{"id":3347,"date":"2024-12-06T17:28:47","date_gmt":"2024-12-06T17:28:47","guid":{"rendered":"https:\/\/journals.amssr.org\/grjesd\/?p=3347"},"modified":"2024-12-06T19:02:42","modified_gmt":"2024-12-06T19:02:42","slug":"implication-of-sustainability-reporting-of-trade-openness-operations-to-insurance-business-activities-1996-2023-econometric-evidence-from-nigeria","status":"publish","type":"post","link":"https:\/\/journals.amssr.org\/grjesd\/2024\/12\/06\/implication-of-sustainability-reporting-of-trade-openness-operations-to-insurance-business-activities-1996-2023-econometric-evidence-from-nigeria\/","title":{"rendered":"Implication of Sustainability Reporting of Trade Openness Operations to Insurance Business Activities, 1996 -2023: Econometric Evidence from Nigeria"},"content":{"rendered":"\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/journals.amssr.org\/grjesd\/wp-content\/uploads\/sites\/4\/2024\/12\/Implication-of-Sustainability.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Implication of Sustainability.\"><\/object><a id=\"wp-block-file--media-699e8a05-35a5-40f8-9a88-fe07d599994d\" href=\"https:\/\/journals.amssr.org\/grjesd\/wp-content\/uploads\/sites\/4\/2024\/12\/Implication-of-Sustainability.pdf\">Implication of Sustainability<\/a><a href=\"https:\/\/journals.amssr.org\/grjesd\/wp-content\/uploads\/sites\/4\/2024\/12\/Implication-of-Sustainability.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-699e8a05-35a5-40f8-9a88-fe07d599994d\">Download<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Abstract<\/h2>\n\n\n\n<p><strong>Research Objective:<\/strong> This study investigated the implications of sustainability reporting on trade openness for insurance business activities in Nigeria from 1996 to 2023. Specifically, it examined the impact of trade openness on insurance premium, insurance investment, and insurance assets.<\/p>\n\n\n\n<p><strong>Methodology:<\/strong> The study adopted an ex-post facto research design, sourcing data from the Central Bank of Nigeria Statistical Bulletin (2023). Augmented Dickey-Fuller tests were used to determine the diagnostic treatment of variables, and the normality of distribution was confirmed using the Jarque-Bera test. Ordinary Least Squares (OLS) regression analysis was conducted, using Real Gross Domestic Product (GDP) as a proxy for insurance business activities, while insurance premium, insurance investment, and insurance assets served as explanatory variables.<\/p>\n\n\n\n<p><strong>Findings:<\/strong> The results revealed that trade openness positively but non-significantly impacted insurance premium (10%, p-value = 0.22), insurance assets (9%, p-value = 0.21), and insurance investment (4%, p-value = 0.75) in Nigeria. These findings suggest that while trade openness contributes positively to insurance business activities, its effects are not statistically significant.<\/p>\n\n\n\n<p><strong>Conclusion:<\/strong> Trade openness, as an indicator of international trade capacity, significantly influences the growth potential of insurance business activities. Increased openness fosters a conducive environment for insurance activities to thrive, enhancing economic growth.<\/p>\n\n\n\n<p><strong>Recommendation:<\/strong> The study recommends that the government adopt enhanced sustainability reporting measures to maximize the positive impacts of trade openness on insurance business activities. These measures are crucial for capacity building and promoting economic growth in Nigeria.<\/p>\n\n\n\n<p><strong><em>Key words:&nbsp; <\/em><\/strong><em>Trade openness, Insurance activity, Insurance premium, Insurance investment, Insurance Assets.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">References<\/h2>\n\n\n\n<p>Akpan, D. C. &amp; Simeon U. J. (2021). Corporate sustainability disclosures and cash flow return on investment of shareholders of oil and gas companies in Nigeria. International Journal of Innovative Finance and Economics Research, 9(3),111-124.<\/p>\n\n\n\n<p>Akpan, D. C. &amp; Emenyi, E. O. (2020). Effect of triple bottom line reporting on financial and&nbsp;<\/p>\n\n\n\n<p>operating performance: Implications for Nigeria oil and gas sector. FUO Quarterly Journal of Contemporary Research, 8(4), 64-95.<\/p>\n\n\n\n<p>&nbsp;Brueckner, M., &amp; Lederman, D. (2015). Trade openness and economic growth: Panel data&nbsp;<\/p>\n\n\n\n<p>evidence from SubSaharan Africa. Economica, 82, 1302-1323.<\/p>\n\n\n\n<p>&nbsp;Chimaobi V. Okolo, Afamefuna J. Ani, E .(2015)The Effect of Insurance on Foreign Direct&nbsp;<\/p>\n\n\n\n<p>Investments Inflow to Nigeria; International Journal of Mechanical and Industrial Engineering;Vol:9, No:7, 2015<\/p>\n\n\n\n<p>&nbsp;Cooke,D&nbsp; (2010). Openness and Inflation Journal of Money, Credit and banking, 234-254<\/p>\n\n\n\n<p>Danlami, M. R., Loganatha, N. Streimikiene, D., Mardani, A., and Golam H, A.A. (2018). The&nbsp;<\/p>\n\n\n\n<p>effects of financial development and trade openness on Nigeria\u2018s dynamic growth. Economics and Sociology, 11(4), 128-141&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Gruzina, Y., Firsova, I., &amp; Strielkowski, W. (2021). Dynamics of human capital development in&nbsp;<\/p>\n\n\n\n<p>economic development cycles. Economies, 9(2), 67.3.<\/p>\n\n\n\n<p>Lawinsider (2024): Insurance Activity in developing economy. Journal of management sciences&nbsp;123-161<\/p>\n\n\n\n<p>Igbodika, M., Ibenta, S. N. &amp; Isaac, J. E. (2016) The contribution of insurance investment to&nbsp;<\/p>\n\n\n\n<p>economic growth in Nigeria; 1980-2014, International Journal of Advanced Studies in Business Strategies and Management, 4(1), 110-12<\/p>\n\n\n\n<p>Lionel E, Noel E, Emmanuel U, Okey O. O and Rowland T.O (2022): Does Trade Openness&nbsp;<\/p>\n\n\n\n<p>Influence the Performance of Small and Medium Enterprises in Nigeria? A Re-evaluation of the Evidence. journal homepage: www.cell.com\/heliyon Department of Economics, University of Calabar, Calabar, Nigeria. Heliyon 8 (2022) e10769&nbsp;<\/p>\n\n\n\n<p>.Muhammad U. A , Muhammad N.S and Momna N (2023) Trade Openness and Public Innovation:&nbsp;Journals: 1\u201316&nbsp;<\/p>\n\n\n\n<p>Outreville ,J.F.(2013). The Relationship Between Insurance and Economic Development: 85&nbsp;<\/p>\n\n\n\n<p>Empirical Paper for a Review of Literature&#8221; Risk Management Insurance Review 16(1):71-122.<\/p>\n\n\n\n<p>Relwend\u00e9 S (2018) Insurance development and international trade in developing Countries: The&nbsp;International Trade Journal, Department of Economics, University Ouaga I Pr Joseph Ki-Zerbo, Ouagadougou,<\/p>\n\n\n\n<p>Sal A and Atul D (2019)Trade Openness, Factors Productivity, And Economic Growth: Recent&nbsp;<\/p>\n\n\n\n<p>Evidence From OECD COUNTRIES (2000-2015), Applied Econometrics and International Development Vol. 19-1 (2019)<\/p>\n\n\n\n<p>Solomon, O. (2018). Insurance premium and investment: what impact has it had on Nigeria\u2019s&nbsp;<\/p>\n\n\n\n<p>Economic growth..<\/p>\n\n\n\n<p>Thorsten ,B and Lan,W.(2022). Determinants of Life Insurance Consumption Across the&nbsp;<\/p>\n\n\n\n<p>Countries. The World Bank Development Research Group Finance<\/p>\n\n\n\n<p>Timothy K.K and Itode J.K (2021) Trade Openness, Human Capital Investment And Economic&nbsp;<\/p>\n\n\n\n<p>Growth In Nigeria, International Journal of Development and Economic Sustainability; Department of Economics,Vol.9,57-71, 2021<\/p>\n\n\n\n<p>Thorsten,B and Ian,W (2022):Determinants of Life Insurance Consumption across Countries. The&nbsp;<\/p>\n\n\n\n<p>World Bank. Police Research Working Paper. Development Research Group Finance February 2002<\/p>\n\n\n\n<p>UNCTAD (2007): Trade And Development Aspect of Insurance Service And Regulations&nbsp;<\/p>\n\n\n\n<p>Framework; United Nation Conference on Trade and Development 1(1). New York&nbsp; and Geneva.<\/p>\n\n\n\n<p>Umoren, A. O. &amp; Ukpong, E. G. (2022). Corporate attributes and sustainability reporting: A&nbsp;<\/p>\n\n\n\n<p>study of Nigerian listed companies. IDORS Journal of Humanities and Social Sciences 7(1), 8-22,<\/p>\n\n\n\n<p>Umar, B. H, Hawwa, A. A, Nazeef,B.H and Yahaya, Y.M.(2021) Impact of Trade Openness on&nbsp;<\/p>\n\n\n\n<p>Economic Development in Nigeria: International Journal of Intellectual Discourse (IJID) 2636-4832<\/p>\n\n\n\n<p>Victor, U.(2019). Impact of Trade openness on Economic Growth among ECOWAS countries:&nbsp;<\/p>\n\n\n\n<p>1975-2017. CBN Journal of Applied Statistics (10)1<\/p>\n\n\n\n<p>Yanikkaya, H. (2003). Trade Openness and Economic Growth: A cross-country Empirical&nbsp;<\/p>\n\n\n\n<p>Investigation. economic 72(1):57-89.<\/p>\n\n\n\n<p>Sal A and Atul D. (2019) Trade Openness, Factors Productivity and Economic Growth: Recent&nbsp;<\/p>\n\n\n\n<p>Evidence From OECD COUNTRIES (2000-2015), Applied Econometrics and International Development Vol. 19-1 (2019).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abstract Research Objective: This study investigated the implications of sustainability reporting on trade openness for insurance business activities in Nigeria from 1996 to 2023. Specifically, it examined the impact of trade openness on insurance premium, insurance investment, and insurance assets. Methodology: The study adopted an ex-post facto research design, sourcing data from the Central Bank of Nigeria Statistical Bulletin (2023). Augmented Dickey-Fuller tests were used to determine the diagnostic treatment of variables, and the normality of distribution was confirmed using [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3281,"comment_status":"open","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,22,21],"tags":[38,39],"class_list":["post-3347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grjesd","category-issue-1","category-volume-1","tag-ezeaku-faith-onyedikachi","tag-ezema-clifford-anene-phd"],"_links":{"self":[{"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/posts\/3347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/comments?post=3347"}],"version-history":[{"count":3,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/posts\/3347\/revisions"}],"predecessor-version":[{"id":3356,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/posts\/3347\/revisions\/3356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/media\/3281"}],"wp:attachment":[{"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/media?parent=3347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/categories?post=3347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjesd\/wp-json\/wp\/v2\/tags?post=3347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}