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Sani Abdulrahman Bala, Sani Abdulrahman
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Economics, Econometrics & Finance

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Structural Effect of Oil Price Shocks and Food Importation on Economic Growth in Nigeria Using SVAR Model Bala, Sani Abdulrahman; Alhassan, Ali
International Business and Accounting Research Journal Vol 2, No 1 (2018): January 2018
Publisher : Sekolah Tinggi Ekonomi dan Bisnis Islam Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (651.198 KB) | DOI: 10.15294/ibarj.v2i1.30

Abstract

The study empirically examines the effect of oil price shocks and food importation on economic growth in Nigeria along with two control variables i.e. exchange rate and inflation using Structural Vector Autoregressive (SVAR) Model covering the period of 1970 to 2015. The result from SVAR short-run pattern and long-run pattern indicate that GDP has recently been affected by all variables in the model. More also, it indicates a significant permanent effect of crude oil price shocks and food imports on economic growth, while the result further indicates a transitory effect of exchange rate and inflation on economic growth. For significant t-value of the long run SVAR estimate matrix, confirms long effect of crude oil price shocks, food imports, exchange rate and inflation on economic growth in Nigeria. The results from structural response indicate that crude oil have high positive impact on GDP at the initial period and negative impact at the end of the period. Furthermore, food imports have high negative effect on GDP, while GDP response negatively to exchange rate and inflation rate from the period. The result from the structural decompositions indicates that crude oil price and food imports and exchange rate contribute more variability to GDP, while inflation contribute less variability in explaining the variation of GDP in Nigeria. The study recommends that government should come up with a policy that will focus on alternative sources of government revenue by investing more in real sectors especially agriculture in order to withstand vicissitudes of oil shocks in future.
Determinants of Capital Structure in Listed Insurance Companies in Nigeria Bala, Sani Abdulrahman; Abatcha, Babagana Mallam
International Business and Accounting Research Journal Vol 4, No 1 (2020): January 2020
Publisher : Sekolah Tinggi Ekonomi dan Bisnis Islam Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (438.979 KB) | DOI: 10.15294/ibarj.v4i1.80

Abstract

This study investigates the determinants of capital structure in listed insurance companies in Nigeria for the period of thirteen years, from 2006-2018. Ex-post facto research design was adopted for this study. The population of the study is made up of the 28 insurance companies listed on the floor of the Nigerian Stock Exchange (NSE) as at 2018. Since the population is not too large, this study utilized census sampling technique to take all the population. The data used in this study were secondary data derived from annual reports of insurance companies that are listed on the NSE. The study used panel regression with respect to the use of Hausman specification test to determine the use of fixed or random effect model. The random effect regression result revealed that that firm size has insignificant positive effect on capital structure (CST) of listed insurance companies in Nigeria. The study showed a significant positive effect between age and CST of listed insurance companies in Nigeria. Based on the regression result, asset tangibility has insignificant negative effect on CST, the regression result shows that risk has insignificant positive effect on CST, while the study found that insurance growth has significant positive effect on CST of listed insurance companies in Nigeria. The study concludes that size, age, tangibility of asset, insurance risk and growth are determinants of CST of listed insurance companies in Nigeria. The study recommends that insurance companies should have a high consideration for the value of total asset when determining their capital mix. Also, insurance companies that have been incorporated for long should consider external financing likewise, insurance companies should not give fixed asset priority when considering their capital structure mix. Debt providers should seek for high return in order to hold the risk related to the bankruptcy and financial distress. Lastly, debt holders should require such return to hold the risk of agency conflicts with shareholders and management.
Co-Authors Abatcha, Babagana Mallam Ali Alhassan, Ali