For over a decade now, various efforts have been put in place by various governments of the developing economies to promote economic growth, financial development and expand trade with mixed results. The ability of financial development and/or trade openness to influence economic growth in the developing economies has been a subject of hot debate and remains inconclusive. While a number of scholars are of the view that compelling cointegration exists among each of these constructs, another set of substantial authors have documented that economic growth, trade openness and financial development do evolve independent of each other. Drawing from four financial developments-growth nexus theories, this study used the ARDL bound estimation techniques to examine the existence of cointegration among economic growth, financial development and trade openness in Nigeria. We intend to know what policy instruments need to be manipulated so as to achieve economic growth and financial stability. Our results show that a two-way cointegration exists between economic growth and financial development, on the one hand, as well as between economic growth and trade openness, on the other hand. We therefore recommend that in order to achieve economic growth, policymakers should pursue strong financial development and increase trade openness.

Purpose The popularity and use of mobile marketing technologies or devices have led to significant interest from researchers and practitioners, particularly in small- and medium-sized enterprises (SMEs), where these technologies offer significant benefits to SMEs given the poor human capital and financial constraints encountered. The use of mobile marketing devices assists SMEs to boost their sales promotion strategies which aim at increasing the sales of their products and services. However, there has been limited focus on developing a suitable framework that enables the evaluation and shared an understanding of the factors influencing the adoption of mobile marketing technology by service SMEs in Nigeria. Therefore, this paper aims to develop a theoretically grounded framework for exploring these factors and explaining their impact on mobile marketing technology adoption in SMEs in Nigeria. Design/methodology/approach The study is qualitative and used both unstructured and semi-structured interviews with a total of 26 participants drawn purposively from NIJA database in Nigeria. Thematic analysis was deployed in analysing the data. Findings The study developed an extended technology organisation environment (TOE) framework by incorporating the value anticipation context which helped to unveil 16 key factors influencing mobile marketing technology adoption in service SMEs in Nigeria. The finding revealed that factors associated with the extended TOE framework have an impact on SMEs mobile le marketing technology adoption but at different levels. Research limitations/implications The limitation of this study emerged because of the use of qualitative methodologies about the research design, rigour in the collection and management of the large volume of the raw data, the data analysis and the credibility of the findings. This may lead to unforeseen respondent and research bias in the data analysis, which may lead to a limited understanding of alternatives and insights into the factors influencing the adoption of mobile marketing. Hence, other measures and approaches such as case study and mix-method could be deployed to validate the findings further. Also, one of the limitations of qualitative study has been the issue of theoretical generalizability of the framework. The generalizability of the formwork needs to be established across a broader range of the population. Future studies may apply confirmatory statistical techniques to test and ascertain the validity and reliability of the framework across a broader population of mobile marketing technology adopters in Nigeria. Such studies may be used as a benchmark for the theoretical constructs and the factors that may lead to the success or failure of mobile marketing technology adoption. Originality/value The study had further enriched TOE framework and provided an analytical dimension for exploring the adoption of mobile marketing technology. It also demonstrates the capacity to provide a reliable explanation of the factors and serves as a tool for evaluating the benefits or challenges of mobile marketing technology adoption in SMEs in Nigeria.

This paper surveys literature relating to the Anglo-American model (shareholder theory) and stakeholder theory of corporate governance in the modern global business environment. Stakeholder theory emerged during the 1970–80s and suggested that corporations should look beyond the shareholder perspective of profit maximisation. Through a survey of the literature we examine why the traditional Anglo-American model of corporate governance had difficulties when dealing with certain unethical business practices of corporate boards. Overall, this study investigates whether an application of deontological and teleological ethical theories may illustrate how boards of directors could manage stakeholder issues and deal with problematic moral dilemmas and ethical decisions.

In this study, we examine the impact of foreign direct investment (FDI) on the financial performance of Nigerian listed deposit banks. We collected secondary data from the annual reports and accounts of 14 banks between 2010 and 2017. We employed the Tobin Q quantitative method for the analysis. We adopted the theoretical framework of pecking order theory since the analysis of the impact of FDI on the financial performance of these banks are both inward and outward FDI. The Tobin Q method was used as the dependent variable and FDI as an independent variable. Board size, firm size, equity capital and reinvested earnings were all financial performance indicators employed to test the impact of FDI on the financial performance of the banks on understudy in Nigeria. The result of the data analysis and findings showed that FDI had contributed positively to the development and performance of the deposit banks over the period under consideration. Our theoretical findings suggest a positive relationship between FDI and profit maximization. This support the FDI theory that banks or organisations are financed partly with debt-equity, both used by the banks to balance the cost and benefit financing decisions by the management. In the case of the empirical findings, the results of hypothesis testing show a significant effect on the banks’ financial performances. Given these results, we conclude that FDI has made a positive impact on the development and financial performances of the listed deposit banks under study which resulted in some of the banks’ growth from local banks in Nigeria into some of the leading international banks in Africa.

This paper reviews the impact of the shareholdership and stakeholdership models in guiding managers through the most appropriate way of delivering business objectives. The shareholder model is the traditional Anglo-American system of corporate governance, which focuses on the maximisation of shareholder wealth, while the stakeholder model is considered to be exemplified by the German system of corporate governance and focuses on meeting the needs and expectations of a wider range of stakeholder groups. The results from this study indicate that a combination of both models could enable management to deliver the needs of stakeholders groups, while in the long term maximizing wealth for the shareholders