Corporate Governance and Capital Structure of Listed Manufacturing Firms in Nigeria (Published)
The study examines the impact of corporate governance on capital structure of the quoted manufacturing firms in Nigeria. This study used secondary data methodology to obtained annual report and sample of 28 out of 68 listed manufacturing firms on the Nigeria stock exchange over a period of ten years 2013-2022. The findings revealed significant and positive relationship between corporate governance and financial leverage of listed manufacturing firms in Nigeria. Specifically, the board size coefficient is positive and statistically significant at the 0.01 level and shows a significant positive relationship between board size and financial leverage. The results further indicate a significantly positive relationship between CEO duality and leverage. The coefficient of dual in the model is positive (coef=0.402) and is significant (t=2.640) at the 0.01 level. However, board composition revealed a negative but significant relationship with financial leverage of the listed manufacturing firms in Nigeria. It is recommended that management of manufacturing companies in Nigeria should always display creativity that will ensure good corporate governance so as to significantly drive down the gearing level of their companies.
Keywords: Capital Structure, Corporate Governance, Firms, Manufacturing, Nigeria
Effect of Earnings Measurement on Stock Price of Consumer Goods Firms in Nigeria (Published)
The study evaluated the effect of earnings measurements on the share price of consumer goods firms in Nigeria. The objectives of the study were to ascertain the effect of earnings per share, dividend per share, return on asset on share price of consumer goods firms in Nigeria. The study adopted an ex-post-facto research design, covering the period between 2012 and 2021. Secondary data were extracted from the annual reports and accounts of the sampled consumer goods firms in Nigeria. A multiple regression technique was used for the data analysis. From the analysis of the study, it was revealed that earnings per share and dividend per share has a positive and significant effect on the share price of consumer goods firms in Nigeria. Return on assets has a positive and nonsignificant effect on the share price of consumer goods firms in Nigeria. This implies that that earnings per share and dividend per share are the major determinants of share price. It was recommended therefore that consumer goods firms in Nigeria should strive to increase their earnings per share by ensuring that high profits are maintained so that the demands for their share price will continue to increase, which in turn cause a significant rise in their share price. They should strive to increase their dividend per share by ensuring that high revenue and profits are maintained. They should also balance the trade-off between dividend payout and retained earnings so that the demands for their share price will continue to increase, which in turn cause a significant rise in their quotation price. They should strive to make consistent profit to ensure that the return on asset of these companies continued to increase significantly.
Keywords: Firms, Nigeria, consumer goods, earnings measurement, stock price