Yobe, Gombe, Bauchi, Niger, and Adamawa which have claimed several lives, besides making life miserable for Nigerians, remain a threat to national security and survival. Although efforts have been made to curtail the menace, the quest for security of lives and properties is still elusive. Could this menace of insecurity be regarded as ethno-religio-political? This work explores the role of dialogue in the search for National Security as premised on its antecedent case of 2 Samuel 20:16-22. The problem of insecurity in ancient Israel arose from insensitivity of the Judahites which aroused the grievance of the Northern tribes (2 Samuel 19:41-44), leading to the revolt of Sheba, who realizing the implications of his actions, fled to Abel of Beth-maacah where dialogue between Joab and a wise woman brought the war to a satisfactory end though with minimum casualties. One may therefore conclude that dialogue is a way forward. The lingering security threat in Nigeria can be resolved through an effort geared towards probing into the fundamental reason(s) for the spate of violence in the country. Unless genuine dialogue is adopted, Nigeria may end up treating the symptoms rather than arresting the real cause(s) of the problem. Keywords: Security, Boko Haram, dialogue, insurgents, violence, peaceful co-existenc

Analyses of moisture deficit grain yield loss in drought tolerant maize (Zea mays L.) germplasm accessions and its relationship with field performance

Development of drought tolerant maize cultivars is prerequisite to achieving stable grain yield in drought–prone ecologies of Nigeria’s Guinea savanna. However, success has been limited mainly dueto lack of maize genotypes that show clear differences in response to well defined moisture deficit condition. Two sets of drought tolerant (DT) maize germplasm were evaluated under screenhouse andfield conditions between 1999 and 2002. In the screenhouse study, performances of the genotypes were compared under well-watered condition and moisture deficit imposed at different growth stages.Under field conditions, the first set comprising 11 accessions along with a check were evaluated for 4 growing seasons while the second set which comprised 3 DT varieties were evaluated along with 2check varieties using monthly plantings between April and August of 2001 and 2002, respectively. In the first set, post anthesis moisture deficit significantly reduced grain yield by 25 to 73.5% in the openpollinated varieties (OPVs) and by 20 to 64% in the hybrids. Grain yield under field conditions ranged from 2.48 to 3.49, 2.82 to 3.73 and 3.58 to 4.76 tons/ha-1 for 1999, 2000 and 2001 full growing seasons,respectively, and 2.03 to 2.50 tons/ha-1 for 2000 late growing season. In the second set, pre and post anthesis moisture deficits reduced grain yield by 77.6 and 95.8%, respectively, of well watered condition while in the field, grain yields in the genotypes were highest for plantings made in April and July (1.90 - 2.5 t/ha), lowest for August (0.7 -1.8 t/ha) when moisture deficit coincided with reproductive phase. Yield stability exhibited under moisture deficit and on the field by 8522-2, Oba super 2 and AK9943-DMRSR in the first set as well as DT-SR-Y C0 and DT-SR-W C0 in the second set, indicates their suitability either as cultivars per se or as potential source of DT alleles fordevelopment of DT maize varieties for Nigeria’s savanna ecologies

HOST PLANTS OF THE COTTON MEALYBUG, PHENACOCCUS SOLENOPSIS TINSLEY (HOMOPTERA: PSEUDOCOCCIDAE) IN THREE SELECTED TOWNS OF NIGERIA, AND ITS INFESTATION PATTERN

Reconnaissance surveys were carried out for field infestation of Phenacoccus solenopsis Tinsley from 2006 to 2010 in seventy five (75) vegetable gardens located in three (3) towns– Ogbomoso, Abeokuta and Ibadan in Nigeria. No cotton mealybug infestation was observed in Abeokuta and Ibadan, but twenty four (24) plants in 16 different families were observed as its hosts in Ogbomoso area. Of the 24 species, weeds constituted 45.8%, vegetables 29.1%, herbs 12.5%, cereals 4.2%, fruit trees 4.2% and pulse 4.2% each. Infestations started on the abasial leaf surface and advanced to the mid-ribs, petiole, young and succulent stems and buds. Corchorus olitorius and Amaranthus hybridus were the most susceptible of the trialled plant species with heavy root infestation in addition to that of the leaf. On heavily infested plants, certain ants were found together with P. solenopsis; on cowpea however, Aphis craccivora and the ants formed a complex with the mealybug on the flower buds. Of the three towns surveyed, P. solenopsis could be said to be restricted to backyard gardens around Ogbomoso at the moment. However, a nation-wide survey is very necessary now to determine the current status of the mealybug in Nigeria.Â

A Study on the Effects of Internal Heat Generation on the Thermal Performance of Solid and Porous Fins using Differential Transformation Method

In this study, the impacts of internal heat generation on heat transfer enhancement of porous fin is theoretical investigated using differential transform method. The parametric studies reveal that porosity enhances the finheat dissipating capacity but the internal heat generation decreases the heatenhancement capacity of extended surface. Also, it is established that whenthe internal heat parameter increases to some certain values, some negativeeffects are recorded where the fin stores heat rather than dissipating it. Thisscenario defeats the prime purpose of the cooling fin. Additionally, it is established in the present study that the limiting value of porosity parameterfor thermal stability for the passive device increases as internal heat parameter increases. This shows that although the internal heat parameter canhelp assist higher range and value of thermal stability of the fin, it producesnegative effect which greatly defeats the ultimate purpose of the fin. Theresults in the work will help in fin design for industrial applications whereinternal heat generation is involved

Nonlinear Vibration Analysis of an Electrostatically Actuated Microbeam using Differential Transformation Method

In this paper, nonlinear vibration of electrostatically actuated microbeam is analyzed using differential transformation method.The high level of accuracy of the analytical solutions of the method was established through comparison of the results of the solutions of exact analytical method, variational approach, homotopy analysis method and energy balance methods. Also,with the aid of the present analytical solution, the time response, velocity variation and the phase plots of the system are presented graphically. It is hope that the method will be widely applied to more nonlinear problems of systems in various fields of study.

Effect of Weed Control Methods and Canopy Characteristics on Weed Biomass, Yield and Yield Components of Two Contrasting Cassava Varieties in the Rainforest Zone of Nigeria

Weed infestation is one of the reasons why the average cassava yield is low in Nigeria. This study was conducted in 2010 at the Teaching and Research Farm, Obafemi Awolowo University, Ile-Ife to evaluate the impact of different cassava canopy structures on (i) weed biomass and (ii) yield and its components. The treatments consist of hand-weeded, herbicidal treatment, and unweeded checks in the main plot. The sub-plots constituted the cassava cultivars (TMS 30572 and TME 1) laid out in a randomized complete block with a split-plot arrangement in three replications. TMS 30572 reduced weed biomass by 59% when compared to TME 1 in the unweeded plot. However, there was no significant difference in the weed biomass between the hand-weeded and herbicide-treated where TMS 30572 and TME 1 were cultivated. Root dry matter of TMS 30572 was higher by 72% when compared to TME 1 in the untreated field. However, there was no significant difference between the yield of TMS 30572 and TME 1 in both hand-weeded and herbicide-treated plots. In conclusion, TME 30572 is recommended for cultivation in regions with similar agroecological patterns coupled with Integrated Weed Management (IWM) especially, when planting TME 1 to obtain optimum yield. Keywords: Weed biomass, TMS 30572, TME 1, Yield, and Integrated Weed Management. DOI: 10.7176/JNSR/12-14-05 Publication date:July 31st 202

A Remote-Sensing Based Assessment of Seasonal Variation in Vegetation Quality and Productivity in Nimbia Forest

Agriculture plays a vital role in the growth and sustainability of developing countries, such as those in sub-saharan Africa. Therefore, there is need to monitor and assess the changes taking place on vegetation quality and productivity. Conventional ground survey method has proved to be highly tedious, laborious and grossly limited especially when large and densely forested regions are concerned. This paper presents a remote sensing based approach as a real time technology to determine the effect and extent of water loss caused by seasons on vegetation quality in Nimbia forest, Kaduna State. ENVI 4.7, ArcGIS 10.0 and Global Mapper Softwares were used and a discrepancy of about 45% in quality of vegetation has been observed between seasons in the region under study. Keywords: Remote Sensing, Normalized Difference Vegetative Index, ENVI, ArcGIS