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All Journal International Journal of Financial, Accounting, and Management International Journal of Accounting and Management Information Systems
Oranefo, Patricia Chinyere
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Accounts payable turnover and firm performance of quoted manufacturing firms in Nigeria Oranefo, Patricia Chinyere; Egbunike, Chinedu Francis
International Journal of Accounting and Management Information Systems Vol. 1 No. 1 (2023): February
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijamis.v1i1.1247

Abstract

Purpose: The objective of this study is to ascertain the nexus of accounts payable turnover and firm performance of quoted manufacturing firms in Nigeria. Research methodology: This study adopted an ex-post facto research design. The sample comprised seventy-five non-financial firms quoted on the Nigerian Exchange Group (NGX). The study purposively selected all available non-financial firms during the study period: 2010-2019. This study utilized secondary sources of data, i.e., computed financial ratios from annual financial statements downloaded from the MachameRatios® database. The data were analyzed using multiple regression techniques. Results: There is a non-significant positive effect of the accounts payable turnover ratio on ROA (p=0.9729) and ROE (p=0.2669); and; a significant negative effect of the accounts payable turnover ratio on Tobin’s Q (p=0.0140). Conlusion:Accounts payable turnover has no significant effect on ROA and ROE but negatively affects Tobin’s Q. This highlights its limited impact on accounting returns but notable influence on market value. Strategic management of payables remains essential. Limitations: The limitation of the study is the failure to account for endogeneity concerns in firm performance studies. Contribution: The study contributes to the working capital management literature and specifically to the credit management axiom. It also showed a differential effect of APT on various firm performance proxies which have significant implications for managers, e.g., finance officers in corporations that intend to utilize the accounts payable turnover as a strategy to grow the performance of the firm in the short and long term.
Gearing ratio and operating cash flow performance of quoted manufacturing firms in Nigeria Oranefo, Patricia Chinyere; Egbunike, Chinedu Francis
International Journal of Financial, Accounting, and Management Vol. 4 No. 4 (2023): March
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v4i4.1090

Abstract

Purpose: The study examines the effect of gearing ratios on the operating cash flow performance of 36 manufacturing firms listed on the Nigeria Stock Exchange from 2011 to 2018 financial years. The study evaluated the effect of capital gearing, income and the operating gearing ratios on the operating cash flow of quoted manufacturing firms. Research methodology: The study adopts an ex post facto research design utilizing a final sample of thirty-six (36) purposively selected manufacturing firms quoted on the Nigerian Stock Exchange (NSE). The study utilized financial statement data compiled by MachameRATIOS®. The data were analyzed using multiple regression techniques. Results: There is a negative effect of capital and income gearing ratio on operating cash flows with the former not significant, and a positive non-significant effect of operating gearing ratio on operating cash flow. Limitations: The focus on consumer and industrial goods firms limits the generalizability of the study findings to other sectors of the economy. The study did not test for Granger causality. Contribution: The study contributes to the literature in the context of developing countries, on the importance of monitoring the different gearing ratios, more especially the income gearing ratio to ensure positive cash flow. The findings also confirm that managers from emerging economies can alter business risk to sustain favorable performance. The study has implications for investors assessing investment decisions on the need to be wary of the different market and financial risk profiles computed from the various measures in making informed investment decisions.
Macroeconomic factor, firm characteristics and inventory holding in Nigeria: A quantile regression approach Egbunike, Chinedu Francis; Oranefo, Patricia Chinyere
International Journal of Financial, Accounting, and Management Vol. 5 No. 1 (2023): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v5i1.1096

Abstract

Purpose: Prior studies show that inventory holding is closely linked to liquidity and procyclical dependent on the combination of macroeconomic and firm characteristics. Thus, conditional linear factor models such as OLS should fail to explain the inventory-holding motive, especially in the context of developing countries. This study seeks to empirically investigate the determinants of corporate inventory holding based on evidence from pharmaceutical companies in Nigeria. Research methodology: The study adopts the ex post facto research design. The final sample was eight pharmaceutical & healthcare firms quoted on the Nigerian Stock Exchange (NSE). The data were analysed using the quantile regression technique. Results: The results showed that the inflation rate had a positive effect on the inventory holding distribution at upper quantiles (75th); and, the cash conversion cycle on the inventory holding was significant at different quantiles (25th, 50th and 75th). Profitability and liquidity were non-significant at different quantile distributions. Limitations: The focus on pharmaceutical firms limits the generalizability of the study findings to other sectors of the economy. Contributions: The study contributes to the literature in the context of developing countries, on the impact of varying firm characteristics and inflation rates on the different conditional distribution of the regressand, i.e., inventory holding.
Co-Authors Egbunike, Chinedu Francis