Live Covid-19
United States 89,360,080
Cases: 89,360,080
Deaths: 1,042,678
Recovered: 84,916,391
Active: 3,401,011
India 43,471,282
Cases: 43,471,282
Deaths: 525,139
Recovered: 42,836,906
Active: 109,237
Brazil 32,358,451
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Recovered: 30,846,850
Active: 840,135
France 31,083,859
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Deaths: 149,533
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Active: 1,313,337
Germany 28,293,960
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United Kingdom 22,720,345
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Italy 18,523,111
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Russia 18,433,394
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Spain 12,734,038
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Japan 9,329,520
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Active: 98,318
Australia 8,162,153
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Active: 247,128
Iran 7,238,126
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Active: 34,080
Colombia 6,175,181
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Indonesia 6,090,509
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Mexico 6,034,602
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Poland 6,015,634
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Portugal 5,171,236
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Deaths: 24,149
Recovered: 4,745,321
Active: 401,766
Ukraine 5,017,038
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Recovered: 4,906,519
Active: 1,881
North Korea 4,744,430
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Deaths: 73
Recovered: 4,736,220
Active: 8,137
Malaysia 4,566,055
Cases: 4,566,055
Deaths: 35,765
Recovered: 4,500,856
Active: 29,434
Thailand 4,525,269
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Deaths: 30,667
Recovered: 4,470,490
Active: 24,112
Austria 4,438,883
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Deaths: 18,792
Recovered: 4,314,940
Active: 105,151
Israel 4,344,800
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Deaths: 10,958
Recovered: 4,259,884
Active: 73,958
Belgium 4,225,222
Cases: 4,225,222
Deaths: 31,903
Recovered: 4,122,858
Active: 70,461
South Africa 3,993,843
Cases: 3,993,843
Deaths: 101,793
Recovered: 3,880,462
Active: 11,588

Firm Characteristics and Corporate Donations of Oil and Gas Sector in Nigeria

Firm Characteristics and Corporate Donations of Oil and Gas Sector in Nigeria

ABSTRACT

This study empirically investigated the relationship between firm characteristics and corporate donations of oil and gas sector in Nigeria. It covered ten (10) years period (2011-2020), with the target variables being firm size, firm leverage, and liquidity ratio on corporate donations of the firms. The study adopted ex-post facto research design and employed panel fully Modified Ordinary Least Squares (FMOLS) regression analysis technique considering the unit root test (Levin, Lin & Chu t* approach), Jarque-Bera test of normality of data series, and Pedroni Residual panel cointegration test. Result of the FMOLS showed that firm characteristics operationalized by firm size [Log (FS)], firm leverage [Log(FL)], and liquidity ratio [Log(LR)] play supportive (positive) roles in corporate donations of oil and gas firms in Nigeria. Particularly, the result revealed that firm size has negative but insignificant effect, while firm leverage and liquidity ratio have positive and insignificant effect. The implication of the finding is that increases in firm size at control of leverage and liquidity ratio discourages corporate donations in oil and gas firms in Nigeria, while appreciation of either firm leverage or liquidity ratio in control of other variables in the model motivates corporate donations in the oil and gas sector in Nigeria. However, it is suggested that Nigerian oil and gas sector should be properly educated on the relevance of community donations and charitable activities for increased financial growth and productivity. They should maintain effective financial leverage and work towards retaining liquidity through holding assets that could be shifted or sold quickly with minimum transaction cost and loss in value. This will go a long way in promoting their day to day operations and overall financial performance.

Keywords: Fully Modified Ordinary Least Squares; Firm Characteristics; Corporate Donations; Oil and Gas

Authorship
IGWEONYIA, Obiageli Virginia1; Prof. OKWO, Ifeoma Mary2; and Prof. NWOHA, Chike3

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