BUSINESS AND FINANCE JOURNAL

The study sets out to empirically x-ray the nature of relationship between firms’ capital structure and consequent effect on shareholders’ value. Following previous studies, the study captures shareholders’ value by profit after tax while the capital structure includes paid up capital, total debt securities, retained earnings and ratio of working capital. Relevant data were sourced from the Nigeria Stock Exchange Fact Books as well as the relevant annual reports of the select quoted deposit money banks. Descriptive statistics tools and econometric methodology of Ordinary Least Squares (OLS) as well as Granger Causality were employed for analysis of data. From the results of both descriptive and econometric analyses, it is clear that capital structure exerts significant influence on the shareholders’ value of the corporate firms. From the results, it is observed that debt capital may not be an appropriate funding source for the operations of deposit money banks as the results consistently indicate a negative and significant relationship with the dependent variable, profit after tax. On the other hand, retained earnings proved to be a better funding source as it showed a positive influence on the earnings banks. This result is further corroborated by the Granger Causality estimates.  Based on the findings, the study has established that earnings retention has a positive and significant relationship with profit after tax and concludes that nature and form of corporate funding impact heavily on the profitability and sustainability of the firm. To this end, the study recommends among others that it is necessary to retain part of the earnings to finance new investment capable of generating more wealth and having positive contributions to the shareholders. Again, it is established from the findings that increase in debt causes the decrease in performance of the companies because debt is expensive source of finance.

Fraudulent conduct in entrepreneurial firms constitutes one of the most consequential yet underexplored dimensions of corporate governance and financial crime in Nigeria. This paper systematically applies the Fraud Hexagon model, a six-element theoretical framework comprising pressure, opportunity, rationalisation, capacity, arrogance, and collusion, to the detection of fraud in Nigerian entrepreneurial firms. Tracing the theoretical lineage from the Fraud Triangle through the Fraud Diamond and the Fraud Pentagon, the paper situates the Hexagon as the most comprehensive fraud explanation model currently available and examines its applicability to the governance-constrained environment of Nigerian entrepreneurial organisations.Drawing on current empirical literature, including evidence from 2024 to 2026, the paper analyses how each Hexagon element manifests distinctively within Nigerian entrepreneurial governance structures and cultural dynamics. The roles and limitations of the Financial Reporting Council of Nigeria (FRCN), the Economic and Financial Crimes Commission (EFCC), and co-regulatory bodies are critically assessed. Recent evidence is integrated to provide a current and contextually grounded analysis. Key challenges, including regulatory gaps, governance informality, forensic accounting capacity deficits, and cultural barriers to fraud reporting, are examined within a Hexagon-informed analytical framework. The paper concludes with a tiered policy framework and practical recommendations for regulators, entrepreneurs, investors, auditors, and policymakers.

In recent years, the importance of green lending has risen in the context of sustainable financing, where banks are becoming more focused on linking the granting of credit to environmental and climate targets. But, the financial impact in emerging economies has not yet been well documented or verified. The study looked at the effect of green lending on the financial performance of listed Deposit Money Banks in Nigeria, which has yet to be established in empirical studies. For this study, a secondary data was used, which was gathered from eight selected banks in Nigeria over the period 2020–2025, and an ex-post facto research design with a panel data approach was used. Diagnostic tests were performed and data analysed with the Pooled Ordinary Least Squares, Fixed Effects and Robust Least Squares regression techniques. The findings showed that the Return on Assets (ROA) was positively and statistically significantly influenced by Green Finance Ratio (GFR) (t = 3.41, p = 0.001). This indicated that an increase in green financing would lead to an improvement in the profitability of the banks. The study found that green lending is associated with improved financial performance, which aligns with the observation that sustainability and financial performance are mutually reinforcing in the banking sector in Nigeria. Banks were urged to further build their green loan portfolios and improve the integration of ESG (environmental, social and governance) principles; regulators to create more comprehensive green finance frameworks to ensure consistency and transparency. The study adds to the sustainable finance literature by adding a new empirical contribution in an emerging economy context.

This study evaluated the influence of working capital management on financial performance of publicly listed oil and gas companies in Nigeria. The populations of the study are all the registered oil and gas firms on Nigerian Stock Exchange during the study period while a sample of 7 firms were selected. The study made use of secondary data obtained from the annual reports of the sample firms from 2014 to 2023. The study employed descriptive and inferential statistics for analysis. Working capital management variables are Account Receivable Period (ARP) Account Payable Period (APP) Cash Conversion Cycle (CCC) and Inventory Conversion Period (INVP) while financial performance is proxy by operating efficiency. The findings of the study indicated that there is statistically significant positive relationship between the ARP, APP, CCC and performance measured by Asset Turnover (AST). The study therefore suggests that firms should maintain an optimal level of working capital in order to enhance their efficiency. Additionally, the effective management of cash flow is deemed to be of utmost importance for organizations while maintaining a balanced working capital management, with particular focus on managing account receivables, payables, and cash conversion cycle.

This study investigated the effect of digital technologies on performance of service-based SMEs in North-East Nigeria. Specifically, the study focused on the effects of Closed-circuit Television (CCTV) and mobile banking services, on the performance of service-based SMEs. This study employed a cross sectional and descriptive research design. The total population of registered service-based SMEs in the six states under review was 9,728, out of which a representative sample of 382 respondents was drawn using stratified random sampling technique. The instrument for data collection was a structured questionnaire developed on a 4-point Likert scale, employed descriptive statistics and multiple regression analysis to test null hypotheses of this study. The results of this study revealed mixed effects of digital technology on the performance of service-based SMEs in North-East Nigeria. Closed-circuit Television (CCTV) and Mobile banking were all found to have significant positive effects. Based on the findings, the study recommends that: SMEs should integrate e-commerce functionalities such as; Closed-circuit Television (CCTV) to control, monitor and expand their market reach beyond local markets. Given its strong positive effect, mobile banking adoption should be promoted more aggressively through partnerships with banks, microfinance institutions, and telecom providers to expand mobile agent networks, reduce transaction costs, and improve system security.

This study investigates how cash management strategies influence the financial performance of listed commercial banks in Nigeria. Specifically, it seeks to determine how these strategies affect key performance indicators, including return on assets, return on equity, and earnings per share, within the Nigerian banking industry. The research adopts an ex-post facto design and relies on secondary data collected from 10 purposively selected banks over 10 years (2015-2025). Data sources include publications from the Nigerian Stock Group, reports from the Central Bank of Nigeria, and audited financial statements of the sampled banks. Descriptive statistics and multiple regression analysis were conducted using EViews software. Findings reveal that cash management strategies significantly influence bank performance. While liquidity management shows a positive but weak effect, working capital policies and cash budgeting contribute meaningfully to improved profitability. Treasury operations efficiency emerges as the most influential factor, highlighting its importance in sustaining corporate performance. The study recommends that banks strengthen cash forecasting systems and integrate treasury functions with risk management frameworks. The implications suggest that effective cash management enhances financial stability, supports profitability, and improves decision-making in the Nigerian banking sector.

This study explores the effect of environmental management accounting (EMA) on the financial performance of 17 listed consumer goods companies in Nigeria from 2021 – 2024. The study utilized environmental management accounting ratings, return on assets (ROA) and earnings per share (EPS) whereas firm size, age and leverage were included as control variables. The fixed-effect panel regression with Driscoll–Kraay standard errors was employed, supported by robustness checks using bootstrapping and PCSE estimators. The findings suggested that EMA has a significant negative effect on ROA and EPS, implying that environmental investments may initially reduce profitability and shareholder earnings due to compliance costs and implementation challenges. Due to the outcome of the robustness checks, the study concluded that EMA’s impact on financial performance of Nigeria’s consumer goods sector is weak, inconsistent, and highly sensitive to model specification. It was therefore recommended that implementation of EMA by consumer goods companies should done strategically in order to minimize the financial disadvantage that may occur in the short-term.

This study explores the connection  between PACs effectiveness of  accountability  and transparency in public expenditure in Osun State. The study specifically evaluate how well PACs in Osun contribute to transparency and accountability in spending and identify the factors that hinder their effectiveness. The researcher utilized a survey research design . The study population involved 100 participants, including 10 legislators and 90 auditors from the Office of the State Auditor-General. A simple random sampling method identified 80 respondents, determined using Taro Yamane's formula. Primary data was collected through questionnaires and analysis involved descriptive statistics and Partial Least Squares Structural Equation Modeling (PLS-SEM). The results  showed that PAC (t-stat.= 15.62, p-v

This research investigated the correlation between business process reengineering (BPR) and the organisational agility of small and medium-sized firms (SMEs) in Abia State, Nigeria. The study specifically examined the impact of process redesign and technology utilisation on two essential aspects of agility: response speed and flexibility. A survey study design was employed, utilising structured questionnaires sent to SME operators across several business clusters in Abia State. The accessible populations comprise of 385 employees of 20 SMEs, within Abia State. A sample of 193 was derived using krejcie and Morgan (1970) table. Spearman’s correlation coefficient was used for the analysis. The results showed a strong and positive link between process redesign and response speed. This means that making workflows simpler and getting rid of unnecessary steps helped SMEs respond more quickly to changes in the market. Process redesign also greatly improved adaptability, which means that flexible procedures help small and medium-sized businesses (SMEs) deal with changing business situations. The study also found that using technology has a big effect on both response speed and flexibility. This is because digital tools help SMEs streamline their operations, improve communication, and make decisions based on data. The study concludes that BRE relates with organizational agility of SMEs in Abia State.The study recommends that SMEs should constantly change the way they do things to make them more efficient and flexible. It is also important to put money into cheap and scalable digital technologies to make both responsiveness and adaptability stronger. It also suggests that aligning BPR practices with technology adoption is essential for improving the agility and long-term competitiveness of SMEs in Abia State.

This study investigated the effect of exchange rate fluctuations on capital market All-Share Index (ALSI) in Nigeria for the period 1990 to 2024. Naira-to-US Dollar exchange rate, Naira-to-British Pound exchange rate and Naira-to-Swiss Franc exchange rate were the exchange rates considered while the NGX All-Share Index (ALSI) stood as the dependent variable. Yearly time series data on these variables were sourced from Central Bank of Nigeria (CBN) statistical bulletin for 2023 and 2025(Q1). The natural log form of the data set generated was exposed to descriptive analysis, ADF unit root test, Johansen cointegration test, pairwise granger causality test, ECM estimation and a set of post estimation (diagnostic) tests. Johansen cointegration test showed that there is no long run relationship between exchange rate fluctuations and All-Share Index. Granger causality test indicated that there is no relationship between the variables. Error Correction Model (ECM) estimation revealed that Naira-to-US Dollar exchange rate has a negative insignificant effect on ALSI while Naira-to-British Pound exchange rate and Naira-to-Swiss Franc exchange rate have positive influences on ALSI. However, only the effect of Naira-to-British Pound exchange rate was statistically significant. Hence, the study concluded that exchange rate fluctuation has an insignificant effect on capital market All-Share Index (ALSI) in Nigeria. As such, there is need to properly address the structural defects associated with the Nigerian economy so that government’s naira devaluation policies will achieve one of its core objectives of attracting more foreign investors into the Nigerian capital market. It is also imperative that the Nigerian capital market is brought to par with its contemporaries in Africa and beyond. 

This study examines the effect of innovation on marketing performance of selected consumer-packaged goods (CPGs) manufacturing companies in Anambra State. The major objectives of the study were, to; determine the extent to which package innovation, product innovation and market innovation affect marketing performance. To achieve the objectives of the study, survey research design was adopted. Primary data was used through the use of questionnaire. The population of the study was made up of 500 employees and management staff of consumer-packaged goods manufacturing companies in Anambra State. The sample was 250 after adopting purposive sampling. Data were analyzed using correlation coefficient analysis. The findings revealed that there is a significant relationship between package innovation, product innovation and market innovation on marketing performance of consumerpackaged goods manufacturing companies. The study concluded that innovation plays a critical role in enhancing the marketing performance of consumer-packaged goods (CPGs) manufacturing companies. Based on the findings, the study recommended that CPGs manufacturing companies should prioritize innovative packaging strategies such as eco-friendly materials, attractive designs, and user-friendly features to enhance product visibility and consumer appeal.

This study investigated the relationship between product innovation strategies and marketing performance of confectionery firms in Rivers State. The study adopted the descriptive survey research design. Target population of the study comprises 32 confectionery firms’ in Rivers State. A population of 128 managers was considered for the study. Four managers from each of the firms, ranging from the general manager, sales manager, procurement manager and distributor manager are studied. The Taro Yamen sample size determination formula was used to determine the sample size of the study. The sample size of the study consisted 97 respondents from the confectionery firms’. The data for the study was collected from the primary and secondary sources. The primary data was obtained through the questionnaire. The content and face was adopted for validation of instrument. The test-retest method was used to determine the reliability of the instrument and the result stood at 0.88 which greater than the benchmark. The study employed the Spearman Rank-order Correlation with the aid of Statistical Package for Social Sciences (SPSS). The empirical result revealed that product customization was found to be a significant predictor of marketing performance of confectionery firms’ in Rivers State. Customers’ service was also reported to be a significant predictor of marketing performance of confectionery firms’ in Rivers State. Based on these findings, the study concluded that product innovation strategies significantly relate to marketing performance of confectionery firms’ in Rivers State. The study recommends that confectionery firms’ in Rivers State should regularly interact with their customers to know their needs in order to customize products that will fit their needs and those that are experiencing low rate of marketing performance should provide products that will give customers a pleasant and memorable experience as this would increase sales growth to their brand.

This paper aimed at creating a marketing and entrepreneurship interface whereby innovativeness, risk taking and proactivity would be expressed fully in marketing thereby establishing a paradigm shift in the conventional thought of these two disciplines into a more evolving and effective conjoint concept named entrepreneurial marketing. A survey was carried out among top management staff of the state-owned tertiary institutions in Rivers state using semi-structured interview. Nvivo Pro was used to analyze data generated from both face-to-face interview and monkey survey conducted online. The outcome of the interview data and word cloud of related response revealed highly significant adoption of entrepreneurial marketing, with innovativeness gaining the highest significance; an indication that innovation is the hallmark of success in most topnotch institutions in Rivers State. This study therefore recommended the rapid adoption of entrepreneurial marketing strategies in tertiary institutions in Rivers State with emphasis on innovativeness as this is key to institutional performance in higher education. 

This study analyzed the influence of fiscal policy on income inequality in Nigeria from 1994 to 2023. Specifically, we examined how petroleum profit tax (PPT), company income tax (CIT), custom and excise duty (CED), value-added tax (VAT), government recurrent expenditure (GRE), and government capital expenditure (GCE) affect income inequality. Data utilized in the study were sourced from the Central Bank of Nigeria and World Bank Development Indicators of various issues. The study applied the unit root, Johansen co-integration, and Parsimonious ECM model at the 5% significance level. The study discovered that all the various were stationary at their first difference; thus, requiring the Johansen co-integrating equation that validates the presence of long-run form. The result showed that CIT was positive but insignificant to income equality, PPT and GRE were positive and significant to income inequality, CED was negative and significant to income inequality, VAT and GCE were negative but insignificant to income inequality. The study concluded that the three dimensions of fiscal policy in Nigeria that substantial influence her income inequality are petroleum profit tax, custom and excise duty, and government recurrent expenditure. Amongst others, the study recommended that the Federal Government of Nigeria should to allocate CIT funds towards specific social and economic initiatives that advantage low- and middle-income demographics. The government ought to augment spending in education, healthcare, and skill development initiatives utilising CIT funds, hence broadening economic chances for the underprivileged. 

This study examined the relationship between green supply chain management practices and marketing performance of petroleum products tank farms in South-South, with specific focus on eco-design, green procurement, and reverse logistics in relation to market share growth. The study adopted a correlation survey research design, targeting 32 registered tank farms, with managers serving as respondents. Data were collected using a structured questionnaire based on a five-point Likert scale, and analyzed using descriptive and inferential statistics, including Pearson Product Moment Correlation and regression analysis with the aid of SPSS 26.0. The findings revealed that eco-design, green procurement, and reverse logistics each have a significant positive relationship with market share growth. Based on these findings, the study concluded that green supply chain management practices significantly enhance market share growth and overall competitiveness of petroleum product tank farms. The study recommended that management should invest in sustainable technologies and eco-design strategies, adopt environmentally responsible procurement practices, and implement efficient reverse logistics systems to improve operational performance and sustain market growth.

This study examines the effect of reward systems on employee performance in selected ministries of Ebonyi State Civil Service. Reward systems, encompassing both financial and non-financial incentives, play a critical role in motivating employees and enhancing productivity. The study adopts a descriptive survey research design and draws data from civil servants across selected ministries. Theoretical anchorage is based on Equity Theory and Expectancy Theory, which explain how perceived fairness and expected outcomes influence employee motivation. Findings from recent empirical studies indicate that effective reward systems—such as salaries, promotions, recognition, and career development— significantly improve employee performance, commitment, and service delivery. The study concludes that a well-structured reward system enhances efficiency in public sector organizations. It recommends that government ministries should implement transparent, equitable, and performance-based reward systems to improve productivity and service delivery.

This study examines the correlation between team building and employee productivity across industrial enterprises in Rivers State, Nigeria, emphasising the moderating influence of organisational culture. Low production efficiency and poor work quality are signs of low staff productivity, which makes it harder for companies to compete when they face problems with infrastructure and supply chains. The objective is to analyse the influence of team building dimensions (cohesion and communication) on productivity indicators, with organisational culture serving as a moderating factor. A cross-sectional design was utilised, employing questionnaires distributed to 42 managers from 10 organisations, with 33 valid replies analysed using the Pearson Moment Correlation Coefficient in SPSS. The results show that there are significant positive correlations between cohesion and output efficiency (r = .641, p < .000), cohesion and work quality (r = .776, p = .001), communication and output efficiency (r = .423, p < .000), communication and work quality (r = .644, p < .000), and a moderated relationship by organisational culture (r = .586, p = .001). Team building greatly increases productivity, and this effect is much stronger in cultures that favour it. To enhance productivity, it is recommended to do frequent team-building workshops, set up mentoring programs, use digital communication tools, create feedback loops, and make cultural policies that incorporate everyone. Further study should look into effects that are exclusive to certain sectors and that last over time.

This study examined the relationship between financial inclusion and economic performance in Nigeria using annual time series data from 2000 to 2025. Secondary data were sourced from the World Bank, International Monetary Fund (IMF), Central Bank of Nigeria, and Global Findex. Financial inclusion was measured using two indicators: commercial bank branches per 100,000 adults and financial market development and access, while economic growth was proxied by the GDP growth rate. The analysis was conducted using the Ordinary Least Squares (OLS) method.The results indicate that banking infrastructure has significant positive impacts on economic growth, highlighting the benefits of expanding bank branches in Nigeria. However, financial market participation has no significant impact on economic growth. These results suggested that while expanding banking access yields immediate growth benefits, long-term reforms are pertinent to deepen financial markets. Policy implications include the need to increase the number of banks, enhance financial literacy, integrate digital finance solutions, and implement capital market reforms. The study concludes that a balanced strategy combining improvements in banking access with capital market development is essential for achieving sustainable growth and inclusive development in Nigeria.

This study examines the Privatisation of Power Holding Company of Nigeria (PHCN) and its implications for SMEs performance: evidence on profitability, employment generation and expansion in Nasarawa state. The study adopted mixed research method and used both quantitative and qualitative approaches. Questionnaire forms and interview guides were used as data collection instruments employed for the study. The questionnaire forms were administered to 315 SMEs registered with the Nasarawa State Government in the 13 local government areas of the state. However, only 300 were analysed. Descriptive statistics and multiple regression analysis were employed to assess the relationship between changes in electricity supply following privatization and indicators of firm performance, including profitability, employment generation, and business expansion. The findings indicated that PHCN electricity supply remains low and has negative impact on the productivity, profitability, expansion and job creation capacity of SMEs in Nasarawa State. With this, SMEs in Nasarawa State have resorted in the use of alternative power source such as generators and solar panels. The study therefore concluded that electricity supply has not improved significantly, and this has negatively impacted the performance of SMEs in Nasarawa State. The study therefore recommended that government should introduce a workable subsidy policy or grants that will mitigate the effect of power outages.

The need for accountability cannot be over emphasized. Despite advancements in fraud detection technologies and forensic accounting practices globally, organizations in Lagos continue to face significant gaps in recovering losses, delays in detection and limitations in accuracy due to infrastructural, technical and regulatory constraints. The study examined the effect of forensic accounting techniques (investigative tools, litigation support, digital analysis and data mining) on fraud detection (losses recovered, detection time, and accuracy rate)in Lagos State public sector.. The study employed a survey research design with a population of 2400 staff across Lagos public finance and audit departments. A sample size of 343 respondents was selected using Taro Yamane formula and stratified sampling technique. Data were collected via structured questionnaires and the instruments reliability was confirmed with Cronbach’s Alpha coefficients and KMO tests ensuring robustness in measurement. Data was analysed using descriptive and multiple regression analysis to test the hypothesized relationships. The results and findings showed that forensic accounting techniques had a positive and significant effect on losses recovered from fraud detection (LR) for hypothesis one (Adj R2 = 0.714, F(4, 290) = 177.841, p < 0.05). Forensic accounting techniques had a positive and significant effect on detection time (DT) for hypothesis two (Adj R2 = 0.831, F(4, 290) = 350.823, p < 0.05). From the findings and results, the study concluded that forensic accounting techniques has a significant effect on fraud detection in Lagos state. It was also seen that artificial intelligence further strengthened these effect acting as a significant moderator that enhances the efficacy of forensic tools. The study however recommended that Lagos state should establish a central asset recovery and forensic support unit to coordinate recovery efforts across agencies. Furthermore, they should mandate forensic accounting input at the onset of all major financial investigations.

This study examined the impact of direct tax assessment on economic growth in Rivers State. Ex-post facto research design was adopted because of the nature of the independent variable which has already occurred, and the researchers are examining its impact on the dependent variable – economic growth. The data used for this study was generated from historical economic operations, The study employed Vector Error Correction Model (VECM) because it is a statistical model used to analyse relationships between two variables. With the help of the E-view version, the data was analysed and the following findings emerged: the study's findings showed that PAYE and RGDP in Rivers State do not have a statistically significant association. This suggests that, based on our data, PAYE is not having a major impact on the region's infrastructure's economic production. Therefore, we recommend that improving tax laws is essential to promoting economic expansion. Additionally, increasing the effectiveness of PAYE collection would increase tax revenues, which could then be used to fund vital initiatives like infrastructure and healthcare. The study's examination of how taxes affect the development of healthcare and road infrastructure is one of its main contributions. The study demonstrates that although there is a connection between taxes and the advancement of healthcare, the impact on the development of road infrastructure is very noteworthy and requires additional governmental consideration. The study emphasizes the multifaceted function of taxes in promoting social and economic development by connecting tax revenues to these vital public services.