Impact of Capital Market Activities on the Nigerian Economy

Ikeobi, Nneka Rosemary
Department of Actuarial Science,
Faculty of Management Sciences, University of Jos, Jos, Nigeria.
Email: nikeobi2002@yahoo.com

ABSTRACT

This paper assesses the impact of capital market activities on the Nigerian economy by examining relationships between capital market indicators and economic growth using a multiple regression model. Gross domestic product (GDP) was used as proxy for economic growth while market capitalization (MCAP), number of deals (NODL), value of deals (VALD) and all-share index (ASI) were used as proxies for capital market activities. Money supply (MS) and credit to private sector (CPS) were included in the
model as control variables. The results revealed that market capitalization and value of deals had positive but insignificant impact on the economy, while number of deals and all-share index had negative and insignificant impact. These findings indicate that the Nigerian capital market has not impacted significantly on the Nigerian economy by efficiently channeling funds for real sector investment. The negative relationship between economic growth and number of deals and all-share index is indicative that
the Nigeria capital market is generally illiquid and points to its inefficiency in its ability to channel funds to the real sector of the economy for productive investment. The implication of these findings is that capital market regulators should intensify efforts aimed at removing all identified impediments to capital market operations to make it more attractive and accessible to firms seeking long-term funds. Keywords: Capital Market, Capital Mobilization, Capital Allocation, Finance, Economic Growth, Nigeria

Effect of Management Communication Pattern and Change Process on Organizational Commitment in Selected Research Institute in Southwestern, Nigeria

1Ayansina, S.O; 1Soaga, R.A; 1 Ayinde, A.F.O; 1Oyeyinka, R.A. Oyeleye, A.A.
1Department of Agricultural Administration, Federal University of Agriculture, Abeokuta, Nigeria Email: drayansina@gmail.com

ABSTRACT

The study examined the relationship between management communication patterns and change process; and organizations’ commitment in selected research institutes in southwestern Nigeria. Multi-stage random sampling technique was utilized to select
198 (15%) respondents from 1,344 employees in different departments of the study organizations. Structured and pre tested questionnaire with Cronbach Alpha coefficient of 0.79 was used to collect data on socioeconomic characteristics of the respondents which was measured on ordinal and nominal levels; Pattern of communication, constraints and organizational commitment were also taken on standardized statements were measured on likert type of scale. Data collected were subjected to both descriptive and inferential statistics such as frequent counts percentages and mean scores while Pearson Correlation, linear regression and Analysis
of variance were used to test the study hypotheses. Results revealed that 72.6% of the respondents were below the age of 50 years, the majority (64.5%) were male and 92.5% were married. It was also found that 52.5% and 79.0% had M sc. degrees and earned about N200, 000.00 monthly respectively. The trends of communication patterns in the study organizations were horizontal (x-=3.87) follow by upward
(x=3.31), downward (x=3.16), and diagonal communication patterns (x= 2.99). The most constraints to communication process were status difference (x= 3.53), Poor listening skills (x=3.48) and information overload (x=3.41). Employee were normatively (x=3.43) committed to the organization followed by continuance commitment (x=3.21) and affective commitment (x=3.19). In the tested hypotheses, results of person product moment correlation analysis revealed significant but negative relationships between family size (r=0.20, p< 0.05), pattern of organizational communication (r=0.00p< 0.05); and employees commitment to the organization. There was a significant (p<0.05) relationship between
organizational change process(r =0.58) and organization commitment. Also, result of Analysis of Variance (ANOVA) revealed significant difference (F=0.65) in the pattern of communication operated in the different institutes selected for the study with the specific valves of NIHORT (X=67.62), FRIN (X=66.19 and IAR&T (X=65.99) respectively. It is concluded that patterns such as horizontal, upward, and downward communications in the study institutes have really enhanced the commitment of the employees to their respective institutes. Organization is therefore recommended to improve on diagonal pattern of communication in order to improve on task- related
and periodic report process in the various departments. Lastly, organization should rectify constraints to communication process like status difference, employees’ poor listening skills, inadequate trust and information overload. Keywords: Communication Pattern, Change Process and Organizational Commitment

Optimising Intergovernmental Fiscal Relations in Nigeria

Ambe Alfred N.
Department of Accounting
Gombe State University
Email: ambeneba@gsu.edu.ng

ABSTRACT

Each level of government within each sphere of responsibility should exercise independent authority, such that it is clear that the fiscal policies adopted by one level of government are not limited to or conditional upon the fiscal policies adopted by another level of government. This principle behind classical fiscal federalism has been inundated by a complex of foundational and operational difficulties. These have underlined the quest for optimizing fiscal matters among levels of government. Yet the central government ever so often becomes preponderous in the attempt to create and articulate institutions and cooperations that lead to optimum. This act in itself has skewed fiscal intergovernmental relations in favour of the centre. This work investigates the attempt at optimising fiscal relations in federal systems of government, using Nigeria as the case. The work observes that it is not optimal for one level of government to provide national and local public goods and at the same time be responsible for the distribution and stabilization functions of government; and that an attempt by central government to supply local public goods is an attempt to make uniform what is practically not uniform. It therefore, concludes that scientific operation (implementation) of fiscal relation should be undertaken in the polity; corruption should be tackled in all its forms and that centralizing tendencies should be checked as a way of administratively keeping the optimizing goal within reach. Keywords: Optimisation; Fiscal relations; Fiscal Federalism. Corrupt Implementation.

Ethics in Organisational Strategy and Culture

1Matthias O. Nkuda; 2Margaret Ekeins & 3Tatfeng Marie Madeleine
1Department of Management, University of Port Harcourt, Port Harcourt, Nigeria. 2Department of Management, Niger Delta University, Wilberforce Island, Yenagoa, Bayelsa State. 3Department of Office and Information; Niger Delta University, Wilberforce Island, Yenagoa, Bayelsa State
Email: matthias.nkuda@uniport.edu.ng; margaretekeins@ndu.edu.ng, mariefeng@yahoo.com

ABSTRACT
This paper discusses ethics in relation to organisational strategy and culture. The definitions and importance of ethics, organisational strategy and culture are clearly stated and explained. Above all, this concludes that an intricate relationship exists between ethics and organisational strategy including corporate culture which serves as the backbone or foundation of the relationship and connection. Keywords: Ethics, organisational strategy, strategos, corporate culture