Papers by Oladipo Ogunleye
Journal of Poverty, Investment and Development, 2018
The study examines the relationship among the size, growth and profitability of quoted manufactur... more The study examines the relationship among the size, growth and profitability of quoted manufacturing companies in Nigeria, using data from the Fact Books of Nigerian Stock Exchange between 2007 and 2011. For adequate capturing of the objectives, three models are formulated: growth is expressed as a function of size in the first equation, growth is expressed as a function of profitability in the second model, and size is expressed as a function of profitability in the third model. Panel data estimation technique is employed to capture the three models and the results of the study reveal that there is independent relationship between growth and size of the firms which is in line with Gibrat's law. The study also indicates positive relationship between the growth and the profitability of the firms but statistically insignificant because the probability statistic is greater than 0.01 and 0.05 but it is rather 0.875. Moreso, the study reveals negative relationship between firm size and profitability and the coefficient of determination () which is 0.82 indicates that about 82% variations in size of the firms can be explained by the variations in profitability. Based on the findings, the study therefore recommends that government should put in place policy options that can enhance manufacturing profitability in order to boost the performance of the sector and create employment in Nigeria.
IAR Journal of Humanities and Social Science, Sep 30, 2021
This study examined the determinants and the extent of health poverty and richness in Ekiti State... more This study examined the determinants and the extent of health poverty and richness in Ekiti State, Nigeria. The study employed survey data; the data were collected through the administration of structured questionnaires administered in six local government areas spread across the three senatorial districts of Ekiti State in 400 respondents using the Taro Yamane method of sampling technique. Descriptive statistics were used to analyze the demographic outcome of the respondents and a binary logit model was used to estimate the determinants of health poverty and richness while the level of expenditure on health of individuals was used to capture the extent in Ekiti state. The findings of the study show that income, which can be induced by quality education is positively and significantly related to health poverty and richness of people in Ekiti state while some other determinants that have to do with people's lifestyle like; drinking and smoking habits are significant but negatively related. The study further revealed that all the explanatory variables are statistically significant at 5%. The study concludes that health status is determined by the level of income and that about 85% of the Ekiti dwellers are health wisely rich. Given these assertions, this study recommends that policy geared towards improving and review of the income of workers which in turn have multiplier effects on both productivity and health status of the populace be considered by policymakers.
IAR Journal of Business Management, Jan 5, 2021
The relative success or failure of the investment policies introduced by various government have ... more The relative success or failure of the investment policies introduced by various government have being a subject of controversy and the importance accorded tax incentive as a policy strategy influencing FDI called for studying the relationship between them going by the conflicting research findings of negative and positive uni-directional relationships between the concepts from some writers. Therefore, this study examined the nexus between tax revenue and foreign direct investment (FDI) in Nigeria between1976-2012. The data for the study were gathered from Central Bank of Nigeria (CBN) Statistical Bulletin (Various Issues) & National Bureau of Statistics, International Monetary Fund (IMF), Balance of Payments database. The underpinning theory for this study was neo-classical traditional theory of the users cost of capital approach. The ARDL methodology approach to cointegration analysis and vector Error Correction model were adopted to examine the equilibrium relationship and direction of causality respectively. The Pesaran et al (2001) test of cointegration analysis used in the study established a cointegration running from company income tax and foreign direct investment as Fstatistic of the unrestricted value of 7.055295 exceeds the upper bound at both 1% and 5% significant levels. The result of long-run ARDL also confirmed that there is evidence of a co-integration relationship running between CIT and FDI. The magnitude of R 2 reflects that the variation in company income tax can be explained by both short-run and long-run impact of foreign direct investment. The findings from study as well showed that there is long run uni-directional causality running between FDI and CIT. In line with the findings of this study, it was recommended that Government should intensify more efforts at introducing foreign investment friendly incentive policies. These policy measures such as promotion of domestic based production, non-oil exports, rationalization and restructuring of tariff, liberalization of the external trade, reduction in value-added tax, property tax, rent, royalties, import duties, sales tax and depreciation tax are to increase the inflow of foreign direct investment as well as boosting the value of company income tax in the future. Also, floating or flexible exchange rate, interest rate and unemployment rate should be reduced so as to increase the inflow of FDI in the economy.
Journal of Environmental Management and Tourism, May 28, 2017
Despite the abundant deposit of gas resources in Nigeria, a large proportion of the country’s pop... more Despite the abundant deposit of gas resources in Nigeria, a large proportion of the country’s population still depend on traditional fuels such as firewood for cooking. This study investigates the determinants of households’ fuel choice in urban Nigeria. This study made use of primary data which were collected through administration of questionnaires in twelve states spread across six geopolitical zones in Nigeria. The cooking fuels examined are firewood, kerosene, LPG, and electricity. Multinomial logit model was used to estimate the determinants of fuel choices. The results showed that income, age of the wife, education level of the wife, and household size were important factors that determine cooking fuel choices across the country. The paper concludes that efforts should be aimed at making clean cooking fuels especially LPG affordable and available for urban households.
In this study, the reverse impact of firm corporate performance on board structure is empirically... more In this study, the reverse impact of firm corporate performance on board structure is empirically examined using a large cross section of 50 manufacturing firms in Nigeria. The study makes a divergence from previous studies by noting that such a reverse effect is possible and examining this effect of performance on board structure in Nigeria. The panel data estimation technique is employed on the pooled data for the firms over a ten-year period (2004-2013) and estimation is performed using four measures of firm performance and two measures of board structure. The results show that there is actually reverse impact of firm performance on board structure although the effect is quite weak. The only performance variable that exerts significant impact on board structure (board size and independence) is earnings per share and, to a lesser degree profit margin. Moreover, firm size is shown to be an essential factor in explaining the general behavior of firm performance and also the pattern ...
This study examined the interrelationships among monetary policy transmission mechanism, oil pric... more This study examined the interrelationships among monetary policy transmission mechanism, oil price shocks and output growth in the selected African oil producing countries. Data for the study were sourced from World Development Indicators published by the World Bank and International Monetary Fund (World Economic Outlook). The study employed Structural Vector Autoregressive (SVAR) as estimation techniques. Findings from the SVAR Impulse Response Functions revealed that the over-dependence on exploitation of oil by African oil producing countries without a corresponding diversification and switching to alternative sources of energy leads to ineffectiveness of oil economies in Africa to confront and combat some negative impacts of global oil price shocks. Findings from the study equally showed that the economies of oil producing countries in Africa are prone to shocks from the US real interest rate which represents the foreign interest rate. Finally, the study also showed that the exp...
The study examined manufacturing performance for sustainable economic development in Nigeria, whi... more The study examined manufacturing performance for sustainable economic development in Nigeria, while the specific objectives are as follows: i) to look at the growth rate and contribution of manufacturing to GDP. ii) to examine trend in both manufacturing and employment. iii) to determine the structure of capacity utilization. iv) to determine factors infl uencing manufacturing performance. Panel data analysis was
Journal of economics and sustainable development, 2013
This paper investigates the impact of financial institutional reforms on the manufacturing perfor... more This paper investigates the impact of financial institutional reforms on the manufacturing performance in Nigeria. Co-integration and Error Correction Model (ECM) techniques were used on annual time series covering the period between 1970 and 2005. It was observed that, in general the financial institutional reforms did not have a significant impact on the Nigerian manufacturing sector performance during the period under review. In particular financial reforms exhibited an insignificant relationship with the share of manufacturing in GDP.
International Journal of Business and Economics Research
Firm performance is determined in varying categorization of internal factors like managerial stru... more Firm performance is determined in varying categorization of internal factors like managerial structure efficiency, corporate governance set up and ownership structure, which are made up of the firm broad structure, as this affects the ability of firms and control of external factors. In this study, the impact of board composition on firm performance in the manufacturing sector is examined. Primary data constructed from research instruments are based on questionnaires administered to 50 manufacturing firms in Nigeria and is aimed at identifying their corporate governance structure and to relate it to the overall performance of the firms. The qualitative response modeling techniques are also adopted for the empirical analysis. The results from the analysis shows that disclosure policy and measures aimed at guaranteeing board independence are very strong performance enhancing factors. On the other hand, conflict of interest among board members is found to exert significant negative impact on firms performance in the study. It is therefore recommended that corporate boards in manufacturing firms in Nigeria would be more effective with fewer but more committed members. Large-size boards may embellish conflict of interest among members and also decrease the sense of personal responsibility, with each board member taking refuge in the collective position.
The International Journal of Humanities & Social Studies, 2021
The study examined determinants of alternative sources of cooking energy among households in Ekit... more The study examined determinants of alternative sources of cooking energy among households in Ekiti State of Nigeria. The study utilized descriptive research design. The study employed primary data through the use of structured questionnaires. Multiple regression was adopted for data analysis. The alternative sources of cooking energy examined were wood fuel, charcoal, kerosene, electricity, solar and liquefied petroleum gas. The findings revealed that price, economic status, household size, and preference have significant effect on sources of cooking energy. However, social background revealed a negative and insignificant effect on sources of cooking energy. The study concluded that the most used alternative source for cooking is liquefied petroleum gas in Ekiti State, Nigeria. It further displayed that the most used alternative source of cooking in rural areas is Kerosene and in the urban areas, the most used alternative sources of cooking is liquefied petroleum gas. It is suggested that the government should ensure prompt availability of alternative sources of cooking energy such as liquefied petroleum gas, kerosene, and electricity for the populace of Ekiti State and Government should discourage deforestation in Ekiti State so as to make woods available as source for cooking energy in the state
Journal of economics and sustainable development, 2016
The main objective of this study is to examine the structure, conduct and performance (SCP) parad... more The main objective of this study is to examine the structure, conduct and performance (SCP) paradigm within the context of the Nigerian banking industry. The analysis is based on data collected from the annual report of twenty commercial banks listed in the Nigeria stock exchange; and Central Bank of Nigeria’s Annual report and statement of Account between 2005 to 2008. The study employed “Hausman specification test” which is also known as indirect least squares (ILS) in testing for the simultaneity among the three variables in the model and Durbin-Watson test to detect the degree of autocorrelation among these variables. The results of these findings shows that, there is a positive relationship between the bank performance (profitability) and some of the variables under consideration (market share, index of market concentration, risk management and customer’s deposit) whereas, loan disbursement was negatively related to profitability. The fact that market structure and performance ...
Journal of Economics and Sustainable Development, 2020
This study examined the determinants of output growth in the 14 selected non-oil producing countr... more This study examined the determinants of output growth in the 14 selected non-oil producing countries in Africa, using annual time series data spanning from 1980 to 2016 sourced from the World Bank, World Development Indicator (WDI) and IMF International Financial Statistics (IFS). Error-correction based panel cointegration test was employed to test for the panel cointegration between output growth and some selected macroeconomic variables. Results revealed that there is a long-term relationship between output growth and the selected macroeconomic variables; that the responses of output growth to the shocks from world oil price are positive and significant in some of the countries which were able to explore alternative sources of energy; that the responses of output growth to the shocks from Federal Fund Rate (FFR) are significant in all the selected countries, among others. Based on the findings, it is recommended that over reliance on oil can be reduced by diversifying into non-oil sources of energy such as natural gas and renewable sources of electricity such as hydro, geothermal, solar and wind. The study also recommends that stable exchange rate policy should be adopted across all African non-oil producing countries as this will go a long way in creating a predictable climate for investment, enhance more proceeds from exports and appreciate domestic currency.
Journal of Nanjing Medical University, 2009
Transient apical ballooning syndrome(Tako-Tsubo syndrome or ampulla cardiomyopathy) occurs predom... more Transient apical ballooning syndrome(Tako-Tsubo syndrome or ampulla cardiomyopathy) occurs predominantly in women over 60 years of age with a history of recent physical or psychological stress. We present a case of a male patient with reversible transient apical ballooning syndrome with significant coronary lesions and other ECG changes that did not explain the clinical symptoms.
arXiv: General Economics, Nov 1, 2021
This paper examines the economic consequences of the COVID-19 pandemic to sub-Saharan Africa (SSA... more This paper examines the economic consequences of the COVID-19 pandemic to sub-Saharan Africa (SSA) using the historical approach by analyzing the policy responses of the region to past crises and their economic consequences. The study employs the manufacturing-value-added share of GDP as a performance indicator. The analysis shows that wrong policy intervention to past crises, lead the African sub-region into the deplorable economic situation. The study observed that the region leapfrogged prematurely to import substitution, export promotion, and global value chains. Based on these past experiences, the region should adopt a gradual approach in responding to the COVID-19 economic consequences. The sub-region should first address relevant areas of sustainability, including proactive investment in research and development to develop home-grown technology, upgrade essential infrastructural facilities, develop security infrastructures, and strengthen the financial sector.
This study examines the impact of technological leapfrogging on manufacturing value-added in SSA.... more This study examines the impact of technological leapfrogging on manufacturing value-added in SSA. The study utilizes secondary data spanning 1990 to 2018. The data is analyzed using cross-sectional autoregressive distributed lags (CS-ARDL) and cross-sectional distributed lags (CS-DL) techniques. The study found that technological leapfrogging is a positive driver of manufacturing value-added in SSA. This implies that SSA can copy the foreign technologies and adapt them for domestic uses, rather than going through the evolutionary process of the old technologies that are relatively less efficient. If the governments of SSA could reinforce their absorptive capacity and beef up productivity through proper utilization of the existing technology. The productive activities of the domestic firms will stir new innovations and discoveries that will eventually translate into indigenous technology.
Journal of Economics and Sustainable Development, 2021
This study investigated the asymmetric effect of oil price shocks on stock market performance in ... more This study investigated the asymmetric effect of oil price shocks on stock market performance in Nigeria. Secondary data covering the period between 1986 and 2019 were employed for this study. Quarterly data of brent crude price, all share index, real exchange rate and inflation rate were sourced from Central Bank of Nigeria Statistical Bulletin (2019), OPEC Statistical Bulletin (various publications) and Nigerian Stock Exchange Fact Book (2019). Data collected were analysed using Non-Linear Autoregressive Distributed Lag (NARDL). The NARDL results showed that in the long run, positive oil price shocks, (t= 5.39; p<0.05) had significant positive effect on stock market performance. Negative oil price shocks (t= 5.81; p<0.05) had significant positive impact on stock market performance. In the short run, current period negative oil price shock (t= 2.01; p<0.05) exert significant positive effect on stock performance while previous period positive oil price shocks (t= 1.94; p<0.05) pose significant positive effect on stock market performance in Nigeria. The study concluded that oil price shocks is a deterrent to stock market performance in Nigeria and the impact of oil price shocks on growth rate in Nigeria is both positive and negative.
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Papers by Oladipo Ogunleye