Dr Amalachukwu Chijindu Ananwude - Independent Researcher

Dr Amalachukwu Chijindu Ananwude - Independent Researcher
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Papers by Dr Amalachukwu Chijindu Ananwude
Effect of Corporate Human Capital on Financial Performance of Quoted Nigerian Agricultural Firms’ (2007 – 2020)
International journal of research and innovation in social science
, 2022
This study examined the effect of corporate human capital on financial performance of quoted Nige...
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This study examined the effect of corporate human capital on financial performance of quoted Nigerian Agricultural firms. The agricultural sector in Nigeria are faced with a lot of challenges (use of crude equipment's in farming, improper information, agri-marketing, etc.) which hinder productivity. Specifically, the effect of human capital efficiency, capital employed efficiency and structural capital efficiency on return on assets was ascertained. Secondary data for a period 2007 to 2020 were sourced from the annual reports of all the firms quoted on the Nigerian Stock Exchange (NSE). The Panel Ordinary Least Square (POLS) and the Granger Causality test were the technique employed in estimating the models. The result of the analysis revealed that human capital efficiency and structural capital efficiency have significant effect on return on assets; Agricultural firms should improve their human capacity development (workforce be up to date on ever changing technology) to enhance productivity. This is based on the significant effect of human capital efficiency on return on assets. More investment on human and their growth in the agricultural sector is recommended as it is a significant key for the success.
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Kao's co-integration test shows long-run relationship between return on assets and human capital efficiency at 5% significance level.
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Required Minimum Shareholders’ Fund and Bank Performance: A Substantiation from the Nigerian Banking Sector
Social Science Research Network
, May 28, 2017
The performance of the banking sector is very critical for the survival of the financial system, ...
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The performance of the banking sector is very critical for the survival of the financial system, especially in a developing country like Nigeria where productive economic activities rely more on the banking system compared to the stock market for finance. In this regard, the effect of required minimum shareholders' fund on banks' performance in Nigeria was ascertained over a period of seventeen years, that is, from 1999 to 2015 by distinctively assessing the effect of minimum capital requirement on profit before tax and net interest income of the banking sector. Controlling banks' specific factors: total assets plus off balance sheet engagements and ratio of non-performing loans to total credit proficient to debilitating performance, the Johansen cointegration depicts that minimum capital requirement and banking sector performance are co-integrated. The short run relationship between minimum capital requirement and profit before tax was
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From 1999 to 2015, net interest income rose by 1,500%, showcasing substantial growth in the Nigerian banking sector.
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Non-Oil Exports and Manufacturing Sector Growth in an Oil-Rich Country in Africa
Purpose: This paper presents an analysis of the effect of non-oil exports on the manufacturing se...
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Purpose: This paper presents an analysis of the effect of non-oil exports on the manufacturing sector growth in an oil-rich country in Africa – Nigeria from 1986 to 2018. In clear terms, we evaluated how manufacturing sector capacity utilization is affected by non-oil exports. Methods: The Ordinary Least Square (OLS) estimation technique was applied in estimating the model and was lagged by two years. The long-run relationship was determined using the traditional Johansen co-integration methodology. How manufacturing sector growth is affected by non-oil exports was evaluated using the Granger Causality technique. The Augmented Dicky-Fuller (ADF) and PhillipsPerron tests were applied to check the stationarity properties of the data. Results: The growth in the manufacturing sector in Nigeria has not been significantly affected by non-oil export despite the various non-oil export promotion strategies initiated by the government. Implication: A major implication of the finding is that t...
Fiscal Policy and Stock Market Development in an Emerging West African Economy
Finance & Economics Review
, 2020
Purpose: This article presents a study on the effect of fiscal policy on stock market development...
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Purpose: This article presents a study on the effect of fiscal policy on stock market development in an emerging West African economy with an emphasis on Nigeria for the period of 1986 to 2018. Specifically, we evaluated the effect of fiscal deficit on all share index including government total expenditure on market capitalization ratio, the value of stock traded, and turnover ratio using data from the Central Bank of Nigeria (CBN) and Nigerian Stock Exchange (NSE). Methods: The Auto-regressive Distributive Lag (ARDL) was the estimation technique employed in ascertaining the nature of the short-run relationship between fiscal policy and stock market development indices, whereas the effect of fiscal policy on stock market development was actualized under the granger causality analysis. Results: The result of the analysis revealed that fiscal deficit has no significant effect on all share index; government total expenditure has no significant effect on stock market capitalization rati...
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Governments should align fiscal policies with stock market growth, as fiscal changes significantly affect market activities and economics.
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Financial Deepening and Entrepreneurial Growth in Nigeria: A Time Series Analysis (1986 – 2018)
International Journal of Academic Research in Accounting, Finance and Management Sciences
, 2020
This study examined the effect of financial deepening on entrepreneurial growth in Nigeria. Follo...
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This study examined the effect of financial deepening on entrepreneurial growth in Nigeria. Following the approach of the Granger Causality test with Autoregressive Distribute Lag (ARDL) technique of model estimation using data from 1986 to 2018, there is no significant effect of financial deepening on entrepreneurial growth. Entrepreneurial growth was found to have significantly influenced financial deepening through banking and insurance sector deepening. Consequently, the Central Bank of Nigeria (CBN) should encourage commercial banks to lend more for entrepreneurial activities which will in turn improve our gross domestic product. This can be achieve if the CBN can lower its monetary policy rate to a single digit as against the current double digit (14%). It would be ideal for the government (Federal, State and Local) to establish entrepreneurial training/skill acquisition centres in all tertiary institutions in the country. This will help a large fraction of the graduates of these institutions to inculcate entrepreneurial spirit to setting up small and medium scale enterprises in every part of the country.
Corporate Governance Practice, Net Income Growth and Net Profit Margin: Evidence from Selected Commercial Banks in an Emerging Economy in Sub Saharan Africa – Nigeria
Asian Journal of Advanced Research and Reports
, 2020
This study presents a re-examination of how net income growth and net profit margin of selected c...
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This study presents a re-examination of how net income growth and net profit margin of selected commercial banks quoted on the Nigerian Stock Exchange (NSE) are affected by corporate governance practice for the period 2005 to 2017. The Panel Ordinary Least Square (POLS) was employed to determine the relationship between corporate governance practice, net income growth and net profit margin of commercial banks, while the granger causality technique was followed in evaluating the effect of corporate governance variables on net income growth and net profit margin. After performing the analysis, we found that it is only age of the board as a corporate governance variable that significantly affect net profit margin of selected commercial banks. With respect to the banks’ specific fundamentals, it was the debt structure that significantly influenced net profit margin. We concluded hereby that corporate governance practice has little effect in predicting net income growth and net profit ma...
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Corporate governance has limited predictive power on net income growth and profit margins, with only board age showing significant influence.
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Effect of Financial Deepening on Economic Growth in Nigeria: A Time Series Appraisal (1986-2018)
Asian Journal of Advanced Research and Reports
, 2019
The influence of financial deepening on the economic growth of any nation cannot be underestimate...
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The influence of financial deepening on the economic growth of any nation cannot be underestimated. To this end, the study evaluated the effect of financial deepening on economic growth in Nigeria over a period of thirty three (33) years: 1986 to 2018. Data were collected from statistical bulletins of the Central Bank of Nigeria (CBN) and factbooks of the Nigerian Stock Exchange (NSE). The model estimation followed the Auto-regressive Distributive Lag (ARDL) approach with the effect estimated in line with the Granger Causality analysis. We found that economic growth in Nigeria is not affected by financial deepening. The study also stated that the level of growth in the economy is what influences the level of development in the banking sector. The implication is that the Central Bank of Nigeria and the Security and Exchange Commission (SEC) should formulate and implement policies geared toward the deepening of the banking sector and the capital markets to help in the efficient and ef...
Impact of Monetary Policy on Value of Stock Traded: Short Run and Long Run Evidence from Nigerian Stock Exchange (1987- 2017)
Asian Journal of Advanced Research and Reports
, 2019
This study examined the effect of monetary policy on value of stock traded in Nigerian Stock Exch...
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This study examined the effect of monetary policy on value of stock traded in Nigerian Stock Exchange. Specifically, we ascertained the effect of monetary policy rate, liquidity ratio and loan to deposit ratio on value of stock traded using the Autoregressive Distribute Lag (ARDL) based on annual data from 1986 to 2017. Our findings showed that monetary policy rate, liquidity ratio and loan to deposit ratio have no significant effect on value of stock traded. Monetary policy rate maintained a negative relationship with value of stock traded, while liquidity ratio and loan to deposit ratio positively correlated with value of stock traded. We are vehemently of the view that expansionary monetary policy that guarantees adequate liquidity in the economy should be pursued vigorously by the Central Bank of Nigeria. Adequate level of liquidity offers firms’ in the stock market better access to financial resources which will increase their revenue and thus appreciation in their stocks trading.
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The ARDL test shows no co-integration between monetary policy tools and stock traded value, contradicting expectations of significant effects.
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Financial Inclusion: Nigeria'S Microfinance Model Effect Assessment On Women Empowerment
This study ascertains the significant effectiveness of Nigeria's microfinance model of financ...
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This study ascertains the significant effectiveness of Nigeria's microfinance model of financial inclusion on women empowerment. Following reforms in the financial system geared towards enhancing women financial inclusion and digitalization of financial products and services, its effect on women empowerment becomes imperative. Specifically, we evaluate the effect of available microfinance banks' products in rural communities via rent savings, child education, new born and daily savings account on women empowerment. A descriptive survey design was utilized to realize our objective. Two hundred (200) questionnaires were distributed to respondents, out of which one hundred and ninety (190) were fully completed and used for the analysis. After checking for internal reliability of the responses through the Alpha Cronbach's test, we proceeded to applying Pearson correlation and regression estimations. From the regression estimation, we identify a positive and significant relat...
Effect of Electronic Banking Related Fraud on Deposit Money Banks Financial Performance in Nigeria
ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)
, 2018
This study empirically ascertained the effect of electronic banking related fraud on deposit mone...
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This study empirically ascertained the effect of electronic banking related fraud on deposit money banks financial performance in Nigeria. Empirical studies relating electronic banking and banks performance in Nigeria has been centred on its benefit of improving profitability of deposit money banks while the effect of fraud perpetrated on electronic banking platforms used by banks operating in the economy are often neglected. Specifically, we examined the effect of electronic banking related fraud on automated teller machines, mobile banking, point of sale terminals and web to return on assets, return on equity, interest income and non-interest income of deposit money banks. Comprehensive data on fraud on the various electronic banking channels from the apex regulatory agency of the banking system: Central Bank of Nigeria began in 2013 thus limiting the study to a period of four years. The Ordinary Least Square (OLS) was applied in estimating the regression equation, whereas effect ...
Monetary Policy and Capital Market Performance: An Empirical Evidence from Nigerian Data
Econometric Modeling: Capital Markets - Asset Pricing eJournal
, 2017
This study utilized time series data to determine the effect of monetary policy on the performanc...
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This study utilized time series data to determine the effect of monetary policy on the performance of Nigerian capital market. The study was motivated by the inconclusive debate on the real effect of monetary policy on capital market performance. Specifically, this study ascertained the effect of monetary policy rate and cash reserve ratio on the performance of Nigerian capital market surrogated by all share index. Secondary data for the period 1986 to 2016 were collected from the Nigerian Stock Exchange and Central Bank of Nigeria annual reports of various editions. The study applied the Ordinary Least Square (OLS) regression technique and causality analysis in which variations in all share index was regressed on monetary policy rate and cash reserve ratio. The analysis revealed that monetary policy tools have no significant effect on capital market performance. The monetary policy rate has negative significant relationship with capital market performance while cash reserve ratio p...
Commercial banks regulation and intermediation function in an emerging market
Economic Journal of Emerging Markets
, 2021
Purpose ─ This paper investigates the effect of commercial bank regulations, namely the price, pr...
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Purpose ─ This paper investigates the effect of commercial bank regulations, namely the price, product, and geographic regulations, on the intermediation function of commercial banks in Nigeria. Methods ─ Using secondary data from 1986 to 2017 from the Central Bank of Nigeria (CBN) and the World Bank, this study employs the Autoregressive Distributive Lag (ARDL) model and Granger causality framework. Findings ─ This paper provides evidence of a long-run relationship between commercial bank regulation and intermediation function represented by private sector credit to RGDP (regional gross domestic product). It also finds that commercial banks' regulation index through price, product, and geographic regulation has a positive relationship with intermediation function. Furthermore, the long-run relationship between commercial bank regulation and intermediation function described by private sector credit to RGDP is affirmed. Implication ─ The Central Bank of Nigeria (CBN) needs to relax the product regulation to allow commercial banks to engage in various conventionally non-banking activities. Originality ─ The paper contributes to the literature by ascertaining the commercial banks' intermediation function to Nigeria's economic growth and development.
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A long-run relationship exists between bank regulation and intermediation through private sector credit to GDP, unlike with total assets.
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Oil and Gas Industries Financing and Financial Performance in Nigeria: The Case of Intelligent Capital Led Model
FEN: Institutions & Financing Practices (Topic)
, 2017
This study ascertained the linkage between intelligent capital components and financial performan...
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This study ascertained the linkage between intelligent capital components and financial performance of oil and gas industries quoted on the Nigerian Stock Exchange over a period of eight (8) years from 2008 to 2015. This study was necessitated by the mixed results on the nexus between intelligent capital and firm’s performance. Specifically, the effect of human capital efficiency, social capital efficiency and capital employed efficiency on return on assets, return on equity, net profit margin and gross revenue growth were evaluated. Using annual data from statement of value added section of their annual reports and applying panel estimation technique, we identify a positive insignificant relationship between capital employed efficiency and return on assets, return on equity, net profit margin and gross revenue growth. Social capital employed positively and insignificantly relates with return on assets but negatively associates with return on equity, net profit margin and gross reve...
Modelling the Nexus between External Debt Burden and Economic Growth in Nigeria: The ARDL Methodology
PSN: Debt (Topic)
, 2017
This paper ascertains the nexus between external debt burden and economic growth in Nigeria by sp...
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This paper ascertains the nexus between external debt burden and economic growth in Nigeria by specifically evaluating the nexus and effect of external debt burden on gross domestic product and index of industrial. To achieve these objectives, we employed the ordinary least square method of estimation and granger causality test in which variations in gross domestic product and index of industrial production were regressed on external debt burden using time series data from 1981 to 2015. Secondary data casing the time frame were collected from Central Bank of Nigeria statistical bulletin. Our estimated output suggests that there is a long run nexus between external debt burden and economic growth in Nigeria. Again, external debt burden has no significant effect on gross domestic product and index of industrial production. Gross domestic product and index of industrial production have positive insignificant relationship with external debt burden. This leys credence to the dual gap the...
Private Sector Credit and Small and Medium Scale Enterprises Development Nexus in Nigeria: An ARDL Approach
American Journal of Economics
, 2017
This study ascertains the effect of private sector credit on development of small and medium scal...
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This study ascertains the effect of private sector credit on development of small and medium scale enterprises in Nigeria. To realize this objective, a hypothetical deductive research design was applied using time series data sourced from Central Bank of Nigeria statistical bulletins from 1986 to 2015. Prior to estimating the model, sensitivity analysis of serial correlation LM, heteroskedasticity, Ramsey rest specification and multicollinearity tests were performed. The result of the Auto-Regressive Distributive Lag (ARDL) evidence the presence of a long run relationship between private sector credit and small and medium scale enterprises development. In terms of the effect analysis, the granger causality test unveils that private sector credit has significant effect on development of small and medium scale enterprises, while real exchange rate was found to significantly affect small and medium scale enterprises development. There is need for financial institutions to continue exte...
Nigeria Stock Market Development and Economic Growth: A Time Series Analysis (1993 – 2013)
Emerging Markets Economics: Macroeconomic Issues & Challenges eJournal
, 2015
This study examined the impact of stock market development and economic growth; and also examined...
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This study examined the impact of stock market development and economic growth; and also examined the direction of causality between stock market development and economic growth in Nigeria. This study applied Johansen co-integration model to evaluate the stock market development and economic growth and causal relationship using four measures of stock market development indices: market capitalization, number of deals, all share index and total value of market transaction. The study established the existence of co-integration for all the stock market development measures. Results obtained for all measures of stock market development indices point to the existence of a positive relationship between stock market development and economic growth except for market capitalization and total value of market transaction. The findings from pair-wise Granger Causality test suggest the existence of a unidirectional relationship between stock market development and economic growth. This entails th...
Fiscal Deficit in an Oil Dependent Revenue Country and Selected Macroeconomic Variables: A Time Series Analysis from Nigeria (1981-2015)
In this paper, we determined the effect of fiscal deficit on selected macroeconomic variables in ...
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In this paper, we determined the effect of fiscal deficit on selected macroeconomic variables in Nigeria by specifically evaluating the effect of fiscal deficit on gross domestic product, money supply and inflation. To achieve these objectives, we employed various econometric techniques such as unit root test, Johansen co-integration, granger causality test in which variations in gross domestic product, money supply and inflation were regressed on fiscal deficit and exchange rate using time series data from 1981 to 2015. Secondary data casing the time frame were collected from Central Bank of Nigeria statistical bulletin. The result of the analysis revealed that fiscal deficit has no significant effect on gross domestic product, money supply and inflation in Nigeria. The finding also shows that there is a positive insignificant relationship between fiscal deficit and gross domestic product. This is in line with the Keynesian postulation of the existence of positive relationship betw...
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Fiscal deficit significantly correlates with inflation and money supply but negatively impacts lending interest rates, crowding out private sector investment.
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Does Fiscal Policy Tools have the Potential to Stimulate Performance of Manufacturing Sector in Nigeria?
Finance & Economics Review
, 2020
Purpose: There is no denying the fact that the Nigerian manufacturing sector is not performing up...
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Purpose: There is no denying the fact that the Nigerian manufacturing sector is not performing up to the expectation. The poor performance of the manufacturing sector is attributed largely to the poor state of basic infrastructures, especially power supply, and good road networks. To this end, this study examined the potential of fiscal policy to stimulate manufacturing sector performance in Nigeria. Methods: The model estimation employed the Ordinary Least Square (OLS) estimation technique, while the effect of estimation was carried out using the Granger causality test based on the data from the Central Bank of Nigeria (CBN) and Federal Inland Revenue Service (FIRS) for the period of 1986 to 2019. Results: The result of the analysis revealed that recurrent expenditure has no significant effect on manufacturing sector performance. However, capital expenditure, fiscal deficit, and the company’s income tax significantly affect manufacturing sector performance. Implications: The Federa...
Government expenditure and standard of living in an emerging market in Africa–Nigeria
Economic Journal of Emerging Markets
, 2020
The effect of government expenditure on the standard of living has different impact for various l...
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The effect of government expenditure on the standard of living has different impact for various level of economies. In this study, we determined the effect of government recurrent and capital expenditure on the standard of living in Nigeria using a test of causation. The long and short run estimates were done by utilizing an Autoregressive Distributive Lag (ARDL) model using data that spanned from 1981 to 2018. Findings/Originality: Precipitously, we asserted that government recurrent and capital expenditure have a significant effect on the standard of living in Nigeria. Nevertheless, that is not the true reflection of the living standard in the country. There is an enormous need for the government to increase its expenditure on the health sector. Investment in healthcare is positively related to economic growth and has the potential of reducing poverty, hence a better standard of living. The Federal Government of Nigeria ought to, as a matter of direness, prioritize capital expenditure over recurrent expenditure.
Real Gross Domestic Growth Determinants in an Oil Revenue Dependent Country: An Assessment of Nigeria’s Exchange Rate and Interest Rate
Science Journal of Energy Engineering
, 2017
The determinants of real gross domestic product growth in Nigeria was ascertained in this study. ...
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The determinants of real gross domestic product growth in Nigeria was ascertained in this study. The research was motivated by 1.53 percent decline in real gross domestic product growth rate in 2016 coupled with the foreign exchange crisis that engulfed the economy. Specifically, the study determined whether exchange rate and interest rate predict real gross domestic product growth using secondary data obtained from Central Bank of Nigeria for the period 1980 to 2016. Aside testing for stationarity of the data and diagnosing the model to meet standard econometric postulations, the Granger Causality prediction estimation was employed to realize the objective of the research. Firstly, by the application of Johansen cointegration and ARDL methodology, the study identify that exchange rate and interest rate are not co-integrated/related with real gross domestic product growth. Secondly, the multiple regression estimated via ARDL shows that exchange rate and interest rate have negative but insignificant relationship with real gross domestic product growth. Finally, the study empirically found that exchange rate and interest rate are not determinants of real gross domestic product growth in Nigeria. To strengthen the value of the local currency against the US dollar in particular, and other currencies of the world, a well-managed foreign exchange floating system is preferred. Diversification from oil to non-oil policies should be pursued with vigour with the view of aggressively down playing importation to reduce the pressure on forex which jolts up exchange rate position adversely.
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