The lack of precise methodology to determine the capital structure mix on firm performance has generated a lot of mixed results. Empirical studies from emerging nations revealed a scarcity of empirical findings on the measures with a significant impact on firm performance. This paper examines capital structure measures on manufacturing firm's performance in Nigeria. Using annualized panel data for a sample of 15 quoted firms from diverse sectoral classifications from 1999-2018. Excluding the financial firms due to the uniqueness of their capital structure and the strict legal requirements for their financing choices. This study focus on non-financial firms. Capital structure measures book value and market value of the firm. Results indicate that performance proxy by ROE, and Tobin's Q, significantly influence SDTA, SIZE, LDTA, and TDTA while ROA negatively influences LDTA, D_E, and TDTA. Findings revealed a robust relationship between Tobin's Q and financial performance compared to other book value. Tobin's Q is a better measure of performance within the period under review. The study reveals that Nigerian firms are keenly financed by shortterm debt supporting the Pecking Order Theory. It's vital to note that no single theory can sufficiently explain the capital structure effect on firm performance.
This study investigates the co-integrating and causal link between energy consumption and economic growth in three economic sectors of agriculture, manufacturing, and service sectors in Nigeria. Through the multivariate framework and quarterly data from 2000Q 1 -2018Q 4 . The ARDL bounds test approach, and Error Correction Model are the key techniques of analysis, and the Clemente-Montanes-Reyes unit root approach for structural breaks in the series. Findings revealed estimated billing system, and energy demand-supply gap as factors negatively influencing energy distribution and consumption in various sectors of the economy. The results also revealed a co-integrating relationship between economic growth and sectorial value creation. The results also revealed a bidirectional causality between liquefied natural gas and energy consumption and a unidirectional causality between economic growth and petroleum oil consumption. On the contrary, there is a non-causal relationship between the service and agricultural sectors. Sufficient energy distribution and consumption stir economic growth through value additions in the agricultural, manufacturing, and service sectors. The study recommends a review of the billing system, pricing framework, and policies to support, value creation, and addiction in Nigeria.
The magnitudes of the losses incur and the operational effects on the financial institution translate to a significant peril to depositors and investors' confidence in the operational activites of the industy. Hence, financial negligence in the banking industry has been established over the time as the breeding ground for fraud both within and outside the industry embracing institutional (insider abuse) and environmental factors. Zuraidah, Mohd Nor and Yusarina [3] holds the view, the fundamental intent of fraudsters is that of monetary gains which therefore placed the banking sector at the mercy of fraudulent individuals within and outside the system.The American Federal Bureau of Investigation (FBI) pigeonholed financial fraud as a tier one tactical priority (U.S. Department of Justice Report, 2001) [3]. The decreasing cases of fraud and the increasing amount loss propels the Association of Certified Fraud Examiners (ACFE), report in 2014, establishing that the financial sector is more vulnerable to fraud owing to flaw in the internal control system even in the face of advanced technology employed to checkmate fraud within the external environment. Nevertheless, Zuraidah et al.
Financial firms' services are considered germane to an economy's expansion universally. 2015-2016 economic and financial in Nigeria can be accredited to the hollowness of the financial firm contracting the economy by 2.06%, 63.7% market capitalization, and 67.2% in all share indexes losses. Prior empirical techniques focus primarily on finance-growth linear nexus. Which begs the question is the reported linear nexus a function of the linear assumption test power or earth evidence? The baseline ARDL and NARDL techniques are used in this research. To observe if there is a possibility of a non-linear association, for structural breaks, the Zivot and Andrews tests were used, as well as Granger causality to test for causality. From 1999Q1-2019Q4, quarterly data from the three arms of financial firms "insurance, banking, and stock market" were used. Findings revealed that economic growth adjusts non-linearly at a faster pace. A variety of macro-non-macroeconomic and financial factors can be implicated in the non-linear adjustment. A bi-directional link between the variables was revealed by causal nexus.
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