Yakubu Abubakar, Monday Emmanuel, Dangana Umaru
Abubakar Yak & Co Chartered Accountants
Department of Accounting, ABU Zaria
College of Education, Gidan Waya
Abstract
This study examines the impact of Accounts Receivable Management on financial performance of quoted Oil and gas firms in Nigeria. The study has been conducted in different parts of the globe and in Nigeria with different findings which are mixed and inconclusive. The population of the study consists of ten (10) firms quoted on the Nigerian stock exchange as at 31st December 2021 out of which ten (10) firms were selected as samples for a period of Ten (10) years from 2012 to 2021 based on purposeful sampling technique. The study uses Correlation matrix and OLS regression as tools for analysis and adopted the correlational research design. The study shows that Account receivables Management have a positive significant impact on financial performance of quoted oil and gas firms in Nigeria. Debt has a positive significant impact on financial performance of quoted oil and gas firms in Nigeria
Keywords: Accounts receivable, Debt ratio and Total revenue.
Introduction
Accounts Receivable is debts from the sales of Goods and services of a firm which is expected to be collected in the future. Owuro, Agusioma & Fredrick (2021) defined Accounts receivable as payments expected by an organization in the foreseeable future. Accounts receivable management plays an integral part in the financial performance of oil and gas firms in Nigeria. Accounts receivable management can be seen as the process of ensuring that customers pay their dues on time. It helps the businesses to prevent themselves from running out of working capital at any point of time. It builds the businesses financial and liquidity position thereby leading to high financial performance. A good account receivable management contributes to the profitability by reducing the risk of any bad debts. Management of accounts receivables is not only about reminding the customers and collecting the money on time. It also involves identifying the reasons for such delays and finding a solution to those issues. There are 5 (five) steps in management of accounts receivables which are; determine to whom to extend credit, establish a payment period, monitor collections, evaluate the liquidity of receivables and accelerate cash receipts from receivables when necessary. Empirical studies conducted on the Accounts receivable Management and financial performance which include studies of Owuro, Agusioma & Wafula (2021), Kipkemoi (2019), Ikechukwu & Nwakaego (2015), Munene (2018), Sah (2022) are mostly from Kenya, Ghana and Nigeria. Most of studies conducted in Nigeria to the best of our knowledge concentrated on Small and Medium Scale enterprises, Public Training Institutions and Manufacturing firms which could not provide adequate evidence on the impact of Accounts receivables management on financial performance as far as selected firms in the Oil and gas sectors are concerned. Those studies have provided mixed and inconclusive findings due to the data collected, methodology used and the industry used and to the best of our knowledge, among studies conducted in Nigeria, we have not seen a study that took into consideration the quoted firms from Oil and gas sectors. To this end, this study attempts to fill the gap by examining the impact of Accounts receivable management on financial performance of the quoted firms in the Oil and gas sectors in Nigeria. The main objective of the study is to examine the impact of Accounts Receivables management on financial performance of quoted oil and gas firms in Nigeria. The Specific objective of the study are to determine the extent to which Accounts Receivables impact on financial performance of quoted oil and gas firms in Nigeria, to determine the extent to which Debt ratio impact on financial performance of quoted oil and gas firms in Nigeria . In line with the specific objective, Two (2) hypotheses are formulated which are: HO1 Account receivable has no significant impact on financial performance of quoted oil and gas firms in Nigeria. HO2 Debt ratio has no significant impact on financial performance of quoted oil and gas firms in Nigeria.
Literature Review
Authors have reviewed the impact of Accounts receivables management on financial performance. Anorue & Ugwoke (2022) studied the management of account receivable and payable for improved financial performance of small enterprises in Imo state. Survey research design was employed with 1390 participants, including 70 Accounting lecturers, 1,300 small scale enterprises operators and 20 professional accountants. A multistage sampling procedure was employed to draw a sample size of 396 participants. Collected data were analyzed using mean and standard deviation while the ANOVA statistic was used to test the two null hypotheses at the 0.05 level of significance. The results of the findings was proposed, among other things, that a retraining initiative for the owners or potential owners of small scale enterprises in the state be established to educate them on the effective ways to manage accounts payable and receivable for efficient financial performance and business success. Owuro, Agusioma & Wafula (2021) examined the Effect of Accounts Receivable Management on Financial Performance of Chartered Public Universities in Kenya. They employed the Cash Conversion Cycle (CCC) theory. Descriptive and inferential research designs were applied to analyze data. Target population was all the 31 chartered public universities in Kenya, and as such, the census survey method was adopted to collect data. Secondary panel data was extracted from the respective institutions’ audited annual reports for 2017, 2018, and 2019. The SPSS Version 25 was applied to analyze descriptive and inferential statistics. The result of the study found that accounts receivable management had an indirect and significant effect on the financial performance of chartered public universities in Kenya. Tarurhor & Owolabi (2022) examined whether account receivable and inventory conversion management (ICM) serve as a determinant of corporate financial performance. Ex-post facto design was used and sample of seventy-six (76) firms across various non-financial firm’s sectors were employed. Panel data were obtained from 2011-2019. Data obtained were analyzed via descriptive (mean, median, standard deviation, minimum and maximum values, kurtosis, skewness and correlation matrix), diagnostic statistics (variance inflation factor, and unit root) and inferential (fixed and random effects model and Hausman specification) statistical tool. The Findings of fixed and random effect panel regression revealed that account receivable management (ARM) significantly affects return on asset while relationship between inventory conversion management (ICM) significantly affects return on asset. Kipkemoi (2019) examined the Effect of Accounts Receivables Management practices on Liquidity of Public Technical Training Institutions in Rift Valley Region, Kenya. The Study was guided by operating cycle theory which is aligned to objective of the study. They adopted censusSurvey since the numbers of respondents was very few. Population was 38 respondents comprising of 19 principals and 19 accountants. Questionnaires were self-administered. They administered five questionnaires to public technical training institutions in Nyanza region. Cronbach's alpha coefficient above or equal to 0.70 was considered sufficient for reliability test. Data collected was analyzed using both descriptive and inferential statistics. Descriptive statistics include Frequencies, percentages, mean standard deviation and variance. Inferential statistics included Product moment correlation analysis and multiple regressions. The findings of the study showed that accounts receivable management practice was significant to liquidity of public Technical Training Institutions in Rift Valley Region. Ikechukwu & Nwakaego (2015) examined the effect of the management of accounts receivable on the profitability of building materials/chemical and paint companies in Nigeria. Data were collected from the Annual Reports of the companies under study. The hypotheses were tested using multiple regression technique. The findings of the study showed that accounts receivable had positive and significant effects with the profitability ratio at 1% levels of significance. Both Debt ratio and sales growth rate had negative and non-significant effect on these companies. Munene (2018) examined the effects of accounts receivable management on financial performance of Embu Water and Sanitation Company limited, Embu County, Kenya. They examine the effects of inventory turnover period, average payment period, cash conversion period and average collection period on financial performance of Embu Water and Sanitation Company limited, Embu County, Kenya. Theories guiding the study were operational motives theory, transactions cost theory and cash conversion cycle theory. They adopted descriptive research to test the relationship between variables of the study. They used secondary data which was obtained from the accounts and finance departments. Descriptive statistics and inferential statistical techniques were used to analyze the data and presented in tables. The results of the study revealed that inventory turnover in days has negative relationship with Return on Equity which means that companies financial performance can be increased by reducing inventory in days. Average collection period and current ratio had a positive significant association with Return on Equities indicating that if time period of debtor’s payment is increased then overall financial performance of Embu Water and Sanitation Company Limited in Embu County, Kenya also improves. Sah (2022) Influence of Account Receivable Management Practices on the Performance of Small and Medium Scale Enterprises in Kumasi Metropolis in Ghana. Descriptive design with cross sectional survey was adopted. They collected data from the SMEs at one point in time and determine the impact of management accounting practices on financial performance of SMEs in in the Kumasi Metropolis in Ghana. The study established Receivable management practices were effectively followed by the selected SMEs, and there was a statistical significant effect of receivable management practices on firm performance. Gamlath (2021) investigated the Impact of Accounts Receivable Management on Profitability of listed food beverage and tobacco Companies in Colombo Stock Exchange in Sri Lanka. They used secondary sources of data and adopted a sample of 20 food beverage and tobacco companies using panel data analysis from 2015-2019. The dependent variable Return on asset and Return on equity were used as a measure of profitability. The key independent variables used for the analysis were the Inventory turnover ratio, Average collection period, Account receivable turnover ratio, Cash conversion cycle and firm size was the control variable. Descriptive and multiple regressions were used for analysis. The results of the findings showed a significant impact of accounts receivable management on profitability, a significant positive impact of inventory turnover ratio on return on assets of food beverage and tobacco companies. It means that as inventory turnover ratio increases it will leads to increase profitability of the firms. In addition the results showed that there is a significant negative impact of cash conversion cycle on return on equity. Dirie & Ayuma (2018) examined the effect of accounts receivable management on the financial performance of Small and Medium firms Enterprises in Mogadishu city in Somalia. They employed Survey research design. They used quantitative data. Target population of 102 SMEs from three sectors. They applied both probability and non-probability sampling procedures obtained from a sample of 81 SMEs required for the study based on Slovene formula. They used questionnaires. Inferential statistics such as Pearson correlation coefficient and coefficient correlation were used to analyze quantitative data and descriptive statistics are employed for variables of the study. The results of the study showed that cash flow management, other independent variables (debt management, credit policy management and inventory management) were found to have positive significant correlations on financial performance at 5% level of significance. Duru & Ubesie (2016) examined the effect of the management of accounts receivable ratio on the profitability of industrial/Domestic products manufacturing firms in Nigeria. They used accounts receivable ratio, debt ratio and sales growth rate as variables of the study. Secondary sources of data were used from 2000-2011. Multiple regression technique was adopted. The results of the findings showed that accounts receivable ratio, debt ratio and sales growth rate had positive and significant relationship with the profitability of the firms. Lyani, Namusonge & Sakwa (2016) examined the impact of Accounts receivable risk management on growth of SMEs in Kakamega County, Kenya. Causal research design was applied to show the influence of credit risk assessment practice on growth. They used the purposive stratified random sampling technique. Sample size of 359 out of 5401 SMEs was used from Kakamega Central Sub-County that had been in operation between 2013 and 2015. Secondary data was acquired from the Kakamega County Revenue Department for the period under study. Regression model using analysis techniques like homoscedasticity and autocorrelation was employed. Ordinary Least Square method was utilized to establish the relationship of cause-effect between variables while hypothesis was tested at 5% significance level. The overall model was discovered to be significant considering the F=14.918 and p-value (0.00 < 0.05). The findings of the study showed that good credit risk assessment practices when adopted by SMEs lead to growth. Mbula, Memba & Njeru (2016) opined the effect of accounts receivable management on financial performance of firms funded by Government venture capital in Kenya. The population of the study comprised all firms (24) funded by government venture capital in Kenya. They adopted a census approach because of the small number of firms. Based on the conceptual framework, a questionnaire was formulated and used to collect primary data for the independent variables while a record survey sheet was used to collect secondary data for the dependent variable. Out of 72 respondents, 51 responded, being 71%. Both descriptive and inferential analyses were done. Statistical package for social sciences (SPSS) version 20.0 was used as the statistical tool for analysis of the study. Analysis for variant (ANOVA) and regression analysis was used to test the hypothesis. The results of the study revealed a positive relationship between accounts receivables and financial performance of firms funded by government venture capital in Kenya. Patrick (2020) investigated the effect of Receivable Management and Corporate Performances: empirical evidence from quoted manufacturing companies in Nigeria. The population of the study was listed manufacturing firms in Nigeria for the period of 2010 to 2019. In order to obtain a homogenous sample for the study we further screen the population from possible sample bias. The sample of the study was nineteen (19) consumer goods companies. The study employed secondary data extracted from published financial reports of the sampled companies and ordinary least square (OLS) regression technique was used as econometric tool employed in testing the hypotheses. Return on Asset was used as the proxy for corporate performance while the explanatory variable is account receivable period. Furthermore, the study was controlled by firm size and leverage. The Findings of the study showed a positive effect between account receivable period and return on asset of listed manufacturing firms in Nigeria. Gitahi, Naibei & Livingstone (2020), opined the Effect of Management Of Accounts Receivable on Financial Performance Of Manufacturing Firms Listed In Nairobi Stock Exchange, Kenya. They used descriptive research design. The population of the study comprised of 147 finance and accounts staff of all the manufacturing firms listed in NSE for period of Six (6) months from April to October 2016. Data was collected by use of self-administered questionnaires and analyzed using both descriptive and inferential data analysis. The result of study revealed a significant relationship between Credit extension policies, that financing receivables has significant effect on the financial performance and receivable collection period has significant effect on the financial performance of the firm.
Jiahui (2020) examined the relationship between Accounts receivable management and Corporations financial performance. 23570 observations are selected which include 922 listed companies in China from five industries. The data covers a period of seven years from 2010 to 2016. The result of the study showed a significant relationship between accounts collection period, which is a proxy of accounts receivable and corporations’ financial performance, which was measured by gross operating income. Four control variables cash conversion cycle, current ratio, fixed financial ratio and corporation size were considered for the study.
Methodology
This research adopted correlation research design and was considered adequate and appropriate for this study because it describes the statistical relationship between the independent variable of the study (Accounts receivables) and the dependent variable (Return on Equity). The population consists of all quoted Oil and Gas firms namely Conoil Plc, Forte Oil Plc, MRS oil Nigeria Plc, Oando Plc, Total Nigeria Plc, Capital oil Plc, Eterna Plc, Japaul Oil & Martime Services Plc, Rak Unity Petroleum Plc, Seplat Petroleum Development Company Plc quoted on the Nigerian Stock Exchange as at 31st December 2021 and covered a period of Ten (10) years (2012-2021). Purposeful sampling technique was employed to select the sample. The sample selected was in line with this, the sample size is all the ten (10) selected quoted firms on the Nigerian stock exchange namely Conoil Plc, Forte Oil Plc, MRS oil Nigeria Plc, Oando Plc, Total Nigeria Plc, Capital oil Plc, Eterna Plc, Japaul Oil & Martime Services Plc and Rak Unity Petroleum Plc, Seplat Petroleum Development Company Plc. The study employed panel data using statistical package for social sciences (SPSS 25) and Ordinary Least Square (OLS) method adopted in this study is a parametric statistical test that is based on a number of assumptions, the violation of which could affect the reliability of the results. The Pearson correlation and t-test statistics were used for inferential analysis. Two of the most commonly encountered problems addressed in this study relate to normal distribution of the variables and descriptive statistics was used to test for normality of data.
Model Specification
The model that was used to test the hypothesis formulated for this study is presented below. The null Hypothesis is tested considering the results for the P-values at 1%, 5% and 10% level of significance.
ROE = f (ACCTREC1+ DEBTβ2 + TREVβ3)
ROE = α + β1ACCTREC + β2DEBT + β3TREV ϵi
Where
α= the intercept
ROE = Profit after Tax divided by Total Equity.
ACCT REC = the Natural Log of the Closing Balance of Trade and Other Receivables for the year.
DEBT = the total liabilities divided by total assets.
TREV = the Natural Log of the Total revenue for the year.
ϵi= error term
Total Revenue is a controls variable.
Data Presentation
This part presents the results of the descriptive statistics and regression results on the impact of Account receivables on financial performance of quoted Oil and gas firms in Nigeria. Two explanatory variables and One (1) control variable are employed for the purpose of explaining and predicting the impact of Account Receivables Management on financial performance of quoted oil and gas firms in Nigeria.
Test of Normality
The normality tests are supplementary to the graphical assessment of normality. For this study, Z skewness and Z Kurtosis are used to test for normality of the Two (2) independent variables; namely Accounts receivables and Debt ratio. The Z skewness was computed as skewness divided by standard error of skewness and the Z kurtosis was computed as kurtosis divided by standard error of kurtosis.
Table 4.2.1 shows the skewness, kurtosis and Z skewness and Z kurtosis.
Table 1 Descriptive Statistics Table for the Variables
Variables | Skewness | Standard Error | Z Skewness | Kurtosis | Standard Error | Z Kurtosis |
ACCTREC | 0.697 | 0.241 | 2.892 | 0.736 | 0.478 | 1.539 |
DEBT | 0.992 | 0.241 | 4.116 | 3.910 | 0.478 | 8.179 |
This table shows the normality test for Accounts Receivables and Debt ratio
In Small samples like that of this study which the number of observations is 100, values of Z skewness and Z kurtosis greater or lesser than 1.96 are sufficient to establish normality of the data. The result of Skewness for Accounts receivables is 0.697. The Z skewness of Accounts receivable is 2.892 which is more than 1.96 shows that the data is normal which indicates that the data for Accounts receivable relates linearly to the dependent variable (Return on Equity).The results of the Kurtosis for Accounts receivable is 0.736 and the Z kurtosis of Accounts receivable is 1.539 which is less than 1.96 and therefore, is normal which indicates that the data for Accounts receivable relates linearly to the dependent variable (Return on Equity). The result of Skewness for Debt ratio is 0.992. The Z skewness of Accounts receivable is 4.116 which is more than 1.96 shows that the data is normal which indicates that the data for Debt ratio relates linearly to the dependent variable (Return on Equity). The results of the Kurtosis for Debt ratio is 3.910 and the Z kurtosis of Debt ratio is 8.179 which is more than 1.96 and therefore, is normal which indicates that the data for Debt ratio relates linearly to the dependent variable (Return on Equity). Ghasemi and Zahediasl (2012).
Table 2. Correlational Matrix of Independent and Dependent Variables
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Source: Author’s computation using SPSS 25 The symbol * represents significant at 10% The symbol ** represents significant at 5% |
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The symbol ***represents significant at 1% The results from the table above shows that Accounts receivables correlate positively with the dependent variable (Return on Equity) at 1% level of significant. Accounts receivables correlates positively with Debt ratio at 10% level of significant. Accounts receivables correlates positively with the control variable (Total Revenue) at 1% level of significant. The implication of the result is that the higher Accounts receivables, the higher the financial performance of quoted oil and gas firms in Nigeria. The results from the table above shows that Debt ratio correlates positively with the dependent variable (Return on Equity). The implication of the result is that a higher the Debt ratio, the higher the financial performance of quoted oil and gas firms in Nigeria. Total revenue which is the control variable correlate positively with the dependent variable (Return on Equity) at 5% level of significant.
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Table 3. OLS Regression Results Directors Remuneration impact on Financial performance
Variable | Coefficient | T – value | P – value |
Constant | 0.532 | 3.506 | 0.001 |
ACCTREC | 0.255 | 1.851 | 0.067 |
DEBT | 0.422 | 4.731 | 0.000 |
TREV | 0.002 | 0.012 | 0.991 |
R
| 0.531 |
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R2 | 0.282 |
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Adj R2 | 0.260 |
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F stat | 12.598 |
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F-Sig | 0.000 |
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DW | 1.770 |
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Source: Author’s computation using SPSS 25
The estimated equation of the study is presented as follows:
ROE = 0.531 + 0.255(ACCTREC) + 0.422 (DEBT) + 0.002 (TREV)
Financial performance would be equal to 0.531 when all other variables are held to zero. One-unit change of Account receivables all other variables remain constant, would increase Account receivables by 0.531. The regression result of the study shows that the beta coefficient in respect of Account receivables is (0.255) and the t-value is (1.851) and it is significant at 10%. This means that, as far as selected firms of oil and gas sectors are concerned, Account receivables has positive significant impact on financial performance of quoted oil and gas firms in Nigeria. The implication of this is that, higher Account receivables will result in better financial performance. This provides an evidence of rejecting the hypothesis stating that Account receivables has no significant impact on financial performance of quoted oil and gas firms in Nigeria.
The regression result of the study shows that the beta coefficient in respect of debt is (0.422) and the t-value is (4.731) and it is significant at 1%. This means that, as far as selected firms of oil and gas sectors are concerned, Debt has positive significant impact on financial performance of quoted oil and gas firms in Nigeria. The implication of this is that, higher debt will result in better financial performance. This provides an evidence of rejecting the hypothesis stating that debt has no significant impact on financial performance of quoted oil and gas firms in Nigeria.
The overall impact of Account receivables management is able to explain the dependent variable up to (53%). This shows a positive relationship as indicated by the R value and the remaining (47%) are controlled by other factors. Similarly, the result of the F- statistic shows the overall fitness of the model. The F- statistic has a value of (12.598) and is significant at 1% which implies that the model is fit because it is significant at all levels of significant. Durbin Watson of (1.770) shows that there is no problem of autocorrelation in the data set (Gujarati, 2004).
Findings of the Study
Account receivables Management have a positive significant impact on financial performance of quoted oil and gas firms in Nigeria.
Debt has a positive significant impact on financial performance of quoted oil and gas firms in Nigeria
Conclusions
This study has contributed to findings on Accounting Research in Nigeria. It investigated whether Account receivables Management impacted on financial performance of quoted oil and gas firms in Nigeria. The study concludes that Account receivable Management has a positive significant impact on financial performance of quoted Oil and gas firms in Nigeria.
References
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Dirie, A.O & Ayuma, C.A (2018), Effect of Accounts Receivables Management on Financial performance in Small and Medium Firms in Mogadishu – Somalia, International Journal of Management and Commerce Innovations, ISSN 2348-7585, Volume No. 6, Issue 1, PP 378-383.
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Gujarati (2004), Basic Econometrics, Fourth edition.
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Sah, G.G. (2022), Influence of Account Receivable Management Practices on the Performance of Small and Medium Scale Enterprises, A new decade for social changes, www.techniumscience.com, Vol. 32.
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