Intellectual Capital, Information Asymmetry and Cost of Equity Capital of Listed Consumer Goods in Nigerian Exchange Group

The objective of this study is to investigate statistically the influence of intellectual capital disclosure (IC) on cost of Equity capital. The study focused on listed consumer goods companies in Nigerian Exchange Group. The ex-post facto research approach was employed, using panel data sourced from published yearly financial reports of selected firms. The study covered 10 years from 2011 to 2020. Descriptive and inferential statistical tools were used in analyzing the data. The findings confirmed our hypotheses that specify the presence of a substantial and negative relationship between intellectual capital reporting with its four mechanisms (Physical capital, human capital, structural   capital and Relational) and the cost of equity). The study found that intellectual capital reporting had significant effect on cost of equity capital of listed consumer goods in Nigerian Exchange Group (AdjR2 = 0.3733; F-Stat. = 1.122; p = 0.034). Nonetheless, the results also showed that the controlling effects of information Asymmetry has a positive and insignificant influence on the Cost of common stock capital of consumer goods firm in Nigeria. The outcomes of this study are of great significance to rule formulators and organizations. Precisely, the knowledge of the influence of Intellectual capital reporting on cost of common stock of capital benefits policy formulators in the assessment of the costs and gains of disclosure. Furthermore, in relation to executives of companies, the findings revealed the advantage of improved IC reporting concerning the lessening in their cost of capital. This paper provides pragmatic confirmation of the relationship between Cost of equity capital and the extent of reporting in the four separate intellectual capital classifications (Physical, human; relational and structural capital). Keywords: intellectual capital; Human Capital VAIC model; Consumer Goods, Cost of Equity Capital DOI: 10.7176/PPAR/13-2-05 Publication date:March 31st 202

Human resource accounting and organizational productivity of listed manufacturing firms in Nigeria

In many developing economies, studies have shown that meeting organizational productivity seems complex and characterized with several factors affecting the productive inputs, due to infrastructural deficits and extent of employees’ motivations capable of impeding productivity. Beyond these, adequate human resource accounting has been identified as a possible solution. However, the extent to which human resource accounting could impact on organizational productivity remains uncertain. Consequently, this study investigated the effect of human resource accounting on organizational productivity of listed manufacturing companies in Nigeria. An ex-post facto research design was employed, while from a population of 66, the study selected 20 manufacturing companies listed in Nigeria as of 31 December 2021, using purposive sampling technique. Data were extracted from the financial statements of the selected companies for a period of 15 years spanning from 2007 to 2021. Using panel data analysis, the study found that human resource accounting had a positive significant effect on organizational productivity of the listed manufacturing companies in Nigeria. Based on the results, the study recommended that managers should consider appropriate incentives capable of improving employees’ productivity and adopt adequate human resource accounting models to enhance organizational productivity

MONETARY POLICY AND THE SUSTAINABILITY OF THE MANUFACTURING SECTOR IN NIGERIA

The conflicting results in relationship between monetary policy and the sustainability of the manufacturing sector necessitated this research. The study carried out some preliminary tests including the descriptive statistics and the Augmented Dickey Fuller unit root tests. The optimal lag length criteria, and the Johansen Co-Integration test were applied to verify long run association among the series. The Vector Error Correction model was estimated as a verification of the short run adjustment. The Breusch-Godfrey Serial Correlation Lm test, Durbin Watson Statistic, and Breusch-Pagan Heteroscedasticity tests were conducted. The results confirmed the existence of a long run relationship among the variables. A positive relationship between monetary policy and manufacturing sector performance in Nigeria was observed at the 5% level of statistical significance. No short run association between the external reserves and inflation rates was recorded. The study therefore recommends that the government avoid monetary policy summersaults

Financial Institutions’ Inter Mediation and Economic Development in Nigeria

This paper examines the effect of intermediation capacity of the financial institutions on the Nigerian economic development (Real Gross Domestic Product (RGDP). It is a causal-effect relationship study which made use of macro data obtained from Central Bank of Nigeria (CBN) Statistical Bulletin from the period 1981-2016. The result of the Johansen co-integration test and ARDL bound test evidenced that there exist a long-run relationship between financial institutions’ activities and real GDP. ARDL regression model showed financial institution activities, particularly the loans to the private sector significantly impacted on economic growth both in the short-run and long-run The study also found that bank loans and advances, bank reserves and interest rate had insignificant negative impact on real GDP while credit to private sector significantly affected economic development of Nigeria (RGDP) Thus, economic development of Nigeria is driven by the performance of deposit money banks and concludes that the performance of deposit money banks has effect on the economic development of Nigeria. The study recommended that the banking sector should increase lending to the private sector in order to engender economic growth through the enhancement of entrepreneurial development