EFFECTS OF PERFORMANCE EVALUATION THROUGH THE ANALYSIS OF FINANCIAL STATEMENT ON INVESTMENT DECISIONS (A CASE STUDY OF LOGMAN
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EFFECTS OF PERFORMANCE EVALUATION
THROUGH THE ANALYSIS OF FINANCIAL STATEMENT ON INVESTMENT DECISIONS (A CASE
STUDY OF LOGMAN NIGERIA PLC.)
ABSTRACT
This study
examined the effects of performance evaluation through the analysis of
financial statement on investment decision, using Longman Nigeria Plc as the
case study. Based on the set objectives of the study, structured questionnaire
consisting of eighteen (18) close-ended questions and one (1) open-ended
questions were developed and administered on one hundred (100) respondents of
the aforementioned company, but a total of ninety-four (94) questionnaires were
completely filled and returned. Hence, the study employed primary and secondary
data (i.e. questionnaire method, interview method, and data sourced from
established publications). Data collected were analysed with the aid of
chi-square statistical technique. Findings from the study shows that
Performance Evaluation should be in line with achieving Corporate Objectives and
moreover, analyses of financial analysis has helped in identifying the weakness
in company’s operation. The study recommended that management should ensure
that performance evaluation in line with corporate objectives.
TABLE OF
CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
1.2 History of the company
1.3 Statement of the Problem
1.4 Objectives of the Study
1.5 Research Questions
1.6 Research Hypothesis
1.7 Significance of study
1.8 Scope and Limitation of the Study
1.9 Methodology
1.10 Limitations of the Research Method
1.11 Definition of Terms
References
CHAPTER TWO:
LITERATURE REVIEW
2.1 Introduction
2.2 Effectiveness and Efficiency
2.3 Objectives of Performance Evaluation
2.4 Inter-Firm Evaluation
2.5 Inter-Temporal Evaluation
2.6 Industrial Average Evaluation
2.7 Other Aspects of Performance
Evaluation
2.8 The Financial Statements
2.9 Financial Statement Analysis
2.10 Ratio Analysis
2.11
Alternative means of Analysis Financial Statements
2.12 Summary
References
CHAPTER
THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 The Study Area
3.4 The Study population
3.5 Sample and Sampling Technique
3.6 Research Instrument
3.7 Pilot Study: Validity and
Reliability
3.8 Method of Data Analysis
3.9 Reason for using Chi-square method
CHAPTER
FOUR: DATA ANALYSIS AND INTERPRETATION
4.1 Background Information
4.2 Research Question
4.3 Test of Hypothesis
CHAPTER
FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusion
5.3 Recommendations
5.4 Suggestions for Further Studies
References
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Financial
analysis involves the assessment of a firm's past, present and anticipated
future financial condition. The objective is to identify any weakness in the
firm's financial health that could lead to the future problems and to determine
any strength that the fine might capitalize upon.
The need for
financial accounting statement is becoming increasingly indispensable. This is
due to the increased complexity of the economy and the massive growth of
corporate organization.
1.2 HISTORY OF THE COMPANY
Longman
Nigeria was incorporated on the 10'' August, 1961 as a subsidiary of Longman
group Ltd. A renowned British Publishing Company founded in 1724. Although,
Longman, Green and Company, as this company was then known had since 1947 had a
representation in Nigeria, it had operated as a mere trading out post of the
U.K. parent company concentrating on the importation and distribution of
education books produced primarily for the British school system.
A study of
the progress of Longman Nigeria Plc. over the past thirty-three years has shown
various successful project that have had powerful influence on the direction
and development of publishing industry and indeed education in Nigeria. The
blue-print of Longman's text development and list building strategies are
largely attributable to its crop of pioneer employees.
1.3 STATEMENT OF THE PROBLEM
Extent to
which the company is able to influence its overall performance.
i. Ability to meet its financial
obligation in form of dividends to investors.
ii. Inability to meet debt payment on due
dates by having sufficient cash available.
1.4 OBJECTIVES OF THE STUDY
The
objective of this study is to:
i. Assess the performance of
organizations (with particular reference to Longman Nig. Plc.), in order to
ascertain its level of performance.
ii. To see to what extent investors'
decision are influenced by the analysis of the company's performance.
iii. Finally interpret and advices where
necessary on appropriate actions to take in order to improve the performance of
the company.
1.5 RESEARCH QUESTIONS:
Financial
ratios give the previous year's performance and average performance in the
industry meaningful comparison of a firm's financial data at different points
in time and with other firms. It provides the basis for answering some relevant
questions concerning the well-being of the firm.
i. How liquid is the firm?
ii. Is management generating sufficient
profit from the firm's assets?
iii. How does the firm's management
finance its investment?
iv. Is the common stakeholders recovering
sufficient returns on their investment?
1.6 RESEARCH HYPOTHESES
Top
executives must know that the effectiveness with which accounting information
satisfies the organization's wider goals depends on to relevance, time lines
and accuracy and the way it is used by member of the organization.
Ho: Performance evaluation should be in line with
achieving corporate objectives
Hi: Performance evaluation should not be in
line with achieving corporate objectives
1.7 SIGNIFICANCE OF STUDY
This
research will be useful to management of up and coming companies. It is aimed
at helping organizations in their bid to improve growth and to allow more
investing public. Significantly, this study will be of benefit in the following
areas:
· The study will guide the company in its
future planning and growth formation
· It will also guide the company to more
purposeful areas investment.
1.8 SCOPE AND LIMITATION OF THE STUDY
The scope of
this study will be based manually on the financial statements of Longman
Nigeria Plc. as presented in its annual reports which would be used to evaluate
its performance. The scope of the research shall cover a period of four years.
The balance sheet and income statement contained in the annual reports shall be
analyzed using ratios to highlight the company's operating performance.
The research
will be limited to the publishing industry to which Longman belongs. This
research would also be limited to the performance of Longman Nigeria Plc in
relation to that of its competitors; care would be taken not to delve into
inter-firm comparison but the general performanceof the company. The personnel
function, administrative and such other functions not financially oriented will
not be dealt with.
1.9 METHODOLOGY
METHOD OF
DATA COLLECTION
The
researcher made use of primary and secondary data as supported with the aid
of Annual Reports of the company
(Longman Nigeria Plc.) and that of its competitors in the publishing industry.
1.10 LIMITATIONS OF THE RESEARCH METHOD
The main
tool of this research was the annual reports of the companies under review and
the use of ratio analysis to interpret the information contained in the
reports. Hence, the primary data is also used to elicit information for the
study.
With
reference to the Annual reports, the information contained therein were arrived
at, in line with the historical cost concept, they are not perfect indicators
of future and may not represent the presents the naira worth.
1.11 DEFINITION OF TERMS
Performance
Evaluation: This refers to the evaluation of the operating performance of the
company. Thus it refers to the evaluation of the profitability and efficiency
of its operation.
Financial
statements: This is the collective name for the items in the company's annual
report i.e. balance sheet and income statement. Those statements represent the
final output of the accounting process.
Ratio
analysis: This is the comparison of relationship between two items for a useful
interpretation of financial statements.
Profitability:
this is profit in relation to investment that generated it.
The company:
This refers to Longman Nigeria. Plc
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