Determinants of Economic Sustainability and Performance of Listed Pharmaceutical Manufacturing Firms in Nigeria
Authors: Offorbuike, Samuel Arinze, Ugwa, Magnus, Okolie, Jonathan Ibekawe
Journal: Contemporary Journal of Management (CJM), ISSN 2766-1431
Citation: CJM 4(4), 2022-09-27.
DOI: 10.70878/cjm.2022.8215a229
PDF: Download full-text PDF
Type: Original Research
Abstract
The study focused on the Economic sustainability of the Performance of the listed Pharmaceutical firms in Nigeria. the variable employed are revenue and foreign exchange charge on return on assets. The study has two objectives and its purpose was to ascertain the effect of revenue on return on assets; determine the effect of foreign exchange charges on return on assets. Ex post facto research design was employed. Data were obtained from annual reports/financial statements of listed pharmaceutical manufacturing firms in Nigeria Exchange Group and Central Bank of Nigeria Statistical Bulletin. The data were analyzed using Panel least squares. The results revealed that, revenue has significant effect on return on assets (t = 30.40386, P= 0.0000, and p 0.05). We conclude that revenue has a significant positive effect on the firm assets while foreign exchange charge is an insignificant and negative effect on the firm assets. We recommended that Organizations should effectively plan and focus on the right determinants of economic sustainability.
Keywords
Economic Sustainability, Listed Pharmaceutical Manufacturing Firms, Foreign Exchange Charges, Performance Authorship 1 Offorbuike, Samuel Arinze PhD, 2 Ugwa, Magnus and 3 Okolie, Jonathan Ibekawe Full PDF |
Full Text
The study focused on the Economic sustainability of the Performance of the listed Pharmaceutical firms in Nigeria. the variable employed are revenue and foreign exchange charge on return on assets. The study has two objectives and its purpose was to ascertain the effect of revenue on return on assets; determine the effect of foreign exchange charges on return on assets. Ex post facto research design was employed. Data were obtained from annual reports/financial statements of listed pharmaceutical manufacturing firms in Nigeria Exchange Group and Central Bank of Nigeria Statistical Bulletin. The data were analyzed using Panel least squares. The results revealed that, revenue has significant effect on return on assets (t = 30.40386, P= 0.0000, and p 0.05). We conclude that revenue has a significant positive effect on the firm assets while foreign exchange charge is an insignificant and negative effect on the firm assets. We recommended that Organizations should effectively plan and focus on the right determinants of economic sustainability.