Chronic Poverty in Nigeria Essay - 1864 Words

INTRODUCTION In the global economy, issues of poverty has for some time been at the centre of developmental goal of nations. The poor nations are eager to come out of poverty; the rich nations are evolving welfare strategies to improve the quality of life of their people. Poverty has been defined in many ways by several scholars, but what seems to be a general consensus is that poverty is a multidimensional phenomenon. According to (Narayan and Petesch 2002) Poverty is regarded as lack of financial capability to obtain basic need of life such as food, cloth, shelter as well as lack of access to education, health care and security. While some school of thought mirror poverty from absolute perspective and conclude that it is possible to†¦show more content†¦This has necessitated government of Nigeria to design various poverty alleviation strategies to combat this â€Å"hydra headed monster† called poverty. It is in the light of this that this paper focuses on the poverty in Nigeria with a view to examining the micro causes of poverty, programme on alleviating poverty and the programme strengths and weaknesses in Nigeria. Micro poverty in Nigeria is prevalent and most of these are found in rural communities. These are associated with poor infrastructure facilities, food insecurity, and traditional agricultural practices, poor access to credit, production inputs and general inability to meet basic need(Federal Office of Statistics 1999). According to(UN millennium project 2006), cited the causes of poverty as being enormous but the basic that affect the micro poor are lack of education, gender inequality, access to health care, lack of infrastructure, absence of market and government regulation /social unrest that often leads to war. Due to these constraints large numbers of people in developing countries (Nigeria) are in persistent poverty and trapped in cyclical poverty as shown in figure 1. Low incomeShow MoreRelatedPopulation Growth And Poverty: Nigeria1166 Words   |  5 Pageschallenges that people have to face and Nigeria is no exception. Nigeria, a country located in West Africa, is the sixth most populous country in the world with a total population of over 167 million (Rosenthal). The issues that Nigeria goes through as a result of population growth are just a few of the issues that many other populated countries face worldwide. The high rates of unemployment, crime, poverty as well as lack of health and education in Nigeria are just some of the many factors that areRead MoreThe Millenium Declaration Goals 20001758 Words   |  7 Pagesextreme poverty and hunger 2. Achievement of universal primary education 3. Promotion of gender equality and empowerment of women, 4. Reduction of child mortality 5. 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A Brief Note On The Social Work Profession - 1888 Words

Profession of Social Work Many reasons and motivations have caused me to choose a career in social work. This paper critically describes and defines the Social Work Profession, including person-in-environment approach, and emphases of social justice, human rights, and cultural competency. This paper looks at the first text Social Diagnosis (1917) an important historical event in social work. I will describe two key Social Work Organizations and the reason they are key. This paper explores the many facets social work provides through core values and the most crucial to ethical practice. Finally, I will describe my career goals and interest, including a social concern, area of practice, general, and specific, and population. Social Work Profession Barker (2003) defined social work as â€Å"the professional practice of helping individuals, families, groups, and/or communities in increasing their ability to function† (p. 408). â€Å"The social work profession promotes social change, problem solving in human relationships, and the empowerment and liberation of people to enhance well-being. Utilizing the theories of human behavior and social systems, social work intervenes at the points where people interact with their environment† (Barker, 2003). Person-in-Environment Social work’s person-in-environment perspective describes the area in which social workers carry out their practice. 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Effects of Capital Structure on Profitability of a Firm

Question: Discuss the Effects of Capital Structure on Profitability of a Firm. Answer: Introduction Capital structure is the combination of debt and equity finance that a company utilizes in its operations that involves a mixture of various securities. Generally, companies can opt for alternative ways of raising capital. Some of the methods of raising capital include warrants, issue convertible bonds, or swapping trading bonds. In addition, firms can choose numerous types in order to maximize its market value (Abor, 2005). According to Azhagaiah and Gavoury (2011), the firms best choice is a mix of equity and debt finance to fund its capital operations. In situations where interest is not taxable, firms would be undecided as to whether to seek equity or debt financing whereas when interest is taxable company owners would seek maximization of the companys value by fully utilizing debt finance. Agency costs arise from use of debt financing. An agency cost is the association between the shareholders and the managers of the firm and that between the owners of debt and the shareholders (Jensen and Meckling, 1976). According to the pecking order theory, companies may opt to sell equity when there is an over-valuation in the market. This is based on the hypothesis that the managers will opt for the current shareholders concerns (Myers, 1984; Chittenden et al., 1996). Accordingly, they deny issuing under-valued shares unless the transfer value from the initial shareholders to the new ones covers the NPV of the prospect of growth. Abor (2005) concludes that new shares are issued only when the price is high than that of the real market value of the shares. Consequently, investors infer equity issuance as a sign of overpricing. In situations where external funding is indispensable, the firm will choose secured debt as opposed to debt that is risky and as such, firms issue ordinary share as a last option (Ibid). 2005) Settling on an erroneous combination of capital structure serious affects the firms performance and its survival is thereby threatened. Therefore, a companys decision to choose financing options involves a variety of policy decisions that may be beyond the control of the board of directors. Such decisions may jumpstart stock securities growth, determination of share prices as well as price regulation and interest rate. The decisions made affect capital structure, corporate governance and firm growth at the grass root level (Green et al ,2002). Booth et al. (2001) and Bas et al.(2009) postulate that awareness of capital structure strategies have relied on developed economies since they possess similar institutions. Distinct social and cultural aspects need to be investigated since levels of economic advancement contribute to how a firm chooses its capital structure. As such, this study will endeavor to establish the effects of capital structure on profitability by examining the factors that influence capital structure decisions for firms in Australias such this paper attempted to determine the effect of profitability, firm size and liquidity on capital structure... Literature review: The idea of capital structure and its relationship with profitability and firm value has always been a subject of debate among scholars. Various researchers affirm that there exists a good combination of capital structure to a firms unique needs while others argue that the degree of debt finance is not important to determine the profitability of a company. Hence, the concept of capital structure is arguably debatable. According to Brealey and Myers (2003) the selction of capital structure is fundamentally a problem associated with marketing. They argue that a firm may issue various mixtures of capital strategies but should also try to seek specific capital mix that maximizes the value of shares. Wald and Brigham (1992) add that the optimal capital structure is one that will maximize the value of shares. The capital structure concept provided an opportunity for various theories to be formulated (Modigliani Miller, 1958). In situations where a firm is new or is a going concern, it needs funds for its daily operations to achieve success. The funds sought are for the daily operations of the firm and or expansion of the company. This indicates the importance of capital in the life cycle of a company (Azhagaiah Gavoury, 2011). When capital is acquired especially from external sources, it becomes a concern to the business because it is other parties funds that are utilized that need to be compensated while the company derives full benefit from those funds. In such a case, such finances become a liability to the firm in their books of accounts (Ibid). Myers (2001) notes that there is no universally accepted theory on the choice of a firm choosing between debt and equity finance but notes that some theories have endeavored to expound on capital structure combination. He cites the trade-off theory that states, Firms seek debt levels that balance the tax advantages of additional debt against the costs of possible financial distress. The way a company funds its operations is determined by its capital structure. This can be between a choice of debt finance or equity finance (David, 1979). The theory of capital structure is attributable to Modigliani and Miller who concluded that the way a firm finances its operations has no effect on its value and that the value is not connected to the firms funding strategy. Other theories have been suggested to explain capital structure. Notably the pecking order theory, life cycle theory and the trade-off theory that have continuously been the bone of contention among critics. Interest rates are costs associated with borrowing for a specific period of time. Interest rates are normally pegged on the prevailing inflation of an economy hence a major issue for a firm when choosing capital structure strategy. Research suggests that interest rates have an effect on the firms choice of capital. According Jalilvand and Harris study of 1984 in the United States results obtained suggested that firms funding decisions are intertwined and that the size of the firm, interest rate situations and levels of stock price affect the rate of adjustment to capital structure suggesting that they are manipulated by it. According to Singh (1993), an interest rates increase, investment reduces and as interest reduces, investment activities are revamped. This may mean utilizing more debt finance. Singh concluded therefore, that there is an association between investment, utilization of debt finance and interest rate. In his study of the relationship between capital structure and profitability of listed non-financial firms in Kenya, Kinyua (2014) using regression analysis revealed that a firms profitability (using return on equity ROE as an independent variable) had a positive relationship with short-term debt. In another study, Githire and Muturi, (2015) found the short-term debt had a significant negative correlation with performance of the firm. They used the explanatory non-experimental research model using multiple regression to test and test the hypotheses. Accordingly, the empirical studies cited above found conflicting results of the relationship between capital structure and profitability based on different economies (developing or developed) and or methodologies used. For instance Kebwars study of 2014 on the effect of debt on corporate profitability using the French service sector, examined the influence of debt on profitability by using Generalized Method of Moments (GMM) on an unequal panel consisting of 2,240 French firms for the period 1999 to 2006. His analysis involved examining the linear and non-linear effect by approximating a quadratic model that considers the square of debt variable in the regression equation. The results of the study showed that there neither a linear nor a non-linear relationship between debt and profitability. This further evidenced Baum et al, (2007) study on American firms. However, Nima et al (2012) had found a significant relationship between profitability as the dependent variable replaced by ret urn of equity (ROE) and total debt. They studied Tehran Stock Exchange firms between 2006 and 2011 by measuring performance using gross profit margin, return on assets (ROA) and Tobins Q and three-capital structure ratios that included total debt ratios as independent variables. Similarly, Arbabiyan and Safari, (2009) investigated the effect of capital structure on profitability by using 100 Iranian listed firms from 2001 to 2007 and found that total debt is positively related to profitability proxied by ROE. These differing results and others not cited have prompted the researcher investigate further the effects of capital structure on the profitability of a firm. In addition, no current study has been done in Australia on the effects of capital structure on profitability therefore prompting the researcher to undertake this study. Research questions The study will be guided by the following research questions; What is the effect of long-term debt on profitability of firms listed at Australian Securities Exchange (ASX)? What is the effect of short-term debt on profitability of firms listed at Australian Securities Exchange (ASX)? What is the effect of total debt on profitability of firms listed at Australian Securities Exchange (ASX)? Research Hypotheses H0: There is no significant effect of long-term debt and profitability of firms listed at Australian Securities Exchange (ASX). H0: There is no significant effect of short-term debt on profitability of firms listed at Australian Securities Exchange (ASX). H0: There is no significant effect of total debt on profitability of firms listed at Australian Securities Exchange (ASX). Description of the Research Process Methodology As opined by Flick (2015) while conducting a research, it is important for the researcher to select the right methodology of research. It can be identified as one of the major prerequisites of successful achievement of the declared research outcome. This study will utilize data derived from the Australian Securities Exchange (ASX) website and published financial statements of joint stock companies listed on the Australian Securities Exchange (ASX) 2011-2015. Financial sector including banks and insurance companies will be excluded from this study as they differ from non- financial firms as Diamond and Rajan (2000a) point out, bank assets and functions are not the same as those of industrial firms. In reality, banks and insurance companies are controlled by regulations such as rules of depositing minimum capital. The researcher will use the following variables listed in the table below adopted from Madah et al (n.d). 1 ROE Return on Equity Dependent Variable 2 LDA Long Term Debt Independent Variable 3 SDA Short Term Debt 4 TD Total Debt 5 FIRM SIZE Log of Sales Control Variable 6 SG Sales Growth Table 1: Research Dependent, Independent, and Extraneous Variables Source: Adopted from Madah et al. Project Plan Figure 1 below shows the project plan with the various timelines with milestones for each process that will take place. Figure 1: Gantt chart Research process Figure 2 below depicts the entire research process. Figure 2: The Research Process Source: Developed by the Researcher (2016) Data collection and analysis Sample The sample size will be from all the firms listed in Australian Securities Exchange excluding banks and insurance firms. Technique: The study will be carried out using a longitudinal research design, utilizing secondary quantitative data. This type of research design involves a researcher conducting numerous observations of the same cases over a period normally for several years. It is a study that involves examining data for a long period (Cooper Schindler, 2003). The study will rely purely on accounting data of firms listed at Australian Securities Exchange (ASX). Analysis: Descriptive statistics will be carried out on the quantitative data by measuring the mean, median, mode and the standard deviation. Inferential statistics will be used to determine the cause and effect between the independent variables (Long-term debt, short-term debt and total debt) and the dependent variable (profitability). Analysis of variance (ANOVA) will be used for the extraneous variables which is this case will be sales growth and firm size. ANOVA will assist the researcher determine whether there is an association between the variables and if so, whether it is significant. This will be done by observing the p-value and where it is less than alpha level of 0.05 we will reject the null hypotheses. The researcher will also adapt the Madah et al two models One will determine the association between all the variables while the other will be a regression model. Multiple regression analysis will be used to determine the relationship between the independent variables and the dependent variable and whether the relationship is significant to reject or retain the null hypotheses. This type of analysis will be chosen since it will also reveal the degree of variability between the dependent and independent variables. An alpha or significance level of 5% (0.05) will be preferred throughout the analysis. The results of regression analysis 1203 observations of 201 firms .The regression formula adapted from Madah et al for the analysis will be: ROE it = 0 + 1 (LDA it) + 2 (SIZE it) + 3 (SG it) + ROE it = 0 + 1 (SDA it) + 2 (SIZE it) + 3 (SG it) + ROE it = 0 + 1 (DA it) + 2 (SIZE it) + 3 (SG it) + Where: ROE i,t is EBIT divided by equity for firm i in time t; LDA i,t is long term debt divided by the total capital for firm i in time t; SDA i,t is short term debt divided by the total capital for firm i in time t; TD i,t is total debt divided by the total capital for firm i in time t; SIZE i,t is total debt divided by the total capital for firm i in time t; SG i,t is total debt divided by the total capital for firm i in time t; and is the error term. Expected outcome: As the literature review shows, there are different outcomes of results on the effect of capital structure on profitability. The results of the current study are expected to shed more light in inconclusive debate of effects of capital structure on profitability of firms. The results will be beneficial to different stakeholders key among them the firm owners, stockholders, lending institutions and various government institutions. It will also provide a reference point for other researchers to explore further the effects of capital structure on profitability. As studied from the literature review it can be expected that a sheer impact of the advertisements on the customers buying decision will be established. The first hypotheses can be expected to be supported by the research outcomes. The result will provide a light on the factors those can be manipulated by the advertisements and it can be surly utilized by the entrepreneurs and future studies. References and Bibliography Arbabiyan, Ali-Akbar Safari, Mehdi, (2009). The effect of capital structure on profitability in the listed firms in Tehran Stock Exchange. Journal of Management Perspective, 33: 159-175. Azhagaiah, Ramachandran and Gavoury, C., (2011). The Impact of Capital Structure on Profitability with Special Reference to IT Industry in India Managing Global Transitions 9 (4), pp. 371392. Baum, C.F., Schafer, D. and Talavera, O., (2007). The Effect of Short-Term Liabilities on Profitability: The Case of Germany, Money Macro and Finance (MMF) Research Group Conference 2006, 61. Brealey, R. A., Myers, S. C. (2003). Principles of Corporate Finance. Boston: Mc Graw Hill. Brigham, E., and Gapenski, L., (1996). Financial Management. Dallas, Dryden Press. Cooper Schindler, D.R., (2003). Business Research Methods, (8th Edition). New York, NY. McGraw-Hill. Diamond, D. W. and Rajan, R. (2000): A theory of bank capital, Journal of Finance, 55, pp. 243 2465. Fischer, E.O., Heinkel, R. Zechner, J., (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40. Flick, U. (2015) Introducing research methodology: A beginners guide to doing a research project. London, United Kingdom: SAGE Publications. Githire, C. Muturi, W., (2015). Effects Of Capital Structure On Financial Performance Of Firms In Kenya: Evidence From Firms Listed At The Nairobi Securities Exchange. Available online from https://ijecm.co.uk/wp-content/uploads/2015/04/3427.pdf Jalilvand, A., Harris, R.S., (1984). Corporate behavior in adjusting to capital structure and dividend targets: An econometric study. The Journal of Finance, 39(1), 127-145. Kinyua, N.K.G., (2014). The Relationship Between Capital Structure And Profitability Of Listed Non-Financial Firms In Kenya. Kodongo, Mokoaleli-Mokoteli and Maina, (2014). Capital structure, profitability and firm value: Panel evidence of listed firms in Kenya. Modigliani, F., Miller, M. (1958). The cost of capital,corporate finance and the theory of investment. American Economic Review , 261-97. Myers, S.C., (2001). Capital structure. Journal of Economic perspectives, 81-102. Nima, S.S., Mohammad, M.L., Saeed, S. Zeinab, T.A., (2012). Debt Policy and Corporate Performance:Empirical Evidence from Tehran Stock Exchange Companies.International Journal of Economics and Finance, 4 (11), 217-24. Singh, A., (1997). Financial liberalisation, stock markets and economic development. The Economic Journal, 107(442), 771-782. Wald, J. F., Brigham, E. F. (1992). Essentials of Managerial Finance. Hinsdale,IL: The Dryden Press.

Lessons from Invictus free essay sample

Lessons about Leadership The movie Invictus provides a plethora of lessons about good leadership. First, the movie teaches us about how a good leader leads by example. This is because he/she know how important it is to people look up to them. An example set by the leader helps to drive people ahead when they see that what they are being told to do is in fact possible. The second lesson that the movie teaches about leadership is that a leader does not delve in to the self-serving act of revenge. This is because he/she recognize that the needs of the many must come before his. The third lesson is that a leader has a lot of belief in the goodness of others. He/she truly believe that given a fair chance people can reform and turn for the good. The forth lesson that the movie teaches us is that a leader must have a lot of self-belief. We will write a custom essay sample on Lessons from Invictus or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As a result when faced with adversity a leader will never back down. In fact he/she will further strengthen their resolve a push forward even harder. The fifth lesson is that a leader know that he/she can alone work towards the fulfillment of the vision. Thus, when the need arises, a leader learns to trust the abilities of those who work for him by delegating. The sixth lesson that the movie teaches us is that a good leader give due importance to every one of his followers, no matter how seemingly small their role might be. This is because he/she know that every little bit matters and thus each individual must be give respect. The seventh lesson is that a leader must combine his /her vision with action as the leader realizes that a vision without it is impotent. The eight lesson the movie teaches is that a leader has a very clear vision about where he/she wants to go. This results in high self-belief and at times results in leaps of faith, when the situation demands it. The ninth lesson that the movie teaches us is that a leader is humble both in victory and defeat. This is particularly true in victory where he/she never claims the victory for him/her self but rather a victory for all. The final lesson that I have learned from this movie is that a true leader is truly passionate about his/her vision. Thus a leader is all about self-sacrifice for the fulfillment of his/her goals, despite all odds and adversities.