Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Debt Ratio ( ) -0.0082 (0.0009) (0.0010) (0.0011) (0.0011) (0.0012) (0.0201) -0.0091 (0.0201) Bank Debt ( ) 0.0139 (0.0365) -0.0083 (0.0199) 0.0130 (0.0368) Financial distress ( 0.0697 Bank debt*Financial distress Log of Total Assets 0.0389 (0.0198)** Log of Age -0.1393 (0.1069) 0.0368 (0.0201)*** -0.1525 (0.1226) 0.0365 (0.0199)*** -0.1490 (0.1248) (0.0771) 0.0233 (0.0246) -0.1574 (0.1316) Observations 675 675 675 675 675 -0.0102 (0.0215) 0.0015 (0.0390) -0.0017 (0.1223) 0.1706 (0.2075) 0.0257 (0.0238) -0.1532 (0.1296) AR(1) 0.005 0.012 0.008 0.009 0.002 AR (2) 0.137 0.566 0.536 0.508 0.904 Sargan Test of Instrument validity * ** *** 1%, 5%, 10% respectively. 0.233 0.353 0.323 0.451 0.678 Models 1 to 5 presents the results of the 5 hypothesis stated. In model 1, borrowing ratio was found with a negative but not significant impact on productivity growth which does not lend support for our hypothesis, similarly, model 2 yielded the same outcome. However, when we considered model 3 with bank debt, the result was found to be positive but not significant, this was also replicated in model 4 where firms with financial distress were found to increase productivity even though it was also not statistically significant. In our final specification where we interacted bank debt and financial pressure, the result though also was positive but was not significant. Our results have shown that financial pressure does not have any significant impact on productivity growth of firms in Nigeria. This result is contrary to findings obtained from other parts of the world such as UK by Nickell (1997), Germany by Koke (2001). This result indicates that financial pressure does not induce productivity growth in Nigeria, our thinking is that banks for instance were not so much interested in the productivity performance of the firms in as much as they can recover their exposures to the firms. 24
Challenges in the Era of Globalization Edited by Emmanuel Obuah Our result also interestingly shows that vertical integration had a negative impact on productivity growth and this was statistically significant in almost all the 5 models apart from the fifth one. This seems to confirm that the free cash flow available to the managers were invested in projects with negative net present values, while financial pressure was not effective enough at checking this problem. The log of total assets was found to impact positively on the productivity growth of listed non-financial firms, this seems reasonable as firms with large assets could secure some economies of large scale production ranging from finance, marketing, managerial and research and development. The log of age recorded a negative but not significant impact on productivity growth of the firms. Summary, Conclusions and Recommendations This paper examined the role of financial pressure created through total debt, bank debt, borrowing ratio and financial distress on productivity growth of listed non-financial firms in Nigeria. This was initiated due to limited studies emanating from Nigeria, moreover, studies such as that of Onaolapo and Kajola (2010) focused on the impact of capital structure on firm profitability which is not a comprehensive indicator of firm performance, especially in the context of Nigeria. For instance, it is very possible for a firm to record a higher profitability by increasing the prices of their final products while maintaining a fixed level of output. This is very possible in Nigeria because of lack of adequate competitive pressure that could check the monopolistic tendencies of firms. More so, the study in question used the OLS model which is subject to various econometric problems. This study hence focused on productivity growth while accounting for the endogeneity problems inherent in the use of OLS and fixed effect models of panel data analysis by employing the Arellano and Bond general methods of moments (GMM) method. Our study reveals that financial pressure through borrowing ratio (BRT) and Debt ratio (DBT) had a negative but not significant impact on firm productivity growth, while bank debt (BNK), financial distress (LSS) and bank debt in firms with financial distress (BLS) recorded a positive but insignificant impact on productivity growth of the firms. Vertical integration was found to exert a negative and significant impact on productivity while total assets recorded a positive and significant impact on productivity growth. We still intend to improve this study by considering the ownership structure and competitive pressure of the firms to determine whether the role of financial pressure varies with ownership concentration and director shareholdings. However, our study has confirmed that financial pressure does not enhance productivity growth of firms in Nigeria. References Adenikinju, A.F. (2005). “Productivity Performance in Developing Countries: Country Case Studies”, A Report Submitted to UNIDO. Arellano, M. and Bond, S. (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” Review of Economic Studies, 58(2): 277-297. Aghion, P. and Howitt, P. (1996): “A Research and development in the growth process”. Journal of Economic Growth, 1(1), 49-73. Benito A. and Ignacio H. (2002). Extricate: Financial Pressure and Firm Behavior in Spain, http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/02/ Fic/dt0227e.pdf Grossman, S.J. and Hart, O. D. (1982). Corporate Financial Structure and Managerial Incentives in J.McCall (ed.), The Economics of Information and Uncertainty, Chicago: University of Chicago Press. Issakson, A (2007) Productivity and aggregate growth: a global picture, Research and Statistics Branch Staff Working Paper 05/2007. United Nations Industrial Development Organization (UNIDO). 25
Page 1 and 2: Challenges in the Era of Globalizat
Page 3 and 4: Table of Contents Challenges in the
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Page 15 and 16: Local Steering Committee Jacob Musi
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Page 43 and 44: Abstract Determinants of Bank Lendi
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Challenges in the Era of Globalizat
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Track 5: Management Education Chall
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Abstract Challenges in the Era of G
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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7. I see globalization as providing
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Factor Item Loading Imaginative 0.4
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Figure 1: Components of Data Analys
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Abstract Marketing Nigerian medicin
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Conclusion Dissatisfied 6 3.4 3.6 7
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Abstract Customer satisfaction with
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Conclusion Challenges in the Era of
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GOVERNMENT MoFED SECTORS Structure
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Results Challenges in the Era of Gl
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Figure1.1Inflation and Indexation R
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Football Spectatorship Challenges i
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