Corporate Environmental Disclosures in the Nigerian Manufacturing Industry: A Study of Selected Firms

The state of the world‟s environment and the impact of mankind on the ecology of the world have led to increased public concern and scrutiny of the operations and performances of organisations. Despite some variations among countries in different regions, corporate environmental disclosures have increased globally in both size and complexity over the past two decades. Some developed countries have initiated mandatory disclosures in the reporting requirements. However, in most developing countries, environmental disclosures still heavily rely on voluntary initiatives of the reporting entities. In addition, despite the increase in research, studies in this area in the developing countries are still very scarce. This study therefore adopting the stakeholder‟s theory examined the level of corporate environmental reporting practices in the selected manufacturing companies, listed on the Nigerian Stock Exchange. The study as part of its findings observed that the level of environmental disclosure practices in the industry is still very low and is still at its embryonic stage in Nigeria. The paper therefore calls for concerted efforts on the part of the Nigerian Accounting Standards Board and the government to take another look at making CED mandator

Dividend Policy and Firm Performance:a Study of Listed Firms in Nigeria

This study basically investigates the relationship between the financial performance and dividend payout among listed firms’ in Nigeria. It also looks at the relationship between ownership structure, size of firms and the dividend payouts. The annual reports for the period 2006-2010 were utilized as the main source of data collection for the 50 sampled firms. The regression analysis method was employed as a statistical technique for analysing the data collected. We find that there is a significant positive association between the performance of firms and the dividend payout of the sampled firms in Nigeria. The study also revealed that ownership structure and firm’s size has a significant impact of the dividend payout of firms to

Value relevance of financial statements and share price: a study of listed banks in Nigeria

This paper examined the effects of value relevance of financial statements on firms share price in Nigeria. In achieving the objectives of this research, the fact book from the Nigerian Stock Exchange Market and the audited financial statement of listed banks spanning the period 2010-2014 were used. Also, a total of 15 listed banks in the Nigerian stock exchange market were selected and analyzed for the study using the purposive sampling method. However, in analyzing the research hypotheses, the study adopted the use of both descriptive statistics and the use of Fixed Effects Panel data method of data analysis technique. Findings from the study showed that a significant positive relationship existed between earnings per share (EPS) and Last day share price (LDSP). The study recommends the need for banks in the country to improve on the quality of earnings reported, since it has a stronger ability to explaining share prices of firm

Optimization of biogas supply networks considering multiple objectives and auction trading prices of electricity

Abstract This contribution presents an hourly-based optimization of a biogas supply network to generate electricity, heat and organic fertilizer while considering multiple objectives and auction trading prices of electricity. The optimization model is formulated as a mixed-integer linear programming (MILP) utilizing a four-layer biogas supply chain. The model accounts for biogas plants based on two capacity levels of methane to produce on average 1 ± 0.1 MW and 5 ± 0.2 MW electricity. Three objectives are put forward: i) maximization of economic profit, ii) maximization of economic profit while considering cost/benefits from greenhouse gas (GHG) emissions (economic+GHG profit) and iii) maximization of sustainability profit. The results show that the economic profit accrued on hourly-based auction trading prices is negative (loss), hence, four additional scenarios are put forward: i) a scenario whereby carbon prices are steadily increased to the prevalent eco-costs/eco-benefits of global warming; ii) a scenario whereby all the electricity auction trading prices are multiplied by certain factors to find the profitability breakeven factor, iii) a scenario whereby shorter time periods are applied, and investment cost of biogas storage is reduced showing a relationship between cost, volume of biogas stored and the variations in electricity production and (iv) a scenario whereby the capacity of the biogas plant is varied from 1 MW and 5 MW as it affects economics of the process. The models are applied to an illustrative case study of agricultural biogas plants in Slovenia where a maximum of three biogas plants could be selected. The results hence present the effects of the simultaneous relationship of economic profit, economic+GHG profit and sustainability profit on the supply and its benefit to decision-making