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- ItemOpen AccessAn Assessment of the Factors Influencing the Use of Debit Card Electronic Payment System in Lagos State, Nigeria(2015-08-24) Adeoti, Osuolale OlugbadeThe study examined the impact of demographic and socio-economic characteristics of consumers on the use of debit cards in Lagos Slate. It also investigated consumer consumption patterns and payment choices and determined the motivational factors for using debit cards. This was with view to analyzing the extent to which debit cards serve as a method of behavioural restraints. Primary data were used for the study. The targeted respondents were super markets, fast foods, Restaurants, Recreation Clubs, Petrol Stations, Hotels, Pharmaceutical Stores and other business organisations that accept debit cards apart from cash as a mode of payment in the 20 Local Government Areas (LGA) of Lagos State. Three hundred respondents comprising 15 from each LGA were purposively selected for the study. The questionnaire was designed to elicit information on socio-economic characteristics, motivational factors, substitution patterns and payment choice drivers, and the extent to which debit cards serve as a method of behavioural restraints. The data generated were analyzed using descriptive and inferential statistics. The result indicated that cash constituted 65.3 percent as the commonest form of payment, followed by cheque (15.0%); debit card (8.0%) and credit card (2.0%). The motivational factors for using debit card were found to be: reduction in bulkiness (72%); reduction in armed robbery (71%); convenience (70%): time saving (70%); improvement of Bank Services (50%); and encouragement of disciplined spending (43%). The effect of behavioural restraints exhibited as a result of using debit cards revealed encouragement of prompt settlement of bills (76%); reduction in the abuse of the Naira (71%); discouragement of unplanned spending (53.6%); and curtailment in spending pattern (30%). The study also revealed some constraints militating against the use, of debit card by non-users, namely: non-availability (32.03%); lack of knowledge of its acquisition (24.18%); insecurity (15.69%); and lack of awareness about existence (5.22%). Results from the analysis of variance (ANOVA) indicated that six out of seven motivational factors: fear of armed robbery (F = 59.3. p < 0.05); time saving (F = 64.9, p < 0.05); improve bank services (F = 18.6, p < 0.05); conveniences (F = 72.6, p < 0.05): reduce bulkiness (F = 93.5, p < 0.05); availability (F = 59.1, p < 0.05) were significant. Also six out of seven behavioural restraints factors included in the model: over spending (F = 16.5. p < 0.05), reducing unplanned spending (F = 15.0, p < 0.05), reduce buying regret (F = 6.8, p < 0.05), encourage financial planning (F = 10.4, p < 0.03). prompt debit settlement (F = 16.8, p < 0.05), and disciplined social engagement (F = 7.2, p < 0.05) were statistically significant. The logit regression showed that consumer life-style and status characteristics such as education, income, employment status. home ownership, family size, age, work experience and external orientation) were found to significantly influence the odds of debt card use (P < 0.05, odd ratio of 3.84). The study concluded that the use of electronic payment system such as debit card improved banking services, transparency, financial discipline and cost effectiveness for the banking industry.
- ItemOpen AccessEffects of Globalization on Market Structure, Conduct and Performance in the Nigerian Banking Industry(2015-04-02) Akinola, Grace OluyemisiThe study assessed the effect of globalization on the structure of Nigerian banks; evaluated the effects on the market conduct; and examined the effect of globalization on product formulation and promotional strategies with a view to appraising the effects of globalization on the performance of Nigerian banks. Both primary and secondary data were used for the study. Primary data were collected through questionnaire administration. Data on variables such as number of marketers, financial strength of each bank, on-line banking activities and the number of products were collected from all the 25 post-consolidation banks in Nigeria. Two sets of questionnaire (structured and unstructured) were administered on marketers and customers of the banks. Interviews were also conducted with top management staff in the marketing departments of the banks. Random sampling technique was used in selecting 30% of marketers, while purposive sampling was used to select two top management staff in the marketing departments at the headquarters of each bank as well as fifty customers each from the 25 banks. Secondary data were obtained from the Annual Reports and Statement of Accounts for the existing banks covering the study period. Other sources included the Central Bank of Nigeria Statistical Bulletin, Central Bank of Nigeria Annual Reports and Statements of Accounts, Federal Office of Statistics, Research and Data Services Limited, Agusto and Co. Data Services limited, Annual Reports and Statements of Accounts of Nigeria Deposit Insurance Corporation and the Nigerian Stock Exchange Factbook. Both descriptive and inferential statistics were used to analyze the data. The results showed that the Nigerian banking industry was competitive with Herfindahl Hirschman Index ranging between 752.7 and 1299.48. Furthermore, the result showed that the Nigerian banking industry was highly concentrated in 1999 (CR3=58.42) but moderately concentrated between 2000 (CR3 =36.74) and 2007 (CR 3 = 48.78). Also, the result revealed that globalization had no significant effect on the structure (t=0.35, p>0.05) and the conduct (t= -0.38, p>0.05) of banks in Nigeria. However, the result showed that globalization succeeded in changing the criteria for new product formulation from top managements' final decision. As reported by most of the respondents, the new criteria included consideration of growth potential of market (72.8%), potential profitability of market (63.9 %) and competitiveness of market (57.2%). The phenomenon also led to increase in the number of products from 2 or 3 in 1999 to 20 in 2007; and a reduction in service time from an average of 30 minutes in 2001 to 20 minutes in 2007 across the industry. Finally, the study revealed that globalization had a significant and positive effect on the performance of banks (t= 2.04; p<0.05). The higher profitability was a result of wider market coverage of banks in the country, both locally and internationally. The study concluded that globalization though had no significant effect on market structure; nonetheless it greatly improved the performance of banks in Nigeria, as well as their product formulation and promotional strategies.
- ItemOpen AccessAn Empirical Analysis of the Capital Structure of Selected Quoted Companies in Nigeria (1990-2004)(2015-05-19) Salawu, Rafiu OyesolaThis study carried out an empirical analysis of capital structure of selected quoted companies in Nigeria. Specifically, it examined the effects of the identified determinants of capital structure of quoted companies on leverage and also analysed the impact of capital structure on profitability of quoted companies in Nigeria. This was with a view to establishing the pattern of capital structure choice and the underlining factors influencing it. This study used secondary data collected from the Annual Report and Accounts of the sampled firms and Fact Books published by the Nigerian Stock Exchange. A sample of 50 non-financial quoted companies was randomly purposively selected for analysis. The Pooled Ordinary Least Squares (OLS) model, Fixed Effect Model (FEM) and Random Effect Model (REM) were used in the analysis, which covered the panel data from 1990 to 2004. In addition, causal relationship between capital structure and profitability was tested using Granger-causality Tests. The empirical result showed that debt financing for listed companies in Nigeria corresponds mainly to a short-term debts nature, with a mean value of 60%. Also, profitability had experienced a downward trend in growth with the average growth rate standing at a negative 41%. Moreover, the impact of capital structure on the profitability was not significant (t = -0.6709, p>0.05), but there was a positive relationship between profitability and short-term debt. The study showed that, there was a significant positive relationship between asset structure (tangibility) and long-term debt ratio (t = 2.228, p<0.05) and a significant negative relationship between asset structure and short-term debt ratio (t = 4.510, p = 0.001) for the overall sampled groups. In addition, collateral appeared to influence all bank borrowing in Nigeria, whether short-term or long-term. More importantly, the size of the company was found to have a statistically significant positive relationship with both total debt and short-term debt ratios for the sample (with t = 3.0572, p<0.05 and t = 3.0150, p<0.05 respectively). Thus, the chi-square statistics shows that profitability has significant causal effect on leverage (x2 = 55.168, P<0.01). Similarly, there was a significant causal nexus from leverage to profitability (x2 = 9.377 and P<0.05). Therefore, there is a significant bi-directional causality between profitability index and leverage i.e. capital structure. The study concluded that profitability, tangibility and size of the company were the major determinants of the capital structure of Nigerian quoted companies and they were either financed by equity or a mix of equity and short-term debt. Nigeria firms should adopt appropriate steps to lengthen the maturity structure of corporate debt.
- ItemOpen AccessIncorporating Environmental Costs into Nigerian Oil and Gas Accounting(2015-05-15) Owolabi, Amos AkintolaThis study evaluated the extent of awareness and protective measures by stakeholders of environmental costs in the Nigerian oil and gas industry. It also identified and assessed the environmental factors in the industry that need to be accounted for. These efforts were with a view to developing an accounting model for measuring environmental costs in the industry. Data were obtained through two sets of questionnaire survey. The first set evaluated the extent of awareness and protection measures of environmental costs in the oil and gas industry using a 5- point Likert scale. The second set focused on the identification, assessment and evaluation of the perceived impacts of environmental factors by stakeholders in the oil and gas industry. Forty-two environmental variables obtained from literature and confirmed by experts in the industry were included in the survey questionnaire. Out of a population of 3,200; 540 respondents were selected through stratified purposive sampling from the relevant stakeholder groups. These included accountants, engineers, scientists, health officers, environmentalists and other managers from the five upstream and eight downstream oil companies, one state ministry of environment from each of the eight oil producing states, Federal Ministry of Environment, oil community, oil services companies, Nigerian National Petroleum Corporation, Department of Petroleum Resources and Non-Governmental Organizations. Data from the survey were subjected to descriptive and inferential statistical analyses/secondary data on estimates of revenue and costs associated with recently completed/on-going oil sites were obtained from the records of the stakeholders. These constituted the input data set used in developing the accounting model. In addition to this data set, the forty-two environmental variables identified in the second questionnaire were parsimoniously reduced to a five-factor solution using factor analysis. The results of the study indicated that the respondents demonstrated a high degree of awareness of environmental issues in the industry (overall mean rating of 4.41 out of a maximum of 5.00 on a Likert scale) and a positive attitude towards environmental costs and liabilities (overall mean rating of 3.51). From the forty-two environmental variables, a five-factor solution with their factor loading was obtained from the factor analysis. These were: XI = 'impact on public health (7.95%)', X2 = `occupational health impact (39.04%)', X3 = `impact on agricultural produce (3.24%)', X4 = `marine and fresh water impact (5.5%)', and X5 = `building and infrastructural materials (11.07%)'. These five factors were employed to develop a multi linear regression accounting model: S = 1758.4325 + 3.9460496X1 – 28.07389X2 + 7.3036634X3 + 0.5642708X4 + 23.019651X5, where, S was revenue and X was costs. The developed model was later validated using 10 sets of virgin data. The result indicated low percentage deviation of the model from the actual values (largely within ± 15%). Also the standard measures of accuracy of the regression model were high (R2 = 0.937; F = 86.8; P < 0.05) suggesting its high predictive ability. In conclusion, the study showed that there was a high degree of awareness to environmental issues and a positive attitude towards environmental costs and liabilities in the Nigerian oil and gas industry. The result also concluded that environmental costs could be incorporated into a revenue accounting model.
- ItemOpen AccessThe Role of Foreign Private Investors in the Industry Development of Nigeria: A Test Case of "X" Breweries Limited(Obafemi Awolowo University, 1984) Yusuff, Oyindunla FMost developing economies seek to industrialize as a way to reduce excessive reliance on the agricultural section which is vulnerable to adverse economic conditions. The industrialization pattern is to sponsor programmes promoting the indigenous manufacture of import substitutes. This pattern often involves both local and foreign investment of capital and technical know-how, which invariably is supplied by foreign partners. The beer industry in Nigeria deserves attention because of its recent phenonemenal expansion. There was only one brewery in 1949, producing barely half-a-million hectoliters of lager beer per annum. By 1982 there were twenty-three breweries capable of producing fourteen million hectoliters per annum. This study examines the involvement of some foreign private investors in a new brewery project, in partnership with an indigenous entrepreneur. Foreign participation in industrial ventures in Nigeria takes two principal forms, provision of technical know-how and management, and equity contribution. These forms are examined in relation to the test case. The study also examines the local sources of funds for 1. The identities of the indigenous entrepreneur and the foreign investors involved are not disclosed in accordance with an undertaking given to them industrial activities. Finally, a forecast of the future of the beer industry is made in terms of the investment opportunities in the form of technical knowhow or equity contribution, or both.
- ItemOpen AccessSocio-Economic Influence of Shari'ah on Production and Marketing Practices in Northwestern Nigeria(2015-06-24) Bala, HaliruThe study identified the socio-economic tenets and injunctions of Shari'ah that regulate the production and marketing practices and appraised their effects on production practices, with a view to determining the extent to which they affect the development of marketing promotion strategies in Northwestern Nigeria. The study was conducted in Northwestern Nigeria, namely in Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara States; purposively selected to reflect the core of Shari'ah States. The data were gathered using primary and secondary sources. Multi stage and random sampling techniques were used in selecting 1,392 respondents for the study (180 management staff, 460 traders, 692 consumers and 60 staff of production section) out of 2,000,915. Questionnaires were used to elicit information and were validated by experts in the Shari'ah Law, Arabic and Islamic Studies. The data generated from the survey were subjected to both descriptive and inferential analyses. The findings revealed a significant relationship (r = 0.872; P < 0.001) between Shari'ah socio-economic tenets and injunctions on marketing practices. A significant relationship (r = 0.502; p<0.001) was also revealed between Shari'ah socio-economic tenets and injunctions and production practices. The study further showed that there was a significant positive correlation (r = 0.731; P < 0.001) between Shari'ah Socio-economic tenets and injunctions and marketing promotion strategies. The study concluded that Shari'ah socio-economic tenets and injunctions have influence on production and marketing practices, in particular the marketing promotion strategies.