Working Capital Management and Financial Performance: Evidence from Listed Healthcare Companies in Lagos, Nigeria (Published)
Promising investments with a high rate of return and companies failed in distress due to insufficient working capital and this has led to employees being laid off from work which has increased the rate of unemployment in Nigeria. Therefore, this study seeks to understand the effect working capital management has on the financial performance of listed healthcare firms in Lagos, Nigeria. The study adopted the ex-post facto research through the use of published financial statements of the 10 listed companies. The sample of the study is 100 data points and were analysed using Vector Error Correction Model to determine the effect of working capital management on financial performance. The study revealed a negative and significant relationship between working capital management and financial performance based on the selected proxies. Therefore, the study recommended that financial managers of the listed companies should reduce the working capital to improve their financial performance.
Keywords: Financial Performance, Lagos, Nigeria, healthcare companies, working capital management
Financial Innovations and Financial Performance of Listed Deposit Money Banks in Nigeria (Published)
This study examines the relationship between financial innovations and financial performance of listed deposit money banks in Nigeria. This study adopted expost-facto research design. Census sampling techniques was used to adopt all the 25 deposit money banks quoted in the Nigerian stock exchange. Secondary data was collected from all listed Deposit Money Banks in Nigeria between the period 2010 to 2021. The data was extracted from the annual reports of the listed Deposit Money Banks in Nigeria. Correlation analysis was used to measure the relationship between variables. Specifically, the researcher used multiple regression analysis to establish if there is relationship between the independent variables and the dependent variable. The study revealed that Automated Teller Machine (ATM) has a negative but significant relationship with Financial Performance (FP), Point of Sales(POS) has a positive and significant relationship with FP, electronic mobile transaction (MOBILE) has a positive but non-significant relationship with FP and internet web transaction (WEB) has a negative and non-significant relationship with FP. Based on the findings, the research recommends that banks and ATMs manufacturers should be more concerned about the security of banking machines and that they should collaborate with telecommunication network providers and security agents to checkmate and prosecute hackers and other internet fraud stars so as to reverse the negative effect of ATM and internet web transactions on deposit money banks’ financial performance in Nigeria. Banks should also improve service quality and customer responsiveness in cases of lost or stolen cards, frauds, and other customer complaints in relation to point of sale to enhance the performance of deposit money banks in Nigeria.
Keywords: Financial Performance, automated teller machines (ATM), electronic mobile transaction, financial innovations, internet Web transaction, point of sales (POS)