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Papers by Fredrick Ikpesu

Research paper thumbnail of Banking sector credit, inflation and growth in sub-Saharan African countries

Journal of Transnational Management

Research paper thumbnail of Financial Distress Overview, Determinants, and Sustainable Remedial Measures

Corporate Governance Models and Applications in Developing Economies

The failure of top firms in the world who once represented the icon of their industries has renew... more The failure of top firms in the world who once represented the icon of their industries has renewed the interest of research scholars, practitioners, policymakers, and academics on the subject matter of financial distress. A firm is financially distressed when the operating cash flow is not sufficient for meeting the current obligation of the firm. It also involves a situation where the firm constantly experiences loss, breach loan contract, and find it difficult in honouring organisational commitment. This chapter is set out to synthesize the recent development in the topics of financial distress and corporate recovery. This chapter primarily focuses on financial distress, its determinants, and the way forward on how firms can recover from financial distress. The chapter also discussed the financial distress theories as well as sustainable remedial measures of financial distress. Finally, the chapter provides the concluding remarks and policy implications.

Research paper thumbnail of Remittance flows and banking sector development in emerging markets: Do institutions matter?

Journal of Transnational Management

Research paper thumbnail of Capital inflows, exchange rate and agricultural output in Nigeria

Future Business Journal

The study applied the autoregressive distributed lag (ARDL) technique in investigating the effect... more The study applied the autoregressive distributed lag (ARDL) technique in investigating the effect of capital inflows and exchange rate on agricultural output in Nigeria between the periods 1981 and 2016. The technique was selected because the variables are integrated at both 1(1) and 1(0) and the sample size is considerably small. Variables used in the study are agricultural output (AO), private capital inflow (PRCI), public capital inflow (PUBCI), investment (INV), labor (L) and real effective exchange rate. Findings from the empirical research revealed that the variables are cointegrated. The research outcome also indicates that in the short run and long run, private capital inflow and public capital inflow positively affect the country agricultural output. The study also revealed that exchange rate depreciation would cause agricultural output to decline in the short and long run. Based on the research findings, it is recommended that the government should create an enabling and c...

Research paper thumbnail of Aid, Inflation, And Exchange Rate In Sub-Saharan Africa: Empirical Insights from Panel Vector Error Correction Model (PVECM) Approach

The Journal of Developing Areas

Research paper thumbnail of Growth effect of trade and investment in Sub-Saharan Africa countries: Empirical insight from panel corrected standard error (PCSE) technique

Cogent Economics & Finance

as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof... more as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof will be undertaken on this manuscript before final publication of the Version of Record (VoR). Please note that during production and pre-press, errors may be discovered which could affect the content.

Research paper thumbnail of Capital Structure and the Profitability-Liquidity Trade-Off

International Journal of Economics and Financial Issues

Theoretical guidance suggests a trade-off between profitability and liquidity in effect of capita... more Theoretical guidance suggests a trade-off between profitability and liquidity in effect of capital structure decisions. This study investigates the link between capital structure and profitability-liquidity trade-off using descriptive and Panel-VAR analysis for 18 listed manufacturing companies in Nigeria. Findings from this study show no evidences of profitability-liquidity trade-off as function of capital structure. However, this study found that profitability and liquidity responds similarly to capital structure. Relative to equity share, debt ratios have negative effect on profitability and liquidity. Relative to asset, debt has positive effect on profitability and liquidity. Evidences further suggest that the way profitability and liquidity respond to capital structure is reliant on the business cycle position of the economy. Finance managers are advised to keep abreast the economic trend in the decision to adopt debt financing.

Research paper thumbnail of Effect Of Oil Price, And Exchange Rate On Current Account Balance In Nigeria

The Journal of Developing Areas

Research paper thumbnail of Capital structure and corporate financial distress of manufacturing firms in Nigeria

Journal of Accounting and Taxation

This paper investigated the effect of capital structure on corporate financial distress of manufa... more This paper investigated the effect of capital structure on corporate financial distress of manufacturing firms in Nigeria by employing panel corrected standard error (PCSE) technique. The variables used in the study are corporate financial distress, capital structure, firm size, assets tangibility, revenue growth, profitability and age of firms. The outcome of the research reveals that capital structure affects corporate financial distress negatively while company age from listing years, profitability and asset tangibility affects corporate financial distress positively. The result further revealed that firm growth and firm size affects financial distress negatively. Policy implication from the study is that managers have to be cautious when designing their capital structure. Also, government should encourage firms to use internally generated fund than external fund by granting preferential tax treatment on their retained earnings. This will encourage investment in growth-oriented strategies. In addition, the Central Bank of Nigeria should direct banks to lower the cost of borrowing for manufacturing firms to ensure financial stability.

Research paper thumbnail of Dynamic interaction between savings, investment and economic growth in Nigeria: A Vector autoregressive (VAR) approach

The Journal of Developing Areas

Research paper thumbnail of Macroeconomic Determinants Of Non-Performing Loans In Nigeria: An Empirical Analysis

The Journal of Developing Areas

Research paper thumbnail of Ethics and CSR Practices for Enduring Corporate Governance Culture

Corporate Governance Models and Applications in Developing Economies

The studies in corporate governance have explained different motives responsible for adoption of ... more The studies in corporate governance have explained different motives responsible for adoption of corporate governance. This chapter provides answers to why business should be morally responsible and practice CSR. The authors shed light on crucial areas of corporate responsibilities of business and various theoretical justification advanced in previous studies in CSR. They look at the relationship between CSR and corporate governance – their crucial points of divergence and convergence. They also look at ethics and responsibilities for unethical behaviours and ethical theories with their limitations. Finally, they evaluate CSR and ethics from African perspective – how CSR in Africa is framed from by sociocultural influences, like communalism, ethnic-religious beliefs, and charitable tradition (ubuntu philosophy).

Research paper thumbnail of Banking sector credit, inflation and growth in sub-Saharan African countries

Journal of Transnational Management

Research paper thumbnail of Financial Distress Overview, Determinants, and Sustainable Remedial Measures

Corporate Governance Models and Applications in Developing Economies

The failure of top firms in the world who once represented the icon of their industries has renew... more The failure of top firms in the world who once represented the icon of their industries has renewed the interest of research scholars, practitioners, policymakers, and academics on the subject matter of financial distress. A firm is financially distressed when the operating cash flow is not sufficient for meeting the current obligation of the firm. It also involves a situation where the firm constantly experiences loss, breach loan contract, and find it difficult in honouring organisational commitment. This chapter is set out to synthesize the recent development in the topics of financial distress and corporate recovery. This chapter primarily focuses on financial distress, its determinants, and the way forward on how firms can recover from financial distress. The chapter also discussed the financial distress theories as well as sustainable remedial measures of financial distress. Finally, the chapter provides the concluding remarks and policy implications.

Research paper thumbnail of Remittance flows and banking sector development in emerging markets: Do institutions matter?

Journal of Transnational Management

Research paper thumbnail of Capital inflows, exchange rate and agricultural output in Nigeria

Future Business Journal

The study applied the autoregressive distributed lag (ARDL) technique in investigating the effect... more The study applied the autoregressive distributed lag (ARDL) technique in investigating the effect of capital inflows and exchange rate on agricultural output in Nigeria between the periods 1981 and 2016. The technique was selected because the variables are integrated at both 1(1) and 1(0) and the sample size is considerably small. Variables used in the study are agricultural output (AO), private capital inflow (PRCI), public capital inflow (PUBCI), investment (INV), labor (L) and real effective exchange rate. Findings from the empirical research revealed that the variables are cointegrated. The research outcome also indicates that in the short run and long run, private capital inflow and public capital inflow positively affect the country agricultural output. The study also revealed that exchange rate depreciation would cause agricultural output to decline in the short and long run. Based on the research findings, it is recommended that the government should create an enabling and c...

Research paper thumbnail of Aid, Inflation, And Exchange Rate In Sub-Saharan Africa: Empirical Insights from Panel Vector Error Correction Model (PVECM) Approach

The Journal of Developing Areas

Research paper thumbnail of Growth effect of trade and investment in Sub-Saharan Africa countries: Empirical insight from panel corrected standard error (PCSE) technique

Cogent Economics & Finance

as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof... more as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof will be undertaken on this manuscript before final publication of the Version of Record (VoR). Please note that during production and pre-press, errors may be discovered which could affect the content.

Research paper thumbnail of Capital Structure and the Profitability-Liquidity Trade-Off

International Journal of Economics and Financial Issues

Theoretical guidance suggests a trade-off between profitability and liquidity in effect of capita... more Theoretical guidance suggests a trade-off between profitability and liquidity in effect of capital structure decisions. This study investigates the link between capital structure and profitability-liquidity trade-off using descriptive and Panel-VAR analysis for 18 listed manufacturing companies in Nigeria. Findings from this study show no evidences of profitability-liquidity trade-off as function of capital structure. However, this study found that profitability and liquidity responds similarly to capital structure. Relative to equity share, debt ratios have negative effect on profitability and liquidity. Relative to asset, debt has positive effect on profitability and liquidity. Evidences further suggest that the way profitability and liquidity respond to capital structure is reliant on the business cycle position of the economy. Finance managers are advised to keep abreast the economic trend in the decision to adopt debt financing.

Research paper thumbnail of Effect Of Oil Price, And Exchange Rate On Current Account Balance In Nigeria

The Journal of Developing Areas

Research paper thumbnail of Capital structure and corporate financial distress of manufacturing firms in Nigeria

Journal of Accounting and Taxation

This paper investigated the effect of capital structure on corporate financial distress of manufa... more This paper investigated the effect of capital structure on corporate financial distress of manufacturing firms in Nigeria by employing panel corrected standard error (PCSE) technique. The variables used in the study are corporate financial distress, capital structure, firm size, assets tangibility, revenue growth, profitability and age of firms. The outcome of the research reveals that capital structure affects corporate financial distress negatively while company age from listing years, profitability and asset tangibility affects corporate financial distress positively. The result further revealed that firm growth and firm size affects financial distress negatively. Policy implication from the study is that managers have to be cautious when designing their capital structure. Also, government should encourage firms to use internally generated fund than external fund by granting preferential tax treatment on their retained earnings. This will encourage investment in growth-oriented strategies. In addition, the Central Bank of Nigeria should direct banks to lower the cost of borrowing for manufacturing firms to ensure financial stability.

Research paper thumbnail of Dynamic interaction between savings, investment and economic growth in Nigeria: A Vector autoregressive (VAR) approach

The Journal of Developing Areas

Research paper thumbnail of Macroeconomic Determinants Of Non-Performing Loans In Nigeria: An Empirical Analysis

The Journal of Developing Areas

Research paper thumbnail of Ethics and CSR Practices for Enduring Corporate Governance Culture

Corporate Governance Models and Applications in Developing Economies

The studies in corporate governance have explained different motives responsible for adoption of ... more The studies in corporate governance have explained different motives responsible for adoption of corporate governance. This chapter provides answers to why business should be morally responsible and practice CSR. The authors shed light on crucial areas of corporate responsibilities of business and various theoretical justification advanced in previous studies in CSR. They look at the relationship between CSR and corporate governance – their crucial points of divergence and convergence. They also look at ethics and responsibilities for unethical behaviours and ethical theories with their limitations. Finally, they evaluate CSR and ethics from African perspective – how CSR in Africa is framed from by sociocultural influences, like communalism, ethnic-religious beliefs, and charitable tradition (ubuntu philosophy).