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Objective: Given the relevance of globalization on the integration of a country to the global economy and financial development, it is important to investigate the concept of globalization and evaluating the relationship between their determinants. Method: this study adopts qualitative techniques to examine the conceptual inter-relationship and the theoretical and empirical analysis of globalization and financial development from 2013 to 2023 using groupings based on the findings from the various samples articles that met the selection criteria of the dimensions of the concepts. On the other hand, this study adopts quantitative techniques to examine the relationship and causal effects of globalization dimension on financial development using some selected economies (developed and developing) for a period of 5 years (i.e. 2017 – 2021). Results: The finding of this study reveals that several studies have been conducted in relation to globalization and financial development, but at a decreasing rate which is against the expected results. Also, despite the increasing role of socio-economic variables of international crises, exchange rate and interest rate in financial development of economies, majority of the literatures have not shown sufficient interest as the few available reveal inconsistence in the relationship and causal effects of the variables. However, empirically, this study reveals that foreign direct investment, trade openness, exchange rate and interest rate but international crises have causal effect on financial development. Conclusion: This study therefore concludes that despite there are no convenient and consistent understandings, globalization has effect on financial development.

Purpose: This study examines the impact of motivational strategies on employee performance with the mediating role of employee formal recognition. Method: Collected data were analyzed by structural equation modeling. This study reveals that factors such as salary satisfaction, working environment, bonus and fringe benefits, and training and development have positive and significant associations with employee performance except for job security. Findings: Moreover, these findings suggest that providing formal recognition to employees enhances their employee performance, thereby positively impacting their overall performance. Research, Practical & Social Implications: Hence, this study recommends that the management should focus on these motivational factors by creating a positive work environment, attract and retain talented employees, and foster higher levels of job satisfaction, and ultimately contributing to improved organizational performance and success. Originality/Value: The originality of this study lies in its analysis of motivational strategies and employee performance in Nigerian Deposit money banks. Furthermore, the study highlights the relevance of motivating employee related issues to ensure improved performance and effective use of strategies.

Objective: Receiving a specified interest rate on term deposits and lending, which carries the risk that the borrower won't repay the debt as stipulated, are two components of the banking industry. This has to do with the likelihood that lending rates may decline, which would lead to a decrease in the bank's investment income relative to its deposit payment income. Therefore, this study examines how Nigerian commercial banks' financial stability is impacted by non-performing loans. The non-performing loans (NPLs), liquidity risk (LR), gearing ratio (GR), bank size (BS), and return on asset (ROA) were all utilized as proxies for non-performing loans and financial performance, respectively, using an ex-post facto research technique.   Method: The study employed a simple sampling approach to collect secondary data in accordance with the data's accessibility at the time of the investigation. These numbers were gathered from the annual financial reports of eight listed Nigerian commercial banks and cover the years 2017 through 2022. The data were analyzed using descriptive statistics and Panel Autoregressive distributed lags (PARDL) methods.   Results: The results of the analysis indicate that the model's short-run behavior exhibits a high rate of adjustment, and that it moves from the short-run to the long-run at an average speed of 48%. However, the long-term cointegration results show that the non-performing loans (-0.495623); liquidity ratio (-0.133630) and gearing ratio (-3.328567) are all statistically negatively related to return on asset. This suggests that an increase in the non-performing loans, liquidity ratio and gearing ratio tends to reduce return on asset in the long term. However, only the bank size has a positive significant relationship with return on asset.   Conclusion: The study suggests that the regulatory agencies in Nigeria increase the internal processes used by commercial Nigerian banks for risk verification, measurement, and trac

The study examines how monetary policy affects small and medium-scale (SMEs) in Nigeria during 1991–2020. The paper shows how monetary policy variables, such as the interest rate, money supply and inflation rate, drive the relative outputs of the SMEs to GDP (SMEGDP). In line with theoretical consideration, the estimation includes other control variables including gross fixed capital formation and secondary school enrolment rate to represent proxies for capital and labour, respectively. The result shows that the Johansen cointegration establishes long-run relationship amongst the considered determinants of the SMEGDP. The study finds that the money supply and interest rate, respectively, have significant positive and negative impact on the SME outputs, whist inflation rate produces adverse but insigificnat effect on output. The magnitude and significance of interest rate is more than that of the money supply. Generally, the evidence suggests the need for policy to reposition SMEs. The paper recommends that there should be discretionary use of monetary policy in enhancing SMEs and efforts at promoting macroeconomic stability.

Objective: This research investigated how income moderates the impact of xenocentrism on the behaviour of rice consumers in northwest Nigeria. Xenocentrism, in this context, is gauged through foreign brand admiration, perceived product quality, and the image of the product's country of origin. Method: Employing a correlation research design, the study collected data via questionnaires administered to 494 participants from five states in northwest Nigeria in 2023. The Structural Equation Modeling (SEM) regression technique, facilitated by SmartPLS 4 statistical software, was utilized for data analysis. Results: Results indicate that foreign brand admiration and the image of the product's country of origin significantly and positively influence rice consumers' behaviour. Moreover, the study reveals that income plays a moderating role in the relationship between perceived product quality, the image of the product's country of origin, and rice consumers' behaviour. Conclusion: To enhance acceptance and support for locally produced rice, the study recommends that the Nigerian government and rice producers in the country focus on enhancing the national image and overall quality of their products.

This study examines the interconnection between the capital flight components and domestic investment in Nigeria. We employ Autoregressive Distributive Lag model to analyse the data for Nigeria spanning from1986 to 2020. The results show that changes in external debt, current account balance, and foreign direct investments have a negative effect on domestic investments in the short run and long run. The external reserve component shows a positive and significant effect on the domestic investment. The error correction coefficient is significant and conforms to a priori expectation. We conclude that growth in domestic investment can be achieved by regulating the component of capital flight within the desirable limit needed to stimulate growth in domestic investment.

Purpose: There is evidence that managers engage in opportunistic practice to manipulate reported performance to attract unsuspecting investors. This paper seeks to detect the likelihood of manipulations on the financial reports of financial service firms (banks and other financial institutions) as well as to identify the financial indicators that are the likely predictors of the probability of manipulations in Nigeria. Theoretical framework: The M-score models, from Beneish (1999), are employed as theoretical basis for the paper. The model use financial ratios computed using accounting data to confirm the probability that firms’ reported earnings are manipulated. Design/Methodology/Approach: The study uses data from the Nigerian Exchange Group, from 2010 to 2019 to compute M8/M5-scores and classify firms into likely manipulators and unlikely manipulators. In addition, a probit regression model was applied to establish financial ratios that significantly predict the likelihood of FSF amongst the financial firms. Findings: The results based on M8 (M5)-score indicate that 26.67% (23.33%) of firms likely manipulate financial books and exhibit the possibility of FSF. In addition, only sales in receivable, sales growth, depreciation expenses, leverage and accruals to assets ratios are found to be (positive) significant predictors of the probability of manipulations. Research, Practical & Social implications: The implication of the outcome is that subjecting financial statements to empirical and statistical scrutiny should not be ignored because it would detect and reduce associated risks to manipulations. Therefore, more regulatory interventions and empirical auditing of reports are needed to ensure their readability and reliability to the investors. Originality/Value: The study offers a novel and first evidence, based on Beneish M-score, to scrutinise reports of financial firms in Nigeria. The evidence ensures quality reporting of the financial statements in or

Purpose: This paper examines the impact of economic transformation and natural resource dependency on the taxable capacity of SSA countries. Theoretical framework: This paper is based on positive tax theories which is concerned with who bears the burden of various taxes, and the incidence of a particular tax. Design/Methodology/Approach: This paper employed Stochastic Tax Frontier Analysis (STFA) using annual data for thirty-three SSA countries for eighteen years that range from 2002-2019. Findings: Empirical findings from this study indicate that most Middle-Income Countries (for example, Botswana, Cameroun, Cote d’ Ivoire, Lesotho etc) dominate the High Tax Performance category. This further confirm the positive and significant influence of real per capita income in the taxable capacity model of the SSA region as well as that of the MICs. However, exception to this trend is those of countries with relatively low per capita income (for example, Mali and Burundi) but operating near their tax potential, and with appreciable tax effort. The reason that may be attributed for this exception may be the rise of mining activities (though, this may not be enough to raise 30% of the countries’ hydrocarbon revenue) by large companies. Research, Practical & Social implications: The construction and analysis of tax revenue performance matrix for the sub-Saharan Africa by this study have provided relevant information for sub-Saharan Africa countries in preparing for substantial fiscal independence and would give clear indications of the revenue productivity of existing taxes that may lessen the anxiety of the apparent fiscal deficit challenges faced by most SSA countries, and this will further provide policy directions for future tax reforms in the various countries of the region. Originality/Value: The originality of this study lies in its investigation of the taxable capacities; how has economic transformation and resource dependency works. Additionally, the study hi

Purpose: This paper examines the effects of currency substitution on general business indicators in Nigeria. Theoretical framework: This paper is based on portfolio balance theory which is concerned with interest rate adjustment and achieving the market equilibrium on currency substitution aggregate. Design/Methodology/Approach: The paper employed appropriate econometric techniques such as the cointegration and error correction model (ECM) approach to examine the long run and short run attendant relationships. Findings: Empirical findings from this study indicate that there is a long run relationship between currency substitution and general business indicators variables as inflation, interest rate differentials, and exchange rate depreciation in Nigeria, the magnitudes of the impact of each are weak. Research, Practical & Social implications: The construction and analysis of currency substitution and general business environment by this study have provided relevant information for Nigerian economy in preparing for substantial currency substitution that would give clear understanding of the aggregate business environment on existing currency substitution policy that may lessen the anxiety of the apparent environmental challenges faced by the countries, and this will further provide policy directions for future currency substitution reforms in the various segment of the economy. Originality/Value: The originality of this study lies in its analysis of currency substitution and general business environment. Furthermore, the study highlights the relevance of tackling regulatory issues to ensure the safe and effective use of currency substitution.

This paper explores the connection amid renewable energy, FDI and economic growth in South Africa using the vector error correction model (VECM) and exogeneity granger causality test. The data employed in this study covered 1990-2020, all obtainable from World development indicator (WDI) and International Energy Agency (IEA). The results revealed that a significant causal connection from economic growth to renewable energy is observed over the long-run while renewable energy does not granger cause economic growth, a uni-directional causality exist amid the economic growth and renewable energy. The study recommends that the government should offer some sort of help to make sure organizations or companies are adequately influenced to depend largely on renewable energy which will facilitate ecological friendly system in the country.

Objective: The of this study is examining the connection amid economic advancement and renewable energy usage; empirical evidence from South Africa. Method: The ARDL quantitative approach was utilized to analyse the cointegration of the variables, short-run model and the long-run model of the variables covering 1990-2020. Results: following the results, the ARDL long-run model shows an inverse connection of GDP on renewable energy which reduce usage of renewable energy to facilitate growth in the economy. Essentially, import also signifies indirect relationship with renewable due to the fact that South Africa economy is based on other sources of energy such as fossil fuel and natural gas rather than renewable energy. Conclusion: In sum, it is shown that renewable energy signifies negative significant contribution to economic growth in South Africa.

Objective: It has long been recognized that pension systems across the emerging markets including Nigeria have undergone dramatic reforms over the last twenty-eight years. This process has mainly been fueled by the demographic problem faced by modern financial systems. Hence, this study examines the short-run and long-run dynamic of pension funds on capital market development in Nigeria using ex-post facto research design. Method: Data were collected from the Central Bank of Nigeria (CBN) statistical bulletin and annual report of the pension fund commission from 1995 to 2022. Data collected were analyzed using descriptive statistics, unit root test and auto regressive lag model (ARDL) and Toda Yamamoto multivariate granger causality approach. The unit root test reveal that all the variables used in the study are non-stationary at first difference except inflation which is stationary at level. Results: The findings from the ARDL analysis reveal a short-run dynamic impact between pension funds and capital market development due to the coefficient of error correction mechanism (speed of adjustment) which is negative and significant at 5% level of significant. The result suggests that over 22% of the short run disequilibrium is corrected in the long run equilibrium. However, the results from the long-run dynamic impact reveal a positively significant impact between the proxies of pension funds (pension contributory fund, pension investment) and control variable - inflation to be positively significant with capital market development proxied by market capitalization as a ratio to GDP at 5% level of significant. The results of the Toda Yamamoto granger causality results suggest a bidirectional relationship between pension funds (pension contributory fund, pension investment) and market capitalization as a ratio of Gross Domestic Product (GDP) in Nigeria at aggregate level. This suggest that the relationship between pension funds (pension contributory fund, pension in