AL-HIKMAH INTERNATIONAL JOURNAL OF FINANCE
The Al-Hikmah International Journal of Finance (AHIJoF) is a bi-annual (June and December) double blind peer review publication of the Department of Banking and Finance, Al-Hikmah University, Ilorin, Kwara State, Nigeria. The Journal particularly focuses on all issues related to the field of Finance and Management. Articles written in English are expected from interested scholars and researchers in the University Academic Community, banks and other financial institutions, establishments and professionals for consideration and possible publication in its June and December, 2021 Madden Edition: Vol.1 No.1. All manuscripts are assessed initially by the editors and only those papers that met the editorial standards of the journal will be sent for review. Acceptance of all articles will be based on the quality and originality of the research and its scholarly contribution to the field of Finance and Management. The Editors and the Publisher reserve the right to modify typescripts to ensure clarity. Manuscripts requiring major corrections will be returned to the author(s). The Journal especially encourages submissions of high-quality research papers from corporate Efinance, behavioural finance and Islamic Finance and banking. However, research coming from other areas such as Accounting, Management, Business, Economics, quantitative methods and applications, marketing, agricultural finance and economics, Corporate Governance, Entrepreneurship, regional development and others are also considered for publication.
BOARD DYNAMISM, FINANCIAL REPORTING QUALITY, AND FIRM SUSTAINABILITY OF QUOTED INDUSTRIAL GOODS IN NIGERIA
This study examines the impact of board dynamics and financial reporting quality (FRQ) on firm sustainability within Nigeria’s industrial goods sector. It analyzes how board characteristics impact both FRQ and sustainability performance. The analysis was conducted using panel data, from eight firms listed on the Nigerian Stock Exchange, observed across a five-year period from 2020 to 2024. Data was analyzed using descriptive statistics, correlation analysis, and panel regression models (fixed-effects) to test the proposed relationships. The results revealed that board independence significantly enhanced sustainability performance, while gender diversity had a positive and significant influence on FRQ. Financial reporting quality itself exerted a robust effect on sustainability. Mediation analysis demonstrated that FRQ acts as a crucial partial mediator. Sub-sectorial comparisons highlighted notable disparities, with cement firms achieving higher average ESG scores than their chemical industry counterparts. The study recommends enforcing stronger governance policies mandating greater board independence and gender diversity to enhance transparency and bolster long-term resilience. This research provides empirical evidence on the mediating role of FRQ in the board-sustainability relationship, an area with limited research in emerging economies like Nigeria.
Board Composition, Corporate Governance, Disclosure, ESG, Industrial Sector, Nigeria
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Digital Lending and Financial Literacy: Examining the Awareness and Attitudes of Nigerian Borrowers
The rapid evolution of digital lending platforms has reshaped Nigeria’s financial landscape, providing greater access to credit for both banked and unbanked populations. This study examines the relationship between financial literacy, awareness, and attitudes of Nigerian borrowers toward digital lending platforms. Using a quantitative, descriptive survey design, data were collected from 120 respondents in Ibadan, Oyo State, who had previously accessed loans through platforms such as Carbon, Branch, FairMoney, and PalmCredit. The results indicate that financial literacy significantly influences borrowers’ awareness and attitudes toward digital lending. Regression analysis revealed that education and income positively affect financial literacy, while age exhibits a negative influence; gender was found to be statistically insignificant. Correlation analysis showed a strong positive relationship between financial literacy, awareness, and borrower attitudes, with awareness serving as a mediating factor. These findings suggest that borrowers with higher financial literacy are more informed and exhibit more positive attitudes toward digital lending, thereby reducing the likelihood of over-indebtedness. Therefore, strengthening financial literacy through targeted education and regulatory policies is essential for promoting responsible borrowing behavior and achieving sustainable digital financial inclusion in Nigeria.
Digital Lending, Financial Literacy, Borrower Awareness, Attitude toward Fintech JEL Classifications: G21, D14
APPLICABILITY OF COASE THEOREM IN MANAGING FARMERS AND HERDERS’ CONFLICT IN NIGERIA
This study examines the applicability of the Coase theorem in managing farmer–herder conflict in Nigeria, a persistent challenge that threatens the nation’s socio-economic stability and security.Employing a quantitative research design, the study draws on secondary data from conflict trend analyses, media reports, and scholarly literature. Findings reveal that clearly defined property rights, coupled with negotiated agreements, can lead to an equilibrium in which both farmers and herders derive mutual benefits without detriment to either party. The research further proposes a pragmatic policy framework that integrates Coase theorem principles with non-cooperative game theory to enhance conflict resolution efforts. This study contributes to conflict management literature by demonstrating the potential of economic theory to inform sustainable and context-specific interventions in Nigeria’s farmer–herder crisis.
IMPACT OF DEPOSIT MONEY BANKS LOANS TO SMALL SCALE ENTERPRISE ON NIGERIA’S ECONOMIC GROWTH
This study examines the impact of Deposit Money Banks loans to small-scale enterprises on Nigeria’s economic growth for the period 2001–2023. The study specifically evaluates the contribution of Deposit Money Banks loans to small-scale enterprises to gross domestic product growth, analyses the relationship between total private sector credit and economic growth, and assesses the effect of lending rates on this relationship. An ex post facto research design was adopted, using secondary time series data on Deposit Money Banks loans, total private sector credit, lending rate, and real gross domestic product obtained from the Central Bank of Nigeria Statistical Bulletin. Data were analysed using descriptive statistics, correlation analysis, and multiple regression with EViews version 13.0. The findings reveal that Deposit Money Banks loans to small-scale enterprises have a positive and significant impact on Nigeria’s economic growth, demonstrating that targeted financing of small enterprises enhances productivity and employment. In contrast, total private sector credit exhibited a significant negative relationship with gross domestic product, indicating inefficiencies in credit allocation, while lending rates unexpectedly showed a positive association with gross domestic product, reflecting macroeconomic adjustments in Nigeria. The study concludes that improving access to credit for small-scale enterprises, ensuring efficient allocation of private sector credit, and maintaining lending rates that support growth are crucial for sustainable economic development in Nigeria
Deposit Money Banks, Small-Scale Enterprises, Private Sector Credit, Lending Rate
EFFECT OF WORK ETHICS ON PERFORMANCE OF ACADEMIC STAFF OF PUBLIC UNIVERSITIES IN NORTH CENTRAL NIGERIA
The study examined the effect of work ethics on performance of academic staff of public universities in North-Central, Nigeria, addressing the declining academic staff performance of public universities due to unfavorable work conditions and ethics as evident in severally extant studies. The study adopted the descriptive survey research design which included the administration of structured questionnaire among the target population. The population of the study comprised academic staff among 13 universities in North Central, Nigeria. A sample of 501 was determined using Yamane sample size model with an attrition of 30%. Data were analyzed using both descriptive (mean and standard deviation) and inferential (simple and multiple regression) for hypotheses testing. After questionnaire administration, a total of 381 questionnaire were returned and used for the analysis representing 76% response rate. The Findings indicate that, for every ethical improvement measure taken on academic staff conduct, their performance level is likely to improve by 91.4% as indicated by the beta value of 0.914. The study therefore concluded among others that, work ethics contribute significantly to improving performance of academic staff of public universities in North Central, Nigeria. It was recommended that, University management should encourage work ethics such as hard work, morality, leisure, centrality of work, time management, self-reliance, non-delay of gratification that improve employees morale or motivation to be self-reliant and independent to take decisions that willultimately improve performance of staff
Academic Staff, Performance, Public University, Work Ethics.
AN EMPIRICAL STUDY OF THE EFFECTS OF COGNITIVE BIASES ON STOCK MARKET RETURNS IN NORTH-EASTERN NIGERIA
Investment return volatility remains a major challenge confronting investors in the Nigerian financial market, significantly influencing investor behavior within the stock market. This study aims to investigate the effects of cognitive biases on stock market returns in north-eastern Nigeria. Employing a cross-sectional survey design, data were collected from individual investors in north eastern part of the country actively participating in the Nigerian financial market. The study population comprises all investors in the north east trading in the market, from which a sample of 92 respondents was purposively drawn. Descriptive and inferential statistical methods, including simple and multiple regression analyses, were used to test the stated hypotheses. Findings indicate that representativeness bias has a significant impact on stock market returns, demonstrated by a strong positive correlation (R = 0.781) and a high coefficient of determination (R² = 0.771), indicating that 77.1% of the variation in stock returns is explained by this bias. The result is statistically significant (p = 0.001), leading to the rejection of the null hypothesis (H0₁). Similarly, regret aversion bias also shows a significant influence on stock returns, with a moderate positive correlation (R = 0.651) and an R² value of 0.648, signifying that 64.8% of the variation is attributable to this bias. Its statistical significance (p = 0.010) supports the rejection of the second null hypothesis (H0₂). The study concludes that both representativeness and regret aversion biases have a significant impact on stock market returns in Nigeria. It recommends that investors receive targeted education and training in behavioral finance to better identify and manage these cognitive biases, thereby promoting more rational investment decisions. Furthermore, policymakers are encouraged to introduce measures that enhance market transparency and reduce information asymmetry to support informed investor behavior.
Representative bias, Regret aversion bias, stock market return
EDUCATIONAL FINANCING: ROLE OF INADEQUATE FUNDS ON NIGERIAN BUSINESS EDUCATION
Managing education is a sensitive task that requires optimum understanding of its indices. Finance is one of the educational indices upon which educational successes lie. This study investigates the role of inadequate funds on business education activities in Nigeria. It is a qualitative designed study that examined a population of Six hundred (600), out of which three hundred and fifty (350) purposively selected samples were examined. Data employed were assembled through structured questionnaires, and therefore subjected to descriptive statistical analysis, using two of the measuring tools of central tendencies (Mean and the Standard Deviation) to draw inferences. Croribach αlpha formulae were also employed to test for results’ reliability. And in all of these, the study revealed and thus concludes that inadequate funds play significant and negative role on the business education activities as evident by the cumulative mean value of 31.12%. Also, the study posits that the Industrial-educational partnership and the collaboratory funding techniques have sizeable positive effect on the Nigerian business education. And it was on the basis of these revelations and conclusions that the study recommends to the Nigerian governments and every concerned policy-makers to adopt the Industrial-educational partnership and collaboratory funding approaches (both, educational collective financing techniques, involving relevant stakeholders) to financing business education activities in Nigeria. These financing approaches surely, will assist the nation in building formidable educational capital bases, improve education financial system, spur accountability, and also promote stakeholders’ inclusivity.
Funding, Inadequacy, Business, Education, and Approach.
IMPACT OF EXCHANGE RATE AND GROSS DOMESTIC PRODUCT ON MARKET CAPITALIZATION IN NIGERIA
Market capitalization plays a critical role in shaping financial markets, influencing investor decisions, and determining a company’s presence in the market. Moreover, macroeconomic factors such as inflation, exchange rate instability, and GDP also play a significant role in impacting market capitalization growth. Therefore, this study examines the impact of exchange rate and GDP on market capitalization in Nigeria. Data for this study were acquired from Central Bank of Nigeria (CBN) Statistical Bulletins. All listed firms on the floor of the Nigeria Stock Exchange (NGX) whose statement of financial status made public during the study's time frame of January 1, 2010 to December, 2024, make up the study's population, the sample size of this study was all listed firms with market capitalization that was published under the period of the study. Multiple linear regression was used to test the hypotheses stated with the aid of stata version 18. The results of the regression model reveal that exchange rate has a negative and statistically significant effect on market capitalization. For every 1-unit increase in the exchange rate (USD/NGN), market capitalization decreases by 0.0320 trillion NGN. The coefficient is statistically significant with a p-value of 0.001 (less than the 0.05 significance level), indicating a strong inverse relationship between the exchange rate and market capitalization. It also revealed that GDP has a positive and statistically significant effect on market capitalization, with a coefficient of 0.6229. This means that for every 1% increase in GDP, market capitalization increases by 0.6229 trillion NGN. The p-value (0.004) is well below the 0.05 threshold for statistical significance. The study concludes that the model as a whole is statistically significant and that both exchange rate and GDP significantly influence market capitalization in Nigeria. The study recommends that policymakers should prioritize stabilizing the exchange rate to foster confidence in the Nigerian financial markets. Strategies such as maintaining a stable foreign reserve, curbing speculative currency trading, and reducing dependency on foreign imports can help mitigate the adverse effects of currency volatility. Policymakers should implement strategies to stimulate GDP growth, such as diversifying the economy away from oil dependency, improving infrastructure, and promoting key growth sectors like agriculture, manufacturing, and technology. Pro-growth policies such as tax incentives for businesses, support for small and medium enterprises (SMEs), and the promotion of export-oriented industries can further strengthen GDP growth and, in turn, improve market capitalization.
Exchange rate, GDP and market capitalization
The study examined the effect of work ethics on performance of academic staff of public universities in North-Central, Nigeria, addressing the declining academic staff performance of public universities due to unfavorable work conditions and ethics as evident in severally extant studies. The study adopted the descriptive survey research design which included the administration of structured questionnaire among the target population. The population of the study comprised academic staff among 13 universities in North Central, Nigeria. A sample of 501 was determined using Yamane sample size model with an attrition of 30%. Data were analyzed using both descriptive (mean and standard deviation) and inferential (simple and multiple regression) for hypotheses testing. After questionnaire administration, a total of 381 questionnaire were returned and used for the analysis representing 76% response rate. The Findings indicate that, for every ethical improvement measure taken on academic staff conduct, their performance level is likely to improve by 91.4% as indicated by the beta value of 0.914. The study therefore concluded among others that, work ethics contribute significantly to improving performance of academic staff of public universities in North Central, Nigeria. It was recommended that, University management should encourage work ethics such as hard work, morality, leisure, centrality of work, time management, self-reliance, non-delay of gratification that improve employees morale or motivation to be self-reliant and independent to take decisions that will ultimately improve performance of staff
Academic Staff, Performance, Public University, Work Ethics
ANALYSIS OF THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ONTHE SOCIAL DEVELOPMENT IN OYO STATE, NIGERIA
The research intends to find out how corporate social responsibility activities (basic social amenities, social causes, and compensation to community members) enhance community development in Oyo State. Sumal Food Limited in Oyo State claims that they are doing enough in terms of bringing development to the communities as part of their corporate social responsibility, yet the host communities remain hostile and constantly at variance with the company. At a point in time, data were collected from the primary source. The Ordinary Least Square was adopted and finding reveals that corporate social responsibility has a significant relationship with community development in Oyo State. It is therefore recommended that CSR activities like basic social amenities, social causes, and compensation to community members and policies regarding these CRS should be improved to enable Sumal Food Limited to operate freely in the community and add to their development. The CSR activities that is been performed by Sumal Food Limited in Oyo State should be appreciated by the communities and encouraged them to do more in the future
Corporate Social Responsibility, Social Amenities, Social Causes, Community Development
EFFECT OF AUDIT COMMITTEE CHARACTERISTICS ON PERFORMANCE OF QUOTED MANUFACTURING COMPANIES IN NIGERIA
The study examined the effect of audit committee characteristics on performance of quoted manufacturing companies in Nigeria. Data were collected from audited annual reports of the firms for a period of 5 years 2014 to 2018. A total of 16 companies were selected which the data collected are analyzed by E-View. The results of this study indicates, Audit Size has no significant impact on Return on Asset (ROA). Audit Meeting has no significant influence on Return on Asset (ROA). Firm Size has no significant influence on Return on Asset (ROA). Management Efficiency has a significant influence on Return on Asset (ROA). Audit fee has a significant influence on Return on Asset (ROA). The results of this study demonstrated that return on asset, audit size, audit meeting, firm size, management efficiency and audit fee influence manufacturing companies. The study suggests that future researchers can consider other audit committee characteristics, different from the ones examined in this study. It was recommended that more non-executive directors should be added to the audit committee so as to improve the committee effectiveness and companies should mandate audit committee to meet at least six times in accounting period.
THEMATIC ANALYSIS ON CHALLENGES OF SMES AND GROWTH OPPORTUNITIES TOWARDS POST COVID-19 ECONOMIC RECOVERY IN NIGERIA (A CASE STUDY OF WOMEN-OWNED ENTERPRISES)
The aim of this study is to investigate the challenges of pandemic on selected small and medium enterprises in Nigeria, with a view to ascertaining the need to making tremendous effort in addressing the economic impact of COVID-19. The primary objective of this paper is to explicitly make a shift by building a comprehensive theoretical basis for the impact of COVID-19 on SMEs in order to shift forward for post-COVID-19 economy recovery in the country. This study used thematic analysis by considering a women-owned enterprise in sub-sector of SMEs to gather vital information to exploring available materials and literatures in this regard. The findings of this paper indicated that, leaders of SMEs are worried about negative impact of COVID-19 on small and medium enterprises (SMEs). Also, study specifically found that, the financial implication of COVID-19 is a subset of the pay-cuts devised to ensure non-furloughed staff was paid salaries to reduce job losses in the country. Hence, this paper concluded that appropriate measures should be provided especially by giving loan support to SMEs in expanding and strengthening the existing and new business opportunities as response to the impact of post-COVID-19 economy recovery in the country. It is therefore recommended that the collaboration between SMEs leaders and the government have vital roles to play especially through the activities of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in providing platform for inclusion of digitization into SMEs or business operation in the country.
FIRM’S VALUE AND CAPITAL STRUCTURE: EVIDENCE FROM QUOTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
Capital structure decision of a company may not solely have influence on firm’s profitability but also on company’s security value. In line with this statement, this research work examined the influence of capital structure on firm’s value of quoted industrial goods companies in Nigeria for the period of twenty years, 2000 to 2019. Secondary data gathered from financial statements of sampled companies were used. Findings of fixed effect model revealed that collectively all the variables used to capture capital structure in this study have strong and substantial influence on companies’ security value of sampled quoted industrial goods companies in Nigeria. The study recommends that management of quoted industrial goods companies should institute a perfect and efficient capital structure policy that will minimise the cost of capital, improve companies’ market value and maximise shareholders’ wealth.
EFFECT OF 2011 CORPORATE GOVERNANCE REFORM ON EARNINGSQUALITY: THE NIGERIAN LISTED COMPANIES IN PERSPECTIVE
This study examines the 2011 corporate governance reform effect on earnings quality of companies listed on the Nigerian Stock Exchange (NSE). The study covered a total population of one hundred and sixty-nine (169) companies listed as at 31st December, 2018. A sample of one hundred and nineteen (119) listed companies between 2003 and 2018 was scientifically selected and the data for the periods was obtained from the companies’ annual reports and accounts. Ordinary least square regression analysis techniques were used to analyse the data by the study and the result of the random effect model revealed that the effect of 2011 corporate governance reform (proxied by DCGR) on earnings quality (proxied by DA) of companies listed on NSE was negative and insignificant. The result of the control variables shows that board size exerts negative and insignificant effect on DA, while external audit quality and firm size and had positive and insignificant effect on DA. The study concludes that the 2011 corporate governance reform in companies listed on the NSE is a welcome development because it had a positive and insignificant effect on discretionary accrual, thus increases earnings quality. The study recommends to the Nigerian regulatory bodies such as the Securities and Exchange Commission (SEC) and Financial Reporting Council of Nigeria (FRCN) to continue reforming corporate governance to strengthen the effectiveness of the corporate governance mechanisms because it will lower discretionary accrual thus increase the companies’ earnings quality in Nigerian listed companies.
2011 Corporate governance,Reform, Earnings quality, Nigerian listed companies and Stakeholders’ Theory
Imagbe, Victor Usunobun (Ph.D, FCNA, FCT1)
CORPORATE GOVERNANCE AND PERFORMANCE OF DEPOSIT MONEY BANKSIN NIGERIA
The impact of corporate governance on the financial performance of Nigerian deposit money banks was explored in this study. The study employed an ex-post facto research design, with secondary data obtained from annual reports of six (6) listed deposit money banks in Nigeria and the Nigerian Stock Exchange (NSE) fact book covering the years 2010 to 2019. Six banks listed on the NSE were chosen using a targeted sampling technique. For data analysis and interpretation, descriptive and inferential statistics were used. The panel regression study found that the audit committee, board size, and separation of the chief executive director's dual roles all had a substantial impact on the financial performance of deposit money banks in Nigeria, both individually and collectively. As a result, the study came to the conclusion that the corporate governance of Nigeria's publicly traded deposit money banks had a considerable positive impact on their financial performance. Recommendations were made in accordance with the study's findings. The report concluded, among other things, that audit committees should ensure that credit terms and conditions are clearly disclosed before giving credit to clients. Deposit money banks should have reasonable board size that will be capable of piloting the affairs of the bank effectively and efficiently. Finally, banks should make sure that the duties of Chairman of the Board of Directors and Chief Executive Officer are clearly defined (CEO-duality)
PROFESSIONAL ETHICS AND ACCOUNTING PROFESSION: EMPIRICALEVIDENCE FROM THE BIG FOUR AUDIT FIRMS IN NIGERIA
The accounting profession being associated with unethical business practices has brought a lot of attention to public confidence in the profession with respect to upholding ethical standards. The study therefore, examined professional ethics and accounting profession. The adopted a survey research design and data were randomly collected from two hundred (200) respondents across the Big 4 accounting firms (PriceWaterhouseCoopers, Deloitte, KPMG, and EY) in Nigeria. The reliability of the instrument was tested with Cronbach’s Alpha Test, Multiple Regression Analysis, Canonical Correlation Analysis, and Analyses of Variance were used by the study to analyzed the data. The result showed that ethical threats (β = -.603, P<.01), confidentiality (β =.265, P<.05), and professional competence and due care (β =.325, P<.01), thus suggesting that except professional behaviour (β =.001, P>.05), jointly and independently predicted financial reporting and auditing quality. The study concludes that professional ethics has significant effect on the accounting profession in Nigeria and recommended among others that accountants should avoid inappropriate relationships that would influence their professional judgment in practice.
Accounting Profession; Professional Ethics; The Big 4 Audit Firms in Nigeria
IMPACT OF ENTREPRENEURIAL HUMAN CAPITAL ON YOUTH ECONOMIC INCLUSION THROUGH AGRIPRENEURSHIP IN OSUN STATE
The high rate of youth unemployment in Nigeria has prompted a shift in focus to agricultural pursuits to ensure youth economic survival. However, entrepreneurship in agriculture will not happen in a vacuum but with adequate attention for human resource capabilities. The impact of entrepreneurial human capital on youth economic inclusion through agripreneurship was examined in this study. The study used a survey research approach, with primary data collected by a standardised questionnaire delivered to 100 selected unemployed currently in the National Youth Service Scheme in Osun State, Nigeria. The study employed multiple regression to analyse the data gathered. At the same time, the results revealed that both entrepreneurial administrative skills and entrepreneurial accounting skills have a significant positive impact on youth economic inclusion through agripreneurhip with values of adjusted R2 =0.922 and 0.971 at ≤0.05 level of significance, respectively. The study, therefore, recommends that adequate attention should be given to the human capital stock of the youth for optimal productivity in the economy of Osun State via agripreneurship
TAX PLANNING: AN INVESTIGATION OF THE RATE OF ITSIMPLEMENTATION FOR GROWTH OF BUSINESSES IN NORTHEASTERNNIGERIA
The aim of this study was to ascertain whether business owners and managers in Nigeria are aware of tax planning schemes and its implementation strategy for the growth of their businesses using a sample of thirty (30) Small and Medium Scale Enterprises (SMEs) across three states in Nigeria namely; Gombe, Bauchi and Adamawa states. Questionnaires were used to gather data for the study and analysed using mean, standard deviation, percentages, ranking and application of Central Limit Theorem (Z) and correlation techniques with the aid of Statistical Package for Social Sciences (SPSS)version 16. Findings indicated that a large proportion approximately 97% of the businesses do not take advantage of tax planning to minimize their burden for reasons ranging from inability to interpret Nigerian laws for tax planning purposes to the insecurity that renders business activities unpredictable hence the inability to plan business income. This study provides new insight into how businesses in Nigeria can successfully undertake and implement tax planning strategies to facilitate growth. It has allowed us to analyze the benefits that can accrue to businesses undertaking and successfully implementing tax planning strategies within the Nigerian context.
Businesses, Lingering insecurity, Tax education, Tax burden and Tax planning
CHALLENGES OF STRATEGIC HUMAN RESOURCE MANAGEMENT (SHRM)AND THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN THENORTH-CENTRAL NIGERIA
The Nigerian government places emphasis on Small and Medium Enterprises (SMEs) for socio- economic development and employment generation. Consequently, owners/managers of SMEs in private sector adopt various strategies in order to achieve these set objectives. One of the strategies that can be of immense benefit is the adoption of Strategic Human Resource Management (SHRM) practices. However, existing studies on SHRM are mostly concerned with financial institutions and big companies. This study, therefore, examined the challenges confronted by private investors in the implementation of SHRM on SMEs performance in the North Central zone of Nigeria.The study employed simple random sampling technique in selecting 220 out of 489 registered SMEs in sub-sector of private sector economy of the North Central region using a well-structured questionnaire. Mean ranking test was used to examine the challenges of SHRM by SMEs. The findings revealed that the challenges confronting the private ownership investor in adopting SHRM practices in the North Central zone of Nigeria were most resided in leadership development problem (µ=0.316 p<0.05) and adapting to innovation (µ=0.239 p<0.05). The study concluded that if these challenges are removed it would be of immense advantage to the private investors to imbibe the norms of Strategic Human Resource Management (SHRM) practices in sustaining Small and Medium Enterprises despite other challenges affecting the implementation in Nigeria. It is hereby recommended that approach and procedure for solving challenges confronting the adoption of SHRM should be consistent with the organisational behaviour to increase operational efficiency and SMEs’ performance in the private sector.
SHRM, SMEs, Challenges, owners/managers,Private Sector,North-Central economy
ANALYSIS OF THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON THE SOCIAL DEVELOPMENT IN OYO STATE, NIGERIA
ECONOMIC AND FINANCIAL CRIMES IN ISLAMIC JURISPRUDENCE
Corruption has been identify as worldwide phenomenon and as age long practices predating the revelation of Qur'an. In the recent time the phenomenon is in the increase threatening political, economic and social problem in many society globally. According to Islamic teaching, any action of mankind that flout justice or rule of law whether at home, place of work, learning institutions, social or political gathering are acts of corruption. This article aim at stating clearly that Islam consider all forms of corruption staring above as crimes that are punishable with deferent degrees. The researcher used survey design method where data were collected from both primary and secondary sources. The paper discovers that Islam jurisprudence has provided solution to the problem of corruption. The paper, recommends stickiness to the Islamic law as the solution to corruption for the eradication of corruption in the throughout the world. Also, the perpetrators to face the law so as to save as detrains others
E-SERVICE CONVENIENCE AND CONSUMER LOYALTY AMONG CUSTOMERS OF JUMIA E-RETAIL STORE IN OGUN STATE: A MODERATING ROLE OF ELECTRONIC WORD OF MOUTH (E-WOM)
One of the principal motivations behind customers’ choice of online retail stores is convenience derived from shopping there. Despite the fast growth of online shopping in Nigeria, this is still relatively slow as compared with developed nations. So many e-retail outlets in the country are hacked by fraudsters for misrepresentation and defrauding customers thus resulting in transaction inconvenience. Hence, this study examined the moderating role of e-wom in the relationship between e-service convenience and customer loyalty. The population consists of customers of Jumia in Ogun State. Purposive sampling technique was adopted to select sample size of 254 respondents. The study employed the Moderated Hierarchical Regression Model (MHRM) to model the inter-relationships among the variables. The study used STATA 15.0 software. Findings revealed that e-wom has a moderating influence on the relationship between the usage of the e-service convenience and customer loyalty. This is evidenced in that intending customers are keenly interested in experience of existing customers such as complaint, recommendation on social media influences purchase decision. To be more specific, the e-retailers in Ogun State are advised to be mindful of their encounter with intending, and existing customers as it has tendency of advancing to word of mouth expression on the internet.
ENTERPRENEURSHIP EXCLUSION AND THE FAILURE OF MILLENIUM DEVELOPMENT GOALS (MGDs)IN NIGERIA
This research survey attempts, on the part of the promoters of the millennium development goals, to bring to limelight the fundamental issues militating against the atainment of MDG objectives especially in relation to poverty eradication on the target date in Nigeria. It discusses conceptual issues of definition, structure and role of entrepreneurship idealising the working experience in the light of the Nigerian factor. An examination of the evolution of poverty in Nigeria is also examined with a view to ascertaining the extent to which they approximate to reality. In the process, both successes and failures of the millennium development goals are highlighted. The research ends with suggestions as to how the scope of the various government policies could be enlarged to allow continuity and enable it meet the target date for the achievement of the millennium development goals in Nigeria. Entrepreneurship, Poverty, millennium development goals. Keywords
UTILIZING THE CONCEPT OF ENTREPRENEURSHIPFOR SUSTAINABLE DEVELOPMENT
Entrepreneurship is the pipeline into the reality of socio-economic independence, in-depth creativity and the resourcefulness endowed on a people by nature and their environments. While conventional white- collar jobs are a mere routine that chains people to stereotype lifestyle for a whole or most parts of their lives, entrepreneurship fans into flame the creative geniuses in the ordinary person thus providing a platform for indigenous technological innovation, giving room for improvement overtime and consciously setting into motion the wheel of sustainable development. This paper presents a growing concept of re- defining entrepreneurship as a tool for societal liberation, breaking the boredom of routine and putting the responsibility of environment t and mindset. Finally, this paper highlights some notable challenges and short falls of sustainable development and concludes by proffering realistic solutions through achievable recommendations.
EFFECT OF MICROFINANCE BANKS ON THE DEVELOPMENT OF YOUTH ENTREPRENEURS IN NIGERIA
This study examined the effects of Microfinance Bank lending services on the development of youth entrepreneurs in Kaduna State of Nigeria. Multi – Stage random sampling technique was used to select respondents from 20 microfinance banks with over 200 youth entrepreneurs as customers. The data was analyzed using both descriptive statistics as well as Foster Greer and Thorbeck(FGT) Model. The findings indicate that average loans to youth entrepreneurs amounted to N586,878.76, while loans and advances to pooled customers was N406,764.38. This signifies that youth entrepreneurs who are customers of microfinance banks had easier access to loans than their counterparts who are not microfinance bank customers. In addition, results of this study indicate that the annual income of 29.60% of all youth entrepreneurs fall short of N406,764.38 whereas only 18.25% of those that are customers of microfinance banks recorded an annual income of less than N586,878.76. The loan repayment default rate against the youth entrepreneurs was only about 5% percent. The study concludes that Microfinance Banks have significantly contributed to the development of youths entrepreneurs in Nigeria. It was therefore recommended that Government should come up with policies that will enhance effective credit delivery services to young entrepreneurs by the Microfinance Banks
DETERMINANTS OF CORPORATE FUNDING DECISION:A QUANTITATIVE STUDY OF LISTED NIGERIAN MANUFACTURING FIRMS
Following the necessity for corporate managers to have extensive understanding of the roles and multiplier effects of their funding decisions on their firm’s survival quest and growth, this study is conducted to provide useful empirical information on how manufacturing companies behave in response to a number of influencing factors. Specifically, the study is designed to find out if a firm’s net cash flow and change in its product’s sales do influence its funding decisions, using a regression approach. The methodologies adopted for the study is anchored on the duo of the Agency and Trade-off theoretical framework while its coverage is the 35 listed Nigerian manufacturing firms between year 1990 and 2019 (a total of 29 years). Variables examined were selected on the premise of a three economic logic, viz: firm-specific factors, industrial-wide factors and economic factors. And being a quantitative type of study that focuses on a developing economy (Nigeria), the data used are of unbalanced panel and secondary type. Accordingly, finance (which is the mix of equity and borrowings) is the study’s dependent variable, which is measured on the submission of extant finance literature, on which variables such as: capital investment, dividend payout, net cash flow, corporate size, asset’ tangibility, economic uncertainty and change in product’ sales were tested. Overall, using a multivariate econometric model that captures all study’s intended variables, the study revealed through the regression analysis that all the tested factors in the study are determinants of firm’s funding decision, with the exception of corporate size, and that a firm’s net cash flow and change in its product’s sales informs corporate funding decisions positively.
FINANCIAL DISTRESS PREDICTION IN NIGERIAN OIL AND GAS INDUSTRY:A MULTIVARIATE APPROACH
Colossal cost implications of collapsed business are enormous, detrimental, anti-economic growth and development but preventable if the early warning distress signals can be predicted. Thus, this study predicts financial distress in Nigeria oil and gas firms using multivariate approach. Longitudinal design was adopted for the study. Data were extracted from Nigeria Stock Exchange (NSE) factbooks from year 2000 to 2018. Information obtained were arranged and collated in ratio analysis. Multiple discriminant analysis (MDA) was used to predict the early warning signals and post-prediction differences were tested using t-test. The prediction results revealed the failure early warning signals in the study area to be earning before interest and tax (EBIT), working capital (WCA), and TAR with strong prediction accuracy. The study concluded that Nigerian oil and gas companies are susceptible to failure given the early warning signals identified. It is recommended that the sampled firms should take into cognizance the identified early warning signals to prevent financial distress and take preventive measures towards rejuvenation.
THE IMPACT OF FOREIGN INVESTMENT ON THE DEVELOPMENT OF NIGERIA ECONOMY (1990-2019).
The impact and contributions of foreign investment towards the development of Nigeria’s economy cannot be over emphasized, from contributions of economic growth to transfer of technology, enhancement of balance of payment, creation of employment opportunities amongst others. A considerable decline has however been noticed in the inflow of foreign investment over the last few years, thus reducing the potential benefits the country stands to gain from such investment, hence the reason for these research study. The effect of FDI in manufacturing and processing, transport and communication, building and construction as well as business and trading services were all compared to ascertain their contributions to the country’s GDP as this is the yardstick for measuring the development or otherwise of a country. Secondary data from the CBN were analyzed using regression method. At the end of the research, it was shown that the contributions of FDI in the transport and communication and building and construction sectors were significantly high compared to manufacturing and processing and trading and business sectors. It was recommended that corruption and insecurity issues be dealt with to the barest minimum. The recommendations are given to help the country achieve economic development and harness the full benefits accruable from foreign investment.
Ibrahim Mohammed Gaddafi and Daha Tijjani Abdurrahaman
FINANCIAL INCLUSION AND PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
This study sought to determine the effect of financial literacy programs, usage of agents and representatives, increased proliferation of ATMs and Mobile banking services on the financial performance of listed banks in Nigeria and to determine the effect of bank branch spread on performance of listed banks in Nigerian. The main theories reviewed in this study were the Bank Led Theory and Contemporary Banking Theory. The study adopted a descriptive research design, and the study population included management and operational level employees of the 5 Deposit Money Banks listed on the Nigerian Securities Exchange. A census study was conducted with primary data being collected using questionnaires. The analysis of data based on SPSS software (version 23) and regression analysis presented using tables. The results of the study determined that financial inclusion elements have a positive and strong impact on the financial performance of banks in terms of return on equity (ROE). The study determined that financial literacy programs have positive but weak impact on financial performance of selected banks. The use of agents and representatives had positive and strong effect on performance of sampled banks. The proliferation of ATMs and Mobile banking services had positive but weak effect on financial performance of selected banks. Bank branch spread had positive but weak effect on financial performance of selected banks. The study recommends that policy makers in the financial institutions such as banks should make use of financial inclusion elements to improve financial performance of Nigerian banks.
EFFECT OF CUSTOMER EXPERIENCE MANAGEMENT ON CUSTOMER LOYALTY: A CASE STUDY OF URIM MINISHOP, ABUJA
This paper examined the effect of customer experience management on customer loyalty, using UrimMinishop, Abuja as a case study. The problem studied in this article dealt with the elements of customer experience management that drives customer loyalty. The specific objective was to determine whether or not companies can use the elements of customer experience management as strategies for creating and maintaining customer loyalty. The researcher’s used Questionnaire to source for primary data from 55 customers of UrimMinishop Abuja. Chi Square Test was used to analyze and interpret the data. The findings revealed that there is a correlation (significant relationship) between Customer Experience Management and Loyalty. In conclusion, the study rejects the statement that the elements of customer experience management cannot be used to create and maintain customer loyalty and accept the statement that the elements of customer experience management can be used to create and maintain customer loyalty. Therefore, it is recommended that for organizations to create and maintain customer loyalty, they need to employ and efficiently manage the elements of customer experience management.