Effect of Financial Ratios on Operational Performance of Selected Brewery Firms in Nigeria

The study assessed the effect of some accounting ratios on the financial performance of selected firms on brewery industry in Nigeria. The research adopted ex-post facto research design covering the period of ten years, 2007-2016. Secondary data were collected from annual report and accounts of selected brewery firms quoted in the Nigeria Stock Exchange. The data were analyzed using multiple linear regression technique. Findings indicate that Dividend per Share had positive and significant effect on market value while return on equity has positive and insignificant effect on market value of firms. The implication of the finding is that dividend  per share and return on equity  can used in predicting the movement of market value of firms in brewery sector  in Nigeria. The study hereby recommends that firms should enhance both their  Dividend  per Share and return on equity  to grow the market values \of  brewery firms in Nigeria. Keywords: Financial ratios, Financial Performance, Valuation, Dividend per Share, Return on Assets, Nigeria

Analytical Review of the Effect of Corporate Social Reporting Disclosures on Performance of Firms in the Financial Sector in Nigeria

This research appraised the effect of corporate social reporting disclosure on the financial performance of banks in Nigeria. Gross Earnings, Profit after Tax and Share Price were the proxies for financial performance while expenditure disclosure constituted the measurement for social cost disclosure. The researcher made use of Eview in the data analysis. The study reveals that Social Responsibility Expenditure does not have significant effect on the Gross Earnings of banks in Nigeria. It was also observed that Social Responsibility Expenditure does not have any significant effect on Profit after Tax of banks in Nigeria. The result of this study equally revealed that Social Responsibility Expenditure has little or no effect on the Share Price of banks in Nigeria. The study recommends that companies should take social accounting disclosure as part of their normal reporting mandate in order to better inform stakeholders and the report must be separately disclosed and form part of the content report statements and government should provide rebates for companies that incurred social costs as a way of encouraging good corporate reportage. Keywords: Corporate Social Reporting, Financial Performance, Return on Assets, Return on Equity, Market Price per Shar

Effect of Firms’ Growth Variables on Corporate Valuation of Manufacturing Sector in Nigeria

The main objective of this study is to effect of firms’ growth variables on corporate valuation of manufacturing sector in Nigeria. A sample of five (5) firms was selected from the thirty seven (37) manufacturing firms quoted on the Nigeria Stock Exchange Market (NSE). Secondary data were collected from the firms for ten years period (2007 to 2016). The data were analyzed using multiple regression analysis whereby sales growth, assets growth, cost of sales growth were the independent variables and proxies firm growth while net assets per share was the dependent variable and proxy for firm valuation. Findings show that sales growth, assets growth of manufacturing firms in Nigeria positively and strongly affect net assets per share of the firms during the period. Finding also shows that cost of sales growth of manufacturing firms in Nigeria positively, but insignificantly affects net assets per share of the firms. It was recommended that manufacturing firms in Nigeria should increase their sales in order to improve their net assets per share and hence their firm value, that Nigeria manufacturing firm managers can improve their firm net asset per share by increasing its total assets. Lastly, that manufacturing firms in Nigeria should improve their firm value by increasing its productivity. Keywords: Firm, Growth Variables, Firm’s Valuation, Manufacturing Sector, Nige

Assessing the Impact of Skilled Labor on Output Growth in South Africa: An ARDL Bound Testing Approach

Economic theory emphasized the necessity of skill acquisition and conservation as a precondition for growth. This paper investigates the extent to which skilled labor can contribute to output growth in South Africa in the long run. The theoretical framework employed was based on Hicks neutral augmented CobbDouglas production function to account for the impact of technological progress on labor and capital. Skilled labor was measured with three parameters of experience (learning-by-doing), special training and educational attainments. The methodology employed the ARDL bound testing approach and found that whereas there is no short run causality running from the independent variables to the dependent variable, there was a long run causality running from the measures of skilled labor to growth. The coefficient of the ECT was both significant and negative; therefore, the system gets adjusted towards their long run equilibrium steady state at the speed of 23 percent annually. This means that the measures of skilled labor contribute to growth in the long run to the tune of 23 percent annually. The study therefore recommends investments in human capital through education and special trainings as well as to encourage knowledge transfer through globalization and from one generation to another to conserve skills.&nbsp