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All Journal Indonesian Management and Accounting Research Journal of Accounting Inaba
Olagunju, Adebayo
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Economics, Econometrics & Finance

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Ownership structure and market value of commercial banks in Nigeria: How significant is the retail owners, domestic institutions ownership, foreign institutions ownership, Government Olakunle Abraham Olateju; Olateju, Dare John; Olagunju, Adebayo; Adebayo, Aderemi Olalere; Olowookere, Johnson Kolawole
Indonesian Management and Accounting Research Vol. 21 No. 2 (2022): INDONESIAN MANAGEMENT AND ACCOUNTING RESEARCH
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisns, Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/k6evxr32

Abstract

This study investigates the relationship between ownership structure and the market value of commercial banks in Nigeria, utilizing agency theory as a theoretical framework. Panel data from 2014 to 2022, comprising 63 firm-year observations from 7 commercial banks, is analyzed using Fully Modified Least Squares (FMOLS) and Phillips-Perron cointegration tests. The findings reveal that domestic shareholdings have a statistically significant positive effect on bank valuations, while foreign and government shareholdings have significant negative effects. The results suggest that increased domestic investment enhances market value, whereas higher foreign and government ownership may reduce it. These findings underscore the importance of ownership structure in shaping market perceptions and provide valuable insights for policymakers aiming to optimize ownership arrangements in the Nigerian banking sector.
Corporate Sustainability And Working Capital Management Efficiency In Emerging Markets: Evidence From Listed Firms In Nigeria Mbah, Fatima Imika; Olowookere, Johnson Kolawole; Olagunju, Adebayo; Oladejo, Titilayo Moroomoke
Journal of Accounting Inaba Vol. 4 No. 2 (2025): Volume 4 Number 2, December 2025
Publisher : Universitas Indonesia Membangun

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56956/jai.v4i2.525

Abstract

Corporate sustainability, previously viewed through environmental, social, and governance (ESG) lenses, is now integral to strategic and financial performance. This study investigates the impact of corporate sustainability on the working capital management efficiency (WCME) of listed companies in Nigeria. Drawing on stakeholder theory and resource-based theory, the study conceptualizes corporate sustainability in a composite perspective and assesses its impact on WCME. The empirical analysis utilizes panel data from listed non-financial firms (2014 – 2024). The findings revealed that corporate sustainability performance exerts an adverse and statistically noteworthy effect on both the cash conversion cycle (CCC) and the WCME score. The findings have recommendations for policymakers, corporate managers, and investors, highlighting the need for firms to develop strategies that facilitate efficient working capital management while pursuing sustainability. The policymakers and firm managers must maintain this balance, to ensure sustained operational performance and the overall financial health of the firms.
Co-Authors Adebayo, Aderemi Olalere Mbah, Fatima Imika Oladejo, Titilayo Moroomoke Olakunle Abraham Olateju Olateju, Dare John Olowookere, Johnson Kolawole