Godwin Ohiokha

The study examines the dynamics and determinants of target capital structures among manufacturing firms listed on the Nigeria Stock Exchange during the period from 2012 to 2021. The study is motivated by the disparity in the Speed of Adjustment (SOA) to target leverage, which is influenced by firm-specific attributes largely dependent on macroeconomic indices. Therefore, understanding the determinants of SOA to target leverage is germane because no two macro-economic environments are the same. A longitudinal research design is used with a population of 75 manufacturing firms. The sample consists of 42 firms, drawn using a simple random technique. Secondary data is sourced from the annual report. Generalized Method of Moments is the estimation technique. The result shows that manufacturing firms adjust to a target capital structure with a high speed of 72%. This confirms the application of dynamic trade-off theory among listed manufacturing firms in Nigeria. Profitability, firm size, and asset tangibility are significant determinants of SOA to a target capital structure, confirming pecking order, agency, and static trade-off theories, respectively. Tax shelter and growth were not significant determinants. The study concludes that there is evidence of dynamic adjustment to the optimal capital structure of listed manufacturing firms in Nigeria. Governments and policymakers in firms should make effective policies that aid speedy access to long-term funds by these firms to increase their SOA to target capital structure.

This paper analyzes the effect of workplace stress on employee productivity in the service industry with reference to bankers. The study was carried out to identify the job stress of Nigerian bankers as it will be of interest to the management to evaluate their staff performance. The study used survey design with a sample size of 400 working staff from select banks in Benin City, Edo State; this was premised on the purposive sampling method. The study adopts primary data with the aid of questionnaire, which was administered to respondents to collect data. The data collected were analyzed using regression analysis. The result from the regression analysis indicated that employee workload, role ambiguity, and role conflict were statistically significant with a value of P > 0.05. The value of the Adjusted R2 of 64% reveals that the variability observed in the target variable is explained by the regression model. The study made recommendations that will enhance employee productivity in the banking industry in Nigeria.