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All Journal International Journal of Financial, Accounting, and Management
Egbunike, Chinedu
Unknown Affiliation
Decision Sciences, Operations Research & Management

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CEO Political Connection, Shareholding and Financial Distress of Deposit Money Banks in Nigeria Agbo, Emmanuel; Egbunike, Chinedu
International Journal of Financial, Accounting, and Management Vol. 6 No. 1 (2024): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v6i1.1649

Abstract

Purpose: Prior studies conducted to investigate the issues of CEO political connection and shareholding on financial distress remain inconclusive. It is based on the above, that this study is set out to examine the effect of CEO political connection and shareholding on the financial distress of DMBs. Methodology/approach: This study adopted an ex post facto research design based on the nature and the problem of the research. The study utilized annual financial data from quoted DMBs from 2012 to 2021. The data were subjected to diagnostic tests and the Hausman test selected the use of REM over the FEM for testing the hypotheses. Results/findings: The main results show that CEOP (?=0.275582; p=0.7029) had a positive non-significant effect on financial distress; CEOS (?=-0.201171; p=0.0039) had a negative significant effect on financial distress. Limitations: The study does not include other control variables such as firm size and firm leverage which can also affect financial distress. Contribution: This research contributes first, from the focus on developing country settings is important from a theoretical and empirical standpoint because the findings help us comprehend how political connection and shareholding status of CEOs determine the distress score of the DMBs in the absence of a supportive corporate and legal framework. Novelty: This study from the context of a developing nation with weak institutional governance, examines how CEO political connection and shareholding explain the financial distress score of the DMBs which prior studies have weakly examined.
CEO Political Connection, Shareholding and Financial Distress of Deposit Money Banks in Nigeria Agbo, Emmanuel; Egbunike, Chinedu
International Journal of Financial, Accounting, and Management Vol. 6 No. 1 (2024): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v6i1.1649

Abstract

Purpose: Prior studies conducted to investigate the issues of CEO political connection and shareholding on financial distress remain inconclusive. It is based on the above, that this study is set out to examine the effect of CEO political connection and shareholding on the financial distress of DMBs. Methodology/approach: This study adopted an ex post facto research design based on the nature and the problem of the research. The study utilized annual financial data from quoted DMBs from 2012 to 2021. The data were subjected to diagnostic tests and the Hausman test selected the use of REM over the FEM for testing the hypotheses. Results/findings: The main results show that CEOP (?=0.275582; p=0.7029) had a positive non-significant effect on financial distress; CEOS (?=-0.201171; p=0.0039) had a negative significant effect on financial distress. Limitations: The study does not include other control variables such as firm size and firm leverage which can also affect financial distress. Contribution: This research contributes first, from the focus on developing country settings is important from a theoretical and empirical standpoint because the findings help us comprehend how political connection and shareholding status of CEOs determine the distress score of the DMBs in the absence of a supportive corporate and legal framework. Novelty: This study from the context of a developing nation with weak institutional governance, examines how CEO political connection and shareholding explain the financial distress score of the DMBs which prior studies have weakly examined.
Debt Financing and Firm Valuation of Quoted Non-Financial Firms in Nigeria Stock Exchange Oranefo, Patricia; Egbunike, Chinedu
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.
Co-Authors Agbo, Emmanuel Oranefo, Patricia