Determinants of Credit Access and Default among Crayfish Traders in Four Selected Markets in Akwa Ibom State, Nigeria

The paper examine the various determinants of credit access and default using data from a sample of 60 crayfish traders collected through a multi-stage random sampling in three selected markets in Akwa Ibom State, Nigeria. Data were analyzed using logit and multiple linear regressions that involve the use of Ordinary Least Square (OLS). Findings revealed a dominant age bracket and household size of 41-50 years and 6-10 persons with average household size of 6 persons respectively. Traders were also quite experience with high level of literacy. The result of the logit model revealed that only household size and interest rate charged on loan impacted positively on loan default. Findings further revealed that age of traders, educational level, availability of surety and marketing experience impacted positively on credit access in the study area. This suggested the need to pursue policies that would reduce interest rate and household size, enhances educational attainment and marketing experience of traders as well as the evolution of a more articulate and proactive loan monitoring procedure alongside the setting up a loan delinquent court to punish loan defaulters as the way out. Keywords: Credit access; determinants; crayfish traders and credit defaul

Determinants of Dividend Payout of Financial Institutions in Nigeria: A Study of Selected Commercial Banks

The study examined the various determinants of dividend payout of selected Commercial Banks in Nigeria. Secondary data collected from 1989-2010 were analyzed using the Ordinary Least Squares (OLS) regression technique. The findings revealed that while current earnings, lagged dividend and lending rate were the major determinants of cash dividend payout in these banks, Inflation rate and liquidity ratio failed to explain the variation in dividend payout. Also, these banks had a lower Average Marginal Propensity (AMP) to pay out of current earnings of 30.67%.This implied a profit retention of 69.33% during the period, indicating the conservative nature of management of these banks. The paper recommended that if informed Nigerians are to be encouraged to buy more shares in the banking sector, management of such banks should strive to reduce their retained earnings. This is necessary due to the axiom of time value of money. Since money invested in shares is part of individual investments, shareholders should have maximum return on their investment, such as dividend. Key words:  Commercial banks, Dividend Payout,   Determinants, Nigeria

The Effect of Selected Financial Indicators on Formal Agricultural Credit Supply in Nigeria

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WAGNER’S LAW REVİSİTED: THE CASE OF NIGERIAN AGRICULTURAL SECTOR (1961 – 2012)

This study examines whether government spending in the Nigerian Agricultural sector has been consistent with Wagner' Law. To test the validity of Wagner's law, six alternative functional forms were adopted, using annual data from the Nigerian agricultural sector over the time period 1961 - 2012. Data was analyzed using cointegration and granger causality test. The result of the Johansen and Juselius cointegration test showed the existence of a long run relationship between various items of agricultural capital expenditure as well as agricultural contribution to Gross Domestic Product. The granger causality test result confirmed that Wagner's law holds in the Nigerian agricultural sector. However, there was no clear evidence of government spending causing national income. Hence, the Keynesian proposition of government spending as a policy instrument that encourage and lead growth in the sector is not supported by the data used

WAGNER’S LAW REVİSİTED: THE CASE OF NIGERIAN AGRICULTURAL SECTOR (1961 – 2012)

This study examines whether government spending in the Nigerian Agricultural sector has been consistent with Wagner' Law. To test the validity of Wagner's law, six alternative functional forms were adopted, using annual data from the Nigerian agricultural sector over the time period 1961 - 2012. Data was analyzed using cointegration and granger causality test. The result of the Johansen and Juselius cointegration test showed the existence of a long run relationship between various items of agricultural capital expenditure as well as agricultural contribution to Gross Domestic Product. The granger causality test result confirmed that Wagner's law holds in the Nigerian agricultural sector. However, there was no clear evidence of government spending causing national income. Hence, the Keynesian proposition of government spending as a policy instrument that encourage and lead growth in the sector is not supported by the data used

COMPARATIVE STUDY OF THE DETERMINANTS OF CAPITAL STRUCTURE OF QUOTED AND UNQUOTED AGRO-BASED FIRMS IN NIGERIA

The study examined the determinants of capital structure decision and compared the capital structure of quoted and unquoted agro-based firms in Nigeria. Data collected through a multi- stage random sampling from the financial statements of 28 quoted and 60 unquoted agro-based firms for the period 2005-2010 were analyzed using descriptive statistics, Z-test and Ordinary Least Square (OLS) regression. The result revealed significant differences in capital structure (long term debt and total debt use) between quoted and unquoted agro-based firms. Short-term debts constituted a higher proportion of total debts of both sampled groups. The regression result showed that firm size, asset structure andgrowth coefficients had significant positive relationships with both long and short term debt finance for both listed and unlisted agro-based firms respectively. Result further showed that age of firms, educational status of CEO, export status of firms, and gender of firm owners were positive and significantly related to long term debt for both listed and unlisted firms. Also, highly profitable firms depended on internally generated revenue, thereby lending credence to the pecking order theory (POT). Therefore, The study showed that pecking order theory dominated the financing behavior of agro-based firms in Nigeria while the agency cost argument was only relevant for listed agro-based firms. Hence, policies that would enhance the acquisition of tangible assets, encourage exportation, ensure appropriate record keeping and encourage the use of more long term finance in place of short-term finance should be pursued

LABOUR CHOICE DECISIONS AMONG CASSAVA CROP FARMERS IN AKWA IBOM STATE, NIGERIA

The study used primary data collected from 90 cassava farmers through a multi stage sampling technique to examine the determinants of labour choice decision among cassava crop farmers in Akwa Ibom State, Nigeria. Data were analyzed using descriptive statistics, multinomial logit regression and Ordinary Least Square (OLS) regression. Findings revealed that cassava production in the study area was dominated by young, and educated (75.6%), female (68.9%) farmers, with an average household size and farming experience of 6 persons and 10 years respectively. The multinomial logit result showed that while household size and labour cost significantly influenced the choice of borrowed labour, farming experience, educational level, income of farmers and farmer’s age significantly influenced the choice of hired labour for cassava production. Also, the coefficient for farm size was positive and significantly related to the choice of both borrowed and hired labour. The study further revealed that cassava production in the study area was profitable with a gross margin of N 154,840 and net income of N125, 590. The Ordinary Least Square result revealed that family labour, hired labour, age of farmers, farming experience, household size and farm size impacted severely on cassava output in the study area. This suggest the need to pursue policies that would enhance access to land and encourage economical land holdings, advocate and intensify campaigns on the profitability of cassava production and increased participation of farmers, especially younger people in cassava production in the study area as the way out

TREND EVALUATION OF AGRICULTURAL EXPORT CROPS IN NIGERIA

The study uses the Ordinary Least Square (OLS) regression technique to evaluate the growth rates of three agricultural export crops (cocoa, palm kernel and palm oil) in Nigeria between1970-2009. The result reveals that growth rates in export of these crops are higher in the financial sector reform period than in the pre-financial sector reform period except in palm kernel and are statistically significant at 5% probability level. This therefore suggests the need to enhance the production of these crops through provision of basic farm inputs, extension, proper financing as well as pursue policies that will encourage exportation and discourage the importation of these crops as the way out

COMPARATIVE STUDY OF THE DETERMINANTS OF CAPITAL STRUCTURE OF QUOTED AND UNQUOTED AGRO-BASED FIRMS IN NIGERIA

The study examined the determinants of capital structure decision and compared the capital structure of quoted and unquoted agro-based firms in Nigeria. Data collected through a multi- stage random sampling from the financial statements of 28 quoted and 60 unquoted agro-based firms for the period 2005-2010 were analyzed using descriptive statistics, Z-test and Ordinary Least Square (OLS) regression. The result revealed significant differences in capital structure (long term debt and total debt use) between quoted and unquoted agro-based firms. Short-term debts constituted a higher proportion of total debts of both sampled groups. The regression result showed that firm size, asset structure andgrowth coefficients had significant positive relationships with both long and short term debt finance for both listed and unlisted agro-based firms respectively. Result further showed that age of firms, educational status of CEO, export status of firms, and gender of firm owners were positive and significantly related to long term debt for both listed and unlisted firms. Also, highly profitable firms depended on internally generated revenue, thereby lending credence to the pecking order theory (POT). Therefore, The study showed that pecking order theory dominated the financing behavior of agro-based firms in Nigeria while the agency cost argument was only relevant for listed agro-based firms. Hence, policies that would enhance the acquisition of tangible assets, encourage exportation, ensure appropriate record keeping and encourage the use of more long term finance in place of short-term finance should be pursued

TREND EVALUATION OF AGRICULTURAL EXPORT CROPS IN NIGERIA

The study uses the Ordinary Least Square (OLS) regression technique to evaluate the growth rates of three agricultural export crops (cocoa, palm kernel and palm oil) in Nigeria between1970-2009. The result reveals that growth rates in export of these crops are higher in the financial sector reform period than in the pre-financial sector reform period except in palm kernel and are statistically significant at 5% probability level. This therefore suggests the need to enhance the production of these crops through provision of basic farm inputs, extension, proper financing as well as pursue policies that will encourage exportation and discourage the importation of these crops as the way out