This study examined the influence of Corporate Governance Attributes (CGA) on the Financial Performance (FP) of listed Consumer Goods Companies (CGCs) in Nigeria. The objectives were to provide empirical evidence of the influence of Corporate Governance Attributes, proxied by Board Size (BS), Board Independence (BI), and Gender Diversity (GD) on the Dependent variable, Financial Performance (FP), proxied by Return on Assets (ROA), which is widely accepted to show the actual result of profitability in many firms. The study employed a longitudinal research design. A sample of five (5) companies was randomly selected from the population of thirty-five (35) listed CGCs in Nigeria as of 2020. Data was collected from the audited annual accounts and reports of the sampled firms. The study further employed multiple regression techniques to explain and test the data elicited. The statistical result for the variables shows weak FP among the sampled firms, implying that the selected firms reported a low return on assets during the period under consideration. Specifically, BI exerts a significant influence, while GD exerts a negative significant influence on ROA. However, BS reveals a negative and insignificant influence on the ROA of the CGCs in Nigeria. Deducing from the statistics, it can be observed that CEOs of CGCs in Nigeria are carefree with corporate attributes. There is a need for the CEOs and equity owners of the companies to review the fundamental demographic features of the CGCs to improve the quality of decision-making. Specifically, including the number of female directors in their board membership.
This study examined the influence of capital structure on the financial performance of DMBs in Nigeria. The study sampled 6 (six) out of 24 quoted DMBs in Nigeria as of December 2020, which was arrived at using the Stratified and purposive sampling technique. Financial performance (DV) was proxied by Net Interest Margin. Capital Structure (IV) was proxied by Short Term Debt Ratio and Long-Term Debt Ratio. A panel regression model was employed for data analysis. The analyses exert that, at 5% level of significance, P-values indicates that short-term debt (STDTA = 0.94), TDTA (0.31) have considerable impact on ROA. While long-term debt (LTDTA) has a moderate impact on ROA at 9%. The study recommends that to improve financial performance, banks management should evaluate a tradeoff between SHTD and LGTD when deciding on capital structure.
This study compares and contrasts the quality and quality of environmental sustainability between Nigerian oil and gas and industrial goods companies. The study further investigated the economic consequences of environmental sustainability on performance of entities quoted in the Nigerian Stock Exchange. The study covers a period of 10 years, spanning from 2011 to 2020. An independent T-test was introduced to gauge the level of compliance and enforcement. The results reveal variations in the compliance level with oil and gas companies scoring the highest percentage. The findings also reveal that only 53% out of the total samples comply with NSCD, 33% comply with OLPD, 45% comply with SEFD, 42% comply with SGCD, only 23% of that number comply with CMDA, 29% comply with AQCD, 48% comply with SWCD, and only 36% out of the total number comply with DDCD. Drawing on institutional theory, the empirical results reveals a significant positive relationship between environmental sustainability and firms' financial performance. The study, recommends that government should introduce environmental tax as an incentive and strategy for motivating firms to disclose and comply with the requirements of sustainable development goals.
The paper examined the determinants of sustainability practice (SP) in Nigerian. Two main dimensions of the factors influencing sustainability practice were investigated. First, company characteristics, proxied by firm size (FSIZE), dividend per share (DIPS), Tobin’s-Q (TOBQ), type of industry (IDTY), and profit after tax margin (NPTM). Secondly, the board characteristics, proxied by disclosure of board roles and function (DBRF), chairman roles in the board (DCRB), board members appointment date (BADT), shareholders engagement policy (DISS), and board meetings with attendance records (DMBM). The content analysis approach was introduced to extracted relevant data from 270 annual reports of the sample companies between 2011 and 2020. The Global Initiative Reports GRI (G4) index was used to examine these annual reports. The panel regression result exerts that all of the elements of board characteristics are important determinants of SRP in Nigeria. This suggests that factors related to the identity of companies might influence the disclosure for SRP, particularly when the disclosure is voluntary. Whereas, the proxies of the company characteristics except for DIPS, TOBQ, and IDTY are not important factors, which might be linked with the voluntary nature of sustainability practice in Nigeria. The results further reveal a low level of disclosure. The low rating and disclosure indicated that listed Nigerian firms are still behind when it comes to disclosing and reporting sustainability activities in line with the GRI-G4 guidelines. Therefore, the study is empirically and theoretically relevant, as it might be in need of investigating the commitments and contributions of Nigerian companies and institutions towards a sustainable world by 2030.
The research looks at how company variables, such as size, leverage, and profitability, affect sustainability reporting in Nigeria. The study used an ex-post design and the sample included 15 publicly traded manufacturing enterprises in Nigeria. These companies were chosen because they have the potential to be environmentally conscious. The study covers a period of five years, from 2016 to 2020. Thus, because econometric modelling of bounded dependent variables reveals the limitations of linear estimation, the researchers employed the generalized least-squares approach to estimate the panel data first, followed by fractional regression. To correct for potential non-uniform variation in the estimation, the white-adjusted standard error was utilized, resulting in an estimation result with no nonuniform variance. In terms of panel duration and cross-section, the estimations were found to be free of non-uniform variance. To confirm the probability of continuous error correlation, the research utilized the Peselan interdependence test. As shown in the results, the residuals are cross-section independent. According to the coefficient values, the only variable that has a positive and significant impact on sustainability reporting is firm size. The report advises relevant government agencies to introduce sustainability tax incentives as it may enhance sustainability reporting practices in the country.
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