Yushau Ango - Academia.edu (original) (raw)
Papers by Yushau Ango
Entrepreneurial Ecosystem, 2015
African Journal of Business Management, Feb 18, 2011
This paper examines the relationship between dividend policy and financial leverage of 403 compan... more This paper examines the relationship between dividend policy and financial leverage of 403 companies, listed with Karachi Stock Exchange during the period 2002 to 2008. Dividend policy, vastly followed by the companies, was tested by applying the extended model of Linter (1956) with the debt ratio of the firm, the previous year's dividend yield as its independent variables and change in earnings as a dummy variable. At first, the descriptive statistics for our entire variables were calculated and then correlation matrix was calculated to identify the preliminary relationship among all the variables, followed by regression analysis on panel data to examine the significance and magnitude through fixed and random effects models. Theoretical assertions were justified through random effect model that the level of corporate debt (leverage) and widely practiced dividend policy, significantly, affect the dividend policy of the Pakistani firms. On the other hand, financial leverage was found to have a negative impact on dividend payout, indicating less dividend payments by high-debt firms. The findings also revealed/ confirmed that change in earnings has no significant impact on dividend policy in case of Pakistani firms while the dividend yield has positive impact and vice versa. Fixed effect model, applied for the study, supports only the significant effect of dividend yield on dividend per share.
his study investigates the impact of Foreign Direct Investment on Teconomic growth in Nigeria. Us... more his study investigates the impact of Foreign Direct Investment on Teconomic growth in Nigeria. Using a quarterly secondary time series data over the period 2009Q to 2016Q . The Autoregressive Distributed Lag 1 4 (ARDL) approach to Co-integration and Error Correction (ARDL-VECM) Model, developed by Pesaran, Shin and Smith (2001) is employed to empirically reassess the relationship. It also provides empirical illustration on the causal relationship between Foreign Direct Investment and Economic Growth using pair-wise Granger causality test. The results indicate a long-run relationship between FDI, economic growth, exchange rate, interest rate and inflation rate. Also, the study further reveals a negative impact between FDI, exchange rate, interest rate, and inflation rate on economic growth. Moreover, the coefficient of error correction model (ECM) suggests that the speed of adjustment in the estimated model had the expected level significance and negative sign. However, the Granger c...
Rare studies have considered the effect of corporate social responsibility on firm performance in... more Rare studies have considered the effect of corporate social responsibility on firm performance in the manufacturing industry in Nigeria. This study therefore determined the effect of corporate social responsibility on firm performance in the Nigeria brewery. Secondary data covering the period from 2006 to 2015 were used. Data on corporate social responsibility, sales volume and profit of the firm were sourced from the publications of Nigeria Brewery annual reports. Data collected were analyzed using graph, Pearson Correlation and Ordinary Least Square. The results from the trend analysis showed that spending on corporate social responsibility has an upward trend average of 19% between 2006 to 2015 (t= 3.951825, p<0.05), also both profit and sales volume has been trending upward at an average of 13% annually (t= 3.020217, p<0.05) and (t= 4.730571, p<0.05) respectively, which are statistically significant. The correlation analysis showed that there is strong relationship betw...
This study examine the impact of leverage on the dividend policy of listed consumers’ goods firms... more This study examine the impact of leverage on the dividend policy of listed consumers’ goods firms in Nigeria. The study covers a period of ten years from 2007 to 2016. Secondary source of data was used. Panel multiple regression techniques was used to analysis the data. The study made use of ex-post facto research design. Sample of seventeen (17) listed consumers’ goods firms was used. Two formulated research hypotheses were achieved after tested. The findings from this study shows that total debt ratio and long-term debt ratio has negative and significant impact on the dividend policy of listed consumers goods firms in Nigeria. Based on these findings, it therefore, concludes that leverage has significant negative impact on the dividend policy of listed consumers goods firms in Nigeria. It is therefore, recommended that Managers should employ financial leverage in a way that enhances value for their company owners, that is, leading to an increase in returns to equity holders. Deb...
The impact of culture on entrepreneurship attitude has been subject of several studies all over t... more The impact of culture on entrepreneurship attitude has been subject of several studies all over the world and arguments have been proffered both ways. Unfortunately studies on the subject are rare in sub-Saharan Africa, especially in Nigeria. This paper seeks to review and synthesize studies that allude to the impact of culture on entrepreneurial attitude, with a view to extending the findings to the entrepreneurial attitudes of Nigeria’s three major ethnic groups : Hausa, Yoruba and Igbo. It is a literature survey type, identifying those attitudes in various cultures that bring out the best in each ethnic group’s entrepreneurship. It finds that positive cultural attitudes from all ethnic groups in a nation are worthy of emulation by the other ethnic groups for best practices in entrepreneurship. The study recommends that positive entrepreneurial cultural attributes identifiable among the three major ethnic groups in Nigeria should be publicised for the benefit of all prospective Ni...
The debt-to-equity ratio of a firm determines how cash flows will be shared between equity holder... more The debt-to-equity ratio of a firm determines how cash flows will be shared between equity holders and debt holders. Financial managers face difficulty in determining the optimal leverage. The main objective of this study is to determine the effect of financial leverage on the performance of quoted Manufacturing firms in Nigeria. The sample data was extracted from 92 manufacturing companies registered by the Nigerian stock exchange (NSE) from the period 2007 to 2016. Return on Equity (ROE), Return on Asset (ROA) and Return on Investment (ROI) represent performance of dependent variables. While Debt/Equity ratio represent financial leverage as independent variable. Simple Least Square regression method was used as a tool of data analysis and findings of the paper reveal that, Debt to equity ratio has insignificant effect on the performance of quoted Manufacturing firms in Nigeria, it also shows a positive effect relationship between financial leverage and Debt to equity ratio. The co...
The study employed multiple regression method of analysis to examine the impact of entrepreneuria... more The study employed multiple regression method of analysis to examine the impact of entrepreneurial competencies on Small and Medium Scale Enterprises in Kaduna metropolis. The objectives of the study are; to examine the impact of skills competencies on SMEs performance in Kaduna Metropolis and to evaluate the impact of personality competencies on SMEs performance in Kaduna Metropolis. Primary data was used for the study. Population of the study was 313 and out of which a sample size of 176 was drawn. The study found that skill competency has a significant impact on the small and medium scale enterprises performance and personality competency also has a significant impact on the small and medium scale enterprises performance. Based on the findings the study concludes that entrepreneurial competencies (skills and personality) in Kaduna Metropolis. The government and other relevant agencies and institution that are major stakeholders in SMEs development in Nigeria should equip current ...
papers.ssrn.com
Page 1. Electronic copy available at: http://ssrn.com/abstract=1153976 An Assessment of the Impac... more Page 1. Electronic copy available at: http://ssrn.com/abstract=1153976 An Assessment of the Impact of Restructuring on the Liquidity of the Nigerian Stock Exchange BY Yusha'u Ibrahim Ango yushauango@yahoo.com Department of Business Administration, ...
Entrepreneurial Ecosystem, 2015
African Journal of Business Management, Feb 18, 2011
This paper examines the relationship between dividend policy and financial leverage of 403 compan... more This paper examines the relationship between dividend policy and financial leverage of 403 companies, listed with Karachi Stock Exchange during the period 2002 to 2008. Dividend policy, vastly followed by the companies, was tested by applying the extended model of Linter (1956) with the debt ratio of the firm, the previous year's dividend yield as its independent variables and change in earnings as a dummy variable. At first, the descriptive statistics for our entire variables were calculated and then correlation matrix was calculated to identify the preliminary relationship among all the variables, followed by regression analysis on panel data to examine the significance and magnitude through fixed and random effects models. Theoretical assertions were justified through random effect model that the level of corporate debt (leverage) and widely practiced dividend policy, significantly, affect the dividend policy of the Pakistani firms. On the other hand, financial leverage was found to have a negative impact on dividend payout, indicating less dividend payments by high-debt firms. The findings also revealed/ confirmed that change in earnings has no significant impact on dividend policy in case of Pakistani firms while the dividend yield has positive impact and vice versa. Fixed effect model, applied for the study, supports only the significant effect of dividend yield on dividend per share.
his study investigates the impact of Foreign Direct Investment on Teconomic growth in Nigeria. Us... more his study investigates the impact of Foreign Direct Investment on Teconomic growth in Nigeria. Using a quarterly secondary time series data over the period 2009Q to 2016Q . The Autoregressive Distributed Lag 1 4 (ARDL) approach to Co-integration and Error Correction (ARDL-VECM) Model, developed by Pesaran, Shin and Smith (2001) is employed to empirically reassess the relationship. It also provides empirical illustration on the causal relationship between Foreign Direct Investment and Economic Growth using pair-wise Granger causality test. The results indicate a long-run relationship between FDI, economic growth, exchange rate, interest rate and inflation rate. Also, the study further reveals a negative impact between FDI, exchange rate, interest rate, and inflation rate on economic growth. Moreover, the coefficient of error correction model (ECM) suggests that the speed of adjustment in the estimated model had the expected level significance and negative sign. However, the Granger c...
Rare studies have considered the effect of corporate social responsibility on firm performance in... more Rare studies have considered the effect of corporate social responsibility on firm performance in the manufacturing industry in Nigeria. This study therefore determined the effect of corporate social responsibility on firm performance in the Nigeria brewery. Secondary data covering the period from 2006 to 2015 were used. Data on corporate social responsibility, sales volume and profit of the firm were sourced from the publications of Nigeria Brewery annual reports. Data collected were analyzed using graph, Pearson Correlation and Ordinary Least Square. The results from the trend analysis showed that spending on corporate social responsibility has an upward trend average of 19% between 2006 to 2015 (t= 3.951825, p<0.05), also both profit and sales volume has been trending upward at an average of 13% annually (t= 3.020217, p<0.05) and (t= 4.730571, p<0.05) respectively, which are statistically significant. The correlation analysis showed that there is strong relationship betw...
This study examine the impact of leverage on the dividend policy of listed consumers’ goods firms... more This study examine the impact of leverage on the dividend policy of listed consumers’ goods firms in Nigeria. The study covers a period of ten years from 2007 to 2016. Secondary source of data was used. Panel multiple regression techniques was used to analysis the data. The study made use of ex-post facto research design. Sample of seventeen (17) listed consumers’ goods firms was used. Two formulated research hypotheses were achieved after tested. The findings from this study shows that total debt ratio and long-term debt ratio has negative and significant impact on the dividend policy of listed consumers goods firms in Nigeria. Based on these findings, it therefore, concludes that leverage has significant negative impact on the dividend policy of listed consumers goods firms in Nigeria. It is therefore, recommended that Managers should employ financial leverage in a way that enhances value for their company owners, that is, leading to an increase in returns to equity holders. Deb...
The impact of culture on entrepreneurship attitude has been subject of several studies all over t... more The impact of culture on entrepreneurship attitude has been subject of several studies all over the world and arguments have been proffered both ways. Unfortunately studies on the subject are rare in sub-Saharan Africa, especially in Nigeria. This paper seeks to review and synthesize studies that allude to the impact of culture on entrepreneurial attitude, with a view to extending the findings to the entrepreneurial attitudes of Nigeria’s three major ethnic groups : Hausa, Yoruba and Igbo. It is a literature survey type, identifying those attitudes in various cultures that bring out the best in each ethnic group’s entrepreneurship. It finds that positive cultural attitudes from all ethnic groups in a nation are worthy of emulation by the other ethnic groups for best practices in entrepreneurship. The study recommends that positive entrepreneurial cultural attributes identifiable among the three major ethnic groups in Nigeria should be publicised for the benefit of all prospective Ni...
The debt-to-equity ratio of a firm determines how cash flows will be shared between equity holder... more The debt-to-equity ratio of a firm determines how cash flows will be shared between equity holders and debt holders. Financial managers face difficulty in determining the optimal leverage. The main objective of this study is to determine the effect of financial leverage on the performance of quoted Manufacturing firms in Nigeria. The sample data was extracted from 92 manufacturing companies registered by the Nigerian stock exchange (NSE) from the period 2007 to 2016. Return on Equity (ROE), Return on Asset (ROA) and Return on Investment (ROI) represent performance of dependent variables. While Debt/Equity ratio represent financial leverage as independent variable. Simple Least Square regression method was used as a tool of data analysis and findings of the paper reveal that, Debt to equity ratio has insignificant effect on the performance of quoted Manufacturing firms in Nigeria, it also shows a positive effect relationship between financial leverage and Debt to equity ratio. The co...
The study employed multiple regression method of analysis to examine the impact of entrepreneuria... more The study employed multiple regression method of analysis to examine the impact of entrepreneurial competencies on Small and Medium Scale Enterprises in Kaduna metropolis. The objectives of the study are; to examine the impact of skills competencies on SMEs performance in Kaduna Metropolis and to evaluate the impact of personality competencies on SMEs performance in Kaduna Metropolis. Primary data was used for the study. Population of the study was 313 and out of which a sample size of 176 was drawn. The study found that skill competency has a significant impact on the small and medium scale enterprises performance and personality competency also has a significant impact on the small and medium scale enterprises performance. Based on the findings the study concludes that entrepreneurial competencies (skills and personality) in Kaduna Metropolis. The government and other relevant agencies and institution that are major stakeholders in SMEs development in Nigeria should equip current ...
papers.ssrn.com
Page 1. Electronic copy available at: http://ssrn.com/abstract=1153976 An Assessment of the Impac... more Page 1. Electronic copy available at: http://ssrn.com/abstract=1153976 An Assessment of the Impact of Restructuring on the Liquidity of the Nigerian Stock Exchange BY Yusha'u Ibrahim Ango yushauango@yahoo.com Department of Business Administration, ...