Enhancing the Performance of Consumer Goods Firms through the Equity Capital in Nigeria(2011-2021)

This study examined whether or not equity capital enhances the performance of listed consumer goods firms in Nigeria.The study purposively sampled fourteen(14)out of twenty-one(21)consumer goods firms listed on the Nigerian Exchange Group Plc.The study used secondary sources to obtain panel data from the annual financial statements of the selected companies.Data sourced for were analyzed using random effects model and arithmetical means.Findings from the study revealed that the coefficient of share capital is positive(0.903050)and statistically significant(p=0.0099<0.05),but the beta value of retained earnings is negative(−0.683966)and significant(p=0.0023<0.05)for listed consumer goods firms in Nigeria.The average results found that 45%and 7%of total assets of the firms were financed by retained earnings and share capital respectively.The study confirmed that the appropriate mode of finance that could be considered for the effective performance of the firms in Nigeria is the share capital.The study concluded that share capital enhanced the performance of firms while the retained earnings did not in the country.The research recommended that the government of Nigeria should try to rebrand its dead local enterprises especially the affected consumer goods firms to enable them to attract more foreign investors into the country to enhance its economic growth.

Religious atmosphere and the cost of equity capital:Evidence from China

The cost of equity capital(ICC)is a crucial component of investment decisions and corporate performance evaluations.This study explores the effect of a region’s religious atmosphere on ICC and finds that ICC tends to be lower when stronger religious atmosphere is created.We further use the mediation effect method to clarify the specific channel through which religious atmosphere reduces ICC,and find that earnings quality,corporate investment efficiency and corporate social responsibility partially mediate the effect of religious atmosphere on ICC.Moreover,the relationship between religious atmosphere and ICC is more pronounced in firms with stronger external law environments and higher audit quality,indicating that formal institutions and religious tradition complement each other.

Analysis of the Effect of Corporate Governance Attributes and Disclosure Level on Firms＇ Costs of Financing

The purpose of this article is to analyze the impact of corporate governance and disclosure policy on corporate financial performance by examining the combined effect of board characteristics and disclosure level on financing costs. The empirical analysis, conducted on a sample of 192 Canadian companies, generally shows the importance of board characteristics in determining the level of disclosure and firms＇ costs of financing. In particular, the results found indicate that boards whose characteristics meet the governance requirements that are associated with greater transparency in disclosure on governance attributes reduce the costs of financing of their companies by debt as well as by equity capital.

Main Factors Affecting the Balance of Investments in Serbia and New Trends of Investment

The importance of investment for the development of some country is undeniable. In today＇s economic conditions, it is necessary to observe all the influencing factors and examine their impact on the investments in the economy of some country. The goal of each country is to create a favorable climate （conditions） for the investments, because they stimulate the growth and development of the country. The aim of this paper is to point of the current situation （the past few years） of the foreign investments in Serbia＇s economy and to highlight the main factors that influenced this situation. In a past few years, there is another trend of unexploited resource of investment seen in Serbia, which is more and more attractive in the region, but unfortunately unjustly neglected in Serbia. These sources are venture capital and private equity funds. Some of the influencing factors that must be emphasized are the country＇s general economic situation, political risks, taxation, the financing of the investments, the government＇s incentives （subsidies）, support from some specialized institutions, etc..

Voluntary Disclosure of Auditors＇ Report on Internal Control： Firm Characteristics and Economic Consequences

Using propensity score matching （PSM） and the difference-in- difference （DID） approach, this paper explores the characteristics of listed Chinese firms that voluntarily disclose auditors＇ reports on internal control and the economic consequences. Using a sample of non-financial firms listed on the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange between 2006 and 2010, we find that firms are more likely to voluntarily disclose their auditors＇ reports on internal control if they have higher state ownership, lower managerial ownership, sanction records, audit committees, non-Big Four auditors as their auditors of annual financial reports, unqualified auditors＇ opinions on financial reports, less board independence, after controlling for firm size, liabilities, performance, and history. Moreover, as compared to a control group that exhibits similar characteristics, firms that voluntarily disclose auditors＇ reports on internal control are associated with positive earnings quality and negative cost of equity capital.