http://journals.unilag.edu.ng/index.php/LJBFEI/issue/feed Lagos Journal of Banking, Finance and Economic Issues 2023-10-05T13:52:08+00:00 Olalekan E. Obademi eobademi@unilag.edu.ng Open Journal Systems http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1881 Financial Integration and Financial Development: Evidence from Sub-Saharan African (SSA) Countries 2023-10-05T13:52:08+00:00 E. Olalekan Obademi eobademi@unilag.edu.ng Abass, Shiro email@unilag.edu.ng Ojumu, Olayiwola email@unilag.edu.ng <p><em>The study examined the effects of financial integration on financial development for 49 Sub-Saharan </em></p> <p><em>Africa (SSA) countries for the period 2002 to 2021. Five independent metrics of financial development </em></p> <p><em>and two financial integration measures were utilized to ensure robustness of the anticipated results. </em></p> <p><em>Using a dynamic panel GMM-SYS estimation technique, it was discovered that the impacts of </em></p> <p><em>financial integration on financial development in SSA are highly dependent on the proxies employed </em></p> <p><em>to capture these two variables of financial integration. Financial integration has a beneficial </em></p> <p><em>influence on private sector credit, domestic credit, liquid liabilities, and finance size, when proxied by </em></p> <p><em>the interest rate spread. However, this measure of financial integration limits the volume of financial </em></p> <p><em>activity of financial intermediaries as it’s negatively correlated. Similarly, when measured using gross </em></p> <p><em>private capital flows, financial integration has statistically positive effects on financial development as </em></p> <p><em>measured by liquid liabilities but has a negative impact on financial development as measured by </em></p> <p><em>finance activity and financial size in Sub-Saharan African nations. The general implication of these </em></p> <p><em>findings is that the influence of financial integration on financial development in SSA is complex. </em></p> <p><em>However, before reaching a firm conclusion about the relationship between these two variables, </em></p> <p><em>several transmission mechanisms by which former influences the latter, as well as their various </em></p> <p><em>proxies, must be considered</em></p> 2023-09-29T13:01:26+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1882 DETERMINANTS OF FIRMS’ PERFORMANCE IN THE NIGERIAN HYDROCARBON INDUSTRY: DOES INTELLECTUAL CAPITAL MATTER? 2023-10-05T12:48:00+00:00 Isola 1 , W. A. isolawak@yahoo.com Oyeniran, Ishola Wasiu wasiuishola35@gmail.com <p>This study adopts the Pulic (2002) VAIC<sup>TM</sup>&nbsp;approach as a measure of intellectual capital, to examine the role of intellectual capital in the financial performance of the oil and gas industry in Nigeria. With the aid of panel analysis framework, it was found that aggregated composites of intellectual capital (VAIC) perform less satisfactorily in influencing the financial performance of firms in the oil and gas industry. However, when VAIC<sup>TM</sup>&nbsp;was disaggregated into human, relational, and structural capital efficiency, it was discovered that the positive effect of human capital on the financial performance of these firms was cancelled out by the negative effect of structural capital. However, the relational capital efficiency that could have improved the financial performance of these firms has no significant impact on these firms’ performance and, as such, is ultimately responsible for the insignificant overall effect of intellectual capital (VAIC) on the financial performance of firms in Nigeria’s oil and gas industry. One of the implications of these findings is that these firms place much emphasis on human assets and neglect intangible assets such as processes, patents, copyright, research and development, customer care, etc. Also, the current structural capital of the firms in this industry constitutes a drag on their financial performance. Thus, serious attention should be placed on the effective management of firms’ relational and structural capital efficiency in order to ensure a better financial return.</p> 2023-09-29T13:01:33+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1884 Savings-Growth Nexus in Nigeria: An Asymmetric ARDL Approach 2023-09-29T13:29:40+00:00 Yetunde Adegoke ranty.tunde@yahoo.com <p>This study investigates the asymmetric relationship between savings and growth in Nigeria</p> <p>between 1970 and 2020. The study employs Asymmetric ARDL method in tracing the non-linear</p> <p>relationship between the variables. The study discovered using non-linear ARDL (NARDL)</p> <p>causality that there was a unidirectional causal relationship running from the positive component</p> <p>of savings to real GDP in the short-run, long-run and very long-run (strong causality). This</p> <p>implies that the positive component of savings is a determinant of real GDP in Nigeria. The</p> <p>result further showed that there was significant positive relationship between positive component</p> <p>of savings and real GDP in the short and long-run but the negative component of savings was not</p> <p>a significant determinant of real GDP both in the short-run and long-run, more importantly, the</p> <p>study discovered an asymmetric relationship between savings and growth for the period under</p> <p>studied. The study, therefore, recommended that savings must be encouraged in the country to</p> <p>have more investment base as a sound fiscal policy that could propel growth, because the</p> <p>negative effect of dis-savings on growth is more pronounced than the positive effect of savings</p> <p>on growth.</p> 2023-09-29T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1885 Effect of Audit Quality on Financial Performance of Deposit Money Banks in Nigeria: Corporate Governance Perspectives 2023-09-29T14:13:12+00:00 Kehinde A. Alliu kehindealliu@gmail.com Olukayode Oyewale ooyewale@unilag.edu.ng Ayodele Ajayi aajayi@unilag.edu.ng <p><em>This study examined the effects of audit quality on the financial performance of 10 out of 16 Deposit </em></p> <p><em>Money Banks (DMBs) listed on Nigeria Stock Exchange (NSE) for which data were available </em><em>covering a </em></p> <p><em>period of 10 years (2010-2019)</em><em>. While </em><em>the specific objectives are to ascertain the effect of Audit Fee </em></p> <p><em>(AUF), Audit Report Lag (ARL) and Audit Committee Diligence (ACM) on the financial performance of </em></p> <p><em>Deposit Money Banks (DMBs) in Nigeria, it applied Return on Assets (ROA) as a measure of financial </em></p> <p><em>performance. The study adopted ex post facto research design, data for the study were collected from </em></p> <p><em>annual reports and accounts of listed DMBs. The study e</em><em>mployed multiple regression analysis using SPSS </em></p> <p><em>to test the formulated hypotheses. The result showed Audit Fees (AF) and Audit Reported Lag (ARL) </em></p> <p><em>significantly affect financial performance of DMBs in Nigeria while Audit Committee Diligence (ACM) </em></p> <p><em>has insignificant effect on the financial performance of DMBs in Nigeria. The study recommends that: </em></p> <p><em>DMBs should strive to enhance the efficiency of their financial reporting processes to reduce the need for </em></p> <p><em>extensive audit procedures. Implementing robust internal control systems, automating processes, and </em></p> <p><em>adopting advanced accounting software can streamline financial reporting and potentially lower audit </em></p> <p><em>fee; DMBs should strive to streamline their internal processes and improve the efficiency of the financial </em></p> <p><em>reporting and auditing processes. This includes ensuring timely preparation of financial statements, </em></p> <p><em>prompt resolution of accounting issues, and effective communication with auditors. By reducing </em></p> <p><em>unnecessary delays in the audit process, companies can minimize audit report lag; DMBs should promote </em></p> <p><em>a culture of continuous improvement and learning within audit committees. This can be achieved through </em></p> <p><em>ongoing professional development programs, access to relevant resources and training, and opportunities </em></p> <p><em>for committee members to stay updated on emerging trends and regulatory changes. By continuously </em></p> <p><em>enhancing their knowledge and skills, audit committees can contribute more effectively to financial </em></p> <p><em>performance.</em></p> 2023-09-29T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1886 Digital Entrepreneurship: A Strategy for Curbing Youth Unemployment in Lagos, Nigeria 2023-09-29T14:11:42+00:00 T. Adenike Egunjobi aegunjobi@unilag.edu.ng <p><em>Technological advancements had created an avenue for digitisation and the development of </em></p> <p><em>information and communication technologies (ICT). This had created incredible potential and </em></p> <p><em>benefits in electronic commerce (E-commerce) and entrepreneurial skills, especially among </em></p> <p><em>youths. The study's main purpose was to explore digital entrepreneurship as a panacea for </em></p> <p><em>reducing Nigeria's youth unemployment rate and providing new jobs. The study focused on the </em></p> <p><em>effect of ICT on job creation, the extent to which e-commerce contributes to employment </em></p> <p><em>creation and the influence of programmes geared towards spurring entrepreneurship training </em></p> <p><em>on line. The study further tested null hypothesis to determine if there was no significant </em></p> <p><em>relationship between digital entrepreneurship and employment creation. 110 owners of small </em></p> <p><em>firms were surveyed to investigate how ICT, e-commerce, and online training programmes had </em></p> <p><em>aided in the creation of jobs in Lagos state through descriptive tools and multiple regression </em></p> <p><em>technique. The study findings showed that in Lagos state, ICT and e-commerce had substantially </em></p> <p><em>contributed to job creation and aided in disseminating commercial activities to a wide range of </em></p> <p><em>customers. The findings also showed that many people gained a wide range of skills through </em></p> <p><em>online training programmes. The study recommended the advancement of e-commerce through </em></p> <p><em>a reliable and affordable telecommunication network, provision of access to training platforms, </em></p> <p><em>and affordable prices of various e-commerce training programmes.</em></p> 2023-09-29T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1887 The Impact of Debt Burden on the Economic Growth of Nigeria (1970- 2021) 2023-09-29T14:38:48+00:00 Henry I Onwere honamadu2006@gmail.com Olalekan Emmanuel Obademi Olalekan Emmanuel Obademi eobademi@unilag.edu.ng <p><em>The study used autoregressive distributed lag (ARDL) to examine the influence of external debt on </em></p> <p><em>Nigeria’s economic growth using annual time series data from World Bank Development Indicators from </em></p> <p><em>1970 to 2021. The findings show a significant positive relationship between interest rates and economic </em></p> <p><em>growth in the short and long run. In contrast, inflation rate significantly negatively impacts economic </em></p> <p><em>growth in the short and long run. External debt, external debt service, and the exchange rate have an </em></p> <p><em>insignificant impact on economic growth in the short and long run. The study recommends reducing the </em></p> <p><em>cost of governance to promote development, while investment in the Nigerian economy should be </em></p> <p><em>encouraged. </em></p> 2023-09-29T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1888 Working Capital Management and Firm Value: Evidence from Listed Non-Financial Firms in Nigeria 2023-09-29T14:51:04+00:00 Feyisayo Tolulope ADEBOLA budfeyi@yahoo.com B. O Oke boke@unilag.edu.ng Olalekan Emmanuel OBADEMI eobademi@unilag.edu.ng <p>This study examined the effect of working capital management on the firm value of non</p> <p>financial firms in Nigeria using the enterprise value multiple which was measured as enterprise</p> <p>value scaled by EBITDA as the indicator of firm value and extracted panel data from audited</p> <p>financial statements of sampled thirty-three non-financial firms listed on the Nigerian Exchange</p> <p>Group (NGX) Plc from 2012 to 2021. The results of the static panel least square and the panel</p> <p>fixed effect model estimation techniques revealed that all the WCM components have a</p> <p>significant effect on the firm value of non-financial firms in Nigeria which implies that WCM is</p> <p>highly essential for improved firm value. We, therefore, recommend that non-financial firms in</p> <p>Nigeria should adopt conservative account payable management strategies that will enable quick</p> <p>settlement of short-term obligations when they fall due. They should also adopt liberal account</p> <p>receivable management strategies that will not endanger their liquidity and cash flow.</p> 2023-09-29T14:51:04+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1889 Nigeria’s Dividend Policy and Stock Price Volatility 2023-09-29T15:27:40+00:00 Oladimeji J. Abiodun joladimeji@unilag.edu.ng Sontan Olamiji olamiji1112@gmail.com <p><em>This paper explores the impact of dividend policy on stock price in the Nigerian stock market. </em></p> <p><em>Descriptive survey research strategy was utilised for this study and four research questions and </em></p> <p><em>four hypotheses generated to guide the investigation. All 199 shares trading on the Nigerian </em></p> <p><em>Stock Exchange's major exchange at the start of 2010 made up the research's demography which </em></p> <p><em>was later limited to include only businesses that had regularly paid dividends for a period of </em></p> <p><em>twelve years. 29 enterprises in all qualified for the selection for the period from 2010 to 2021. </em></p> <p><em>The study found out that the payout ratio positively affects the stock price, the findings also </em></p> <p><em>indicated that earnings per share has a substantial beneficial effect on the stock price and </em></p> <p><em>significant link between the size rate of a company and its stock price. It is thus recommended </em></p> <p><em>that businesses should maintain a continuous dividend pay-out to raise internal money available </em></p> <p><em>to undertake more profitable projects that will aid increased earnings</em>.</p> 2023-09-29T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1890 The Intensity of Financial Repression in Nigeria 2023-09-29T15:47:28+00:00 Aruwa-ocholi, Momoh Ademu email@unilag.edu.ng Oke, Babatunde Olufemi email@unilag.edu.ng Obademi, E.O eobademi@unilag.edu.ng Abass Shiro email@unilag.edu.ng <p><em>This paper focuses on financial repression in Nigeria and its intensity using data from the Central </em></p> <p><em>Bank of Nigeria Statistical Bulletin to construct the financial repression index for Nigeria by </em></p> <p><em>employing the summary measure of the Principal Component Analysis(PCA). Results indicated a </em></p> <p><em>preponderance of financial repression over the study period of 1986-2020 and provided a financial </em></p> <p><em>repression index at a measure of less than 30% over the study period. This measure is seen as far less </em></p> <p><em>than average measures of financial repression from extant cross-country literature on Nigeria’s </em></p> <p><em>financial repression index at the level 64.53% over the period of 1990-2009 and 39.08% average over </em></p> <p><em>the period of over </em>1970-1997. <em>The study concludes the presence of financial repression in Nigeria at a </em></p> <p><em>magnitude that is reasonably lower than previously estimated from cross country studies in which </em></p> <p><em>Nigeria was sampled</em></p> 2023-09-29T15:47:28+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1891 Dividend Policy, Liquidity and Firm Value of Consumer Goods Industry Companies in Nigeria 2023-09-29T16:01:00+00:00 Adedokun, Kolade Adebanjo adedokunbk@yahoo.com Olalekan Obademi email@unilag.edu.ng Abass Shiro email@unilag.edu.ng <p>The focus of this study is to determine the effect of dividend policy and liquidity on firm</p> <p>value. The research was conducted on companies in the consumer goods industry sector on</p> <p>the Nigeria Exchange Group for the 2012-2021 period. The population used in conducting</p> <p>this study was obtained from the consumer goods industrial sector companies listed on the</p> <p>bourse of the Nigeria Exchange Group (NGX Group) which have a total of 25 companies.</p> <p>Purposive sampling technique was used and 17 companies were selected that met the</p> <p>condition of regular dividend payment. Panel least regression data analysis technique was</p> <p>used for the study. Secondary data used were obtained from audited financial statements of</p> <p>the sampled companies for the period and Nigerian Exchange Group factbook. The results</p> <p>showed that dividend policy, liquidity and market risk had positive significant relationship</p> <p>with firm value at 5.8198:0.000; 15:6395:0.000 and 1.2805:0.000 respectively indicating 1%</p> <p>significance level. Free cashflow had positive insignificant relationship with firm value while</p> <p>ownership concentration has negative but insignificant causal effect on firm value. R², the</p> <p>coefficient of determination of 0.8329 reflects that the model explanatory variables account</p> <p>for 83.29% of value of price to book value, the explained variable. It is recommended that</p> <p>adequate level of profitability should be a priority to enable payment of dividend. Liquidity</p> <p>position should be at the acceptable levels and market risk should not exceed tolerance limit.</p> 2023-09-29T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1925 Board Gender Diversity and Financial Performance of Listed Deposit Money Banks 2023-10-03T12:18:32+00:00 Kehinde A. Alliu kehindealliu@gmail.com Olukayode O. Oyewale ooyewale@unilg.edu.ng Ayodele Ajayi aajayi@unilag.edu.ng <p><em>In developing countries such as Nigeria, the role of women is minimized at the economic and </em></p> <p><em>social strata; thus limiting their contribution in the society. The main aim of this study is </em></p> <p><em>therefore to examine the effect of board gender diversity on financial performance of listed </em></p> <p><em>deposit money banks in Nigeria. The study sampled 12 listed deposit money banks and </em></p> <p><em>obtained data spanning from 2012 to 2022. The result of the regression analysis document </em></p> <p><em>that the proportion of female directors to total directors on the board has no significant </em></p> <p><em>negative effect on financial performance of listed deposit money banks in Nigeria while the </em></p> <p><em>presence of critical mass of female directors (at least three female directors) has a positive </em></p> <p><em>and significant effect on financial performance of listed deposit money banks in Nigeria. The </em></p> <p><em>study recommends for the inclusion and participation of more women on the corporate board </em></p> <p><em>of banks in order to ensure that their impact are more felt on their financial performance.</em></p> 2023-10-03T12:18:32+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1926 Effect of Dividend Policy on Share Price Movement of Selected Quoted Companies in Nigeria 2023-10-04T08:54:11+00:00 Adedokun, Kolade Adebanjo adedokunbk@yahoo.com Olalekan Obademi eobademi@unilag.edu.ng Abass Shiro email@unilag.edu.ng <p>Dividend Policy remains a contentious area of corporate finance with a school of thought<br>indifferent and another in support. The two contending views under which other hypotheseswere premised are; on the popular dividend relevance and irrelevance theories. Dividendpolicy scholars argued that it expresses information content about future prospects andcashflow of the firm. Irrelevance proponents hinged their argument on the point that all that isnecessary is the investment policies and risk of an enterprise in maximizing shareholderswealth. The latter proponents advanced their theories in favour on capital and future gainsinpreference to immediate payment of cash in form of dividend. This study centered oneffectsof dividend policy on share price of selected quoted companies in Nigeria with dividendper-share, earnings per-share and profitability taken as endogenous variables. Thirteenquotedcompanies on the floor of the Nigeria Exchange (NGX Group) using randomsamplingwereused. Pooled OLS regression with fixed and random effects models were employedforestimation. The fixed effects model was preferred as the efficient estimator for the studyandthe results revealed that dividend per share has inverse and statistically insignificant effectswith share price, likewise; earnings per share. Profitability has positive but insignificant<br>effect on share price.</p> 2023-10-03T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1930 INFLUENCE OF FIRM SPECIFIC AND CORPORATE GOVERNANCEFACTORSON CAPITAL STRUCTURE OF PUBLICLY LISTED NON-FINANCIALFIRMSINNIGERIA 2023-10-04T09:16:53+00:00 Taiwo Anthony Shonubi shonubitaiwo@yahoo.com <p>The primary aim of this research is to investigate the impact of firm-specific and corporategovernance variables on the capital structure of non-financial firms that are publiclylistedinNigeria. The study's population consists of 123 non-financial firms listed on the NigerianExchange Group between 2006 and 2020. A sample of 58 firms was selected usinganinclusion and exclusion approach. The data was analysed using the generalized methodofmoments technique. The results indicate that past values of total debt to assets exhibit anoteworthy and favourable impact on present values of total debt to assets. Conversely, thecurrent ratio, return on assets, non-current assets, board ownership, and board independencedisplay an unfavourable and noteworthy influence on total debt to assets. Return onequityand debt-tax-shield, on the other hand, demonstrate an unfavourable and insignificant impact<br>on total debt to assets. Finally, tangibility and block-ownership manifest a favourableandnoteworthy influence on total debt to assets. Conversely, the variables pertaining tofirm-specific and corporate governance exhibit noteworthy impact on the ratio of long-termdebt toequity. The study recommends that firms should consider past level of debts whensettingcurrent debt levels.</p> 2023-10-04T09:16:53+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1927 DOES TRADE LIBERALIZATION AND FOREIGN DIRECT INVESTMENT INDUCEENVIRONMENTAL DEGRADATION IN SELECTED WEST AFRICAN SUB-REGIONS? 2023-10-03T13:53:58+00:00 Ndubuisi Chidi Olunkwa email@unilag.edu.ng Anthonia T. Odeleye email@unilag.edu.ng <p>This study examined the ef ect of trade liberalization and foreign direct investment onenvironmental degradation within the selected West African sub-region. The data employedinanalyzing the result covers the period 1996 to 2022. Fully modified ordinary least squares anddynamic ordinary least squares were employed in estimating the models. The study's findingsindicate a negative and insignificant influence of trade liberalization and foreigndirect<br>investment on environmental degradation, indicating that trade liberalization and foreigndirect<br>investment reduced environmental degradation. Again, the interaction of trade liberalizationandforeign direct investment reduced environmental degradation. Other results confirmed that fossil<br>fuel energy consumption positively enhanced environmental degradation, although renewableenergy consumption significantly reduced pollution. Based on the empirical findings, sincetradeliberalization and foreign direct investment reduce environmental degradation as fossil fuel<br>energy consumption increase environmental degradation, implies that ECOWAS governmentsinstitute environmental laws following the race to the top theory to discourage fossil fuel energyusage and push for more renewable energy as it reduces incessant pollution within the region.</p> 2023-10-03T13:53:58+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1928 THE RELATIONSHIP AND EFFECT OF CAPITAL STRUCTUREONFINANCIAL DISTRESS OF PUBLIC QUOTED NON-FINANCIAL FIRMS IN NIGERIA 2023-10-03T14:19:21+00:00 Florence Ifeoma Onyenekwe email@unilag.edu.ng Peter Ngozi Amah email@unilag.edu.ng Samson Ogege email@unilag.edu.ng <p>This paper focuses on capital structure and its relationship and ef ect on distress of<br>public quoted non-financial firms in Nigeria. The study's major objective is to explorethe ef ect of capital structure on the financial distress of publicly quoted non-financial<br>firms on the Nigeria Exchange (NGX). Independent variables, financial leverage(debt to assets), short-term debt to equity, and long-term debt to equity, wereconsidered to represent the capital structure. The Altman Z-score was usedtomeasure financial distress. The assumptions of trade-of theory, pecking order theory, and agency theory guided this study. The study adopted an ex post facto researchdesign. Secondary data from the financial statements of publicly quoted non-financial<br>firms in Nigeria from 2011 to 2021 were used. A fixed-ef ects regression analysis<br>technique has been employed to help answer the hypotheses. The study discoveredthat converting short-term debt to equity has an insignificant positive ef ect onfinancial distress. In contrast, long-term debt to equity has an insignificant negativeef ect on the financial distress of publicly quoted non-financial firms in Nigeria. As aresult, this study recommends considering other factors such as the operatingenvironment not included in the analysis, which could also influence financial distress. It also recommended that businesses should promote prudent financial management.</p> 2023-10-03T14:19:21+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1929 The Effect of Ownership Structure on Firm Performance of Listed Consumer Goods Firms in Nigeria 2023-10-03T14:37:57+00:00 Olufisayo Babalola email@unilag.edu.ng Olalekan Emmanuel Obademi email@unilag.edu.ng Peter Ngozi Amah email@unilag.edu.ng <p>The study analysed the influence of ownership structure on the firm performance of fifteen (15) listedconsumer goods firms in Nigeria from 2011 to 2021. The firm's performance was proxied by return onassets and enterprise value. The ownership structure was measured by the chief executive officer<br>(CEO), board, and block ownership. The findings show that CEO ownership significantly positively<br>affects the return on assets of listed consumer goods firms in Nigeria. Board and block ownership havean insignificant influence on the return on assets of listed consumer goods firms in Nigeria. Similarly, block ownership significantly positively affects the enterprise value of listed consumer goods firms inNigeria. CEO and board ownership have an insignificant effect on the enterprise value of listedconsumer goods firms in Nigeria. The study recommends that block owners should be allowed to usetheir skills and experience to help companies achieve their goals.</p> 2023-10-03T00:00:00+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1931 Responsiveness of Industrial Growth to External Debt Question in Nigeria 2023-10-04T10:06:14+00:00 O. John Ojeka ojekajohnobaike@gmail.com O. Olayemi Simon-Oke oosimon-oke@futa.edu.ng <p>A high level of industrial growth is associated with higher economicgrowth and development. Still the argument remains whether this mechanismis<br>sustainable in Nigeria, given the low level of access to external capital flows andlowdomestic capital investment. The study, therefore, employed AutoregressiveDistributed Lag Model (ARDL), variance decompositions, and impulse responsefunctions to examine the long-run ef ect of external debt on industrial growthinNigeria. The study used time series data from 1985 to 2019, and the findings reveal<br>that external debt has a negative and significant ef ect on industrial growth inthelong run. The evidence from the sensitivity analysis also indicated a negativeresponse of industrial growth to external debt. Consequently, policymakers in Nigeriamust ensure ef ective management of external borrowing through evidence-basedpolicies on external debt and domestic capital formation that can create enablingbusiness environment and stimulate investors’ confidence to accelerate real industrial<br>growth in Nigeria.</p> 2023-10-04T10:06:14+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1932 EFFECT OF CORPORATE GOVERNANCE ON FINANCIALPERFORMANCE. A STUDY OF SELECTED BANKING FINANCIALINSTITUTIONS IN NIGERIA. 2023-10-04T14:30:38+00:00 OLUWATOYIN RUTH MACAULAY oluwatoyinmacaulay@gmail.com ADENIYI A ADEKOYA Adekoya_aadeniyi@yahoo.com CHARLES ONYEIWU ONYEIWU conyeiwu@unilag.edu.ng <p>The study assessed ef ect of corporate governance on financial performance. Specifically, the study used First Bank of Nigeria PLC, GT Bank Plc, Zenith Bank Plc, UBA Plc, and ACCESS bank Plc as case study. In line with the broad objective, thestudy investigated the ef ect of Audit Committee, Board Size, and board compositionon Return on Asset (ROA) of selected banks. The ex-post facto research designwas<br>adopted in this study. Data was collected using secondary source of data, while thepooled regression model was used in this study to ascertain the relationship betweenthe variables in the study. Findings of the study revealed that: Audit Committee havea positive and significant ef ect on Return on Asset (ROA), Board size has a negativeand significant ef ect on ef ect on Return on Asset (ROA), while board compositiondoes not significantly af ect Return on Asset (ROA) of selected banks. It was<br>recommended that: the audit committee members should be permitted to operateindependently, and the audit committee's membership should be reviewed onaregular basis to increase transparency in the audit committee's performance of its<br>duties. Additionally, banking financial institutions and other organizations shouldhave a reasonable board size that includes more non-executive directors<br>(representatives of the shareholders) than executive directors. It was recommendedthat a balanced board composition be implemented in response to the observedassociation between board composition and the financial performance of deposit<br>money institutions as measured by ROA (with emphasis on women inclusion in board).</p> 2023-10-04T14:30:38+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1933 Implications of Earnings Management on the FirmValue of ListedNon-Financial Firms in Nigeria 2023-10-04T14:48:49+00:00 Adebayo OLAGUNJU email@unilag.edu.ng Risikat Motunrayo SHITTU email@unilag.edu.ng Ruth Tony OBIOSA email@unilag.edu.ng <p>This study examined the implications of earnings management on the value of<br>sampled Nigerian non-financial firms. While earnings management was measuredthrough accrual earnings management (ACEM) and real earnings management (REM)<br>from production, the firm value was measured with Tobin Q. Data used weregenerated from a sample of sixty-nine (69) non-financial firms in Nigeria. In line withthe outcomes of specification tests, fixed ef ect panel regression was employedintesting the hypotheses. The results of the panel regression technique indicate that<br>while accrual earnings management recorded insignificant negative influence onTobin Q (t=-0.75; p&gt;0.05), real earnings management was found to exerts significant<br>negative influence on Tobin Q (t=-2.56; p&lt;0.05). The study thus concludes that<br>earnings management through real activities is detrimental to the market value of<br>Nigerian listed non-financial firms. Hence, the recommendation that emanates fromthis study is that EM practice among Nigeria non-financial firms shouldbediscouraged as it discourages investors and thus hinders the firm value and longrungrowth of the firm by extension.</p> 2023-10-04T14:48:49+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues http://journals.unilag.edu.ng/index.php/LJBFEI/article/view/1934 Niche Marketing Strategies: Consumer Perceived Value andWillingness to Pay for Whole Wheat Bakery Products 2023-10-04T15:03:03+00:00 R.D Bakare dbakare@unilag.edu.ng A.G Rahim email@unilag.edu.ng <p>This study examined the relationship between niche marketing strategies, consumer<br>perceived value and willingness to pay for whole wheat bakery products. Acorrelational research design was adopted. Questionnaire was used to solicit opinionfrom respondents who are residents within Lagos state metropolis. Conveniencesampling technique was adopted to survey respondents that are accessible and willingto participate in the survey. Pearson correlation and regression analysis were usedtotest the four hypotheses stated. Results of the analysis revealed that the threevariables are significantly related to one another. Specifically, niche marketingstrategies and perceived value (r= .540, p&lt;.000), niche marketing strategies andconsumer willingness to pay (r= .508, p&lt;.000), and perceived value and consumer<br>willingness to pay (r= .322, p&lt;.000). Furthermore, the results showed that only nichemarketing strategies predicted consumer willingness to pay (β=.472, t=5.190, p=.000), perceived value is not a predictor of consumer willingness to pay (β=.067, t=.742, p=.460) for whole wheat bakery products. The study concluded that nichemarketing strategies is a potent strategy to compete ef ectively in the dynamic andgrowing competitiveness of business environment. On the basis of the findings, thestudy recommends that companies pursuing niche marketing should realize that<br>niches are relatively too small to be served lucratively, hence, there is need for acustomer database so as to keep track of customer preferences for improvedrelationship building. In addition, to ef ectively pursue niche marketing, firms shoulddevelop strong internal dynamic capabilities to serve as strong defensive barriers that<br>will enable them to grow along with their market and possibly expand into other<br>profitable market clusters.</p> 2023-10-04T15:03:03+00:00 Copyright (c) 2023 Lagos Journal of Banking, Finance and Economic Issues