Empirical Study of the Effect of Sustainability Accounting Disclosures on Financial Performance of Brewery Firms in Nigeria: Evidence from Nigerian Breweries PLC (Published)
The main motivation of this study stemmed from the dearth of empirical evidence of the effect of sustainability accounting disclosure on financial performance of Brewery firms in Nigeria and also to provide empirical proof on “governance disclosure” as one of the explanatory variables of sustainability accounting disclosure. Consequently, this study ascertained the effect of sustainability accounting disclosure on financial performance of Brewery firms in Nigeria. An ex–post facto research design approach was adopted for the study. The population of this study comprised five (5) Brewery firms quoted on the floor of the Nigeria exchange group (NGX), and Nigerian Breweries Plc was purposively used as the sample size of this study. Secondary data were carefully sourced from the financial statement/annual reports and sustainability reports from 2013 to 2022 of the Brewery firms quoted on the Nigeria exchange group (NGX). Least regression analysis by aid of E-views 10.0 software was used to test for statistical significance of the effect of sustainability accounting disclosure on financial performance of Brewery firms in Nigeria. The results showed that Economic Sustainability disclosure indexes do not significantly affect Net Profit Margin of Brewery firms in Nigeria. The findings further revealed that Environmental Sustainability disclosure indexes significantly affect Net Profit Margin of Brewery firms in Nigeria. More so, results showed that Social Sustainability disclosure indexes do not significantly affect Net Profit Margin of Brewery firms in Nigeria. Finally, the result established also that Governance Sustainability disclosure indexes do not significantly affect Net Profit Margin of Brewery firms in Nigeria, this study recommends among others; that managers of Brewers in Nigeria should improve and sustain full disclosure practices on economic, environmental, social and governance disclosures following the guidelines of the Global Reporting Index(GRI) as they are capable of exerting significant effect on financial performance of firms in Nigeria.
Keywords: Economic, Environmental, Governance, Net Profit Margin, Social, brewery firms, sustainability disclosure indexes
Petroleum Product Price Adjustment and Nigeria’s Economic Performance (1984- 2023) (Published)
This study investigated the Petroleum Product Price adjustment and Nigeria’s Economic Performance during the period 1984-2023. Employing secondary data and an Ex-post facto research design, the Auto-regressive Distributed Lag method for multiple regressions was utilized for analysis due to the stationarity characteristics of the variables. The petroleum products considered in this study were Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK), while economic performance was assessed through the Gross Domestic Product (GDP) in Nigeria. Through the application of both descriptive and inferential statistics on the generated data, the findings unveiled robust positive relationships between PMS and GDP, AGO and GDP, and a semi-strong positive relationship between DPK and GDP in Nigeria. The study suggested that variations in petroleum prices, especially PMS and AGO, could positively and significantly impact economic growth represented by GDP. However, variations in DPK prices may not have a similar positive and significant effect on economic growth represented by GDP. The study concluded that upward adjustments in petroleum product prices are crucial for favorable economic performance. Recommendations were made for the Nigerian government to explore alternative sources of public revenue, implement a progressive taxation system, adopt austerity budgets for prudent public expenditure, diversify economic sectors, and invest in sustainable industries and services. Additionally, citizens were encouraged to focus on hard work and embrace science as a source of wealth, emphasizing the need to move beyond dependence on depleted resources for revenue generation.
Keywords: Adjustments, Economic, Petroleum, Price, Product
Corporate Sustainability Efficiency and Firm Value. A Study of Nigeria’s Deposit Money Banks (Published)
Concerns about climate change, and environmental sustainability have brought to the public fore the need for corporate organizations to incorporate sustainability information in their reports. This study was carried out to examine the relationship between corporate sustainability efficiency and market value of listed Deposit Money Banks in Nigeria. The population of the study consist of all listed DMBs in Nigeria. Data for the study were obtained from published financial reports for the period 2017 to 2020. Findings of the study showed that social, economic and environmental efficiency practices have a significant positive effect on market values of listed DMBs in Nigeria. The study also finds a positive but not significant relationship of bank complexity with market value of DMBs and recommends amongst others that DMBs should intensify efforts to ensure adequate attention is given to sustainability efficiency practices to attract higher stock market values.
Citation: Akprorien, Olum Fidelis, Otuya, Sunday, & Archibong, Etim Archibong (2022) Corporate Sustainability Efficiency and Firm Value. A Study of Nigeria’s Deposit Money Banks, European Journal of Accounting, Auditing and Finance Research, Vol.10, No. 6, pp.19-30
Keywords: Economic, Environmental, Firm Value, Social, Sustainability, corporate efficiency
National Budget Management and Economic Development in Nigeria (Published)
Citation: Ojomolade, Dele Jacob , Ugwulali, Ifeanyi Joseph &Adejuwon, Joshua Adewale (2022) National Budget Management and Economic Development in Nigeria, European Journal of Accounting, Auditing and Finance Research, Vol.10, No. 3, pp.18-30
Abstract: This study examines the impact of national budget management on economic development in Nigeria emphasising the controversial issues of whether its impact is visibly seen or not on Nigeria’s development. Secondary data were sourced from Central Bank of Nigeria statistical bulletin, 2020 and the data were analysed using co-integration and descriptive statistics. The results revealed long run relationship among the variables with ARDL bound test of F-statistic of 9.4 which is greater than the upper and lower bound while the R-squared is 85.2 and Adjusted R-squared is 70.4 which show those explanatory variables are jointly significant and estimated model is of good fit .The Durbin Watson is 1.7 and the Prob.(F-statistics) is less than 5% denoting absence of serial correlation. The study found out that Education and health have negative relationship with economic development in the Nigerian budgeting system, implying that increasing annual budget allocation results in decreasing proportion of education and health in the total national budget estimates. It was further found out that budget estimate and public debt payment services have positive relationship, implying that the more the budget estimates, the more the proportion of public debt services. The study concluded that the Nigerian government does not have enough budgetary allocation to education and health while substantial amount is being allocated to debt servicing. It is therefore recommended that Nigerian government should endeavor to develop human capital by increasing budget allocation to education and health to create a wealthy nation and sustainable development.
Keywords: Development, Economic, Government, Nigeria, national budget
Analysis of Interest Rate Determination and Its Effect on Economic Growth in Nigeria (1990-2017) (Published)
The study examined the analysis of interest rate determination and its effect on economic growth in Nigeria; for the period 1990-2017. Secondary data were used and sourced from Central Bank of Nigeria Statistical Bulletin. The study employed Gross Domestic Product as proxy for Economic Growth and used as the dependent variable; whereas, prime lending rate (interest rate), inflation and private domestic investment were used as explanatory variables to measure interest rate. Hypotheses were formulated and tested using Ordinary Least Square econometrics models. Private domestic investment had a significant effect on Gross Domestic Product in Nigeria. Inflation had an insignificant effect on Gross Domestic Product in Nigeria. Interest rate had an inverse significant effect on Gross Domestic Product in Nigeria. The coefficient of determination indicates that about 65% of the variations in economic growth can be explained by changes in commercial bank lending variables in Nigeria. The study concluded that interest rate had an insignificant effect on economic growth in Nigeria. The study recommended that Government and policy makers should focus on maintaining inflation at a low rate (single digit) and ensure that the rate is stable; this will take care of the problem of inflation on the economy. CBN should increase their surveillance on the commercial banks; in order to address the issue of arbitrarily increase of the lending rate. Government should provide healthy environment for the banks in the industry so as to render efficient financial services to the economy.
Keywords: Analysis, Determination, Economic, Growth, Interest Rate, Nigeria