The Effect of Managerial Performance on Shareholders’ Wealth Maximization of Conglomerate Firms in Nigeria

Description

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Abstract

Firms are mostly owned by thousands of shareholders. The complex nature of firms serves as an impetus for owners to appoint qualified personnel to manage their affairs in order to achieve organizational goals. Thus, this study assesses the effect of Managerial Performance on Shareholders’ Wealth Maximization of Conglomerate Firms in Nigeria.

Data are collected through secondary sources from the annual reports and accounts of the firms, for the period of eight years (2001 to 2008). The study adopts ex-post factor research design, Economic Value Added (EVA) Model, Compounded Annual Growth Rate Model, and Multiple Regression technique for data analysis.

The study finds that the Managerial Performance measure by EVA Model has a significant effect on Shareholders’ Wealth.

It also establishes that Shareholders’ Wealth is affected by Accounting Performance Measures in Nigeria. The study recommends shareholders consider EVA Model as a Modern Managerial Performance Measure for wealth maximization decision.

Research work is encouraged on the wide application and acceptance of the Economic Value Added (EVA) Model, as a modern managerial performance measure in Nigeria. 

Introduction

Prior to 1980 in Nigeria as well as in many developing countries, successive governments have implemented various agricultural and rural development policies, all in an effort to address perceived shortfall in rural credit, stimulate rural employment and enhance agricultural productivity.

Under these rural credit schemes, institutional resources, program efforts, and government agencies – based top-bottom interventions, to implement mostly supply-led financial development strategies.

That is the channeling of government funds to rural entrepreneurs and small farmers to enhance the contribution of agriculture to economic development (Yaron, 1992).

The above aim prompted the government in Nigeria to establish the defunct Agricultural and Co-operative Bank (NACB). The objective of NACB is to finances agricultural projects through loans to farmers.

Others like the Nigeria Bank for Commerce and Industry (NBCI), People Banks for Nigeria (PBN) as well as xiii Special Banks for Local Areas – Communities banks (CBs) were also established for similar objectives and purposes.

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