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Environmental, Social and Governance (ESG) disclosure and firm value of manufacturing firms: The moderating role of profitability Yeye, Olufemi; Egbunike, Chinedu F.
International Journal of Financial, Accounting, and Management Vol. 5 No. 3 (2023): December
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v5i3.1466

Purpose: This study examines the impact of environmental, social, and governance disclosure on firm value. This study empirically examines the impact of profitability on the relationship between ESG and firm value. Research methodology: This study uses a panel dataset of 12 industrial goods manufacturing firms listed during the 2014-2020 period. The direct effects were tested using an FEM and the Two-Stage Least Squares was used to account for the endogeneity problem. Results: This study finds a positive effect of ESG disclosures on firm value. The coefficients of ESG in the FEM and 2SLS results were not significant. The interaction between ROA and ESG also showed higher coefficients that were not statistically significant. The empirical analysis was robust to the use of two-stage least squares regression. Limitations: This study presents evidence from a single sector based on a prior literature review, which may affect the generalizability of the findings to other sectors. Contribution: This work adds to the broad ESG literature and methodologically extends past results by exploring the moderating influence of profitability. Practical implications: This study has implications for managers and firms that are increasingly desirous of improving their firm performance by presenting a positive image to their stakeholders and how this is linked to their profitability over time. Novelty: This study adds new aspects to the broad discussion on ESG and firm value in a developing-country context, which is consistent with the view that profitable firms mainly address ESG issues in such economies.

Monetary policies and economic management: Evidence from Sub-Saharan Africa Nwosu, Kanayo Chike; Okafor, Ekwunife Gabriel; Egbunike, Chinedu F.
Journal of Governance and Accountability Studies Vol. 3 No. 2 (2023): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jgas.v3i2.1911

Purpose: The objective of this paper is to empirically analyze the application of monetary policies for economic management in Sub-Saharan African countries. The study used time series data from two African countries, specifically Kenya and Rwanda to examine the effect of broad money on the Gross Domestic Product growth rate. Research methodology: The study relied on secondary data; obtained from the World Bank Development Indicators database. The study analyzed the data using both descriptive and inferential statistical techniques. The hypothesis was tested using the Ordinary Least Squares (OLS) technique. The data were checked for normality and subjected to Unit Root tests using the Dickey-Fuller, Augmented Dickey-Fuller and Phillips-Perron text prior to further analysis. Results: The results confirmed the stationarity of the data. The descriptive statistics showed that all variables were normally distributed. The OLS result showed that broad money growth had a positive statistically significant effect on the GDP growth rate of both countries. Limitations: The study focused on two sub-Saharan African countries. Contribution: This study explicates the fact that in order to have a robust financial system, which eventually results in sustainable economic development, solid monetary policies must be maintained. Practical Implication: The implication of this study is the identification of how responsible, long-term fiscal and budgetary stance encourages economic growth. Novelty: The study focuses on the application of monetary policies in the economic management of Sub-Saharan African countries; with a particular emphasis on Kenya and Rwanda. These two countries have recorded remarkable growth in Sub-Saharan Africa compared to other countries.

Sustainable supply chain management and organisational performance: Perception of academics and practitioners Mbamalu, Euphemia Ifunanya; Chike, Nwosu Kanayo; Oguanobi, Chimezie Alex; Egbunike, Chinedu F.
Annals of Management and Organization Research Vol. 5 No. 1 (2023): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v5i1.1758

Purpose: The primary objective of this study is to examine the nexus of sustainable supply chain management and organisational performance perceptions of academics and practitioners in Awka, Anambra State, Nigeria. Research Methodology: Data were collected using questionnaires from 122 respondents in the Awka region. The data were analysed using descriptive, correlation and regression analysis for the test of hypotheses. Results: The linear regression showed that DC components of collaboration and resilience are positively related to OP; with the latter non-significant. Limitations: This study was limited by its sample size of 122 academics and practitioners and restrictions on the SSCM and OP nexus. The sample may have affected the generalizability of our results. The study does not address the other dimensions of TBL such as organisational social and environmental concerns. Contribution: The analytical results of the research contribute to the body of knowledge, enabling practitioners to organise and implement sustainable supply chain efforts as well as monitor and evaluate how these initiatives impact the operations of Nigerian enterprises in the long run.

Environmental, Social and Governance (ESG) disclosure and firm value of manufacturing firms: The moderating role of profitability Yeye, Olufemi; Egbunike, Chinedu F.
International Journal of Financial, Accounting, and Management Vol. 5 No. 3 (2023): December
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v5i3.1466

Purpose: This study examines the impact of environmental, social, and governance disclosure on firm value. This study empirically examines the impact of profitability on the relationship between ESG and firm value. Research methodology: This study uses a panel dataset of 12 industrial goods manufacturing firms listed during the 2014-2020 period. The direct effects were tested using an FEM and the Two-Stage Least Squares was used to account for the endogeneity problem. Results: This study finds a positive effect of ESG disclosures on firm value. The coefficients of ESG in the FEM and 2SLS results were not significant. The interaction between ROA and ESG also showed higher coefficients that were not statistically significant. The empirical analysis was robust to the use of two-stage least squares regression. Limitations: This study presents evidence from a single sector based on a prior literature review, which may affect the generalizability of the findings to other sectors. Contribution: This work adds to the broad ESG literature and methodologically extends past results by exploring the moderating influence of profitability. Practical implications: This study has implications for managers and firms that are increasingly desirous of improving their firm performance by presenting a positive image to their stakeholders and how this is linked to their profitability over time. Novelty: This study adds new aspects to the broad discussion on ESG and firm value in a developing-country context, which is consistent with the view that profitable firms mainly address ESG issues in such economies.

Monetary policies and economic management: Evidence from Sub-Saharan Africa Nwosu, Kanayo Chike; Okafor, Ekwunife Gabriel; Egbunike, Chinedu F.
Journal of Governance and Accountability Studies Vol. 3 No. 2 (2023): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jgas.v3i2.1911

Purpose: The objective of this paper is to empirically analyze the application of monetary policies for economic management in Sub-Saharan African countries. The study used time series data from two African countries, specifically Kenya and Rwanda to examine the effect of broad money on the Gross Domestic Product growth rate. Research methodology: The study relied on secondary data; obtained from the World Bank Development Indicators database. The study analyzed the data using both descriptive and inferential statistical techniques. The hypothesis was tested using the Ordinary Least Squares (OLS) technique. The data were checked for normality and subjected to Unit Root tests using the Dickey-Fuller, Augmented Dickey-Fuller and Phillips-Perron text prior to further analysis. Results: The results confirmed the stationarity of the data. The descriptive statistics showed that all variables were normally distributed. The OLS result showed that broad money growth had a positive statistically significant effect on the GDP growth rate of both countries. Limitations: The study focused on two sub-Saharan African countries. Contribution: This study explicates the fact that in order to have a robust financial system, which eventually results in sustainable economic development, solid monetary policies must be maintained. Practical Implication: The implication of this study is the identification of how responsible, long-term fiscal and budgetary stance encourages economic growth. Novelty: The study focuses on the application of monetary policies in the economic management of Sub-Saharan African countries; with a particular emphasis on Kenya and Rwanda. These two countries have recorded remarkable growth in Sub-Saharan Africa compared to other countries.

Intellectual Capital and Financial Performance of Quoted Manufacturing Firms Chude, Izuchukwu Daniel; Chude, Nkiru Patricia; Egbunike, Chinedu F.
Annals of Human Resource Management Research Vol. 2 No. 2 (2022): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ahrmr.v2i2.1251

Purpose: This study examined the effect of intellectual capital on the financial performance of quoted manufacturing firms on the Nigerian Stock Exchange (NSE). The study specifically evaluated the effect of the value-added intellectual coefficient (VAIC) on Asset Turnover (ATR), Gross Profit Margin (GPM) and Return on Assets (ROA) from 2011 to 2019. Research Methodology: The research design used in the study is ex post facto. Non-probability sampling was the method of sampling that was employed in the investigation. Twenty (20) consumer products manufacturing companies that had been listed on the NSE for nine years made up the final sample. In earlier investigations, this was deemed sufficient for regression analysis. The analysis makes use of secondary data taken from the companies’ annual reports. The information spanned a nine-year span, from 2011 to 2019. Result: There is a non-significant negative effect of value added intellectual coefficient on the Asset Turnover Rate (ATR) of quoted manufacturing firms; however, there is a non-significant positive effect of VAIC on Gross Profit Margin (GPM) and Return on Assets (ROA) of quoted manufacturing firms. Limitation: The main limitation is the duration of time the study was conducted and the delisting of some firms during the period. Contribution: The research adds to the body of knowledge about developing nations, on the nexus of VAIC and financial performance. It reiterates the point that firms should emphasize intellectual capital accounting and disclosure to boost and maintain a motivated workforce and its potentially beneficial effect on firm valuation in this knowledge era.

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