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All Journal International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC)
Bamidele Vincent Olawale
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Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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RETAINED EARNINGS AND FINANCIAL PERFORMANCE OF QUOTED FIRMS IN NIGERIA: AN EMPIRICAL ANALYSIS Ogunmakin Adeduro Adesola; Bamidele Vincent Olawale; Ogundipe Francis Bamidele
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 2 (2025): April
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i2.444

Abstract

This study examines the impact of retained earnings on the financial performance of listed manufacturing companies in Nigeria. An ex post facto research design was utilized, employing panel data derived from the annual reports of ten (10) companies within conglomerates and consumer goods sectors over a five (5) year period (2019-2023). The research population consists of all 153 manufacturing enterprises listed in the Nigerian Exchange Group as of December 31, 2023. Purposive sampling technique was utilized to determine our sample size. This study utilized descriptive and inferential analysis methods. The descriptive analysis indicated that all variables are normally distributed and suitable for this investigation. Conversely, the inferential analytic methods utilized include Pearson’s correlation analysis, Granger causality analysis, and panel fully modified least squares (FMOLS). The Granger causality test indicates a directional causal link among ROA, RE, and FZ. The outcome demonstrates a directional causal relationship between RE and ROA, with a p-value of 0.5131. The results indicate that ROA does not predict the future value of RE, with a p-value of 0.7431, which exceeds 0.05. The study also reveals a directional causal link between FZ and ROA with a p-value of 0.9019. The findings also suggest that ROA does not forecast the future value of FZ at a p-value of 0.4629, which is greater than 0.05. Furthermore, the data reveals a directional causal link between FZ and RE with a p-value of 0.9571. However, the findings reveal that RE considerably enhances the prediction of the future value of FZ at a p-value of 0.0160, which is less than 0.05. The outcome of the Panel Fully Modified Least Square (FMOLS) shows that retained earnings have no significant link with the return on assets of the quoted firms, with RE having a coefficient of -0.095 and a t-statistic of -0.574 with a p-value of 0.570, which is greater than the 5% threshold of significance.  Furthermore, the result of the Kao integration test shows a p-value of 0.2791 for the Kao residual cointegration test, which is greater than 0.05.  The study concludes that there is no significant relationship between retained earnings and the financial performance of the quoted firms.
AN EMPIRICAL ANALYSIS OF THE EFFECT OF CORPORATE GOVERNANCE ON THE FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA Bamidele Vincent Olawale
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 3 (2025): June
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i3.482

Abstract

The research investigated the impact of corporate governance on the financial performance of deposit banks in Nigeria. The study specifically investigates the impact of audit committee effectiveness on the return on assets of selected deposit money banks in Nigeria, analyzes the influence of board committee meeting frequency on the return on assets of these banks, and examines the effect of board committee size on the return on assets of the selected deposit money banks in Nigeria. Purposive sampling was employed to choose five (5) deposit money banks in Nigeria. Data were collected from the published audited annual financial statements of the selected Deposit Money Banks listed in the Nigeria Exchange Group Factbook over a 10-year period, from 2013 to 2024. This research employed descriptive and inferential analysis through correlation analysis and panel regression estimates. A Hausman test was performed to determine the most consistent estimation method, revealing that the fixed effect model is the most appropriate for the analysis. The findings indicated a coefficient and probability of 0.0032 and 0.2133 (p > 0.05) for ACEFF, suggesting that audit committee effectiveness exerted an insignificant positive influence on financial performance. The findings indicated a coefficient of 0.0014 and a probability of 0.4776 (p > 0.05) for BMEET, signifying that the board meeting exerted an insignificant positive influence on financial performance. The results indicate a negative and insignificant relationship between BSIZE and ROA, with a coefficient of -0.0014 and a p-value of 0.6000. The study determined that audit committee effectiveness (ACEFF) and board meetings (BMEET) exerted a positive yet insignificant influence on the return on assets (ROA) of the chosen deposit money banks. The study indicates that listed deposit money institutions should meticulously comply with the mandated board size to enhance financial performance.
FINANCIAL DECISION‑MAKING PRACTICES AND BUSINESS GROWTH OF SMALL AND MEDIUM ENTERPRISES IN NORTH‑WEST NIGERIA: AN EMPIRICAL VALIDATION Abdulsalam Dauda; Bamidele Vincent Olawale
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 4 No. 2 (2026): April
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v4i2.702

Abstract

This study empirically examines how financial decision‑making (FDM) practices influence the business growth of small and medium enterprises (SMEs) operating within Nigeria’s North‑West geopolitical zone. In an environment characterized by financial exclusion, insecure markets, and information asymmetry, sound decision processes regarding investment, financing, and working‑capital management are vital for long‑term survival. Drawing on Agency Theory and the Pecking Order Theory, the study employed a quantitative correlational design based on primary data collected from 332 SME owners and managers across Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto, and Zamfara States. Data were analyzed using Ordinary Least Squares (OLS) and Generalized Linear Model (GLM) techniques. Results indicate that financial decision‑making exerts a positive and statistically significant effect on business growth (β = 1.563; p < 0.001). Firms that systematically appraise investments, manage debt‑equity structure prudently, and maintain disciplined working‑capital control record higher sales and asset growth, contributing directly to regional employment. The model explains 67.4% of observed growth variation (Adjusted R² = 0.674) and passes robustness validation under a gamma‑distributed GLM specification (Deviance/df = 1.03). The study concludes that effective financial decision‑making is a cornerstone of SME expansion. It recommends capacity‑building on investment evaluation, debt management, and liquidity optimization, emphasizing that institutional partnerships between SMEDAN, microfinance banks, and training institutions can strengthen this capability. The research contributes region‑specific evidence to SME‑finance literature and demonstrates the continuing relevance of rational financial decision frameworks in resource‑constrained contexts.
Co-Authors Abdulsalam Dauda Ogundipe Francis Bamidele Ogunmakin Adeduro Adesola