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All Journal SEISENSE Journal of Management Sciences of Phytochemistry
Umar, Abubakar Sadiq
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Chemical Engineering, Chemistry & Bioengineering Chemistry Economics, Econometrics & Finance Medicine & Pharmacology Social Sciences

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Free Cash Flow and Investment Efficiency of Listed Manufacturing Companies in Nigeria Kantudu, Aliyu Sulaiman; Umar, Abubakar Sadiq
SEISENSE Journal of Management Vol. 4 No. 4 (2021): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33215/sjom.v4i4.698

Abstract

Purpose- This study aims to determine the relationship between free cash flow and investment efficiency of quoted manufacturing companies in Nigeria. Design- An accounting-based model developed by Richardson (2006) was employed to measure investment efficiency and free cash flow. The population of the study consist of all the listed manufacturing companies in Nigeria. Similarly, the purposive sampling technique was employed to arrive at forty-eight companies for 2008-2018. Findings- The results of the study confirm the agency theory of free cash flow. Hence, it established that there is a positive and robust relationship between free cash flow and overinvestment. Practical Implications- the findings of this study has practical implications to various group of users of financial information such as investors, policymakers and other stakeholders in the listed manufacturing sector in Nigeria. The study recommends that policymakers reduce the cost of debt, and likewise, managers should emphasize the facilitation of equity capital. Originality- To the best of the researcher's knowledge, this is the first study to examine the relationship between free cash flow and investment efficiency in Nigeria.
Phytoconstituents, Fourier-Transform Infrared Characterization, and Antioxidant Potential of Ethyl Acetate Extract of Corchorus olitorius (Malvaceae) Dahiru, Mubarak Muhammad; Umar, Abubakar Sadiq; Muhammad, Musa; Waziri, Asma'u Abubakar; Fari, Ibrahim Ishaq; Musa, Zuwaira Yusuf
Sciences of Phytochemistry Volume 3 Issue 1
Publisher : ETFLIN Publishing House

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58920/sciphy0301208

Abstract

Oxidative stress is a condition that is characterized by the generation of reactive oxygen species more than the amount endogenous antioxidants can absorb. Several diseases are associated with oxidative stress, notably during disease progression. Thus, the present study aimed to determine the phytoconstituents and antioxidant potential of the ethyl acetate leaf extract of Corchorus olitorius (ELEC). The phytochemicals were qualitatively and quantitatively determined, followed by characterization using Fourier-transform infrared (FTIR) spectroscopy. The antioxidant potential was determined in vitro. Alkaloids, saponins, and flavonoids were detected in concentrations of 8.50 ±2.65, 11.83 ±0.73, and 19.17% ±0.73, respectively. The FTIR spectrum revealed 9 peaks including six at the group frequency region corresponding to alcohols, carboxylic acid, amine salts, alkenes, alkyne, esters, and oxime functional groups. The ELEC exhibited lower total reducing power (11.06 ±1.34 AAE µg/ml) compared to its total antioxidant capacity (49.26 ±2.44 AAE µg/ml) with a higher (60.47% ±2.44) percentage inhibition of peroxidation than AA (37.98% ±1.88). Furthermore, the ELEC exhibited a lower (0.20 ±0.01 nmol/ml) MDA concentration than AA (0.42 ±0.02 nmol/ml). Conclusively, C. olitorius might be applied for the management of oxidative stress-linked ailments and a source of novel therapeutics for these ailments.
Co-Authors Dahiru, Mubarak Muhammad Fari, Ibrahim Ishaq Kantudu, Aliyu Sulaiman Muhammad, Musa Musa, Zuwaira Yusuf Waziri, Asma'u Abubakar