Corporate Attributes and Shareholder Value of Listed Manufacturing Companies in Nigeria (Published)
The challenge of maximizing shareholder value remains a persistent concern for companies, particularly in volatile markets where economic pressures adversely affect business performance. This challenge underscores the need to identify the corporate attributes that drive shareholder value. Consequently, this study examined the effect of corporate attributes on the shareholder value of listed manufacturing companies in Nigeria. The research design adopted for this study was ex post facto, and the population consisted of 53 manufacturing companies out of which the sample size of 45 companies was purposively selected. The data source was secondary, method of data analysis used was panel least square regression analysis and the statistical package employed was STATA 17. The findings of the study revealed that firm size (Coef. 0.000[0.985]) has nonsignificant effect on total shareholders’ returns; firm age (Coef. -0.357[0.296]) has nonsignificant effect on total shareholders’ returns; and free cash flow (Coef. 0.091[0.009]) has significant positive effect on total shareholders’ returns of listed manufacturing companies in Nigeria.
It was concluded that the creation of shareholder wealth in the Nigerian manufacturing sector is primarily driven by sustainable revenue growth, effective dividend policy, and prudent cash flow management. Based on the findings of this study, it was recommended that the management of manufacturing firms should integrate cash flow planning into corporate strategy to ensure efficient allocation to high-value initiatives, thereby enhancing investors’ confidence and promoting sustainable wealth creation.
Keywords: Shareholder value, corporate attributes, firm age, firm size, free cash flow, shareholder total return
Effect of Corporate Attributes On Environmental Disclosure of Listed Oil and Gas Companies in Nigeria (Published)
This study investigates the influence of corporate attributes on environmental disclosure by oil companies in Nigeria. The study uses secondary data collected from the annual reports and accounts of 9 randomly selected oil companies for the period 2011 to 2017. The study analysed the data using the logistic regression technique. The study finds that corporate attributes significantly affect the environmental accounting disclosure by oil companies in Nigeria. Based on the findings, the study concludes financial leverage has a significant positive effect on environmental accounting disclosure by oil companies in Nigeria. Second, profitability has a significant positive effect on environmental accounting disclosure by oil companies in Nigeria. Third, the study also find that firm size has a significant positive effect on environmental accounting disclosure. Fourth, the study finds a positive but insignificant effect of auditor types on the environmental accounting disclosure by oil companies in Nigeria. The study recommends that the regulators of the oil companies in Nigeria should encourage the use of more debts in the oil companies’ capital structure, which will make them disclose more information about the environment based on the close monitoring and demand by the debt holders.
Keywords: Environmental Disclosure, Nigeria, corporate attributes, listed oil and gas companies