INTERNATIONALIZATION AND FINANCIAL STABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
Keywords:
Financial Stability, Foreign Assets to Total Assets, Foreign Profits to Total Profits, Internationalization, Offshore Banking.
Abstract
This study aims to examine the effect of internationalization on the financial stability of deposit money banks in Nigeria. The study is crucial, as financial stability is significant in the effective functioning of all other sectors of the Nigerian economy. The data for the study were extracted from the financial statements of the deposit money banks listed on the Nigerian Exchange Group as of 2ist December 2021. The validity and reliability of data were premised on their certification financial statements by statutory auditors. Descriptive and panel data analysis were employed for the data analysis. The findings demonstrate that foreign assets to total assets and foreign taxes to total taxes have insignificant effects, while foreign profits and total profits and cross-border banking activities have significant effects. However, the joint statistics further reveal that internationalization has a positive effect on the financial stability of deposit money banks in Nigeria. The result suggests that managers at the foreign operations of the banks should review operational strategies to ensure adequate support and improve foreign banking operations performance towards contributing to the financial stability of the banks.
JEL Classification Codes: G50, P45, F23, B17.
References
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Alayo, M., Iturralde, T., Maseda, A., & Aparicio, G. (2020). Mapping family firm internationalization research: Bibliometric and literature review. Review of Managerial Science, 56(3), 57-74. https://doi.org/10.1007/s11846-020-00404-1
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Arregle, J., Chirico, F., Kano, L., Kundu, S. K., Majocchi, A., & Schulze, W. S. (2021). Family firm internationalization: Past research and an agenda for the future. Journal of International Business Studies, 52(3), 1159-1198. https://doi.org/10.1057/s41267-021-00425-2
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Boso, N., Oghazi, P., & Hultman, M. (2017). International entrepreneurial orientation and regional expansion. Entrepreneurship & Regional Development, 29(1-2), 4-26. https://doi.org/10.1080/08985626.2016.1255430
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Chang, H. F. (2013). Are stock returns a hedge against inflation in Japan? Determination using ADL Bounds Testing. Applied Economics Letters, 20(14), 1305-1309. https://doi.org/10.1080/13504851.2013.806772
Charles, A., Mesagan, E., & Saibu, M. (2018). Resource endowment and export diversification: Implications for growth in Nigeria. Studies in business & economics, 13(1), 1-13. https://doi.org/10.2478/sbe-2018-0003
Christian, E., Araya-Castillob, A., Mauricio, J, B., & Juan, G. (2021). International diversification, ownership structure and performance in an emerging market: evidence from Chile. Economic Research-Ekonomska Istraživanja, 34(1), 1202–1223. https://doi.org/10.1080/1331677X.2020.1820359
De Massis, A., Frattini, F., Majocchi, A., & Piscitello, L. (2018). Family firms in the global economy: Toward a deeper understanding of internationalization determinants, processes, and outcomes. Global Strategy Journal, 8(1), 3–21. https://doi.org/10.1002/gsj.1199
Deszczyński, B., Fonfara, K., & Dymitrowski, A. (2017). The role of relationships in initiating the internationalization process in B2B markets. Entrepreneurial Business and Economics Review, 5(4), 91-109. https://doi.org/10.15678/EBER.2017.050404
Dimos, C., & Pugh, G. (2016). The effectiveness of R&D subsidies: A meta-regression analysis of the evaluation literature. Research Policy, 45(4), 797–815. https://doi.org/10.1016/j.respol.2016.01.002
Ding, S., & McDonald, F. (2021). Is internationalization beneficial to innovation? Evidence from metal-analysis. Management International Review, 61(8), 469-519. https://doi.org/10.1007/s11575-021-00451-0
Dou, J., Jacoby, G., Li, J., Su, Y., & Wu, Z. (2019). Family involvement and family firm Internationalization: The moderating effects of board experience and geographical distance. Journal of International Financial Markets, Institutions and Money, 59(5), 250–261. https://doi.org/10.1016/j.intfin.2018.12.004
Eshetu, F., & Mehare, A. (2020). Determinants of Ethiopian agricultural exports: a dynamic panel data analysis. Review of Market Integration, 12(1–2), 70–94. https://doi.org/10.1177/0974929220969272
Eddleston, K. A., Jaskiewicz, P., & Wright, M. (2020). Family Firms and Internationalization in the Asia-Pacific: The need for multilevel perspectives. Asia Pacific Journal of Management, 37(5), 345–361. https://doi.org/10.1007/s10490-018-9608-6
Eddleston, K. A., Sarathy, R., & Banalieva, E. R. (2019). When a high-quality niche strategy is not enough to spur family-firm internationalization: The role of external and internal contexts. Journal of International Business Studies, 50(3), 783–808. https://doi.org/10.1057/s41267-018-0199-8
Fang, H., Kotlar, J., Memili, E., Chrisman, J. J., & De Massis, A. (2018). The pursuit of international opportunities in family firms: Generational differences and the role of knowledge-based resources. Global Strategy Journal, 8(1), 136–157. https://doi.org/10.1002/gsj.1197
Farhan, N. H., & Khalid, A. S. D. (2020). Impact of country-level corporate governance on entrepreneurial conditions. Cogent Business & Management, 7(1), 1-14. https://doi.org/10.1080/23311975.2020.1797261
Gentile‐Ludecke, S., Halaszovich, T., & Lundan, S. (2019). What role does CEO vision play in the internationalization process of firms? Evidence from the banking sector in Africa. Thunderbird International Business Review, 61(1), 13-27. https://doi.org/10.1002/tie.21958
Geldres-Weiss, V. V., Uribe-Borquez, C. T., Coudounaris, D. N., & Monreal-Pérez, J. (2016). Innova tion and experiential knowledge in frm exports: Applying the initial U-model. Journal of Business Research, 69(11), 5076–5081. https://doi.org/10.1016/j.jbusres.2016.04.083
Getzner, M., & Moroz, S. (2020). Regional development and foreign direct investment in transition countries: A case-study for regions in Ukraine. Post-Communist Economics, 32(7) 813–832. https://doi.org/10.1080/14631377.2020.1745564
Hammerschlag, Z., Bick, G., & Luiz, J. (2020). The internationalization of African fintech firms: Marketing strategies for successful intra-Africa expansion. International Marketing Review Emerald, 25(3), 1-38. https://doi.org/10.1108/IMR-05-2019-0130
Hernández-Perlines, F., Ariza-Montes, A., & Araya-Castillo, L. (2020). Socioemotional wealth, entrepreneurial orientation and international performance of family firms. Economic research-Ekonomska istraživanja, 33(1), 3125-3145. https://doi.org/10.1080/1331677X.2019.1685398
Hunjra, A, I., Hanif, M., Mehmood, R., & Nguyen, L. (2020). Diversification, corporate governance, regulation and bank risk-taking. Journal of Financial Reporting & Accounting, 19(1), 92-108.
Hafsa, El BekrI. (2020). The Impact of the Internationalisation of Multinational Banks on Non-financial Foreign Direct Investment in West Africa: A Modified Gravity Equation Approach. Advances in Economics and Business, 8(1), 32 - 38. https://doi.org/10.13189/aeb.2020.080104
Huyuh, H. T. N., Nguyen, P. V., & Tran, K. T. (2018). Internationalization and performance of Vietnamese manufacturing firms: does organizational slack matter? Administrative Science, 8(64), 1-15. https://doi.org/10.1108/JFRA-03-2020-0071
Iheanachor, N., & Ozegbe, A. E. (2021). The role of networks in the internationalization process of firms from emerging economies: The Nigerian perspective. International Journal of Management, Economics and Social Sciences, 10(1), 9-31.
Jiang, G., Kotabe, M., Zhang, F., Hao, A. W., Paul, J., & Wang, C. L. (2020). The determinants and performance of early internationalising firms: A literature review and research agenda. International Business Review, 29(4), 101-662. https://doi.org/10.1016/j.ibusrev.2019.101662
Kim, J., & Kim, Y. C. (2020). Heterogeneous patterns of income diversification effects in U.S. bank holding companies. International Review of Economics & Finance, 69, 731–749. https://doi.org/10.1016/j.iref.2020.07.003
Kale, P., & Singh, H. (2016). Management of overseas acquisitions by developing country multinationals and its performance implications: the Indian example. Thunderbird International Business Review, 65(6), 1-21. https://doi.org/10.1002/tie.21818
Lorenz, M. P., Clampit, J., & Ramsey, J. R. (2018). Distance is a Janus: An exploratory study of offshored innovation. International Marketing Review, 35(3), 518–546. https://doi.org/10.1108/IMR-03-2016-0065
Luiz, J., Stringfellow, D., & Jefthas, A. (2017). Institutional complementarity and substitution as an internationalization strategy: the emergence of an African multinational giant. Global Strategy Journal, 7(1), 83-103. https://doi.org/10.1002/gsj.1143
Mendoza, X., Espinosa, C., & Araya-Castillo, L. (2020). When geography matters: International diversification and firm performance of Spanish multinationals. BRQ Business Research Quarterly, 23(1), 23409 https://doi.org/10.1177/2340944420898981
Munjal, P., & Malarvizhi, P. (2021). Impact of environmental performance on financial performance: empirical evidence from Indian banking sector. Journal of Technology Management for Growing Economies, 12(1), 13-24. https://doi.org/10.15415/jtmge.2021.121002
Olaore, G. O., Adejare, B. O., & Udofia, E. E. (2020). Prospects and challenges of entrepreneurship internationalization on the competitiveness of SMEs. Asian Journal of Innovation and Entrepreneurship, 44(7), 1-25. https://doi.org/10.1108/APJIE-12-2019-0094
Oladimeji, M. S., & Udosen, I. (2019). The effect of diversification strategy on organizational performance. Journal of Competitiveness, 11(4), 120. https://doi.org/10.7441/joc.2019.04.08
Omondi-Ochieng, P. (2021). Financial performance of the United Kingdom's national non-profit sport federations: A binary logistic regression approach. Managerial Finance, 47(6), 868-886. https://doi.org/10.1108/MF-03-2020-0126
Onyeiwu, S., & Sulangna, D. (2021). An empirical analysis of the determinants of bank internationalization: A case of India and Nigeria. Financial Issues in Emerging Economics, 36(8), 1-18. https://doi.org/10.1108/S0196-382120200000036001
Uniamikogbo, E., Okoye, E. I., & Amos, A. O. (2021). Income diversification and financial performance of selected deposit money banks in Nigeria. International Journal of Applied Management Sciences and Engineering, 8(1), 1-17. https://doi.org/10.4018/IJAMSE.20210101.oa1
Vătămănescu, E. M., Cegarra-Navarro, J. G., Andrei, A. G., Dincă, V. M., & Alexandru, V. A. (2020). SMEs strategic networks and innovative performance: a relational design and methodology for knowledge sharing. Journal of Knowledge Management, 24(6), 1369-1392.
Adesina, K. S. (2021). How diversification and internationalization affect bank performance: The role of human capital. Economic Modelling, 94(5), 303-319. https://doi.org/10.1016/j.econmod.2020.10.016
Addai, B., Tang, W., & Agyeman, A. S. (2022). Examining the impact of income diversification on bank performance: Are foreign banks heterogeneous?. Journal of Applied Economics, 25(1), 1-21. https://doi.org/10.1080/15140326.2021.2022828
Aggarwal, A. (2018). Building research & analytics in sciences, technology, operations research & management. Journal of Business and Management, 32(3), 1-8.
Ali, S., Mathur, A. N., & Jaiswal, A. K. (2022). Antecedents to firm performance during re-internationalization. Australian Journal of Management, 47(3), 423–453. https://doi.org/10.1177/03128962211040134
Alyousfi, A. Y. H., Saha, A., & Rus, R. M. (2020). Percentage impact of bank competition and concentration on bank risk-taking behavior and stability: Evidence from GCC countries. North American Journal of Economics and Finance, 51(7), 1-13. https://doi.org/10.1016/j.najef.2018.10.015
Alayo, M., Iturralde, T., Maseda, A., & Aparicio, G. (2020). Mapping family firm internationalization research: Bibliometric and literature review. Review of Managerial Science, 56(3), 57-74. https://doi.org/10.1007/s11846-020-00404-1
Alouane, N., Kahloul, I., & Grira, J. (2022). The trilogy of ownership, income diversification and performance empirical evidence from Tunisian banks. Finance Research Letters, 45(5), 1-21. https://doi.org/10.1016/j.frl.2021.102180
AlKhouri, R., & Arouri, H. (2019). Effect of diversification on risk and return in banking sector. International Journal of Managerial Finance, 15(1), 100–128. https://doi.org/10.1108/IJMF-01-2018-0024
Amungo, E., & Buck, T. (2017).International expansion of Nigerian banks which theories of internationalization prevailed? Nile Journal of Business and Economics, 6(2), 79-96. Retrived from http://www.ijstr.org/paper-references.php?ref=IJSTR-0820-40600
Arregle, J., Chirico, F., Kano, L., Kundu, S. K., Majocchi, A., & Schulze, W. S. (2021). Family firm internationalization: Past research and an agenda for the future. Journal of International Business Studies, 52(3), 1159-1198. https://doi.org/10.1057/s41267-021-00425-2
Baier-Fuentes, H., Hormiga, E., Miravitlles, P., & Blanco-Mesa, F. (2019). International entrepreneurship: A critical review of the research field. European Journal of International Management, 13(3), 381–412. Retrived from https://pdfs.semanticscholar.org/68f9/c6f52ea1d62fa1598dca8b733206b1ee7213.pdf
Bani-Khaled, S. M., El-Dalabeeh, A. R. K., Al-Olimat, N. H., & Al Shbail, M. O. (2021). Relationship between corporate social responsibility expenditures and performance in Jordanian commercial banks. The Journal of Asian Finance, Economics and Business, 8(3), 539-549. https://doi.org/10.13106/jafeb.2021.vol8.no3.0539
Boso, N., Oghazi, P., & Hultman, M. (2017). International entrepreneurial orientation and regional expansion. Entrepreneurship & Regional Development, 29(1-2), 4-26. https://doi.org/10.1080/08985626.2016.1255430
Brahmana, R., Kontesa, M., & Gilbert, R. E. (2018). Income diversification and bank performance: Evidence from Malaysian banks. Economics Bulletin, 38(2), 799–809. Retrived from http://www.accessecon.com/Pubs/EB/2018/Volume38/EB-18-V38-I2-P79.pdf
Cao, J., Wu, C., Tetteh, S., Guang, H., & Miao, G. (2021). Symmetric modeling of diversification strategy and organizational structure on financial performance: Evidence from China. Symmetry, 13(4), 1-19. https://doi.org/10.3390/sym13020196
Castellani, D., Montresor, S., Schubert, T., & Vezzani, A. (2017). Multinationality, R&D and produc tivity: Evidence from the top R&D investors worldwide. International Business Review, 26(3), 405–416. https://doi.org/10.1016/j.ibusrev.2016.10.003
Chang, H. F. (2013). Are stock returns a hedge against inflation in Japan? Determination using ADL Bounds Testing. Applied Economics Letters, 20(14), 1305-1309. https://doi.org/10.1080/13504851.2013.806772
Charles, A., Mesagan, E., & Saibu, M. (2018). Resource endowment and export diversification: Implications for growth in Nigeria. Studies in business & economics, 13(1), 1-13. https://doi.org/10.2478/sbe-2018-0003
Christian, E., Araya-Castillob, A., Mauricio, J, B., & Juan, G. (2021). International diversification, ownership structure and performance in an emerging market: evidence from Chile. Economic Research-Ekonomska Istraživanja, 34(1), 1202–1223. https://doi.org/10.1080/1331677X.2020.1820359
De Massis, A., Frattini, F., Majocchi, A., & Piscitello, L. (2018). Family firms in the global economy: Toward a deeper understanding of internationalization determinants, processes, and outcomes. Global Strategy Journal, 8(1), 3–21. https://doi.org/10.1002/gsj.1199
Deszczyński, B., Fonfara, K., & Dymitrowski, A. (2017). The role of relationships in initiating the internationalization process in B2B markets. Entrepreneurial Business and Economics Review, 5(4), 91-109. https://doi.org/10.15678/EBER.2017.050404
Dimos, C., & Pugh, G. (2016). The effectiveness of R&D subsidies: A meta-regression analysis of the evaluation literature. Research Policy, 45(4), 797–815. https://doi.org/10.1016/j.respol.2016.01.002
Ding, S., & McDonald, F. (2021). Is internationalization beneficial to innovation? Evidence from metal-analysis. Management International Review, 61(8), 469-519. https://doi.org/10.1007/s11575-021-00451-0
Dou, J., Jacoby, G., Li, J., Su, Y., & Wu, Z. (2019). Family involvement and family firm Internationalization: The moderating effects of board experience and geographical distance. Journal of International Financial Markets, Institutions and Money, 59(5), 250–261. https://doi.org/10.1016/j.intfin.2018.12.004
Eshetu, F., & Mehare, A. (2020). Determinants of Ethiopian agricultural exports: a dynamic panel data analysis. Review of Market Integration, 12(1–2), 70–94. https://doi.org/10.1177/0974929220969272
Eddleston, K. A., Jaskiewicz, P., & Wright, M. (2020). Family Firms and Internationalization in the Asia-Pacific: The need for multilevel perspectives. Asia Pacific Journal of Management, 37(5), 345–361. https://doi.org/10.1007/s10490-018-9608-6
Eddleston, K. A., Sarathy, R., & Banalieva, E. R. (2019). When a high-quality niche strategy is not enough to spur family-firm internationalization: The role of external and internal contexts. Journal of International Business Studies, 50(3), 783–808. https://doi.org/10.1057/s41267-018-0199-8
Fang, H., Kotlar, J., Memili, E., Chrisman, J. J., & De Massis, A. (2018). The pursuit of international opportunities in family firms: Generational differences and the role of knowledge-based resources. Global Strategy Journal, 8(1), 136–157. https://doi.org/10.1002/gsj.1197
Farhan, N. H., & Khalid, A. S. D. (2020). Impact of country-level corporate governance on entrepreneurial conditions. Cogent Business & Management, 7(1), 1-14. https://doi.org/10.1080/23311975.2020.1797261
Gentile‐Ludecke, S., Halaszovich, T., & Lundan, S. (2019). What role does CEO vision play in the internationalization process of firms? Evidence from the banking sector in Africa. Thunderbird International Business Review, 61(1), 13-27. https://doi.org/10.1002/tie.21958
Geldres-Weiss, V. V., Uribe-Borquez, C. T., Coudounaris, D. N., & Monreal-Pérez, J. (2016). Innova tion and experiential knowledge in frm exports: Applying the initial U-model. Journal of Business Research, 69(11), 5076–5081. https://doi.org/10.1016/j.jbusres.2016.04.083
Getzner, M., & Moroz, S. (2020). Regional development and foreign direct investment in transition countries: A case-study for regions in Ukraine. Post-Communist Economics, 32(7) 813–832. https://doi.org/10.1080/14631377.2020.1745564
Hammerschlag, Z., Bick, G., & Luiz, J. (2020). The internationalization of African fintech firms: Marketing strategies for successful intra-Africa expansion. International Marketing Review Emerald, 25(3), 1-38. https://doi.org/10.1108/IMR-05-2019-0130
Hernández-Perlines, F., Ariza-Montes, A., & Araya-Castillo, L. (2020). Socioemotional wealth, entrepreneurial orientation and international performance of family firms. Economic research-Ekonomska istraživanja, 33(1), 3125-3145. https://doi.org/10.1080/1331677X.2019.1685398
Hunjra, A, I., Hanif, M., Mehmood, R., & Nguyen, L. (2020). Diversification, corporate governance, regulation and bank risk-taking. Journal of Financial Reporting & Accounting, 19(1), 92-108.
Hafsa, El BekrI. (2020). The Impact of the Internationalisation of Multinational Banks on Non-financial Foreign Direct Investment in West Africa: A Modified Gravity Equation Approach. Advances in Economics and Business, 8(1), 32 - 38. https://doi.org/10.13189/aeb.2020.080104
Huyuh, H. T. N., Nguyen, P. V., & Tran, K. T. (2018). Internationalization and performance of Vietnamese manufacturing firms: does organizational slack matter? Administrative Science, 8(64), 1-15. https://doi.org/10.1108/JFRA-03-2020-0071
Iheanachor, N., & Ozegbe, A. E. (2021). The role of networks in the internationalization process of firms from emerging economies: The Nigerian perspective. International Journal of Management, Economics and Social Sciences, 10(1), 9-31.
Jiang, G., Kotabe, M., Zhang, F., Hao, A. W., Paul, J., & Wang, C. L. (2020). The determinants and performance of early internationalising firms: A literature review and research agenda. International Business Review, 29(4), 101-662. https://doi.org/10.1016/j.ibusrev.2019.101662
Kim, J., & Kim, Y. C. (2020). Heterogeneous patterns of income diversification effects in U.S. bank holding companies. International Review of Economics & Finance, 69, 731–749. https://doi.org/10.1016/j.iref.2020.07.003
Kale, P., & Singh, H. (2016). Management of overseas acquisitions by developing country multinationals and its performance implications: the Indian example. Thunderbird International Business Review, 65(6), 1-21. https://doi.org/10.1002/tie.21818
Lorenz, M. P., Clampit, J., & Ramsey, J. R. (2018). Distance is a Janus: An exploratory study of offshored innovation. International Marketing Review, 35(3), 518–546. https://doi.org/10.1108/IMR-03-2016-0065
Luiz, J., Stringfellow, D., & Jefthas, A. (2017). Institutional complementarity and substitution as an internationalization strategy: the emergence of an African multinational giant. Global Strategy Journal, 7(1), 83-103. https://doi.org/10.1002/gsj.1143
Mendoza, X., Espinosa, C., & Araya-Castillo, L. (2020). When geography matters: International diversification and firm performance of Spanish multinationals. BRQ Business Research Quarterly, 23(1), 23409 https://doi.org/10.1177/2340944420898981
Munjal, P., & Malarvizhi, P. (2021). Impact of environmental performance on financial performance: empirical evidence from Indian banking sector. Journal of Technology Management for Growing Economies, 12(1), 13-24. https://doi.org/10.15415/jtmge.2021.121002
Olaore, G. O., Adejare, B. O., & Udofia, E. E. (2020). Prospects and challenges of entrepreneurship internationalization on the competitiveness of SMEs. Asian Journal of Innovation and Entrepreneurship, 44(7), 1-25. https://doi.org/10.1108/APJIE-12-2019-0094
Oladimeji, M. S., & Udosen, I. (2019). The effect of diversification strategy on organizational performance. Journal of Competitiveness, 11(4), 120. https://doi.org/10.7441/joc.2019.04.08
Omondi-Ochieng, P. (2021). Financial performance of the United Kingdom's national non-profit sport federations: A binary logistic regression approach. Managerial Finance, 47(6), 868-886. https://doi.org/10.1108/MF-03-2020-0126
Onyeiwu, S., & Sulangna, D. (2021). An empirical analysis of the determinants of bank internationalization: A case of India and Nigeria. Financial Issues in Emerging Economics, 36(8), 1-18. https://doi.org/10.1108/S0196-382120200000036001
Uniamikogbo, E., Okoye, E. I., & Amos, A. O. (2021). Income diversification and financial performance of selected deposit money banks in Nigeria. International Journal of Applied Management Sciences and Engineering, 8(1), 1-17. https://doi.org/10.4018/IJAMSE.20210101.oa1
Vătămănescu, E. M., Cegarra-Navarro, J. G., Andrei, A. G., Dincă, V. M., & Alexandru, V. A. (2020). SMEs strategic networks and innovative performance: a relational design and methodology for knowledge sharing. Journal of Knowledge Management, 24(6), 1369-1392.
Published
2023-05-11
How to Cite
Chukwuka, E., Akintoye, R. I., & Aguguom, T. A. (2023). INTERNATIONALIZATION AND FINANCIAL STABILITY OF DEPOSIT MONEY BANKS IN NIGERIA. International Journal of Accounting & Finance Review, 14(2), 1-12. https://doi.org/10.46281/ijafr.v14i2.2004
Section
Regular Research Article/ Short Communication Article
Copyright (c) 2023 Egbule Chukwuka, Rufus Ishola Akintoye, Theophilus Anaekenwa Aguguom
This work is licensed under a Creative Commons Attribution 4.0 International License.
