Payday-related liquidity fluctuations may influence household financial decisions through cognitive demands and financial stress. This study examines differences between interviews conducted before and after salary payment among 1,000 lower-paid workers in five Ghanaian metropolitan areas. The field survey combined cognitive tasks, financial-stress measures and incentivised intertemporal and risk-choice tasks. Group comparisons and regression estimates relate payday timing to savings, financial stress, cognitive performance and household planning. In the controlled specifications, the before-payday indicator was associated with lower savings (coefficient −0.531), lower Raven task scores (−0.721), higher financial stress (0.409) and a lower household decision-making index (−0.171). Risk-preference differences were not statistically clear. Contrary to the proposed mediation account, the supplied bootstrap results did not identify significant indirect effects through cognitive load or financial stress: both confidence intervals include zero. These findings point to possible short-term financial pressure around payday, but the evidence should be interpreted cautiously because assignment procedures require verification and some supplied summary statistics are inconsistent. The study contributes Ghanaian evidence on the distinction between financial strain, cognitive measures and observed choices, while identifying the need for better-powered and transparently documented causal designs. Read more

Micro-finance banks play sound contribution to economic growth and development as well as enhanced employment creation. The study aimed to determine the effects of financial inclusion measures: savings, affordable credits and financial advice on micro-finance banks performance measures (financial and operational) in Lagos state, Nigeria. Survey research design was adopted and the use of multi-regression method of analysis was employed to analyse the generated data. The sample size was 386 and sampling technique adopted was convenience method. The field data generated were normalized, valid and reliable for this study. Findings revealed that financial inclusion measures like savings, affordable credits and financial advice significantly enhance both financial and operational performances of micro-finance in Lagos state with F-statistics (2, 343) = 120.241, p = 0.001 (p<0.05) and F-statistics (2, 343) = 211.814, p = 0.003 (p<0.05) respectively. The study concluded that financial inclusion measures like savings, affordable credits and financial advice improve micro-finance banks performance via financial and operational in Lagos state, Nigeria. Thus, the study recommended that micro-finance banks policy makers, management should embrace financial inclusion measures such as savings, affordable credits and financial advice in order to enhance financial and operational of micro-finance performance in Lagos state. Read more

This study examines the effect of sustainability disclosure on the financial performance of listed manufacturing firms in Nigeria over the period 2014–2023. The study adopts an ex-post facto research design, relying on secondary data extracted from the audited annual reports and sustainability disclosures of manufacturing firms listed on the Nigerian Exchange Group. Sustainability disclosure is disaggregated into social disclosure, economic disclosure, environmental disclosure, and employee health and safety disclosure, while financial performance is measured using Return on Assets (ROA). Content analysis techniques were employed to construct disclosure indices in line with relevant Global Reporting Initiative (GRI) indicators. Descriptive statistics, correlation analysis, panel unit root tests, and panel regression techniques were used to analyze the data. The findings reveal that social disclosure, economic disclosure, and employee health and safety disclosure exert positive and statistically significant effects on ROA, indicating that transparent stakeholder engagement and workforce welfare enhance asset utilization efficiency. Environmental disclosure, although positively related to ROA, does not exhibit a significant short-term impact, suggesting that environmental initiatives may yield financial benefits over a longer horizon. The study concludes that sustainability disclosure contributes meaningfully to financial performance when it strengthens trust, productivity, and reputational capital. It therefore recommends that manufacturing firms adopt integrated sustainability reporting frameworks and align disclosure practices with strategic financial objectives to achieve sustained profitability. Read more

Somalia’s private sector, which contributes over 90% of employment and trade output, operates within a fragile economic landscape marked by limited access to formal financing, reliance on internal funds, and institutional weaknesses. This study examines the impact of mutually exclusive business strategies—namely new capital investments, project selection, and stock investments—on the financial performance of Somali firms. Grounded in Decision Theory, the research employed a descriptive, explanatory, and correlational design under a positivist philosophy to ensure objective measurement and statistical rigor. Data were collected from 160 departmental heads across 53 companies using structured questionnaires and analyzed through SPSS. Descriptive statistics captured respondent perceptions, while Pearson correlation and univariate regression tested relationships and hypotheses. Results revealed that mutually exclusive strategies significantly and positively influence firm performance, with a moderate correlation (R = 0.381, p = 0.004). The findings underscore the role of strategic investment decisions, stakeholder engagement, and diversification in enhancing profitability, return on assets, and return on equity. The study concludes that implementing mutually exclusive strategies individually strengthens financial outcomes, while coordinated integration maximizes synergistic benefits, minimizes resource overlap, and supports sustainable growth in Puntland’s business environment. Recommendations include prioritizing high-potential projects, establishing clear guidelines for stock investments, and embedding these strategies within comprehensive strategic plans to optimize long-term performance. Read more

The purpose of this study is to examine the extent of the relationship between Risk Management (RM) practices and Financial Performance FP in the life insurance (LI) and Non-life insurance (NLI) companies in South Africa from 2018 to 2024. Secondary data computed from the annual balance sheet statements were constructed in a Panel data framework and applied OLS and Fixed Effect regression models. The results reveal that CR is a positive and significant relationship with the ROA of the LI and NLI firms in SA, indicating a possible risk transfer mechanism to other financial institutions. While the OP, LI, CR, and MR have positive but insignificant relationships with ROE, future studies should consider increasing the sample size to enhance the generalizability of the findings. Read more

This study empirically examined the nexus between human resource accounting and the financial performance of listed insurance companies in Nigeria. The research adopted an ex-post facto and descriptive design, relying on historical financial data drawn from annual reports of ten (10) selected insurance companies quoted on the Nigerian Exchange Group for the period 2020-2024. A judgmental sampling technique was employed, while both descriptive and inferential statistics were used to analyze the data. Specifically, the study utilized panel regression analysis, supported by pre- and post-estimation tests such as unit root, normality, and stability checks, with computations carried out using E-Views 10 software. The findings reveal that staff training and development costs have a significant positive effect on the net profit margin of Nigerian insurance firms, highlighting the critical role of capacity building in enhancing profitability. Conversely, gratuity payments exert a significant negative effect on profitability, underscoring the financial burden of long-term employee benefit obligations on insurers. Salaries and wages, though negatively related to profitability, showed no statistically significant effect, suggesting that wage bills alone do not determine financial outcomes. The study concludes that human resource accounting plays a vital role in strengthening the performance of insurance firms in Nigeria, where competitiveness largely depends on the quality and productivity of human capital. It recommends that insurance companies intensify investment in staff training to enhance efficiency and innovation, maintain fair compensation practices to promote retention, and adopt prudent strategies for managing gratuity obligations to ensure sustainable profitability. Read more

This study examines the impact of digital payment platforms on the financial performance of Nigerian deposit money banks from 2009 to 2023. Using an ex-post facto design, it analysed secondary data from ten banks, focusing on Automated Teller Machines (ATM), Point of Sale (POS), Web Pay, and Mobile Pay as proxies for digital payment platform, with Price Earning (P/E) ratio representing financial performance. Data was sourced from the Nigerian Exchange Group, Central Bank of Nigeria, and bank financial reports and then analyzed using Autoregressive Distributed Lag (ARDL) model . Findings revealed that ATM and Web Pay had negative and significant impact on financial performance likely due to high operational costs and cybersecurity risks. POS and Mobile Pay had no significant effect indicating a limited direct contribution to financial performance of deposit money banks in Nigeria. The study recommends cost reduction and enhanced cybersecurity for ATM and Web Pay, while expanding POS and Mobile Pay infrastructure to reach underserved populations Read more

This paper investigates the efficacy of various screening methods in analyzing the financial distress and performance of listed manufacturing companies listed in Bangladesh. As making financial decisions becomes complicated, businesses, investors, and policymakers require sound evaluation methodology to analyze the viability and potential growth of firms. In this study, several screening techniques (e.g., ratios, market, and operating indicator) are systematically analyzed to determine their ability to predict manufacturing firms’ viability. The approach is put into practice by the sample of listed manufacturing companies of various sectors and the quantitative approach is used to measure associations between screening variables and performance variables including profitability, liquidity, and growth potential. The results indicate that multimethod function-testing could create one integrated performance assessment method and therefore provide a richer picture for the decision process. This paper adds to the literature in corporate finance by demonstrating that a variety of screening devices can be useful tools for monitoring the manufacturing industry and offers both academic and practical relevance for financial analysts, investors and firms seeking long-term survival. Read more

This study explored the relationship between a company’s growth rate, as a capital structure decision, and the financial performance of state sugar corporations in Kenya. The purpose of the research was to assess how growth rate influences financial outcomes in the state sugar sector. Guided by Modigliani and Miller’s (1958) capital structure model and key theories, including Trade-off, Pecking Order, and Agency Cost, the study adopted correlational and descriptive survey designs. The target population comprised 1,145 employees in the state sugar sector, with a sample size of 291 selected using Krejcie and Morgan’s (1970) table. Data were collected through structured questionnaires and interviews and analysed using SPSS Version 25. Descriptive and inferential methods, including Pearson’s correlation and linear regression, revealed a positive correlation (p = 0.000 < 0.05) between growth rate and financial performance. The study concludes that higher growth rates enhance financial outcomes and recommends similar research in private sugar firms for sector-wide knowledge and understanding. Read more

This research, titled ‘Working Capital Management and Financial Performance of Quoted Deposit Money Banks: Moderating Effect of Firm Size’ is aimed at investigating the moderating effect of firm size on working capital management and financial performance of quoted deposit money banks in Nigeria and in South Africa, for the period 2005–2022 using Mixed continuous and dummy variable regression models. Return on Assets (ROA) and Return on Equity (ROE) were used as proxies for financial performance while Current Ratio (CR), Cash Ratio (CSR), Loan to Deposit Ratio (LDR), were used as proxies for Working Capital Management. Models were developed using ROA and ROE independently as dependent variables while using each of the working capital management proxies and the dummy variables representing firm sizes (Small, Medium and Large) as explanatory variables. The results of the findings showed that when Average Return on Assets (ROA) was used as financial performance measure for Nigerian Deposit Money Banks (DMBs), medium size banks consistently performed more optimally than both large and small size banks. On the other hand, when ROE was used, medium size banks again consistently outperformed small and large size banks for all the three working capital management proxies studied. For South African Deposit Money Banks (DMBs) the results show that when ROA was used as proxy for financial performance, small size banks showed optimal performance measures in two out of the three working capital management ratios studied (66.7%). When ROE was used for South African banks, results showed that large size banks perform more optimally in two out of the three working capital management proxies studied (66.7%). These findings therefore underscores the need for bankers to investigate thoroughly the component of the banking environment that affect adversely, performance of large size and small size banks in Nigeria while they thrive in South Africa. On the South African side, bankers should dig in to unearth the clog to better performance of medium size banks in that banking environment. Read more