GPH-International Journal of Business Management

ENVIRONMENTAL PENALTIES DISCLOSURES AND FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA

JAMES EDET EYAH — 2025-11-07

Despite the efforts of the Nigerian government to promote environmental sustainability through regulations and policies, the level of environmental disclosure of penalties among listed industrial goods firms in Nigeria remains a concern. Based on this, the study examined the effect of environmental penalties disclosures on financial performance of listed industrial goods firms in Nigeria. The study adopted an ex-post facto research design and utilized a panel data of ninety (90) pooled observations gathered from nine (9) listed industrial goods firms in Nigeria over ten (10)-year period (2015-2024). The study adopted multiple linear regression to analyze data via E-views 10.0. The data conformed to the standardized regression assumptions, that is, linearity, homoscedasticity, normality and independence of data. The study findings revealed that remediation penalties disclosure has a significant positive effect {Coeff = 0.1957 (0.0368)} on return on asset, reputational penalties disclosure has a significant positive effect {Coeff = 0.1102 (0.0481)} on return on asset, waste penalties disclosure has a significant positive effect {Coeff = 0.1980 (0.0082)} on return on asset, pollution levy disclosure has a non-significant negative effect {Coeff = -0.0944 (0.3545)} on return on asset and lastly, environmental stringency index disclosure has a significant positive effect {Coeff = 0.01291 (0.0071)} on return on asset of listed industrial goods firms in Nigeria. It was concluded that transparency in environmental reporting, particularly with regards to remediation, reputational, and waste penalties, can lead to improved financial performance. The study also recommended that Firms should also prioritize transparency in disclosing reputational penalties, as this can lead to improved financial performance. This can be achieved by including information on reputational risks and penalties in their annual reports and sustainability reports, and by engaging with stakeholders to build trust and credibility.

EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE OF LISTED CONGLOMERATE FIRMS IN NIGERIA

ESSANG EFFIONG EKPO — 2025-11-07

Despite the substantial remuneration packages offered to executives, many firms continue to experience weak share price performance, volatile earnings, and declining investor confidence. This misalignment suggests that compensation structures may not be effectively designed to incentivize executives to maximize shareholder returns. In view of this, this study examined the effect of executive directors’ compensation on share price performance of listed conglomerate firms in Nigeria. The study adopted an ex-post facto research design and utilized a panel data of sixty (60) pooled observations gathered from six (6) listed conglomerate firms in Nigeria over ten (10)-year period (2015-2024) and employed a panel multiple regression technique to analyze the data via E-views 10.0 statistical package. The study findings revealed among others that bonus payment has significant positive effect (Coeff. = 4.0789{0.0375}) on earnings per share of listed conglomerate firms in Nigeria,. Conclusively, the results provide empirical evidence that executive directors' compensation have a significant impact on share price performance, highlighting the need for corporate boards and regulators to carefully consider the design and structure of executive compensation packages. The recommendations made included that corporate boards should consider aligning bonus payments with specific performance metrics to ensure that executive directors are incentivized to drive shareholder value.

ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA

VICTORIA LINUS UDOFIA — 2025-11-08

Environmental risk disclosures is the practice of companies transparently reporting on the potential environmental risks associated with their operations, products, or services, including climate change, biodiversity loss, pollution, and other ecological impacts. The main objective of this study was to investigate the relationship between environmental risk disclosures and market value of listed consumer goods firms in Nigeria. This study adopted an ex-post facto research design. The population of this study comprised of all consumer goods firms listed on the floor of the Nigerian Exchange Group (NGX), i.e from 2014 to 2023. A purposive sampling technique was employed to select the required sample for this study. The study adopted panel multiple regression to analyze data via Eviews 10.0. Finding of the study revealed among others, that Carbon emission disclosure has a significant positive relationship (Coeff. = 0.0238{0.0048}) with market capitalization of listed consumer goods firms in Nigeria; The study concluded that firms that disclose more information about their environmental risks and management practices tend to have higher market value, possibly due to increased transparency and stakeholder trust. It was recommended that lsted consumer goods firms in Nigeria should prioritize carbon emission disclosure by implementing robust measurement and reporting systems to track their greenhouse gas emissions and Firms should integrate biodiversity conservation into their sustainability strategies and disclose their biodiversity impact in their annual reports.

An Evaluation of Alternative Sources of Trade Finance For SMEs in Emerging Markets

Katherine Andy-Onugbu — 2025-11-09

This study evaluated the efficacy of alternative sources of trade finance in enhancing the export performance of Small and Medium-sized Enterprises (SMEs) in Nigeria. The research examined which financial instruments and macroeconomic variables significantly influenced SME exports using time-series data from the Central Bank of Nigeria (1981–2023). A Generalized Linear Model (GLM) with a Gamma family and inverse link function was employed to account for the non-negative nature of the dependent variable. Two models were estimated: a baseline model (2000–2017) and an augmented model (2007–2017) that incorporated trade credit and overall trade performance. The findings revealed that Deposit Money Banks’ (DMBs) lending to SMEs showed a weak and inconsistent relationship with export performance—positive but insignificant in the baseline model and significantly negative in the augmented model. This suggests that general bank lending may not effectively support SME exports, particularly during periods of economic volatility. Conversely, Letters of Credit and the exchange rate were consistently positive and highly significant (p < 0.01), confirming their vital roles in mitigating payment risks and enhancing price competitiveness. Broader credit measures, such as total private-sector credit and direct export loans, were statistically insignificant, underscoring that financial depth alone does not address SMEs’ export constraints. The study concludes that specialized trade finance facilities, combined with stable and competitive exchange rate management, are essential for boosting SME participation in international trade, fostering inclusive growth, and promoting Nigeria’s economic diversification.

Study on Individual Investors’ Intention to Use AI in Stock Price Forecasting on the Vietnamese Stock Market: A Technology Acceptance Model (TAM) Approach

Thi Kim Nhung Le — 2025-11-30

This study aims to evaluate the factors influencing individual investors’ intention to use artificial intelligence (AI) in stock price forecasting on the Vietnamese stock market, based on the Technology Acceptance Model (TAM). The research model includes the following factors: Perceived Usefulness; Perceived Ease of Use affecting Attitude; Attitude; Subjective Norms; and Trust affecting investors’ intention to use AI in predicting stock prices. The study surveyed 240 individual investors, and the collected data were cleaned and processed using the PLS-SEM regression method. The results highlight the prominent role of social influence, trust in algorithms, and positive perceptions in fostering individual investors’ acceptance of AI. These findings provide important practical implications for fintech companies and AI platform developers in formulating user engagement strategies, emphasizing the need to enhance ease of use, improve technological transparency, and strengthen communication through communities and social influence channels.

LEXICAL CHOICES IN POLICE VETTING EXERCISE IN KENYA: HOW FRAMING IS USED TO ACCOUNT FOR THE LEXICAL CHOICES MADE BY POLICE OFFICERS DURING THE VETTING EXERCISE

Pascalyne Kimaiyo — 2025-11-30

This paper applies frame analysis approach to interrogate the lexical choices in suspected corrupt practices during the police vetting exercise in Kenya in 2014-2016. The framing theory was used in interpreting what was going on in the police conduct as investigated by the vetting panel. The main focus of this paper was to explain how framing theory informs the lexical choices made by some police officers as they answered to allegations of corruption. The study carried out an in-depth analysis on how Goffman’s frame analysis can be used to appropriately interpret police conduct as brought out during the vetting exercise. The researcher used secondary data from online sources and recorded video clips. The study purposively selected fifteen vetting interviews that were felt to be containing the lexical items that answer to the objectives of the study. These interviews were mainly concerned with financial probity of the various police officers especially in regard to their mobile money transfers. The results of the study revealed that word choices play a crucial role in strategically communicating what the intentions of the speaker. The appropriate interpretation of these lexical items is arrived at by applying primary frameworks which act as the lens through which the listeners can appropriate meaning to what is happening in every day’s social activities.

GAMBLING AND SHADOW ECONOMIES: SOCIO-MORAL DECAY AND FOREIGN POLICY BEHAVIOR (2001-2025)

Dr. Sıddık Arslan — 2025-12-02

Gambling economies and shadow economic structures have emerged as dynamic processes causing fundamental transformations in the social, moral, and political fabric of states during the first quarter of the twenty-first century. This study analyzes the multilayered relationship between the expansion of gambling economies and shadow economic networks, the socio-moral decay they create in the internal structures of states, and foreign policy behaviors within the context of the 2001-2025 period. The fundamental research question examines through which mechanisms and how the expansion of gambling economies and shadow economic networks during this period affects the social and moral structures of states and their foreign policy behaviors. The study's hypothesis posits that as gambling economies and shadow economic networks expand, socio-moral decay within the state accelerates, and as a result of this decay, foreign policy behavior transforms into a structure that is more inconsistent, unpredictable, and based on short-term interest optimization. The research employs qualitative methodology, and its theoretical framework is grounded in realist school, structural functionalism, constructivism, and critical security theories. Findings demonstrate that gambling economies influence foreign policy behavior through fiscal, institutional, and normative mechanisms. The fiscal mechanism constrains the use of foreign policy instruments by reducing state revenues, the institutional mechanism opacifies decision-making processes, and the normative mechanism undermines foreign policy legitimacy by eroding social trust. The original contribution of this study lies in treating gambling economies not merely as an economic phenomenon but as a mechanism that corrodes the moral foundations of state institutions and degrades foreign policy behaviors. Research findings reveal that gambling and shadow economies must now be addressed not only as economic issues but also as social, political, and international security concerns.