ORIGINAL RESEARCH ARTICLE | Sept. 10, 2022
Firm Characteristic and Financial Performance of Consumer Goods Manufacturing Firms in Nigeria: Moderating Effect of Some Key Monetary Variables
Zubairu Ahmad, Adamu Hassan, Abdulkadir Aminu Ladan
Page no 222-228
This study moderates firm characteristics with key monetary variables (inflation rate and exchange rate) and examine their effect on the financial performance of fifteen (15) listed consumer goods manufacturing firms in Nigeria using an annual panel dataset from 2004 to 2020. The dependent variable (financial performance) is measured as return on assets while the independent variables are capital structure, dividend policy, managerial efficiency and firm size. In addition, the study used fixed and random effects regressions as techniques of data analysis. The results of this study are categorized into two parts namely; regression results without moderators and regression results with moderators (inflation and exchange rate). The result from the model without moderators shows that there is a positive and statistically relationship between capital structure, managerial efficiency and firm size and financial performance while dividend policy has no significant effect on financial performance. However, the results moderated with both the inflation and exchange rate indicate that capital structure and firm size have a significant negative effect on financial performance while dividend policy and managerial efficiency have a significant positive effect on financial performance. Thus, this study recommends the need for an increase in both dividend policy and managerial efficiency and limiting the increase in capital structure and firm size since they adversely affect financial performance. Finally, there is a need for consumer goods manufacturing firms to put into consideration the trends in monetary variables before making any investment decision.
ORIGINAL RESEARCH ARTICLE | Sept. 16, 2022
The Influence of Good Corporate Governance, Corporate Social Responsibility, and Diversity on Board of Directors on Firm Value (Empirical Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange from 2017 to 2020)
Lamhot Leonard Fitri, Dwi Asih Surjandari
Page no 229-237
This study examined the influence of Good Corporate Governance, Corporate Social Responsibility, and Diversity on Boards of Directors on Firm Value. This study uses secondary data from the IDX website. The population of this quantitative study is the annual report of Property and Real Estate companies listed on the Indonesia Stock Exchange from 2017 to 2020. The sample consisting of the annual reports of Property and Real Estate companies listed on the Indonesia Stock Exchange from 2017 to 2020 was obtained through purposive sampling. The data was collected on March 1, 2022. Multiple linear regression analysis was used to analyze the data. The results of the study prove that the existence of independent commissioners has a significant influence on firm value, audit committee has a significant influence on firm value, and corporate social responsibility disclosure has a significant influence on firm value. The proportion of women and people over 40 on the board of directors has no influence on firm value. The education level of the board of directors has no influence on the firm value.