MAKE MOST OF THE KNOWLEDGE NETWORK, JOIN ACADEMIC RESEARCH FOUNDATION

Aim/Purpose–It is becoming clear that the existing ownership structure in commercial banks in Nigeria is inefficient because it fails to protect the owners’ interest as a result of dwindling financial performance leading to little or no payment of dividend. Based on this, the study investigates the effect of ownership structure and financial performance on dividend pay-out ratio of Nigerian listed commercial banks. Design/methodology/approach – The research design is causal comparative design. The population is fourteen listed commercial banks in Nigeria as at 31st December, 2017. The period covered is from 2009 to 2017 and secondary data source was employed. Data were retrieved from the banks’ annual statement of accounts. The study adopted the generalized least square techniques of regression for the analysis. Findings – The study documented that share owned by managers (managerial ownership) and shares owned by foreigners (foreign ownership) have negative but significant impact on dividend pay-out ratio of commercial banks in Nigeria. Concentrated ownership was reported to have negative and insignificant influence on dividend pay-out ratio of banks. Furthermore, shares owned by institutional investors have positive and significant effect on dividend pay-out ratio of banks. Also, after moderation with financial performance, managerial ownership and shares owned by foreign investors (foreign ownership) significantly influence dividend pay-out ratio positively except for ownership concentration which has positive effect but weak effect on dividend pay-out ratio of commercial banks. Meanwhile, after moderation institutional ownership now negatively, but significantly impact on dividend pay-out of banks. Research implications/limitations – The implication of the findings is that ownership structure and financial performance is a driver to increased dividend payout ratio of listed deposit money banks in Nigeria. Originality/value/contribution – Listed commercial banks are one of the most active sectors in Nigeria which help maintain liquidity in the Nigerian system. This sector which plays vital roles has experienced crises such as withdrawal of government fund into Treasury Single Account (TSA) and thus created a liquidity problem. These happenings cannot be disconnected from the banks’ ability or inability to continuously pay dividend to their shareholders.

Keywords: DivdendPayout, Ratio, Financial Performance, Ownership Structure, Agency Theory.

JEL Classification: D21, G34, G21, M41

COVID-19, first originated in November 2019 in the city of Wuhan, China. The virus spread from China to almost all the countries of the world. India is not an exception to this malady. The virus was carried to India by students studying in China and Indian workers from Italy who returned to India. Italy had become a centre of the corona virus after China. All of a sudden the central government was forced to declare a complete lockdown throughout the country on 25 March 2020. Movement of labourers and all the economic activities came to a standstill. In the initial phase government was committed to prevent the spread of the disease because even advanced countries like USA, France, England, Germany, Italy failed to stop the spread of the virus, leading to large scale human deaths. The Indian economy was rapidly moving towards development. But this pandemic has given a severe blow to all the economic activities in India. Within a month, unemployment rose from 6.7 per cent on 15 March, 26 per cent on 19 April to 7.24 per cent on 20 January 2021 During the lockdown, an estimated 14 crore people lost employment1. This paper discusses what is the next economic situation after COVID-19, that is positive and negative circumstances. This is a controversial subject. So, here I am going to analyze what are the situation we will face next and also find out what are the solution recommended by the government to overcome this current scenario with the help of secondary data collection.

Keywords: Corona Virus Disease, Lockdown, Economic Development, Trade cycle.

This study was aimed at examining the influence of cash flow management on financial performance of selected listed companies in Nigeria. This was premised on the conflicting results and assertions in the literature in respect to the influence of cash flow management and financial performance of entities. Ex-post facto research design was adopted for the study using secondary data of sixty-three (63) selected listed companies in the Nigerian Stock Exchange (NSE) for the period 2013 to 2019. The nature of data was panel data. The dependent variable for financial performance is Return on Asset (ROA), while independent variables was cash flow management decomposed into Operating Cash Flow Margin (OCFM), Operating Cash Flow Ratio (OCFR), Investing Cash Flow Ratio (ICFR), Financing Cash Flow Ratio (FCFR) and Net Cash Flow Ratio (NCFR). The descriptive and inferential statistics were used for data analyses. Results showed that OCFM, OCFR, ICFR and NCFR had positive and significant influence on Financial Performance (ROA) and FCFR had a negative and insignificant influence on financial performance (ROA) of selected listed companies in Nigeria. It was recommended that managers of entities and policy makers, financial consultants and regulatory agencies avail themselves of the core variables of cash flow management used in this study to understand their nexus and to improve in their statutory functions to enhance long-term sustainability of entities.

Keywords: Return on Asset (ROA) Operating Cash Flow Margin, Operating Cash Flow Ratio, Investing Cash Flow Ratio, Financial Cash Flow Ratio and Net Cash Flow Ratio.

This study was conducted to examine the influence of liquidity management on firm value of quoted manufacturing companies in Nigeria. This was premised on the fact that continuous existence of quoted manufacturing companies is guaranteed by the level of improvement in firm value, which may depend upon the level of liquidity management technique employed by managers. Have these techniques of liquidity management adopted by managers of quoted manufacturing companies in Nigeria influence firm value? Ex-post facto research design was employed for the study. Fortytwo (42) quoted companies were sampled out off a population of fifty-six (56) quoted listed on the floor of the Nigerian Stock Exchange (NSE) as at December 31, 2019. The independent variables for liquidity management were measured by current ratio (CRR), Quick Ratio (QR), Cash Ratio (CR) and Net Working Capital Ratio (NWCR), and Firm Value (AV) was the dependent variable panel date was sourced from the published financial reports of the sampled companies and analysed using Fixed effect regression technique. Results revealed that CRR, QR and NWCR had positive and significance influence on FV, CR had a positive and insignificant influence. It was recommended that managers of quoted companies should invest continuously on current assets for the purpose of raising liquidity and profitability which impacts on firm value.

Keywords: Firm Value, Liquidity, Manufacturing Companies.