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1
Eneisik, Gogo Erasmus, Prof L. C. Obara, and Moses Kpane Uwikor. "Effect of Companies Income Tax on Financial Performance of Listed Manufacturing Companies in Nigeria." INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT 8, no. 2 (2023): 25–49. http://dx.doi.org/10.56201/ijefm.v8.no2.2023.pg25.49.
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The study empirically ascertains the effect of companies income tax on financial performance of quoted manufacturing companies in Nigeria. To achieve this objective theoretical, conceptual and empirical literature on companies income tax and financial performance was extensively reviewed.Companies income tax was proxied by capital gains tax, tertiary education tax and company income tax. The population of the study consists of sixty quoted manufacturing companies in Nigeria. The study adopts purposive sampling techniques to select thirty quoted manufacturing companies as a sample size. Secondary data was obtained from audited annual financial reports of quoted manufacturing companies in Nigeria from 2006-2020. Hypotheses formulated were tested using panel least squares regression through pooled effect, fixed effect, and random effect, determined by the Hausman test, fixed effect regression was preferred for results interpretation with the aid of EViews 10 econometric statistical software. Findings show that company income tax had a negative and insignificant effect on net profit margin of quoted manufacturing companies in Nigeria. Capital gains tax had positive and significant effect on net profit margin of quoted manufacturing companies in Nigeria. Tertiary education taxes had negative and insignificant effect on net profit margin of quoted manufacturing companies in Nigeria. The study concludes thatcompanies income tax reduced financial performance of listed manufacturing companies in Nigeria. The study recommends among others that government must ensure the eradication of multiple taxations and ensure transparency in corporate tax administration in order to attract investors and ensure tax compliance. The government should implement tax harmonization policy to reduce multiple taxations. The government should adopt a single uniform company income tax rate for all types of companies in Nigeria to avoid multiple taxations. The government should
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Chukwudi Christian, Ifekanandu. "Green Supply Chain Management and Sustainability Performance of Quoted Consumer Goods Manufacturing Companies in South-South Nigeria." African Journal of Economics and Sustainable Development 8, no. 2 (2025): 48–62. https://doi.org/10.52589/ajesd-bqeydlmw.
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This study explored green supply chain management and sustainability performance of quoted consumer goods manufacturing companies in South-South Nigeria. The study applied the correlational research design and the positivist research philosophy. The population of the study comprised 21 quoted consumer goods manufacturing companies in South-South Nigeria. The census sampling technique was adopted. The sampling units consisted of managers of quoted consumer goods manufacturing companies in South-South Nigeria. A structured questionnaire was used as the instrument for data collection. The data collected were analyzed statistically while the hypotheses were tested using Pearson Product Moment Correlation Coefficient (r) and the SPSS software application. The findings revealed that green manufacturing has a significant relationship with environmental performance of quoted consumer goods manufacturing companies in South-South Nigeria. This study also found a significant relationship between green manufacturing and economic performance of quoted consumer goods manufacturing companies in South-South Nigeria. The study equally discovered a significant relationship between green distribution and environmental performance of quoted consumer goods manufacturing companies in South-South Nigeria. The study also found a significant relationship between green distribution and economic performance of quoted consumer goods manufacturing companies in South-South Nigeria. Therefore, it was concluded that green supply chain management such as green manufacturing and green distribution significantly improve sustainability performance of quoted consumer goods manufacturing companies in South-South Nigeria. The study therefore recommended that consumer goods manufacturing companies in South-South Nigeria should adopt green supply chain management as it would enhance their sustainability performance.
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Eneisik, Gogo Erasmus, Prof L. C. Obara, and Moses Kpane Uwikor. "Corporate Taxes and Financial Performance of Quoted Manufacturing Companies in Nigeria." Journal of Accounting and Financial Management 9, no. 3 (2023): 81–105. http://dx.doi.org/10.56201/jafm.v9.no3.2023.pg81.105.
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The study empirically investigated the effect of corporate taxes on financial performance of quoted manufacturing companies in Nigeria. The population of the study consists of sixty quoted manufacturing companies in Nigeria. The study adopts purposive sampling techniques to select thirty quoted manufacturing companies as a sample size. Secondary data was obtained from audited annual financial reports of quoted manufacturing companies in Nigeria from 2006-2020. Hypotheses formulated were tested using panel least squares regression through pooled effect, fixed effect, and random effect, determined by the Hausman test, fixed effect regression was preferred for results interpretation with the aid of Eviews 10 econometric statistical software. Findings show that companies’ income tax, capital gains tax, and tertiary education tax had insignificant effects on return on equity of quoted manufacturing companies in Nigeria. Companies’ income tax and tertiary education tax had insignificant effect on return on capital employed of quoted manufacturing companies in Nigeria. Companies income tax and tertiary education tax had insignificant effect on net profit margin of quoted manufacturing companies in Nigeria. Capital gains tax had significant effect on return on capital employed and net profit margin of quoted manufacturing companies in Nigeria. The study concludes that corporate taxes have insignificant effect on financial performance of quoted manufacturing companies in Nigeria. The study recommends, among others, that the government should introduce new tax incentives, tax exemptions, tax allowances, tax relief, tax rebates, and tax shelters for corporate taxes. Capital gains tax should be scrapped to enable companies to plough back profit on sale of assets into their business operations. The government should create a corporate tax management database through modern information technology to ensure effective and efficient corporate tax administration.
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Eunice, Mayah, Ekwueme Chika Maureen, and Adejoh Arome Christopher. "Assets Composition and Financial Performance of Listed Consumer Goods Firms in Nigeria." Journal of Accounting and Financial Management 9, no. 5 (2023): 1–17. http://dx.doi.org/10.56201/jafm.v9.no5.2023.pg1.17.
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This study investigated the effect of asset composition on financial performance of listed consumer goods companies in Nigeria from (2012-2021). three research questions and corresponding three hypotheses were formulated for the study. Ex-post facto research design was employed in the study. The population of the study included all consumer goods manufacturing firms quoted on the Nigerian Exchange Group (NXG) (NSE) as at 31st December 2022 with a sample size of Twenty-nine (29) consumer goods manufacturing companies selected from the population sector. The study relied on secondary sources of dataset which was obtained from Annual reports of sampled companies as provided by individual companies, Nigerian Exchange Group (NXG) website and Machame Database (www.machameratios.company.site). Amongst other preliminary analysis and tests, the panel least square regression analysis was done in validating the hypotheses. The study found that property, plant and equipment have positive and significant effect on the performance of quoted manufacturing companies in Nigeria Exchange Group; Intangible assets have positive but insignificantly effect on the performance of quoted manufacturing companies in Nigeria Exchange Group; current assets has positive significant effect on the performance of manufacturing companies quoted in the Nigeria Exchange Group. Consequent on the findings of the study, it is recommended amongst others that management of manufacturing companies in the Nigeria should formulate policy that will enhance their investment in property plant and equipment as this will increase the performance of their companies and enable them achieve shareholders wealth maximization objective. The study also recommended that management of manufacturing companies in their effort to enhance the performance of manufacturing companies should increase the level of the of on intangible assets. Increasing the investment in intangible assets would positively enha
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Imo, ThankGod Obutor. "Strategic Management Accounting and Financial Statement Quality of Quoted Manufacturing Companies in Nigeria." WORLD JOURNAL OF FINANCE AND INVESTMENT RESEARCH 6, no. 2 (2023): 27–40. http://dx.doi.org/10.56201/wjfir.v6.no2.2022.pg27.40.
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The study determined the relationship between strategic management accounting and financial statement quality of quoted manufacturing companies in Nigeria. Strategic management accounting was the independent variable, while reliability of financial statements was adopted as the measure of financial statement quality. The study was guided by one specific objective, one research question and one research hypothesis. The study was anchored on Contingency theory and adopted the survey research design. The population of the study consisted of one hundred and seventy-seven (177) manufacturing companies Nigeria that are listed on the Nigerian Stock Exchange (NSE). The sample size consisted of one hundred and twenty-three (123) employees and managers of the selected manufacturing companiesin Nigeria. The sample size of this study was determined by Taro Yamane’s formula. Simple random sampling technique was used to select the respondents. Structured questionnaire was the data collection instrument used. Frequencies, simple percentages and weighted mean were used to analyse the demographic data of the respondents and other questionnaire items while Pearson Product Moment Correlation was used to test the hypotheses formulated at 5% level of significance. Statistical Package for Social Sciences (SPSS) was used to run the data analysis. There is a positive and significant relationship between value chain analysis and reliability of financial statements of quoted manufacturing companies in Nigeria, there is a positive and significant relationship between value chain analysis and timeliness of financial statements of quoted manufacturing companies in Nigeria, there is a positive and significant relationship between balance scorecard and reliability of financial statements of quoted manufacturing companies in Nigeria and lastly, there is a positive and significant relationship between balance scorecard and timeliness of financial statements of quoted manufacturer
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Etim, Etim Osim, Nsima Johnson Umoffong, Ekwere Raymond Enang, and Glory Agatevure. "LIQUIDITY MANAGEMENT AND FIRM VALUE OF QUOTED MANUFACTURING COMPANIES IN NIGERIA." INDO-ASIAN JOURNAL OF FINANCE AND ACCOUNTING 3, no. 1 (2022): 47–66. http://dx.doi.org/10.47509/iajfa.2022.v03i01.04.
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This study was conducted to examine the influence of liquidity management on firm value of quoted manufacturing companies in Nigeria. This was premised on the fact that continuous existence of quoted manufacturing companies is guaranteed by the level of improvement in firm value, which may depend upon the level of liquidity management technique employed by managers. Have these techniques of liquidity management adopted by managers of quoted manufacturing companies in Nigeria influence firm value? Ex-post facto research design was employed for the study. Fortytwo (42) quoted companies were sampled out off a population of fifty-six (56) quoted listed on the floor of the Nigerian Stock Exchange (NSE) as at December 31, 2019. The independent variables for liquidity management were measured by current ratio (CRR), Quick Ratio (QR), Cash Ratio (CR) and Net Working Capital Ratio (NWCR), and Firm Value (AV) was the dependent variable panel date was sourced from the published financial reports of the sampled companies and analysed using Fixed effect regression technique. Results revealed that CRR, QR and NWCR had positive and significance influence on FV, CR had a positive and insignificant influence. It was recommended that managers of quoted companies should invest continuously on current assets for the purpose of raising liquidity and profitability which impacts on firm value.
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Evans, Awuji Charles, and Anugwo Kelvin Ngozi. "Green Accounting and Financial Performance of Quoted Manufacturing Companies in Nigeria." Journal of Accounting and Financial Management 8, no. 6 (2023): 58–75. http://dx.doi.org/10.56201/jafm.v8.no6.2022.pg58.75.
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The study investigated green accounting activities and its implementations by manufacturing companies in Nigeria in relating to their financial performance. Qualitative research was adopted due to the fact that most of the Nigerian manufacturing companies do not attach financial quantities to their reports on sustainability activities. A sample of fifteen (15) manufacturing companies were investigated- (Dangote Floor mill, Dangote Cement, Cadbury,) The study used data from the central bank statistical bulletin as well as Nigeria Stock Exchange, and data were analyzed in the Statistical Package for Social Sciences (SPSS) Version 22. As well as Microsoft Excel The research hypotheses were tested using Ordinary Lease Square Regression (OLSR) analysis at a significance level of .05. The results of the findings were that there is no positive linear relationship between sustainability accounting of manufacturing companies and their profitability in Rivers state. This study recommends among others that as green accounting and sustainability reporting is still in arithmetic progression in Nigeria, more efforts should be applied in this regard, doing this will see a future positive correlative effect on the profitability of the manufacturing companies in Nigeria
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Erasmus, Eneisik Gogo, Moses, Kpane Uwikor, and Lazbery Nnah. "Sustainability Reporting and Financial Performance of Quoted Oil and Gas Companies in Nigeria." Journal of Accounting and Financial Management 9, no. 5 (2023): 136–62. http://dx.doi.org/10.56201/jafm.v9.no5.2023.pg136.162.
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This study empirically investigated the relationship between sustainability reporting and financial performance of quoted manufacturing companies in Nigeria. To achieve this objective, theoretical, conceptual, and empirical literature on sustainability reporting on financial performance were exhaustively reviewed. The population of the study consists of twelve quoted oil and gas companies on the Nigerian stock exchange. The study adopts purposive sampling techniques to select ten quoted oil and gas companie s as the sample size. Secondary data were obtained from audited financial reports and sustainability reports of quoted oil and gas companies in Nigeria from 2013-2022. Hypotheses formulated were tested using ordinary least square regression with the aid of Eview 10 econometrics statistical software. The findings show that sustainability reporting had a significant impact on financial performance of quoted oil and gas companies in Nigeria. Empirical evidence suggests that environmental sustainability reporting had a significant relationship with return on equity and return on asset of quoted oil and gas companies in Nigeria. Empirical evidence indicates that social sustainability reporting had a significant relationship with return on equity and return on asset of quoted oil and gas companies in Nigeria. Empirical evidence reveals that economic sustainability reporting had a significant relationship with return on equity and return on assets of quoted oil and gas companies in Nigeria. The study concludes that sustainable reporting promotes value creation, brand reputation, attracts investors, lowers operational costs, and improves risk management, leading to superior financial performance. The study recommends, among others that corporate organizations should adopt widely recognized international sustainability reporting standards, such as the global reporting initiative, the task force on climate-related financial disclosures, and the sustai
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Worimegbe, Temitope Mariam, and Timothy Oyewole. "Environmental accounting disclosure practices of quoted manufacturing companies in Nigeria." Global Journal of Business, Economics and Management: Current Issues 11, no. 1 (2021): 42–47. http://dx.doi.org/10.18844/gjbem.v11i1.5065.
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The study assessed the level of environmental disclosure practice of manufacturing companies in Nigeria. Anchored on the legitimacy theory, the ex-post facto research design was adopted by the study. The sample was drawn from the population of sixty quoted manufacturing companies on the floor of the Nigerian Stock Exchange as at 31 December, 2017 using the judgmental sampling technique. The study variables were sourced from the annual reports and the stand-alone environmental reports of the selected companies from 2007-2017. The Global Reporting Initiative (GRI) environmental disclosure index was adopted in assessing the disclosure practice of the companies over the years. The findings showed that the environmental disclosure practice of the quoted manufacturing companies was low in the areas of material, energy, emissions, effluent and waste, water and biodiversity. A good number of the manufacturing companies disclosed very well the theme “others” in the area of environmental expenditure and investment. The study further observed a non-significant statistical difference in the disclosure practice of manufacturing companies over the years (t = -1.440, p = .223). The study concluded that there exists no significant difference in the level of environmental disclosure practice of manufacturing companies in Nigeria from 2007 to 2017.
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Ndubuisi, Odoemelam, Wobo O. Henry, and Ojims Juliet. "Effect of Audit Quality on Value Relevance of Accounting Earnings of Manufacturing Companies Listed in Nigerian Exchange Group." Asian Journal of Economics, Business and Accounting 23, no. 20 (2023): 192–206. http://dx.doi.org/10.9734/ajeba/2023/v23i201104.
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The study investigates the effect of audit quality on the relationship between accounting earnings and share prices of quoted manufacturing companies in Nigeria. The current research uses secondary data extracted from 19 sample companies listed on the Nigerian Exchange Group (NGX), from 2006 to 2021. Pooled Ordinary Least Squares (POLS) are used to estimate the results. The findings reveal that earnings per share (EPS) statistically significantly and positively impact the share price of quoted manufacturing firms in Nigeria. The results also indicate that book value per share does not significantly explain the variations in share price. Interestingly, findings show that the moderating role of audit quality has a greater interaction effect with book value per share of quoted manufacturing firms in Nigeria. Finally, the results also show that earnings per share and book value per share have a combined significant effect on the share price of quoted manufacturing companies in Nigeria. The study has valuable insights and implications for shareholders, board members, practitioners, academicians, and policymakers. Further, the study contributes to the current literature by investigating the impact of audit quality on the relationship between accounting earnings and the share price of manufacturing companies. The agency, shareholders, and stakeholder theories support the findings, which contribute to a better understanding of the role of audit quality in the value relevance of accounting earnings information. We recommend among others the need for quality auditing of financial statements of companies to enhance financial performance.
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Dr., Abolade Francis AKINTOLA, Samuel Adebayo OLAOYE Dr., and Samson OGUNDIPE Adeyemi. "Capital Structure and Value of a Firm in Nigeria." American Based Research Journal 8, no. 11 (2019): 01–08. https://doi.org/10.5281/zenodo.3565432.
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<em>This study investigates the capital structure and value of quoted manufacturing firms in Nigeria. Secondary data was obtained from Factbook published by the Nigerian Stock Exchange (NSE) and financial statements of the investigated companies from 2008-2014. A panel regression model was employed to analyze the data. The results showed a significant and positive relationship between capital structure and market price per share of Nigerian quoted manufacturing firms. </em>
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Ezejiofor and Asika (PhD) Raymond. "Effect of IFRS on Value Relevance of Accounting Information Evidence from Quoted Manufacturing Firms in Nigeria." International Journal of Trend in Scientific Research and Development 2, no. 5 (2018): 2255–91. https://doi.org/10.31142/ijtsrd18346.
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This study evaluated the extent to which value relevance of financial information in Nigerian manufacturing firms has improved after the implementation of International Financial Reporting Standards IFRS . Specifically, the study intended to Ascertain the extent the adoption of IFRS has significantly improved the book value per share of manufacturing companies in Nigeria Determine the extent the adoption of IFRS has significantly improved the Earnings Per Share of manufacturing companies in Nigeria and Examine the extent the adoption of IFRS has significantly improved the cash flow of manufacturing companies in Nigeria. Ex post facto research design was adopted for the study. A sample of 54 manufacturing companies was randomly selected from manufacturing companies quoted on the Nigerian Stock Exchange for the periods of 2008 2015. Data for the study were obtained from the annual reports and accounts of the sampled companies. Specifically, a modified price model for detecting value relevance of accounting data for two different periods was employed. Regression Analysis and Chow test statistical tools were used to analyze and validate the data with aid of SPSS version 20.0. The study found that the adoption of IFRS has improved the book value per share, market share price, Earnings Per Share and cash flow of manufacturing companies in Nigeria. The implication of findings is that the value relevance of accounting information of manufacturing companies is more sensitive during Post IFRS era than the Pre IFRS era. The findings also imply that the book value per share, market price, earnings and cash flow have become informative to equity investors in determining the value of firms following IFRS adoption. The study recommends among other things that the accounting information for book value per share should be communicated to the investing public and such information should be of high quality to avoid negative consequences on the part of investors. Ezejiofor | Raymond Asika (PhD) "Effect of IFRS on Value Relevance of Accounting Information: Evidence from Quoted Manufacturing Firms in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-5 , August 2018, URL: https://www.ijtsrd.com/papers/ijtsrd18346.pdf
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Okusanya, Adedoyin O., Akpa, Victoria O., and Akinlabi. Babatunde H. "Entrepreneurial Orientation and Market Share of Selected Quoted Consumer Goods Manufacturing Companies in Nigeria." International Journal of Engineering and Management Research 11, no. 2 (2021): 64–74. http://dx.doi.org/10.31033/ijemr.11.2.9.
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Firm performance is fundamental to businesses considering its role in assisting organisations to realize their goals and achieve successes. Consumer goods manufacturing industry in Nigeria are experiencing decline in performance like profitability, market share, sales growth, competitive advantage, and productivity resulting from poor application of entrepreneurial orientation measures. This study examined the interaction between entrepreneurial orientation and market share of selected quoted consumer goods manufacturing companies in Nigeria.The study adopted cross sectional survey research design. The population of the study was 1,551of twelve (12) quoted consumer goods manufacturing companies in Nigeria. Total enumeration was used to sample the entire population. A self-developed structured and validated questionnaire was used for data collection. The Cronbach’s alpha ranges between 0.721 and 0.892. The response rate was 90.5%. Data were analyzed using descriptive and inferential statistics (Multiple and Hierarchical regression analysis).Findings revealed that entrepreneurial orientation components had significant influence on market share of selected quoted consumer goods companies in Nigeria (Adj. R2 = 0.791; F (5,441) = 339.129, p= 0.000). The study concluded that entrepreneurial orientation (innovativeness, competitive aggressiveness, proactiveness, risk-taking and planning flexibility) had significant effect on market share of selected quoted consumer goods companies in Nigeria and recommended that managers of selected quoted consumer goods manufacturing companies should practice entrepreneurial orientation ideologies to be able to be proactive and competitive enough to further boost the market portion of quoted consumer goods companies.
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Niyi, Solomon Awotomilusi, Oluyinka Isaiah Ogungbade, Olusola Esther Igbekoyi, and Temitayo Yomi Adesuyi. "Cost Structure and Financial Performance of Quoted Industrial Goods Manufacturing Companies in Nigeria." International Journal of Management, Accounting and Economics 9, no. 11 (2022): 749–63. https://doi.org/10.5281/zenodo.7444168.
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Cost structure has considerably been a topical issue in the Manufacturing sector as it affects financial performance of the manufacturing companies and has not received reasonable attention in the accounting literature. The various components of cost structure were carefully assessed as independent variables and how they affected financial performance of the selected manufacturing companies. Return on Assets (ROA) was used to proxy financial performance of the companies. This paper aims at assessing the impact of cost structure on financial performance of quoted manufacturing companies in Nigeria. The study selects 7 industrial goods manufacturing companies listed by the Nigerian Exchange Group and the analysis was done using the financial statements for the period of 2011-2020. Ex-post facto research design and descriptive analysis through the use of regression and correlation analysis were used. The findings of the study confirm that there is a significant effect of cost structure on financial performance of selected manufacturing companies quoted by the Nigerian Exchange Group. The study recommended that cost structure should be well analysed into those components and the cost of each of the components should be investigated in order to manage and control the impact on the profitability of manufacturing companies.
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Adegboyega, Afolabi. "DOES COMPANIES’ INCOME TAX AND FINANCIAL LEVERAGE AFFECT PROFITABILITY OF QUOTED MANUFACTURING COMPANIES IN NIGERIA?" Caleb International Journal of Development Studies 07, no. 02 (2024): 89–104. https://doi.org/10.26772/cijds-2024-07-02-06.
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Researchers have continued to debate on the possibility of companies’ income tax affecting the earnings of companies without much concern for its link with financial leverage. This research evaluated the influence of companies’ income tax and financial leverage on manufacturing companies listed in Nigeria. Ex-post facto research design and population of 41 Nigerian manufacturing companies quoted on Nigerian Exchange (NGX) (2021) were adopted for the study. The sample size was 20 companies using stratified sampling and secondary data from audited published financial statements for ten years covering 2012 to 2021. Descriptive and inferential (regression) statistics were employed for the analyses of data. The findings revealed that companies’ income tax (CIT) had no significant effect on profitability with t-stat p=0.61, p>0.05 therefore accepting the null hypothesis; but financial leverage had significant effect on profitability with t-stat of 5.217 and p=0.000, p<0.05, hence null hypothesis is rejected; also both companies’ income tax and financial leverage had significant effect on profitability of quoted manufacturing companies in Nigeria with F-stat value of 18.96 and p=0.000; p<0.05; therefore null hypothesis is rejected. The study concluded that majority of the listed Nigerian manufacturing companies are operating on loan and companies’ income tax alone cannot significantly influence their profitability but it was possible with the inclusion of financial leverage. It recommended that government should review the tax policy so that companies’ income tax rate can be reduced, and improve infrastructural facilities deficiency. Key Words: Companies’ Income Tax; Financial Leverage; Profitability; Tax Rates; Tax policy and revenue
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Oniyide, Sikiru, and Ogechukwu Rita Mojekwu. "Internal Drivers of Dividend Payout in Nigerian Quoted Manufacturing Companies." GPH-International Journal of Social Science and Humanities Research 06, no. 11 (2023): 79–97. https://doi.org/10.5281/zenodo.10245434.
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<strong>This study evaluated the internal drivers of dividend payout in Nigerian quoted manufacturing firms over the period of 2011 to 2019. The study employed secondary data gotten from annual financial reports of selected manufacturing firms and the Nigerian Stock Exchange Fact book. Dividend pay-out ratio served as the dependent variable whereas present net earnings per share, cost of floating new shares, financial leverage and liquidity served as the independent variables. The study employed the stationarity test which revealed the stationarity of the data at first difference. More so, panel regression using fixed effects model was employed as the Hausman test confirms it is more appropriate than the random effects model. The findings of the study evince that present net earnings per share, debt/equity ratio (leverage), flotation costs and liquidity showed significant influence on the dividend payout of the selected manufacturing firms in Nigeria. From the results of this study, we conclude that present net earnings per share, debt/equity ratio (leverage), flotation costs and liquidity are significant internal drivers of dividend payouts of quoted manufacturing firms in Nigeria. Therefore, the study recommends among others that manufacturing firms should ensure healthy, consistent and growing earnings so as to guarantee a stable and healthy profit margin. Manageable debt to equity ratio should be maintained to ensure financial flexibility as high debt levels can limit a company's ability to pay dividends.</strong>
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Adebayo, Mudashiru A., and Raymond A. Ezejiofor. "Voluntary Environmental Disclosure and Corporate Performance: A Study of Quoted Consumer Goods Manufacturing Firms in Nigeria." European Journal of Business and Management Research 6, no. 6 (2021): 261–65. http://dx.doi.org/10.24018/ejbmr.2021.6.6.1042.
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This study examined the effect of voluntary environmental disclosure on the corporate performance of quoted consumer goods manufacturing firms in Nigeria. The study specifically examined the effect of voluntary disclosure on the current ratio and quick ratio. The study used the ex post facto research design. The population of the study was drawn from selected consumer good manufacturing firms quoted on the floor of the Nigerian Stock Exchange. The study was based on secondary sources of data, collected from annual financial reports. The study found that voluntary disclosure is positively related to the current ratio and a quick ratio of quoted manufacturing companies in Nigeria. The study recommended among others that to further fortify corporate governance practices among firms, there should be severe execution of Nigerian Stock Exchange sustainability disclosure guidelines for manufacturing firms.
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Timah, Benson P., and Gospel J. Chukwu. "Tax Incentives Influence On Corporate Earnings: Evidence From Quoted Manufacturing Companies In Nigeria." Archives of Business Research 9, no. 1 (2021): 182–94. http://dx.doi.org/10.14738/abr.91.9665.
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This study examines the influence of tax incentives on corporate earnings of quoted manufacturing companies in Nigeria. The operational dimension of tax incentives adopted are annual allowance, investment allowance, and tax holiday; while the proxy for corporate earnings is earnings per share (EPS), with share capital as a moderating variable. Secondary data for this study are sourced from financial reports of 69 manufacturing firms quoted on the Nigerian Stock Exchange out of a population of 81 in agriculture, conglomerates, consumer goods, healthcare, industrial goods, natural resources, oil and gas operations. Results from data analysis using descriptive statistics and multiple regression, showed that EPS is influenced by the specified operational dimensions, adjusted R2 = 0.62, p < 0.05. Thus, tax incentives influence corporate earnings in quoted manufacturing companies in Nigeria. It is, therefore, recommended that tax incentives should be sustained by the government to enhance corporate revenue and improve investment. Also, investment booster agencies should do more to coordinate activities, disseminate information on available incentives, and assist investors towards optimum capacity utilization to efficiently drive the Nigerian economy to higher heights.
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CHARLIE, SAMUEL SUNDAY, and JEREMIAH PATRICK EDET. "ASSET GROWTH AND PROFITABILITY OF LISTED MANUFACTURING COMPANIES IN NIGERIA: EVIDENCE FROM POST ADOPTION PERIOD OF IFRSs." Social Sciences and Management International Journal 4, no. 1 (2023): 167–94. https://doi.org/10.5281/zenodo.7970449.
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There is a long-standing argument that asset types and asset growth contribute to the profitability of a company. However, the conclusions of some studies have shown otherwise. Hence, the need for the study. The aim of this study was to examine the influence of asset growth on profitability of the quoted manufacturing companies in Nigeria. The research design adopted in the study was ex-post facto owing to the fact that the study required secondary data. The population of the study was thirty-three (33) manufacturing companies whose shares were quoted on the floor of Nigerian Exchange Group (NXG) as at 31st December 2019. Twenty-four (24) entities were selected as sample size of the study based on availability of published annual reports. Historical data for the study were collected from the sampled companies for the period of 2013 to 2019. The nature of data was panel data. The dependent variable was Profitability (PRT) while the independent variable was Asset Growth (AG) sub-divided into Non-Current Asset Growth (NCAG), Current Asset Growth (CAG), Net Asset Growth (NAG) and Total Asset Growth (TAG). The descriptive statistics and simple linear regression statistical tools were used to analyse the relevant data collected for the study. All analysis was conducted at 5% level of significance. From the outcomes of the analysis, it was discovered that NCAG, NAG and TAG had positive and significant influence on PRT (P<0.05) of the quoted manufacturing companies in Nigeria and CAG had positive and insignificant influence on PRT (P>0.05) of the listed manufacturing companies in Nigeria. From the findings, it was concluded that asset growth had a positive and significant influence on profitability of the listed manufacturing companies in Nigeria. It was recommended that non-current assets should be acquired and accumulated by the listed manufacturing companies in Nigeria as non-current asset growth had positive and significant influence on profitability of these companies and more investments in current asset should be made to contribute more to profitability as this result revealed liquidity challenges.
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Ogege, Samson. "The Influence of Dividend Payments on Share Price in Manufacturing Firms Quoted on the Nigerian Stock Exchange." EMAJ: Emerging Markets Journal 10, no. 2 (2021): 63–69. http://dx.doi.org/10.5195/emaj.2020.196.
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This paper examined the influence of dividend payments on the price of share of quoted manufacturing companies in Nigeria employing panel data with 125 data observations spanning from 2014-2018. A purposeful sampling technique was used to select twenty-five manufacturing companies investigated from the Nigerian stock market. A linear regression model was specified and was further broken down into a bivariate regression model and the method of least square regression was adopted for data analysis. The outcome of the panel regression indicated that, dividend per share has a positive influence on the price of shares of high and low geared manufacturing firms; earnings per shares positively influence the shares price of both dividend and non-dividend paying manufacturing companies; dividend yield show an adverse effect on the share price of new and old manufacturing companies; credit risk was found to positively impact share price of big manufacturing companies, but adversely affect the share price of small manufacturing companies in Nigeria. In view of the outcomes of the analysis, the study therefore recommended that a conducive and favorable business environment should be created by the government for both old and new manufacturing companies in Nigeria to thrive. Also, credit risk should be effectively and efficiently managed by small manufacturing companies in particular in order to eliminate its adverse influence on their share price.
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ABIO, Tom Imaerele. "Information & Communication Technology and Management Accounting Practices: Evidence from Listed Industrial Goods Firms in Nigeria." Global Journal of Research in Business Management 3, no. 3 (2023): 26–41. https://doi.org/10.5281/zenodo.7979709.
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The study investigated the relationship between information & communication technology systems and Management Accounting Practices of quoted manufacturing companies in Nigeria within the period of 2010 -2019. The specific objectives were to investigate the relationship between Management Information System (MIS) and Costing Management Method (CMM); and Budgeting Management Method of quoted manufacturing companies in Nigeria, and investigate the relationship between Decision Support System (DSS) and Costing Management Method (CMM); and Budgeting management method. Nomothetic and idiographic Philosophy was adopted while a cross-sectional survey was employed. The population of the study was thirteen (13) companies quoted in Nigerian Exchange as of September 2020 in the industrial goods manufacturing sub sector. The unit population was the staff from departments such as Finance and Accounts, Procurements, Operations, and Information and communication Technology (ICT) departments, focusing on top management, middle management and functional management levels. Using purposive sampling technique seven (7) of the quoted companies were chosen for the study. 84 copies of questionnaire were used for data gathering. Descriptive statistics and Spearman’s Rank Order Correlation Coefficient, statistics was used for data analysis. The result of the study shows that management information system has a very strong and significant relationship with costing management method and budgeting management method of quoted industrial goods manufacturing companies in Nigeria; Decision support system has a very strong and significant relationship with costing management method and budgeting management method as well. The study concluded that information & communication technology system has a very strong relationship with management accounting practices of manufacturing companies in Nigeria. The study recommends among others that industrial goods manufacturing companies should be encouraged to go fully computerized thereby changing from the traditional management accounting systems to the contemporary systems, this way they would be able to compete with other businesses globally given the trend in globalisation and computerization of operations in this contemporary times. Also they should focus on the development of Decision support systems since this system is very useful for the strategic managers in modelling and forecasting for easy decision making. This would enable them make strategic decisions in the company quickly.
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Efuntade and Olusegun Alani. "Effect of Gearing on Shareholders' Wealth in Quoted Manufacturing Companies in Nigeria." International Journal of Management Sciences and Business Research 8, no. 8 (2019): 108–15. https://doi.org/10.5281/zenodo.3510056.
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The research work examined the effect of gearing on shareholders’ wealth in quoted manufacturing companies in Nigeria. The objective of the study was to examine how gearing affects shareholders’ wealth of quoted manufacturing companies in Nigeria. This Study is based on the stakeholder’s theory and agency theory. The secondary data source was explored in presenting the facts of the Study. The secondary data were obtained from relevant literature, journals, and annual reports of selected manufacturing companies in Nigeria for the years 2012 to 2018 (6 years). Data were tested using the Panel Least Square Regression model. The findings showed clearly that collectively, the endogenous variables (board size, firm size, and leverage) were significantly associated with the dependent variable (return on equity). Thus, these independent variables strongly have impact on shareholders’ wealth in quoted manufacturing companies in Nigeria measured by return on equity. As a result, the study concluded that gearing is a good source of finance to firms as it enables firms to carry out capital projects with positive net present values and also reduce the tax payable by the firms. The study recommended among others that, since the major goal of a firm is to maximize profits, the management of quoted manufacturing firms should ensure that gearing levels are maintained at a minimum level.
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MAMIDU, Ishola Aruna. "Cost Management and Corporate Performance in Quoted Manufacturing Companies in Nigeria." International Journal of Business Management and Technology 3, no. 5 (2023): 79–85. https://doi.org/10.5281/zenodo.7656840.
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This research work studied the effect of Cost Management on performance of manufacturing companies in Nigeria. The study sought to examine some best practices in the management of cost management and their influence on performance of manufacturing companies taking into account the unique attributes of the Nigerian economy. This Study is predicated on the portfolio theory, resource based view theory and efficient structure theory. Secondary data source was explored in presenting the facts of the situation. The secondary data were obtained from annual reports and relevant literatures among other. Data were tested using the Ordinary Least Square Linear Regression model.From the financial reports of companies, information concerning direct material cost, direct labour cost and production overhead(independent variables) and operating profit(dependent variable) of listed companies in Nigeria were extracted. The result shows that Shareholders' Funds positively relate to profitability and significant at 5 percent and that the Total Asset also positively relate to profitability at 5 percent level of significance. This study shows that cost management in manufacturing companies have a significant impact on profits generated from Production Operations. The study concluded that an efficient cost Management has significant influence on profitability. The study then recommends among others, that Company policy makers and transaction advisors should be keen on making cost management policies to be applied since they greatly impact on financial performance of the company
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Alamieyeseigha, Ebimoboere Rebecca, and Adamu Garba Zango. "External auditor attributes and financial reporting quality of quoted manufacturing companies in Nigeria." International Journal of Business and Management (IJBM) 4, no. 2 (2025): 53–67. https://doi.org/10.56879/ijbm.v4i2.89.
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The study examined external auditor attributes and financial reporting quality of quoted manufacturing companies in Nigeria. Specifically, the study focused on audit fees, and auditors’ industry specialization as a dependent variable and financial reporting quality as independent variable. Ex-post facto research design was adopted. The population included all 44 quoted manufacturing companies in Nigeria out of which 10 were selected as sample size of the study. The study covered the period from 2014 to 2023 and utilized secondary data extracted from the annual accounts of the companies for the period of the study. The study employed the use of descriptive statistics, correlation and panel regression analysis techniques to analyze the data with the aid of STATA version 16. From the regression results, it was revealed that audit fees and auditor industry specialization have statistically positive significant effects on financial reporting quality of quoted manufacturing companies in Nigeria. The study concluded that external auditor attributes have strong explanatory power in determining the quality of financial reporting of quoted manufacturing companies in Nigeria. The study recommended that given the complex nature of the manufacturing companies they should insist on hiring industry specialist auditors. Even, the “Code” stipulates that in order to ensure quality audit outcomes, the engagement partner and audit team should possess the knowledge, relevant skills and experience. The findings from this study have implications for policy makers and auditors. The findings implied that auditors' fee and auditor industry specialization matter with regard to the quality of financial reporting. Therefore, the regulator's concern over the auditor fee and auditor industry specialization is a major problem in the listed manufacturing firms in Nigeria.
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Alamieyeseigha Ebimoboere Rebecca and Adamu Garba Zango. "External Auditor Attributes and Financial Reporting Quality of Quoted Manufacturing Companies in Nigeria." International Journal of Latest Technology in Engineering Management & Applied Science 14, no. 1 (2025): 183–90. https://doi.org/10.51583/ijltemas.2025.1401018.
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Abstract: The study examined external auditor attributes and financial reporting quality of quoted manufacturing companies in Nigeria. Specifically, the study focused on audit fees, and auditors’ industry specialization as a dependent variable and financial reporting quality as independent variable. Ex-post facto research design was adopted. The population included all 44 quoted manufacturing companies in Nigeria out of which 10 were selected as sample size of the study. The study covered the period from 2014 to 2023 and utilized secondary data extracted from the annual accounts of the companies for the period of the study. The study employed the use of descriptive statistics, correlation and panel regression analysis techniques to analyze the data with the aid of STATA version 16. From the regression results, it was revealed that audit fees and auditor industry specialization have statistically positive significant effect on financial reporting quality of quoted manufacturing companies in Nigeria. The study concluded that external auditor attributes have strong explanatory power in determining the quality of financial reporting of quoted manufacturing companies in Nigeria. The study recommended that given the complex nature of the manufacturing companies they should insist on hiring industry specialist auditors. Even, the “Code” stipulates that in order to ensure quality audit outcomes, the engagement partner and audit team should possess the knowledge, relevant skills and experience. The findings from this study have implication to the policy makers and auditors. The findings implied that auditors fee and auditor industry specialization matter with regard the quality of financial reporting. Therefore, the regulators concern over the auditor fee and auditor industry specialization is a major problem in the listed manufacturing firms in Nigeria.
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Ezenwafor, Emmanuel C. PhD. "Effect of Foreign Diversification on Financial Performance of Non-Financial Firms in Nigeria." Journal of Global Interdependence and Economic Sustainability 3, no. 7 (2024): 12–19. https://doi.org/10.5281/zenodo.12731587.
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<em>This study is to determine the effect of corporate diversification on financial performance of quoted firms on Nigeria Exchange Group. Specifically, the study ascertained the effect of foreign diversification on financial performance measure of Market Value of Tobin Q for the period 2012-2022. Ex-post facto research design was adopted for the study. A sample of 41 manufacturing companies was randomly selected from a population of 119 manufacturing companies quoted on the Nigerian Exchange Group. Data were extracted from the annual reports and accounts of the sampled companies. Regression analysis was used to test the hypothesis with the aid of SPSS version 20.0. Based on this, the study found that foreign diversification has a significant relationship with firm performance during the periods. The study therefore recommended that management policies should not be exerted towards foreign diversification strategy as it was seen not to be a boost to market value of Tobin Q in the non-financial firms quoted on the Nigerian Exchange Group.</em>
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Mukosolu Okobo, Marian, Robinson Onuoha Ugwoke, and Ekom Etim Akpan. "Investment in tangible non-current assets and financial performance of food manufacturing firms in Nigeria." Investment Management and Financial Innovations 19, no. 3 (2022): 360–72. http://dx.doi.org/10.21511/imfi.19(3).2022.30.
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Nigeria has a serious food crisis, which can be attributed to poor management of tangible non-current assets by food manufacturing companies, which leads to low productivity, product wastages, and ineffective processing and distribution of products culminating in low return on assets. Therefore, this study examined the effects of changes in tangible non-current assets on return on assets of food manufacturing firms in Nigeria. The study employed an ex-post facto research approach with data obtained from top food manufacturing companies quoted on the Nigerian Stock Exchange from 2008 to 2020. The finding revealed that tangible non-current assets play a very important role in the return on assets of food manufacturing companies in Nigeria. Specifically, the study revealed that changes in investment in land and buildings, plants and machineries and motor vehicles have a statistically significant influence on return on assets (ROA) of quoted food manufacturing companies (FMCs). It was concluded that an increase in tangible non-current assets enhances the return of assets of food manufacturing companies. In line with the findings of this study, it was recommended that considerable attention should be paid by the management of FMCs to efficient utilization of tangible non-current assets because it is only when non-current assets are efficiently utilized that they would have significant contributions to or implications for the return on assets of the business.
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Olowolaju, Philip Segun, and Olayemi Deborah Oluwasesin. "Effect of Human Capital Expenditure on the Profitability of Quoted Manufacturing Companies in Nigeria." Asian Journal of Finance & Accounting 8, no. 2 (2016): 155. http://dx.doi.org/10.5296/ajfa.v8i2.10197.
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<p>The study examined the effect of human capital on the profitability of quoted manufacturing companies in Nigeria. The study aimed at determining if expenditure on human has influence on the profitability of listed manufacturing companies on the Nigeria Stock Exchange. A sample of 10 listed manufacturing companies on the Nigeria Stock Exchange was used for the study. This study used data mainly from secondary sources and the analysis of data collected was done using descriptive and inferential statistics. The descriptive statistics include mean, standard deviation, kurtosis, skewness while inferential statistics that was used in testing the hypotheses include panel regression and correlation. The study revealed that all the explanatory variables have positive relationship with profitability, however, expenditure on health contributed more to the profitability of the firms with a beta value of 27.8609 than expenditures on salaries and wages, training and contributory pension with beta values of 0.3107, 2.6752 and 3.4519 respectively. The study also found that that only expenditure on health can significantly predict net profit at 5% level of significance. The study concluded that human capital expenditure significantly influenced profitability of manufacturing companies quoted on the Nigerian Stock Exchange and companies that place more emphasis on human capital, maintaining it and treating it as a pure asset will have motivated work force.</p>
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Worimegbe, Temitope Mariam. "Impact of environmental cost on the profitability of quoted manufacturing companies in Nigeria." Independent Journal of Management & Production 12, no. 5 (2021): 1518–36. http://dx.doi.org/10.14807/ijmp.v12i5.1428.
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Corporate involvement in environmental initiatives and reporting is essential for increasing and sustaining performance in a dynamic and changing environment. However, this involvement in environmental activities is not without costs implication. Hence, business managers tend to sacrifice engaging and reporting environmental initiatives for economic benefits. This study examined the impact of environmental costs on the profitability of quoted manufacturing companies from 2007 to 2017. The study used the ex-post facto research design. Twenty mentioned manufacturing companies were purposively drawn from the population of sixty manufacturing companies listed on the floor of the Nigerian Stock Exchange. The study variables were sourced from the annual reports and accounts as well as the stand-alone environmental information of the selected companies over eleven years from 2007-2017. The cost incurred on environmental initiatives to the community and training of employees on environmental concerns were used as proxies for environmental cost. At the same time, the DuPont return on equity was proxy for profitability. The findings from the panel random-effect regression analysis showed that asset use efficiency (F = 3.368, p = .01) and equity multiplier (F = 3.3301, p = .01) were significantly influenced by environmental cost; while operating efficiency (F= 0.5158, p = .72) was not significantly impacted by environmental cost at 5% level of significance. As such, in this study, the asset use efficiency and equity multiplier are the main drivers of a significant increase in the return on equity of quoted manufacturing companies in Nigeria from 2007 to 2017. The study, therefore, concluded that environmental costs significantly affect the profitability of quoted manufacturing companies in Nigeria.
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Adebayo Olaoye, Samuel, Abolade Francis Akintola, Timothy Adisa Soetan, and Netufo Cornelius Olusola. "Capital Structure and Financial Performance of Quoted Manufacturing Companies in Nigeria." Journal of Social Sciences Research, no. 610 (October 13, 2020): 874–80. http://dx.doi.org/10.32861/jssr.610.874.880.
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The capital structure involves the decision about the combination of the various sources of funds a firm uses to finance its operations and capital investments. These sources include the use of long-term debt finance called debt financing, as well as preferred stock and common stock also called equity financing. One of the most important goals of financial managers is to maximize shareholder’s wealth through the determination of the best combination of financial resources for a company and maximization of the company’s value by determining where to invest their resources. The study evaluated the effect of capital structure on the financial performance of listed manufacturing companies in Nigeria. The study employed the ex post facto research design. The population of the study consisted of the quoted manufacturing companies in Nigeria made up of 71 companies as of 31st December 2017 according to the Nigeria Stock Exchange (NSE), which formed the entire population of the study. The study employed convenience sampling in the selection of the sampled companies. Data from the research were obtained from the annual reports of the sampled companies. The study adopted descriptive and inferential statistics. The finding of the study indicated that capital structure influences the performance of the quoted manufacturing companies in Nigeria. The study concluded that capital structure has a significant relationship with the financial performance of listed manufacturing companies in Nigeria. The study recommended that management should ensure that proper capital structure is maintained to improve financial performance and to allow for an increase in dividend payment and retained earnings for expansion.
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SOYINKA, Kazeem A., Olugbenga JINADU, Olufemi O. DABO, Oluwafemi M. SUNDAY, Ayodeji M. ADEJUWON, and Oladele Ebenezer OLORUNFEMI. "Corporate Governance and Tax Compliance of Quoted Manufacturing Companies in Nigeria." International Journal of Economics, Business and Management Research 06, no. 08 (2022): 380–91. http://dx.doi.org/10.51505/ijebmr.2022.6825.
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This study examined the impact of corporate governance attributes on tax compliance of 40 quoted consumer and industrial companies in Nigeria. It also looked at whether tax compliance is influenced by board independence and board gender. A correlational research design was adopted to test the association between and among the variables. In addition, the corporate annual reports and website for the periods 2016-2020 were utilized as the main sources of secondary data. In testing the research hypotheses and to ascertain the significant effect of the variables, the study utilized panel estimation technique method of data analysis. The findings revealed a significant positive relationship between board independence, board gender and tax compliance. The study, therefore, recommended that the Nigerian consumer and industrial companies should increase the members of board in relation to their independence and gender diversity in order to enhance the level of tax compliance.
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Solomon, Adedeji Adewale, and Mrs O. O. Akinlo. "Corporate Governance Mechanisms And Internet Financial Reporting Of Selected Quoted Manufacturing Companies In Nigeria (2012-2021)." IOSR Journal of Business and Management 26, no. 10 (2024): 47–60. http://dx.doi.org/10.9790/487x-2610044760.
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The study analysed online financial reporting practices among listed manufacturing organisations and investigated the level of compliance with regulations. It determined the effect of corporate governance mechanisms on internet reportage of finance among manufacturing firms in Nigeria. These were done with a view to examining the relationship that exists between corporate governance mechanisms and internet financial reporting among Nigerian manufacturing firms. The study adopted a longitudinal research design. For this investigation, secondary data were used. The study's participants comprised 86 manufacturing firms quoted on the Nigerian Exchange Group (NGX) between 2012 and 2021. A total of 22 manufacturing companies were purposefully selected due to the availability of complete data during the research period and the adoption of IFRS. The data was collected from the websites of the manufacturing companies and their certified financial records. The data covered IFRS disclosure items classified into presentation format and content (FASB 2000), percentage of the independent director, composition of board committees, board diligence, audit committee size, non-executive director as part of the audit committee, internal control management (as mandated by CAMA 2003, CAMA 2020, SEC 2011, and NCCG 2018), and control variables (profitability and leverage). The results showed that corporate governance mechanism measured by board size (t = 5.09, p < 0.05), risk assessment (t = 5.34, p < 0.05), board diligence (t = 2.42, p < 0.05) had a significant effect on internet financial reporting, while Audit committee (t=1.8 p>0.05) had no significant effect on internet financial reporting among Nigeria manufacturing firms. The study concluded that corporate governance mechanisms enhanced internet financial reporting of quoted manufacturing companies in Nigeria
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Egbon–Aghaleleghian, Joy Esosa, and David Jerry Oziegbe. "Fair Value Measurement and Firm Performance of Quoted Manufacturing Companies in Nigeria." SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS 6, no. 3 (2022): 321. http://dx.doi.org/10.29259/sijdeb.v6i3.321-340.
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This study examined fair value measurement and firm performance of quoted manufacturing companies in Nigeria. The study used data from thirty-one (31) selected quoted manufacturing companies in Nigeria for a period of 16 years that were split into eight (8) years of historical cost accounting method (2004-2011) and eight (8) years of fair value measurement valuation technique method (2012-2019). The study utilized the paired sample t-test framework in analyzing the data. Findings revealed that there are significant differences between the impact of historical cost accounting and fair value measurement valuation technique on firm performance. Thus, the study recommended among others that the Financial Reporting Council of Nigeria should focus on the compliance level of companies with fair value accounting in addition to taking necessary steps to improving the understandability and usage of fair value accounting.
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Owoseni, Gbenga David, and Temitayo Yomi Adesuyi. "Company Age, Company Size and Earnings Management in Listed Industrial Goods Manufacturing Companies in Nigeria: A Moderating Role of Political Connection of Board Members." Advances in Multidisciplinary and scientific Research Journal Publication 12, no. 1 (2024): 49–72. http://dx.doi.org/10.22624/aims/humanities/v12n1p4.
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1Department of Accounting, Afe Babalola University, Ado Ekiti, Ekiti State, Nigeria 2Department of Business Administration, Adekunle Ajasin University Akungba Akoko, Nigeria Emails: 1temitayoay@pg.abuad.edu.ng, 2gbengaowoseni@gmail.com ABSTRACT The study analysed the effect of company age, company size and political connections of Board members on earning management of quoted industrial goods manufacturing companies in Nigeria. The specific objectives of the study include assessing the effect of company age, company size and evaluating the moderating effect of political connections of board members on earnings management of quoted industrial goods manufacturing companies in Nigeria. The study used 130 firm-year data involving thirteen (13) quoted industrial goods manufacturing companies purposely selected over the period of 2012-2021. The data were sourced from the annual audited reports and accounts of the companies obtained from the Nigerian Exchange Group. The study used E-Views 8.0 statistical package and used panel regression techniques to analyse the data after carrying out diagnostic tests such as normality test, Panel Unit Root Test, Multicollinearity Test, Redundant Fixed Effects Tests, Hausman test, Heteroskedasticity Test, Serial Correlation Test to select the most appropriate model and fixed effect model was used for the model. The findings revealed that company age and company size do not influence earnings management. Also, the study revealed that political connection of board members insignificantly moderated the effect of company age and company size on earnings management. The study recommended that increased attention be given to internal control mechanisms to help curtail aggressive corporate earnings manipulation, reduce the effect of political connection, and enhance the financial reporting quality, particularly in Nigeria. Keywords: Firm Characteristics, Political Connections, Accruals, Real Earnings Management. Journal Reference Format: Adesuyi, T. Y. & Owoseni, G. D. (2024): Company Age, Company Size and Earnings Management in Listed Industrial Goods Manufacturing Companies in Nigeria: A Moderating Role of Political Connection of Board Members. Humanities, Management, Arts, Education & the Social Sciences Journal. Vol. 12. No. 1, Pp 49-72. www.isteams.net/humanitiesjournal. dx.doi.org/10.22624/AIMS/HUMANITIES/V12N1P4
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Gwar, Stephen, Paul A. Angahar, and Luper Iorpev. "Moderating Role of Board Composition on the Relationship between Environmental Disclosure and corporate performance of Nigerian manufacturing Quoted Companies." FUDMA Journal of Accounting and Finance Research [FUJAFR] 2, no. 1 (2024): 206–2013. http://dx.doi.org/10.33003/fujafr-2024.v2i1.89.206-2013.
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This study is to ascertain the moderating effect of board composition on the relationship between environmental disclosure and corporate performance. Secondary data collected from the published annual reports and accounts of the selected listed manufacturing companies in Nigeria. The study made use of forty-five (45) manufacturing quoted on the Nigerian Exchange Group (NGX) and covers a period of ten (10) years ranging from 2013-2022. Agency theory is used as the foundational theory. Descriptive statistics, correlation and regression techniques were used to analyze the data. The findings of the study show that there is a significant effect of environmental disclosure on ROA of listed manufacturing companies in Nigeria. The study further revealed that board composition significantly moderates the relationship between environmental disclosure and financial performance of the sampled manufacturing companies listed on the NGX. The study recommends for an effective/efficient board composition in companies which will lead to more robust environmental disclosures, thus have a significant effect on corporate performance of companies.
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Najimu, Ayinde Nafiu1* Feyisayo Oluwasola Aderibigbe2. "EFFECTIVENESS OF MOTOR, MARINE AND AVIATION, AND FIRE INSURANCE ON MANUFACTURING COMPANIES' SUSTAINABLE PERFORMANCE IN NIGERIA." ISRG Journal of Economics, Business & Management (ISRGJEBM) II, no. V (2024): 110–14. https://doi.org/10.5281/zenodo.13888678.
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<strong>Abstract</strong> <em>The research investigated the effectiveness of motor, marine, aviation, fire insurance on manufacturing companies’ sustainability in Nigeria for 7 years (2008-2019), using ready-made data (ex-post facto design) and multiple regression technique as the research design and inferential statistical analysis. Respectively. The collection of data from both the Central Bank of Nigeria (CBN) statistical Bulletin and Nigeria Insurers Association reports. The research observed that insurance policies have a strongly significant and direct associative effectiveness with GDP of Nigerian manufacturing commercial enterprises. In conclusion, the sustainable performance is directly and significantly influenced by the insurance premiums in Nigerian manufacturing commercial enterprises, which reportedly advise the manufacturing companies to be prudently implementing some obligatory policies that will improve their operational and sustainable activities. Based on the outcomes, the recommendations suggest that the Nigerian quoted manufacturing commercial enterprises should prudently operate in line with both memorandum and articles of association’ documents as well as regulatory’ directive in such a way to leverage the internal and external guidelines.</em> <strong>Keywords:</strong> <em>Motor Insurance, Marine and Aviation Insurance, Fire insurance, Manufacturing Companies, Sustainable Performance, Insurance.</em>
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Ikeokwu, Queen, Leyira Christian Micha, and Asian A. Umobong. "Creative Accounting and Financial Performance of Quoted Nigerian Manufacturing Companies." GPH-International Journal of Business Management 07, no. 06 (2024): 21–49. https://doi.org/10.5281/zenodo.12683370.
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This study investigated creative accounting and financial performance of listed manufacturing firms in Nigeria from 2011-2021 using stacked data from annual financial statement of quoted manufacturing companies. Data for the study were obtained from secondary sources and analysed using Eview9 statistical package namely: Unit root test, Panel Cointegration test; Bayesian error correction model, panel OLS and Granger causality test among others. Data for the work were drawn with purposive sampling techniques from samples of 651 observations Nigeria stock exchange statistical Bulletins. The R-square shows explanation proxies and of the variance of the criterion variable is explained by the predictor variable. Which shows how well fitted the regression is based on the unique theoretical combinations of variables. While the remaining 56% is captured by other variables not included in the model i.e. the error term. The study rejects the null hypothesis and observes that there is significant (short-run and long-run) relationship between employed variables but in favour with on innovation accounting for transformation of the organisational setting into the betterment of rapid growth and productivity. The Granger Causality test shown from the results indicates there are four uni-directional and one bi-directional causality among the variables. Thus, there are correlations between the variables so as to predict the future trend. In conclusion, it can be notices that with the exception of DAC and RPT exhibited a positive coefficient and movement towards the criterion variable, financial performance i.e. ROA, which corroborates the a-priori expectation. We therefore recommend among others that Nigeria quoted firms should continue to train and re-train their staffs in order to refresh their knowledge on appropriate application of creativity accounting for the preparation and presentation of financial statements to boost their return on equity, asset and earnings.
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Samuel, Hope Udoma, Dorathy Christopher Akpan, Ese Bassey Nsentip, and Essien Amos Ukpe. "Tax Shield and Firms Value of Quoted Manufacturing Companies in Nigeria." International Journal of Business and Management Review 11, no. 9 (2023): 16–34. http://dx.doi.org/10.37745/ijbmr.2013/vol11n91634.
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This study investigated the effect of tax shield on firms’ value of selected manufacturing companies in Nigeria from 2012 to 2021. The dependent variable of this study was firm value which was proxied by Tobins Q, while the independent variables were debt tax shield, depreciation tax shield and charitable donation tax shield. The research design adopted for the study was ex post facto, secondary data were employed, three hypotheses were tested and purposive sampling technique was used. The data for the study were analyzed using ordinary least square regression technique and the statistical tool package used was SPSS Version 20. From the result of the analysis, it was found out that debt tax shield, depreciation tax shield and charitable donation tax shield have significant effect on market value of selected manufacturing firms in Nigeria. Hence, it was concluded that tax shield could be used to optimize the value of manufacturing firms’ in Nigeria. Based on the outcome of this study, it was recommended among others that management of manufacturing firms should consider increasing debt financing, invest more in non-current asset, take advantage of charitable donation as means to enhance corporate image and maintain a proper mix of tax shield in the firm thus bringing overall benefit to shareholders and prospective investors.
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Evans, Nwaba, Eke Promise, Achoronye Charles Chidi, and Ellah Bridget Agbonma. "Executive Compensation and Financial Performance of Quoted Industrial Goods Manufacturing Firms in Nigeria." June-July 2024, no. 44 (June 3, 2024): 21–31. http://dx.doi.org/10.55529/jpome.44.21.31.
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The study investigated the relationship between executive compensation and financial performance of quoted industrial goods manufacturing firms in Nigeria. The study utilized an ex-post facto research design due to the lack of control over the data collected, focusing on four (4) listed industrial goods manufacturing companies in Nigeria out of a population of thirteen (13). This sample was selected purposively based on the availability of complete and up-to-date data from the companies' annual financial reports obtained from the Nigerian Exchange Bulletin for the year 2023. Through secondary data sources, the researcher conducted descriptive statistics and linear regression analysis to investigate the relationship between salary, bonus, and profit after tax of the selected firms. This approach allowed the researchers to explore existing data and draw insights into the financial dynamics of the industrial goods manufacturing sector in Nigeria without directly intervening in the data collection process. The results revealed a significant positive association between salary and profit after tax, indicating that higher salaries may contribute to increased profitability for these firms. However, bonus was found to have no significant impact on profit after tax. These findings suggest that while salary plays a crucial role in influencing profitability, bonus schemes alone may not directly affect the financial performance of industrial goods manufacturing companies in Nigeria. Hence, the investigators further suggested that management should review salary structures to ensure competitiveness and alignment with employee responsibilities and performance, potentially leading to increased productivity and profitability. Also, management should implement performance-based bonus schemes tied to specific key performance indicators or financial targets to incentivize employees towards strategic goals and drive productivity.
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Iheduru, Ngozi G., and Charles U. Okoro. "Micro Determinants of Dividend Policy in Quoted Manufacturing Companies in Nigeria." Australian Finance & Banking Review 2, no. 2 (2018): 7–21. http://dx.doi.org/10.46281/afbr.v2i2.193.
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This study examined the factors that determine dividend policy of quoted manufacturing firms in Nigeria. The general purpose is to examine factors that affect dividend policy of the quoted firms. After exhaustive literature review, cross sectional data was sourced from financial statement of twenty quoted manufacturing firms. Dividend payout rate was proxy for dividend policy while growth opportunities, liquidity, management efficiency, profit level, cost of capital, company size and debt equity ratio were proxy for independent variables. The study applied the Pooled Ordinary Least Square (OLS), fixed effect, and random effect regression models using the e-view statistical package. Findings reveal that growth opportunities, profit level, management efficiency and debt equity ratio have negative effect on dividend payout ratio while liquidity, cost of capital and company size have positive effect on dividend payout ratio of the manufacturing firms. We conclude that liquidity cost of capital and company size significantly determine dividend policy while growth opportunities, management efficiency, profit level and debt equity ratio have no significant effect on dividend policy. The study recommends among others, that managers/consultants should carefully examine the economic factors within a firm’s operating environment when carrying out the functions of developing or designing dividend policy for the firm.
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ABIO, Tom Imaerele. "Transaction Processing System & Inventory Management Method of Listed Consumers Goods Firms in Nigeria: An empirical Analysis." Global Journal of Research in Business Management 3, no. 3 (2023): 42–51. https://doi.org/10.5281/zenodo.8002183.
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The study investigated the relationship between Transaction Processing System & Inventory Management Method of Listed Consumers Goods Firms in Nigeria within the period of 2010 -2019. Nomothetic and idiographic Philosophy was adopted while a cross-sectional survey was employed. Primary data was used. The population of the study was thirteen (13) companies quoted in Nigerian Exchange as of September 2020 in the industrial goods manufacturing sub sector. The unit population was the staff from departments such as Finance and Accounts, Procurements, Operations, and Information and communication Technology (ICT) departments, focusing on top management, middle management and functional management levels. Using purposive sampling technique seven (7) of the quoted companies were chosen for the study. 84 copies of questionnaire were used for data gathering. Descriptive statistics and Spearman’s Rank Order Correlation Coefficient, statistics was used for data analysis. The result of the study shows that Transaction Processing systems has a very strong, positive and significant relationship with inventory management method of quoted industrial goods manufacturing companies in Nigeria. Also Transaction Processing system (TPS) and Inventory management method (IMM) has a high rank in the ranking order. The study concluded that Transaction Processing System as part of information & communication strongly relates with the inventory management method used as part of management accounting practices in listed companies in Nigeria. The study recommends among others that manufacturing companies should be encouraged to go fully computerized thereby changing from the traditional management accounting systems to the contemporary systems, this way they would be able to compete with other businesses globally given the trend in globalisation and computerization of operations in this contemporary times.
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Sanni, Mubaraq, Abdulrasheed Alabere Jamiu, and Ahmed Adeleke Lawal. "Managerial Dynamics as a Deciding factor for Corporate Social Disclosures among Quoted Manufacturing Companies in Nigeria." FUDMA Journal of Accounting and Finance Research [FUJAFR] 1, no. 3 (2023): 64–74. http://dx.doi.org/10.33003/fujafr-2023.v1i3.64.64-74.
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The continuous growth and expansion in the global economy with its attendant consequences on the environment and society have necessitated the increasing push by stakeholders for companies’ world over to disclose their social impacts on society. Consequently, the persistent increase in the demand for increase in social information has resulted to loss of credibility by stakeholders in the annual report of companies. The Nigerian business climate is no exception to this dilemma which serves as motivation for this research. Hence, this study investigates the extent to which managerial efficiency influences corporate social disclosures among listed Manufacturing companies in Nigeria. Using Krejcie and Morgan sample selection criteria, the sample size for the ex-post factor research design with a population of seventy-six (76) listed industrial businesses was sixty-three (63). However, because of irregular company listings and inadequate data availability, only forty-nine (49) of the companies were chosen to be included in the sample size spanning seven (7) sectors. Data were analyzed using Panel Corrected Standard Error Estimation. The results showed a significant level of 0.000 and a positive correlation of 0.019 between management effectiveness and corporate social disclosure of Nigerian listed industrial companies. Consequently, the study unquestionably showed that while managerial performance is beneficial, corporate social disclosure is significantly impacted by it. Therefore, the study suggested that the Nigeria Exchange Group (NGX) should implement additional regulations and controls to guarantee that all listed manufacturing companies continue to disclose information on product responsibility, human rights, and the social impact of manufacturing operations.
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Anazonwu, Helen Obiageli, Francis Chinedu Egbunike, and Ardi Gunardi. "Corporate Board Diversity and Sustainability Reporting: A Study of Selected Listed Manufacturing Firms in Nigeria." Indonesian Journal of Sustainability Accounting and Management 2, no. 1 (2018): 65. http://dx.doi.org/10.28992/ijsam.v2i1.52.
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The objective of the study is to ascertain the influence of corporate board diversity on sustainability reporting on a sample of quoted manufacturing firms in Nigeria. The study adopts a panel research design. The population of the study comprised quoted manufacturing companies on the Nigerian Stock Exchange. This was restricted to companies classified under conglomerates, consumer goods, and, industrial goods sector. The study used secondary data, extracted from the annual reports of the studied manufacturing companies. Fixed effects panel regression analysis was used to test the hypotheses. The dependent variable sustainability reporting was measured using an Economic, Social, and Governance (ESG) index, the independent variables were board member nationality, proportion of women directors, proportion of non-executive directors, and multiple directorships. The results show no significant positive influence of board member nationality, while proportion of women directors, proportion of non-executive directors, and multiple directorships were significant. The study recommends among others, the adoption of NSE Sustainability Disclosure Guidelines for a unified integrated reporting framework for Nigerian firms, secondly, a heterogeneous board composition, which can leverage on the diverse set of skills of board members.
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., Hassan, Olalekan O, and Dr Adegbie F.F. "Financial Leverage And Financial Stability Of Quoted Manufacturing Companies In Nigeria." International Journal of Scientific and Research Publications (IJSRP) 11, no. 1 (2020): 474–84. http://dx.doi.org/10.29322/ijsrp.11.01.2021.p10956.
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Rufus Akintoye, Ishola, Folajimi Festus Adegbie, and Chimeruo Victory Onyeka-Iheme. "Tax Planning Strategies and Profitability of Quoted Manufacturing Companies in Nigeria." Journal of Finance and Accounting 8, no. 3 (2020): 148. http://dx.doi.org/10.11648/j.jfa.20200803.16.
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Eneh, Onyinye M., Iheanyi O. Anyahara, Arinze E. Anaege, and Onyekachi A. Inweregbu. "Human Capital Investment and Performance of Quoted Manufacturing Companies in Nigeria." International Journal of Research and Innovation in Social Science IX, IIIS (2025): 3613–26. https://doi.org/10.47772/ijriss.2025.903sedu0265.
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The study investigates the influence of investment in human capital on the listed manufacturing firms’ financial performance in Nigeria. Adopting an ex-post facto design, the study examined the experience of 38 listed manufacturing firms during the period 2014-2023. The study specifically examined the influence of the efficiency of human capital and employees’ compensation on the return on assets and the operation expenses. The firms’ annual reports provided the source of the data that were analyzed using descriptive correlation analysis and least square regression analysis. The findings of the study identify that HCE has a positive and significant influence on the ROA (β = 1.5329, p < 0.05), indicating that firms with higher human capital efficiency experience good financial performance. The employees’ compensation also has a positive and significant influence on the ROA (β = 1.0265, p < 0.05), indicating that higher compensation yields higher profitability possibly with the aid of higher productivity and employees’ staff retention rates. HCE also has a marginally significant influence on the OPEX (β = 0.0631, p < 0.05), indicating that companies that invest in human capital might record higher operation expenses with the inclusion of training and staff development expenses. The findings emphasize the significance of strategic investment in human capital in influencing the performance of the firm while offsetting the associated expenditure. The study advises that manufacturing companies optimize human capital efficiency with the development of skills and the use of performance-based compensation schemes and adopt the use of optimization of expenditure strategies to enhance profitability.
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D. Ibrahim, Abdullahi, Ahmed Hassan Ahmed, Ramalan Murtala Muhammed, Zainab Abdulsalami, and Aliyu Ahmed Tanko. "MODERATING INFLUENCE OF MANAGERIAL OWNERSHIP ON DEBT FINANCING AND FINANCIAL PERFORMANCE OF MANUFACTURING FIRMS QUOTED ON NIGERIAN STOCK EXCHANGE." Gusau Journal of Accounting and Finance 3, no. 2 (2022): 10. http://dx.doi.org/10.57233/gujaf.v3i2.147.
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The study considered the influence of managerial ownership and debt financing on financial performance of manufacturing firms listed on the Nigerian Stock Exchange. The panel regression model utilized secondary data for a period of ten (10) years to 2020. The study sampled twelve (12) listed manufacturing firms in Nigeria. Findings revealed a negative effect of total debt on financial performance of selected quoted manufacturing firms in the period. The managerial ownership also negatively influences the financial performance of the sampled companies. The results clearly demonstrate that the interaction of debt financing and managerial ownership does not significantly influence the financial performance of listed manufacturing firms in Nigeria implying very weak moderating effect. The study recommends that listed manufacturing firms should consider their retained earnings to finance their operations instead of relying on debt finance, and directors should only own minority shareholding right in their companies as ownership of major shares cannot influence borrowing plans of the business.
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ADEDIPE, Oluwaseyi Ayodele, and Unity Egwuchukwu IWUANYANWU. "Corporate Social Responsibility Disclosure and Financial Performance of some selected Quoted Manufacturing Companies in Nigeria." International Journal of Management Sciences and Business Research 12, no. 5 (2023): 17–30. https://doi.org/10.5281/zenodo.8013590.
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<em>This study examined the corporate social responsibility disclosure and financial performance of some selected quoted manufacturing companies in Nigeria between the periods 2011-2020. The study used secondary data sources which were collected from the annual reports and financial statements of the listed manufacturing companies in the Nigerian Exchange Group (NGX Group). The variables used were explained by descriptive analysis, and panel regression analysis was used to determine the impact of environmental disclosure (pollution), social disclosure (staff training costs), and governance disclosure (board size) on the company's financial performance (return on asset, earnings per share). Correlation analysis was used to determine whether there is a relationship between corporate social responsibility disclosure and financial performance. The findings showed a meaningful connection between overall CSR parameters and financial success indicators. The only CSRD metric with a substantial positive correlation to return on assets and earnings per share was social disclosure, while environmental disclosure showed no correlation to financial success. The results led to the conclusion that CSR disclosure measures predicted the financial performance of particular Nigerian manufacturing enterprises. According to the report, encouraged corporate social responsibility disclosure will help companies' brands and reputations. Companies should have fewer board members for better decision-making.</em>
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Adegbie, Folajimi Festus, and Chimeruo Victory Onyeka-Iheme. "Asset Valuation and Firm Capitalization of Consumer Goods Manufacturing Companies Quoted in Nigeria." European Journal of Accounting, Auditing and Finance Research 11, no. 2 (2023): 1–14. http://dx.doi.org/10.37745/ejaafr.2013/vol11n2114.
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Capitalization enables firms from around the world to be able to evaluate how effective the investments of any company are thus making it an important variable to be considered when making an investment decision. To ascertain a firm's market value or capitalization, assets need to be valued among other measures that need to be undertaken. Thus necessitating this research work on Asset Valuation and Firm Capitalization of Consumer Goods Manufacturing Companies Quoted in Nigeria. For this study, the adopted research design was Ex-post facto. The study’s main objective was to investigate asset valuation's effect on Consumer Goods Manufacturing Companies’ capitalization. The study’s population is 52 manufacturing companies as quoted on the Nigeria Stock Exchange as of 31st December 2020 out of which 12 were purposively selected. Audited annual reports of the companies that were sampled formed the source of Data collected for this study for a period of 10 years (2011 – 2020). Data for this study were analyzed with the aid of descriptive and inferential statistics and the outcome showed that asset valuation significantly affects firm capitalization. This is seen in the Adj.R2 = 0.312126 and F-Statistics = 26.41023 and P-value of 0.000000 values. The conclusion of this study thus is that asset valuation has a significant effect on firm capitalization Consumer Goods Manufacturing Companies Quoted in Nigeria. The study recommended that firm Managers should give due attention to asset management and valuation to ensure a positive and significant impact on firm capitalization while investors are advised to ensure that the assets of a firm are properly valued to ensure fair firm capitalization before embarking on investment commitment.
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Oyerogba, Ezekiel Oluwagbemiga, Sinmisola Yoyinsola Anjorin, Julius Adeyemi Alamu, and Tolulope Oyebanke Shangodare. "Influence of adoption of modern manufacturing technologies on firm value of the listed manufacturing companies in Nigeria." International Journal of Applied Economics, Finance and Accounting 20, no. 1 (2024): 1–10. http://dx.doi.org/10.33094/ijaefa.v20i1.1845.
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This study investigated the influence of adoption of modern manufacturing technologies on firm value of listed manufacturing companies in Nigeria. Specifically, the study determines the factors that influence the level of adoption of modern manufacturing technologies, effects of modern manufacturing technologies on firm value, and the effects of firm-specific variables (firm growth, firm size, and firm age) on firm value of the listed manufacturing companies in Nigeria. The study adopted a mixed method involving survey research design and ex-post facto design. A survey was administered to a sample of thirty-nine (39) quoted manufacturing companies on the Nigeria Exchange Group, where 390 respondents were purposefully selected. Secondary data were extracted from the audited financial statements of the manufacturing companies listed on the Nigeria Exchange Group for a period of eight years (2014-2021). We analyzed the data using descriptive and inferential statistics, employing random effect regression analysis. The results show that very few manufacturing companies have fully adopted the modern manufacturing technologies in Nigeria. We also found a significant relationship between firm value and growth. Lastly, our results show evidence of a better performance for the firms that adopted new manufacturing technology. The study concludes that adoption of modern manufacturing technologies has significant influence on the firm value of the listed manufacturing companies in Nigeria.