scholarly journals Control of Shareholders’ Wealth Maximization in Nigeria

2011 ◽  
Vol 6 (1) ◽  
Author(s):  
A. O. Oladipupo ◽  
C. O. Okafor
Keyword(s):  
Firm Size ◽  
Time Series Data ◽  
Negative Relationship ◽  
Management Control ◽  
Annual Reports ◽  
Series Data ◽  
Representing Measure ◽  
Dividend Payment ◽  
Wealth Maximization ◽  
Retained Earnings

This research focuses on who controls shareholder’s wealth maximization and how does this affect firm’s performance in publicly quoted non-financial companies in Nigeria. The shareholder fund was the dependent while explanatory variables were firm size (proxied by log of turnover), retained earning (representing management control) and dividend payment (representing measure of shareholders control). The data used for this study were obtained from the Nigerian Stock Exchange [NSE] fact book and the annual reports of the six sampled companies from Food/ Beverages and tobacco sub-sector for twenty years (1986-2005) to constitute pooled data of 120 observations. Using auto-regression technique for correcting serial auto-correlation in time series data, the results converge at ten iterations. Results showed that all the independent variables provide good explanation for the model. It was observed that firm size (log of turnover) and retained earnings had positive relationships and statistically significant impacts on the shareholders fund while dividend payment had negative relationship. The results show that turnover and retained earnings are of more significance in the control of shareholders wealth than the dividend payment. Thus, we can conclude that the management of the organizations under the present study is in major control of shareholders wealth maximization objective and impact on the firm performance. Implication is that selecting high quality management for the organizations would help in achieving shareholders wealth maximization objective in organizations.

Macro-Economic Disequilibrium and Educational Development in Nigeria between 1980-2017

2019 ◽  
Vol 10 (08) ◽  
pp. 20592-21600
Author(s):  
Gbadebo Salako ◽  
Adejumo Musibau Ojo ◽  
Jaji Ayobami Francis
Keyword(s):  
Time Series Data ◽  
Educational Development ◽  
Negative Relationship ◽  
Series Data ◽  
Explanatory Variables ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Long Run ◽  
Stationarity Test ◽  
Level I

This study empirically investigates the effects of macroeconomic disequilibrium on educational development in Nigeria. The study employed time series data between 1980 and 2017. Autoregressive Distributed Lag method of estimation was employed. The result revealed that the variables stationarity test were mixed between the first difference I(I) and level I(0). The cointegration result shows that there exist long run relationship between the variables. The result revealed that Balance of payment, Poverty, Debt rate inflation and unemployment exhibited negative relationship with educational development. The estimation result showed that all explanatory variables account for 88% variation of educational development in Nigeria. It is therefore recommended that government should fast track policies that can stabilize inflation and exchange rate in the country. Also, Policies must be formulated to reduce poverty and unemployment.

Revisiting the growth effects of government bonds in the emerging capital market.

2019 ◽  
Vol 3 (1) ◽  
pp. 32-38
Author(s):  
Temitayo O. Olaniyan ◽  
Samuel O. Ekundayo
Keyword(s):  
Method Of Moments ◽  
Capital Market ◽  
Time Series Data ◽  
Stock Exchange ◽  
Annual Reports ◽  
Series Data ◽  
Government Bonds ◽  
Market Growth ◽  
The Public ◽  
Generalised Method Of Moments

We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.

Relationship between Budget Deficit and Economic Growth: Evidence from Ethiopia

2021 ◽  
Vol 2 (2) ◽  
pp. 10-15
Author(s):  
Desalegn Emana
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Budget Deficit ◽  
Time Series Data ◽  
Negative Impact ◽  
Positive Impact ◽  
Negative Relationship ◽  
Nominal Exchange Rate ◽  
Series Data ◽  
Long Run

This study examined the relationship between budget deficit and economic growth in Ethiopia using time series data for the period 1991 to 2019 by applying the ARDL bounds testing approach. The empirical results indicate that budget deficit and economic growth in Ethiopia have a negative relationship in the long run, and have a weak positive association in the short run. In line with this, in the long run, a one percent increase in the budget deficit causes a 1.43 percent decline in the economic growth of the country. This result is consistent with the neoclassical view which says budget deficits are bad for economic growth during stimulating periods. Moreover, in the long run, the variables trade openness and inflation have a positive impact on Ethiopian economic growth, and on the other hand, the economic growth of Ethiopia is negatively affected by the nominal exchange rate in the long run. Apart from this, in the long run, gross capital formation and lending interest rates have no significant impact on the economic growth of the country. Therefore, the study recommends the government should manage its expenditure and mobilize the resources to generate more revenue to address the negative impact of the budget deficit on economic growth.

scholarly journals PENGARUH KORUPSI, DEMOKRASI DAN POLITIK TERHADAP KEMISKINAN DI DELAPAN NEGARA ASEAN DENGAN PERTUMBUHAN EKONOMI SEBAGAI VARIABEL MODERASI

2019 ◽  
Vol 1 (3) ◽  
pp. 845
Author(s):  
Yolanda Yolanda
Keyword(s):  
Economic Growth ◽  
Time Series Data ◽  
Predictor Variable ◽  
Combination Method ◽  
Annual Reports ◽  
Series Data ◽  
Transparency International ◽  
Negative Effect ◽  
Asean Countries ◽  
The Relationship

This study aims the influence of corruption, democracy and politics on poverty in ASEAN countries with economic growth as a moderating variable. The method used is using the panel regression model. This data uses a combination method between time series data from 2013 - 2016 and a cross section consisting of 8 countries. Data obtained from World Bank annual reports, Transparency International and Freedom House. The results of this study indicate that (1) Corruption Perception Index (CPI) has a significant and negative effect on poverty, meaning that if the CPI increases then poverty will decrease (2) Democracy has no significant and negative effect on poverty. This means that if democracy increases, poverty will decrease (3) Politics has a significant and negative effect on poverty, meaning that if politics increases, poverty will decrease (4) Economic growth has a significant and positive effect on poverty, meaning if economic growth increases then poverty will decline (3) Economic growth unable to moderate the relationship between corruption, democracy and politics towards poverty in 8 ASEAN countries. Economic growth as an interaction variable is a predictor variable (Predictor Moderate Variable), which means that economic growth is only an independent variable.

scholarly journals Mental Health and Political Representation: A Roadmap

2021 ◽  
Vol 2 ◽  
Author(s):  
Luca Bernardi
Keyword(s):  
Mental Health ◽  
Mental Health Services ◽  
Health Services ◽  
Time Series Data ◽  
Political Representation ◽  
Negative Relationship ◽  
Series Data ◽  
Political Equality ◽  
Public Preferences ◽  
Policy Problems

Research on health and political behavior has identified a significant mental health-participation gap that is likely to have important consequences for political equality. Yet such consequences remain by and large unexplored. Inspired by 60 years of empirical research on public opinion, media and policy, this article proposes a roadmap for research on the political representation of mental health. It advances a number of research questions around 1) opinion formation and issue emergence and evolution, 2) multiple and complementary societal signals that can influence policy makers’ issue attention and policy change, and 3) different conceptions of representation and their consequences for public attitudes and political participation. The article also provides a preliminary attempt at addressing whether mental health spending incorporates signals from public preferences for spending on mental health services or policy problems. Making use of time-series data on spending on mental health services by local authorities in England between 1994 and 2013, the analysis finds no statistical association between spending and policy problems and reveals a negative relationship between spending and public preferences, suggesting that if spending is reacting at all to preferences, it misrepresents them. This article invites scholars to collect more data and produce more research that will guide interventions to help overcome stigma and participation challenges that undermine political equality as one of the key principles of democracy.

FDI and economic growth: empirical evidence from Pakistan

2016 ◽  
Vol 32 (1) ◽  
pp. 63-76 ◽  
Author(s):  
Naqeeb Ur Rehman
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Human Capital ◽  
Time Series Data ◽  
Negative Relationship ◽  
Series Data ◽  
Literacy Rate ◽  
Content Type ◽  
Low Level ◽  
The Relationship

Purpose – The purpose of this paper is to investigate the relationship between FDI and economic growth. Two models have been used to analyse the time series data on Pakistan from 1970 to 2012. This paper contributes to the existing literature by examining the different empirical methods to estimate the relationship between FDI and economic growth. The vector error correction model (VECM) results suggest that FDI depends on the economic growth but this relationship is not true vice versa. The second model showed that FDI, human capital and exports are important factors of economic growth. However, the negative relationship between interactive variables (FDI and human capital) and economic growth indicates that low level of human capital affect the economic growth of Pakistan. Design/methodology/approach – Used time series data (1970-2012) for empirical analysis. Findings – The VECM results suggest that FDI depends on the economic growth but this relationship is not true vice versa. The second model showed that FDI, human capital and exports are important factors of economic growth. However, the negative relationship between interactive variables (FDI and human capital) and economic growth indicates that low level of human capital affect the economic growth of Pakistan. Research limitations/implications – The limitations of this empirical paper are as follows: it would be better to use secondary school enrolment (per cent) to measure human capital instead adult literacy rate. Similarly, the non-availability of R & D data on Pakistan limited the scope of the paper to measure the role of absorptive capacity of domestic and its relationship with FDI. The results of this paper are specifically related to Pakistan and cannot be generalized to other countries. Practical implications – This empirical study implies that Pakistan should improve its economic growth. The robust policies are required to increase the literacy rate of the country. Higher human capital will attract more FDI into the economy and may reduce the unemployment. This would increase the national output of the country and their national income level. Presently, Pakistan is going through war on terror and foreign firms are reluctant to invest. A stable and secure business environment will ultimately inject foreign direct investment into Pakistan. Originality/value – This paper is first time analyse the time series data to explore the relationship between FDI and economic growth. A new approach has been used called VECM.

Asset Quality and Deposit Money Banks Performance in Nigeria

2019 ◽  
Vol 1 (1) ◽  
pp. 38-47
Author(s):  
Mbatabbey Joy Ogboru
Keyword(s):  
Time Series ◽  
Financial Stability ◽  
Deposit Insurance ◽  
Time Series Data ◽  
Annual Reports ◽  
Series Data ◽  
Bank Performance ◽  
Long Run ◽  
Short Run ◽  
Asset Quality

This study investigate the relationship between asset quality and deposit money banks performance in Nigeria over a period of 30 years ranging from 1986 to 2016, utilizing time series data collected from the Nigeria deposit insurance corporation annual reports and accounts, CBN financial stability report and CBN statistically bulletin for various years. The variables of study includes return on asset (ROA) proxy for Deposit Money Bank performance in Nigeria, ratio of non-performing loan to total loan (NPL), ratio of liquid assets to total assets (LAT) and ratio of liquid assets to short term liabilities (LAS) as measures of asset quality. The study utilizes both the descriptive and econometric techniques to analyze the time series data. The result shows that there is a short run relationship between asset quality and deposit money bank performance in Nigeria. Also, the co-integration result reveals the presence of a long run relationship between asset quality and deposit money bank performance in Nigeria while the granger causality result shows evidence of causality between asset quality and deposit money bank performance in Nigeria. Based on this we conclude by saying that maintaining sound assets quality position is critical to the long term performance, survival and sustainability of DMBs in Nigeria.

scholarly journals Economic Transformation in Bangladesh and the Income Velocity of Broad Money: An Econometric Analysis

2019 ◽  
pp. 408-417
Author(s):  
Ms. Sharmina Khanom
Keyword(s):  
Unit Root ◽  
Positive Relationship ◽  
Time Series Data ◽  
Negative Relationship ◽  
Unit Root Test ◽  
Economic Transformation ◽  
Econometric Analysis ◽  
Series Data ◽  
Gdp Growth ◽  
Velocity Of Money

This study has undertaken an econometric analysis of economic transformation and income velocity of broad money. To find out the relevant determinants of income velocity of money this paper used time series data on year basis. This paper focus to discover the key determinants of the velocity of money in Bangladesh using the Augmented Dicky Fuller (ADF) unit root test to inspect the stationary, Engle-Granger residual-based cointegration approach to demonstrate the co-integrating association among variables. The main conclusions of this paper are: (i) relationship exists between the velocity of money and financial development. Other important variables that determine GDP growth show a negative relationship with the velocity of money but maintain a positive relationship with the deposit interest rate. Finally, this study concludes by giving some policy recommends for Bangladesh with respect to the velocity of broad money and the monetary policy.

scholarly journals PENGARUH RETURN ON EQUITY, DEBT TO EQUITY RATIO DAN SIZE TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

BISMA ◽  
2019 ◽  
Vol 13 (1) ◽  
pp. 27
Author(s):  
Marzuki Marzuki
Keyword(s):  
Firm Size ◽  
Significant Influence ◽  
Stock Prices ◽  
Stock Price ◽  
Time Series Data ◽  
Stock Exchange ◽  
Series Data ◽  
Manufacturing Companies ◽  
Return On Equity ◽  
Section Data

The objective of this study is to examine the effect of ROE, DER, and firm size on stock prices of the manufacturing companies listed on the Indonesia Stock Exchange (IDX). The data used in this study were panel data sourced from the combination of cross section data and time series data. This research used purposive sampling method with the sample consisted of 86 manufacturing companies listed on IDX in 2017. Data were analyzed using multiple linear regression. The results showed that ROE and firm size had a positive and significant influence on stock price. However, DER did not have a significant influence on stock price. Keywords : ROE, DER, company size, stock price

scholarly journals Trade Openness And Inflation: Empirical Explanation Of The Nexus In Nigeria

2019 ◽  
Vol 1 (2) ◽  
pp. 35-45
Author(s):  
Musa Abdullahi Sakanko ◽  
David Joseph
Keyword(s):  
Inflation Rate ◽  
Time Series Data ◽  
Trade Openness ◽  
Consumer Price Index ◽  
Negative Relationship ◽  
Series Data ◽  
Secondary Sources ◽  
Long Run ◽  
Short Run ◽  
The Government

Purpose of the study: The study aims is to examine the effect of trade openness on inflation rate in Nigeria. Methodology: Time series data were collected from secondary sources.  EViews10 (statistical software for data analysis) ware employed to analyze the data collected. Findings: The results revealed a cointegrating and one-way Granger causality between inflation rate, and trade openness. In addition, both the short-run and the long-run results demonstrate a significant and negative relationship between inflation rate and trade openness in Nigeria. Application: The study is paramount to the government and policymakers in dealing and taking a decision regarding consumer price index and trade openness in Nigeria. We conclude that the government should work towards full diversification and diversion of the economy from oil export, control, and management of the degree of trade liberalization and the extent to which goods enter the country, and the control of money supplied. Novelty/Originality: The study accorded to debate on the inflation rate, and trade openness in Nigeria looking, at both short-run and long-run effects, before few accessible studies focused on impact, and trade openness was not measured as the value of net export divided by gross domestic product. Finally, the paper contributed to the scanty of the literature.

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