ANUK COLLEGE OF

PRIVATE SECTOR
Accounting Journal
VOL. 1 NO.1 SEPTEMBER, 2024
ISSN 2579-1036

A Publication of College of Private Sector

Accounting
ANAN University Kwall, Plateau State, Nigeria.
 Copyright © College of Private Sector ANAN University Kwall, Plateau State, Nigeria.

Published September, 2024.

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ii
 Structure of Manuscript
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Sequence of Manuscript
I. Title page
II. Abstract (150-250 words)
III. Keywords (3-5)
IV. Introduction
V. Literature Review
VI. Methodology
VII. Results and Discussion
VIII. Conclusion and Recommendations
IX. References (APA 7th Edition)
X. Appendices (if necessary)
XI. Author Biographies (optional)

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iii
 Editorial Team
Editor-in-Chief :
Prof. Musa Adeiza Farouk
Department of Management Accounting,
ANAN University Kwall, Plateau State.

Associate Editor:
Dr. Saidu Halidu
Department of Financial Reporting,
ANAN University Kwall, Plateau State.

Managing Editor :
Dr. Benjamin David Uyagu
Department of Auditing and Forensic Accounting,
ANAN University Kwall, Plateau State.

Members Editorial Board

Prof. Joseph Femi Adebisi Prof. Tochukwu Okafor
Dean, College of Private Sector Accounting Department of Accounting
and DVC ANAN University Kwall, Plateau University of Nigeria, Nsukka.
State.
Prof. Muhammad Aminu Isa
Prof. Tamunonimim Ngereboa Department of Accounting
Dean, Public Sector Accounting Bayero University, Kano, Kano State.
ANAN University Kwall, Plateau State.
Prof. Ahmadu Bello
Prof Kabir Tahir Hamid Department of Accounting
Department of Accounting Ahmadu Bello University, Zaria.
Bayero University, Kano, Kano State.
Prof. Musa Yelwa Abubakar
Prof. Ekoja B. Ekoja Department of Accounting
Department of Accounting Usmanu Danfodiyo University, Sokoto State.
University of Jos.
Prof. Salisu Abubakar
Prof. Clifford Ofurum Department of Accounting
Department of Accounting Ahmadu Bello University Zaria, Kaduna State.
University of Port Harcourt, Rivers State.
Prof. Isaq Alhaji Samaila
Prof. Ahmad Bello Dogarawa Department of Accounting
Department of Accounting, Bayero University, Kano State.
Ahmadu Bello University Zaria.
Prof. J.J. Adefila
Prof. Muhammad Junaidu Kurawa Department of Accounting
Department of Accounting University of Maidugu, Borno State.
Bayero University Kano, Kano State.
Prof. Chinedu Innocent Enekwe
Prof. Muhammad Habibu Sabari Department of Financial Management
Department of Accounting ANAN University Kwall, Plateau State.
Ahmadu Bello University, Zaria.
Dr. Dang Yohanna Dagwom,
Prof. Hassan Ibrahim Department of Public Sector Accounting
Department of Accounting ANAN University Kwall, Plateau State.
IBB University, Lapai, Niger State.
iv
Dr. Abdulrahman Abubakar Dr. Saheed Adebowale Nurein
Department of Accounting School of Business and Entrepreneurship
Ahmadu Bello University Zaria. Amerian University of Nigeria,Yola.

Dr. Aisha Nuhu Muhammad Dr. Abdullahi Ya’u

Department of Accounting Executive Director, ANAN University Business
Ahmadu Bello University Zaria. School Gwarimpa Abuja

Dr. Abubakar Ahmad Dr. Maryam Isyaku Muhammad

School of Business and Entrepreneurship Department of Accountancy
Amerian University of Nigeria,Yola. Federal University of Technology, Yola

Dr. Suleiman Salami Dr. Latifat Muhibudeen,

Department of Accounting Department of Accounting
ABU Business School Yusuf Maitama Sule University, Kano
Ahmadu Bello University Zaria.
Dr. John Obasi
Prof. Sunday Mlanga Department of Oil and Gas Accounting
Director Academic Planning ANAN Univerity Kwall Plateau State
ANAN University Kwall Plateau State

Advisory Board Members

Prof. Musa Inuwa Fodio, Prof. Aliyu Sulaiman Kantudu,
V.C, ANAN University Kwall, Bayero University Kano, Kano State.
Plateau State
Prof. B.C Osisioma,
Prof. Kabiru Isah Dandago, Department of Accounting,
Bayero University Kano, Nnamdi Azikwe University, Akwa
Kano State.
Prof. M.A. Mainoma,
Prof. Suleiman A. S. Aruwa, Department of Accounting,
Department of Accounting, Nasarawa State University, Keffi
Nasarawa State University, Keffi,
Nasarawa State. Prof. J. C Okoye,
Department of Accounting,
Prof. A.M Bashir, Nnamdi Azikwe University, Akwa
Usmanu Danfodiyo University Sokoto,
Sokoto State. Prof. J.O. N Ande,
Department of Accounting, University of Jos.
Prof. Muhammad Tanko,
Kaduna State University, Kaduna. Prof. Shehu Usman Hassan,
Dean Faculty of Management Science,
Prof. Bayero A.M Sabir, Federal University of Kashere, Gombe State.
Usmanu Danfodiyo University Sokoto,
Sokoto State.

Editorial Secretary
Dr. Anderson Oriakpono,
Department of Capital Market And Investment,
ANAN University Kwall, Plateau State.

v
 TABLE OF CONTENT
1. Effect of Audit Pricing on Quality of Audit in Listed Deposit Money
Banks in Nigeria ………………………………………………………………… 1
Musa Adeiza Farouk and Suleiman Ahmed Hyanam

2. Effect of Board Characteristics on Market Value of Listed Consumer Goods

Firms in Nigeria ………………………………………………………………… 14
Bawa Junaidu

3. Effect of Financial Risk Management on Financial Performance by Listed

Deposit Money Banks in Nigeria ………………………………………………. 27
Borokini Olukunle Joshua

4. Financial Performance of Quoted Insurance Companies in Nigeria: Does

Audit Committee Independence and Board Size Matters …………………… 38
Daniel Yohanna Gwanshak, Haruna Muhammed Musa and A.C. Dikki

5. Effect of Forensic Accounting Skills on Tax Fraud Investigation By

Federal Inland Revenue Services in Nigeria …………………………………. 50
Dido Elizabeth and Ibrahim Abdulateef

6. Effect of Corporate Governance Mechanisms on Related Party

Transactions of Listed consumer Goods Companies in Nigeria …………….. 62
Dioha Charles, Musa Inuwa Fodio, and Musa Adeiza Farouk

7. Board of Directors' Attributes and Performance of Commercial

Banks in Nigeria ………………………………………………………………. 71
Musa Inuwa Fodio, Ahmed Aliyu Kubura & Ibrahim Abdulateef

8. Determinants of Corporate Social Responsibility of Listed

Oil and Gas Firms in Nigeria ………………………………………………… 85
Ibikunle Adedamola Kolawole

9. Impact of Artificial Intelligence on Optimising Revenue Management

in Nigeria's Public Sector. ……………………………………………………. 96
Ibrahim Karimu Moses, John Ogbonnia Obasi and Okeh Pius Egbonu

10. Capital Structure Decisions: Does Firm Characteristics Matters?

An Empirical Analysis of Listed Manufacturing Firms in Nigeria …………. 109
Muhammed Tahir Dahiru, Haruna Muhammed Musa and Oba Oluwakemi Aisha

11. Oil Price Volatility and Stock Market Return: Evidence from Nigeria.…....... 120
Oloruntoba Oyedele

12. Moderating Effect of Auditor's Independence on Chief Executive

Officer's Characteristics and Environmental Disclosure Quality of Listed
Oil and Gas Firms' in Nigeria. ……………………………………………… 134
Adama Maimunat Isah and Musa Adeiza Farouk

13. Determinants of Financial Statement Fraud of Listed Deposit Money

Banks in Nigeria ……………………………………………………………... 146
Malu Margaret

14. Impact of Whistleblowing on Fraud Detection by the Economic

and Financial Crimes Commission (EFCC).………………………………... 159
Barau John Juliet
vi
15. Effect of Corporate Governance on Capital Structure Decisions of
Listed Multinational Companies in Nigeria ……………………………….. 173
Okauru Joy Onize and Musa Inuwa Fodio

16. Effect of Corporate Governance Mechanisms on Electronic Fraud

Prevention in listed Deposit Money Banks in Nigeria ……………………. 182
Almustapha Ahmed Sadiya, Musa Adeiza Farouk, and Saidu Ibrahim Halidu

17. Effects of Corporate Attributes on Financial Performance of

Listed Manufacturing Firms in Nigeria …………………………………… 191
Olanrewaju Olayemi Aina

18. Cash Flow Management and Financial Performance of Listed Financial

Service Firms in Nigeria. ……………………………………………………. 203
Usman Muhammad Adam and Shamsu Aliyu

19. Effect of Capital Structure on Dividend Payout Ratio of Listed

Pharmaceutical Firms in Nigeria …………………………………………… 214
Lawal Opeyemi Taofik

20. Effect of Environmental, Social, and Governance (ESG) Issues on

Shareholders' Value among Manufacturing Companies in
Sub-Saharan Africa. …………………………………………………………. 224
Ogolime Henry Daniel and Ibrahim Abdulateef

21. Effect of Firm Internal Attributes on E-Accounting System Adoption Amongst

Small and Medium Enterprises (SMES) in Suleja Local Government
Area, Niger State…………………………………………………………………… 232
Sadiq Suleiman Gabriel, Dang Yohanna Dagwom and Benjamin Uyagu

22. The Impact of Firm Innovativeness on Economic Disclosure Among

Listed Non-Financial Companies in Nigeria ……………………………............. 246
Isah Baba Bida, Oni Olusegun Opeyemi and Goje Hadiza

vii
ANUK College of Private Sector ANUK A Publication of College of Private
Accounting Journal
Vol. 1 No.1 Sept, 2024 | Email: [email protected] A
COLLEGE OF PRIVATE SECTOR
ACCOUNTING JOURNAL
Sector Accounting
ANAN University Kwall, Plateau State, Nigeria

CASH FLOW MANAGEMENT AND FINANCIAL PERFORMANCE OF

LISTED FINANCIAL SERVICE FIRMS IN NIGERIA
Usman Muhammad Adam
Department of Accounting, Faculty of Management Sciences,
Bayero University, Kano Nigeria.
[email protected]

And

Shamsu Aliyu
Department of Accounting and Finance, Faculty of Management Sciences,
Usmanu Danfodiyo University, Sokoto Nigeria.
[email protected]

ABSTRACT

Cash in organizations always take two directions, inŒow and outŒow, these dimension result in
cash Œow. The ÿnancial manager of the ÿrm takes it a priority to ensure cash outŒow does
not outweigh the cash inŒow, which is another term refer to as cash management. This study
examined the e ect of cash Œow management and ÿnancial performance of listed ÿnancial service
ÿrms in Nigeria, a target population of 46 quoted ÿnancial service ÿrms in Nigeria as at 31st December
2022, in which 7 quoted ÿnancial service ÿrms were selected using Yamane taro formular and simple
random sampling techniques based on their complete annual account report in the ÿnancial statement
over the period of the study. The study cover a period of 10 years from 2012 to 2022. The Stata Version
14.2 was uses and the estimation techniques are OLS ordinary least square and diagnostic test, the
data obtain were analysed using descriptive statistics, multiple regression and correlation co-
e cient. The study uses return on asset, return on equity, earning per share as dependent variables
and operating cash Œow, investing cash Œow and ÿnancing cash Œow as independent variables. It is
found that operating cash flow has a significantly positive effect on the financial performance
of listed financial service firms while cash flow has a significant negative impact on earnings
per share but a positive impact on return on asset and return on equity. The study recommend
that the sampled ÿnancial service ÿrms in Nigeria should follow the steps of pecking order theory
in management of their cash flow, thus reducing or minimizing the issuing of share and
concentrate on financing their firms with their retained earnings and cash flow from financing
activities should be maintained as it is proven to have a significant negative effect on the
performance of listed financial service firms in Nigeria.
Keywords: Cash flow, Management, Financial Performance, Listed Financial Service Firms,
Nigeria.

1.0 Introduction maximum the opportunity cost of the firm

Most business transaction are associated with resources ( Bariet el, 2019 ).The international
inflow and outflow which is realized through cash accounting standard ( IAS ) No . 7 regulate the
receipts, income (revenue) among others .Cash flow cash flow statement preparation to show the cash
management is the process of understanding and generated and as well as how they are utilized in
optimizing the amount of cash moving into and an accounting year ( Soet, Muturi, Oluchi, 2018 ).
out of the organisation. Financial performance is It provides information used in evaluating the
regarded as indicators that show the overall health profitability of a company to adequately generate
of an entity, It indicate the extent to which cash and cash equivalent. The basis component of
strategies and policies of managers have statement of cash flows are cash flow from
accomplished (Aslehat and Al – Nimer, 2017 ). operating activities, cash flow from investing
Cash flow is integral to the financial health status activities and cash flow from financing activities
of firms. Proper cash flow management in firms as stated in the international accounting standard.
help the manager to control spending with respect These component are required to be used
to the specified budget, minimum borrowing and effectively in managing the cash flow. Financial

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A
COLLEGE OF PRIVATE SECTOR
ACCOUNTING JOURNAL

performance can be measure using either return Earnings per Share (EPS) is considered one of
on investment (ROI). Residual income (RI), most widely accepted factors to determine share
earning per share (EPS), dividend yield (DY), prices and firm value. Individual investors take
return on asset (ROA), return on equity (ROE), their individual investment decision based on the
(Udisifan et al, 2021 ). These measure portray Earning per share ( EPS).
how efficient management utilize their available
resources to generate income. The term – earning per share (EPS) represents
portion of a company's earnings, net of taxes and
Cash management implies a firm ability to preferred stock dividends that are allocated to
allocate it funds efficiently in an effort to cover each share of common stock. As good as earning
operating expenses, make payment to shareholders per share has been proven to be, it also has its
and maintain adequate reserves. limitation. Earnings per share can be calculated
simply by dividing net income earned in each
Cash flow from operation (CFO) indicates the reporting period by the total number of shares
amount of money a firm generated from its outstanding during the same time frame. Because
ongoing activities in the area of providing the number of shares outstanding can fluctuate, a
services to its customer. There are two method for weighted average is typically used. Earnings per
depicting cash from operation activities, such as share represents the portion of a company's
direct and indirect method. The direct method earnings, net of taxes and preferred stock
track all transactions in a period on a cash basis dividends that is allocated to each share of
and uses actual cash inflows and outflows on the common stock.
cash flow statement. The indirect method begins
with net income from the income statement then Return on asset is an essential indicator in
add back non - cash items to arrive at a cash basis determining the performance of financial service
figure. Cash flow from investing (CFI) it is figure
firms. a company with a lower return on asset
that represent how much cash has been generated
might appear alarming compared to an unrelated
or spend from investment related activities in a
company higher return on asset with fewer assets
specified time period. Investing activities are the
and similar profit. Companies with low return on
acquisition or disposal of long term asset.
asset usually have more assets involved in
generating their profits, companies with a high
Cash flow from financing (CFF) is a section of a
return on asset usually have fewer assets involved
firm cash flow statement which show the net flow
in generating their profits. While return on equity
of cash that are used to fund the company
is measured by dividing net profit over
financing activities which include transactions.
shareholders equity which indicates how well a
Cash flow from financing activities provides
investors with insight into how well a firm bank can utilize equity investments to earn profit
structure is managed. Cash flow is one of the for the shareholders.
financial tools used to gauge firms financial .This study examine the effect of cash flow
performance. It shows the firms available cash management on the performance of listed financial
after taking into consideration how much has been service firms in Nigeria.
on development and recurrent expenditure (frank &
james, 2014). A firms shareholders can use cash to 2.0 Literature Review
asses a firms financial soundness and strength. Appah 2.1 The Concept of Cash Flow Management
2018, stated that cash is the life hood of any Nyabwanga et al. (2012), efficient cash flow
corporate entity because it is needed to acquire management entails the determination of the
assets used in the generation of goods and optimal cash to hold by considering the trade-off
services provided by the entity for determination between the opportunity cost of holding too much
of profit in order to maximize the wealth of and the trading cost of holding too little. It is the
shareholders. Financial service firms are planning and controlling processes of the cash
companies which manages, invests, exchange or position maintained by on entity in almost all
holds money on behalf of clients. These may entities, cash flow management philosophies are
include deposit money banks, investment banks, usually in line with that of liquidity or working
insurance companies, brokerage firms and planning capital management (Odala & Achoki, 2016), cash
firms, flow management policies may be formulated to
link short time financial plans with long term
strategies for the long survival of entities. It is
In this study, financial performance will be fundamentally the optimization of cash resources
measured as return on equity (ROE), return on to achieve both short and long run objectives of
asset (ROA), and earning per share (EPS) and entities. In this study operating cash flow, financial
having independent variable of operating cash flow cash flow and investing cash flow are the
financing cash flow and investing cash flow. indicators to measure cash flow management. Each
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of the variable or factor in the ratios give the the same industry. Financial performance is also
next between cash flow management & financial perceived to be growth or declined in accounting
performance, hence can be used to explain on attributes Dogarawa & Maude 2018). The concept
entity's sustainability in the short & long run. is often used to explain the progress attained
from the strategies and policies circulated by top
2.1.1 Operating cash flow management of companies decline in financial
Operating cash flow is the cash generated from performance process could mean that the
the day to day activities of a business, that is the strategies formulated management may not have
flow of cash made available from the core accomplished the purpose targeted (Hossain & Ali
operations of a business entity. 2012 , Enekwe, Agu & Enziedo 2014).
Operating cash flow may be seen as a more
accurate measure of how much a company has Measurement of financial performance in terms of
generated. Operating cash flow system is said to profitability may be achieved using Ratio or
be the amount of money paid for the acquisition indicators which include gross profit ratio,
of merchandise tax settlements payment to operating profit ratio, profit before tax ratio, net
vendors, payment of wages & other operation profit ratio, return on asset (Ghodrati & Abyak,
expenditures (Gorden, Henry Jorenson & 2014 : Gadzo & Asiamah 2018). In this study
Lithicum, 2017) financial performance is measured by the
profitability ratios (return on Asset, return on
equity and earning per share).
2.1.2 Financing Cash flow
Tailard (2012) described financing activities as the
process of procuring capital to finance start up or 2.2.1 Return on Asset.
expansion or any other engagement the company Return on asset is an essential indicator / ratio
may need that necessitate additional funding from normally employed in determining the
what would be internal or external sources. cash performance of financial service firms. The higher
flow from financing activities includes proceed of the ratio the better the profitability of the banks.
cash from issued shares & loan barrowing. (Harry 2015) it is expressed by dividing profit
Cash payment for the finance activities includes before tax by total asset
the following; money spent to repay the principal
loan amounts, redemption amounts paid for
2.2.2 Return on Equity
ordinary and preference shares.
Return on Equity is a profitability ratio measure
by dividing net profit over shareholders equity. It
2.1.3 Investing Cash Flows indicates how well a firm can utilizes equity
Cash inflow are associated with the sale of long investments to earn profit for the shareholders
term assets such as buildings on the other hand, (Olabisi 2019)
cash out flows occur through long term asset
purchases (Cinca, Molinero & larraz 2015)
2.2.3 Earning per share
Adegbie & fakile (2018) explain cash flows from
Earnings per share is a ratio that reflects the
investing activities are cash inflows and outflows
company ability to generate profits for each
associated with the purchase and the disposal
outstanding share (Darnadji & Fakhurudin 2012)
of productive facilities used by the company and
according to them earning per share is calculated
investments in the security of the other companies.
as net profit divided by number of common
Example of investing cash flows are payments to
shares outstanding. Earnings per share is
acquire property, plants and equipment, loans by
considered one of the most widely accepted
the reporting entity and payment to acquire debt
factors to determine share prices and firm value.
instruments of other entities excluding payments
Individual investors take their individual
for the acquisition or disposal or a movement in
investment decision based on the earning per
liquid resources.
share. The term earning per share (EPS) represent
the portion of a company earnings, net of taxes
2.2 Concept of financial performance and preferred stock dividend that are allocated to
Kenton (2021) assert that financial performance is each share of common stock.
a subjective measure of how well a firm can use
it asset from its primary mode of business and
2.3 Review of empirical study
generate revenue. In the view of Verma (2021)
Previous studies has been conducted on cash flow
financial programme is the process of measuring
management and performance of several industrial
the result of a firm policy and operation in
sectors in Nigeria and other countries, some of which
monetary terms. It is used to measure a firm
includes:
overall financial health over a given period of
time and use it to compare similar firms across
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Elahi, Ahmad Saleem & Shamsulhaq (2021) determine the variation in financial performance due
examined the impact of operating cash flows on to the variation in operating cash flow. The results
financial stability of commercial banks evidence from revealed a positive and insignificant impact between
Pakistan. Panel data of 20 commercial bank listed on cash flow from operating activities and financial
PSA 2011 to 2019, ordinary least square technique, performance of the listed conglomerate companies in
random and fixed effect models, was used, the study Nigeria.
shows that operating cash flows and net interest
margin significantly and positively influence banks Ebimobowei et al (2021) investigated the effect of
financial stability. It is recommend financial stability, cash flow accounting on the corporate financial
banks should become more cost effective and enhance performance of listed consumer goods campanies in
liquidity levels by lowering lending activities. Nigeria for the period 2015 to 2019. The ex-post facto
and correlational research design was utilized for the
Murkor Aburd, Willy, and oluoch (2018) examined study. A population of twenty-six and a sample size of
the effect of financing cash flow management on twenty-three firms were used in the study while
financial performance of mutual funds in Kenyan. descriptive, correlational and panel ordinary least
Descriptive statistics, inferential statistics, regression squares were used for data analysis. The study
technique, hausaman specification test. Results shows revealed a positive and significant relationship
that financing cash flow management had significant between operating cash flow, financing cash flow and
and positive effect on return on asset and insignificant firm size to profit after tax of listed consumer goods
and positive effect on return on equity. The study manufacturing companies while investing activities
recommends that manager should come up with a and financial leverage revealed a negative and
compulsory cash flow policy and dividend policy such significant relationship.
as investment policy and dividend policy.
Nangih al (2020) investigated the effect of cash flow
Odo John,Ohazuluike Theophilus (2021) examined management and the financial performance of quoted
effect of cash flow of financial performance on food oil and gas firms in Nigeria. The judgemental research
and beverages firm in Nigeria. Ex-post facto research design was utilized while data were obtained from the
design, random panel regression, model and annual report of five selected listed firms for the period
descriptive statistics. The result shows that cash firm's 2013 to 2018. The data thus collected were analysed
investment activities significantly affect profit for the with correlation and multiple regression techniques.
year of food and beverage firms in Nigeria. The study The study revealed that cash flow operating and
recommended that food and beverages firms in investing cash flows had negative and insignificant
Nigeria should pay out dividend should pay out relationship with profitability while cash flow from
dividends as at when due and timely too as it was financing activities had a positive and significant
found out that dividend paid has significant effect on influence on firm performance in the oil and gas sector.
net profit margin. Ogbeide and Akanji (2017). Egwu et al (2021) investigated exploration of cash
Examined the relationship between cash flow and flow management for enterprise's business
financial performance of insurance: evidence from a performance Nigeria. The survey research design was
developing economy. Times series data for the period utilized for the study. Data gathered were analysed
of 2009 to 2014, descriptive and inferential statistics using the descriptive method and regression analysis.
was used. The findings revealed that cash flow from The study revealed that cash flow management
operating activities was observed to significantly influences the fulfilment of financial obligations and
increase financial performance of insurance that cash flow management strategies influence the
companies in Nigeria. It is recommends that managers performance of enterprises in Abuja. The study
in insurance firm should regularly change the extent at concluded that cash flow is critical to the success of
which cash flow position as well as financial crisis. enterprises.
2.4 Theoretical framework
Alslehat and Al-Nimer (2017) examined the
Theories underpinned the cash flow management and
relationship between cash flow management and the
performance of firms. Some of which include:
financial performance of Jordanian insurance
companies. Twenty-three Jordanian insurance 2.4.1 Agency theory
companies were used for five years. The study The agency theory formulated by Jensen and
revealed that the net cash from investing activities was Meckling (1976) explains the relationship between
found to have a significant impact on the financial agent (management) and the principal
performance. (shareholder). It is expected that the agent act in
a manner beneficial to the owners of the entity
Liman and mohammed (2018) examined the impact for the fact that managers known as agents, are
between operating cash flow and corporate financial appointed by shareholders, and are expected to
performance of listed conglomerate companies in run and manage operation of entities on behalf of
Nigeria over a period of 10 years (2005 to 2014). The their owners profitability. This simply means that
data were analysis as well as regressions techniques to all the decision making, strategies formulation and
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JOURNAL

implementation are entrusted to the agents who finance available, will firms chose to lend money
are managers of companies. The responsibility for from credit institutions such as banks. The study
ensuring that both profitability and shareholders adopt pecking order theory based on the premise that it
wealth maximization are on the shoulders of the discusses the movement of cash flow in an
managers. Agency theory predicts that firms with organization. The theory assist managers to have a
higher free cash flow results to increase in firm's better understanding of their company prospects,
cash holdings. dangers and value than outsider investors. This theory
2.4.2 Free cash flow theory will give proper guide as how cash flow should be
The proponent of the free cash flow theory is managed in an organization.
Jensen (1986), this theory viewed that dangerously
high debt levels will increase value, despite that the 3.0 Methodology
threat of financial distress, when a firm's operating The study employ ex-post factor design using panel
cash flow significantly exceeds its profitable data for the period of ten years. The population of
investment opportunities. The free cash flow the study consist of forty six (46) financial service
model implies that for an over investor, an firms quoted on the Nigeria stock exchange as at
increases in leverage Should lead to a reduction in 31 December 2022. Taro Yamane sampling
unprofitable investment spending. Additional
technique was used to determine the sample size of
leverage does not Significantly affect the overall
level of internal funds but rather tightens the this study.
control and improve the efficiency of investment.
this theory present debt primarily as a measure of NY= N
2
control and not as a source of funds, as debt acts 1+Ne
to restrict managers ability to pursue unprofitable N= Total number of the population
profitable projects that do not increase investor 1= constant
wealth. E= to determine the level of confidence
Using 95% sure which is 0.05
2.4.3 Pecking order theory Solution
Pecking order theory was first suggested by 46
2
Donaldson in (1961) and it was modified by 1+ 46 * 0.05
2
Stewart c .Myers and Nicolas Majluf In (1984) =1 + 2.3
=
perking order theory states that firms prefer to 1 +5.29
finance new investment, first internally with =6.29
retained earnings then With the debt and finally = 46 = 7.31
with an issue of new equity (Odesa & Ekezie 6.29
2015) it is argued that an optimal capital structure This indicates that 7 firms would be considered as the
is difficult to define as equity appears at the top sampled of the entire population, (See table 3.1 and
and the bottom of the “pecking order”. Internal 3.2 in appendix A). Source of data is secondary
funds incur no flotation costs and require no from the annual report and financial statement of
disclosure of the firm's potential investment the sampled firms for the period of 10years and
opportunities and gains that are expected to analyses with the use of descriptive statistic,
accrue as a result of undertaking such investments. correlation and multiple regression
The perking order theory is about what firm's
management prefer a pecking order of alternative 3.1 Variables of the study: The variables of this
sources of finance that firms faces. First, firms study are; independent variable, dependent variable
chose internal finance that is using profits from
previous years. Second, if there is no internal and control variables.

T A B L
3.3E
v a r ia b le a n d t h e ir m e a s u r e m e n t

V a r ia b le s P r o x i e s M e a s u r e m e n t S o u r c e s
D e p e n d e n R
t e tu r n o n A Ps rsoe ft i t a f t e r i d teadx bH dyiev n r(2y 0 1) 5
to ta l a s s e ts R a im (2 i0 2) 1
D e p e n d e n R t e tu r n o n eP q ruoi ft y
it b e f o r e t aO x la b d (2
ii s
v0ii d
1) e
9d
b y s h a r e sh eo ql d u e
i try B o r h a n , N a i n a (2 a 0
n 1d) 4A . z m i
D e p e n d e n E t a r n in g s p e rN e s th a r ep r o f i t d iv Dia d renda d j i b a y n d (2
f a0k 1)h 2r u d i n
c o m m oanr e soh u t s t a n d i n g
I n d e p e n d eO n tp e r a c t ian sgh L o g a r ith m o f to ta Cl h vi ba ul ui k
e e o f a n d C e le s tin e ( 2
f lo w o p e r a tin g a c t i v i t iNe sa n g in ih tohf eo r a n d o n u r a h ( 2
c a s h f lo a w
t e ms e t n t L im a n aunhda mmm e d ( 2 0 1 8 ) ,
A m a h , m ic h e a l a n d I h e n d
( 2 0 1 6 )
I n d e p e n d e Inn t v e s t i n g c aLs ho g a r ith m o f to ta Cl h vi ba ul ui k
e e o f a n d C e le s tin e ( 2
f lo w in v e s tin g a c t i v i t iA e sm ai h n , m
t h iec h e a l a n d I h e n d
c a s h f lo a w
t e ms e t n t ( 2 0 1 6 )
I n d e p e n d eF n it n a n c i n g L o g c a s r iht h m o f to ta Cl h vi ba ul ui k
e e o f a n d C e le s tin e ( 2
f lo w f in a n c in g a c t i v i tN i easnhg iion f o r a a n d o n u o r a h
c a s h f l o wm es nt a t te ( 2 0 1 6 ) A m a h , m ic h e a l
I h e n d in ih u ( 2 0 1 6 )
S o u rrcees e a r c h m e rp s ’i l c
a ot i o n 2 0 2 1

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3.2 Model specification b1, b2, b3 = Regression coefficient

The model analysis for this study that will
examine the effect of cash flow management and e = error term
performance on listed financial service firms in
Nigeria. Below is the model analysis for testing OCFR = natural logarithm of the total value of
the hypothesis.( Ibe 2013). operating cash flow statement in the annual report
Y = a + b1x1 + b2x2 + b3x3 + e FCFR= natural logarithm of the total value of
Where y = dependent variable (ROE, ROA, EPS) financing cash flow statement in the annual report .It=
firm year observation.
ROEit = a + b1 OCFRit + b2 ICFRit + b3 FCFRit
+ eit -----------eq1 4.0 Results and Discussions
ROAit = a + b1 OCFRit + b2 ICFRit + b3 This section present the results and discussion of
FCFRit + eit -----------eq2 descriptive statistic, correlation matrix regression
EPSit = a + b1 OCFRit + b2 ICFRit + b3 result that were obtain from the data collected
FCFRit + eit -------------eq3 from their annual report and account.
ROEit = Return on equity for the firm i in period Table 4.1 shows the summary of the descriptive
t statistics of the study variables. The descriptive
ROAit = Return on Asset for the firm i in period statistics include measures of central tendency such as
t the mean, standard deviation, minimum and
maximum observations are the statistics presented in
EPSit = Earnings per share of the firm i in period
t the table.

a = constant
Table 4.1 descriptive result
Variables Observation Mean Standard Minimum Maximum
deviation
ROA 70 -.0088278 -222716 -1.0094 .92101
ROE 70 -.285.1756 2390.403 -19999 20.0129
EPS 70 1.014107 1.760592 -1.10242 7.60389
OCF 70 -.0269854 6.583644 -8.59916 9.03924
INV 70 -.8915104 6.248976 -9.09984 8.20459
FCF 70 -11730.22 98141.65 -821112 9.0128
Source; Stata version 14.2
Table 4.1 above state that return on asset has a is earning per share is negative for same firms
negative mean value of -0.0088 and a standard and the maximum idea demonstrated that the
deviation of 0.222 with a minimum return of - earning per share is considerably above average
1.0094 and a maximum value of 0.92102. This for top firms.
signifies that the management of the sampled operating cash flow has a negative value of -
financial service firm did not management their 0.26% and a standard deviation of 6.58 with a
asset efficiently. Return on equity has a negative minimum value of -8.599% and a maximum
mean value of -285.17 and a positive standard value of 9.039 while investing cash flow has a
deviation of 2390.403 with a minimum return 0f negative average value of -0.89% and standard
-19999 and a maximum value of 20.01295. This deviation of 6.24 with a minimum value of -
signifies that the shareholders of the sampled 9.09% and maximum of 8-204 and lastly
financing cash flow has a negative value of -
financial services do not have higher return on
11730.22 and a standard deviation of 98141.65
their equity investment. with a minimum return of -821112 and maximum
On the other hand, earnings per share has a mean value 9.0128
value of 1.014 and a maximum value of -1.10242 4.1 Correlation Coefficient of the Variable
and a maximum value of 7.60389. The earning Table 4.2 will provide insight of the correlation of the
per share navigate from negative to positive that variable
Table 4.2 correlation Result
ROA ROE EPS OPCF IVCF FCF
ROA 1.0000
ROE -0.0426 1.0000
EPS 0.1768 0.0687 1.0000
OPCF 0.2111 -0.1050 0.0969 1.0000
IVCF 0.0264 0.0714 -0.2104 -0.2976 1.0000
FCF -0.0370 -0.0145 0.0599 0.1010 0.1578 1.0000
Source; Stata version 14.
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Operating cash flow has a positive effect of Operating cash flow has a positive effect of
0.2111 on return on asset, and investing cash flow 0.0969 on earning per share, investing cash flow
has a positive impact of 0.0264 on return on has a negative impact of -0.2104 on earning per
asset, while financing cash flow has a negative share while financing cash flow has a positive
effect of -0.0370 on return on asset. This is in line effect of 0.0599 on earning per share . This is in
with Nangih al (2020) and the work of Liman, line with Ogbede and Akanji (2017) but contradict
Mohammed (2018). Odo John, Ohazuluike Theophilus (2021).

On the other hand operating cash flow has a

negative effect of -0.1050 on return equity and 4.2 Regression Result
investing cash flow has positive impact of 0.0714 Multiple regression was carried out to determine
on return on equity while financing cash flow has the relation between independent and dependent
a negative effect of -0.0145 on return on equity. variables as showed in the results

Table 4.3 ROA regression result s

ROA Coef Std.Err T P >|t| [95% conf. Interval]
OPCF .0085684 .0042831 2.00 0.050 0.0000169 .01712
IVCF .0040815 .0045464 0.90 0.375 -.0049957 .0131586
FNCF -1.83e-07 2.78e-07 -0.66 0.512 -7.38e-07 3.72e-07
Cons -.0071045 .02681 -0.26 0.792 -.0606325 .0464234
Number of obs. =70, F (3, 66) = 1.39, Prob > f = 0.2533, R – squared = 0.0595
AdJ. R-squared = 0.0167, Root MSE = .22085.
2
The table 4.3 shows the R (co-efficient of signifies a positive impact on the performance of
determination) of 0.0595 and AdJ R – squared of listed financial service firms in Nigeria. Financing
0.0167 this determine 10% and 017% of return cash flow has a p-value of 0.512 and a t – value
on asset. The multiple regression of return on of -0.66 this implies a negative effect on
asset shows that operating cash flow with a P – performance of listed financial service firms in
value of 0.050 and revealed a positive value of Nigeria. It contradict the work of Murkor Aburd,
2.00 and a co-effficent of 0.085684 this implies Willy and Oluoch (2018).
insignificant positive effect on the performance of
listed financial service firms in Nigeria, This is in The model specification is showed as:
line with Elahi, Ahmad and Shamsulhaq (2021). ROA = - 0.085684 OCFR + .0040815 ICFR -
Investing cash flow has a better value of 0.00408
1.83e-07 FCFR - .0071045.
with a P value of 0.375 and a t value of 0.90 this

Table 4.4 ROE regression result

ROE Coef Std. d T P > |t| [95% conf. Interval].
OPCF -32.59813 47.09387 -0.69 0.491 -126.6241 61.42781
IVCF 17.84665 49.98847 0.36 0.722 -81.95855 117.6519
FNCF -.003107 .0030543 -0.10 0.919 -.0064088 .0057873
Cons -273.7898 294.7828 -0.93 0.356 -862.3428 314.7631
Number of obs = 70, F (3, 66) = 0.29, Prob > f = 0.8337, R – squared = 0.0129, Adj
R -squared = -0.031, Root MES = 2428.3
The multiple regression of return on asset and and performance of listed financial service firms
operating cash flow, investing cash flow and in Nigeria.
financing cash flow. The result shows that
operating cash flow has a probability of 0.491 The result also shows that financing cash flow
and revealed a negative value of -0.69 it contradict with coefficient value of -.0003107 with a p value
the work of line with Elahi, Ahmad and Shamsulhaq of 0.919 and a negative value of -0.10, this
(2021). contradict Murkor Aburd, Willy and Oluoch (2018).
The result also shows that investing cash flow has the model specification of ROA = -32.598130
a better value of 17.84 with p-value of 0.722 and OCFR + 17.84665 ICFR - 0.0003107 FCFR -
a positive t value of 0.36 that is there is a 273.7898.
significant impact between investing cash flow
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Table 4.5 EPS regression result

EPS Coef. Std. Err. T P > |t| [95% conf Interval]
OPCF .0060526 .0339634 0.18 0.859 -.0617575 .0738627
IVCF -.0614789 .0360509 -1.71 0.093 -.1334569 .0104992
FNCF 1.65e-06 2.20e-06 0.75 0.456 -2.75e-06 6.05e-06
Cons .9788356 .212593 4.60 0.000 .55438 1.403291
Number of abs. = 70, F (3,66)= 1.25, Prob > f = 0.3000, R – squared = 0.0536, Adj R –
squared = 0.0106, Root MSE = 1.7512
The table 4.5 shows the linear regression of impact on return on asset , return on equity and
earning per share with independent variables, this negative impact on earnings per share.
result shows that operating cash flow has a p
value of 0.859 and a t - value of 0.18 and a co- Based on the findings and conclusions the study
efficient of .00605 has a positive effect on recommends that:
performance of listed financial service firms in
Nigeria. This is in line with the work of Elahi, 1. The sampled financial service firms
Ahmad Saleem and Shamsulhaq(2020). in Nigeria should put in appropriate policies
that would discourage high profit taking
Investing cash flow has a co-efficient of -
.0614789 with a value of -0.093 and a t value of shareholders as this will help in their investment
-1.71 this signifies a negative effect and analysis , unnecessary investment could lead to a
performance of financial service firms in Nigeria. negative investing cash flow.
Lastly the financing cash flow has a better value
of 0.75 this simply means a positive relationship 2. The management should follow the
with listed financial service firms in Nigeria. This pecking order theory in management of their
is in line with the work of Murkar Aburd, Prof cash flow thereby reducing or minimizing the
willy, and Dr oluch The specified model is: EPS = issuing of share and concentrate on financing
. 0060526 OPCF _ .06614789 ICFR + 1.65e - 06
FCFR _ .9788356. their firms with their retained earnings
The cash flow from financing activities should
The result shows that there is no multicolnearity be maintained as it has proven to have a
problem among the independent variables with a significant negative effect on the performance of
VIF greater than 10. Breusch-pagan / cook- listed financial service firms in Nigeria.
weisbery test for heteroskedaticity. Ho: constant
variables. Variables: fitted value of profitability. Chi
2(1) = 42.12 Prob > chi 2 = 0.0000.
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A ppendix A
T able 3.1 Financial service firm s in N igeria

S/N N am es of firm s Y ear list

ed Y ear of
incorporation

1 A frican A lliance Insurance 2009 1960

2 A iico Insurance 1990 1970

3 A xaM ansard Insurance plc 2009 1989

4 C onsolidated allm
H ark Insurance 2008 1991

5 C ornerstone Insurance plc 1997 1991

6 C oronation Insurance plc 1990 1958

7 G old Link Insurance 2008 1993

8 G uinea Insurance plc 1990 1958

9 International E nergy Insurance 2007 1969

10 Lasaco A ssurance plc 1991 1979

11 Linkage assurance plc 2003 1991

12 M utual benefit assurance plc 2002 1995

13 N E M insurance plc 1990 1970

14 N iger insurance plc 1993 1962

15 R egency assurance plc 2008 1993

16 Prestige A ssurance plc 1990 1970

17 Sovereign trust Insurance plc 2006 1980

18 Staco Insurance 2007 1991

19 Standard A lliance Insurance 2003 1981

20 Sunu A ssurance N ig plc 1995 1961

21 U niversal Insurance plc 2009 1961

22 V arit as kapital A ssurance 2009 1973

23 A bbey m ortgage bank plc 2008 1991

Source (www.nse.group. 2022)
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Table 3.2 Sample size of the study

S/N Names of firms Year listed Year of incorporation

1 African Alliance insurance 2009 1960

2 Abbey mortgage bank plc 2008 1991

Consolidated Hallmark Insurance 2008 1991

4 Goldlink insurance 2008 1993

5 African prude ntial plc (CGT) 2005 1989

6 Access bank plc 1989 1998

7 Zenith bank plc 2004 1990

Source: table 3.1

213