Government Policies and Performance of Pharmaceutical Firms in South-East, Nigeria (Published)
The study aimed at investigating the effect of government policies and performance of pharmaceutical firms in South-East, Nigeria the specific objectives were; Determine the extent of relationship between tax policies and competitive advantage of Pharmaceutical industries in South-East, Nigeria; Evaluate the effect of regulatory policies and quality control of Pharmaceutical industries in South-East, Nigeria; The research work was anchored on and rational-choice theory. Survey research design was adopted. The population of the study was 1881. The statistical formula devised by Borg and Gall (1973), was employed to arrive at a sample size of 361. Pearson product-moment correlation analysis method was used in testing the hypotheses. The result of the hypotheses showed that Tax Policies has a significant positive effect on competitive advantage of Pharmaceutical industries in South-East, Nigeria. Pearson’s product moment correlation coefficient values between tax policies and competitive advantage of Pharmaceutical industries revealed (r = 0.769, p<0.05); Regulatory Policies has a significant positive effect on quality control of pharmaceutical industries in South-East, Nigeria. Pearson’s product moment correlation coefficient values between regulatory policies and quality control shows (r = .790, at p<0.05). The study concluded that that government policies has significant positive effect on performance of pharmaceutical industries in South-East, Nigeria. The study recommended that Nigeria government should introduce tax exemptions on some specific medicines or active pharmaceutical ingredients, eliminate or reduce custom duties on pharmaceutical products and reduce the rate of value-added tax (VAT) to pharmaceutical products or specific medicines among others.
Keywords: Competitive Advantage, Government Policies, Performance, Pharmaceutical Firms, tax policies
Effect of Intellectual Capital on Corporate Valuation of Quoted Pharmaceutical Firms in Nigeria (Published)
This study examined the effect Intellectual Capital(IC) can affect corporate valuation of firms quoted in Nigeria. The study adopted the Panel Research Design as used Time Series and Cross-Sectional Data. Data covered a ten- year period (2004-2013). Simple Random Sampling was employed in selecting firms for this study. Data were sourced from the firms’ annual financial statements using content analysis approach. Market valuation data were sourced from the Nigerian Stock Exchange. Intellectual Capital(Independent Variable) was measured using Human Capital Efficiency (HCE), Structural Capital Eficiency(SCE) and Capital Employed Efficiency (CEE). Market to Book Value Ratio(M/BV) and Earnings per Share(EPS). The study adopted the Value Added Intellectual Coefficient (VAIC) Model as developed by Pulic(1998) to examine the effect of Intellectual Capital on firms’ values. Multiple Regression Correlation Analysis was used on the data at 5% level of significance. E-View Statistical Tool version 8.0 was used in the analysis. The results reveal that Human Capital Efficiency has a positive and significant effect on Market/Book Value. SCE has a negative and insignificant effect on M/BV; CEE has negative and significant effect on M/BV; positive and insignificant effect on EPS. In view of our findings, the study recommends that companies should invest substantial part of their earnings on human capital via knowledge development as such investments are capable of stimulating the value creation potentials of their staff and can get investors place higher premium on them.
Keywords: Corporate Valuation, Intellectual Capital, Nigeria, Pharmaceutical Firms