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- ItemWorking Capital Management and Firms’ Profitability: Evidence from Consumer Goods Sector in Nigeria (2011-2018)(Gombe Journal of Administration and Management, 2019-11-30) Lukman Adebayo-Oke Abdulrauf, Yusuf Olamilekan Quadri, Daud Omotosho Saheed and Makinde Kehinde AlaoFirm’s profitability tends to be maximised as a result of efficiency and interrelationship between some prominent factors like a firm’s size, working capital, financial and operational risks among others. However, from all these factors, working capital is crucial as it affects the operational activities of firms. This study investigates the impact of working capital management on the profitability of firms in the consumer goods sector in Nigeria. Generalised least squares technique was used to analyse the data extracted from the audited financial statements of sampled firms for the period of 2011 to 2018. The study revealed that at 0.05 level of significance, average collection period has a significant positive impact on the profitability of consumer goods firm; inventory holding period has no significant impact on profitability of consumer goods firms; average payment period has significant negative impact on the profitability of consumer goods firms. The study concluded that working capital management plays a significant role in the profitability of consumer goods firms in Nigeria. The study, therefore, recommended that firms should negotiate favourable credit terms with both their customers and suppliers while at the same time, reduce their cash conversion cycle for improved profitability.
- ItemIncome Diversification, ESG Practices and Financial Sustainability of Listed Non-Financial Firms in Nigeria(Springer Nature, 2025) Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Sherif Akanji IbrahimMeeting the current financial needs and ensuring resource availability for future operations is vital for firms to maximize their shareholders wealth and improve overall health of the economy. However, ineffective allocation of resources to new ventures and ESG compliance issues have compacted the overall performance thereby undermining the listed non-financial firms’ financial sustainability. Consequently, this study investigates the impact of income diversification and ESG practices on the financial sustainability of the firm. Longitudinal research design was used and 84 out of the 104 listed non-financial firms were sampled using multi-stage sampling technique. Data obtained from the annual reports of the sampled firms as well as the ESG-CSR Hub were analyzed using panel data regression (GLS) technique and the findings revealed that income diversification and ESG practices have impact on the financial sustainability of the listed non-financial firms in Nigeria. The study therefore recommends that firms should identify more complementary revenue sources especially in the high-growth sectors in order to minimize investment and operational risk. Also, firms should invest in the energy-efficient technologies and waste management practices while implementing ESG frameworks that will position them competitively in a dynamic environment.
- ItemAudit Committee Attributes and Timeliness of Corporate Financial Reporting in Nigeria(2020-12-07) Saidu Musacommittee particularly would help the external auditor enhance its timely reporting. The roles of an audit committee are to oversee the process of financial reporting, the work of the external auditor, and to strengthen the internal control of an organisation. Therefore, the audit committee effectiveness would help the external auditor reduce reporting lag and improve the timeliness of financial reports. Despite the establishment of a committee on audit in firms and the deadline set by the capital markets on annual financial reporting, reporting lag still exists. Against this backdrop, we investigated the impact of audit committee attributes on the timeliness of corporate financial reporting in Nigeria. A sample of one hundred and sixteen (116) listed firms on the Nigerian Stock Exchange from 2017 to 2018. We used descriptive and inferential statistics to summarize and draw inference on the population studied. The result from the Robust least squares regression revealed that audit committee independence and female directors in the audit committee reduces audit report lag, thus increases the timeliness of financial reporting. However, we found no evidence on the impact of audit committee diligence on the timeliness of financial reporting. We found out that there is a joint and positive effect of female directors on the nexus between audit committee independence and the timeliness of financial reporting. The study concluded that audit committee attributes affect the timeliness of corporate financial reporting in Nigeria. We recommend that firms should continue to sustain the culture of having non-executive directors in the audit committee to promote timely financial reporting. Keywords: Audit report lag, Diligence, Female gender, Independence, Robust least squares.
- ItemDIVIDEND POLICY AND SHARE PRICE VOLATILITY OF LISTED CONGLOMERATES IN NIGERIA(Journal of Accounting and Management, 2019-12-28) Lukman Adebayo Oke; Daud Saheed Omotosho; Yusuf Olamilekan QuadriIn spite of long periods of empirical research, the connection between corporate dividend policy and share price volatility remains disputable among scholars and researchers. Circumstantial to this, the study investigates the relationship between corporate dividend policy and share price volatility of listed conglomerates in Nigeria. The study adopted descriptive statistics, pairwise correlation and panel data regression technique to analyze the data collected from the audited financial reports of listed conglomerates for a period of 10 years (2009 — 2018). The study revealed that dividend yield has a negative influence on share price volatility. Consequently. the study concluded that corporate dividend policy plays a significant role in the Nigerian listed conglomerates share price volatility. The investigation recommends that listed conglomerates firms should devise a dividend policy that takes cognizance of the existing and prospective investors
- ItemMICROFINANCE BANKS AND DEVELOPMENT OF SMALL AND MEDIUM SCALE ENTERPRISES IN KWARA STATE: DEMAND SIDE'S PERSPECTIVE(Journal of Accounting and Management, 2019-12-28) Lukman Adebayo Oke; Yusuf Olamilekan Quadri; Daud Omotosho Saheed; Makinde Kehinde AlaoLimited access to finance by SME operators has been a major hindrance to the development of SMEs in Nigeria. This necessitated frantic efforts by government at al levels to remove this blockade including Kwara State. Hence, this study investigates the impact of microfinance banks on the development of small and medium scale enterprises in Kwara State. Primary data were collected through a self-structured questionnaire that was developed and administered to 195 SMEs operators in Kwara State. The data were analyzed using descriptive statistics, correlation, and multiple regression. The empirical analyses showed that at 5% significance level, there is a strong positive relationship between timely access to finance and DMRs development, deposit mobilization has a significant positive impact on SMEs development, and non-financial services of microfinance banks have a significant positive effect on DMRs development. The study therefore recommends that microfinance bank should ensure timely access to loans by DMRs operators to embark on profitable and value-added investment. The study also recommends that microfinance banks should improve their deposit mobilization to enhance their liquidity and in-turn boost their capacity to grant loans to SMEs operators which will increase their profitability.