Doctor of Philosophy (Ph.D.) Theses and Dissertations
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- ItemOpen AccessBoard gender diversity, earnings management and performance of listed non-financial firms in Nigeria(Department of Management and Accounting, Faculty of Administration, Obafemi Awolowo University, 2022) FAKUNLE Isaiah OmotayoThis study assessed the extent of board diversity of listed non-financial firms in Nigeria from 2011–2019 and examined the effect of gender diversity on earnings management. It also investigated the direction of causality between gender diversity and performance and determined the effect of gender diversity on performance in listed non-financial firms in Nigeria. These were with a view to examining the relationship among gender diversity, earnings management and performance of listed non-financial firms in Nigeria. The study used the secondary data. The population of the study comprised 87 listed non-financial firms on the Nigerian Stock Exchange (NSE). Purposive sampling technique was used to select a sample size of 50 listed non-financial firms on the Nigerian Stock Exchange (NSE) between the period of 2011-2019. Data were collected from audited financial report of the selected firms and fact book of Nigerian Stock Exchange (NSE) for variables such as board token, board critical mass, proportion of women on board, proportion of women on audit committee, board size, board meeting, board independence firm size, leverage, growth opportunity, and earnings management. Data collected were analysed using percentage, fixed effect methods and t- test statistical analysis. The results showed that women on boards were largely under-represented with an average of 12.03% with only 15% exceeding the board tokenism threshold and 4% exceeding the critical mass threshold. The result of the effect of gender diversity on earnings management revealed that the proportion of women on board (PWOB) was negative but significantly related to earnings management (EM) with a statistic of (t = -25.557, p < 0.05), the proportion of women in the audit committee was also negative but significantly related to earnings management with a statistic of(t = -4.133, p < 0.05). Also, the result showed that board size (t = -11.245, p < 0.05) and firm size (t= -2.161, p < 0.05) were negative but significantly affect earnings management. Furthermore, the result showed a positive and significant effect the proportion of women on the audit committee and performance with a statistic of (t = 2.642 and p < 0.05). Also, board meetings, firm size and leverage were positive and significantly associated with performance with a statistic of (t = 1.982, p < 0.048), (t = 2.716, p < 0.05) and (t = 3.376, p < 0.05) respectively. The study concluded that gender diversity had a significant positive influence on earnings management and performance.
- ItemOpen AccessStock liquidity, dividend policy and performance of non-financial quoted in Nigeria(2012-2019).(Department of Management and Accounting, Faculty of Adminisration, Obafemi Awolowo University., 2022) Olayinka, Segun Wale.This study examined the trend of stock liquidity and dividend payment of non-financial quoted companies in Nigeria from 2012 to 2019 assessed the macro-economic factors influencing dividend payout policy of non financial quoted companies in Nigeria; and investigated the influence of stock liquidity on the amount paid as dividend by non-financial quoted companies in Nigeria. It also examined the effect of stock liquidity on financial performance of non-financial quoted companies in Nigeria; and analysed the dynamic relationships among stock liquidity, dividend payout policy and performance of non-financial quoted companies in Nigeria. These were with the view to providing information on the impact of stock liquidity on dividend payout and performance of non-financial quoted companies in Nigeria. The study adopted longitudinal research design. Secondary source of data collection was employed. A sample of 50 non-financial quoted companies out of the population of 109 non-financial quoted companies were selected using purposive sampling technique. Selection was also based on the availability of required financial information in their annual reports for the sample periods and consistent trading on the floor of Nigerian stock exchange market. Annual data on variables such as turnover ratio, dividend payment ratio, return on asset, firm age, financial leverage, firm size, investment opportunity and cash holding were obtained from the audited Annual Reports of selected non-financial quoted companies and Nigeria Stock Exchange Facts-book. Also, data on gross domestic product, consumer price index, exchange rate, interest rate and unemployment rate were obtained from statistical bulletin published by the Central Bank of Nigeria. Data collected were analysed using percentages, graphs, panel vector autoregression (VAR), vector autoregression lag, impulse response function (IRF) and variance decomposition (VD) and GMM estimation technique. The results showed that the trend of dividend payout ratio and stock liquidity were characterized with zigzag behaviour as the pattern showed that dividend payout ratio stood at 0.556 in 2012, while stock liquidity proxy by turnover ratio of the stocks stood at 0.2138, dividend pay-out ratio DPR increased to 0.8106 in 2013, while turnover ratio of the stocks in average rose to 0.328, both DPR and turnover ratio TOR declined in 2014, 2015 and a sudden jump in decline of DPR to -4.3682 was witnessed in 2016. DPR and TOR witnessed increase in 2017 to 2019 except in 2018 when dividend pay-out ratio DPR suffered another decline. Also, results revealed that macro-economic factors such as GDP (t =2.1134, p<0.05) and Exchange Rate (t =0.3127, p<0.05) have positive effect on dividend policy while other variables exercise a negative influence on dividend policy of non-financial quoted companies in Nigeria. Furthermore, the results revealed that turnover ratio TOR had positive and significant relationship with dividend pay-out ratio DPR (t=2.7295, p<0.05) and firm performance (t=2.2862, p<0.05). Finally, the result of the dynamic relationship depicted that dividend pay-out ratio DPR does not response to shock in both turnover ratio TOR and return on asset ROA. Also, the turnover ratio TOR model revealed that return on asset ROA and dividend pay-out ratio DPR failed to induce the reaction of stock liquidity. The study concluded that stock liquidity has significant positive influence on both dividend payout policy and performance of non-financial quoted companies in Nigeria and those firms with more liquid stocks pay higher amount of dividend than those with less liquid stocks.
- ItemOpen AccessEntreprenurial marketing strategies and performance of small and medium scale enterprises in southwestern Nigeria(Department of Management and Accounting, Faculty of Administration, Obafemi Awolowo University., 2022) EGWU, Bridget UchennaThis study investigated the extent of usage of entrepreneurial marketing strategies by Small and Medium Enterprises (SMEs) , analysed the determinant of entrepreneurial marketing strategies used by SMEs, and identified the challenges managers of SMES encountered in the use of entrepreneurial marketing strategies in South western Nigeria. It also examined the effect of entrepreneurial marketing strategies on performance of SMEs in the study area. These were with the view to providing information on the influence of entrepreneurial marketing strategies on performance of SMEs in Southwestern Nigeria. The study adopted descriptive survey research design. The population of the study comprised 21,476 registered SMEs in southwestern Nigeria (SMEDAN 2017). Multi-stage sampling was used for the study. At the first stage, three states with much presence of SMEs namely Lagos, Oyo and Osun states were purposively selected among six existing states in Southwestern Nigeria. At the second stage, Ikeja, Ibadan and Osogbo were purposively selected being the state capitals. At the third stage, stratified sampling technique was used to select the SMEs; the SMEs were categorized into manufacturing and service rendering in each state capital, and proportionate sampling technique was used in selecting 45 SMEs owners and or managers manufacturing sector, and 255 owners and or managers from the service rendering sectortotalling 300 respondents. Structured questionnaire on Entrepreneurial Marketing xiv Strategies (SQEMAS) was used to elicit information from owners and managers of SMEs. Data collected were analysed using simple percentages, means, standard deviation, and Ordinary Least Squares regression technique. The results showed that the extent of usage of Entrepreneurial Marketing Strategies by SMEs in Southwestern Nigeria with means of each marketing strategy used on a scale of 5.0 (1≤ ̅ ≤5) in parenthesis included innovativeness ( ̅̅ ), proactiveness ( ̅ ), risk-taking ( ̅ ), resource leverage ( ̅ ), opportunity driven ( ̅ ), value creation ( ̅ ), and customer orientation ( ̅ ), to a large extent. Also, the determinants of entrepreneurial marketing strategies (EMS) used by SMEs included: maintenance of brand and customer loyalty (77.3%), winning competitive advantage (69.8%), introduction of new technology (61.5%), increase in revenue (59.5%), avoidance of out-dated products and services (56.9%), and new opportunities available in the external environment (52.2%). Furthermore, the study identified Fiscal policy (double taxation) ( ̅ ), finance constraints ( ̅ ), poor marketing strategies ( ̅ ), non-existence of research and development ( ̅ ), (low adoption of Information Communication Technology) ( ̅ ), and poor organisational skills ( ̅ ) were the key challenges SMEs encountered in the use of entrepreneurial marketing strategies in the study area on the scale of (1 ≤ ̅ ≤ 5). Moreover, the results showed that EMS had positive significant effect on performance of SMEs (F= 7.46; p <0.05) and specifically only innovativeness (t = 2.50, p < 0.05) and risk-taking (t = 3.031, p < 0.05) had significant effect on performance of SME’s in Southwestern Nigeria. The study concluded that employing entrepreneurial marketing strategies by small and medium-scale enterprises boosted organizational performance.
- ItemOpen AccessAudit Commitee Attributes, Corporate Board Activity and Earnings Quality of Quoted Food and Beverages Firms in Nigeria(Department of Management and Accounting, Obafemi Awolowo University, 2023) OYETUNJI, Gafar TundeThe study assessed the trends and patterns of earnings quality of the quoted food and beverages firms and analysed the attributes of the audit committee and corporate board activity of the firms. It also investigated the effect of corporate board activity on audit committee effectiveness and examined the effects of audit committee attributes and corporate board activity on earnings quality of the quoted food and beverages firms in Nigeria. These were with a view to evaluating the effects of internal corporate monitoring mechanism on earnings quality of the sampled firms.
- ItemOpen AccessBusiness Ethics and Performance of small and medium Enterprises in Lagos State.(The Department of Business Administration, Faculty of Administration, Obafemi Awolowo University., 2023) ANDRE, Akinola AdekunleThe study examined the various ethical practices among the small and medium enterprises in Lagos State. It also determined the extent of implementation of business ethics among SMEs and, assessed the effects of business ethics on their performance. It further analysed the challenges confronting its implementation. These were with a view to providing information on the effects of business ethics on the performance of SMEs in Lagos State. The study utilised a descriptive survey research design. Primary data were employed in collecting the needed information for the study and was achieved through self-administered questionnaire to the respondents. Lagos State was purposively selected being the state with the highest number of SMEs. Multistage sampling technique was used for the study. At the first stage, random sampling technique was employed in selecting the 20 local government areas (inclusive of its LCDAs) in the state. At the second stage, purposive sampling technique was used in selecting 10 sectors based on the proliferations of SMEs as stated in the SMEDAN/NBS (2017) national survey of micro, small and medium enterprises (MSMEs). At the third stage, 382 respondents from specific sectors within the local governments were selected using purposive sampling technique so as to arrive at the sample size for the study. Data collected were analysed using percentages, mean, standard deviation, and partial least square/structural equation model approach. The results showed that various ethical practices such as fairness (𝑋̅ = 4.18), discipline ( 𝑋̅ = 3.80), accountability (𝑋̅ = 4.30), trust (𝑋̅ = 3.80), honesty (𝑋̅ = 4.57) confidentiality (𝑋̅ = 3.98), and integrity (𝑋̅ = 4.40) were adopted by SMEs in Lagos State. Also, the result showed that fairness and respect (42.4%, 𝑋̅ = 4.22), integrity (55.3%, 𝑋̅ = 4.41), discipline (46.2%, 𝑋̅ = 4.35), accountability (49.7%, 𝑋̅ = 4.39), trust (42.4%, 𝑋̅ = 4.17), honesty (54.2%, 𝑋̅= 4.40), leadership (45.3%, 𝑋̅=4.25), transparency (45.1%, (𝑋̅= 4.27),and confidentiality (46.9%, 𝑋̅=4.37) were implemented to a very large extent; while objectivity ( 43.1%, 𝑋̅ = 3.98), and environmental concern (40.6%, 𝑋̅ = 3.80), and were implemented to a large extent. Furthermore, findings reveal that at a p-value of 0.05, all the values of business ethics (fairness, confidentiality, integrity, responsibility, transparency, environmental consciousness) and the SMEs performance (employee satisfaction, market share, perceived customers’ satisfaction and product quality) of the measurement’s variables are significant. Findings also revealed that the outer factors loading is significant and reliable at a threshold value of 0.70 and that all the measured constructs have values above 0.70. In addition, the results revealed that business ethics had significant and indirect effect on employee satisfaction (t=23.287, p <0.05), market share (t= 11.484, p <0.05), perceived customers’ satisfaction (t= 18.905, p <0.05) and product quality (t= 6.730, p <0.05). Additionally, the study identified inadequate education and orientation of employees on business ethics principles (30.7%) as a major challenge confronting the implementation of business ethics. While, undue societal pressure (9.7%), too many inconsistencies/impartialities in administering ethical codes (7.4%), poor supervision and monitoring (6.8%), lack of disciplinary action(s) on part of management and lack of ethics training (6.2%) were less critical. The least were: poor leadership (1.2%) and organisational culture (0.9%). The study concluded that there is a strong positive effects of business ethics on the performance of SMEs in Lagos State.