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            53

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Nigeria

NNAJIEZE 

Science and 

hadeusoshim

 

ny Okorie N

Science and 

 

lex Onyeji I

ncy, Faculty

Science and 

nisifeyinwa

ov. 17, 2021

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e effect of
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rom annual 
rch design 
lly modified

ngs revealed
sition of He

xchange rate
e inflation 
ufacturing 
exchange ra

Asian

            

Variable

Manufac

a 

(Correspon

Technology

m@gmail.c

Nwabuisi 

Technology

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nomic vari
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nd financial
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Nigeria. Am
ation rate w

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

inancia

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Nigeria 

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13, No. 2 

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al 

in 

2021 

financial 
d annual 
s of the 
chniques 
gression 

c indices 
Nigeria. 

nd trade 
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result im
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            54

nomy is har
dy, therefor

while econo
established
the growth

Nigeria shou
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ate, Externa

Asian

            

rmful to the
re, recomme
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al Debt, Tra

n Journal of F

            

e healthy gr
ended amon
measures a

rate of inter
care manufa
owards redu
ume of trad

ade Openne

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

rowth of He
ng other thi
aimed at con
rest should 

facturing com
ucing their 
de openness

ess, Inflatio

ccounting 
946-052X 
13, No. 2 

think.org/  

ealthcare 
ings that 
ntrolling 

also be 
mpanies 
level of 

s for the 

on Rate, 



1. Intro

1.1 Bac

The ass
the inte
the curr
have an
how thi

The eff
econom
events, 
macroe
variable
or natio
econom
Domest
rates (W

Waiyak
perform
one of 
The fin
it asses
financia
met or 
importa
of comp
perform
surviva
financia
develop

Financi
strategi
2017). 
exchang
widely 
perform

The eco
variable
Product
econom
for the e

oduction 

ckground to

sociation be
erest of rese
rency rate, 
n impact on
ings work o

ficacy of f
mic variable

as well a
conomic fa
es are factor
onal scale. 

my. Importa
tic Product 

World Bank 

ki (2017) 
mance by ali

the most e
nancial perfo
ses its resou
al performa
have been m

ant to shareh
pensation), 

mance has a
l, but also 
al performa
p and surviv

ing, investm
c decisions 
As a result
ge rate and
used to ev

mance (Egbu

onomic per
es such as 
t, stock ma

my, policym
economy to

o the Study 

etween mac
earchers stu
interest rate

n an organi
on a daily ba

financial in
es and inst
as supplier
actors outsid
rs that have
Economic 

ant econom
(GDP), une
Group, 201

defines pe
igning actu
ssential fac
ormance of 
urces to gen

ance can be
met. It asse
holders (in 
creditors (

a significan
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ance to get 
ve, can have

ment, and op
that are reg
t, macroeco

d inflation r
valuate perf
unike and O

rformance o
the exchan

arket index,
makers expec
o continue to

           

roeconomic
dying this p
e, inflation,
zation's per

asis. 

nstitutions i
titution-spe
s, competit
de of the fi
e a broad im
variables a

mic factors 
employment
15; Broadsto

erformance 
al performa

ctors of an 
a company
nerate profi

e described 
esses a com
the form of
firms' abilit
nt impact n
arger econo

both intern
e a substanti

perational d
gularly influ
onomic ind
rate fluctua
formance. M

Okerekeoti, 2

of an econo
nge rate, inf

and intere
ct that these
o grow. Fur

            55

c factors an
phenomeno
, and gross 
rformance. 

is influence
ecific factor
tors, and g
irm. Accord

mpact on a c
are used to 

include th
nt, stock mar
ock, Shu an

as a con
ance with th
organizatio

y is a quanti
fit (Omollo,

as how we
mpany's long

f returns on
ty to repay
not only on
omy (tax p
nal and ext
ial impact o

decisions ar
uenced by th
dicators incl
ations, gove
Macroecono
2018; Issah

omy is mea
flation rate,

est rates. At
e variables 
rthermore, n

Asian

            

nd organizat
on. Key mac

domestic p
These are 

ed by a nu
rs. Social, 
government
ding to Ota
country's ec

evaluate th
he Consum
rket index, 

nd Xu, 2011

nstant proce
he desired o
on's success
itative term
Muturi and

ell a compa
g-term finan
n their inves
), and the g
n its sourc

purposes). T
ternal finan
on its surviv

re just a few
he macroeco
luding the 
ernment sp
omic factor
h and Antwi

asured by th
, consumer 
t both the m
will remain

new and exi

n Journal of F

            

tional perfo
croeconomi
roduct are u
external fac

umber of v
environme

t rules and
ambo (2016
onomic situ

he performa
mer Price In

corporate ta
). 

ess of imp
organization

or failure 
that measu

d Wanjare, 
any's financ
ncial viabili
stment), man
government
es of finan

The capacit
ncing, as we
val. 

w examples 
onomic env
Consumer 
ending, and
s have an 
, 2017). 

he stability 
price inde

macro and 
n stable and
isting invest

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

ormance has
ic variables
usually assu
ctors that in

variables, in
ental, and 
d policies, 
6), macro-ec
uation on a 
ance of a c
ndex (CPI)
ax rate, and

proving in
nal goal. In 
is its perfo

ures how ef
2018). As 

cial goals ar
ity. Because
anagers (in t
t, a firm's f
ncing, grow
ty of a co
ell as its a

s of operatio
vironment (O
Price Index
d interest r
impact on 

of macroec
ex, Gross D

micro leve
d favorable 
tors hope th

ccounting 
946-052X 
13, No. 2 

think.org/  

s piqued 
 such as 
umed to 
nfluence 

ncluding 
political 
are all 

conomic 
regional 

country's 
), Gross 
d interest 

ndividual 
general, 

ormance. 
fficiently 
a result, 
re being 
e it is so 
the form 
financial 
wth, and 
mpany's 
bility to 

onal and 
Owolabi, 
x (CPI), 
rates are 
a firm's 

conomic 
Domestic 
els of an 
in order 

hat these 



macroe
When t
do well

Financi
strategi
(2017). 
focuses
factors 
governm
gross d
impact 
this stu
manufa
caused 

2. Liter

2.1 Con

The ex
currenc
perform
deregul
exchang
in whic
goals ar

Borrow
with liq
cost, bu
annually
borrowe

Accord
while d
price in
aggrega
religiou
other so

Chen (2
country
internat
and Ga
country

conomic fa
the economy
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ing, investm
c decisions 
Internal an

s on the com
include th

ment regula
domestic pr
on firm fin

udy is to p
acturing hea
by macroec

rature Revi

nceptual Re

xchange rate
cy. It's one 
mance. Ove
lated system
ge rate is co
ch monetary
re met. 

wers' rental p
quidity is in
ut for the len
y (per annu
er. 

ing to Olek
diminishing 
ncrease ove
ate level of p
us turmoil, p
ocietal mala

2018) defin
y's debt ow
tional financ

adoo (2016)
y) to another

ctors remain
y is perform
sulting in an

ment, and op
that are reg

nd external
mpany's abil
e exchange

ation, and so
oduct, infla

nancial perfo
provide ma
althcare ent
conomic var

iew 

eview 

e is the va
of the mac

er time, N
m. Accordin
ompletely d
y authorities

payments fo
nterest rates
nder, it is a
um), and th

ka (2006), i
the naira's

er time. In
prices meas
political ins
adies all con

nes debt as 
wed to for
cial instituti
), external d
r (the credit

           

n favorable
ming well, m
n increase in

perational d
gularly influ
l factors im
lity to increa
e rate, GDP
o on. Howev
ation rate, r
ormance, w

acroeconom
terprises, th
riable instab

alue of one
croeconomi

Nigeria's exc
ng to Osun
determined 
s intervene 

or using cre
s (Gikonbo 
a source of m
hey are dete

nflation is t
 purchasing

nflation is 
sured by an 
tability, poo

ntribute to in

money bo
eign lender
ions is refer
debt is a fin
tor country)

            56

e so that the 
most investo
n total weal

decisions ar
uenced by th
mpact a com
ase product
P, the statu
ver, macroe
regulatory 

which is com
mic variable
hereby allev
bility. 

e country's 
c factors in
change rat

ndina, Osun
by market 
in the forei

edit are inter
and Mbugu

money. Inte
ermined by 

the creation
g power. It 
defined as 
index of th

or harvests,
nflation. 

orrowed from
rs such as
rred to as ex
nancial com
) (lender cou

Asian

            

value of th
ors and sha
lth. 

re just a few
he macroec
mpany's pro
tivity and re
us of the e
economic in
policies, an

mprehensibl
es that imp
viating the 

currency i
nfluencing N
te has evo
ndina, Jayeo

forces, as o
ign exchang

rest rates, w
ua, 2018). F
erest rates a
and directly

n of money
is the stea
a pervasiv

he cost of va
 environme

m one part
s commerc
xternal debt

mmitment th
untry) 

n Journal of F

            

eir investme
reholders ex

w examples 
onomic env
ofitability; 

educe expen
economy, u
ndices such 
nd the like 
le.) As a res
pact profit 
problem of

in terms of
Nigerian co
lved from 

oba, and Ol
opposed to 
ge market o

while lender
For the bor

are usually c
y tied to th

that raises 
ady accelera
ve and per
arious goods
ental upheav

ty by anoth
ial banks, 
t. According
hat links on

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

ents does no
expect busin

s of operatio
vironment. O
the interna

nses, whilst 
unemployme

as the inter
have a sub

sult, the pu
or perform

f operationa

f another c
ompanies' f

a regulate
layinka (20
the current 

only when s

rs' return for
rrower, inte
charged mo

he risk level

 the price o
ation of the
rsistent rise

ds and servic
vals, abduct

her. The sh
governmen

g to Ijirshar
ne party (th

ccounting 
946-052X 
13, No. 2 

think.org/  

ot suffer. 
nesses to 

onal and 
Owolabi 
al aspect 
external 
ent rate, 
rest rate, 
bstantial 
rpose of 

mance to 
al losses 

country's 
financial 
ed to a 

016), the 
system, 

strategic 

r parting 
erest is a 
onthly or 
ls of the 

of goods 
e rate of 
e in the 
ces. War, 
tion, and 

are of a 
nts, and 
r, Joseph, 
e debtor 



Trade o
policies
of the 
orientat
and ma
accumu

Return 
accordin
dividing

The ret
profits. 

Fig. 1

Source:

2.2. The

2.2.1 Th

In 1936
publish
rates fa
demand
driven b
primary
are thre

 

openness re
s that restric
trade polic

tion include
arket comp

ulation of fa

on assets (R
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In

Mac

E
I
I
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T

. Concept

: Author’s c

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he Keynesia

6, John May
ed, kicking 

all as the m
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by money d
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ee motives f

efers to a 
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petitiveness
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ROA) is a m
ekwelu, Nna
ny's annual i

sets (ROA) 

ndependent V

croeconomic

Exchange Ra
Interest Rate
Inflation Rat
External Deb
Trade Openn

tual Framew

conceptualiz

ramework 

an theory of

ynard Keyn
off the Key

money supp
e model ass
demand. Ac
nts of intere

for holding m

           

country's e
urage cross-b
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acles, impor
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nological dif

measure of a
adi, and Iyi
ncome by it

measures 

Variable

c Variable

ate
e
te
bt
ness

work of the r
P

zation 

f interest rat

nes' "Genera
ynesian revo
ply expands
sumes a con
ccording to
est rates (O
money: tran

            57

economy's 
border trad
t countries
rt-export, in
penness en
ffusion, and

a company's
idiobi (2018
ts total asse

how well a

relationship
Profitability

ate 

al Theory o
olution. Acc
s, ceteris p

nstant mone
o Keynes, th
Osadume, 20
nsaction, pre

Asian

            

outward or
de are measu
 make to 

nfrastructure
ncourages e
d knowledg

s profitabili
8). ROA is 
ets. 

a company'

Depen

Pr

ROA (R

p between M
y 

f Employm
cording to t

paribus, res
ey supply, h
he supply a
018). Accord
ecautionary

n Journal of F

            

r inward di
ured by trad
facilitate o

e, technolog
effective re
e spillovers

ty in relatio
calculated 

's assets ar

ndent Variab

rofitability

Return on Ass

Macroecono

ment, Interes
the Keynesi
ulting in a 
ence the int
nd demand
ding to Key

y, and specu

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

irection. Ec
de opennes
outward or 
gy, scale eco
esource all
s (Wang, 20

on to its tota
as a percen

re used to g

ble

set)

 

omic variabl

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ians' model,
a negatively
terest rate is

d for money
ynes' analys
ulative motiv

ccounting 
946-052X 
13, No. 2 

think.org/  

conomic 
ss. Some 

inward 
onomies, 
location, 

016). 

al assets, 
ntage by 

generate 

les and 

ney" was 
, interest 
y sloppy 
s mostly 

y are the 
sis, there 
ves. 



2.2.2 Pu

The Pu
asserts 
change 
name fr
fluctuat
country
purchas
always 
between
theory a
local an
which h

2.2.3 Th

Two wo
(1984). 
imply e
inefficie
theory, 
financin
theory s
sources
from ba
econom

2.2.4 Fi

The Fis
inflation
high inf
of mone
costs, re
equal-ri
arbitrag
until a s
change 
the sam

2.2.5 Co

This the
to the 
product
country

urchasing P

urchasing Po
that the ch
in their ex

rom the the
tions. Acco
y's currency
sing power.
buy a simi

n countries 
applies in th
nd internati
has an impa

he Pecking 

orks that co
(1984). Its 

expectations
encies in th
have finan

ng to extern
stated that i

s are opaque
anking inst

mic situation

isher’s effec

sher effect 
n from two 
flation, con
ey has decl
educing pro
isk investm
ge process, 
state of equ
in inflation

me. 

omparative 

eory was fir
theory, le

tivity increa
y to open u

Power Parity

ower Parity
hange in re
xchange rate
ory that it f

ording to C
y is convert
 According
lar basket o
are represe

his study be
ional busin

act on the co

Order Theo

ontributed to
belief was 

s, and that m
he company
ncial optimi
nal financing
in less deve
e, forcing th
itutions for

n. 

ct theory of 

theory of i
perspective

nsumers wit
lined, result
ofit margins

ments in var
which enta

uilibrium is 
n rates due t

Advantage

rst proposed
eads to gr
ase, or impr
up to the o

           

y Theory 

y (PPP) the
lative price
e. The infla
focuses on p
Coakley, F
ted to forei

g to Coakley
of goods in
ented by var
ecause the c
ess, necess

ompany's fin

ory 

o pecking o
based on D

managers w
y due to in
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g, and debt 
eloped coun
hem to rely
r external fu

f Inflation 

inflation, in
es: aggregat
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ting in fewe
s. Pandey w
rious count

ails a contin
achieved. T

to the fisher

e Trade Theo

d by Ricard
rowth gain
roved resou
outside wor

            58

eory is a m
e levels of 
ationary the
price level c

Flood, Fuer
ign currenc
y, Flood, Fu

n a foreign c
riations in n
chosen Heal
itating the 
nancial perf

order theory
Donaldson's
would make
nformation a
ncerns. As 

financing o
ntries with 
y on interna
funding nee

ntroduced b
te demand a
omes have 

er demand f
went on to ex

tries should
nuous transf
The nomina
r effect if th

ory 

do in 1958. 
ns through 
urce allocat
rld helps it

Asian

            

method for d
two curren
ory of exch
change as th
rtes, and T
y in absolu
uertes, and 
country. Ch
national pric
lthcare man
use of bot

formance. 

y are Myers 
 (1960) arg

e financial d
asymmetry.
a result, a 

over stock fi
less develop

ally generate
eds, thereby

y Pandey (
and cost of 
less purcha

for goods. I
xplain that i
d yield equ
fer of funds
al interest ra
he real rates

Openness a
specializa

tion. Accord
t to realloc

n Journal of F

            

determining
ncies over t
hange rate m
he key driv

Taylor (200
ute terms, i
Taylor, hom

hanges in no
ces based on
nufacturing c
h local and

(1984) and
gument that 
decisions in
 Businesse
company w

inancing wi
ped financi
ed funds as

y contributin

(2009), look
production

asing power
nflation als
if capital ma
al returns. 
s from one 
ates will adj
s of return i

at the count
ation, innov
ding to the 

cate scarce 

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

g exchange 
time influen
movements

ver of excha
05), when 
it will have
me currency

nominal pric
n relative P
company do
d foreign c

d Myers and
financing p

n order to e
es, accordin
will prefer 
ill be favour
ial systems,
s well as bo
ng to the c

ks at the ef
n. During pe
r because th
so raises pro
arkets were
This is du
country to 

just perfectl
in two coun

try level, ac
vation inve
theory, all
resources 

ccounting 
946-052X 
13, No. 2 

think.org/  

rates. It 
nces the 
 gets its 

ange rate 
a home 

e similar 
y should 
ce levels 
PPP. The 
oes both 
urrency, 

d Majluf 
practices 
liminate 

ng to the 
internal 

red. The 
 finance 

orrowing 
country's 

ffects of 
eriods of 
he value 
oduction 
 perfect, 
e to the 
another 

ly to the 
ntries are 

ccording 
estment, 
owing a 
to more 



product
theory, 
likely to

As a r
organiz

2.3 Emp

Ubesie 
econom
data. Th
Least S
Accord
had the 
that Nig
attracts 

Using m
between
listed m
exchang
size, lev

Odior (
conditio
models 
impact 
investm

Bernard
manufa
Squares
capital 
exchang
consum

Ifuero 
profitab
interest 
profitab
domesti
to the st
the inte
on retur
on equi

tive sectors
higher fact

o be negativ

result, the 
zation, is use

pirical Revi

(2016) lo
my's financia
he data was
Squares (OL
ing to OLS
expected b

geria's econ
foreign inv

multiple lin
n macroeco

manufacturin
ge rates had
verage, and 

(2013) look
ons. For 37

(OLS). Th
on manufa

ment had a b

d and Aden
acturing sec
s (OLS) app
spending a

ge rate has 
mption of ele

and Chijuk
bility in Nig

rate (INTR
bility, and 
ic product (
tudies (ROE

erest rate an
rn on equity
ty (ROE), b

s, resulting 
or productiv
ve, implying

Pecking O
ed in this stu

iews 

oked at th
al depth. Fr
s examined
LS), which

S regression
beneficial ef
nomy has a 
vestment. 

near regressi
onomic con
ng enterpris
d no effect o
liquidity w

ked into the
7 years, the
he research
acturing pro
big impact. 

nuga (2016
ctor perform
proach. Th
all show u
a direct and
ectric power

ka (2014) 
geria using a
R), and infl

the analyt
(GDP) and 
E). Return o

nd inflation r
y (ROE), wh
but inflation

           

in increase
vity leads to
g a J curve r

rder theory
udy. 

he effect o
rom 1985 t

d using the 
h included 
n studies, fl
ffect on the 
lengthy his

ion, Egbuni
ditions, cor

ses in Niger
on ROA, in

were also imp

e impact of
e data was

h revealed t
oductivity, 

) investigat
mance in Ni
e exchange

unilateral re
d considerab
r has an ind

examined 
annual data 
ation (INFR
ical tool w
return on e

on equity (R
rate; the gro
hereas the in
n was not sig

            59

ed total pro
o longer gro
reaction. 

y, which e

of foreign 
through 20
multiple re
the unit ro

luctuations 
depth of th

story of fail

ike and Ok
rporate char
ria. The find
nflation and 
portant fact

f Nigerian 
 examined 
that in Nig
but manuf

ted the asso
igeria from

e rate, elect
elationships
ble impact o
direct and si

the impact
from 1990 

R) on return
was Pooled
equity (ROE
ROE) was f
oss domesti
nterest rate 
gnificant at

Asian

            

oductivity. F
owth gains,

emphasizes 

exchange 
15, the stud
gression an
oot test of 
in foreign 

he Nigerian 
ing to achie

kerekeoti (20
racteristics, 
dings reveal
GDP grow

tors. 

industrial p
using ordi

geria, broad
facturing se

ociation be
m 1981 to 2
tric power c
s, according
on manufac
gnificant im

t of macro
to 2013. Th
n on equity

d Ordinary 
E) have a p
found to hav
ic product h
has a signif
all levels o

n Journal of F

            

Furthermore
but the inte

financial o

fluctuations
dy used sec
nalytical app

time series
exchange in
financial in

eve a stable

018) explor
and financ

ed that whi
th rates did

production o
inary least 
d money su
ector loans 

tween econ
009 using t
consumptio
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turing produ

mpact. 

oeconomic 
he variables
y (ROE), w

least squa
ositive rela
ve a negativ
has a signifi
ficant negat

of significan

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

e, accordin
ermediate im

optimization

s on the N
condary tim
proach of O
s data stati
n Nigeria h

ndustry. Thi
e exchange 

red the rela
cial perform
ile interest r
d. Furthermo

on macroec
squares re

upply has m
and foreig

nomic chan
the Ordinar

on, and gov
data. In eff
duction, whe

variables o
s studied we

which is a pr
are method
ationship, ac
ve relationsh
icant positiv
tive effect o
nce. 

ccounting 
946-052X 
13, No. 2 

think.org/  

g to the 
mpact is 

n in an 

Nigerian 
me series 
Ordinary 
ionarity. 
have not 
is means 
rate that 

ationship 
mance of 
rates and 
ore, firm 

conomic 
gression 
minimal 

gn direct 

nges and 
ry Least 

vernment 
fect, the 
ereas the 

on bank 
ere GDP, 
roxy for 

d. Gross 
ccording 
hip with 
ve effect 
on return 



From 2
factors 
compan
accordin
leverag
variable
industry

Multipl
analyze
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signific
impact 
profitab

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financia
discove
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procedu
negligib
profits p

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perform
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ratio, ea
link w
relation
signific

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relation
exchang
and retu
return o
to the f
impact 
banks' r
hand, h
long ru
evidenc
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2005 to 201
that influe

nies. Return
ng to the 
e and com
es have a si
y businesses

le regressio
e the factors
008 to 2016
cant impact 
on profitab

bility of Nig

a and Ozou
al performa
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prices, net 
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cointegratio
ures. They 
ble relation
per share to

glu, Oztop,
mance on the
ound that R
arnings per
ith the pri

nship betwe
cant and pos

2006 to 20
nship betwe
ge rate, and
urn on equi
on assets an
findings. Ba
on banks' r
return on eq
have a nega
un, whereas
ce suggests 
e impact in 

5, Ali and 
enced the 
n on assets
study (ROA

mpany size.
ignificant im
s. 

on techniqu
s that influen
6. According

on profitab
bility, and op
gerian listed

uli (2014) s
ance metrics
rnings per s

asset valu
ated to the f
on, Engle an

also disco
nship with 
o exchange r

, and Kahr
e Istanbul s

ROA has a s
r share (EPS
ice-to-book
een (ROE) 
sitive relatio

015, Combe
een three m
d inflation) 
ity) in Togo
nd return on
ank capital t
eturn on as
quity. Real 
ative and st
s inflation 
that real G
the long ru

           

Bilal (2018
financial p
s is favorab
A). It also 
 Furthermo

mpact on th

ues were ut
nced the pro
g to the find
bility (ROE
perating exp

d agricultura

studied the 
s in the Nig
share has a 
ue per sh
foreign exch
nd Granger
overed that
all of the 
rate and exc

raman (201
tock exchan
strong and n
S), and divi

k ratio (PB
and (ROE

onship with 

ey and To
main macro
and bankin

o using the P
 equity are 
to assets rat
sets, whilst 
GDP grow

tatistically s
has no suc

GDP growth
un. 

            60

8) used mul
performance
bly related 

has a neg
ore, the re
he financial 

tilized by L
ofitability o
dings, liqui

E), whereas
pense effici
al companie

connection
gerian beer
short-term n

hare, and p
hange rate i
r's Error Co
t the excha
variables, 

change vari

17) investi
nge from 20
negative rel
idend yield

B). Further
E) (EPS). 
ROE. 

gbenou (20
oeconomic 
ng sector pr
Pool Mean 
unconnecte
tio and ban
bank capita

wth and the 
significant 
ch impact. 
h, real effec

Asian

            

ltiple regres
e of Jordan

to liquidit
gative relati
gression fi
performanc

Lasisi, Dik
of listed agr
dity and sal

s leverage h
iency has a 
es. 

s between t
r industry b
negative an
price-earnin
in the short
orrection M
ange rate h
with unidir
ations rate t

gated the 
006 to 2015
lationship w

d (DY), how
rmore, ther
Finally, EP

017) exami
indicators 

rofitability 
Group esti

ed to macro
nk size, on t
al to assets 
real effectiv
impact on 
In terms o

ctive excha

n Journal of F

            

ssion analys
nian manuf
ty, profitab
ionship wit
ndings dem
ce of Jordan

ki, and Ok
icultural en
les growth h
has a negat
negligible 

the foreign 
between 200
nd insignific
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run, using 
Model, and c

has a long
rectional ca
to net asset 

drivers of 
. (BIST). T

with the pric
wever ROA
re is a str
PS, PB, an

ined the sh
(GDP grow

(measured b
mator. In th
economic v
he other ha
ratio has a 
ve exchang
banks' retu
of a bank's
nge rate, an

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

sis to look 
facturing in

bility, and r
th the varia
monstrated 
nian manuf

kpanachi (2
nterprises in
have a posi
tive and sig
negative im

exchange 
00 and 201
cant effect, 
are positiv
Granger Ca

correlation 
g-run negat
ausality con
value per sh

business f
The panel re
ce-to-earnin

A had no sig
rong and n
nd DY all 

hort- and l
wth, real e
by return o
he short run
variables, ac
and, have a 
negative im

ge rate, on t
urn on asset
s return on
nd inflation

ccounting 
946-052X 
13, No. 2 

think.org/  

into the 
ndustrial 
revenue, 
ables of 
that all 

facturing 

2018) to 
n Nigeria 
itive and 
gnificant 
mpact on 

rate and 
3. They 
whereas 
ely and 
ausality, 
analysis 

tive and 
nnecting 
hare. 

financial 
gression 
ngs (PE) 
gnificant 
negative 
have a 

long-run 
effective 
on assets 
n, banks' 
ccording 
positive 

mpact on 
he other 
ts in the 

n equity, 
n have a 



Kanwal
profitab
Pooled 
inflation
indicato
ratios w
positive
found to
once mo
the rate
small im

Ugwu (
Nigeria
Squares
out usin
showed
profitab

In Nige
bank pr
Bulletin
over a t
Dickey,
rate, rea
profitab
return o
rate has
deposit 
between

Using t
Okoye 
manufa
exogeno
cointegr
disequil
in Nige
varianc
opennes

Dewi, 
profitab
and the

l and Nade
bility of Pa

Ordinary L
n rate, real
ors such as r
was investi
e relationsh
o have a mi
ore. All thre

e of inflatio
mpact on co

(2017) look
an manufact
s-based mu
ng the ADF

d that chan
bility of Nig

eria, Ogunbi
rofitability. 
ns and year
thirteen-yea
, and the Fu
al interest ra
bility of Ni
on assets at 
s a negative

banks at th
n interest ra

the Engle an
and Clemen

acturing cap
ous variabl
ration test
librium, and
eria. Further
es in manu
ss have no m

Soei, and 
bility (2019)
e results rev

eem (2013)
akistan's pub
Least Squar
l gross dom
return on as
gated in th

hip with RO
inor positiv
ee profitabi

on. The mac
ommercial b

ked at the 
turing firms

ultivariate re
F unit root 
nges in ex
gerian manu

iyi and Ihej
The data w

rly reports, 
ar period, fr
uller unit ro
ate, and sav
igerian depo
the 5% lev

e and signifi
he 8% leve
ate factors a

nd Granger
nt (2015) ev
pacity utiliz
les were s
t. Accordin
d shocks ar
rmore, EXR
ufacturing c
meaningful 

Surjoko ex
). The data 

vealed that t

           

) looked a
blic limited
re (POLS) 
mestic prod
ssets (ROA)
hree separat
OA, ROE, a
e impact on
ility metrics
croeconomi
bank earning

impact of 
s (1986 to 2
egression m

and Johan
xchange rat
ufacturing fi

irika (2014)
was acquired

as well as
rom 1999 to
oot test wer

vings deposi
osit money

vel of signif
ficant relatio
el of signifi
and Nigerian

r, Johansen 
valuated the
zation in N
hown to b
ng to EC
re the prima
R, INT, and
capacity uti
impact in N

xplored the 
was evalua
the ROA ra

            61

at the impa
d commerci
method, th

duct (GDP)
), return on
te models. 
and EM, ac
n ROA but a
s, on the oth
ic character
gs in genera

exchange 
2016). The 

method. How
nsen cointeg
tes had a 
irms. 

) looked int
d from the C
s World Ba
o 2012. Mu
re used to e
it rate all ha

y banks, acc
ficance. The
onship with
icance. The
n Deposit M

cointegrati
e impact of 
Nigeria from
be co-integ

CM, the m
ary rate of v
d TOT all 
ilization, w

Nigeria. 

impact of 
ated using m
atio is influ

Asian

            

act of mac
ial banks fr
he effect of
), and real

n equity (RO
The real i

ccording to 
a minor neg
her hand, ha
ristics chose
al. 

rate fluctua
researchers

wever, erro
gration test

statisticall

to how inter
Central Ban
ank Global 
ultivariate re
examine the
ave negative
cording to 
e study also

h the Return
 study, on 

Money Bank

on test, and
f finance and
m 1975 to

grated using
model resp
variances in
contribute s

whereas IFR

f macroecon
multiple regr
enced by al

n Journal of F

            

roeconomic
rom 2001 t
f three majo

interest ra
OE), and equ
interest rate

the statisti
gative impa
ave a negati
en have bee

ations on th
s employed 
oneous estim
s. The outc
y significa

rest rates ef
nk of Nigeri

Financial D
egression an
e data. The 
e and signif
the finding

o revealed th
n on Equity 
the other h

ks' Net Inter

d Error corr
d macroeco

o 2012. Th
g the Gran
ponds slow
n industrial 
significantly

R, external 

nomic cond
ression met
ll independ

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

c variables 
to 2011. U
or external 
ate on prof
uity multipl
e has a sub
ics. Real G

act on ROE 
ive associat
en found to

the perform
d an Ordinar
mations we
comes of th
ant impact 

ffect deposi
ia (CBN) St
Developmen
nalysis, Aug
e maximum 
ficant effect
gs, as meas
hat the real
of Nigerian

hand, found
rest Margin.

rection mec
onomic vari
he endogeno
nger and J
wly to sh
capacity ut
y but negat
reserve, an

ditions on 
thods and th

dent variable

ccounting 
946-052X 
13, No. 2 

think.org/  

on the 
sing the 
factors: 

fitability 
lier (EM) 
bstantial 

GDP was 
and EM 
ion with 
o have a 

mance of 
ry Least 

ere ruled 
he study 

on the 

t money 
tatistical 
nt Data, 
gmented 
lending 

ts on the 
sured by 
l interest 
n money 

no link 
. 

chanism, 
ables on 
ous and 

Johansen 
hort-term 
tilization 
tively to 
nd trade 

a firm's 
he t-test, 
es. Only 



the leve
while in

From 1
dynami
a co-in
associat
short ru
on stock
current 
product

Kabeer,
influenc
exchang
KSE de

Sufian 
perform
A total 
fixed an
findings

Naser a
macroe
Banks f
the imp
profitab
and the
accordin

Hassan 
investig
employ
Nationa
relation
client d

From 1
assets o
acquire
rates is 

Bhattar
the perf
using r
profitab

el of GDP 
nflation, une

1980 to 20
ic interactio
ntegration te
tion betwee
un, past mon
k prices. Fu
stock valu

t is a leading

, Iqbal, Naj
ce of macro
ge rate, and
ependent va

(2011) loo
mance of the

of 251 bank
nd random 
s, inflation h

and Abdolla
conomic va
from 2008 t
pact of inte
bility of twe
e profitabil
ng to the fin

(2016) use
gate the imp
yed seconda
al Bureau 
nship with c
deposits in N

1995 to 201
of multinat
d from seco
followed by

ai (2018) in
formance o
regression 
bility is prim

has a subst
employmen

16, Ditimi,
on between 
est and an 
en macroec
ney supply 
urthermore,
ues. Accord
g indicator 

jaf, and Naj
oeconomic f
d foreign di
ariable, but o

oked how 
e Korean ba
k year recor
effect regr

has a positi

ah (2015) in
ariables, on
to 2012. Th
ernal and e
enty-six (26
lity of Pak
ndings. 

ed the Ordin
pact of inte
ary data fr
of Statistic

commercial 
Nigerian com

10, Akabom
tional firms
ondary sour
y an increas

nvestigated 
f Nepalese 
models, an

marily influ

           

tantial impa
nt, and the e

, Sunday, E
macroecono
error corre

conomic fun
and interes
 the recent 

ding to the 
that increas

jaf (2016) e
factors on c
irect investm
only a sligh

bank-speci
anking syste
rds from 11
ression tech
ve relations

nvestigated t
n the profita
ey used pan
external fac
6) Pakistani 
kistani Dep

nary Least 
erest rates o
om the Ce
cs between
bank depo

mmercial ba

m-Ita (2012
s in Nigeri
rces, and th
se in net ass

at the impa
commercia

nd the fin
uenced by co

            62

act on com
exchange rat

Emma-Eber
omic funda
ection meth
ndamentals
st rate value
stock mark
data, the n

ses stock pri

employed O
capital mark
ment all ha

ht negative i

ific and m
em before to
1 commercia
hniques bet
ship with ba

the impact o
ability of tw
nel data ana
ctors, as w
Deposit M

posit Mone

Square (OL
on commer
entral Bank
n 2000 and
osits, meanin
anks, accord

2) examined
ia using re
he findings 
sets. 

act of bank-
al banks fro
ndings reve
ost per loan

Asian

            

mpany profit
te have no r

re, and On
amentals and
hod. The f

and stock 
es were fou
ket return h
natural loga
ices in the l

Ordinary Le
ket performa
ad a consid
mpact on th

macroeconom
o and follow
al banks we
tween 1993
anks' return 

of internal a
wenty-six (
alysis with 1

well as mac
Money Bank

ey Banks h

LS) and mu
rcial bank d
k of Nigeri
d 2013. In
ng that inte
ding to the f

d the impac
egression an

demonstrat

-specific and
om 2011 to 
ealed that 
n asset, that

n Journal of F

            

tability, acc
rate. 

nyedikachi 
d stock pric
findings rev

prices in N
nd to have 
as had a sig
arithm of re
ong and sho

ast Square 
ance in Pak
erable nega

he KSE inde

mic variabl
wing the As
ere used and
3 and 2003
on assets. 

and externa
(26) Pakista
130 observa
roeconomic
s from 2008
have a po

ultiple regre
deposits in N
ia statistica

nterest rates
erest rates ar
findings. 

ct of intere
nalysis. Th
ted that an 

d macroeco
2016. The 
in Nepal, 

t macroecon

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

cording to a

(2018) stud
ces in Niger
vealed a lo
Nigeria, bu
a substanti

gnificant im
real gross d
ort run. 

(OLS) to s
kistan. Infla
ative impac
ependent va

les influen
sian financi
d tested usin
. According

al factors, as
ani Deposit
ations to inv
c variables,
8 to 2012. I

ositive relat

ession techn
Nigeria. Th

al bulletin 
s have a n

are not to bl

est rates on
he informat

increase in

onomic vari
data was a
commerci

nomic varia

ccounting 
946-052X 
13, No. 2 

think.org/  

a T-test, 

died the 
ria using 
ong-term 
ut in the 
al effect 

mpact on 
domestic 

tudy the 
tion, the 

ct on the 
ariable. 

nced the 
al crisis. 
ng panel 
g to the 

s well as 
t Money 
vestigate 
, on the 
Inflation 
tionship, 

niques to 
he study 
and the 
negative 
lame for 

n the net 
ion was 

n interest 

ables on 
analyzed 
al asset 

ables are 



not sign
perform

Musah,
profitab
signific

Owusu-
investig
spread 
findings
are also

Enyioko
perform
showed
of Retu

The Au
and Zab
develop
are stat
aided e
total fac

Falaye, 
investig
manufa
manufa
Betwee
Granger
Followi
impact 
exchang
well as 
that ca
relation
(MFDI)

Over a
Bamise
Nigeria
Model (
the Joha
depreci
causal r

nificant, an
mance. 

 Anokye, 
bility in G
cant relation

-Antwi, Ba
gate interest
has a posit
s, but the re

o linked. 

o (2012) in
mance in N
d that intere
urn on Asset

ugmented D
bairu (2012
pment from 
tionary, and
economic gr
ctor product

Eseyin, Ot
gated at th
acturing sec
acturing sec
en 1990 and
r causality
ing that, th
on Nigeria'
ge rate has 
a causal an

apacity util
nship with 
), exchange

a 25-year 
ele, NIyi-Oy
a's manufac
(ECM) Mec
ansen Co-in
ation of the
relationship

nd that there

and Gakpe
Ghana (201
nship betwee

anerjee, and
t rate spread
tive impact 
elationship 

nvestigated
Nigeria usin
est rate strat
ts (ROA). 

Dickey-Fulle
2) to invest

1970 to 20
d GDP cau
rowth by in
tivity. 

ekunri, Asa
he impact 
ctor, using
ctor foreign
d 2014, it to
 test, Joha

he study's f
's manufact
a negative

nd long-rela
lization (CU
sector per
 rates, and i

period, Ad
yebanji, and
turing secto
chanism, as
ntegration T
e Naira has a
p with the 

           

e is no evi

etor investig
8). Regres
en interest r

d Antwi (20
ds and profi

on comme
is statistica

d the impac
ng regressi
tegies benef

er technique
igate the ef

010. Accord
uses inflatio
ncreasing p

amu, Ogunla
of exchan

g exchange
n direct in
ook occurre
ansen co-in
findings rev
uring sector

e and signif
ationship re
UR) and i

rformance, 
imports (IM

debanjo, O
d Damilola 
or performa

s well as bas
Test, were a
a negative s
performanc

            63

dence that 

gated the 
ssion resea
rate spread 

017) emplo
fitability of 
ercial bank 

ally negligib

ct of intere
on and err
fited banks'

e and the Gr
ffect of infl
ding to the f
on rather th
productivity

ade, Egbide
nge rates 

e rates, inf
nvestments, 
ed. Analytic
ntegration t
vealed that 
r. In more c
ficant relati
elationship. 
inflation ra
whereas m

MP) have a n

Oluwasegun
(2019) exam
ance. The 
sic diagnost

applied by th
significant r
ce of the N

Asian

            

external fo

impact of 
arch found 
and bank pr

oyed ordina
commercia
profitabilit

ble. Bank pr

est rate po
ror correcti
' overall per

ranger Caus
flation on N
findings, al

han inflation
y and outpu

e, Rasak, M
on the pe

flation rate
and impor

cal tools inc
test, and E
the Naira's

concrete ter
ionship with

Furthermo
ates (INF) 

manufacturin
negative sig

, Adegbola
mined at th
Granger Ca
tic techniqu
he research
relationship
Nigerian ma

n Journal of F

            

orces have a

interest rat
a positive

rofitability i

ary least sq
l banks in G
ty in Ghana
rofitability a

licy on de
ion techniq
rformance, 

sality test w
Nigerian eco

l of the var
n driving G

ut, as well a

Moyinoluwa,
erformance 

es, capacity
rts as inde
cluded the A
Error Corre
s depreciati
rms, it was 
h the sector
re, empirica

have a p
ng foreign 

gnificant rela

a, Festus, 
he impact of
ausality and

ues like the 
ers. The fin
, a long-run

anufacturing

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

an impact 

te spread o
e and stat
in Ghana. 

quare regre
Ghana. Inte
a, accordin
and interest

eposit mone
ques. The 
especially 

were used by
onomic grow
riables in th
GDP. Inflat
as the evol

, and Eluye
e of the N
y utilizatio
ependent v
ADF unit r
ection Mec
ion has a n
discovered 
r's perform
al evidence

positive sig
direct inv

ationship. 

Peter, Ben
f exchange 

nd Error Co
Unit Root T

ndings revea
n relationshi
g sector. Ex

ccounting 
946-052X 
13, No. 2 

think.org/  

on bank 

on bank 
tistically 

ssion to 
erest rate 
g to the 
t margin 

ey bank 
findings 
in terms 

y Umaru 
wth and 

he model 
ion also 
ution of 

la (2019) 
Nigerian 
n rates, 
ariables. 
root test, 
chanism. 
negative 
that the 

ance, as 
e reveals 
gnificant 
vestment 

n-Caleb, 
rates on 

orrection 
Test and 
aled that 
ip, and a 
xchange 



rates, im
substan

Agubat
financia
2014. A
were us
had a p
selected
impact 
the mea

Tams-A
rate der
directio
To see 
output, 
correcti
short-ru
rate ha
unidirec
using th

William
perform
investig
used de
The exc
exchang

From 19
(EXCH
Ordinar
(EXCH
expendi
fluctuat
industri
connect
related.

Segun 
Multipl
includin
and the
rate and
has a p

mports (IM
ntial relation

a and Odu
al performa
An ex post 
sed to analy
positive effe
d enterprise
on manufa

antime, non

Alasia, Olok
regulation o

on of causat
if there wa
the Johanse

ing process 
un disequilib
as no sign
ctional caus
he pairs gran

ms (2018) 
mance in N
gate into the
escriptive an
change rate 
ge rate trans

981 to 2016
H) fluctuatio
ry Least Sq

H), manufact
iture variab
tions in the 
ies. MGDP
ted to EXC
 

investigated
le econome
ng the Augm
e Chow brea
d industrial 
ositive and 

P), and ma
nship with th

ubuasi (201
ance of Nig

facto study
yze the data
fect on the 
es (ROE). 
cturing ente
e of these ra

koyo, Okoy
on manufac
tion between
as a long-ru
en and Juse
was also us
brium scena
nificant po
sal impact o
nger causali

looked at 
Nigeria. Th
e impact of
nd ordinary 
has a subst

sactions, as 

6, Orji, Ogb
ons on the N
quare (OLS)
turing GDP
bles, privat
EXCH hav

P and gov
CH, import

d the impac
etric metho
mented Dic
akpoint test
output in N
significant

           

nufacturing
he performa

8) examine
erian busin

y approach 
a. The findi
Return on 
According 
erprises' Re
amification

e, and Ejem
cturing outp
n the variab
un relation

elius norma
sed to calcu
ario (ECM)
ositive effe
of exchange
ity test. 

the impac
he study's m
f exchange 
least square

tantial impa
the study s

buabor, and 
Nigerian man
) estimate t

P (MGDP), 
te sector c
e a major im

vernment c
s, and FDI

ct of the e
dologies w
ckey-Fuller 
t. Although 
Nigeria, the 
t effect on i

            64

g foreign di
ance of the N

ed the effe
nesses. The 

and a varie
ings reveale
Assets (RO
to the fin

eturn on As
ns were nota

meyovwi (2
put perform
bles was de
ship betwe

alized cointe
ulate the mo
). The study
ect on ma
e rate on m

ct of excha
major purp
rate variati
e methodol

act on Retur
hows. 

Okeke (20
nufacturing
technique w
foreign dir

credit, and 
mpact on th
capital exp
I, while cre

xchange ra
were used o

unit root te
 there is no
Box Jenkin

industrial ou

Asian

            

rect investm
Nigerian m

ect of exch
study was 
ety of regre
ed that exch

OA) and Re
ndings, inter
ssets and Re
able. 

018) invest
mance in Nig
etermined us
en the exch
egration tec

odel's veloci
y found that
anufacturin

manufacturin

ange rate 
pose was t
ions on Ret
ogies and sp

rn on Invest

18) examine
g sector usin
was used to
ect investm
import va

e performan
enditure (G
edit to the 

ate on Nige
on time-ser
est, the Box
o long-run r
ns O.L.S re
utput. Furth

n Journal of F

            

ment (MFD
anufacturin

ange rate f
carried out 
ession analy
hange rates 
eturn on Eq
rest rates h
eturn on Eq

tigated the i
geria from 
sing the gra
hange rate 
hnique was
ty (speed) o
, in the long
g industry
ng producti

fluctuations
to use emp
turn on Inve
panned the 
ment, as mo

ed the impa
ng annual tim

investigate
ment (FDI), 

lue. The f
nce of Nige
GCEXP) w

private sec

erian indust
ies data fro
x Jenkins O
relationship 
sults reveal
hermore, the

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

DI) show a n
ng sector. 

fluctuations
between 2

ysis method
s and inflati
quity (ROE
have a detr
quity in Nig

impact of ex
1980 to 20

anger causa
and manuf

s applied. T
of adjustme
g run, the e

y productio
ion was est

s on a co
pirical rese

vestment. Th
years 2012
ost banks en

act of excha
me series d
e the excha
governmen

findings sh
eria's manuf
were all fa
ctor was ad

trial output 
om 1986 t

O.L.S metho
p between e
l that excha

he Chow bre

ccounting 
946-052X 
13, No. 2 

think.org/  

negative 

s on the 
005 and 
dologies 
ion rates 

E) of the 
rimental 
geria. In 

xchange 
016. The 
ality test. 
facturing 
The error 

nt to the 
xchange 

on. The 
ablished 

mpany's 
earch to 
he study 
to 2016. 

ngage in 

ange rate 
data. The 
nge rate 

nt capital 
ow that 

facturing 
avorably 
dversely 

(2018). 
to 2016, 
odology, 
xchange 

ange rate 
eakpoint 



test sug
and ind

3. meth

3.1 Res

The stu
depende
seconda
well as 
Numeri
publish

3.2 Mod

The mo
Linear 
techniqu
maintai

The mo

Where 
regressi

Explicit

𝑌

Where; 

Y is the

represen

model. 

𝑅

ggests that a
dustrial outp

hodology 

earch Desig

udy is a "a
ent variable
ary data we

annual rep
ical data w
ed and unpu

del Specific

odel for thi
Regression
ue. The ch
ining the pro

odel did not 

Y is the D
ion model,𝜎

tly, the mod

𝑌  = 𝛽o + 𝛽

e estimator 

nting the in

Such that, 

𝑅𝑂𝐴  = 𝛽o 

ROAt  =

EXCHt =

INTRt  

INFRt  

EXTDt  

OPNt  =

𝛽o  =

a fundamen
put happened

gn  

after-the-fac
e. As a resu
ere taken fr
ports and fin
was gathere
ublished sou

cation 

s study foll
n Model (C
oice of lea
operty of th

undermine 

Dependent 
𝜎  is the va

del is specif

𝛽1X1ij + 𝛽2

for Return

ndependent 

+ 𝛽1EXCH

=  Return o

=  Exchang

=  Inte

=  Infl

=  Exte

=  Trade O

=  Constan

           

ntal shift in 
d from the s

ct" study o
ult, the stud
rom the Ce
nancial stat
ed from jo
urces. 

lows the wo
CLRM), and

st squares t
he best unbia

the assump

(or Respon
ariances and

fied thus: 

2X2ij + 𝛽3X

n on Assets 

variables un

Ht + 𝛽2INT

on Assets at

ge rate at tim

erest rate at

ation rate a

ernal Debt a

Openness at 

nt 

            65

the pattern
start of the f

of the impa
dy was con
entral Bank 
tements of 
ournal artic

ork of Oko
d particular
technique i
ased linear 

ption that: 𝑌

nse) variabl
d covariance

X3ij + 𝛽4X4ij

while X1, 

nder invest

TRt + 𝛽3INF

t time t, (De

ime t, (Indep

t time t, (Ind

at time t, (In

at time t, (In

time t, (Ind

Asian

            

n and direct
fourth repub

act of the 
nducted afte

of Nigeria
the selected
cles, newsp

oye and Cle
ly, the ordi
is to minim
estimator. 

𝑌 ~ 𝑁 𝜃, 𝜎

le; 𝜃 is the
es of the ran

 + 𝛽5X5ij +

X2, X3, X4,

igation,𝛽  

FRt + 𝛽4EX

ependent va

pendent var

dependent v

ndependent 

Independent

dependent va

n Journal of F

            

ion of Nige
blic in 1999

independen
er the fact. 
a (CBN) sta
d firms, for
papers, tex

ement (2015
inary least 

mize the erro

 - - -

e constant o
ndom term. 

+ … + 𝛽kXk

, and X5 are

are coeffic

XTDt + 𝛽5O

riable). 

riable). 

variable). 

variable). 

t variable). 

ariable). 

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

eria's excha
9. 

nt variables
Annual tim

atistical bul
r the study 
xtbooks, an

5). It is a C
squares re

ror sum of 

- (3.1) 

or intercep

kij + 𝜇ij - 

e random v

cients of 𝑋

OPNt + 𝜇ij - 

ccounting 
946-052X 
13, No. 2 

think.org/  

ange rate 

s on the 
me series 
lletin, as 
periods. 

nd other 

Classical 
gression 
squares, 

pt of the 

(3.2) 

variables 

 in the 

(3.3) 



𝛽1, 𝛽2, 𝛽

3.3 Des

Return
profit fr
indicati
to its to

Exchan
in time,

Trade 
the glob
opennes

Interes
borrowi
of as a 
interest 

Extern
country
includin
Develop

Inflatio
spectrum
percent

3.4 Met

Descrip
data. T
examin
answer 

Decisio

Reject t
reject. 

3.4.1 D

To sum
skewne
follows

𝜇t   =

𝛽3,𝛽4and 𝛽

scription of 

n on Assets
rom its tota
ing how suc
otal assets, u

nge Rate (E
, or the valu

Openness 
bal market.
ss in this stu

st Rate (IN
ing money 
return paid
rate is state

al Debt (E
y. It can be 
ng the Inte
pment Bank

on Rate (I
m of good
ages.    

thods of Da

ptive statisti
The descrip
ation, wher
variable. 

on Rule 

the null hyp

iagnostic T

mmarize the
ess and kurt
s: 

= Random

𝛽5are the reg

f Model Vari

s (ROA): T
l assets. It s

ccessfully it
usually repre

EXCR): Th
ue of one na

(OPN): Th
. The sum 
udy. 

NT): This is
from a lend

d to the pro
ed as a perc

EXTD): Thi
provided b
ernational 
k (ADB), as

NFL):  Th
ds and serv

ta Analysis 

ics and ordi
ptive statisti
reas the regr

pothesis (H

ests 

e level of sy
tosis statisti

           

m error assoc

gression coe

iables 

This is an a
shows how 
 utilizes its 
esented as a

is is the exc
ation's curre

his metric a
of imports 

s the cost o
der that is re
ovider who 
entage. 

is is money
y foreign c
Monetary 

s well as for

his is a pe
vices in a 

inary least s
ics provide
ression anal

o) if the p-v

ymmetry an
ics were us

            66

ciated with 

efficients of

accounting-b
lucrative a 
assets. It is

a percentage

change rate 
ency in term

assesses a c
and export

of doing bu
eferred to a
provided th

y that has b
commercial 

Fund (IMF
reign govern

ersistent rise
country ov

squares reg
e an empir
lysis analyz

value is les

nd tail thic
sed. The sk

Asian

            

the model. 

f the respect

based meas
company is
 the ratio of
e. 

between tw
ms of anothe

country's in
ts over GD

usiness with
as the oppor
he financial

been borrow
banks, inte

F), the W
nments. 

e in the ge
ver a one-y

ression ana
rical descri
zes the expla

ss than or e

ckness of th
kewness and

n Journal of F

            

tive indepen

sure of a co
s in compan
f a company

wo currencie
r nation's cu

ternational 
P was used

h money. It
rtunity cost.
l resources. 

wed from a 
ernational fi
orld Bank,

eneral price
year period

lysis were u
ption of th
anatory vari

qual to 0.05

he data seri
d kurtosis o

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

ndent variab

ompany's a
ny to its tota
y's annual n

es at a certa
urrency. 

competitiv
d to calcula

t is the exp
 It can also
 In most ca

source out
inancial ins
, and the 

e level of 
d. It's meas

used to ana
he variable
riable's effec

5, otherwise

ies distribut
of X are de

ccounting 
946-052X 
13, No. 2 

think.org/  

bles. 

ability to 
al assets, 
net profit 

ain point 

eness in 
ate trade 

pense of 
 be seen 
ases, the 

tside the 
titutions 
African 

a broad 
sured in 

alyze the 
es under 
ct on the 

e do not 

tion, the 
efined as 



S(x) = 

Also, S

K(x) = 

The K(x

Where 
observa

The am
In a no
kurtosis
tails tha
distribu
leptoku
platyku

Jarque a

JB = 

with 2-
statistic

4. Data

Table 4
manufa

Table 4

Year G
2008 14
2009 14
2010 13
2011 12
2012 12
2013 11
2014 6.
2015 2.
2016 8.
2017 
2018 

1.
2.

𝐸   

(x) ~ N 0

𝐸   

x) ~ N 0,

X stands 
ations,𝜎  an

mount K(x) -
ormal rando
s is conside
an a norma

ution is mor
urtic. In con
urtic. 

and Bera (1

 

degrees of 
c is less than

a Presentati

4.1 present
acturing firm

4.1 Annual d

GSK 
4.22 
4.09 
3.42 
2.79 
2.96 
1.14 
.60 
.79 
.44 
.84 
.05 

 which im

0,  

 which im

 

for obser
nd 𝜎  stan

- 3 is known
om variabl
ered to have
al distributi
re likely to 
ntrast, a dis

987) integr

 which

freedom. In
n the signifi

ion and An

ts the annu
ms for the pe

data of ROA

NEIMET
-17.02 
-15.76 
-4.53 
3.69 
-2.07 
4.52 
-8.21 
-15.26 
2.42 
-18.04 
5.21 

           

mplies that𝑆

mplies that𝐾

rvations fo
nds for the v

n as the exc
e, excess k
e heavy tail
ion. This in
contain ex

stribution w

rated the two

h is asympto

n this test, o
icance level

nalysis 

ual time d
eriod under 

A from 2008

TH MA
3.5
3.7
2.8
3.1
0.9
-1.2
0.7
0.8
-0.4
4.0
7.5

            67

  

𝐾   

or the peri
variance of X

cess kurtosis
kurtosis is 
ls, indicatin
ndicates tha

xtreme value
with negativ

o previous t

otically dist

one rejects 
l. 

data of Ret
r review. 

8-2018 

AY & BAK
54 
77 
83 
16 
94 
26 

78 
83 
48 

01 
58 

Asian

            

∑ 𝑋

∑ 𝑋

iod, 𝜇  is 
X from the 

s since K(x)
nil. A dist

ng it puts m
at a random
es. This typ
ve excess k

tests to arriv

ributed as a

Ho of norm

turn on A

KER PH
-3
-5
-1
2.
26
-8
3.
25
-9
0.
3.2

n Journal of F

            

 �̂� .  

 �̂� .  

the mean 
mean.  

) = 3 for a n
tribution wi

more emphas
m sample d
pe of distrib
kurtosis has

ve at the fol

a Chi-square

mality if the

ssets (ROA

HARMA-D
9.11 
0.17 
8.89 
98 

6.63 
.88 
56 

5.65 
.41 
56 
27 

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

of series 

normal distr
ith positive
sis on the s
drawn from
bution is kn
s short tail

llowing con

ed random 

e p-value o

A) of the 

DEKO F
6
5
5
3
1
1
4
4
0
6
2

ccounting 
946-052X 
13, No. 2 

think.org/  

of the 

ribution. 
e excess 
support's 

m such a 
nown as 
s and is 

nclusion: 

variable 

f the JB 

selected 

FIDSON 
6.01 
5.97 
5.90 
3.31 
1.92 
1.27 
4.01 
4.52 
0.75 
6.08 
2.08 



Source

Comput

Table 4

YEARS 

2008 
2009 
2010 
2011 
2012 
2013 
2014 
2015 
2016 
2017 
2018 

Source

4.2 Dat

Data an
show d
shows t

Table 4

 
Mean 
Median 
Maximum
Minimum
Std. Dev
Skewnes
Kurtosis 
Jarque-B
Probabili
Sum 
Sum Sq. 
Observat

Source

The beh
diagnos

: Author’s c

tational form

4.2 Annual

INT (%)
15.14 
18.99 
17.59 
16.02 
16.79 
16.72 
16.55 
16.85 
16.87 
17.58 
16.90 

: CBN Stati

ta Analysis 

nalysis inclu
descriptive s
the results o

4.3 Descript

0.
 2.

m  26
m  -5
. 12
s -1.

 7.
Bera  78
ity 

Dev 

 0.
39
86

tions 

: Author’s 

havior of th
stic test res

computation

mula: ROA

ized time se

) EX

istical Bulle

udes descri
statistics, fi
of inferentia

ive Statistic

ROA 
709091 
.980000 
6.63000 
0.17000 

2.68462 
.641389 
.829927 
8.15688 
.000000 
9.00000 
688.576 

 55 

Eviews 10 

he data seri
sults. Intere

           

n from the A

A = Return 

eries data of

XCR (N1/US
118.5669 
148.8802 
150.2980 
153.8616 
157.4994 
157.3112 
158.5526 
193.2792 
253.4923 
305.7901 
306.0753 

etin 2019 

iptive, diagn
gure 1 show

al (especially

cs 

EXCR 
 191.2370 
 157.4994 
 306.0753 
 118.5669 
 63.60727 
 0.931756 
 2.308927 
 9.052671 
 0.010820 
10518.03 
218477.8 

 55 

output 

ies over per
est and inf

            68

Annual acco

n on Asset =

f the selecte

SD) OP
0.4
0.3
0.3
0.4
0.3
0.3
0.2
0.2
0.1
0.2
0.2

nostic, and 
ws the resu
y regression

INT 
 16.9090
16.8500
 18.9900
 15.1400
 0.93035
 0.38686
 3.72671
 2.58218
 0.27497
930.000
46.7404

 55 

riod is indi
flation rate

Asian

            

ounts & fina

= 
 

 

ed macroeco

PN 
408114 
318094 
369431 
416519 
347295 
308411 
263907 
211602 
180472 
218034 
231072 

inferential 
ults of the d
n) analysis. 

INF
09  11.88
0  12.10

00  16.50
00  8.000
57  2.574
67  0.249

1  2.282
88  1.750
70 
0 
5 

 0.416
653.5
357.7

 55

icated in tab
s were stab

n Journal of F

            

ancial statem

  100

onomic vari

EXTD (N
523
590
689
896

1,026
1,387
1,631
2,111
3,478
5,787
5,901

statistics. T
diagnostic t

FL EX
182  218

0000  138
0000  590
0000  523
4022  192
9533  1.1
2589  2.6
0249  11.
6810 
000 
818 

 0.0
120
2.00

5  

ble 4.3 by t
ble (low st

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

ments of the

0 

iables (2008

N’B) 
.25 

0.44 
9.84 
6.85 
6.90 
7.33 
1.52 
1.53 
8.92 
7.51 
1.20 

Tables 4.3 
test, and ta

XTD 
84.117  0
87.330  0
01.200  0
3.2500 0
23.310  0
03207 0

663006  1
.41669  4

003318 
0126.4 
0E+08 

 0
1
0

55 

the descrip
tandard dev

ccounting 
946-052X 
13, No. 2 

think.org/  

e firms 

8-2018) 

INFL (%) 
11.6 
12.4 
13.3 
10.9 
12.2 
8.5 
8.0 
9.5 

15.7 
16.5 
12.1 

and 4.4 
ables 4.5 

OPN 
0.297541 
0.308411 
0.416519 
0.180472 
0.079073 
0.088330 
1.654913 
4.217737 
0.121375 
16.36475 
0.337639 

 55 

tive and 
viation), 



C

D

S

I

B

(

C

t

P

whereas
INFL, E
the data
control,
INFL, E

The pr
Exchan
(0.05), 
over the
0.05) on

Table 4
macroe

Covariance 

Date: 03/20/

Sample: 200

Included ob

Balances sam

(listwise mi

Correlation 

t-Statistic 

Probability 

LNROA

 

 

 

LNEXC

 

 

 

LNINT

 

 

 

LNINF

 

s the ROA, 
EXTD, and 
a series EX
, however, t
EXCR, and 

robability v
nge Rate (E

indicating t
e time perio
n the other h

4.4 Empiric
conomic va

Analysis: O

/20 Time: 0

08 2018 

bservations: 

mple  

ssing value 

A  

CR  -

-

T  -

-

FL  -

-

EXCR, EX
OPN were 

XCR, INT, I
the Kurtosi
OPN. 

value of th
EXCR), and
that the ser

od under con
hand, follow

al Result of
ariables in N

Ordinary 

00:02 

41 

deletion)  

LNROA  

1.000000 

-----  

-----  

 

0.276160 

1.794401 

0.0805 

 

0.011457 

0.071556 

0.9433 

 

0.063883 

0.399768 

           

XTD, and O
clustered o
NFL, EXTD
s statistics r

he Jarque-B
d External 
ries of ROA
nsideration.
ws a normal

f the relatio
Nigeria 

 

 

 

 

LNEXCR 

 

 

 

 

1.000000 

-----

-----

 

0.307192

2.015888

0.0507

 

0.496821

3.575085

            69

OPN series w
on the left ta
D, and OPN
reveal a po

Bera (JB) s
Debt (EXT

A, EXCR, a
. The series 
l distributio

onship betw

 

 

 

 

 

R  LNIN

 

 

 

 

 

   

   

 

2 1.0000

8 --

7 --

 

1 0.3430

5 2.2808

Asian

            

were volatile
ail of the no
N were clus
sitive exces

statistics fo
TD) was le
and EXTD 

of INT, IN
on. 

ween Return

 

 

 

 

 

NT  LNI

 

 

 

 

 

 

 

 

000  

---   

---   

 

059 1.00

820 

n Journal of F

            

e. The data 
ormal distrib
stered on th
ss kurtosis i

or Return o
ss than the
were not n

NFL, and OP

n on Assets 

INFL  LN

00000 

-----  

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

series EXC
bution curv

he right tail
in a series o

on Assets 
e significan
normally dis
PN (with p-v

 and some 

 

 

 

 

 

NEXTD  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ccounting 
946-052X 
13, No. 2 

think.org/  

CR, INT, 
ve, while 
. Within 
of ROA, 

(ROA), 
nce level 
stributed 
values > 

selected 

 

 

 

 

 

LNOPN  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

LNEXT

 

 

 

LNOPN

 

 

Source:

The Pe
between
manufa
exchang
(LNEX
the corr
exchang
opennes
multico
Least S
the expl

Table 4
variable

Depend
Method
Sample
Periods
Cross-s
Total p
Panel m
Cointeg
Coeffic
Long-ru

L

TD  -

-

N  

: Author’s E

earson corre
n trade op

acturing firm
ge rate (LN

XTD) to Ret
relation res
ge rate, ext
ss (LNOP

ollinearity p
Squares (FM
lanatory var

4.5 Coint
es on Return

dent Variab
d: Panel Ful
e (adjusted)
s included: 
sections inc

panel (balan
method: Poo
grating equa
cient covaria
un covarian

Variable 

LNEXCR 
LNINT 

LNINFL 

0.6915 

 

0.311203 

2.045010 

0.0476 

 

0.275732 

1.791388 

0.0810 

Eviews 10.0

elation test
penness (L
ms in Nig

NEXCR), int
turn on Ass
ult, a high 
ternal debt 
N) and e

problem. H
MOLS) pane
riables on th

tegrating R
n on Assets

le: LNROA
lly Modified
: 2009 2018
10 
luded: 4 
ced) observ
oled estimat
ation determ
ance compu

nce estimate

           

0.0010

 

0.965444

23.13492

0.0000

 

-0.795373

-8.194907

0.0000

0 Result 

t result as 
LNOPN) a
eria. Mean
terest rate (
set (LNROA
coefficient 
(LNEXTD)

external de
Hence, the r

el cointegra
he response

Regression R
 (ROA) of t

A 
d Least Squ
8 

vations: 34 
tion 
ministic: C 
uted using d
es (Bartlett k

Coefficien

-2.84003
-0.252066
1.285022

            70

0 0.02

 

4 0.1665

2 1.0550

0 0.29

 

3 -0.3335

7 -2.2092

0 0.03

shown in 
and Return
nwhile, ther
(LNINT), in
A) of the se
t was shown
) and excha
ebt (LNEX
researcher 
ating regres
e variable. T

Result of 
the Healthc

uares (FMO

default meth
kernel, New

nt S

1 
6 
2 

Asian

            

281 

 

577 0.30

015 1.99

979 0

 

505 -0.21

219 -1.35

331 0

table 4.4 s
n on Asse
re were ne
nflation rate
elected firm
n between 
ange rate (L

XTD), whi
employed 

ssion techni
The result is

effects of 
are manufa

 
LS) 

 
 
 

hod 
wey-West fi

Std. Error 

1.169481 
0.917652 
0.421165 

n Journal of F

            

-----  

03733 1

90869 

.0535 

12503 -0

58097 -9

.1822 

shows a po
et (LNROA
egative rela
e (LNINFL)

ms over the 
trade openn
LNEXCR) 
ich is an 
the Fully M
que to asce

s as shown i

the selecte
cturing firm

xed bandwi

t-Stat

-2.322
-0.280
3.296

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

 

 

.000000 

-----  

-----  

 

.840188 

.675486 

0.0000 

ositive rela
A) of He
ationships b
), and exter
period. Als

ness (LNOP
and betwe

indication
Modified O
ertain the ef
in table 4.5 

ed macroec
ms 

 

 
 
 
 
 
 

idth) 

tistic 

2044 
0324 
6603 

ccounting 
946-052X 
13, No. 2 

think.org/  

 

 

 

 

 

 

1.000000 

-----  

-----  

ationship 
ealthcare 
between 
rnal debt 
so, from 
PN) and 
en trade 
n of a 
Ordinary 
ffects of 
below. 

conomic 

Prob.   

0.0173 
0.7811 
0.0125 

 

 

 

 

 

 

 

 

 



L

R-squa
Adjuste
S.E. of 
Long-ru

Source:

From th
result a
on Asse
externa
The exp
(R2) wa
in Retu
macroe

4.3 Test

Hypoth

Ho1: Ex
Firms in

Decisio
Hypoth

Result; 

Regardi
assets o
rate dec
hypothe

Hypoth

Ho2:  
Healthc

Decisio
Hypoth

Result; 

As show
and ass
Return 

LNEXTD 
LNOPN 

ared 
ed R-square

f regression 
un variance

: Author’s E

he Fully M
s presented 
ets of the H
l debt and t
planatory po
as 0.739 ind
urn on Ass
conomic va

t of Hypothe

heses One 

xchange Ra
n Nigeria. 

on Criteria
heses if P-va

P-value = 0

ing table 4.
of Healthca
creases the 
esis is there

heses Two 

Interest rat
care manufa

on Criteria
heses if P-va

P-value = 0

wn in table
ociated prob
on assets of

ed 

e 

Eviews 10.0

Modified Ord
in table 4.5

Healthcare m
trade openn
ower of the 
dicating that
sets (ROA) 
ariables in N

eses 

ate does not

a: Accept 
alue<0.05 

0.0173; 0.01

5, the exch
are manufac

Return on 
fore rejecte

te does no
acturing firm

a: Accept 
alue<0.05 

0.7811; 0.78

e 4.5, intere
bability val
f Healthcare

           

-0.089132
-0.170522

0.739452
0.693386
0.378859
0.025884

0 Output  

dinary Leas
5 above, onl
manufacturin
ness have a 

model as e
t the model

of the sel
Nigeria. 

t have a sign

Null Hyp
 

173 < 0.05 

ange rate h
cturing firm

Assets of 
ed. 

ot have a s
ms in Nigeri

Null Hyp
 

811>0.05 

st rate with
lue of 0.781
e manufactu

            71

2 
2 

2     Mean d
6     S.D. dep
9     Sum squ
4  

st Squares 
ly inflation 
ng firms in 
negative ef

estimated by
l is a good o
lected firm

nificant effe

potheses i

as a negativ
ms in Nigeri

a Healthcar

significant 
ia. 

potheses i

h a coefficie
11>0.05 has
uring firms 

Asian

            

0.350888 
0.221083 

dependent va
pendent var
uared resid 

(FMOLS) p
rate exerts 
Nigeria. Th

ffect on the 
y the coeffic
one as abou

ms are attrib

fect on ROA

f P-value>

ve and sign
ia. A unit i
re manufac

effect on 

f P-value>

ent value of
s a negative 
in Nigeria. 

n Journal of F

            

-0.251
-0.731

ar 
r 

 

panel coint
a positive i
he exchange
Return of A

cient of mul
ut 73.9% of 
butable to 

A of Healthc

>0.05 other

ificant effec
ncrease in 

cturing firm

Return on 

>0.05 other

f -0.25, t-st
and insigni
Particularly

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

1045 
1809 

tegrating re
influence on
e rate, inter
Assets of th
ltiple determ

f the total va
fluctuations

care Manuf

erwise reje

ct on the Re
the naira ex

m by 2.81. T

Assets (R

erwise reje

tatistics valu
ificant effec
y, a unit inc

ccounting 
946-052X 
13, No. 2 

think.org/  

0.7943 
0.4598 

2.039433 
0.708121 
5.412510 
 

gression 
n Return 
rest rate, 
he firms. 
mination 
ariations 
s in the 

facturing 

ct Null 

eturn on 
xchange 
The null 

ROA) of 

ct Null 

ue -0.28 
ct on the 
crease in 



interest 
null hyp

Hypoth

Ho3: In
healthca

Decisio
Hypoth

Result:

Inflation
Probabi
rate has
unit inc

Hypoth

Ho4: E
healthca

Decisio
P-value

Result:

Externa
Probabi
assets o
conclud
manufa
of healt

Hypoth

Ho5: Tr
healthca

Decisio
P-value

Result:

The em
probabi
negativ
increase
Manufa

rate decrea
pothesis as 

hesis Three 

nflation rat
are manufac

on Criteria
heses if P-va

: P-value = 

n rate wit
ility value o
s a significa
crease in inf

heses Four 

External deb
are manufac

on Rule: Ac
e<0.05  

: P-value = 

al debt wit
ility value 
of healthca
de that Exte
acturing firm
thcare manu

heses Five 

rade openn
are manufac

on Rule: Ac
e<0.05.  

: P-value = 

mpirical res
ility of 0.45
ely and ins
e in the l
acturing firm

ases the Ret
stated in hy

es does not
cturing firm

a: Accept 
alue<0.05 

0.0125; 0.0

th a coeffi
of 0.0125<0
ant effect o
flation rate i

bt does not
cturing firm

ccept Null H

0.7943; 0.7

th a coeffi
of 0.7943>

are manufac
ernal debt do
ms in Niger
ufacturing fi

ness does no
cturing firm

ccept Null H

0.4598; 0.4

sult with a 
598>0.05 sh
ignificantly
evel of tra

m by o.17, w

           

turn on Ass
ypothesis tw

t have a sig
ms in Nigeri

Null Hyp
 

125<0.05 

icient value
0.05, we re

on ROA of 
increases RO

t have a sig
ms in Nigeri

Hypotheses 

943>0.05 

icient value
>0.05 has a
cturing firm
oes not hav
ia, a unit in

firm by 0.09

ot have a si
ms in Nigeri

Hypotheses 

598>0.05 

coefficient
hows that Re
y influenced
ade openne
we accept th

            72

set of a Hea
wo is therefo

gnificant ef
a. 

potheses i

e of 1.29,
eject the nu
Healthcare 
OA by 1.29

gnificant ef
a. 

 if P-value>

e of -0.09
a negative a
ms in Nige
ve a signific
ncrease in e
9. 

ignificant e
a. 

 if P-value>

t value of 
eturn on As
d by the vol
ess decreas
he null hyp

Asian

            

althcare ma
ore upheld. 

ffect on the

f P-value>

 t-statistics
ull hypothes

manufactu
9. 

ffect on the

>0.05 otherw

, t-statistic
and insignif
eria, we ac
ant effect o

external deb

effect on th

>0.05 otherw

-0.17, t-sta
ssets of Hea
lume of tra
se the Ret
othesis and

n Journal of F

            

anufacturing

e Return on

>0.05 other

s value 3.3
sis and conc
ring firms i

e Return on

wise reject 

 value -0.
ficant effec
cept the nu

on return on
t decreases 

e Return on

wise reject 

atistic value
althcare man
de opennes
turn on As

conclude th

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

g firm by 0

n Assets (R

erwise reje

30 and as
clude that i
in Nigeria, 

n Assets (R

Null Hypot

25 and as
ct on the re
ull hypothe

n asset of he
 the return 

n Assets (R

Null Hypot

e -0,73, as
nufacturing
ss in Nigeri
sset of He
that Trade o

ccounting 
946-052X 
13, No. 2 

think.org/  

.25. The 

ROA) of 

ct Null 

sociated 
inflation 
hence a 

ROA) of 

theses if 

sociated 
eturn on 
esis and 
ealthcare 
on asset 

ROA) of 

theses if 

sociated 
firms is 

a, a unit 
ealthcare 
openness 



does no
firms in

4.4 Disc

From th
financia
impact 
Okoye 
Combey
come to
exchang

High l
manufa
econom
Okerek
Ihejirik
Nadeem
disagree

The stu
Nigeria
Healthc
findings
Abdolla
(2014), 
(2017) f

The fou
Nigeria
Okoye 
opennes
healthca
findings
utilizati

5. Sum

5.1 Sum

Evidenc

i) The
healthca

ii) The
healthca

ot have a sig
n Nigeria. 

cussion of R

he first obj
al performa
on the Retu
and Cleme
y and Togb
o similar co
ge rate has n

oan rates 
acturing com
mic situatio

eoti (2018)
ka (2014), a
m (2013)'s 
es Ditimi et

udy discove
a by measu
care manuf
s of Naser 
ah (2015). 

Kabeer et 
findings (20

urth hypoth
a stifles the 

and Cleme
ss was foun
are manufa
s that trade
ion. 

mary of Fi

mmary of Fi

ce from this

e exchange
are manufac

e interest ra
are manufac

gnificant ef

Results 

ective, it w
ance of Nig
urn on Asse

ent's (2015)
benou (201

onclusions. I
no substanti

are detrim
mpanies, a

ons and ea
). It also ba
and Okoye a

findings, w
t al's (2018)

ered that a h
uring the e
facturing fir

and Abdol
This result
al (2016), 

019). 

esis was tes
growth of h
ent's findin
nd to be ne
cturing firm
e openness 

ndings, Co

indings 

s research w

e rate has a
cturing firm

ate has a ne
cturing firm

           

ffect with R

was ascertai
gerian health
ets of the se
, Kabeer et
7), Bernard
It contradic
ial impact o

mental to th
according t
arlier resear
acks up fin
and Clemen
which were
) findings, a

high inflatio
effect of th
rms in Nig
llah (2015)
t disagrees 
Combey an

sted, and it 
healthcare m
ngs (2015).
egatively co
ms. This fin

has a nega

onclusion an

work showed

a significan
ms in Nigeri

egative and 
ms in Nigeri

            73

Return on A

ined that a 
hcare manu
elected Nig
t al's (2016
d and Aden

cts Dewi, So
on firm ROA

the financia
to objective
rch, such 

ndings of If
nt (2014). (
e based on 
among other

on rate favo
he inflation
geria. This 
), Egbunike

Kanwal a
nd Togbeno

was discov
manufacturi
. As a resu
onnected wi
nding is con
ative and m

nd Recomm

d that: 

nt negative 
a.  

insignifica
a. 

Asian

            

Assets (ROA

high excha
ufacturing f
gerian firms
6), and Egb
nuga (2016
oei, and Sur
A. 

al perform
e two. Thi
as Akabom

fuero and C
(2015). Thi

a study co
rs. 

ors the grow
n rate on t

result, how
e and Okere
nd Nadeem
ou (2017), 

vered that a
ing firms. T
ult of the 
ith the finan
nsistent with
minor impa

mendations

effect on 

ant effect on

n Journal of F

            

A) of healthc

ange rate is
firms. It has
s. This findi
unike and O

6), and Ugw
rjoko's (201

ance of N
is is consi
m-Ita (2012
Chijuka (20
s result disa
onducted in

wth of the 
the financi
wever, is c
ekeoti (201

m (2013), I
and Dewi, 

a high level 
This result w

study's fift
ncial perfor
h Okoye an
act on manu

s 

the financi

n the financ

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

care manuf

s detrimenta
s a strong n
ing is in wo
Okerekeoti'

wu (2016) 
19) findings

Nigerian he
istent with 
2), Egbuni

014), Ogunb
agrees Kan
n Pakistan.

industrial s
ial perform
consistent w
15), and Na
Ifuero and 

Soei, and 

of external
was consist
fth objectiv
rmance of N

nd Clement's
ufacturing 

ial perform

cial perform

ccounting 
946-052X 
13, No. 2 

think.org/  

facturing 

al to the 
negative 
ork with 
's study. 
have all 
 that the 

ealthcare 
current 

ike, and 
biyi and 

nwal and 
. It also 

sector in 
mance of 
with the 
aser and 
Chijuka 
Surjoko 

l debt in 
ent with 

ve, trade 
Nigerian 
s (2015) 
capacity 

mance of 

mance of 



iii) The
healthca

iv) Ext
healthca

v) Tra
healthca

5.2 Con

Having 
macroe
panel m
macroe
manufa

5.3 Rec

Based o

i) The
controll

ii) Ban
Healthc

iii) Eff
growth 

iv) The
borrowi
manufa

v) The
Healthc

Referen

Adeban
Bamise
Manufa
Techno

Agubat
financia
tobacco

Akabom
busines

e inflation 
are manufac

ternal debt 
are manufac

ade opennes
are manufac

nclusion 

explored th
conomic va
multiple re
conomic in

acturing firm

commendati

on this resea

e exchange
ling the exc

nk lending 
care manufa

forts to main
of manufac

e federal g
ing from f

acturing firm

e volume o
care manufa

nces 

njo, J. F., 
ele, R., Niy
acturing sec
logy, 10(2),

a, S. N. &
al Performa
o Sector. Int

m-Ita, A. (2
sses in Nige

rate has a
cturing firm

has a nega
cturing firm

ss has a ne
cturing firm

he nexus be
ariables in N
egression a
ndices play

ms in Nigeri

ions 

arch discove

e rate shou
change rate i

rate should
acturing com

ntain single
cturing firm

government
foreign cou

ms’ perform

of trade op
acturing firm

Oluwasegu
yi-Oyebanji,
ctor in Nig
, 1568-1583

& Odubuasi
ance of Nig
ternational J

2012). Impa
ria. Researc

           

a significan
ms in Nigeri

ative and in
ms in Nigeri

gative and 
ms in Nigeri

etween key 
Nigeria wit

analysis tec
y significan
ia. 

ery, the foll

uld be mon
in Nigeria s

d be regula
mpanies in N

e-digit inflat
ms and the ov

t of Niger
untries and

mance in Nig

penness sho
ms in Nigeri

un, E,. Ade
, M., & Da
geria, Inter
3.  

i, A. C. (2
geria manuf
Journal of C

act analysis
ch Journal o

            74

nt positive 
a. 

nsignificant
a. 

insignifican
a. 

y financial p
th the help 
chniques, th
nt roles in

lowing reco

nitored whi
should be es

ated and se
Nigeria. 

tion should 
verall grow

ria should 
d internatio
geria. 

ould be mi
ia. 

egbola, O.,
amilola, E. 
rnational Jo

2018). Effec
facturing fi
Commerce 

s of interes
of Finance 

Asian

            

effect on 

t effect on 

nt effect on

performance
of fully m

he big les
n the finan

ommendatio

ile econom
stablished. 

et to a rate

be intensifi
th of the Ni

work tow
onal bodies

inimized to

, Festus, A
(2019). Im

Journal of M

ct of excha
irms: Evide
and Manag

st rate on th
and Accoun

n Journal of F

            

the financi

the financ

n the financ

e indicators 
modified ord

son from 
ncial positi

ons were ma

ic policy m

e favourable

ied since it 
igerian econ

ards reduci
s since it 

 enhance t

A., Peter, O
mpact of exc

Mechanical

ange rate f
ence from f
gement Rese

he net asse
nting, 3(7). 

Finance & Ac
ISSN 19

2021, Vol. 1

   ajfa.macro

ial perform

cial perform

cial perform

s and some 
dinary least 
this study 

tion of He

ade: 

measures a

e to the gr

is favourab
nomy. 

ing their l
negatively

the product

O., Ben-Ca
change rate
l Engineer

fluctuations
food, bever
earch, 4(4), 

ets of multi

ccounting 
946-052X 
13, No. 2 

think.org/  

mance of 

mance of 

mance of 

selected 
squares 
is that 

ealthcare 

aimed at 

rowth of 

ble to the 

level of 
affects 

tivity of 

aleb, E., 
e on the 
ing and 

s on the 
rage and 
56-61. 

inational 



Bernard
Manufa

Bhattar
Perform
35-53. 

Combey
environ
9(2). htt

Darfor 
stocks. 

Dewi, V
firm’s p
stock ex

Ditimi, 
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