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The study empirically investigated the impact of commercial banks’ credit to the industrial sector on economic growth of Nigeria. Autoregressive Distributed Lag (ARDL) approach was adopted for estimation. Economic growth, proxied by gross domestic product, agricultural gross domestic product and industrial gross domestic product were regressed against the explanatory variables (Commercial banks’ credit to agriculture, industry, manufacturing and mining, quarrying and solid minerals; Government expenditure on agriculture; Agricultural credit guarantee loan; Inflation and Lending rates), thus forming three models in the study. Prominent among the findings is that significant relationship exists between Nigeria’s commercial banks’ credit and economic growth. The study further revealed that under most of the models, commercial banks’ credit key explanatory variables were statistically insignificant contrary

to apriori expectations. On the basis of these findings, the study therefore concludes that the impact of commercial banks’ credit to the Industrial on the economy is mixed and largely insignificant in Nigeria. Based on the findings, the study recommends, that as a means of monitoring commercial banks’ credit to the industrial sector, funds should b e gran ted to registered agricultur ists and industrialists on the basis of evident track records of real sector produce with a view to ensuring that misapplication and misappropriation are drastically reduced if not eradicated.

Keywords: Banks’ Credit, Real Sector, Economic Growth, Agricultural Growth, Industrial Growth ARDL Approach

Climate change has been a global issue in the 21st century. A change in climate around the world is the trigger for global warming. The negative effect of global warming could be catastrophic for human kind. The development of technology and the rise of industries all over the world are the inevitable situations of global warming and climate change. The very real impact of both situations is on the environment. Lately, there is often a flood disaster that is almost evenly distributed throughout the world, not to mention landslides or other natural disasters. Indirectly, these disasters are the result of climate change which causes global warming happening around the world. Carbon accounting creates a competitive advantage for companies. Policy makers in companies and institutions nowadays are relying on carbon accounting to take decisions regarding climate change and environmental conservation. The important of this study is to demonstrate the significance of carbon accounting as a reflection to climate change in manufacturing industries and how it relates to risk management. The study also shows the readiness of industries in managing carbon accounting to mitigate the impact of climate change on the environment and raising the awareness of investors.

Keywords: Climate change, carbon accounting, global warming, risk management, manufacturing industries, accounting.

Internal economic sustainability was the principal goal of the corporations and farmers. But presently with growing concerns about the environment and changing business scenarios, firms and farmers are forced to think of their activity in alignment with the environment. The corporations and farmers are reorienting themselves to produce with performance and effectiveness; however, with much less environmental influences along their whole value chain for sustainability. Describing sustainability are along three dimensionsenvironmental stewardship, social duty, and economic prosperity. Environmental stewardship focuses on natural surroundings like air, water, land, and ecosystems and dealing with effectively the earth’s natural resources. Social responsibility favors the equitable development of the employees (in terms of standard of life) and the society as a whole. Economic prosperity aims at creating economic value and ensuring the introduction of economic opportunity for both the venture and its stakeholders. Sustainable Development favors the strategic adapt between the internal economic system of the companies and outside socioenvironmental influences. It has become a successful mantra for corporations and farmers not only for the present but for the future. This research concentrates on the position and significance of energy efficiency inside the agricultural sector for the sustainable growth of Southeast Mediterranean Sea countries. Where the value chain, Energy Use Efficiency (EUE), was formulated to concentrates on suitable energyconsuming as a necessary prerequisite to achieve performance and equity in the agric sector down the worldwide economic crises and climate change, alleviate poverty in the rural area and reduce societal cost of pollutants on farming crops through the scientific linkages between the adaptation to warming and adaptation to financial crises in Egypt. As a result of optimal cropping patterns, farm revenue would grow 44.591%, farm profit increase 41.750%, energy use decrease 10.865%, CO2 emission reduce 8.013%, and water use decrease15.456% inside the ancient land of Egypt.

Keywords: Energy Use Efficiency (EUE), reduce the societal cost of pollutants.

There has been growing demand by significant stakeholders for trustworthy information on the economic, social, environmental, and governance activities of firms. Although, management who are responsible for preparing this sustainability reporting has been faulted for selfinterest acts and opportunities behaviors. Because of this, this study evaluates the effect of earnings management on sustainability reporting of listed nonfinancial firms in Nigeria from 2011 to 2018. The sample of the study comprised of 24 firms and sustainability reporting was measured using content analyses on the corporate annual report on sustainability used Global Reporting Initiatives (G4) guidelines, while the earnings management variable was derived from the Modified Jones Model by Dechow, Sloan & Sweeny (1995) for discretionary accrual. A correlational design was employed; Secondary data was obtained from the annual reports of the firms. The results from the fixed effect regression analysis proved that the extent of earnings management drives the level of sustainability reporting positively. The study concludes that firms that manage their earnings are likely to report more on sustainability.

Keywords: Sustainability Reporting, Earnings Management, Global Reporting Initiatives, Modified Jones Model

In the modern global economy, emerging economies have become the main source of manufactured goods to supply the advanced economies. The profits of a manufacturing firm normally increase in the amount it can produce and sell. However, in an environment of uncertainty, it is not always optimal for a manufacturing firm in emerging economies to accept big production orders even though this might mean higher revenues. This is because a corresponding higher operating leverage will necessarily increase business risk and the resulting discount rate, which may result in a lower firm value. In this study, we provide a structural framework targeting this problem where demand is stochastic, discount rate is endogenously determined based on business risk and operating leverage. We use lithium battery, an essential component in electric and hybrid cars, to demonstrate how the framework is developed and implemented. Our model helps decide the optimal production capacity as the result of the cost structure, risk aversion, and value maximization. We show how the valuation process is carried out in a theoretically consistent manner. Our framework may be extended for different sectors in emerging economies when production decisions are to be made under uncertainty.

JEL classification: G10, G12, G30

Keywords: optimal capacity, business risk, operating leverage, lithium battery

The purpose of this study is to evaluate the effect of pension investment on financial efficiency in Nigeria. The study adopted an expost facto research design. The population of the study is 14 years of Nigeria’s economy from the year 2007-2020. Timeseries data were sourced for this study which are entirely secondary data from the Pension Commission and the Central Bank of Nigeria (CBN) statistical bulletin, and the World development indicator (WDI) of the World Bank Database. Autoregressive Distributed Delay Limitation (ARDL) bounds testing approach was adopted to examine the long and shortterm relationships between the series, using Eviews version 12. The longrun results show that there is evidence that pension investment in equities and mutual funds have a positive relationship with financial efficiency. This implies that increases in pension investment in equities and mutual funds will lead to an increase in financial efficiency in Nigeria. Conversely, there is evidence that pension investments in FGN securities and local money market securities have a

negative relation with financial efficiency, thus increases in pension investments in FGN securities and local money market securities will lead to a fall in financial efficiency. However, the result of the shortrun model shows that pension investments in equities and local money market securities have a positive relationship with financial efficiency, while pension investment in FGN securities and mutual funds have a negative relationship with financial efficiency. The study suggested that financial sector efficiency can only be achieved through pension investment if the investments enable economic resources to be allocated to their best use across time and space without imposing unnecessary cost or rents on households and businesses.

Keywords: Financial development, Financial efficiency, Pension fund, Pension investment, Nigeria

JEL Classification: C23, F10, F21, G100; G240; G32