College of Management and Social Sciences

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    Financial Management Practices and Performance of Small and Medium Scale Poultry Industry in Ogun State, Nigeria
    (Journal of Finance and Accounting, 2020) Adegbie, Festus Folajinmi; Alawode, Olufemi Peter
    Small and Medium-Sized Enterprises (SMEs) and the Agricultural sector is a combination that constitute a recognisable driving force for the development of an economy and the contribution of this sector cannot in any way be overlooked by any developing country particularly one that is struggling to diversify from petrol-carbon revenue and generate employment. The efficiency or otherwise of applicable financial management practices combined with the peculiarity and uncertainty of the business environment can make or mar the success of such SMEs operating in the poultry industry and this is the focus of this study. The study employed survey design. The study population comprised Poultry farmers in 162 farms as registered with the Poultry Association of Nigeria-Ogun State Chapter with the total of 200 farm managers, excluding farm attendants and other non-managerial staff. The Cochran formula was used to obtain a sample size of 150. The owners/managers of these Poultry farms were selected through a multi-stage sampling technique which involves the stratified, proportionate, and simple random sampling method. The instrument validity was established through scrutiny and evaluation by the research supervisors and experts in the study area, and reliability was determined via Cronbach’s alpha coefficient computed from pilot study responses. By the use of instrument codes, responses were processed into quantitative data for descriptive and empirical analysis. The analysis revealed that all proxies of financial management practices such as annual budget process, capital structure management and working capital management have a significant positive effect on profitability of poultry industry (Adjusted R2= 0.258, F-statistics = 9.407.: p= 0.000<0.05). Thus, the study concluded that financial management practices proxies, of profitability, cash solvency and economic value added, has a significant positive effect on the performance of poultry industry in Ogun State, Nigeria
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    EFFECT OF WORKING CAPITAL MANAGEMENT ON THE PROFITABILITY OF QUOTED FOOD MANUFACTURING COMPANIES IN NIGERIA
    (Covenant University Ota, 2025-03) AGBONKHEHI OLIVE OSEIWE; Covenant University Disssertation
    This study explored the Effect of Working Capital Management on the profitability of quoted food manufacturing corporations in Nigeria. Specifically, it examined the effects of the Current Ratio, Inventory Turnover Ratio, Cash Conversion Cycle, and Average Payment Period on the profitability of food manufacturing companies in Nigeria. The study employed an ex post facto research design. It utilized various econometric techniques, including panel unit root and cointegration tests, pooled OLS, fixed and random effects models, and the Hausman test. The findings revealed a significant relationship between the Cash Conversion Cycle and Return on Assets, suggesting that a longer Cash Conversion Cycle may improve asset returns. However, CCC had an insignificant relationship with the Net Profit Margin (NPM). Conversely, the Average Payment Period (APP) negatively affected NPM, indicating that delayed payments can harm profit margins, although it did not significantly influence Return on Assets. The rate of inventory turnover and the short-term liquidity metric showed no significant relationship with the Return on Assets. Inventory Turnover Ratio (ITR) also negatively affected Net Profit Margin, suggesting that higher turnover may reduce margins due to potential inefficiencies. The Hausman test favoured the Random Effects Model as the most efficient estimation method. The study concluded that optimizing the Cash Conversion Cycle and Average Payment Period is crucial for enhancing profitability. In contrast, the impact of the current ratio and inventory turnover ratio on profitability is insignificant. Based on these findings, the study recommends that policymakers incentivize efficient liquidity practices, promote timely payments, support advanced inventory management, and encourage strategic partnerships. Companies are also advised to optimize their Cash Conversion Cycle by closely monitoring inventory, receivables, and payables, reconsider payment arrangements, improve inventory management, and optimize asset utilization to enhance profitability.