Volume 1 (2024)

1

Research Article

Determinants of Capital Structure of Listed Non-Financial Firms under Firm Life Cycles in Nigeria

Joel OBAYAGBONA^*, Faith Evbayoboru IDEHEN

This study examines the determinants of capital structure under firms’ life cycles in Nigeria. A sample of seventy six (76) non-financial firms were investigated for the period 2014 to 2022. The dependent variable is debt-to-total asset, while the independent variables are firm size, growth opportunities, profitability, asset structure and firm age. Dummy variables (DLum1-5) were used to represent...

Dec, 2024 pp. 18-37

2

Research Article

Effect of Monetary Policy on Health Outcome in Nigeria (1980–2022)

Efosa O. IMADE^*, Joel OBAYAGBONA

The study investigates the effect of monetary policy decisions on health outcome/fertility rate in Nigeria over the period 1980 to 2022. The specific objectives are to examine the relationship between monetary policy rate (MPR), treasury bills volume (TBV), cash reserve ratio of banks (CRR) and liquidity ratio of banks (LQR) and fertility rate (FERR). The cointegration and Error Correction Model (...

Dec, 2024 pp. 38-49

3

Research Article

Determinants of Dividend Policy in Banks in the United States: A Multidimensional Approach

Murtala Abdulrahman^*, Sani AbdulRahman Bala

Dividend policy in the banking sector remains a pivotal area of financial research, offering insights into a bank's financial health and operational strategies. This study investigates the determinants of banks' dividend policies by integrating theoretical frameworks such as the Fama-French model, Risk-shifting theory, Signalling theory, and Lifecycle theory. Utilizing data from 2015 to 2023, the ...

Dec, 2024 pp. 1-17

4

Research Article

Remittance Inflows and Deposit Money Banks’ Performance in Nigeria

Joel OBAYAGBONA^*, Andrew Osaretin IZEKOR

This paper examined the relationship between remittances inflows and deposit money banks performance in Nigeria over the period 1998 to 2023. The specific objectives were to find out whether remittances inflows (RI), official development assistance (ODA) and financial openness (FO) and exchange rate (EXR) significantly affect deposit money banks’ performance. The Autoregressive Distributed Lag (AR...

Dec, 2024 pp. 50-63

5

Research Article

Assessment of the relationship among Saving, Foreign Direct Investment, Capital Formation and Economic Growth in Nigeria

Ahmad Mukhtar Umar^*, Faruq Saeed

This study explored the relationship between domestic saving, foreign direct investment, capital formation and economic growth in Nigeria using time series data from 1988 to 2023. This work applied various econometric and statistical methods ranging from unit root test, co-integration test, to vector error correction mechanism to determine the relationship that exists between capital formation and...

Dec, 2024 pp. 64-75

6

Research Article

Effects of assets liability management on the solvency margin of insurance companies in Nigeria

Jinadu M. N^*, Olowokudejo Folake Feyisayo

Asset and liability management is the strategic management of the balance sheet, for risk optimization of assets and liabilities taking into account all market risks. This is to ensure that the company’s assets are not below its liabilities thereby making the organization financially viable. Asset-liability management serves as a cost /profit function which takes into account the assumed risk, lev...

Dec, 2024 pp. 76-86

7

Research Article

Impact of Investors’ Sentiment and Gross Domestic Product on Stock Return in Nigeria

Mathew Yusuf^*, Abdullahi Ismail Yakasai, Garba Ado

The objective of this study is to empirically establish the relationship between investors’ sentiment and Real Gross domestic product (RGDP) on stock return in Nigeria. The study is correlational in nature and used panel regression model to test the hypotheses. Using 10 listed firms as the sample size from 1st January 2008 to 31st December 2021 out of the 156 firms listed on the Nigerian stock exc...

Dec, 2024 pp. 87-98

8

Research Article

Effect of Board Independence, Current Ratio and Earnings Per Share on Dividend Policy: Moderating Role of Government Policy

Mohammed Nasiru YUSUF^*, Tijjani Bashir Musa, Muhammad Kabir Lawal, Nasiru Yunusa

Prevalent exchange rate fluctuation and high inflation rate constrain earnings of information and communication technology companies in Nigeria. This study examined the effect of board independence, current ratio, government policy, earnings per share and the moderating role of government policy on Dividend Policy of information and communication technology companies in Nigeria. Nine hypotheses we...

Dec, 2024 pp. 99-113

9

Research Article

Effect of Financial Technology (fintech) on Revenue Generation: A Case Study of Kano Electricity Distribution Company

Mu’azu Yunusa Riruwai^*

Technological advancements have given rise to new kinds of financial institutions and financial technology (Fintech) companies that want to deliver the next generation of digital banking and payment services. The study examines the effect of financial technology (Fintech) on the revenue generation of Kano Electricity Distribution Company (KEDCO) using quarterly data from 2017q1 to 2024q2. The unit...

Dec, 2024 pp. 114-128

10

Research Article

An Assessment of Ijara Financing Product of Ja’iz Bank in the Light of Maqasid Al shari’ah

Nura Yahaya^*

This study assesses Ja'iz Bank's Ijarah financing products through the lens of the Maqasid Al Shari'ah framework. A quantitative methods approach was employed, A purposive sampling technique was used to select 389 respondents from the 75,088 population. Data was collected using a questionnaire, and multiple regression analysis was applied to examine the alignment of Ja'iz Bank's Ijarah financing p...

Dec, 2024 pp. 129-139

11

Research Article

Effect of Corporate Governance Audit on the Quality of Financial Reporting of Deposit Money Banks in Nigeria

Ilu Mohammed Khadija^*, Musa Mohammed Auwal

This study examines the impact of audit-related corporate governance on financial reporting quality (FRQ) in Nigerian deposit money banks (DMBs). It analyzes data from 10 DMBs over a decade (2013-2023), focusing on key governance variables: Audit Committee Independence (ACI), Audit Committee Expertise (ACE), Audit Rotation (AOR), and Key Audit Matters (KAM), with Firm Size (FZ) as a control variab...

Dec, 2024 pp. 161-173

12

Research Article

The Impact of Islamic Fintech on the Business Growth of Women Entrepreneurs in Nigeria

Summayya Adam Ahmed^*, Musa Mohammed Auwal

This study examines the impact of Islamic fintech on the business growth of women entrepreneurs banking in Nigeria. Using a sample of 357 women entrepreneurs across five major cities in Nigeria, the research employs a negative binomial regressions model to analyze the relationship between various aspects of Islamic fintech usage and business profitability. The study finds a strong positive relatio...

Dec, 2024 pp. 140-160

13

Research Article

Moderating Role of Corporate Governance Mechanism on the Relationship between Investment Efficiency and Firm Performance: A Conceptual Framework

Abdulrazaq Suleiman Ibrahim^*, Aminu Kado Kurfi

Firm performance studies reveal investment efficiency declines in Nigeria, possibly due to highcost of living, unstable electricity supplies, high taxes, and insecurity. Enhancing corporategovernance can boost economic growth and investor protection. Nonetheless, literature has shownthat investment efficiency leads to firm performance, likewise, corporate governance (CG) hasbeen studied from the p...

Jun, 2024 pp. 166-179

14

Research Article

Bank Specific Factors and Loan Repayments Culture of Credit Takers of Microfinance Banks in Kwara State

Lukman Adebayo-Oke Abdulrauf^*, Yusuf Olamilekan Quadri., Ismail Jimoh, Sikiru Abdullahi Safura

The loan repayment culture in instrumental to the sustainability and effectiveness of themicrofinance banks but overtime, the microfinance banks in Nigeria have been recording highdefault rates and over-indebtedness from the loans disbursed to credit takers at various categories.Hence, this study investigates the effect of bank specific factors on the loan repayment culture ofthe credit takers of ...

Jun, 2024 pp. 77-90

15

Research Article

Analysis of Financial Inclusion and Economic growth: Evidence from Panel Sample of Developing Countries, Panel VAR Approach

Ali Salisu^*, Binta Rufai Musa

The study investigated the relationship between financial and economic growth of DevelopingCountries which comprised twenty-three developing countries using panel data from 2010 to 2023.The Panel unit root tests indicated that real gross domestic product, bank branches, AutomatedTeller Machines, bank account, are stationery at first difference. in developing countries. The panelVAR result shows th...

Jun, 2024 pp. 47-59

16

Research Article

Effectiveness of Accounting Ethics on Financial Reporting Quality of Commercial Enterprises in Nigeria

Bamidele Sunday Mogaji^*, Samson Okpanachi Daniel

The paper examines the effectiveness of accounting ethics on the financial reporting quality ofcommercial enterprises in Nigeria. Structured questionnaire was administered to the respondentsas a primary data collection instrument. Survey and ordinary least-square regression wereemployed as the research design and statistical analysis respectively so as to examine effects ofaccounting ethics on fin...

Jun, 2024 pp. 60-76

17

Research Article

Determinants of Make or Buy Decision of Firms in Nigeria

Sebastine Abhus OGBAISI^*, Richard Iyere OGHUMA

Make or buy decision is solely the responsibility of strategic managers for the aim of achievingsome level of profitability. This study examined the determinants of make or buy decision of firmsin Nigeria. The study adopted a survey research design. 100 respondents comprising, managementstaff of Guinness Nigeria Plc, Edo State of Nigeria, formed the sample size of the study. The studyemployed mult...

Jun, 2024 pp. 120-131

18

Research Article

Moderating Role of Exchange Rate Volatility on The Effect of Foreign Direct Investment

GIMBA, John Toro^*, SALEH, Atiku Dambatta

This study examined the moderating role of exchange rate volatility on the effect of foreign directinvestment on growth in Nigeria. Specifically, the study sought to determine the effect of foreigndirect investment and foreign portfolio investment on economic growth as moderated by exchangerate volatility in Nigeria. With Ex post Facto research design, the study employed secondaryquarterly time se...

Jun, 2024 pp. 132-147

19

Research Article

Analysis of the Impact of Saudi Arabia's Diversification on the US Dollar's Value And International Trade Patterns

Abdulgaffar Muhammad^*, Odiase Bernard Osiahon, Nana Aishah Abdurrazzaaq, Adedokun Lateef Adetunji

This study examined the impact of Saudi Arabia's economic diversification efforts on the value ofthe US Dollar (USD) and international trade patterns over the period 2002-2021. Utilizing acomprehensive dataset of non-oil exports, USD exchange rates, and trade denominated in non-USD currencies, we apply various machine learning models—Gradient Boosting Regression,Support Vector Regression, and Rand...

Jun, 2024 pp. 148-165

20

Research Article

Board Structure and Dividend Payout Policies of Listed Consumer Goods Firms in Nigeria.

Bilyaminu Yusuf Hanga^*, Philemon Uten Idimisire, Daniel Emmanuel

This study basically investigates the effect of board structure on dividend policy of listed consumergoods firms in Nigeria. It also looks at the relationship between Dividend Payout ratio, board size,board composition and profitability the sampled consumer goods firms in Nigeria. The studyutilizes secondary method of data collection to collect the data necessary for the conduct of thisstudy. Data...

Jun, 2024 pp. 91-104

21

Research Article

Effect of Compulsory Audit Circling on Audit Quality in Nigeria

Fatihu Shehu Isa^*, Sagin O. Super

The study examined the effect of compulsory audit circling on audit quality. Due to a lot offinancial crisis both in Nigeria and international, the independence of auditors affecting auditquality is questioned and the need to strengthen the confidence of users of financial information inthe audited financial statement arises. The specific objective of this study is to investigate the effectof comp...

Jun, 2024 pp. 105-119

22

Research Article

Foreign Direct Investment (FDI) and Employment Nexus in Nigeria: An Empirical Evidence (1990-2023)

Ibrahim Aminu Jamiu^*, Muhammed Shamwil, Salihu Abdullahi

This study examined the effect of foreign direct investment (FDI) on employment in Nigeria,alongside other macroeconomic variables, including real GDP (RGDP), inflation rate (INF), andreal effective exchange rate (REER), using annual time series data from 1990 to 2023. Johansenco-integration test was employed to observe both short-term and long-term effects. In the presenceof two cointegrated equa...

Jun, 2024 pp. 1-16

23

Research Article

Determinants of Transparency and the Financial Reporting Quality of Nigeria Listed Firms

Oloruntoba Sunday Rufus^*, Ologun Olubunmi Veronica

The issue of transparency in financial reporting has become a vital practice due to financialscandals experienced by the big companies in recent years. As a result of this, the study evaluatesthe determinants of transparency on financial reporting quality of listed firms in Nigeria. The studyemployed ex-post facto research design. The population of the study consists of one hundred andseventy-one ...

Jun, 2024 pp. 17-33

24

Research Article

An Analysis of Nigeria's Pension Industry: Growth, Challenges, and Resilience from 2008 to 2020

Ashim Babatunde Sogunro^*, Olaronke Olufemi Oyelade, Dallah Hamadu

This study provides an analysis of Nigeria's pension industry from 2008 to 2020, utilizing dataobtained from the National Pension Commission (PenCom). It examines the growth and challengesof retirement savings account registration, pension operators, contributions, assets, and fundportfolio administration in the country. The data for this study, spanning 2008 to 2020, was sourcedfrom the annual re...

Jun, 2024 pp. 34-46