This study sought to ascertain the link between Corporate Social Responsibility (CSR) rating and the profitability of companies listed on the Nigerian Stock Exchange (NSE), following the release of the first ever country rating of Corporate Citizenship Index (3C-Index) in 2013. The study further sought to ascertain whether significant differences exist between the performances of companies that received high CSR ratings as compared to those that received low ratings. Secondary data were extracted from the 2013 to 2017 annual reports and accounts of companies that got different CSR ratings classified as high and low. The multiple regression and Mann-Whitney rank test (U-test) were used to test the propositions. The findings from the regression showed a positive but insignificant relationship between CSR rating and firm performance but a significantly positive relationship with the size of firms. The results of the U-tests were mixed, whereas the Return on Assets (ROA) of companies with high CSR ratings did not differ significantly from companies with low CSR ratings, the Return on Equity (ROE) of companies with high CSR ratings was significantly greater than that of companies with low CSR ratings. This finding suggests that CSR may be in its infancy among the study sample but is beginning to take roots as evident by the positive βs statistics and a significant difference in the ROE of the companies as captured by the non-parametric statistics. It is recommended that the period of the study be extended in the intermediate and long-run to determine if the relationship might become significant.
This study investigated the effect of the Central Bank Cashless Policy on the Payment System in Nigeria. Cognizance of the fact that an improved exchange mechanism and payment system is central to the survival and growth of Nigerian economy which had suffered severe recession between 2015 and 2019, it applied survey research design to poll 204 bank workers from four banks in Nigeria to ascertain their perception on the extent to which the cashless policy has addressed the problem of exchange and payment system in Nigeria. The independent variable was cashless policy while the dependent variables were cash based transactions; modernization of payment system; and volume of cash outside the formal economy. Using Correlation Coefficient with SPSS 10 the test of hypotheses showed that there was a statistically significant relationship between the cashless policy and the development and modernisation of the payment system (i.e. p < 0.05 at 0.05 significance level) while it has significantly trimmed down the volume of cash in the informal sector in Nigeria by nearly 32% among others. It was concluded that the cashless policy has significantly and positively improved exchange and payment system in Nigeria. as well as reduced drastically the volume of cash in the informal sector of the economy including reducing significantly the number of cash based transactions in the economy. It was recommended inter alia, that the monetary authorities should embark on a second phase of the policy to bring more transactions under the cashless policy.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.