Browsing by Author "Kolawole, Kayode"
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Item CORPORATE GOVERNANCE AND PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA(Department of Marketing, Veritas University, Abuja, 2021) Kolawole, Kayode; Ajayi, Micheal; Busari, Romoke; Mustapha, AbdulkadriThe efforts in implementing sound corporate governance practices in banks across the world after the financial scandals in 2008 has been overwhelming. However, Nigerian banking institutions still suffers from massive financial misappropriation despite effort in entrenching sound corporate governance in the sector. Hence, this study investigated corporate governance and performance of Nigerian deposit money banks. This study employed both primary data and secondary data. The primary data was obtained through questionnaire administration while the secondary data were sourced from the financial reports of thirteen selected listed deposit money banks in Nigeria. The population of the study is all listed deposit money banks in Nigeria. However, one hundred and fifty (150) copies of questionnaire were administered to managers and staff of this selected Nigerian deposit money banks. Ordered logit and panel least square method of multiple regression analysis were used to achieve the objectives of the study. The findings of random effect model showed that board independence is a significant determinant of performance of deposit money banks in Nigeria with coefficient values of 2.891 at 5%. Thus, the study concludes that corporate governance impact significantly on performance of deposit money banks in Nigeria. The study recommends that regulators should ensure that board of directors are independent from shareholders’ control when making decisions on critical issues that affect the banks’ performance.Item EFFECTS OF FINANCIAL INCLUSION ON PER CAPITAL INCOME IN NIGERIA(Faculty of Management Sciences, University of Ilorin, 2020-06) Kolawole, Kayode; Ajayi, Olu; Mustapha, Abdulkadri; Ibrahim, RahjiFinancial accessibility is an important strategy used for stimulating economic growth and efficiently allocate financial resources for productivity. Yet, Nigerians do not have adequate access to formal finance and are forced to rely on risky and expensive informal services thereby limiting their contribution to economic growth. Hence, the need to examine the effects of financial inclusion on per capital income in Nigeria. In line with this objective, the study employed time series data covering the period of 1987 to 2019. The method of data analysis used in the study was Autoregressive Distributed Lag Model. The study revealed that financial inclusion has significant impact on per capital income in Nigeria at 1% significance level with coefficient value of 6.528999. The study also revealed that interest rates negatively impact on per capital income in Nigeria at 1% significance level with coefficient value of -4.035544. The study concluded that financial inclusion is a significant determinant of per capital income in Nigeria. The study recommends that management of banks should managed interest rates in such a way that will encourage the usage of financial services.Item IMPACT OF CAPITAL STRUCTURE ON PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA(2021-12) Kolawole, Kayode; Ibrahim, Rahji; Abdulmunin, Biliqees; Ibrahim, WasiuThe appropriate financing mix is an important decision which influences the survival of any financial institution. Hence, the need to examine the capital structure and performance of Nigerian banks. Secondary data was sourced from annual reports of thirteen banks in Nigeria covering 2011 to 2020. Panel least square analysis was used to analyzed the data obtained for the study. The findings showed that debt is a significant determinant of performance with coefficient values of 6.102075 at 5% significance level. The study further revealed that equity has a positive relationship with performance of Nigerian deposit money banks with coefficient values of 2.097716 at 1% significance level. Thus, the study concludes that capital structure has significant impact on performance of deposit money banks in Nigeria. Deposit money banks in Nigeria should try to finance from retained earnings and other forms of equity financing rather than relying heavily on debt capital as debt has negative impact on shareholders’ wealth maximization.Item IMPACT OF DEPOSIT MONEY BANKS’ FACILITIES ON OUTPUT OF AGRICULTURAL SECTOR IN NIGERIA(Published by Department of Business Administration, 2019-08) Afolabi, Hafsat; Kolawole, Kayode; Muritala, AdewaleAgriculture is the mainstay of many economies and fundamental to the socio-economic development of a nation because it is a major element in national development. However, inadequate access to financial resources by the numerous sparsely located farmers across Nigeria continues to inhibit development of agricultural sector. As a result of these problems the study investigated the impact of deposit money banks’ facilities on agricultural sector in Nigeria. Specifically, the study examined the impact of deposit money banks’ loans and advances on agricultural output in Nigeria and also evaluated the effect of deposit money banks’ lending rates on agricultural output in Nigeria. The study employed secondary data which was obtained from the Central Bank Statistical Bulletin 2016. First least square regression analysis was used to achieve the objectives of the study. Results of the study revealed that banks loans and advances impact significantly on the growth of agricultural sector in Nigeria with coefficient value of 0.292608 and at 5% significant level. The study concluded that banking institutions facilities have significant impact on growth of agricultural sector in Nigeria. The study therefore recommends that policy makers should put in place policy measure that will help to improve and increase the loan by the commercial banks to the agricultural sector.Item Impact of Financial Inclusion on Economic Growth in Nigeria(Published by Department of Finance, University of Ilorin, 2019) Abdulmunin, Biliqees; Ajayi, Micheal; Kolawole, Kayode; Oyeleye, KafilatGlobally, the financial sector of any economy is reputed to be the engine of growth and a catalyst for sustainable transformation. However, a large number of Nigerian population lack access to formal financial services. Hence the study examined the effect of financial inclusion on economic growth in Nigeria. In line with this objective, the method of analysis used in the study was Autoregressive Distributed Lags (ARDL) models on the time series which covered from 2005 to 2018. The study revealed that there is an existence of a long-run relationship between financial inclusion and economic growth in Nigeria. The study concluded that financial inclusion is a relevant determinant of economic growth in Nigeria. The study, therefore, recommended the promotion of the use of services of Deposit Money Banks (DMBs), Microfinance Banks (MFBs), credit union and cooperative societies to promote the contribution of financial inclusion to economic growth in Nigeria.Item IMPACT OF REMITTANCES ON FINANCIAL DEVELOPMENT IN WEST AFRICAN COUNTRIES(Faculty of Management Sciences, Federal University Dutsin-Ma, 2022) Kolawole, Kayode; Babaita, Kolawole; Busari, Romoke; Abdulmumini, MaryamThe aim of this study is to examine the impact of international remittances on financial development in West African countries. In order to achieve the research objectives, secondary data was collected from World Bank Indicator from 1990 to 2020. Balanced panel data analysis was employed in the study. A model was adopted in the study and from the analysis, the study revealed that international remittances inflow is a significant determinant of financial development in West African countries at 1% level of significance level. It was further revealed that trade openness has positive relationship with financial development in West African countries. Finally, the findings also revealed that there exists a negative relationship between international remittances and financial development in West African countries at 1% significant level. The study concluded that international remittances are significant determinant of financial development in West African countries. Therefore, the study recommends that enabling environment should be provided by regulators of financial institutions which will open the economy to international trade and also attracts international remittances in order to improve the financial institutions in West African countries.Item INFLUENCE OF ENVIRONMENTAL ACCOUNTING ON THE PERFORMANCE OF PHARMACEUTICAL COMPANIES IN NIGERIA(Faculty of Management Sciences, Al-hikmah University, 2019) Mubaraq, Sanni; Kolawole, KayodeEnvironmental accounting has the potential to provide key information that policymakers can use to understand the state of the environment. However, the haste to develop the Nigerian nation does not always incorporate pollution control and waste management into environmental management plan. Hence, this study primarily evaluated the influence of environmental accounting on the performance of pharmaceutical companies in Nigeria. The study specifically examined the determinants of environmental accounting in pharmaceutical companies in Nigeria as well as the effect of environmental accounting on the profitability of pharmaceutical companies in Nigeria. Finally, the study examined the effect of environmental accounting on shareholders’ wealth maximisation in pharmaceutical companies in Nigeria. The study employed secondary data which was obtained from the financial statements of all listed pharmaceutical companies in Nigeria. Panel data regression analysis was used to achieve the objectives of the study. Results of the study revealed that there was a positive relationship between measures of performance and environmental accounting reports (such as community development and expenses incurred on employees’ welfare). The study concluded that environmental accounting positively influenced the performance of pharmaceutical companies in Nigeria. The study thus recommended that pharmaceutical companies should ensure that they spend more on the welfare of their employees so as to encourage them in putting their best in the company which often lead to an enhanced performance.Item Nexus between Deposit Money Bank Facilities and Growth of Small and Medium Scale Enterprises in Nigeria(Department of Business Administration, Osun State University, 2020) Ajayi, Olu; Kolawole, Kayode; Haorayau, Bolaji; Ibrahim, WasiuThe role of small and medium scale enterprises as an engine of growth and promoters for economic development in the world cannot be overemphasized. The problems bedeviling the SMEs in Nigeria are numerous such as inadequate capital and inaccessible credit facilities. It is upon this, this study examined the impact of access to finance on growth of small and medium scale enterprises in Nigeria. The study employed secondary data obtained from the Central Bank of Nigeria Statistical Bulletin. Autoregressive distributed lags model and granger causality test were used to analyze the data obtained for the study. The study revealed that deposit money banks’ loans and advances are significantly related to growth of SMEs in Nigeria with coefficient value of 1.336 at 5% level of significance while the study revealed that deposit money banks’ lending rates are negatively related to growth of SMEs in Nigeria with coefficient value of 1.601 at 5% level of significance. The study concluded that access to finance from deposit money banks affect growth of small and medium scale enterprises in Nigeria. It therefore, recommended that relative low interest rate finances should be provided to small and medium enterprises in Nigeria so as to enhance economic growth. The study also recommended that a national policy review that will increase the amount of bank loans to SMEs should be pursed so as to realize the desired corporate and national goals.Item NEXUS BETWEEN FINANCIAL DEEPENING AND DOMESTIC INVESTMENT IN SUB-SAHARA AFRICA COUNTRIES(Published by Department of Finance, University of Ilorin, 2022) Kolawole, KayodeFinancial institutions play a key role in the mobilization and allocation of savings for productive use. However, the financial institutions of Sub-Saharan African countries are still punctuated with cases of under-performance of these roles. Hence, the study evaluated the impact of financial deepening on domestic investment in Sub-Saharan African countries from 1990 to 2019. The dynamic panel Generalized Method of Moments (GMM) estimator and Dumitrescu and Hurlin panel causality Tests were employed in the study. The findings of the study revealed that banking sector is a significant determinant of domestic investment in Sub-Sahara African countries with coefficient value of 0.070 and at 1% significant level. The study concluded that financial deepening promotes domestic investment in Sub-Saharan African countries. The study therefore, recommends that banking regulators in Sub-Saharan African, should encourage financial institutions to be efficient in their financial intermediation function by ensuring that funds from the surplus sector is efficiently channeled for domestic investment in the region.Item Operationalisation of Treasury Single Account and Fund Management: A Perception of Accounting Practitioners in Nigeria(Department of Accounting & Finance and Business Administration, Fountain University, 2019) Salman, Ramat; Osemene, Olubunmi; Kolawole, KayodeTreasury single account being a combined arrangement of government bank accounts allows the efficient management of public cash and also enables consistent monitoring of cash balances of government account. The high rate of corruption bedevilling Nigeria economy coupled with the recent financial crunch have necessitated operationalisation of the constitutional tool (TSA) across government ministries, parastatals, and extra ministerial departments with the primary goal of reducing the siphoning of government fund, boosting revenue collection, and ensuring effective fund management. This study investigated the role of operationalised TSA in fund management by eliciting the opinion of accounting practitioners across northern and southern part of Nigeria. Specifically, the study evaluated the factors influencing the operationalisation of treasury single account as well as investigated the role of treasury single account on effective fund management. Finally, the study evaluated the effect of treasury single account on government transparency. The study employed primary data through administration of structured questionnaire. Descriptive statistics and ordered logistic regression were used in analysing the data for the study. The study revealed that operationalised TSA impacts on effective management of fund and enhances government transparency. The study therefore recommended that government in its efforts to develop a sound and judicious management of government resources should ensure that all treasuries are kept in a single account.Item Small and Medium Scale Enterprises Access to Finance and Economic Growth in Nigeria(Department of Accounting and Finance, Kwara State University, 2019) Ijaiya, Muftau; Kolawole, KayodeSmall and Medium Scale Enterprises (SMEs) in Nigeria are faced with many problems and this has been a major setback for their development in the country. These problems led to the dismal performances and contributions of the sector to Nigeria's economic growth. This research finding shows that there are many sources of finance open to SMEs in Nigeria but the major problem is access to the various sources from the formal financial sources of funding. This credit constraint is primarily due to lending conditions of formal financial institutions. This study therefore recommends that formal finance institutions should relax their lending requirements to enable SMEs borrow as much as they need to increase their contributions to the economic growth of Nigeria.