Browsing by Author "Lukman Adebayo-Oke Abdulrauf"
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- ItemBTC price volatility: Fundamentals versus information(Cogent Business & Management, 2021) Adedeji Daniel Gbadebo; Ahmed Oluwatobi Adekunle; Wole Adedokun; Lukman Adebayo-Oke Abdulrauf; Joseph AkandeThis paper offers a plausible response to “what explains the sporadic volatility in the price of Bitcoin?” We hypothesized that market “fundamentals” and “information demands” are key drivers of Bitcoin’s unpredictable price fluctuation. We adopt the transfer-function [Autoregressive Distributed Lag, ARDL] model and its Bounds testing approach to verify how the volatility of the price of Bitcoin responds to its transaction volume, cryptocurrency market capitalisation, world market equity index and Google search. We found the existence of long-run coin tegration relation and observed that all the variables except the equity index positively explain the volatility of Bitcoin price. The result established evidence that market fundamentals drive erratic swing in Bitcoin price than information.
- ItemFirm-specific Characteristics and International Financial Reporting Standards (IFRS) Compliance among Listed Non-financial Firms in Nigeria(GOMBE JOURNAL OF ADMINISTRATION AND MANAGEMENT, 2021) Lukman Adebayo-Oke AbdulraufThe transition from local Generally Accepted Accounting Principles (GAAP) to the celebrated International Financial Reporting Standards (IFRS) is yet to meet the expectation of the various stakeholders in terms of improving the financial statements and detailed disclosure as a result of multiple reports of low compliance level. This study examines the relationship between firm-specific characteristics and IFRS compliance among listed non-financial firms in Nigeria. Data were drawn from the annual reports and accounts of one hundred and thirteen (113) non-financial firms listed on the Nigerian Stock Exchange as of 31st December 2017. Eighty-eight (88) firms were selected using Yamane (1964) statistical formula. Panel regression analysis was used in the analysis and test of hypotheses. Findings revealed that internationalization, industry type, and auditor type have positive and significant effects on IFRS compliance at a 5% level of significance with a p-value of 0.000, 0.003, and 0.020, while firm maturity is not significant. The study concluded that internationalization, auditor’s type, industry type and profitability are the significant firm-specific characteristics affecting IFRS compliance among listed non-financial firms in Nigeria. This study recommended that international accounting standard board should beef up its monitoring of compliance level of listed non-financial firms along with the essential firm-specific characteristics line.
- ItemFormal Financing, Country Risks and Livestock Output in Nigeria(Bayero Journal of Management Sciences, 2024) Lukman Adebayo-Oke Abdulrauf; Sheriff Akanji Ibrahim; Sikiru Abdullahi Safura; Ismail JimohLivestock, which accounts for 30% of employment among Nigeria's rural population, is essential to the country's local economy and efforts to reduce poverty. The growth of the livestock sub sector is hindered, nevertheless, by a range of concerns, such as political, economic, and financial uncertainty, as well as insufficient government budget allocation. In light of this, the purpose of this study is to examine how formal funding and national hazards affect Nigeria's livestock production. Secondary data for the years 1995–2021 were gathered from the International Country Risk Guide (ICRG) and the Central Bank of Nigeria (CBN). Using E-view 9, the study used both descriptive and inferential statistics. Before and after the given model was estimated using Autoregressive Distributive Lag (ARDL), a variety of diagnostic tests were performed. The agricultural guarantee credit scheme funds (AGC) are statistically significant at the 5% level of significance, according to the short term ARDL model. Other variables, such as commercial bank credits (CBC), budgetary allocation to agriculture (BAA), and exchange rate control variable (EXR), are not statistically significant in the short run. The control variable of prime lending rate (PLR, 0.0653) is statistically significant at 5% level of significance. Among other things, the study suggests that banks create customized credit solutions that address the particular requirements of cattle farmers, offer flexible periods for repayment, and form alliances with input suppliers and agriculture specialists.
- ItemHow Does Financial Risk Management Impact Financial Performance of Microfinance Banks?(ACTA UNIVERSITATIS DANUBIUS OECONOMICA, 2024) Lukman Adebayo-Oke Abdulrauf; Sherifdeen Adebola Rabiu; Joseph Olorunfemi Akande; Adedeji Daniel Gbadebo: Microfinance banks (MFBs) in Nigeria play an important role of delivering financial services to the underserved population and low-income individuals. MFBs are exposed to various financial risks, including borrower defaults and liquidity management, posing serious survival threats. We apply the autoregressive distributive lag (ARDL) regression, on published data from 1993 to 2022, to confirm how financial risk management of the MFBs in Nigeria impacts their financial performance. The finding from the short run of the main (ROA) estimation identifies that except for the loan-deposit magnitude, which is insignificant, the coefficients on capital adequacy strength, risk asset quality, liquidity strength and loan loss provision are significant. For the long run, capital adequacy, liquidity, risk asset quality and loan loss provision have significant coefficient while loan-deposit magnitude has an insignificant coefficient. The lag term of error correction is negative (-1.60) and significant, implying that the model would converge to equilibrium upon any perturbation. Similar results are evident when the return on equity is considered as a measure of financial performance to verify the sensitivity of the outcomes. This suggests the estimation is not sensitive to any performance measure used. The findings underscore the importance of capital adequacy and liquidity strength for improving the financial performance as well as the detrimental impact of risk asset quality and high loan loss provisions on the MFBs. To ensure enhanced financial performance, sustainability and effectiveness, we recommend offer that policy markets should different regulatory measures including recapitalization, reshaping of risk asset holdings, regulating loan loss provisions, clarifying regulations on loan-deposit ratios, and regulating liquidity levels.
- ItemModelling the nexus between finance, government revenue, institutional quality and sustainable energy supply in West Africa(Journal of Economic Structures, 2024) Kayode David Kolawole; Biliqees Ayoola Abdulmumin; Gizem Uzuner; Oluwagbenga Abayomi Seyingbo; Lukman Adebayo-Oke AbdulraufThe present study examined the relationship between finance, government revenue, institutional quality and sustainable energy supply in West Africa countries over annual frequency period from 2012 to 2020. To achieve the outlined nexus between study variables, the present study leverages on a battery of panel analysis for robust inferences. The econometric estimators employed are panel random effect regression, generalized method of moment technique. Furthermore, panel Granger causality test is utilized to analyze the direction of flow among the variables for the study. Empirical results revealed that financial development is a significant determinant of energy supply in West Africa countries while a negligible effect was reported for institutional quality and sustainable energy supply. Thus, the present study concludes that finance from financial sector is important in ensuring sufficient energy supply. To this end, this study therefore, recommends that incentives should be given to financial institutions that fund energy generation and transmission as financial development is seen to be significant on energy supply.
- ItemSignalling Behaviour and Bank Provisioning Policies in Nigeria: The Conditional Effect of the IFRS Adoption and Solvency Risk(TRENDS ECONOMICS AND MANAGEMENT, 2021) Abdulai Agbaje Salami; Ahmad Bukola Uthman; Lukman Adebayo-Oke AbdulraufPurpose of the article: Based on the propositions of the signalling hypothesis and prospect theory, this study examined the extent of attempt by Nigerian deposit money banks (DMBs) to solve the issue of adverse selection via signalling their financial prospects using loan loss provisions (LLPs). The empirical test was subject to the DMBs’ riskiness and changes in the accounting rule given failure of a number DMBs and the adoption of the International Financial Reporting Standards (IFRSs) respectively in Nigeria in the recent past. Methodology: Bank-level unbalanced panel datasets of a sample 16 DMBs, which are related to the variables of the study, were hand-extracted from their annual reports and account between 2007 and 2017. The analysis was conducted using the Prais-Winsten regression correlated with panel corrected standard errors (PCSE-PW) owing to the presence of heteroscedastic and autocorrelated residuals in the study’s regression models. Scientific aim: The study examined the relationship between LLPs and one-year-ahead changes in earnings before taxes and LLPs to establish whether Nigerian DMBs signal their financial strength via LLPs. Findings: The study largely found that Nigerian DMBs, regardless of accounting regime and risk of insolvency, do not use LLPs to signal their financial strength. However, where the evidence of signalling via LLPs was evident the coefficient of earnings signalling was insignificant, where it was significant signalling was achievable via discretionary LLPs (DLLP) rather than actual LLPs (TLLP) suggesting manipulative provisioning in the use of LLPs to signal. Conclusions: The study’s findings included empirical communication alerts to the regulators and Nigerian DMBs on the need for improvement in earnings signalling, as the present scenario may be interpreted as a sign of a non-going concern by analytical stakeholders. Limits of research: The generalisation of the study’s findings may be limited by the focus on one regime (IAS 39) of IFRS loan loss reporting but mitigated by the partial implementation of the second regime (IFRS 9) for the first four years in the country.