Category Archives: International Journal of Management Studies, Business and Entrepreneurship Research 2017

CONTENTS

Employee Fraud Methods in Electronic Accounting Systems (Issues and Challenges)

Nwadighoha Chinedum Ephiraim……………………………………………………1

A Study of the Relationship between Employees’ Performance Management and Organizational Productivity in the Nigerian Telecommunication Industry

Emmanuel Olaniyi Dunmade & Omolade Sunday Adeyemi…………………….12

The Factor-Likelihood Models and the Arbitrage Pricing Theory in the Nigeria Equity Market

Agbam, Azubuike Samuel & Anyamaobi, Chukwuemeka……………………….32

Corporate Governance Mechanisms and Financial Performance of Quoted Insurance Companies in Nigeria

Foluso Olugbenga Aribaba & Lateef Olamide Ahmodu………………………….69

Foreign Direct Investment, Exchange Rate Policy and Economic Growth; Lessons for Nigerian Economic Recovery

Aribatise Adekunle & Agu Victor Nnamdi…………………………………..……..89

Metal Waste Enterprise: A Tool for Revamping the Economy of Idah, Kogi State

Jegede, Joy Anwuli……………………….……………………………………………106

Branding and its Effect on Consumer Loyalty to the selected Table Water Brands in Nigeria

Anetoh, John Chidume……………………………………………………….……….115

An Appraisal of the Performance of Money Market as a Catalyst of Economic Growth in Nigeria

Mustapha Tafida Aminu, Luka Mohammed Bambur& Rabiu Aliyu…………..149

Statistical Intervention Analysis of Nigerian Monthly Inflation

Ette Harrison Etuk……………………………………………………………………..174

Incidences of Trade and Entrepreneurship Implementation among Secondary Schools in Makurdi Metropolis

Elijah. A. Hime & Imborivungu, Terkimbi Emmanuel………………………….186

Assessing the Causes and Consequences of Costing Public Projects’ Contracts in Cameroon: Case of Public Buildings’ Projects in Buea & Limbe, South West Region

Francis A. Fumenya………………………………………..………………………….200

Assessment of Income Inequality among Rural Women Entrepreneurs in South -West, Nigeria

Ehinmowo, O. O. & Akinlade, R. J…………………………….……………………212

Employee Fraud Methods in Electronic Accounting Systems (Issues and Challenges)

Nwadighoha Chinedum Ephiraim

Department of Accounting

Michael Okpara University of Agricultural Umudike, Abia State

E-mail: Chinedumnwadighoha@yahoo.com

ABSTRACT

Certain factors in the corporate culture can increase the likelihood of theft including poorly compensated employees, excessive pressure on employees to perform, a hostile work environment, corporate financial troubles, and negative examples from top management. Consequently, the study is aimed at investigating employee fraud methods in electronic accounting system. A population of 214 corporate organizations in Nigeria was chosen and non probability sample was applied to use the same 214 corporate organizations as the sample size. Ordinary Least Square (OLS) Regression Analysis was used to test the hypotheses with the aid of Durbin Waston F. Statistic model. The following findings were discovered, that the employee Fraud methods (EFM) coefficients of 3.811e-5 indicates a positive relationship with employee methods of theft (EMT) is not statistically significant and hence, the following recommendations were made, all employees must be assigned password for their log in, the audit trail must be regularly and promptly reconciled and staff users should not be allowed to have access to other staff data for their own work except the data that are relevant to their own functions.

Keywords: Employee Fraud Methods, Electronic Accounting System, Direct File Alteration, Program Alteration, Data Theft and Employee Sabotage. 

A Study of the Relationship between Employees’ Performance Management and Organizational Productivity in the Nigerian Telecommunication Industry

Emmanuel Olaniyi Dunmade & Omolade Sunday Adeyemi

Department of Business Administration, Federal University of Technology, Akure

Department of Business Administration, Odududwa University Ipetumodu, Nigeria

Email: niyidunmade@yahoo.co.uk, Omolade_adeyemi@yahoo.com 

Corresponding Author: Emmanuel Olaniyi Dunmade

ABSTRACT 

The study examined the challenges confronting employees’ performance management in enhancing productivity in the industry in the study area. These were with a view to providing information on the relationship between employees’ performance management and productivity in the Nigerian telecommunication. Primary and secondary data were utilized for the study. Primary data were collected through administration of questionnaire. Purposive sampling technique was adopted to select corporate headquarters and outlets of four core telecommunication companies namely: MTN, GLO, ETISALAT and AIRTEL in Nigeria. The selection of these fourtelecommunication companies out of all the existing ones in the country was due to the effectiveness of their service delivery to the people and wider area of coverage in Nigeria while the selection of Southwest was premised on the fact that all the core telecommunication companies had their headquarters and major outlets in the region. Members of management staff were stratified into middle and top level management staff. Fifty per cent of the population made up of 394 respondents was selected for the study. In addition, interviews were conducted to elicit information from each director of the purposively selected Customer Care; Human Resource and Administration; and Marketing Departments. This was because these were the staff in the right positions to provide the required information for this study.  Data collected were analyzed using Analysis of Variance and Spearman Correlation Analysis. The study further established that the challenges confronting the employees’ performance management in enhancing productivity did not significantly affect productivity in the industry in the study area (r = 0.023, p>0.05).The study concluded that employees’ performance management influenced productivity in-spite of challenges confronting performance management in the Nigerian telecommunication industry.

Keywords:  Productivity, Management, Organization, and Industry

The Factor-Likelihood Models and the Arbitrage Pricing Theory in the Nigeria Equity Market

Agbam, Azubuike Samuel & Anyamaobi, Chukwuemeka

Department of Banking and Finance

Rivers State University, Npkolu-Oroworukwo, Port Harcourt, Nigeria

Email:azubuikesamuelagbam@yahoo.com, chukwuemeka.anyamaobi@ust.edu.ng

Corresponding Author: Agbam, Azubuike Samuel

ABSTRACT

This study tests the empirical applicability of the Factor Likelihood Arbitrage Pricing Models in explaining stock prices in Nigeria Equity Market. The study adopts the statistical (latent) factors approach. We used the principal component analysis to derive proxies for the latent factors. The Autoregressive Moving Average Maximum Likelihood technique was applied to the latent factors and monthly security returns of 50 sample-stocks listed in the Nigerian Stock Exchange for the period January 2002 to December 2016. The results reveal that out of the seventeen real factors, three command risk premium. We recommend that despite the Pre-specified Arbitrage Pricing Model has gained influence both in advanced and emerging economies, investors should not neglect the Statistical Factors Arbitrage Pricing Model as an efficient discounting technique.  

Keyword: Factor likelihood, arbitrage pricing theory, stock pricing, equity market, Nigeria

Corporate Governance Mechanisms and Financial Performance of Quoted Insurance Companies in Nigeria

Foluso Olugbenga Aribaba & Lateef Olamide Ahmodu

Department of Accounting and Finance, Elizade University, Ilara- Mokin, Ondo State,

Department of Management Sciences, Wesley University, Ondo, Nigeria

E-mail: folusoaribaba2003@yahoo.com,ahmoduolamidelateef10@gmail.com

Corresponding Author: Lateef Olamide Ahmodu

ABSTRACT

The study empirically investigates the relationship between corporate governance and financial performance of quoted insurance companies in Nigeria within the period 2009 – 2015. It also ascertains the relationship between board size, board independence, audit committee supervision, board gender diversity and financial performance of quoted insurance companies in Nigeria. The study employs panel data of nineteen (19) sampled insurance companies quoted on the Nigerian Stock Exchange. Data were collected from annual audited reports of the quoted insurance companies. Panel OLS regression methodology was used to analyze the data and the data were regressed with the aid of EVIEWS 7.0 econometric software package. The study revealed that board size, board independence and audit committee composition have negative effect on financial performance while board gender diversity positively influences financial performance. However, none of the corporate governance variables (BZS, BDI, BGD and AUD) significantly influence financial performance (ROE). The study therefore recommends that steps should be taken for mandatory compliance with the code of corporate governance by management of insurance companies in Nigeria. Keywords: Corporate Governance, Financial Performance and Insurance Company.

Foreign Direct Investment, Exchange Rate Policy and Economic Growth; Lessons for Nigerian Economic Recovery

¹Aribatise Adekunle & ²Agu Victor Nnamdi

¹ Department of Economics, Wesley University, Ondo State, Nigeria

²Department of Economics, Obafemi Awolowo University, Ile-Ife, Nigeria

Email: kundun95@gmail.com

Corresponding Author: Aribatise Adekunle

ABSTRACT

The study examined the causal relationship and dynamic interaction among Foreign Direct Investment, Exchange Rate and Real Gross Domestic Product in Nigeria. These were with the view to examining the relative effectiveness of Foreign Direct Investment and Exchange rate in addressing the Nigeria’s contemporary economic problems. Annual data over the period of 1986 to 2014, sourced from the World Bank Development Indicators, and the Central Bank of Nigeria (CBN) Statistical Bulletin, were used for the study. Time series econometrics (Granger Causality and Vector Error Correction Model) was applied to test the causal relationship, and the interaction among the variables respectively. The result of the Granger causality test shows that there is a unidirectional causality running from Foreign Direct Investment and Exchange rate to Real Gross Domestic Product respectively. Furthermore, the variance decomposition established that a shock on Foreign Direct Investment and Exchange rate respectively have significant and lasting impact on the Nigerian real gross domestic product long into the future. The paper recommends that FDI and Exchange rate are viable policy instruments that could inject a sustained drive for Nigerian economic recovery. Hence Government and the monetary authorities should adopt favorable exchange rate policy and encourage the inflow of Foreign Direct Investment in Nigeria so as to catalyze the economy towards sustainable growth. Keywords: VECM, Economic Growth, FDI, Exchange Rate, Variance Decomposition

Metal Waste Enterprise: A Tool for Revamping the Economy of Idah, Kogi State

Jegede, Joy Anwuli

Department of Urban and Regional Planning,

The Federal Polytechnic, Idah, Kogi State

Email: Joyan4life@yahoo.com

ABSTRACT

Socio-economic development and the degree of industrialisation influence waste generation rates by generally affecting income and consumption patterns. This study addresses the intrigues behind the collection of metal waste; the types of metal waste collected in the study area and the various characters involved in the activities of the enterprise. The analysis was based on data obtained from the questionnaire administered to gather information pertaining to the sources of the metal waste, the attributes of the participants in the business and its impact on the economy of the Idah. Three metal waste collection points were sampled for this study. The data was analysed using ANOVA and chi-square test. The result however shows that there is no significant difference between the metal waste trade and the economy of the town since the F calculated is 0.9214 with a table value of 112.47 at a significance level of 0.05. The paper thus recommends that zoning principles be adopted in the area so as to order the dump sites to avoid conflict in the land uses.

Keywords: Waste; Metal waste; Enterprise; Socio-economic; and Industrialisation

Branding and its Effect on Consumer Loyalty to the selected Table Water Brands in Nigeria

Anetoh, John Chidume

Department of Marketing

Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria

E-mail: anetohjohn@yahoo.com

ABSTRACT

This study examined branding and its effect on consumer loyalty to the selected table water brands in Nigeria with particular reference to Anambra State using Onitsha, Awka and Nnewi. The specific objectives of the study were to investigate the effect of branding variables; brand equity, brand image, brand name, brand association, brand colour, brand label and brand mark on consumer loyalty to the selected table water in Anambra part of Nigeria. The study utilized 375 usable copies of the questionnaire for analysis. Descriptive research design using cross-sectional survey method was adopted. Primary source of data collection was used in the study. Multiple regression analysis was used to test the seven formulated hypotheses. The result revealed that brand image and brand name have positive significant effect on consumer loyalty to the selected table water in Anambra part of Nigeria while other brand elements used in the study have less significant effects on consumer loyalty to the selected table water in Anambra part of Nigeria. The major findings from the study include that brand image and name have significantly influenced consumer loyalty to the selected regulated table water in Anambra part of Nigeria while other branding variables used in this study have not. The study also revealed that among all the branding variables; brand image and name are the major determinants of consumer loyalty while brand association, colour, label and mark are minor determinants of consumer loyalty to the selected table water brands in Anambra part of Nigeria. The study recommends the formulation and implementation of customer-triggered strategies directed to improving on brand equity, association, label, colour and mark for continued consumer satisfaction and sustained loyalty toward table water brands in Anambra State in particular and Nigeria in general.

Keywords: Branding, Consumer Loyalty, Table Water Brands, Anambra Part of Nigeria.

An Appraisal of the Performance of Money Market as a Catalyst of Economic Growth in Nigeria

Mustapha Tafida Aminu¹, Luka Mohammed Bambur¹ & Rabiu Aliyu²

¹Department of Accountancy, Taraba State University, P.M.B 1167, Jalingo, Taraba State

²Centre for Entrepreneurship Development, Taraba State University, P.M.B 1167, Jalingo, Taraba State

Email: tafidainfo@gmail.com

Corresponding Author: Mustapha Tafida Aminu

ABSTRACT

The impact of money market as a stimulus for economic growth in Nigeria has been increasingly obvious over the years. This study examined the performance of money market as a catalyst of economic growth and development in Nigeria from year 1999 to 2017, the main objectives of the study include; evaluating the contribution of the money market to the economic growth of the country and to ascertaining the impact of money market in financial development in Nigeria. The study utilized secondary data from the Central bank (CBN) statistical bulletin, Federal Bureau of Statistics, CBN and some selected commercial banks statement of account and annual report of various years. The methodology used in the research was ordinary least square method (OLS) which is quantitative in nature, that is, regression was used to analyze the data. Major findings reveal that the money market immensely contributes to the economic growth and development in Nigeria, albeit there are some factors bedeviling its performance like high rate of interest, devaluation of the Nigerian naira, and inflation. It was concluded that a lot is still required in the area of improving the operational efficiency, enhancing the depth and breadth of the market, building regulatory capacity. Thus, the study recommended that Nigerian money market instrument should articulate robust strategies to invigorate multitude and viable investments for sustained economic growth and development in the country.

Keywords: Money Market, Economic growth, Capital Market and Financial Sector

Statistical Intervention Analysis of Nigerian Monthly Inflation

Ette Harrison Etuk

Department of Mathematics

Rivers State University, Port Harcourt

Email: etuk.ette@ust.edu.ng

ABSTRACT

Since 2016, Nigeria has been in economic recession.  Coincidentally, its inflation rates have been rising too with time. The goal of government has been to maintain the inflation in a single digit range. From 2013 up to January 2016, this goal has been achieved according to the records of the Central Bank of Nigeria after which it has swung back to two digits until now. The index is rising on a monthly basis. It is known that recession could worsen inflation. This paper is an attempt to propose an intervention model to explain this relationship between the two variables: inflation and recession. Clearly the point of intervention is February 2016, the change in the mean level being observed to be statistically significant. The pre-intervention series is observed to be non-stationary and thereby differenced to make it stationary.  The correlogram of this resultant series has a spike in the partial autocorrelation function at lag 3 and no spike at all in the autocorrelation function, suggesting an AR(3) model, which fitted is observed to be adequate, the residuals following a Gaussian distribution. The difference of the post-intervention observations and the AR(3) forecasts are analyzed  for the intervention model. There is very close agreement between the observations and the intervention model forecasts. It is recommended that the Nigerian economy be upped with appropriate economic policies in order to ameliorate the inflation situation.

Keywords: ARIMA modelling, economic recession, intervention analysis, Nigerian Inflation