Download complete project material on Effect of firm’s growth, liquidity, and age on the performance of pharmaceutical companies in Nigeria from chapter one to five.
ABSTRACT
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A critical issue that affects performance is the differences in corporate governance procedures. This is because it influences profit distribution policies. The problem is that weak corporate governance leads to ownership concentration.
The study therefore, investigates the effects of Firm Characteristics on the Performance of Pharmaceuticals companies in Nigeria using multiple regression models. The study founds firm growth positively and significantly related to the performance of the firms under consideration.
The study, therefore, concludes that firm growth has significant impact on the performance of the firms and therefore recommends that more emphases should be on firm growth since it influences performance.
TABLE OF CONTENTS
Title Page
Declaration
Certification
Dedication
Acknowledgements
Abstract
Table of Contents
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Statement of Hypotheses
1.5 Significance of the Study
1.6 Scope of the Study
1.7 Plan of the Study
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
2.2 Firm Performance
Performance Measures
Firm Internal Environment
Firm External Environment
External Environmental Factors and Firm Performance-
Firm Characteristics
Firm Characteristics and Performance
Empirical Studies
Theoretical Framework
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Sources and Method of Data Collection
3.4 Technique of Data Analysis used
3.5 Model Specification
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction
4.2 Descriptive Statistics
4.3 Correlation Matrix
4.4 Regression Results
4.5 Test of 1-lypotheses
CHAPTER FIVE: SUMMARY, Conclusions AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusions
5.3 Recommendations
Bibliography
Appendix
CHAPTER ONE:
INTRODUCTION
1.1 Background to the Study
Performance of any typical firm is affected by multiple of external and internal factors. While the internal factors consist of firm specific features, the external factors include market preferences and perceptions, country rules and regulations, and the broad economy. Although the market and laws are same for similar businesses but different across industries, the economy impact is same for all industries but is nonetheless an important determinant of firm performance.
This makes the issues of firm Performance vital for investors whose attention is on return on their investments. This translates to show that the financial profitability of a firm boosts the income of its employees, bring better quality products for its customers, and have better environment- friendly production units.
A very important factor that affects firm performance is the cost of borrowings which mostly affects firm’s capability to generate finances and invest in projects. The situation leads to higher prices of utilities, higher costs of plant and machinery, higher inflation rate and low income level. This in the end decreases the quantum of demand level for industrial goods and negatively impacts on firm’s performance
(Aksu and Kosedag, 2006). Differences in corporate governance procedures affect firm performance. Division of ownership into types also affects performance.
This study, however, is more interested in finding the relationship that exists between performance and firm-specific characteristics. This study, therefore, sought to empirically examine the effect of firm characteristics on the performance of Pharmaceutical companies in Nigeria. More specifically, the study sought to assess whether firm growth, firm liquidity, and firm age affects the performance of Pharmaceutical companies in Nigeria.
1.2 Problem of the Study
Well known criteria affect firm performance and directs its position in all economies. Majorly, is the issue of differences in corporate governance procedures which influences profit distribution policies. It has been established that weak corporate governance leads to ownership concentration which increases the power of owners to influence policy decision.
This is possible particularly that corporate governance practices shapes the structures and behaviors that guide how businesses sets objectives, develop strategies and plans, performance monitoring and reports, and risks management. Hence, corporate governance practice enhances the performance of firms when corporate structure exists to guide and corporate s relationships.
But for corporate governance to enhance performance, it has to have the weight for the protection of shareholders’ rights, the equitable treatment of shareholders, the protection of stakeholders’ rights, proper disclosure and transparency, and, fulfillment of responsibilities by boards. These weights, however, is linked to firm- specific attributes.
What relationship does performance have with these firm- specific attributes? This study, therefore, investigates the relationship which exists between firm growth, firm liquidity, and firm age and the performance of Pharmaceutical companies in Nigeria.
1.3 Objectives of the Study
The objectives of the study are:
i. To verify whether firm growth impacts on the performance of Pharmaceutical companies in Nigeria.
ii. To determine whether firm liquidity impacts on the Pharmaceutical companies in Nigeria
iii. To identity the extent to which firm age impacts on the performance of Pharmaceutical companies in Nigeria
1.4 Statement of Hypotheses
H01: firm growth has no significant effect on the performance of Pharmaceutical companies in Nigeria
H02: Firm liquidity has no significant effect on the performance of Pharmaceutical companies in Nigeria
H03: Firm age has no significant effect on the performance of Pharmaceutical companies in Nigeria
1.5 Significance of the Study
This study will assist in the determination of the level of impact that firm characteristics has on the performance of companies. Shareholders will appreciates the study more particularly that the confidence of investors is on the decrease due to the weak supervisory functions.
Shareholders including potential shareholders will benefit from the study as they struggles to have effective control mechanisms at all times.
Other various stakeholders including supervisory and the regulatory arms will benefit immensely from the outcome of the study particularly as they struggles to ensure the quality of financial reporting in all circumstances.
management and other stakeholders will benefit from the study as they dwell into the processes of designing corporate policies.
Finally researchers can learn about the firm’s individual characteristics with respect to their general contributions and regarding the operations, business issues, financial reporting, control systems, and risk management processes of companies.
1.6 Scope of the Study
Data for the study covers a period of six years from 2009-20 14. The study is about the effect of firm’s growth, firm liquidity, and firm age on the performance of Pharmaceutical companies in Nigeria. The specific firm characteristics the study utilizes are the growth of the firm, the firm liquidity, and firm age.
1.7 Plan of the Study
The study is organized into five chapters. Chapter one gives the background of the study, statement of the problem, objective of the study, research questions, raises hypotheses, mentioned the significance of the study, and specific the scope of the study.
Chapter two reviews relevant literature as it relates to the concept and measures of performance, firm internal and external environments, environmental factors and performance, firm characteristics and performance, review of empirical studies, d theoretical framework.
Chapter three explains the methodology of the study. It presents the research design, research method used, and method of data collection, technique of data analysis and model specifications.
Chapter four presents and analyses the relevant data obtained from the secondary source. The chapter specifically, presents the results from descriptive analysis, the results from the preliminary analysis, and the results from the detailed analysis. The chapter also provide summary of findings.
Chapter five summarizes, draws conclusions, and offer recommendations there from.
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