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All Journal International Journal of Financial, Accounting, and Management Annals of Management and Organization Research
Chinedu Egbunike
Nnamdi Azikiwe University, Nigeria
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Debt Financing and Firm Valuation of Quoted Non-Financial Firms in Nigeria Stock Exchange Patricia Oranefo; Chinedu Egbunike
International Journal of Financial, Accounting, and Management Vol. 4 No. 2 (2022): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v4i2.1064

Abstract

Purpose: This study examined the effect of debt financing on the firm valuation of quoted non-financial firms on the Nigerian Stock Exchange (NSE). The study specifically evaluated the effect of short-term debt to equity, long-term debt to equity, and total debt to assets on Tobin’s Q for the period 2011 to 2019. Methodology: The study adopts the ex post facto research design. The sampling technique utilized in the study was non-probability sampling. The final sample comprised seventy-five firms quoted non-financial firms on the Nigerian Stock Exchange (NSE). The secondary data obtained from MachameRATIOS®were analyzed using panel regression techniques. Unlike prior studies, the study also employs the Arellano Bond Dynamic Panel-data Estimation Model for robustness analysis. Results: There is a negative effect of short-term debt to equity on Tobin’s Q. The effect of long-term debt to equity and total debt to assets was positive and significant. Limitations: The main limitation is the unbalanced nature of some sectors due to data unavailability. Contribution: The study contributes to the literature in the context of developing countries, on the effect of long-term debt on firm valuation; consistent with the trade-off theory of the cost of long-term debt financing as an alternative to internal funding.
Customers’ Loyalty and Sales Performance of Dangote Cement Product in Awka, Anambra State Chukwunonso Nosike; Chinedu Egbunike
Annals of Management and Organization Research Vol. 3 No. 2 (2021): November
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v3i2.1160

Abstract

Purpose: The broad objective of the study is to ascertain the relationship between customers’ loyalty and the sales performance of Dangote Cement products in Awka, Anambra State. The study specifically examined the relationship between emotional loyalty and consumer purchase intention; and, the relationship between behavioral loyalty and consumer purchase intention of Dangote cement. Research methodology: The study adopts the survey research design. The final sample comprised one hundred and twenty-four (124) consumers of Dangote cement products in the Awka metropolis. The study relied on primary data; obtained from a structured questionnaire. The data were analyzed using descriptive statistics and the hypotheses were tested using the Pearson correlation coefficient. Results: The results showed a positive significant relationship between emotional loyalty and consumer purchase intention; and, a positive significant relationship between behavioral loyalty and consumer purchase intention. Limitations: The study focused on consumers of a single product, which limits the generalizability of the study findings to other different products. Contribution: The study contributes to the management discipline by understanding how customer loyalty impacts the continued purchase of an organization’s product or service. More so, the appeal now of using emotional marketing tools seems to be gaining increased popularity. The study also buttresses the fact that the consumers may be viewed from both a relational and transactional perspective.
Co-Authors Chukwunonso Nosike Patricia Oranefo