Abstract:The aim of the study was to investigate the impacts of capital structure on the performance of Nigerian listed non-financial firms and how these firms adjust to the target capital structure. We tested the Trade-off theory and the pecking order theory and the relevance of these theories to Nigerian firms is confirmed. The speed of adjustment to the target capital structure is determined using both pool OLS and GMM to ensure the robustness of the finding. The descriptive statistics show that leverage constitute 63 percent of the capital structure of Nigerian firms, while leverage is dominated with the short term leverage. We observed that profitability and asset structure were negatively related to leverage while the size of the firm and non-debt tax shield were positively related to leverage. The adjustment speed of Nigerian firms is very high 47% that compares well with studies on non-financial firms done in most developed countries.

Purpose The purpose of this paper is to examine the impact of transparency and disclosure on the financial performance of financial institutions. The emphasis is on assessing transparency and disclosure; auditing and compliance; risk management as indicators of corporate governance; and understanding how these parameters affect bank profitability, liquidity and the quality of loan portfolios. Design/methodology/approach A sample of 20 financial institutions was selected, with ten respondents from each, yielding a total sample size of 200. Principal component analysis (PCA), with inbuilt ability to check for composite reliability, was used to obtain composite indices for the corporate governance indicators as well as the indicators of financial performance, based on a set of questions framed for each institution. Findings The analysis demonstrates that greater disclosure and transparency, improved auditing and compliance and better risk management positively affect the financial performance of financial institutions. In terms of significance, the results show that as the level of disclosure and transparency in managerial affairs increases, the performance of financial institutions – as measured in terms of the quality of loan portfolios, liquidity and profitability – increases by 0.3046, with the effect being statistically significant at the 1 per cent level. Furthermore, as the level of auditing and the degree of compliance with banking regulations increases, the financial performance of banks improves by 0.3309. Research limitations/implications This paper did not consider time series because corporate governance does not change periodically. Practical implications This paper demonstrates the importance of disclosure and transparency in managerial affairs because the performance of financial institutions, as measured in terms of loan portfolios, liquidity and profitability, increases by 0.4 when transparency and disclosure improve, with this effect being statistically significant at the 1 per cent level. Originality/value The use of primary data in assessing the impact of corporate governance on financial performance, instead of secondary data, is the primary novelty of this study. Moreover, PCA is used to assess the weight of the various parameters.

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A B S T R A C TThis comparative study examines the moderating role of risk management in project planning and project success in the construction business of the UK and Pakistan. The data was gathered from 152 project managers (76 from both economies each) using a survey questionnaire. The purposive sampling technique was used to ensure fair representation of sample size and the RAND formula was used to select the project managers. For quantitative analysis, partial least square structural equation modelling technique was utilised. The results confirmed that project planning had a statistically significant impact on project success. Furthermore, risk management significantly moderated the relationship between project planning and project success in the construction businesses despite being in two different economies. The paper contributes to the enhancement of the body of knowledge intended for global companies and academicians aiming to implement risk management frameworks to enhance project success and ensure the effectiveness of project planning in a competitive business environment. It offers a new perspective to investigate the relationship between project planning and project success through moderating the effect of risk management, which is a new theoretical dimension for construction business and the field of project management. It is proposed to the governments and construction businesses operating in the UK and Pakistan to validate the empirical research framework in the cross-cultural context while assessing risk and uncertainty. It helps the construction business in the evaluation of risk while planning and successfully implementing project strategies. K E Y W O R D S project planning, project success, risk management, construction business, contrasting economies

We analyse how competitive the banks in sub-Saharan Africa are and what determines their profitability. We use a panel data of 97 sub-Saharan African banks for the period from 2000 to 2012. Using recursive regression, there is no strong evidence to suggest a structural break. The findings indicate that on average banks have a 40% return on equity. The fixed effects indicate that both internal and external factors are influential in determining the profitability of the banks. Specifically, the cost-income ratio and capital ratio negatively and significantly influence profitability. Measuring revenue diversification with the Herfindahl-Hirschman index (HHI), the results indicate that the more diversified the bank is, the more profitable it is. On the other hand, we find that the coefficient of cyclical output almost doubles when the output exceeds its trend value. In contrast, when the output is below its trend, the coefficient of cyclical output is insignificant.

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Purpose – The purpose of this paper is to investigate whether there are differences between the determinants of the capital structure in financial and manufacturing firms and also assess how the speed of adjustment differs. Design/methodology/approach – This study employed balanced panels data procedure using pooled ordinary least square, the random effects and fixed effects on manufacturing firms and banks that are listed on Nigeria Stock Exchange. The use of the three estimation method is in order to make a meaningful comparison between the models. Findings – The findings indicate that there are similarities and differences in the capital structure determinants on the two sets of firms: banks tend to be more leveraged when they are more profitable and manufacturing firms tend to be less leveraged when they are profitable. In addition, banks adjust their leverage faster at a speed of 69 per cent than manufacturing firms at 46 per cent. The study also shows that changes in the economy influence the capital structure of financial firms more than that of manufacturing firms. Research limitations/implications – The study only focused on one economy. Practical implications – As a result of 2008 global financial crisis, there has been intense debate on the significance of regulatory capital. The study demonstrate the need for regulatory capital in banks to be procyclical rather than being static. Originality/value – To the best of the knowledge, this is the first paper to empirically test how capital structure differ between banks and non-financial institutions.

Abstract:There is a great debate on the significance of the stable economic and well structure legal system on the commercialization, innovation and employment in modern economies. Private equity activities play a significant role in these three aspects. The purpose of this work is to investigate the macroeconomic and environmental determinants of private equity investment in nine major Asian countries. The estimations are based on a data set running from 2004 to 2013. Applying robust estimation techniques Extreme Bounds Analysis, this work identifies growth in domestic product growth, corporation tax rate, disclosure index and investors' protection index as 'robust' set of determinants of private equity. Also, inflation, stock market value, property right index, legal costs, lending rate and time in days to start business as likely robust. The result suggests the need to enhance business confidence in the country not only through robust monetary and fiscal policy but also legal system.