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Research background: Monetary access and literacy are significant factors of concern confronting the survival and sustainability of small and medium-sized enterprises. Purpose: This led to this paper seeking to understand the impact monetary access and monetary literacy have on the sustainability of SMEs in the COVID-19 era. Research methodology: The method was employed by this study is a quantitative research method, which is supported by a positivism research paradigm. Data was collected using a questionnaire completed by 310 sampled participants. Using the Statistical Package for Social Sciences to analyse data, descriptive, the Pearson correlation and regression analyses were used to estimate the model. Results: The Pearson correlation indicated a positive and significant correlation between monetary access and monetary literacy to the sustainability of small and medium-sized enterprises (r = 0.564). The result indicated that some small and medium-sized enterprises do possess basic monetary skills while some do not. A significant number of small and medium-sized enterprises do not understand basic monetary terms, which justifies the lack of monetary literacy. Novelty: The study recommends that government agencies that assist with business registration should include a monetary training course as part of registration formalities. Further to that, the study recommended that government, banks and other business support institutions should simplify support programmes for the prosperity of small and medium-sized enterprises during and post COVID-19 pandemic.

Every sector in the twenty-first century makes use of technology for its activities, especially during the COVID-19 pandemic and higher education institutions are not exceptional. However, the cohorts enrolled in the selected higher education institution are from technologically challenged backgrounds. This suggests that in their previous schooling, technology was unemployed as a learning aid. As this may present some challenges for such students, this study aims to investigate challenges experienced by Cost Accounting 2 students who are from a technologically disadvantaged background. To accomplish that, a quantitative approach was used since it permits surveys to be delivered to the entire impacted population while also reducing sampling error. Because of the Coronavirus, online questionnaires were sent to 400 students, but only 119 (n=119) responded. Blended learning was found to be an effective technique for learning Cost Accounting 2 since the university provided sufficient information on how to use the system. However, there was a lot of discussion about internet access, learning materials access, and library resource access. Based on the findings, blended learning is excellent for studying Cost Accounting 2 as long as the learning management system is customised such that students can navigate it effortlessly. Management must work with internet service providers to try stabilise internet connectivity in the students’ neighbourhoods. The additional study can be done using a variety of research methods and target other groups of students.

The study examined the nexus between the financial ratio and book value of shares for Iraqi money transfer companies. The data used was extracted from the financial reports of selected money transfer companies listed on the Iraq Stock Exchange, and a descriptive, correlation and panel least square regression technique were adopted for the analysis. The result revealed that the financial ratio captured by earnings per share (EPS), return on investment (ROI) and return on assets (ROA) were positively related with the book value of shares (BVAL), while debt ratio (DER) was negatively related with BVAL. Also, EPS, ROA, ROI and DER positively influenced BVAL. Thus, the engagement of competent and qualified personnel to manage the assets and investments in order to ensure optimal returns is urgently required. There is also a need for proper issuing of shares by the management of money transfer companies to ensure free access to the stock market.

The dwindling growth of small businesses and their rate of failure in South Africa has been traced to poor financing. Thus, the factors affecting the financial sustainability of small and medium-sized enterprises in South Africa are examined in this study. Using purposive sampling, data were collected from 310 respondents, however six were incorrectly completed. The analysis was based on data collected from 304 respondents which cut across owners and/or managers from small and medium construction, manufacturing, retail, and agricultural enterprises. A quantitative research design that falls under the positivist paradigm was used. Specifically, through a descriptive and multivariate regression analysis, it was found that financial awareness, budgeting, accounting skills, and access to finance have positive and significant effects on the financial sustainability of SMEs with all the variables, having 0.005 probability values, respectively. Out of all the variables examined, budgeting and access to finance have the largest absolute values of 0.425 and 0.373, respectively. Thus, it was concluded that workshops, training, and seminars to improve the financial literacy of small and medium enterprises should be organised. This will improve owner’s ability to deploy the accounting and budgeting skills and they will be exposed to meeting loan criteria and conditions from financial institutions. Also, adequate funds should be allocated to cater for the regular training and development of small business owners using the services of financial experts.

A nonperforming loan refers to a loan that is not paid as and when due, and it is a significant issue that banks need to keenly consider for them to exist and be stable. There are several factors accountable for nonperforming loans; some are firm‐specific, while others are macroeconomic factors. The study of banking sector stability is a foundation of modern macroeconomic policy of a bank‐based economy. In this view, this study aims to investigate the determining factors from both perspectives. This study used the dynamic panel regression analysis on 110 commercial banks from nine countries for the years 2010–2017 and a total of 880 observations were examined. The system generalized method of moments found that lagged nonperforming loan, lending rate, capital adequacy, credit growth, cost income ratio, as well as real interest rate, were the significant factors affecting nonperforming loans in lower middle‐income countries’ banking sector. Hence, it is recommended that commercial banks ought to establish regulations to amend their policies regarding credit advancement in alignment with the factors highlighted above. Also, banks need to ensure their loaned‐out funds are dedicated to the envisioned purpose via improved credit monitoring that would spur economic sustainability.

The inflation accounting technique allows a business to show or have a sensible picture of their gains due to present cost coordinates with present revenues. Thus, the effects of inflation accounting on organizational decisions and financial performance of Kwa-Zulu Natal retail stores were evaluated in this study. The study used a quantitative research method. A total of 161 completed questionnaires were received from respondents in the selected 20 listed stores in Kwa-Zulu Natal. Thus, the Exploratory Factor Analysis and linear regressions were employed in this study. The empirical study reveals how inflation accounting significantly impacts organizational decisions and financial performance of the retail business with such coefficients (F (1, 159) = 49.269, p < .0005; F (1, 159) = 28.959, p < .0005). The findings of this study highlighted positive relationships between the variables that were used. Thus, the study recommends that retail stores always consider inflation changes and apply inflation accounting techniques to make adjustments to produce more accurate results in their financial statements. Heated discussions now surround the basis of financial performance measurement via historical cost accounting. This influences their decision making and financial performance positively.

Research Background: The complexities of taxes in business have a tendency of endangering investment decisions at every point in time, if such complexities are not strategically managed. Purpose: This study therefore assesses the effect of corporate taxation on the investment policy of quoted manufacturing firms in Nigeria. Research Methodology: Secondary data sourced from annual reports of the selected firms were analysed using descriptive and inferential statistics. Specifically, static panel least square regression techniques were used. Result: The results of the study revealed that company income tax (CIT) is positively related to the investment decision of the quoted manufacturing firm (INV), and thus enhances the investment of the quoted manufacturing firm (INV) in Nigeria. The probability value revealed that company income tax (CIT) had a statistical significant correlation with the investment of the quoted manufacturing firm in Nigeria. This implies that higher corporate income taxes are associated with lower investment in manufacturing firms. Novelty: This study digressed from examining the effects of corporate tax on financial performance as that was the major focused area in this context. However, this study assessed its effect on investment decisions. Hence, this study was able to recommend that the Nigerian government should encourage and enhance manufacturing investment decision by designing an appropriate corporate income tax policy. An investment decision that is fostered on new capital, encourages the implementation of new production techniques and thus should be engineered for the development of manufacturing firms.

This paper attempts to find out why higher institution students in Duhok are not opening or having bank accounts. With the use of interview process and questionnaire, 100 students were selected from Newroz University, Dohok Polytechnic University and Dohok private technical institute in Duhok city. It was found from this study that most of these students’ approximately 90 students of them have no bank accounts while only 10 of them have bank accounts. Moreover, this research found that trust on banks, security, bad banks infrastructure, lack of money, costs of opening bank accounts, access to bank accounts and unemployment are the main reasons for low banking interest among students in Duhok city. However, the highest reason is lack of trust on Duhok banks and lack of money due to high unemployment rate. It is suggested that banks in Duhok city should encourage students to open bank accounts by advertising the importance of banking services and offer student loans. Also, Duhok government should award scholarship to student to ease the pressure from the unemployment menace in the country. Keywords: Un-bank, Bank trust, Poverty, Banking access

This study investigates the relationship between corporate tax planning and financial performance of quoted non‐financial companies. The secondary yearly data used were gathered from 47 sampled non‐financial companies from 2007 to 2016. A panel vector autoregressive approach with structural analysis such as variance decomposition and impulse response function was adopted. The results of the study revealed that tax saving had a direct relationship with financial performance, while tax avoidance had an inverse relationship with financial performance. The financial variables under consideration mainly contributed to their own shocks or forecast errors. The responses of the financial performance to shocks in tax avoidance had an expansionary effect which could hinder the performance of the companies, while financial performance response to shocks in tax savings had a contractionary effect and as such, could lead to better performance of the companies. Thus, corporate tax planning that enhances tax savings greatly contributes to the performance of non‐financial companies. They should therefore not only engage in tax planning, but also ensure that their tax planning is legal, and leads to tax saving for the companies, such that no excessive or multiple tax will be paid and hence, better financial performance will be achieved.

This study focused on corporate governance and performance of selected Nigerian multinational firms from 2012 to 2016. Specifically, the study focused on the effect of board size, activism and committee activism on return on asset and firm growth rate. Secondary data collected from four multinational firms were analyzed via static panel estimation techniques. While board size and board activism exerted significant negative impact on return on asset, committee activism exerted insignificant impact. The results of the study further showed that board size and board activism exert insignificant negative impact on firm’s growth rate, while committee activism insignificantly spurs firm’s growth rate. Decisively, discoveries from this study reflect that corporate governance has significant negative impact on return on asset, but has insignificant influence on the growth rate of Nigerian multinational firms. Based on these findings, the authors recommended that corporate governance dynamics in firms world over should be reconsidered, such that it gives credence to more than just numbers of persons or meetings held, but the main reasons and deliberations in such meetings. It was also recommended that excessive increase in magnitude or frequency of meetings held by board of directors cum committee should be avoided.

This study examines the effect of internal control system on financial accountability, in terms of effective and efficient financial operation, compliance with applicable laws and regulations. Reliable financial reporting, transparency and flow of information were obtained primarily from a random sample of 354 Heads of Units in the Account and Audit Departments, in 65 Ministries of the Southwestern Nigeria. These participants were directly involved in the management, financial planning and controls. The 222 fully completed and returned questionnaires were coded and analysed using descriptive analysis and regression technique. The results of the study revealed that internal control system had a positive effect on financial accountability, in terms of effective and efficient financial operation, compliance with applicable laws and regulations, reliable financial reporting, transparency and flow of information with the mean scores of 4.22, 3.91, 3.86, 3.81 and 3.47 respectively. The regression results also showed that control environment, control activities, risk assessment, information and communication and monitoring and evaluation significantly impact on financial accountability in public sector. The ANOVA with the F = 16.995, p < 0.05 showed that all the components of internal control system had significant effect on financial accountability in public sector. Therefore, the study concluded that internal control system put in place in the public sector is well established and adequate for effective and efficient financial accountability with adequate use of all channels of communication and information flow for proper financial accountability. This study recommends that the internal control unit should be encouraged to maintain their independent role, such that the internal auditor should be adequately independent from those responsible for the financial operation, as well as to be able to provide additional assurance on cost efficiency and effectiveness of the internal control system.

Dynamics in economic trend and banks’ creditors’ expectation have directed banks to search the innovative means of income generation. It is with this view that this study examines the relationship between the income diversification and financial performance of banks in SSA low income countries. A panel data of 1,280 observations were extracted from the financial profile of 160 commercial banks from 19 purposively selected countries from 2009 to 2016. The findings from the empirical analysis indicate that non-interest income accounts for 95% of operating income in Low Income countries’ commercial banking sector. Also, it was found that income diversification in SSA banks enhanced financial performance as affirmed by the finance theory because both interest and non-interest income sources are indeed blessings as they increase the financial performance significantly. Therefore, low income SSA countries’ commercial banks are urged to strive to ensure proper investment with their income diversification so that better performance of their economies is enhanced.

The effect of intellectual capital on financial performance was investigated in this paper for the period 2008 to 2019. A total of 696 observations were generated from data collected from 56 general insurance companies in 12 years. The Value Added Intelligent Coefficient Model was used and data was analysed using both static (two stage least square, fixed and random effect) and dynamic panel regression analysis (two step system generalised method of moments). The findings showed a significant and direct relationship between lagged return on assets, intellectual capital and financial performance of insurers in the South African Development Community. Out of the components of intellectual capital, human capital and structural capital are significantly and directly related with return on assets while capital employed is inversely and insignificantly related with return on assets. The control variables-underwriting risk, insurer size and leverage are all inversely and significantly affecting return on assets. Thus, a U-shape relationship exists between intellectual capital and financial performance in general insurance companies in the South African Development Community. Thus, the policy makers-cum-insurers’ managers should maximise their intellectual capital as this creates competitive advantage that leads to financial performance drive and wealth generation. The Model used in this study is an important model decision-makers can use to assimilate intellectual capital in their decision-making procedures. This will inadvertently permit insurers to scale themselves according to the intellectual capital efficiencies and advance in strategies that will boost their company's financial performance., Endogeneity; Value Added Intelligent Coefficient; static panel; dynamic panel, intellectual capital, financial performance

Industry 4.0 centers on the connection of physical and cyber networks to allow actionable insights and real-time information flow such that the well-being of the creatures, workplace, and the environment is guaranteed. Plastic pollution has been a major menace in South Africa and the proposed ban has not been implemented by the government. With the current measures of reducing the pollution, it was evident that the use of fourth industrial revolution has not been effective. Thus, it was recommended that government should enforce labelling of very single-use plastic and an associated fine should be attached to every single-use plastic found polluting the environment. It should be made mandatory for all management accountants to include cost for plastic pollution as one of the operating costs of each organisation. Also, it is recommended that robots can be erected around the cities, towns and workplace picking plastic waste. This will show the seriousness of the government to combat the single use plastic pollution and automatically curb the littering of the environment with plastics.

Accountants are in a better position to contribute to initiatives that lead to low-carbon business models that promote economic sustainability by defining climate risk and analysing the strategic, organisational, and financial consequences of the risk mitigation and adaptation. Extensive review and assessment of the roles of accountants in climate change mitigation, adaptation, and resilience was done in this chapter. The chapter concluded by recommending inclusion of a climate change fund in integrated reporting of organisations and intensification of climate change awareness such that every organisation will be aware of how proper accounting can be done on climate change effects. Thereafter, strategies to mitigate, adapt, and be resilient towards it will be initiated.

This study analyses the long- and short-term dynamics of the determinants of insurance penetration for the period 1999Q1 to 2019Q4 in 15 West African countries. The panel auto regressive distributed lag model was used on the quarterly data gathered. A cointegrating and short-run momentous connection was discovered between insurance penetration along with the independent variables, which were education, productivity, dependency, inflation and income. The error correction term’s significance and negative sign demonstrate that all variables are heading towards long-run equilibrium at a moderate speed of 56.4%. This further affirms that education, productivity, dependency, inflation and income determine insurance penetration in West Africa in the long run. In addition, the short-run causality revealed that all the pairs of regressors could jointly cause insurance penetration. The findings of this study recommend that the economy-wide policies by the government and the regulators of insurance markets in these economies should be informed by these significant factors. The restructuring of the education sector to ensure finance-related modules cut across every faculty in the higher education sector is also recommended. Furthermore, Bancassurance is also recommended to boost the easy penetration of the insurance sector using the relationship with the banking sector as a pathway.

This chapter investigates the nexus of climate change and real estate sustainability. Climate change is the topical dramatic swing of the planet's normal climate patterns caused by a spike in emissions of carbon dioxide triggered by human activities. Climate change risk is not being effectively estimated into commercial real estate assessments. Due to high demand for coastal properties, a lopsided share of commercial real estate is vulnerable to climate change risks. Thus, it was concluded that real estate is an essential part of an evolving growth phenomenon and also plays a major role in stimulating economic growth. This makes it important for investors and property owners/dealers to be resilient in combating climate change, and adequate information should be available for investors so they will know the risk attached to their investment.

This chapter examined the role of climate change in the sustainability of small businesses in Africa, as climate change is a serious challenge. Severe weather events have the ability to interrupt supply chains, making it more difficult for companies to access materials and resources. Climate change is rapidly becoming the most urgent problem facing humanity in the 21st century. Despite rapid efforts in the mitigation of climate change, there are rising global impacts of climate change. Small businesses remain a source of economic growth and social development in African countries irrespective of the global impact of climate change. Thus, African countries should embark on a reasonable transition to a low-carbon, climate-resistant, or environmentally sustainable economy such that small businesses are turned to small green domestic companies.

This study analyzes the effect of free cash flow on the growth of non- financial quoted firms in Nigeria. Specifically, the impact of free cash flow on the percentage change in a total asset of selected quoted firms (Dangote Flour Mills, Honeywell Nig. Plc, Dangote Sugar Refinery, Flour Mills of Nig. Plc, and PZ CussonsPlc) over a period of five years (2012 - 2016) was analysed . Data used in the study were sourced from the annual reports of the selected quoted firms. Correlation analysis, restricted F - test, Hausmantest, and some panel estimation methods (pooled OLS estimation, fixed effect estimation, and random effect estimation) were employed to analyse the data. Results revealed that free cash flow exerts a negative impact on firms ' growth rate, to the tune of - 0.000391(p=0.179 > 0.05). The study, therefore, established that rising free cash flow has the capacity to erode the growth prospect of firms quoted on the Nigeria stock exchange. Based on this result, the study recommends that quoted firms in the country decrease their free cash flow, leverage increased turnover, explore viable/positive net present value projects, and reduce operational costs so as to be positioned for better growth in terms of percentage change in total asset.

This paper aims to test for causality between two dividend policies (dividend payout and dividend reinvestment plans) and return on equity as a measure of financial performance. Dividend policies issues have been continually debated around the world with mixed results, and yet to date, no definite conclusions have been reached. The study used 250 commercial banks from 30 SSA countries over the period between 2006 and 2015 to run long-run causality tests. The results from the block exogeneity Wald test from the panel vector error correction model, and the pairwise Granger causality test shows that there is a unidirectional causality between return on equity and dividend payout ratio. This implies no causality between dividend payout ratio and banks’ return on equity over the study period. Hence, we conclude that the widely adopted model for the payment of dividends in the SSA banking market is a win-lose game, as there is no causality between dividend payment and bank performance. As such, we recommend that other dividend policies that can minimize future financing costs, increase bank assets, and improve the future growth prospects of the region be explored.

Dividend policy remains one of the top ten unresolved issues in corporate finance including in the banking sector. Hence, this study explores data from 250 commercial banks in 30 Sub-Saharan African countries to establish the causal relationship between the use of two major dividend policies in the sector and financial performance for the period 2006 to 2015. The empirical results of the vector error correction block exogeneity Wald test and Pairwise Granger causality test reveal that only retention policies Granger cause performance (ROA), even though both major policies posit a positive relationship with performance (ROA) in the Vector Error Correction Model estimate. Therefore, commercial banks in Sub Saharan Africa and also in the entire world should use their free cash flows wisely by exploring all available viable investment opportunities. By doing this, not only owners’ profit but wealth is fully maximised such that their survival, value creation, and future growth is fully justified.

This study investigates the causal relationship between bank personnel ratio and the cost-income ratio based on performance in Nigeria for the period of 2004–2015. Secondary data collected on a cross section of 15 banks during this period was analyzed using panel unit root, cointegration and Granger causality techniques. A unit root test revealed that the variables are stationary at order one. The result further shows there is an equilibrium relationship or stability in the short and long run; furthermore, there is a bidirectional causal relationship between personnel ratio and cost-income ratio. Therefore, the study recommends that the apex bank should enforce policies in the banking sector that will minimize the unit cost of operation – even though they might hire more staff. This is to enhance the stability of the banks in Nigeria and to avoid any threat to their continuity.

This study investigates possible alternative modeling of Naira-Dollar exchange rate volatility in Nigeria. This paper compares the performance of the new model specification (QMACH) with the ARCHGARCH that are already in existence in volatility modeling literature. The paper makes use of the monthly data on Naira-Dollar exchange rates from 1991 to 2016 which was sourced from the Central Bank of Nigeria statistical bulletin. In order to realize the aim of this study, anewly proposed Quadratic Moving Average Conditional Heteroscedasticity (QMACH) model was employed to investigate the volatility of Naira-Dollar exchange rate. The ADF unit root test reveals that the Naira-Dollar exchange rate return isstationary and this permits the usage of Quadratic Moving Average Conditional Heteroscedasticity (QMACH) methodology. The empirical analysis indicates that Naira-Dollar exchange rate volatility indeed follows the QMACH movement just like it follows both ARCH and GARCH movement. In comparison with ARCH and GARCH modeling, QMACH outperforms both as shownthrough the loglikelihood statistics and the information criteria.

Diversification is a key area in financial institution since their activities have gone beyond the traditional intermediary role. It is in this view that the study examines the effect of operational diversification on bank performance using the pooled, fixed, random and System GMM for the period 2006 to 2015 across 250 commercial banks from 30 countries in the region. Due to the robustness of SYS-GMM, the findings of this study reveal that using Herfindahl Hirschman index, all the dimensions of operational diversification; asset, liability, deposit and income including control variables such as bank size, liquidity, loan loss ratio, cost to income ratio and the lagged return on average asset (ROAA (L1)) are significant at 1% level with only deposit diversification (HHIde), liquidity (LOD) and cost to income ratio (CIR) which is a measure of banks’ efficiency having negative relationship with ROAA. Therefore, this study concludes that diversification of operational activities in SSA commercial banks have direct and significant effect on their financial performances. But, greater attention should be taken to monitor the diversification strategy so as to ensure that no dimension of banks’ activities is neglected.

This study examines the roles of agency cost (monitoring and bonding cost) on compensation of managers with a view from the managerial-power approach to agency cost. We modelled managers’ compensation and agency cost of banks to emphasise the potential influence of agency cost on managers’ compensation. A Panel Generalised Least Square model was estimated on four largely-controlled commercial banks in South Africa over the period 2010-2015. The result shows that shareholders’ fund, management share option, monitoring and bonding cost were strongly significant in explaining the managers’ compensation in the banks. Therefore, in the South African banking sector, compensation of managers should be based on their managerial power and not only on the principle of optimal-contracting. It is recommended, among others, that monitoring and bonding costs in the South African banks should be re-emphasised and strictly committed to. This should be so because there are direct effects of these costs on managers’ compensation which might be the reason for the persistent agency problem in the banks.

This study explores the relationship amongst financial development, remittances and the economic growth of South Africa using quarterly data spanning the period 1995Q01 to 2015Q04. The study used Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) techniques for the unit root test and the variables were found to be stationary at level and at first difference. Findings from the Autoregressive Distributed Lag (ARDL) bound testing approach to co-integration revealed that a long-run relationship exists amongst these variables. Also, the Error Correction Model (ECM) showed that it required a 36% quarterly speed for maladjustment in the model to return equilibrium. This study concluded that the financial development sector should be improved to engender sufficient and adequate performance that would led to an effective impact of a long-run GDP growth. An increase in the gross capital formation that could lead to a long-run decrease in GDP growth should be avoided. Policy makers should formulate policies that could improve financial development in order to enhance the country’s economy to reap the potential gain of remittance which could enhance economic growth.

The Nigerian banking system exhibits fluctuating profitability compared to other countries in the world. This study examines the determinants of bank profitability in Nigeria. It relates internal bank specific and macroeconomic indicators to the overall profitability of Nigerian banks based on Return on Asset as the measure of profitability. The study uses a panel of individual banks’ financial statements from 2004 to 20012. According to the empirical results, Nigerian banks suffer from low quality of loans and do not monitor the repayment of the loans disbursed and more so, their assets cannot cover the amount of loan disbursed. This study also finds that macro economic variables do not have a major effect on bank profitability and inflation posed adverse effect on profitability. Most importantly, Sterling bank should react quickly to all the variables considered in this study, al nearly posed a negative influence on their profitability in that if these entire factors are properly monitored, they are likely to be better off in their performance. INTRODUCTION Banks as a financial institution has the major role of lubricating the gears facilitating the economic operations of a nation. The banking system plays a major role in moving funds from the saving units to the spending units. To mention a few, if a financial system is efficient, it should show improvements in profitability, increasing the volume of funds flowing from saver to borrowers, and provide better quality services for consumers. As financial intermediaries, banks play an important role in the operation of an economy. This is particularly true in the case of Nigeria where all other sectors have to relate with banks to carry out their operations effectively either as a debtor or creditor. Moreover, banks are the sole dealer of funds, and their stability is of great importance to the financial system. As such, an in depth understanding of determinants of their profitability is necessary and vital to the ability of an economy to resist crisis. In banking literature, the determinants of profitability are empirically well explored although the proxy of profitability varies among studies. Some employed, Return on Asset, Return on Equity, Net Interest Margin, Return on Average Asset and so on. The objective of this paper is to examine the contribution of bank-specific as well as macroeconomic factors to the variation in profitability across banks and over time in Nigeria. This paper will be structured into five sections; the next Kuwait Chapter of Arabian Journal of Business and Management Review Vol. 4, No.9; May. 2015 12 section will deal with the review of literature, followed by the methodology section. The fourth section will be the discussion and interpretation of result section and the last section will be concluding section of the paper. 2.0 EMPIRICAL LITERATURE Haron, (2004) using panel data regression analysis with inclusion of dummy variables in the study determinants of Islamic bank profitability found that liquidity had a significant positive relationship with total income received and profit, which is contrary to the findings of Guru, Stanton and Shanmugan (1999) in the study determinants of commercial banks profitability in Malaysia where they found that liquidity has a negative relationship with profit though not very significant. Haron (2004) also found no significant relationship between liquidity and profitability measures which were deflated against total capital and reserves. They also found a positive relationship between capital structure and profitability measures which were deflated against total asset. Capital structure has no significant relationship with total income which implies that additional capital cannot generate more income for banks. Guru et.al found expense management to be a main contributor to profitability performance in Malaysian banks. Also capital adequacy, inflation, loan component and investment in securities were found to have positive and significant impact on profitability. On the contrary, there was found to be a negative but statistically significant correlation between capital ratio, loan, discount rate, investment securities, share deposit, size of the banks of banks and profitability. While, deposits, interest expense, bank risk and bank reputation maintains a positive and significant relationship with profitability of US banking industry during the period 1995-2007 (Hoffmann, 2011). Bashir, (2003) in the study determinants of profitability in Islamic banks; evidence from Middle East, through panel regression analysis for fourteen Islamic banks between the year 1993 to 1998 found that capital adequacy, risk indicators, GDP, inflation and loan has strong, positive and robust link with profitability, but the relationship of capital adequacy, loan total asset with profitability is statistically insignificant. Contrarily, in Tunasian banks via balanced panel regression, capital adequacy, overhead to asset ratio, loan to asset post a significant and positive influence on profitability and GDP, inflation, size and non interest bearing asset ratio are insignificant in determining the profitability of Tunasian banks, though size has the most negative relationship with bank’s profitability (Naceur, 2003). In conjunction with the findings of Naceur (2003), Kusa and Ongore (2013) in the study, determinants of financial performance of commercial banks in Kenya using panel data multiple linear regression analysis found that capital adequacy and management efficiency has significant and positive relationship with return on asset (ROA), return on equity (ROE) and Net interest margin (NIM), which are all profitability measures. Inflation and asset quality also post a negative influence on profitability. While,GDP, liquidity management has positive but insignificant relationship with profitability measures except for GDP who had a positive but also insignificant influence on Net Interest Margin (NIM). Andrea (2012) in the study determinants of bank profitability in USA covering the period 20072011 found that cost to income ratio, funding cost, loan loss provision and leverage had a negative but significant influence on bank’s return on asset (ROA), while interest income share had positive and significant influence on financial performance of banks in USA. Also, Awo and Akoteye (2011) found in the study financial performance of rural banks in Ghana, specifically a case study of NAARA Rural bank that liquidity, size and loan has a positive and significant relationship with profitability at 95% confidence level. (see also Haron, 2004). While, non-performing loan is significant but negatively related to financial performance. Similarly, in the study bank specific and macroeconomic determinants of Turkey commercial bank profitability by Alper and Anbar (2011), bank size was found to be positively and significantly related to ROA and ROE, while loan to asset ratio has a negative but significant impact on profitability. Macro economic variables are not found to have a significant impact on ROA and no relationship at all with ROE. Kuwait Chapter of Arabian Journal of Business and Management Review Vol. 4, No.9; May. 2015 13 Ana, Blanka and Roberto (2011) in their study determinant of bank profitability in Croatia using Dynamic panel regression found that lagged ROA, growth of loan, equity to total asset, liquidity ratio, received deposit ratio and bank’s concentration indication has a positive and significant relationship with ROA. Only loan to deposit ratio post a negative but also significant relationship with ROA. Contrary to the findings of Alper et al, inflation and GDP showed a positive but insignificant impact on ROA and ROE and capital adequacy also shows a positive and significant relationship with with ROA and ROE (Ramadan, Kilani and Kadduni, 2011). Their findings is in conjuction with Darydenko (2010) ; Vong and Chan (2008); Francis( 2007) and Javaid, Anwar, Zanan, Gafor (2009). They used panel data regression analysis and found that capital adequacy is positively and significantly related to banks profitability. GAP IN LITERATURE The study has been researched by many authors but very scanty in Nigeria and all those who conducted this research work looked at it from the macro view, that is, they conducted the research and the analysis focus on the common coefficient by stacking all the banks together as one. This study will add to the body of knowledge by looking at the determinants of deposit money bank profitability in Nigeria from the micro aspect. That is, focusing on the cross-sectional specific in the panel regression from 2004 to 2012 using both bank specific and macro economic variables, therefore, showing the effect of each variable on individual bank. 3.0 Methodology 3.1 Data Sources and Description The data used for the study are secondary in nature. They are obtained from annual audited account and financial report of banks published in the Nigerian Stock Exchange fact book. A panel data of the total fifteen (15) quoted banks covering a period of nine (9) years was employed. The fifteen banks was selected because they are listed on the Nigeria Stock Exchange and they have their data readily available at the Nigeria Stock Exchange. The dependent variable is Return on Asset which is a proxy of profitability and it is defined as: Profit after tax

The aim of this paper is to examine the existence and direction of causality between liquidity and profitability of deposit money banks in Nigeria. Fifteen quoted banks out of the existing nineteen banks were selected for the study. They are; Guarantee Trust bank, Zenith bank, Skye bank, Wema bank, Sterling bank, First City Monument bank, United Bank for Africa, Eco bank, First bank, Access bank, Diamond bank, Unity bank, Fidelity bank, Union bank and IBTC bank. Pairwise Granga Causality test was carried out to determine the presence and direction of causality between banks’ liquidity and profitability. From the finding of this study, at 5% and 10% level of significance, it was revealed that the F-statistics corresponding to the null hypotheses of no causal relationship (both unidirectional and bidirectional) between LODEP (a proxy for liquidity) and ROE (profitability measure) for banks like Guaranty trust bank, Zenith bank, Sterling bank, Diamond bank, IBTC, Unity bank, UBA, Fidelity bank, Wema bank, Union bank, and Eco bank, are too low and as such there is no enough evidence for the rejection of the corresponding null hypotheses. Thus, the result revealed that there is no causal relationship (be it unidirectional or bidirectional) between liquidity and probability of Guaranty trust bank, Zenith bank, Sterling bank, Diamond bank, IBTC, Unity bank, UBA, Fidelity bank, Wema bank, Union bank, and Eco bank. The result also shows that there is a trace of unidirectional causality relationship running from liquidity to profitability for banks like Skye bank, First bank, Access bank and FCMB. Based on the findings and conclusions, the study recommend that the apex bank (Central Bank of Nigeria) should ensure close supervision and monitoring of deposit money banks’ strength and level of liquidity in an attempt to stabilize and strengthen the financial sector of the economy.

This paper examines the nexus of working capital management and financial performance of selected multinational food and beverages industries in Nigeria for the period between 2006 and 2014 and establishes its linkage with risk-return theory. An explanatory research design is adopted and the secondary data used were gathered from 5 purposively selected quoted food and beverages companies using GLS panel regression analysis. The pooled regression shows that account receivable ratio (ARR) and debt ratio (DER) have negative effect but significant at 1%, working capital (WCA) is also significant at 5% but had positive effect, however, sales growth (SGR) was insignificant. It is also discovered from the Fixed Effect Estimation that working capital management variables such as account receivable ratio (ARR) and debt ratio (DER) have negative effect but significant at 1%, working capital (WCA) is also significant at 5% but has positive effect, while sales growth (SGR) has negative effect but insignificant to the performance of the companies. This signifies reduction in the performances of food and beverages industries which calls for urgent attention since they are posting inverse effect. The unison in both estimations shows that those variables are the major factors influencing the performance of food and beverages industries in Nigeria and thus, it is concluded that the management board of these industries should restructure their working capital management policy as it has the tendency of affecting the dividend policy and firms’ liquidity, which invariably affects the maximization of shareholders’ wealth. This can only be done when managers reduce account receivable days; ensure proper debt management technique, improve sales strategies to enhance sales growth as well as maintain optimal working capital level to reflect the risk-return theory of firms.

Dividend payout policy of banks has been the commonest dividend policy in commercial banks world-wide owing to the assumption that it will minimise agency costs in the banks. Hence, this study adopts the dynamic panel two-step system and differenced GMM in analysing the data of 250 commercial banks from 30 countries in Sub-Saharan Africa (SSA) for the period 2006 to 2015 to examine the determinants of the dividend payout ratio of these banks. The empirical results reveal that past year dividend is the most significant determinant of current year dividend. Taxation and capital adequacy ratio, which are the legal and regulatory factors considered, are found to be insignificant. Our findings reveal earnings-after-tax and leverage as being significant determinants of payout ratio in SSA banks. Hence, Lintner's model holds in SSA banks as a region and it is, therefore, recommended that it must be strictly followed in setting the dividend process of commercial banks in SSA.

It is an acknowledged economic fact that banks cannot underestimate the role of Capital adequacy since adequacy of capital in banks directly influences the amount of funds available for loans disbursement which invariably affects their risk appetite, efficiency and stability. This paper seeks to examine the determinants of capital adequacy in Nigerian quoted deposit money banks for the years 2005-2014. The study employs both descriptive and fixed effect panel regression. The descriptive analysis shows that the mean and median values are within the minimum values and the standard deviation shows the expected growth rate deviation for each of the identified determinants of capital adequacy. From the analysis of panel data using Cross-Sectional Specific fixed effect estimations, it is discovered that a direct relationship exists among ETA, ROA and SIZ while an inverse linear relationship that exists among ROA, CR, DEP and LIQ are statistically significant in determining the level of capital adequacy among the deposit money banks in Nigeria. The study recommends the need for all these affected banks to gear up and invest more on the significant factors that can lead to improvements in their capital adequacy in order to achieve viability, sustainability and stability in the long run.