Browsing by Author "FAPOHUNDA, Florence Modupe"
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Item Empirical Assessment of Manufacturing Companies Efficiency in Nigeria:Data Envelopment Analysis (DEA) Approach(Research Journal of Finance and Accounting, 2017) FAPOHUNDA, Florence Modupe; OGBEIDE, Sunday Oseiweh; IGBINIGIE, Osaheni OkuomoseThis study dwells on data envelopment analysis and industry analysis. The study analyzed the technical efficiency of twenty (20) selected manufacturing companies for the period 2015 to 2016 using input and output oriented data envelopment analysis (DEA) approach. Findings arising from the study indicate that 35% of the quoted sampled manufacturing firms in Nigeria were scale efficient while 65% were scale inefficient in the period observed. Thirty percent (30%) of the manufacturing companies on the basis of constant return to scale (CRS) were technically efficient while 70% of them were technically inefficient in the period observed. Forty percent (40%) of the companies in terms of variable return to scale (VRS) were technically efficient while 60% were not technically efficient in the context of variable return to scale. The study concluded that manufacturing firms in Nigeria are not optimally performing with input and output mix of variables. It is therefore reItem Money Market Instruments and Financial Deepening in the Nigeria Emerging Economy(Research Journal of Finance and Accounting, 2019-08-31) FAPOHUNDA, Florence Modupe; Ogbeide, Sunday Oseiweh; Ogunniyi, Olajumoke RebeccaThe study examined money market instruments and financial deepening in the context of an emerging economy like Nigeria. The study used money market instruments like Treasury bills (TBs), Bankers’ acceptances (BAs), Certificate of deposits (CDs) and Commercial papers (CPs). The ratio of money supply to gross domestic product was a proxy for financial deepening. Time series data was generated from Central Bank of Nigeria Statistical Bulletins in the period 1981 to 2016 for the study. Preliminary tests including Augmented Dickey Fuller (ADF), unit root test and descriptive statistics were carried out before the main econometric procedures were employed to analyze the data. The econometric procedures carried out include granger causality test, the ordinary least square multivariate regression method; the Johansen co-integration and the error correction mechanism methods (ECM). The study found strong effect of money market instruments on financial deepening in Nigeria in the long run. Granger causality test result revealed no directional causality relationship between Treasury bills and financial deepening, while bi-directional causality exists between Certificate of deposits and financial deepening; unidirectional causality exists between Bankers’ acceptances, Commercial papers and financial deepening. The study recommends that policies that promote trading in international money market instruments like Bankers’ acceptances should be strengthened by the Federal government of Nigeria to deepen the financial market as well as enhance the competitiveness of the Nigerian money market in the global market. This should consequently translate to financial deepening in Nigeria and improvement of the economy at large.