Original Research Article | OPEN ACCESS
Employee Remuneration and the Financial Performance of Selected Manufacturing Companies in Nigeria

Kehinde JOB-OLATUNJI, Amos Oluwafemi CRAIG1 , LuqmanOlamide DAIRO, Mohammed Akande ADEDAMOLA, Sam Ola PETERS, Gabriel Adewole SHORINMADE,

Department of Accountancy, School of Management Sciences, D.S. Adegbenro ICT Polytechnic, Itori-Ewekoro, Ogun State, Nigeria.;

For correspondence:-  Amos CRAIG   Email: amoscraig4luv@yahoo.com

Received: January 4, 2020        Accepted: September 15, 2020        Published: 24 October 2020

Citation: JOB-OLATUNJI K, CRAIG AO, DAIRO L, ADEDAMOLA MA, PETERS SO, SHORINMADE GA, Employee Remuneration and the Financial Performance of Selected Manufacturing Companies in Nigeria. Account Tax Rev 2020; 4(3):54-65 doi:

© 2020 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..


This study investigates employee remuneration and the performance of selected Nigeria manufacturing companies using five companies that had the highest asset base from the quoted manufacturing companies. A non-experimental research design was adopted using a dataset for the period 2009–2018 collated from the annual reports and financial statement of the selected manufacturing companies. Three hypotheses were proposed and tested using a multiple regression model. The findings revealed that there is a statistically significant relationship between staff salaries, post-employment benefits, and Profit after tax of selected Nigeria manufacturing companies with P-value of 0.0090 and 0.0006, respectively. The findings show that staff cost is not significantly related to profit with P-value of 0.8894. The study recommended that manufacturing companies should intensify training and retraining programmes for all staff, particularly the management staff, to improve management efficiency.

Keywords: Cost, Staff Salaries, Post-employment benefit, Profit after tax

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