27 research outputs found

    Stock co-movement and governance bundles: does the quality of national governance moderate this relationship?

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    In this study we examine if corporate governance, as a bundle, can better explain stock co-movement. To test the implication of governance bundles on stock co-movement, we consider a monitoring and incentive alignment bundle. Using 2659 firm–year observations from 321 firms listed on the S&P 500 from 2009-2017, we find that the governance mechanism bundle can enhance the ability of stock prices to integrate better firm-specific information, which reflects on stock co-movement. In addition, we find the existence of a complementary relationship between National Governance Quality and a firm’s board monitoring. This also helps in explaining the puzzle of stock co-movement. The findings will extend the understanding about the co-movement related literature mentioned in the corporate governance and corporate finance research. The findings are also helpful for decision makers and policy makers involved in the efficient controlling of stock co-movement

    Extent of rural women involvement in agro-based entrepreneurial activities in Imo State Nigeria

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    The study assessed the extent of rural women involvement in agro-based entrepreneurial activities in Imo state, Nigeria. Data for the study were  collected using a structured questionnaire from 120 rural women through random sampling procedure. Data collected were analyzed using frequency, percentages, mean and regression analysis. Majority (73%) of the women were married with an average age and household size of  37years and 7 persons respectively. Approximately 53% had primary education with 52% belonging to cooperative society. Average farming experience and farm income were 8years and N35, 424.74 respectively. A reasonable proportion (60%) had access to credit facilities. Results showedthat the majority (53%) of the women were highly involved in agro-based entrepreneurial activities with crop production (95%), marketing (97%) and land preparation (87%) as the major agro-based entrepreneurial activities they were involved in. Women’s involvement in agro-based  entrepreneurial activities was found to be influenced by household size, membership in cooperative society and access to extension contact. The study further showed that inadequate capital (96.67%)), high cost of capital (93.33%) and inadequate skilled labour (91.67%) were major constraints to women’s involvement in agro-based entrepreneurial activities. This research therefore recommends that the women should be encouraged through enhanced access to loans and credit facilities. They should also be encouraged to belong to cooperatives and other societies which can access grants and loans as this would increase the extent of their involvement in agro-based entrepreneurial activities in the area. Keywords: Entrepreneurship, Agro-based activities, rural women involvemen

    Africapitalism: The marketisation of philanthrocapitalism and neoliberalism in African entrepreneurial philanthropy

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    Despite increased interests in marketisation of philanthrocapitalism research worldwide, the arguments emphasise ‘what’ instead of 'how’ and ‘why’ philanthropic philosophy happens across Africa. To address this gap, 51 Tony Elumelu Foundation participants’ narratives are focused on to draw on an Africapitalism framework highlighting chasms within and between western neoliberalism frameworks and philanthrocapitalism’s marketisation. By framing this paper using philanthrocapitalism discourse, the authors critically examined the activities of African philanthropists and the effects of their neoliberal adoption on recipients. Semi structured interview analysis produced three key ideologies demonstrating ‘what’, ‘how’ and ‘why’ philanthrocapitalism is marketised, namely utopianism and the illusion of a better socioeconomic tomorrow; neoliberalism and a culture of dominance; social investment and marketisation of benevolence. These thematic paradoxes were used to create an additional four-aspect Africapitalism framework contributing to ‘what’, ‘how’ and ‘why’ philanthrocapitalism is marketised in Africa, its impacts, challenges, and solutions. Contributions, limitations and implications for research are articulate

    The effect of culture on Corporate Governance Practices in Nigeria

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    This study focuses on the effect of culture on the application of corporate governance practices in Nigeria. Corporate governance has been receiving serious attention in emerging markets over the past two decades. But relatively little attention has been given to the study on corporate governance in a country study. The current situations in Nigerian public and private sectors such as the corporate scandal resulting from Lever Brothers Nigeria plc, Siemens, Shell, Halliburton, and Cadbury Nigeria plc, have shown that the issue of fraud, corruption, and corporate scandals cannot be overlooked. Most top management, as this study argues, bring in beliefs acquired from their early childhood into their senior management roles and responsibilities. This study adopts a grounded theory and reports on the effect of culture on the implementation of corporate governance in Nigeria. Based on the interview with 32 staffs, this study identifies the effect of culture that shapes corporate governance and they include abuse of power by top management, weak legal framework, poor recruitment and ineffective control. Although having efficient corporate governance is worth pursuing, this depends on the power of top management, the strength of internal control procedures and the legal framework put in place by management

    Engineering properties of the crude oil–contaminated soils of Niger Delta southern Nigeria

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    The study investigated engineering properties of crude oil contaminated soils from the Niger Delta of Nigeria in 2008. The percentages of clay, silt and sand of various soil samples and amounts of total hydrocarbon (THC) of the crude oil samples applied were the determinant factors. The comparison between the uncontaminated and the crude oil contaminated soils showed wide variations in their engineering properties. There were pronounced increases in Aterberg limits, plasticity limits, maximum dry density (MDD) with low optimum moisture content (OMC), organic matter and the compressibility of the soil samples, when crude oil of high hydrocarbon content was applied on the soil samples of appreciable clay content. Also observed was a decrease in the permeability of various contaminated soil samples. There was a reverse trend when soil samples with appreciable percentages of sand and crude oil of low THC were used. The knowledge of these will aid geotechnical engineers on their designs and remediation techniques.Keywords: Engineering properties, soils, crude oil, hydrocarbon, Niger Delta, Nigeri