scholarly journals Financial Leverage and Dividend Policy: Evidence from Oil and Gas Firms in Nigeria

2020 ◽  
pp. 51-62
Author(s):  
Orajekwe, Jerry Chukwuebuka ◽  
Okegbe, Theophilus Okonkwo
Keyword(s):  
Significant Relationship ◽  
Dividend Policy ◽  
Oil And Gas ◽  
Research Work ◽  
Oil And Gas Industry ◽  
Least Square ◽  
Financial Leverage ◽  
Dividend Payout ◽  
Ex Post ◽  
Oil And Gas Firms

Aims: The study examined the relationship existing between financial leverage and the dividend policy of quoted oil and gas firms in Nigeria. Study Design: The research work adopted for the study ex-post facto research design. Secondary data spanning 2011 to 2018 was sourced and collated from annual reports and accounts of oil and gas firms in Nigeria and Nigeria Stock Exchange factbook. Place of Study: Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria. Methodology: The data was analyzed employing descriptive statistics and the least square regression technique. Results: The study revealed that a significant relationship exists between long term debt and dividend payout ratio; total debt and dividend payout ratio while no significant relationship exists between short term debt and dividend payout ratio of quoted oil and gas firms in Nigeria Conclusion: Given the integral role the Oil and Gas sector plays in Nigeria, this paper showed the centrality of the capital structure and dividend policy in ensuring the stability of corporations in the Nigerian Oil and Gas industry.

scholarly journals Corporate Social Responsibility and Financial Sustainability of Oil and Gas Firms in Nigeria

2021 ◽  
pp. 46-56
Author(s):  
Orajekwe Jerry Chukwuebuka ◽  
Okafor Obumneme Obiora ◽  
Okoye Emmanuel Ikechukwu
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Oil And Gas ◽  
Research Work ◽  
Oil And Gas Industry ◽  
Least Square ◽  
Financial Sustainability ◽  
Ex Post ◽  
Oil And Gas Firms ◽  
Corporate Social

Aims: The study examined the effect of corporate social responsibility on financial sustainability  of quoted oil and gas firms in Nigeria. Study Design: The research work adopted for the study ex-post facto research design. Secondary data spanning 2009 to 2020 was sourced and collated from financial statement of oil and gas firms annual report in Nigeria and Nigeria Stock Exchange factbook. Place of Study: Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria. Methodology: The data was analyzed employing the Pearson coefficient correlation and least square regression technique. Results: The study revealed that corporate social responsibility has a significant positive effect on net profit margin and return on asset of quoted oil and gas firms in Nigeria at 5% level of significance. Conclusion: Given the integral role the Oil and Gas sector plays in Nigeria, this paper showed the importance of corporate social responsibility in ensuring the financial sustainability of corporations in the Nigerian Oil and Gas industry.

scholarly journals SIZE, AGE AND LEVERAGE OF NIGERIA QUOTED OIL AND GAS CORPORATIONS

2021 ◽  
Vol 3 (6) ◽  
pp. 51-60
Author(s):  
Onipe Adabenege Yahaya ◽  
Bilyaminu Tijjani
Keyword(s):  
Firm Size ◽  
Oil And Gas ◽  
Empirical Studies ◽  
Oil And Gas Industry ◽  
Financial Leverage ◽  
Firm Level ◽  
Gas Industry ◽  
User Data ◽  
Oil And Gas Firms ◽  
Oil And Gas Companies

Firm size and age influence firm-level leverage. The extent of such influence on the oil and gas industry is not known in Nigeria. There are very few empirical studies that interrogate the effects of firm size and listing age on leverage in Nigeria. This study examines the impacts of firm size and listing age on firm-level financial leverage of listed oil and gas companies in Nigeria. It was non-experimental research and correlational in nature. Data were extracted from annuals and accounts of 8 firms over a period of 13 years (2007-2019) and subjected to descriptive statistics (number of observations, mean, standard deviations, mean, minimum and maximum means) and inferential statistics (multiple regression analysis). The findings show that firm size has a negative and significant impact on firm-level financial leverage. Firm age has a positive and significant effect on firm-level leverage. In this paper, we contribute to the literature by examining the presence and direction of firm size and listing age to financial leverage user data from listed oil and gas firms in Nigeria. Our study is the first to address the adverse implications of Modeling with firm size and listing age on firm-level financial leverage.

scholarly journals The effect of the firm’s age and financial leverage on its dividend policy – evidence from Kuwait stock exchange market (KSE)

2015 ◽  
Vol 13 (1) ◽  
pp. 24-31 ◽  
Author(s):  
Turki Al-Sabah
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Least Square ◽  
Panel Regression ◽  
Exchange Market ◽  
Financial Leverage ◽  
Dividend Payout ◽  
Ordinary Least Square ◽  
Kuwait Stock Exchange

Identifying the major determinants of companies’ dividend policy has been the pith of various researchers and industry practitioners as well. In this research, the effect of the firms’ financial leverage and age on their dividend policy has been explored. Two hypotheses were formulated, where the first focused on examining the effect of the firms’ financial leverage and the second concentrated on investigating the effect of the firms’ age on their dividend policy. The sample assimilated in this study comprises of 38 Kuwait Stock Exchange listed companies from different industries. The period of investigation was five years, from 2009 to 2013. The hypotheses were tested using ordinary least square and fixed-effect panel regression. The results signify a negative relationship between the firm’s financial leverage and dividend payout ratio. Moreover, the results indicate a negative relationship between the firm’s age and dividend payout ratio.

scholarly journals EFFECT OF CORPORATE SOCIAL RESPONSIBILITY ON INVESTMENT EFFICIENCY OF QUOTED OIL AND GAS FIRMS IN NIGERIA

2021 ◽  
Vol 9 (11) ◽  
Author(s):  
K.F.A. Ibrahim ◽  
Ademu Sylvester Onyekachi
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Significant Relationship ◽  
Oil And Gas ◽  
Investment Efficiency ◽  
Charitable Donation ◽  
Software Analysis ◽  
Ex Post ◽  
Oil And Gas Firms ◽  
Corporate Social

This study examined effect of corporate social responsibility (CSR) on investment efficiency of quoted oil and gas firms in Nigeria. The study employed Ex post facto research design. The sample size of seven (7) oil and gas firms was derived from the population of the quoted twelve (12) oil and gas firms in Nigeria. Judgmental approach was employed during the sampling procedure.  The study used secondary data sourced from the annual reports of the quoted oil and gas firms in Nigeria Stock Exchange fact books of official lists covering a ten-year period (2010-2019). The study employed Multiple Regression Model as the technique of data analysis with the aid of SPSS 23 statistical software. Analysis of findings showed that CSR charitable donation expenditure, CSR expenditure on education and CSR societal expenditure reveal significant relationship with investment efficiency of oil and gas firms in Nigeria. Nevertheless, CSR health expenditure and CSR environmental expenditure show insignificant effect on investment efficiency of oil and gas firms in Nigeria. The study also reveals that there is significant relationship between CSR sports expenditure and investment efficiency of oil and gas firms in Nigeria. With respect to the findings, the study recommends that the oil and gas firms should boost and monitor their CSR charitable donation expenditure, CSR on health expenditures, CSR environmental and CSR sport expenditures and observe them closely since they reveal negative effect. The study also recommends that CSR expenditure on education and CSR societal expenditure should be upheld and sustained since they reveal significant positive effect on investment efficiency of oil and gas firms in Nigeria.

Dividend Policy as a Driver of Corporate Growth in Sub-Saharan Africa: Evidence in Nigeria

2020 ◽  
Vol 4 (2) ◽  
pp. 4-13
Author(s):  
Emmanuel Otitolaiye ◽  
Tunji Siyanbola
Keyword(s):  
Dividend Policy ◽  
Sub Saharan Africa ◽  
Insurance Companies ◽  
Firm Age ◽  
Dividend Payout ◽  
Significant Negative Effect ◽  
Ex Post ◽  
Corporate Growth ◽  
Negative Effect ◽  
Sub Saharan

Dividend policy remains an important topic in modern corporate finance. Researchers, managers, and business owners seek to understand the optimal dividend policy. This study examined dividend policy as a driver of corporate growth in sub-Saharan Africa: evidence in Nigeria. The ex-post facto research design was adopted to analyse how dividend policy spur the growth of active insurance companies in the Nigerian Stock Exchange using secondary data of the sampled firms for 2007 – 2018 while utilising descriptive and inferential (regression) statistics in data analysis. The findings reveal that dividend policy in terms of dividend payout has an insignificant negative effect on corporate growth of insurance companies in Nigeria (?= -8.09E-05, p=0.77; Adjusted R2=0.4093; F(4,139)=3.29; p=0.00 with the controlling effect of efficiency, firm age and leverage which have a significant effect on corporate growth of insurance companies in Nigeria. Specifically, the study reveals that efficiency has a significant negative effect on corporate growth (?=-5.29, p<0.05); while firm age discloses a significant positive influence on corporate growth (?=0.417, p<0.05); as leverage exerts a significant negative effect on corporate growth (?=0.052, p<0.05). Therefore, the study concludes that dividend policy does not significantly drive insurance companies' dividend payout growth. The study recommends that insurance companies' management retain more of their profits, improve their efficiency, and control their leverage to further growth.

Comparative Analysis of the Rheological Behaviour of Irvingia Gabonensis Ogbono and Foreign Polymer for Bentonite Formulated Mud.

2021 ◽  
Author(s):  
Emmanuel Ayodele ◽  
David Ekuma ◽  
Ikechukwu Okafor ◽  
Innocent Nweze
Keyword(s):  
Rheological Properties ◽  
Oil And Gas ◽  
Drilling Fluid ◽  
Research Work ◽  
Rheological Behaviour ◽  
Oil And Gas Industry ◽  
Drilling Mud ◽  
Gas Industry ◽  
Local Product ◽  
Irvingia Gabonensis

Abstract Drilling fluid are complex fluids consisting of several additives. These additives are added to enhance and control the rheological properties (such as viscosity, gel strength and yield point) of the mud. These properties are controlled for effective drilling of a well. This research work is focused on determining the rheological behavior of drilling mud using industry-based polymer and Irvingia Gabonensis (ogbono) as viscosifiers. Water based muds were formulated from the aforementioned locally sourced viscosifier and that of the conventional used viscosifier (Carboxylmetyl cellulose, CMC). Laboratory tests were carried out on the different muds formulated and their rheological properties (such as yield stress, shear stress, plastic viscosity and shear rate) are evaluated. The concentration of the viscosifiers were varied. The expected outcome of the research work aims at lowering the total drilling cost by reducing the importation of foreign polymer which promotes the development of local content in the oil and gas industry. The research compares the rheology of mud samples and the effect of varying the concentration (2g, 4g, 6g, 8g, and 10g) of both CMC and Ogbono and determining the changes in their rheological properties. The total volume of each mud sample is equivalent to 350ml which represent one barrel (42gal) in the lab. From the result, at concentration of 2g, the ogbono mud has a better rheology than the CMC mud, but at a concentration above 2g, CMC mud shows a better rheology than ogbono mud, that is, as the concentration of CMC is increased, the rheological properties of the mud increased while as the concentration of ogbono is increased the rheological properties decreased. The viscosity of the drilling fluid produced from the ogbono were lower than that of CMC, it could be used together with another local product such as cassava starch, offor or to further improve the rheology and then be a substitute to the conventional viscosifiers.

scholarly journals Dividend Policy Decisions in India: Standalone Versus Business Group-Affiliated Firms

2018 ◽  
Vol 20 (1) ◽  
pp. 133-150 ◽  
Author(s):  
Nishant B. Labhane
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Business Groups ◽  
Business Group ◽  
Business Risk ◽  
Policy Decisions ◽  
Financial Leverage ◽  
Dividend Payout ◽  
Investment Opportunities ◽  
High Investment

This study examines the determinants of two important dividend policy decisions specifically the dividend payment decision and the dividend payout level decision of 781 sample Indian firms enlisted on National Stock Exchange (NSE) over the period, 1995–2015, comparing the business group-affiliated firms with the standalone firms. In term of characteristics, the business group-affiliated firms are larger, more profitable and more levered than the standalone firms. The empirical results suggest that the dividend policy decisions of business group-affiliated firms differ significantly from that of the standalone firms. In the case of standalone firms, the firms with high investment opportunities, high financial leverage and high business risk are less likely to pay dividends, and their dividend payout levels are lower. On the other hand, the firms affiliated with business groups are more likely to pay dividends, and their dividend payout levels are higher even when they have high investment opportunities, high financial leverage and high business risk. Overall, the findings suggest that although the business groups are able to create internal capital markets (ICMs) and shield their member firms from market imperfections, they may suffer from other information asymmetry problems.

scholarly journals Factors affecting beta in manufacturing companies in Indonesia Stock Exchange

2020 ◽  
Vol 1 (4) ◽  
pp. 259-268
Author(s):  
Retnoning Ambarwati
Keyword(s):  
Time Series Data ◽  
Stock Exchange ◽  
Least Square ◽  
Series Data ◽  
Manufacturing Companies ◽  
Financial Leverage ◽  
Online Data ◽  
Dividend Payout ◽  
Asset Growth ◽  
Asset Size

This research has want to know and prove the effect of dividend payout, asset growth, asset size, liquidity, financial leverage, earning variability and accounting beta to beta of stock simultaneously and partially in manufacturing companies at Jakarta Stock Exchange.  This research use secondary data which is collected based on time series data and cross section include 12 manufacturing company stocks as the sample. The data is collected from the online data of Jakarta Stock Exchange in YPKP, Indonesia Capital Market Directory, JSX Statistic, and Business News. The model of this research is estimated by Generalized Least Square (GLS) with Fixed Effect Model and Dummy Variable to estimate the effect of some financial variables specifically towards Beta of Stock. The result show that all of the variables in this research consistent with the theory as expected. The coefficient direction of asset growth, financial leverage, earning variability and accounting beta shows positive, while the coefficient direction of dividend payout, asset size, liquidity shows oppositely. Simultaneously all variables influence beta of stock, in the other side partially shows that asset growth, earning variability, asset size, and liquidity, have significant effect to beta, whereas dividend payout ratio, financial leverage and accounting beta do not have significant effect. One of the implications of this research is that the study of beta of stock should be more comprehensively, not only contains micro variables but also the macro variables as well include dimension of social economy and politic

scholarly journals THE MAIN RESERVE OF ACCELERATED EFFECTIVE OPENING OF OIL AND GAS FIELDS IN UKRAINE

2019 ◽  
pp. 31-37
Author(s):  
V. T. Kryvosheyev ◽  
V. V. Makogon ◽  
Ye. Z. Ivanova
Keyword(s):  
Shale Gas ◽  
Oil And Gas ◽  
Research Work ◽  
Oil And Gas Industry ◽  
The United States ◽  
Resource Base ◽  
Hydrocarbon Production ◽  
Oil And Gas Fields ◽  
High Level ◽  
Gas Fields

Economic hardship in Ukraine during the years of independence led to a sharp reduction of exploration work on oil and gas, a drop in hydrocarbon production, a decrease in inventories and a sharp collapse of research work to ensure the growth of hydrocarbon reserves.The hydrocarbon potential of various sources of Ukrainian subsoil is quite powerful and can provide future energy independence of the country. Potential hydrocarbon resources in traditional traps of various types are exhausted by only 25 %. Ukraine has recently experienced so-called “shale gas boom”. The experience of extraction of shale gas in desert areas of the United States can not be repeated in densely populated Ukraine in the absence of such powerful shale strata, resource base, necessary infrastructure, own technologies and techniques and economic, environmental and social risks.Taking into account the fuel and energy problems of the state, we constantly throughout the years of independence oriented the oil and gas industry and the authorities on the active use of our own reserves and opportunities for accelerated opening of new oil and gas fields.The results of geological exploration work in the old oil and gas basins at the high level of their study indicate that deposits in non-structural traps dominate among open deposits.A complex of sequence-stratigraphical, lithology-facies and lithology-paleogeographical studies is being successfully used to forecast undeformational traps in well-studied oil and gas bearing basin of the Ukraine – the Dniprovsko-Donetsky basin. The authors predict wide development of stratigraphic, lithologic, tectonic and combined traps in terrigenous sediments of Tournaisian and Visean age, reef-carbonate massifs of the lower Tournaisian, lower and middle Visean age and others. They should become the basis for exploration of oil and gas fields for the near and medium term and open the second breath of the basin.

scholarly journals Crypto Hash Algorithm-Based Blockchain Technology for Managing Decentralized Ledger Database in Oil and Gas Industry

J ◽  
2019 ◽  
Vol 2 (3) ◽  
pp. 300-325 ◽  
Author(s):  
Lukman Adewale Ajao ◽  
James Agajo ◽  
Emmanuel Adewale Adedokun ◽  
Loveth Karngong
Keyword(s):  
Embedded System ◽  
Petroleum Product ◽  
Oil And Gas ◽  
Research Work ◽  
Oil And Gas Industry ◽  
Product Distribution ◽  
Gas Industry ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Hash Algorithm

This research work proposes a method for the securing and monitoring of petroleum product distribution records in a decentralized ledger database using blockchain technology. The aim of using this technique is to secure the transaction of distributed ledgers in a database and to protect records from tampering, fraudulent activity, and corruption by the chain participants. The blockchain technology approach offers an efficient security measure and novel advantages, such as in the transaction existence and distribution ledger management between the depot, transporter, and retailing filling station. Others advantages are transparency, immunity to fraud, insusceptibility to tampering, and maintaining record order. The technique adopted for this secure distributed ledger database is crypto hash algorithm-1 (SHA-1)-based public permissioned blockchain and telematics, while this telematics approach is an embedded system integrated into an in-vehicle model for remote tracking of geolocation (using Global Positioning System (GPS)), monitoring, and far-off data acquisition in a real-time. The scope of the data in the secure distributed ledger database (using blockchain) developed are identification (ID) of the tanker operator, Depot name, Source station ID, Destination station ID, Petroleum product volume, Transporter ID, and Geographic automobiles location. This system proved to be efficient, secure, and easy to maintain as it does not permit any individual for records tampering, but supports agreement of ~75% of participants in the chain to make changes.

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