Journal of Empirical Studies

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Online ISSN: 2312-6248
Print ISSN: 2312-623X
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No. 1

The Financial Decentralization Policy for Local Development in Cameroon: An Econometric Analysis

Pages: 52-60
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The Financial Decentralization Policy for Local Development in Cameroon: An Econometric Analysis

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DOI: 10.18488/journal.66.2020.71.52.60

Gerard TCHOUASSI , Pierre Patrick DZOU

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Gerard TCHOUASSI , Pierre Patrick DZOU (2020). The Financial Decentralization Policy for Local Development in Cameroon: An Econometric Analysis. Journal of Empirical Studies, 7(1): 52-60. DOI: 10.18488/journal.66.2020.71.52.60
The objective of this article is to show the effectiveness of financial decentralization policy in the process of local development. In order to do so, we analyze the financial decentralization as a determinant of the effectiveness of local development in Cameroon. To achieve the main objective, we have used the data grouped together after the exploitation of the communal development plans. Using the Data Environment Analysis (DEA) model, we have obtained interesting results: When the budget allocated to decentralized territorial collectivities (DTC) is increased by 1%, this makes possible an increase of 13 points of the achievement of non-revenue generating projects and by11 points, those of income-generating projects at the level of DTC. When the budget increases by 10 points, there is an increase of 130 points of the achievements of non-revenue generating projects and 110 points of those of income-generating projects. The increase of financial resources at the level of DTCs would create a reasonable increase of investments in socio collective projects and in basic infrastructures. This leads to a drastic reduction in the unemployment rate. We can recommend to the Government to implement strategies that can reinforce the practice of financial decentralization and ensure decentralized governance. The financial decentralization is an economic indicator that can bring growth and development.
Contribution/ Originality
This study contributes to econometrically analyzing the effectiveness of financial decentralization policy in the process of local development.

Human Capital Development and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach

Pages: 41-51
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Human Capital Development and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach

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DOI: 10.18488/journal.66.2020.71.41.51

Akinlosotu, Nathaniel Toyosi

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Akinlosotu, Nathaniel Toyosi (2020). Human Capital Development and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach. Journal of Empirical Studies, 7(1): 41-51. DOI: 10.18488/journal.66.2020.71.41.51
This study investigated the relationship between human capital development and economic growth in Nigeria for the period of 1981-2017. Annual time series data from various issues of the Central Bank of Nigeria (CBN) statistical bulletin and World Development Indicator (WDI) were collected for the dependent variable - gross domestic product per capita (the proxy for economic growth) and the independent variables - human development index (HDI), number of under-five deaths (NUFD), gross fixed capital formation (GFCF), labour force participation (LABF), remittance (REM) and inflation rate (INF). The Augmented Dickey Fuller (ADF) and Dickey Fuller Generalized Least Squares (DF-GLS) detrending test were used to test for unit root while the Auto-Regressive Distributed Lag (ARDL) or the bound testing approach was employed in the study. The result showed that human capital development (HDI), labour force participation (LABF) and remittance (REM) had direct and significant long run impact on economic growth while the short-run estimated model revealed that the one-lagged value of gross domestic product (RGDP) and HDI had direct and significant impact on the dependent variable. The error correction term showed that in event of a disequilibrium, shock or perturbation, the system would restore itself to equilibrium at an adjustment speed of approximately 97.1%. To increase Nigeria’s human development index (HDI), it was recommended that remittances from international agencies should not only used judiciously by the government for the development of human capital. This would not only increase creativity, skill and productive capacities but also promote economic growth in Nigeria.
Contribution/ Originality
This study is one of the few studies in Nigeria that have investigated human capital-growth relationship with focus on international integration among several others indicators of human capital development in Nigeria. The paper's primary contribution is finding that remittance inflow is one of the international integration components that promotes growth.

Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh

Pages: 30-40
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Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh

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DOI: 10.18488/journal.66.2020.71.30.40

S. M. Khaled Hossain , Jobaer Hossan Akib , Md. Matiur Rahman

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S. M. Khaled Hossain , Jobaer Hossan Akib , Md. Matiur Rahman (2020). Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh. Journal of Empirical Studies, 7(1): 30-40. DOI: 10.18488/journal.66.2020.71.30.40
The purpose of the paper is to explore the influence of various corporate characteristics on financial leverage of the manufacturing companies listed at Dhaka Stock Exchange (DSE) in Bangladesh. A non-probability sampling technique has been used for selecting sample size from the population. Data from 40 manufacturing companies has been analyzed from 2015 to 2019-time period which are secondary in nature. Multiple regression methods were implied to explore the impact of corporate characteristics on leverage of the studied firms. The output from the regression models indicated that total assets, return on assets, return on sales and age are inversely and significantly connected to the leverage of companies. Selecting only the manufacturing company as the sample is a little limitation for this study. The study period is only five years including year of 2015-2019. The research results of this paper make contributions for the regulatory and enforcement authorities such as: ICAB, ICMAB, SEC and DSE. The information derived from the findings of the study will help financial managers to take decision regarding selection of optimal capital structure.
Contribution/ Originality
This study contributes to the existing literature about the influence of corporate characteristics on companies’ financial leverage especially in reference to 40 manufacturing companies enlisted in DSE in Bangladesh.

The Effect of Capital Structure Decisions on Profitability of Quoted Consumer Goods in Nigeria

Pages: 14-29
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The Effect of Capital Structure Decisions on Profitability of Quoted Consumer Goods in Nigeria

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DOI: 10.18488/journal.66.2020.71.14.29

Awah, Stanley Kalu , Ebiringa, Oforegbunam Thaddeus , Ugwu, Kelechi Enyinna

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Awah, Stanley Kalu , Ebiringa, Oforegbunam Thaddeus , Ugwu, Kelechi Enyinna (2020). The Effect of Capital Structure Decisions on Profitability of Quoted Consumer Goods in Nigeria. Journal of Empirical Studies, 7(1): 14-29. DOI: 10.18488/journal.66.2020.71.14.29
The study examined the effect of capital structure decisions on profitability of quoted consumer good firms in Nigeria. Research method adopted is ex-post facto research design. The study employed secondary data obtained from the websites of the consumer goods sub-sectors of the manufacturing sector, published annual reports and statements of accounts of the sampled firms and the Nigerian Stock Exchange F-act-book. The study adopted judgmental sampling and multi-stage sampling techniques in data collection. Multiple Regression models were used in the analysis of the data. The estimation result also showed that the retained earnings to asset ratio (REA) had a direct relationship with return on asset of quoted consumer goods firms in Nigeria. The study concludes that, retained earnings to asset ratio positively influenced return on asset of quoted consumer goods firms in Nigeria at 5% level of significance. The study recommends firms' managers and financial advisors to advise the stakeholders of quoted consumer goods firms to use more of internal fund to finance a huge proportion of their assets if available. Again, the firms' managers are advised to continuously study the market and advice firms on the appropriateness of the proportions of long-term debt to be used during capital structure decisions to avoid the adverse effect of financial distress.
Contribution/ Originality
This study originated a model in the research methodology to explain the effect of retained earnings on asset ratio to return on asset of Quoted Consumer Goods firms in Nigeria. This study contributes to existing knowledge by identifying gap in the literature and creating areas for future research.

Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, Imo State, Nigeria

Pages: 1-13
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Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, Imo State, Nigeria

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DOI: 10.18488/journal.66.2020.71.1.13

Ugwu, K. E. , Osisioma, H.E , Onwuzuligbo, L. , Nnaji-ihedinmah, N.C.

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Ugwu, K. E. , Osisioma, H.E , Onwuzuligbo, L. , Nnaji-ihedinmah, N.C. (2020). Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, Imo State, Nigeria. Journal of Empirical Studies, 7(1): 1-13. DOI: 10.18488/journal.66.2020.71.1.13
This study examined the influence of change management on firm performance of deposit money banks in Owerri, Imo State. Descriptive survey design and the questionnaire were used in data collection. The total population comprised of 124 staff of Fidelity Bank, Access Bank, Eco-Bank and United Bank for Africa Plc. Out of 124 copies of the questionnaire administered to the participants, 116 were responded and used for the analysis, while, the remaining 6 were not returned and utilized. The research hypothesis was tested and analyzed using simple regression method to generate the result. The null hypothesis was rejected at 5 % level of significance. The study found that change management variable (leadership change) exerts a significant positive influence on firm performance (competitiveness) of banks in Owerri, Nigeria. The study recommends the followings; organizational leaders are advised to train their members in form of; coaching, counselling of other psychological support to encourage members to enforce change in the workplace. Again, managers are encouraged to communicate to all stakeholders effectively during corporate restructuring or redesigning of business process to enable them to see the necessity of change.
Contribution/ Originality
This study is one of very few studies which have investigated the influence of leadership change on firm competitiveness in selected money deposit bank in Owerri, Imo State, Nigeria.