ABSTARCT
There is now a large and complex literature on optimal income taxation, within the context of second-best welfare economics. This paper considers the potential role of this analysis in the practical design of direct tax and transfer structures. It is stressed that few results are robust, even in simple models, in view of the important role played by alternative social welfare functions, the nature of the distribution of abilities and the preferences of individuals. In view of these negative results, it is suggested that a range of empirical tax analyses, capturing particular issues, can provide helpful guidance for policy analysts. Numerical illustrations are provided, paying attention to the role of a ‘top’ marginal tax rate applied to higher-income groups. In particular, behavioral micro simulation models can be used to examine marginal direct tax reform. Such models have the advantages of capturing the full extent of population heterogeneity and the complexity of the tax structure.
Personal income tax is the tax paid by individuals from both the formal and informal sectors of the economy. While those on employment pay as they earn which is popularly known as PAYE, those in formal and informal sectors are directly assessed based on the income they generate from their entrepreneurial ventures, which is also known as Direct Assessment. The aim of this paper is to assess the contribution of personal income tax as a source of revenue for state governments in Nigeria. Data for the analysis were derived from published secondary sources. The paper has established a significant difference between the amount generated as internally generated revenue and the inadequacies of the internally generated revenue to cater for the states’ total expenditure profiles. There is also an indication of a higher reliance on the federation account for the states revenue profile. It is recommended that the states must look inwards and develop new strategies to enhance their internally generated revenue base, most especially given the current dwindling prices of oil in the international market.
TABLE
OF CONTENTS
Title
page i
Declaration ii
Certification iii
Dedication iv
Acknowledgements v
Table
of contents vi
List
of Tables ix
Abstract x
CHAPTER ONE
INTRODUCTION
1.1 Background to
the Study 1
1.2 Statement of
the problem 3
1.3 Objectives of
the study 4
1.4 Research
Questions 5
1.5
Research Hypotheses 5
1.6
Significance of the Study 5
1.6.1
Internal audit unit/department 5
1.6.2
Abia State Ministry of finance 6
1.6.3
General public 6
1.6.4
Researchers/students 6
1.7 Scope of the
Study 6
1.8
Limitations of the study 7
1.8.1Time 7
1.8.2
Finance 7
CHAPTER TWO
LITERATURE REVIEW
2.1
Conceptual Framework 8
2.1.2
System Audit 10
2.1.3
Internal Audit Techniques 12
2.1.4 Application
of Analytical Technique in Fraud Detection 14
2.1.5 Types of Fraud 15
2.1.6
Functions of Internal Auditor in corporate control of errors, irregularities and frauds 15
2.1.7 Problems of an Internal
Auditor 16
2.2 Theoretical Framework 17
2.2.1
Agency theory 17
2.2.2
Stewardship theory 18
2.2.3
Stakeholders Theory 19
2.3 Empirical Review 20
CHAPTER THREE
RESEARCH
METHODOLOGY
3.1
Research Design 22
3.2
Population of the Study 22
3.3
Area of the Study 22
3.4
Methods of Data Collection 23
3.4.1
Personal interview 23
3.4.2
Questionnaire 23
3.5
Sample Size and Sample Size Determination 24
3.6
Validity of instrument 25
3.7
Reliability of the instrument 25
3.8
Model Specification 25
3.10 Data Analysis
Techniques 27
CHAPTER FOUR
PRESENTATION
AND ANALYSIS OF DATA
4.1.
Presentation of Data 28
4.2.
Discussion of Findings on Hypothesis 1 32
4.2.1 Test of
hypothesis 1 34
4.3.
Discussion of Findings on Hypothesis 2 35
4.3.1 Test of
hypothesis 2 37
CHAPTER FIVE
SUMMARY OF
FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1
Summary of Findings 38
5.2
Conclusion 39
5.3
Recommendations 41
References
43
Appendix
A
LIST OF TABLES
Table 4.1:
Distribution of questionnaires and the response rate of respondents. 28
Table 4.2:
Regression Data 29
Table 4.3 Qualification of Respondents 31
Table 4.4 Years of Work Experience 31
Table 4.5:
Ordinary least squares method on Hypothesis 1. 32
Table 4.6: Ordinary least squares method on Hypothesis
2. 36
CHAPTER
ONE
INTRODUCTION
1.1 Background of the Study
Advertising
is a powerful marketing communication tool used by companies to fulfill the
promotional task, it is impersonal form of communication or presentation of
goods, ideas, or services conducted through paid media under open or identified
sponsorship. It is a marketing tool that helps to sell goods, service, images,
and ideas through information and persuasion.
One
function of the mass media which is becoming increasingly important in the
modern world is the economic function of advertising. The mass media perform
this function for the people by bringing together buyers and sellers through
advertisement. Again, the world is fast becoming a common market place of
ideas. Many multinational and national companies have come to realize that
people have the same basic needs and desires. Consequently, they have heeded to
calls for global marketing and can promote their goods and services using
advertisements.
An
advertisement is defined by the Advertising Practitioners Council of Nigeria (APCON)
as “a communication in the media paid for by an identifiable sponsor and
directed at a target audience with the aim of transferring information about a
product, service, idea or cause”. According to Eluwa (2005), “advertising is a
form of non-personal method of communicating information which is usually paid
for by a sponsor through various media”. These definitions point to the fact
that advertising is a persuasive communication, because it tries to persuade
the readers, viewers or listeners to take to the sponsor’s point of view and
also take some appropriate actions towards an object of advertisement.
In
an industrial and free competitive market economy, where the interplay of
economic variables dictates the market, the problem of survival of business
becomes a very nightmarish one from producers and manufactures. The singular
desire of manufacturers becomes how to create awareness and market for their
goods. Advertising is the one strategy that fulfills their desire completely.
The desire to be buoyant and to increase profit has given advertisement an
irrevocable reputation.
Advertising
is not undertaken by management just for fun or to keep products or services.
It is principally involved in persuasion or advocacy even apparently, just
giving is information, using media that are paid for it to get through to the
mass audience with the identity of the advertisers being clear. Advertising has
the mandate to sell the advertiser’s goods and help the consumers to shop
wisely (Okoro, 1995:42). Thus, advertising is to communicate information about
a product, service or idea and thus stimulate demand.
For
the foregoing, advertising is clearly a very broad concept that encompasses all
forms of promotional communication, regardless of the means or methods of
execution. A summary of these definitions shows that advertising is simply an
attempt to inform people who are not aware of the existence of a product and
its location and those who are able to buy. Without advertising a product,
buyers and sellers end up being strangers to each other. Advertising is an
agent of choice, one of the most important benefits is that it facilitates the
consumers becoming active rather than passive agents in the economic cycle. For
a consumer to make a purchase, he need to be informed, he receives information
from variety of sources and make his decision one.
What is the FMCG
industry?
Also known as the
Consumer Packaged Goods or CPG Industry, this multi-million dollar sector is
made up of a huge range of famous brand names – the kind that we use every
single day. These fast moving consumer goods are the essential items we
purchase when we go shopping and use in our everyday lives. They're the
household items you pick up when you're buying groceries or visit your local
chemist or pharmacy. These goods are referred to as 'fast moving', quite
simply, because they're the quickest items to leave the supermarket shelves.
They also tend to be the high volume, low cost items.
Cleaning and laundry products, over the counter medicines, personal care items
and food stuffs make up a large bulk of the goods in the FMCG arena, but it
doesn't end there. Paper products, pharmaceuticals, consumer electronics,
plastic goods, printing and stationery, alcoholic drinks, tobacco and
cigarettes can all be considered fast moving consumer goods or consumer
products too.
The top FMCG companies are characterized by their ability to produce the items
that are in highest demand by consumers and, at the same time develop loyalty
and trust towards their brands. Some of the leading FMCG companies in the
country include: Coca Cola, Indomie Noodles, Flourmill, Pepsi, Milo, and Cadbury
products etc, The FMCG are those organizations that
produce and market the basic needs of the masses or consumers in the population.
The producers and marketers of such FMCG products adapt a unique marketing
communication strategy.
1.2 Statement of Problem
It
is a known fact that television advertisements are persuasive techniques to
appeal to consumers’ sense of buying. It is also inevitable that television
advertisement have a lot of influence on human behavior. One of such influence
is that it stimulates consumers to buy even in the face of inflation and
economic hardship. As such, business
organizations the world over spend fortune in ensuring that the existing of
their products is brought to the knowledge of their target audience.
However,
despite such efforts, consumers many a time have turned down the content of
advertisements due to various reasons. Some even maintain that the information
content of the advert is not enough, while others are of the opinion that the
information content of the advert does not reveal the contents of the product.
On
this backdrop, this work sought to investigate and evaluate the impact of
television advertising on Nigerian consumers using a cross section of consumers
in Owerri as a study group.
1.3 Objectives of the Study
The
major objective of this study is to determine the effect of television
advertising on the consumers of FMCG in Imo State. The other objectives of the study
is TO;
i. examine
the extent at which television advertising has impacts on consumers’ awareness
of FMCG in Imo State.
ii. examine
the extent at which such television advertising has enhanced the brand loyalty
of FMCG users in Imo State.
iii. determine
the effect of television advertising on the product trial of consumers of FMCG
in Imo State..
iv. determine the
effect of television advertising on the purchase acceleration among FMCG
consumers in Imo State.
v. determine
the influence of television advertising on the sales patronage attitude of FMCG
users in Imo State.
1.4 Research Questions
Sequel
to the objectives/of the study above, this study is guided by the following
research questions:
a.
To what extent has
television advertising impacted on consumers’ awareness of FMCG in Imo State?
b.
To what extent has
television advertising enhanced brand loyalty of FMCG in Imo State?
c.
To what extent has
television advertising enhanced the FMCG product trial among the consumers?
d.
To what extent television
advertising influence the purchase acceleration of FMCG in Imo State.?
e.
What is influence of television
advertising on the sales patronage attitude among the FMCG users in Imo State?
1.5 Hypotheses Formulation
Any
study that adopts a scientific method or technique proceeds by making
conjectural statements about the relationship between variables. This work is
no exception and as such the following null hypotheses will be tested.
HO1: There is no significant relationship between
television advertising and consumer awareness of FMCG in Imo State..
HO2: There is no significant relationship between
television advertising and brand loyalty of FMCG in Imo State..
HO3: There is no significant relationship between
television adverting and FMCG product trial by consumers in Imo State..
HO4: There is no significant relationship between
television advertising and FMCG purchase acceleration among consumers in Imo
State..
HO5:
There is no significant relationship between television advertising and FMCG
purchase acceleration the sales patronage attitude of FMCG among consumers in
Imo State.
1.6 Significance of the Study
This
implies those that will directly or indirectly benefit from this work at its
reasonable conclusion. As always, the immediate academic community will be the
first to benefit from it as it will form a basis for subsequent studies on this
area of research-advertising and consumer behavior.
Secondly,
this work to a large extent will help resolve the debate on the impacts of
television advertising on consumers by students, lecturers and practitioners.
Thirdly,
business organizations will find this work invaluable as it will guide them
accordingly, and provide as well an insight into the impact of television advertising
on consumer buying behavior in Imo State.
Finally,
the work will be good for public consumption as everyone is directly or indirectly
a consumer.
1.7 Scope of the Study
Scope
according to Nnamocha (2005) is defines as the boundaries for the work”.
Accordingly, considering the limitations and constraints of working with the
population (Nigerian consumers as a whole) of the study, the researchers
resorted to use the consumers in Oweeri urban of Imo state as the study group.
Hence, the scope of this study is the strength of consumes in Imo State
comprising of students, civil servants, teachers, bankers, artisans, business
men and women etc.
1.8 Limitations of the Study
Limitations
according to Nnamocha (2005:49), “are restricted imposed on a researcher by
circumstances, environment and realities.” As such, certain factors acted as
serious challenges to this work. One of such is the acute shortage of relevant
literature in certain key areas; where such were available, they are mostly
narrow in scope and scattered about several websites. It was therefore time consuming
and costly locating and assembling these materials.
Secondly,
the time frame for a research of this nature is relatively short considering
the fact that one has to meet up other academic challenges.
Thirdly,
the unfriendly attitude exhibited by some respondents never helped matters;
mainly the business men and women in Owerri, Orlu and some part of Okigwe. They
delayed this work and increased the budgeted cost of the work in terms of
transport fee to and fro.
Subsequently,
there were other significant problems (challenges) encountered in the course of
carrying out this research work but not paramount in any way to warrant their
discussion here but suffice it say that they never in any way uttered the
quality of this work as the study was completed in a record time.
1.9 Definition of Terms
For
easy understanding, it is necessary to give the operational definition of some
terms used in the body of this report as thus:
Appeal of Advertisement:
Appeal is the slogan or
need-creating stanza used in advertisement. Attractive personality,
commercial’s keyword/caption and some information adding to knowledge come
under the appeal of the advertisement of a specific brand. They motivate the
consumer to center his/her attention to the specific brand of product (Wells et
al., 1995).
Acceptance of Advertisement:
Acceptance is the extent to which, a
consumer relies on the advertisement’s information and act accordingly to the
appeal, keyword / caption, stanza, slogan and model personality (Wells et al.,
1995).
Consumer Behavior:
The decision process and physical
activity individuals engage in when evaluating, acquiring, using, or disposing
of goods and services (Loudon & Bitta, 1994).
Advertisement: This refers to a communication in the media,
paid for by an identifiable sponsor and directed at a target audience with the
aim of impacting information about a product (Kottler, 2003:250).
Advertising
Company: A company whose sole responsibility is to
advertise the product of an organization via an appropriate channel or means
(Osuala, 2005:121).
Communication:
This is the exchange and flow of information and ideas from one person to
another. It involves a sender transmitting an idea, information or feeling to a
receiver (Osuala, 2008:16).
Market
Segment:A group of people that share one or more
characteristics. Each market segment is unique as business managers decides on
various criteria to create their targets (Adirika, 2006:241).
Marketing-A
social and managerial process by which individuals and groups obtain what they
need and want through creating and exchanging products and value with others
(Anyanwu, 2000:89).
Television
Advertising –A form of advertising
involving sound and pictures which enhances easy understanding and offers the
benefit of reaching large member of audience in a single exposure (Adirika,
2006:148).
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