https://www.um.edu.mt/library/oar/handle/123456789/55214 2026-04-04T21:20:56Z 2026-04-04T21:20:56Z Bala, Sani Abdulrahman Abatcha, Babagana Mallam https://www.um.edu.mt/library/oar/handle/123456789/55218 2021-01-30T08:40:49Z 2020-01-01T00:00:00Z

Title: Determinants of capital structure in listed insurance companies in Nigeria Authors: Bala, Sani Abdulrahman; Abatcha, Babagana Mallam Abstract: This study investigates the determinants of capital structure in listed insurance companies in Nigeria for the period of thirteen years, from 2006-2018. Ex-post facto research design was adopted for this study. The population of the study is made up of the 28 insurance companies listed on the floor of the Nigerian Stock Exchange (NSE) as at 2018. Since the population is not too large, this study utilized census sampling technique to take all the population. The data used in this study were secondary data derived from annual reports of insurance companies that are listed on the NSE. The study used panel regression with respect to the use of Hausman specification test to determine the use of fixed or random effect model. The random effect regression result revealed that that firm size has insignificant positive effect on capital structure (CST) of listed insurance companies in Nigeria. The study showed a significant positive effect between age and CST of listed insurance companies in Nigeria. Based on the regression result, asset tangibility has insignificant negative effect on CST, the regression result shows that risk has insignificant positive effect on CST, while the study found that insurance growth has significant positive effect on CST of listed insurance companies in Nigeria. The study concludes that size, age, tangibility of asset, insurance risk and growth are determinants of CST of listed insurance companies in Nigeria. The study recommends that insurance companies should have a high consideration for the value of total asset when determining their capital mix. Also, insurance companies that have been incorporated for long should consider external financing likewise, insurance companies should not give fixed asset priority when considering their capital structure mix. Debt providers should seek for high return in order to hold the risk related to the bankruptcy and financial distress. Lastly, debt holders should require such return to hold the risk of agency conflicts with shareholders and management.

2020-01-01T00:00:00Z Ali, Peter I. Nzotta, Samuel M. Akujuobi, A. B. C. Nwaimo, Chilaka. E. https://www.um.edu.mt/library/oar/handle/123456789/68174 2021-01-30T08:45:51Z 2020-01-01T00:00:00Z

Title: Impact of macroeconomic variables on stock return volatility : evidence from Sub-Sahara Africa Authors: Ali, Peter I.; Nzotta, Samuel M.; Akujuobi, A. B. C.; Nwaimo, Chilaka. E. Abstract: The main purpose of this paper was to investigate the impact of macroeconomic variables on stock market return volatility in Sub-Sahara markets. The study concentrated on three stock markets including Ghana, Nigeria and South Africa using GARCH-X (1,1) model on monthly data from January 2000 to December 2017. Preliminary analyses from descriptive statistics show that show mean monthly returns are positive for all the stock markets. Skewness coefficients show that the stock returns and interest rates distribution of all Sub-Sahara Africa stock markets are negatively skewed but inflation rate is positively skewed for Nigeria and South Africa, and flat for Ghana. Excess kurtoses are positive for all the stock markets and macroeconomic indicators, and JarqueBera statistics indicate the stock markets’ series and macroeconomic indicators are not normally distributed. The Unit roots tests results indicate that all the stock markets and macroeconomic indicators are first difference stationary. The results of the GARCH-X (1,1) model show that macroeconomic variables do not significantly impact stock market returns volatility in Nigeria, Ghana and South Africa at the 5% significance Level. We therefore recommend that stock market regulators, market participants and investors should concentrate more efforts on other macroeconomic variables aside interest rate and inflation rate, in estimating stock market return volatility in Sub-Sahara Africa

2020-01-01T00:00:00Z Hendrawaty, Ernie https://www.um.edu.mt/library/oar/handle/123456789/68173 2021-01-30T08:44:55Z 2020-01-01T00:00:00Z

Title: Examining the excess cash holdings as an indicator of agency problems Authors: Hendrawaty, Ernie Abstract: This research aims to examine the implications of excess cash holdings on firm value based on agency theory. Data were obtained from a total sample of 1828 non-financial public companies in Indonesia, with 672 exceeding normal cash holdings using the panel regression techniques. The result showed that excess cash holdings have a negative effect on the firm value which is stronger for more concentrated ownership, for more dispersed ownership and for more financially difficult firms. Overall the empirical finding showed that excess cash holdings acts as a significant indicator of agency problems

2020-01-01T00:00:00Z Hoq Masum, Mofijul Abdul Latiff, Ahmed Razman Hisham Osman, Mohammad Noor https://www.um.edu.mt/library/oar/handle/123456789/68172 2021-01-30T08:44:24Z 2020-01-01T00:00:00Z

Title: Voluntary reporting, sustainable reporting and transition economy Authors: Hoq Masum, Mofijul; Abdul Latiff, Ahmed Razman; Hisham Osman, Mohammad Noor Abstract: This concept paper aims at exploring the interrelationship among the corporate voluntary reporting, the corporate sustainable reporting and the transition economy from the literatures and frameworks. At this juncture, transition economy refers the economy especially, the transformation of least developing economy to the developing economy as per the criteria of United Nations. Thus, the context of Bangladesh has been used as a ground for the study. The study explores the affiliation among corporate voluntary reporting, corporate sustainable reporting and transition economy from their respective literature and frameworks. From the literature of the corporate voluntary reporting, various dimensions of corporate disclosures have been considered, while the dimensions of sustainability reporting have been considered as per the consolidated set of global reporting index, published by Global Sustainability Standards Boards. In addition, components of transition economy have been considered on the basis of the guideline of the United Nations Economic and Social Council. The similitudes of these three concepts and their consequences are determined on the basis of the literature and frameworks. It is found that the core concepts of corporate voluntary reporting, corporate sustainable reporting and the transition economy are similar, and they are intermingled to each other. We have found that the dimensions of corporate voluntary reporting are the initiation of sustainability reporting that leads a transition economy to gain its status of being a developing economy. The findings of the study imply that the transition economy like Bangladesh has to put more focus on corporate engagement in transforming its economy to the developing economy. As the developing economy is based on trade rather than aid, the government of the country should design their corporate strategies and policies in such a way that leads the country to have a sustainable development. In addition, the findings may also encourage the corporate people to disclose more information regarding sustainability issues. Moreover, the findings may assist the United Nation to consider and reconsider their criteria of graduating any country from one level of economy to another. Finally, the findings can also open the avenue to the academicians to explore the extent of corporate reporting on transition economy.

2020-01-01T00:00:00Z