FUOYE JOURNAL OF ACCOUNTING AND MANAGEMENT http://fjam.fuoye.edu.ng/index.php/fjam <p><strong>FUOYE JOURNAL OF ACCOUNTING AND MANAGEMENT PUBLICATION ETHICS</strong></p> <p style="text-align: justify;">Fuoye journal of Accounting and Management Sciences is both an online journal and a printed one which is committed to publish quality research papers submitted with particular focused on Accounting and management Science issues. The journal features original scientific articles related to all aspects of Accounting and management sciences and Economic related. It is an OPEN ACCESS journal. The papers should be the results of original research, theoretical and empirical approach under the form of: research articles, case studies, essays.</p> <p style="text-align: justify;">We welcome papers from professors, researchers and Ph. D. students from all over the world in the attempt of serving as a forum of discussion and a diverse knowledge hub for students and teachers. This journal provides immediate open access to its content on the principle that making research available to the public supports a greater global exchange of knowledge. Fuoye journal of Accounting and management Science allow the author(s) to hold the copyright without restrictions.</p> <p style="text-align: justify;"><strong>» COVERAGE</strong><br>The areas covered by Fuoye journal of Accounting and management Sciences include topics related to Accounting , management Sciences such as: Accounting marketing, management, finance, banking, audit, international economic relations, trade, business, tourism, administrative data processing, politic economy, cybernetics, environmental economics, statistics, ethics in economics, insurance, , economic philosophy, econometrics etc.</p> en-US rotimi.oladele@fuoye.edu.ng (Dr. Oladele Rotimi) niyi.olaniyan@fuoye.edu.ng (Olaniyan Niyi Oladipo) Fri, 21 Jul 2023 13:34:05 +0000 OJS http://blogs.law.harvard.edu/tech/rss 60 IMPACT OF INDIRECT TAXES ON INDUSTRIAL SECTOR GROWTH IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/135 <p>This study examines the effect of indirect tax on industrial sector growth in Nigeria. Value added tax, <br>customs and excise duty are proxies fr indirect tax in the study while trade openness, inflation and human <br>capital are other control variables included in the model. The data utilized were sourced from the Central <br>Bank of Nigeria Statistical Bulletin an it covers 1980 to 2022. The data were analyzed using both <br>descriptive and econometrics analysis. The result of the study shows that indirect tax failed to have <br>significant positive and long run impacts on the industrial sector growth in Nigeria. Notwithstanding <br>labour as human capital was shown in the result as the most important factor that drives the industrial <br>sector of Nigeria. The study recommends that efforts should be made to utilize tax proceeds in Nigeria <br>to create more enabling environment for the industrial sector to thrive and improve the growth of the <br>sector.</p> Oluwatoyin Funmilayo Omolade, Adeleke Omolade, Adedoyin Adebusuyi Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/135 Fri, 21 Jul 2023 00:00:00 +0000 CORPORATE GOVERNANCE AND PERFORMANCE OF LISTED MULTINATIONAL COMPANIES IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/136 <p>The study examined effects of corporate governance on performance of selected listed multinational companies in Nigeria. The study used 20 multinational companies randomly selected from 78 listed multinational companies on the Nigeria Exchange Group (NGX). The study sourced for data via the annual reports of the selected banks over a period of 5 years spanning from 2018 to 2022. Data collected were analyzed using both descriptive and inferential methods of analysis. Descriptive analysis conducted within the study included mean analysis, measure of dispersion, minimum and maximum analysis, followed by correlation analysis, pooled OLS estimation, fixed effect estimation and random effect estimation. The study reveals that board composition, gender diversity, audit committee exerts a positive and significant effect on the performance of multinational companies to the tune of 0.057706 (P=0.000&lt;0.05), 0.006949 (P=0.000&lt;0.05) and 11.40870 (P=0.000&lt;0.05) respectively. While, leverage exert a negative but insignificant effect on performance to the tune of -0.008741(P=0.000&lt;0.05). From the findings of the study based on the most fitted random effect model, board composition, gender diversity, audit committee and firm growth have positive effects on the performance of multinational companies in Nigeria ; while leverages of the firms has no effect on their performance. The study concluded that corporate governance exerts both positive and negative effect on performance of listed multinational companies in Nigeria, especially when measured performance in term of return on equity. Hence, the study recommended that, the monitoring function of the members of the board of multinational companies should be directed at pressing must be productive and engender a rise within the performance level and therefore the management of those companies should know that tons of advantages are embedded in corporate governance if well managed.<br><br></p> olola olayeye Aduwo Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/136 Fri, 21 Jul 2023 00:00:00 +0000 STRATEGIES FOR SUSTAINABLE CONSUMPTION BEHAVIOUR. THE CASE FOR FOOD AND BEVERAGE INDUSTRY PRODUCTS: NIGERIAN STUDENTS’ PERSPECTIVE http://fjam.fuoye.edu.ng/index.php/fjam/article/view/137 <p>The study aimed at strategies for sustainable consumption behaviour of food and beverages in Nigeria with focus on Nigerian students. Structural equation modeling, Hayes process and logistic regression were used in the analysis through STATA 13 and SPSS v23. The findings revealed the effect of the green marketing, eco-labeling and sustainable consumption promotion strategies on sustainable consumption behaviour while age and education were confirmed to be important in sustainable consumption behaviour. It was suggested that third party that validates eco-labels should be made public to promote validity while further studies were suggested using longitudinal survey and large sample.<br><br></p> Ambrose Ogbonna Oloveze , Raphael Valentine Obodoechi Okonkwo, Ogwu Victoria Onya Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/137 Fri, 21 Jul 2023 00:00:00 +0000 The Influence of Non-Performing Loan Ratio on the Relationship between Short-Term and Total Leverage and Profitability http://fjam.fuoye.edu.ng/index.php/fjam/article/view/138 <p>Financial distress in the financial services sector is known to predict wider economic consequences and some of the principal metrics that could be used to measure these are leverage and loan ratios. Therefore, this study focuses on evaluating the impact of short-term leverage and total leverage on return on assets of eight (8) deposit money banks quoted on the Nigerian Exchange Group, from 2013 to 2021. Additionally, this study examines the moderating role of non-performing loans on the relationships between short-term ratio and total leverage ratio, and return on assets. The Hausman test shows that random effects regression is appropriate. Robust standard errors random-effects regression analysis shows that short-term leverage significantly and negatively affects return on assets and total leverage insignificantly and negatively affects return on assets. In addition, the regression analysis shows that non-performing loans ratio significantly and positively moderates the relationship between short-term leverage and return on assets, while non-performing loans ratio significantly and negatively moderates the relationship between total leverage and return on assets of the sampled companies. The study recommends that management of the studied exchange sub-sector should remain mindful of the consequences of high non-performing loans when they make long and short-term financing decisions.<br><br></p> Anazuo Saadat Salihu, Sani Rufai Abdullahi, James R. Adeleye Adefiranye Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/138 Fri, 21 Jul 2023 00:00:00 +0000 FIRM CHARACTERISTICS AND SOCIAL SUSTAINABILITY PERFORMANCE DISCLOSURES IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/139 <p>This study investigated the effect of corporate attributes (especially firm size, firm age and leverage) on social sustainability performance disclosures in Nigeria. A checklist based on the global reporting index was used in analysing social sustainability performance disclosures (SSPD) in the sustainability reports of thirty manufacturing firms. The firms were drawn from the consumer goods, industrial goods, agriculture and health care sectors of the Nigerian economy, and the data used covered the period 2010 to 2020. The study was anchored on the legitimacy theory perspective. Information on firm attributes was extracted from the annual reports of the selected firms for the same period. Regression technique with Newey West robust standard errors was used to analyse the data collected. Findings showed that firm size, firm age and leverage, each had a positive effect on social sustainability performance disclosures in manufacturing firms in Nigeria, leading to the conclusion that firm characteristics have significant effect on sustainability disclosures. The implication of these findings is that social interactions between a firm and its societal environment increases over time, and this helps to enhance the legitimacy of the firm in its community.<br><br></p> Okoba Douye, J. Chukwu Gospel Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/139 Fri, 21 Jul 2023 00:00:00 +0000 EXTENT OF IPSASS IMPLEMENTATION AND QUALITY OF FINANCIAL REPORTING IN MINISTRIES, DEPARTMENTS AND AGENCIES (MDAS): AN EMPIRICAL INVESTIGATION FROM A DEVELOPING COUNTRY http://fjam.fuoye.edu.ng/index.php/fjam/article/view/140 <p>This study investigated the extent of international public sector accounting standards (IPSASs) implementation and the financial reporting quality of Ministries, Departments and Agencies (MDAs) in Ondo State in the South-Western Nigeria. The population of the study comprises the two hundred and sixty- eight (268) Accountants and Internal Auditor of MDAs in Ondo state as obtained from the Ondo state Accountant general’s office. Sample size of two hundred (200) respondents, consisting of the professional accountants using purposive sampling method. Primary data collated from four-point Likerttype scale questionnaire was analyzed through descriptive statistics which include frequency distribution table, mean and standard deviation. The hypothesis was tested using the simple linear regression estimation method. Findings from the analysis showed that there is partial implementation of IPSASs by Ministries, Department and Agencies (MDAs) in the State. The finding indicated that few IPSASs were yet to be fully implemented. The analysis from the study indicated that the level of the IPSASs implementation so far is reasonably positive and significant on the financial reporting quality of the MDAs. The study recommends that personnel involved in the preparation and reporting of financial statement should be trained on how to effectively implement IPSASs in compliance with the trend in IFAC financial reporting convergence policy.<br>&nbsp;</p> Oseiweh Ogbeide Sunday, Adeduro Adesola Ogunmakin, Omolola Janet Arijeniwa Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/140 Fri, 21 Jul 2023 00:00:00 +0000 NIGERIA FOREIGN EXCHANGE RATES AND ITS EXTERNAL RESERVES POSITION: A REASSESSMENT http://fjam.fuoye.edu.ng/index.php/fjam/article/view/141 <p>This study examines the effect of exchange rate on the external reserves position of Nigeria from 1994 to 2019 using secondary data from Central Bank of Nigeria Statistical Bulletin. There is absence of unit roots among the variables and the co-integration tests revealed a long term equilibrium relationship among the variables. The result of the error correction model discloses that exchange rate has negative and significant effect on external reserves. Furthermore, an increase in the external reserves in the previous year leads to 34% increase in the reserves in the current year. Also, gross domestic product is positively and significantly related with external reserves while inflation and external reserves are negatively and insignificantly related. It is thus concluded that exchange rate has negative relationship but insignificant effect on foreign exchange reserves of the country resulting from the outflow of foreign reserves to control undue depreciation of the exchange rate. The study, however, recommends that exchange rate should be adequately managed in order to control excessive depreciation in the nation’s currency against other currencies of the world. This will lead to increase in export and subsequently boost foreign exchange reserves.<br><br></p> Oladapo Fapetu, Foluso Ololade Oluwole Oluwole, Omowunmi Felicia Olokoyo, Olabisi Jayeola, Segun Daniel Owoeye Copyright (c) 2023 FUOYE JOURNAL OF ACCOUNTING AND MANAGEMENT http://fjam.fuoye.edu.ng/index.php/fjam/article/view/141 Fri, 21 Jul 2023 15:10:34 +0000 THE EFFECT OF INSTITUTIONAL OWNERSHIP ON TAX AVOIDANCE OF LISTED COMPANIES IN NIGERIA: THE MEDIATING EFFECT OF PROFITABILITY http://fjam.fuoye.edu.ng/index.php/fjam/article/view/142 <p>This paper examined the direct and indirect effect of institutional ownership on tax avoidance of listed companies in Nigeria mediating by profitability. The sample of the study includes 121 companies listed on the Nigerian Exchange Group for twelve-year (2010-2021). Data was extracted from the annual report and accounts of the sampled firm. The descriptive statistics, correlation and Structural Equation Modeling (SEM) were used as techniques for data analysis while Monte Carlo model was used to determine the level of significance of the indirect effects. The study found that institutional ownership has insignificant effect on tax avoidance while the institutional ownership affects profitability of listed companies in Nigeria. Profitability has significant impact on tax avoidance. Finally, the relationship between institutional ownership and tax avoidance does not mediated by profitability. Hence, the study recommends among others that management of listed companies in Nigeria should adopt a series of measures to encourage institutional ownership to actively participating in corporate governance. Institutional investors and enterprises can be encouraged to obtain assistance from third-party tax consulting services. Furthermore, there should be an increase in institutional investor shareholding in order to align their interest with the interest of owners to reduce agency problems’ characteristics highlight which cause the division between management and shareholders in firms.</p> Moses Babatunde OLANISEBE, Hannatu Sabo AHMAD, Muhammad Liman MUHAMMAD Copyright (c) 2023 http://fjam.fuoye.edu.ng/index.php/fjam/article/view/142 Fri, 21 Jul 2023 00:00:00 +0000 IMPACT OF CASH MANAGEMENT ON FIRM PROFITABILITY OF LISTED CONSUMER GOODS IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/143 <p>This study investigates how cash management affects the profitability of Nigerian publicly traded consumer goods companies. The study made use of documentary data gathered from the annual reports of 20 consumer goods firms those listed on the Nigerian Exchange Group (NGX) floor for the period spanning 2012 to 2021. Descriptive statistics, correlation analysis, and regression methods were used to analysis the data. The findings demonstrate that the profitability of listed consumer products companies in Nigeria is adversely impacted by cash flow from operating activities. However, the impact was greater for ROA than ROE. This suggests that operating costs and the profitability of consumer goods service companies in Nigeria have a strong link and are potentially correlated. Similar to this, the profitability of listed consumer products companies in Nigeria is adversely impacted by cash flow from investing activities. For ROA, the effect was modest; however, for ROE, it was considerable. The outcome also showed that the profitability of listed consumer goods service firms in Nigeria is significantly positively impacted by cash flow from financing activities. According to the survey, managers of consumer products service companies in Nigeria should keep an eye on their operational costs and make sure they are maintained to a minimum. To avoid unsafe investments, they should be more effective and cautious when making investing decisions.<br><br></p> Timothy Akinlabi Oroniran, Sadiq Rabiu Abdullahi, Moses Babatunde OLANISEBE Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/143 Fri, 21 Jul 2023 00:00:00 +0000 VALUE RELEVANCE OF ENVIRONMENTAL SUSTAINABILITY INFORMATION DISCLOSURE: EVIDENCE FROM LISTED OIL & GAS FIRMS IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/144 <p>The aim of this study is to empirically investigate the value relevance of environmental sustainability information disclosure of listed oil and gas firms in Nigeria using a fifteen (15) year time frame data (2006 to 2020). Ohlson 1995 Valuation Model with carbon emission information disclosure as the non-financial were included in the model. We hypothesized that carbon emission information disclosure has no significant relevant value among listed oil and gas companies in Nigeria during the period under investigation. We employed ex-post facto and descriptive research design on a panel data set sourced from annual financial reports of listed oil and gas firms in Nigeria. Robust least square regression analysis technique was employed to test the formulated hypotheses. Results obtained reflects a poor carbon emission reporting situation in Nigeria. It reveals that on average about 2% of the sampled firms disclosed information relating to carbon emission during the period under consideration. Specifically, the regression result indicates that stock market investors reactions towards carbon emission disclosure of oil and gas firms in Nigeria is negative which further strengthen the notion that investors perceive the control of carbon emission as severe cost rather than profit. The study recommends that to relieve such negative consequences in the capital market, managers of oil and gas firms in Nigeria must take appropriate action to communicate their commitments and efforts genuinely and adequately around carbon reduction to investors. This study contributes to the emerging field of environmental sustainability accounting especially from an underdeveloped market such as Nigeria.<br>PAPER CLASSIFICATION: Research paper</p> Faith Erinma ONYEBUENYI Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/144 Fri, 21 Jul 2023 00:00:00 +0000 Information Technology and Entrepreneurial Wealth Creation Sustainability in Nigeria http://fjam.fuoye.edu.ng/index.php/fjam/article/view/145 <p>The study examined the influence of technology on entrepreneurship wealth creation in Nigeria most especially in the face of rising unemployment. The study was carried out in Ekiti state with 187 questionnaires administered and distributed to entrepreneurs. Ekiti state. The data collected was analyzed using descriptive statistical tools. However, a total of one hundred and fifty-seven (157) copies of the questionnaires administered representing 84.0% were found to be appropriately filled and used for the study analysis. These were analyzed using frequency count, Mean Item Score (MIS) and Friedman Chi-square test non parametric ANOVA in SPSS Version 26 conducted at 0.05 levels of significance. Findings revealed that information technology has a positive influence on entrepreneurship creation and the result of the findings further buttress the significant relationship between technology and entrepreneurship activities in Nigeria. Entrepreneurs should be educated and informed about the significance of information technology and how it can be used to improved operational efficiency.<br><br></p> Morohunmubo Olayinka AKINRINLOLA , Olajumoke Rebecca OGUNNIYI , Rotimi OLADELE Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/145 Fri, 21 Jul 2023 00:00:00 +0000 The Impact of the Treasury Single Account (TSA) on the Performance of Listed Deposit Money Banks (DMBs) in Nigeria http://fjam.fuoye.edu.ng/index.php/fjam/article/view/146 <p>The implementation of the Treasury Single Account (TSA) in Nigeria has had significant implications for the performance of listed Deposit Money Banks (DMBs). This study aims to assess the impact of the TSA on the financial performance of listed DMBs in Nigeria. The specific objectives in this study are: to examine how the implementation of the TSA affected the liquidity position of listed DMBs, determine the impact of the TSA on the loan portfolios and credit intermediation of listed DMBs in Nigeria, to evaluate the implementation of the TSA influenced the fee income and non-interest revenue of listed DMBs in Nigeria<br>The study adopted an ex-post facto research design and used secondary data obtained from the statistical bulletin of the Central Bank of Nigeria. The sample consisted of selected DMBs based on specific criteria such as size, financial data availability, and reputation. Descriptive statistics and correlation analysis were conducted to analyze the data.<br>The findings showed that the implementation of the TSA resulted in a reduction in the deposit base of listed DMBs, affecting their liquidity position and profitability. The consolidation of government funds in the TSA led to a decrease in available funds for lending, constraining the ability of DMBs to provide loans. Additionally, the TSA significantly reduced the fee income and non-interest revenue of listed DMBs. The results highlight the need for effective liquidity management strategies and diversification of revenue sources for listed DMBs to mitigate the challenges posed by the TSA. The study provides empirical evidence of the impact of the TSA on the performance of listed DMBs in Nigeria,&nbsp;<br>This study contributes to the existing literature by filling the gap in research specifically focused on the implications of the TSA for the performance of listed DMBs in Nigeria.&nbsp;</p> Olajumoke Rebecca OGUNNIYI, Morohunmubo Olayinka AKINRINLOLA, Niyi Oladipo OLANIYAN Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/146 Fri, 21 Jul 2023 00:00:00 +0000 CORPORATE SOCIAL RESPONSIBILITY AND DIVIDEND POLICY IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/147 <p>The study examined Nigeria's dividend policy and corporate social responsibility. The study's goals were to explore the significant effect of employee relations on the dividend payout ratios of manufacturing firms in Nigeria, to find the significant effect of community engagement on the dividend payout ratio of Nigerian manufacturing firms, and to examine the significant effects of environmental sustainability on the dividend payout ratio of manufacturing firms in Nigeria. Utilizing stratified random sampling methods, information for five years from 2018 to 2022 were gathered from 10 manufacturing companies listed on the Nigerian Exchange Group. To evaluate the variables utilized in the research, the study used regression analysis, unit root test, correlation matrix, and descriptive statistics. The outcome showed that the Environmental Sustainability (ES) coefficient value of 0.579 is positive, indicating that if ES increases by one, the DPR would also rise by that same amount. Employee Relations (ER) has a negative coefficient value of -0.948, indicating that if ER increases by one, the DPR will decrease by the same amount. Last but not least, Community Engagement (CE) has a negative coefficient value of -0.0098, indicating that if CE increases by one, the DPR would decrease by the same amount. The study concluded that high levels of environmental and social transparency are associated with greater corporate payments and that these businesses tend to have more stable dividend payouts than those with low levels of environmental and social transparency. It is advised that businesses interact with their customers, workers, shareholders, and local communities to learn about their objectives and expectations for CSR and dividend policy. A sense of ownership and alignment of expectations are fostered by strong stakeholder involvement, which makes it easier to integrate CSR and dividend policy.</p> Joshua Kehinde OGUNLEYE, Chukwudi Segun AFOLABI Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/147 Fri, 21 Jul 2023 00:00:00 +0000 MOTIVATIONAL TECHNIQUES AND JOB PERFORMANCE IN PUBLIC SERVICE IN EKITI STATE http://fjam.fuoye.edu.ng/index.php/fjam/article/view/148 <p>The study examined the effects of motivational techniques on job performance in public service in Ekiti State. The study used primary data through a structured questionnaire to collect information from 112 respondents in different Ekiti State Broadcasting Service Departments. Pearson correlation analysis was employed to test the study hypotheses. The study found a significant positive effect of promotion opportunities in the public service and job performance of Public servants in Ekiti State Broadcasting Service (P&lt;0.05). The study's findings revealed (p&lt;0.05) a significant positive impact of public service compensation on Public Servant's job performance in Ekiti State Broadcasting Service. The study concluded a meaningful positive relationship exists between public service motivational techniques and public Servant's job performance in Ekiti State Broadcasting Service. The study recommended that proper compensation packages and policies be established to ensure the appropriate execution of tasks.<br><br></p> Adeduro Adesola Ogunmakin, Kazeem Abiola ADETUNJI Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/148 Fri, 21 Jul 2023 00:00:00 +0000 Corporate Governance Mechanisms and Agency Cost in the Nigerian Banking Sector http://fjam.fuoye.edu.ng/index.php/fjam/article/view/149 <p>The study examines corporate governance and agency cost of Deposit Money Banks (DMBs) listed in the Nigerian Stock Exchange during the period 2012 to 2022. The study is motivated by the dearth of prior empirics on the discourse, consequently impairing policy formulation. The study adopts longitudinal research design, a census of the thirteen DMBs is taken, secondary data source from the audited annual report of the sample DMBs. Using panel estimation technique, the result reveals that: ownership concentration has a positive impact (0.003) which is statistically insignificant (p=0.332) at 5% level; board size has a positive impact (0.004) and it is statistically significant at 10% (p=0.078); board independence has a positive impact (0.010) though not statistically significant at 5% (p=0.832); and managerial ownership has a positive impact (0.003) and it is statistically significant at 1% (p=0.000). The study concludes that variables being positively signed suggests to a large extent non conformity to theoretical expectation. This implies that corporate governance framework does not reduce agency cost in the Nigerian DMBs. The study recommends; block equity holders should be active in ensuring that corporate governance practices are adhered to by managers; non-executive directors should use their status as independent director to improve the board vigilant role.<br><br></p> Godwin Ohiokha, Sule Omokhogie YESUFU Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/149 Fri, 21 Jul 2023 00:00:00 +0000 THE IMPACT OF STANDARD COSTING ON THE FINANCIAL PERFORMANCE OF LISTED CONSUMABLE GOODS COMPANIES IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/150 <p>The objective of this study is to examine the impact of standard costing practices on the financial performance of listed consumable goods companies in Nigeria. The study aims to investigate how profit margin improvement, cost variance reduction, and inventory management, influenced by standard costing, affect the return on assets (ROA) of Listed Consumable Goods Companies in Nigeria. The study employed a quantitative research method using secondary data from financial statements and annual reports of listed consumable goods companies in Nigeria. A sample of companies was selected based on specific criteria, and relevant financial data was collected for analysis. A linear regression model was used to assess the relationship between the implementation of standard costing practices and the return on assets, controlling for firm size and firm leverage:<br>The regression analysis revealed that the implementation of standard costing practices has a significant positive impact on the return on assets (ROA) of listed consumable goods companies in Nigeria. The coefficient for the standard cost variable was statistically significant (p &lt; 0.001), indicating a strong relationship between standard costing practices and financial performance. However, the control variables, firm size and firm leverage, did not show a significant impact on ROA. The study findings suggest that profit margin improvement, achieved through effective cost management using standard costing, leads to higher returns on assets. Additionally, reducing cost variances through standard costing practices contributes to improved financial performance. Although inventory management was not directly analyzed, it is expected that the implementation of standard costing also enhances inventory management practices, leading to overall cost reduction and improved financial performance.<br>The study concludes that the implementation of standard costing practices has a positive impact on the financial performance of listed consumable goods companies in Nigeria. specifically on their return on assets.&nbsp;</p> Gideon Tayo AKINLEYE, Joseph Ojo OLUYORI Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/150 Fri, 21 Jul 2023 00:00:00 +0000 Risk Management Strategies and Financial Performance in Deposit Money Banks Listed on the Nigerian Exchange Group http://fjam.fuoye.edu.ng/index.php/fjam/article/view/151 <p>This study investigated the effect of risk management strategies on financial performance of listed deposit money banks in Nigeria. Where liquidity risk, interest risk and foreign exchange risk used as proxies for independent variables while returns on assets used as proxy for dependent variable and firm size was control variable. Risk management strategies are very important for the prospect of any firm to improve the firm financial performance. This study employed ex-post facto research design and secondary data was collected from the financial reports of 11 listed deposit money banks for a period spanning 2011 to 2020. The data collected was analyzed through the means of Hausman test that was conducted to determine the best model between random effect and fixed effect, the result of Hausman test shows that random effect is the most appropriate model to determine whether there is statistical effect among the variables. The finding shows that rise in liquidity risk of the firm will bring about decrease in the firm financial performance and decline in interest rate risk will lead to rise in financial performance, interest risk has negative effect with returns on assets and that increase in foreign exchange risk leads to fall in financial performance of the banks. The study recommended that deposit money banks should strengthen their risk management strategies by employing capable teams and new strategies that follow the rules put in place by the Central Bank of Nigeria.<br><br></p> Victoria Oluwakemi OMOLEYE, Joseph Olusegun OMOMEJI Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/151 Fri, 21 Jul 2023 00:00:00 +0000 TAX REVENUE AND ECONOMIC DEVELOPMENT: EMPIRICAL EVIDENCE FROM NIGERIA. http://fjam.fuoye.edu.ng/index.php/fjam/article/view/152 <p>The economic development of Nigeria is quiet bad, the standard of living is very poor, and education level is below average. So Tax revenue is needed to finance certain factors such as education, Standard of living and Health. The aim of this study was to find out the effect of Tax revenue collected by the federal government on economic development in Nigeria. The objective of this study is to evaluate the effect of tax revenue on economic development. The methodology used in this study was an ex - post facto research design. The sample technique used in this study is a Judgmental sampling technique. The study evaluated the effect of tax revenue on the economic development in Nigeria from 2003-2020. The data was obtained from the publication of Federal Inland Revenue service, Central Bank of Nigeria, Annual Statistical Bulletins, and the National Bureau of Statistical. The reliability of the data was premised on published reports and bulletins from CBN. Data was analysis using descriptive and inferential statistics. The findings of this study shows that petroleum profit, company income tax, value added tax, and education tax has a significant relationship / effect on economic development, because the p-value for petroleum profit, company income tax, value added tax and education tax is less than the level of significance. Therefore the study concluded that tax revenue (Petroleum Profit Tax, Companies Income Tax, Valued Added Tax, and Education Tax) has a significance effect on Economic Development (Human development Index). The studies recommend that the government endeavour to use those taxes paid by the tax payer in the development the economic as a whole.<br><br></p> Clement Olatunji Olaoye, AbdulRasheed .B. YUNUS , Francis .O. OPEFOLU Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/152 Fri, 21 Jul 2023 00:00:00 +0000 CORPORATE IMAGE MANAGEMENT AND BANK PERFROMANCE IN NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/153 <p>The lack of consensus on the relationship between corporate image management and bank performance prompted this research. The study investigates the relationship between corporate image management and performance of deposit money banks in Nigeria between 2012 and 2022. Quantitative approach of methodology where secondary data are collected analysed on relevant variables for eight deposit money banks which include the five tier one lenders and three tier two lenders is applied. Panel data analysis is adopted as the estimating technique. From the result, the random effect result shows that only corporate governance out of the proxies of corporate image management has significant impact on customer retention of the banks. Both corporate social responsibility and environmental responsibility failed to have significant impact on customer retention. The study recommends that that the banks should continue improving on their corporate governance as it is a good measure of corporate image management that contribute significantly to their performance.</p> Oluwatoyin Funmilayo Omolade Copyright (c) 2023 http://fjam.fuoye.edu.ng/index.php/fjam/article/view/153 Fri, 21 Jul 2023 00:00:00 +0000 DOMESTIC DEBT AND PUBLIC EXPENDITURE: EVIDENCE FROM SOUTHWEST REGION OF NIGERIA http://fjam.fuoye.edu.ng/index.php/fjam/article/view/156 <p>Government borrowings in terms of domestic debts are growing geometrically however, it appeared that the infrastructural and operational development of the federating blocks of Nigeria are not increasing commensurately. To satisfy this empirically, this study was conducted to examine the effect of domestic debt on public expenditure across all the state governments in the southwest region of Nigeria, using panel regression. The study covered 8 years, spanning from 2011 to 2018 and the panel data used was sourced from the CBN statistical bulletin (2019) and the annual budget of each of the sampled states. It was discovered that domestic debt exerts a positive but insignificant effect on recurrent expenditure of all the states in the southwest region of Nigeria to the tune of 0.1096(p=0.352&gt;0.05) and that domestic debt exerts a negative and insignificant effect on capital expenditure of all the states in the southwest region of Nigeria to the tune of -0.0485&gt;0.733. It was established that while domestic debt could not improve recurrent expenditure significantly, it has the potency to decrease capital expenditure of state governments in the southwest region of Nigeria. Thus, it was recommended that while it might necessary for the state governments to borrow money to finance budget deficit, they should always set their priorities right and ensure that resources are allocated to the most productive sector of the economy.<br><br></p> Clement Olatunji Olaoye, Adeduro Adesola Ogunmakin, Abiodun Rafiat AYENI-AGBAJE, Funmilayo Bukola ALONGE Copyright (c) http://fjam.fuoye.edu.ng/index.php/fjam/article/view/156 Wed, 12 Jul 2023 00:00:00 +0000