TABLE OF CONTENTS

Title Page    -        -        -        -        -        -        -        -        -        -        i

Declaration Page   -        -        -        -        -        -        -        -        -        ii

Certification           -        -        -        -        -        -        -        -        -        iii

Dedication            -        -        -        -        -        -        -        -        -        iv

Acknowledgements        -        -        -        -        -        -        -        -        v

Table of content    -        -        -        -        -        -        -        -        -        vi

List of Tables        -        -        -        -        -        -        -        -        -        xi

Abstract      -        -        -        -        -        -        -        -        -        -        vi

CHAPTER ONE:  INTRODUCTION

1.1     Background of the Study          -        -        -        -        -        -        1

1.2     Statement of the Problem s        -        -        -        -        -        -        3

1.3     Objectives of the Study            -        -        -        -        -        -        4

1.4     Research Questions        -        -        -        -        -        -        -        5

1.5     Research Hypotheses      -        -        -        -        -        -        -        5

1.6     Significance of the Study          -        -        -        -        -        -        6

1.7     Scope and limitation of the Study                 -        -        -        -        6

1.8     Organization of the Study       -            -        -        -        -        -        7

1.9     Operational definition of Terms          -        -        -        -        -        7

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1     Conceptual Framework   -        -        -        -        -        -        -        9

2.1.1  Historical Background of the Selected Companies -        -        -        9

2.1.2   Financial Accounting                -            -           -            -        -        12

2.1.3   The Financial Statements        -        -            -        -        -        -        12

2.1.4    Users of Financial Information and Accounting Ratios   -        -        14

2.1.5    Financial Performance Analysis        -            -            -          -           16

2.1.6    Ratio and Ratio Analysis        -        -        -        -        -        -        17

2.1.7    Comparative Standards of Ratios       -              -           -          -         19

2.1.8     Classification of Ratios          -            -             -            -                 22

2.1.9      The Importance and Limitations of Ratios -        -        -        -        27

2.2         Theoretical Framework         -        -        -        -        -        -       28

2.2.1     Stakeholders Theory             -        -        -        -        -        -        29

2.2.2          Shareholder Theory    -        -        -        -        -        -        -        30

2.2.3          Communication Theory       -        -        -        -        -        -        31

2.3                Empirical Framework           -        -        -        -        -        -        32     

2.4          Summary of Literature         -        -        -        -        -        -        36

CHAPTER THREE: RESEARCH METHODOLOGY

3.1    Research Design   -        -        -        -        -        -        -        -        38

3.2     Source of Data      -        -        -        -        -        -        -        -        38

3.3     Data Collection Technique       -        -        -        -        -        -        39

3.4     Population of the Study             -        -        -        -        -        -        39

3.5     Sample Size Determination      -        -        -        -        -        -        39

3.6      Method of Data Analysis              -              -         -        -        -        39

3.7       Model Specification                -        -        -        -        -        -        40

3.7.1    Model One          -        -        -        -        -        -        -        -        40

3.7.2    Model Two          -        -        -        -        -        -        -        -        40

3.7.3   Model Three                  -        -        -        -        -        -        -        41

3.7.4    Model Four         -        -        -        -        -        -        -        -        42

3.8       Decision Rule               -        -        -        -        -        -        -        42

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND FINDINGS

4.1     Data Presentation           -        -        -        -        -        -        -        43

4.1.1  Regression Analysis      -        -        -        -        -        -        -        44     

4.2     Hypothesis One    -        -        -        -        -        -        -        -        45

4.3     Hypothesis Two    -        -        -        -        -        -        -        -        46

4.4     Hypothesis Three  -        -        -        -        -        -        -        -        47

4.5     Hypothesis Four   -        -        -        -        -        -        -        -        48

4.6     Discussion of Findings     -          -     -        -        -        -        -        48

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND                                           RECOMMENDATION                                                       

5.1    Summary of Findings      -        -        -        -        -        -        -        50

5.2Conclusion  -        -        -        -        -        -        -        -        -        51

5.3     Recommendations          -        -        -        -        -        -        -        53

Bibliography        -        -        -        -        -        -        -        -        -        55

LIST OF TABLES

Table 4.1     Computed Average of ratios of the selected companies   -     -       -     -      -     -     44

Table 4.2      Regression Results (Return on capital employed)        -        -     -        -      -    -     45

Table 4.3      Regression Results (Current ratio)        -          -          -             -         -       -           46

Table 4.4      Regression Results (Earnings per share)           -          -      -         -          -        -     47

Table 4.5      Regression Results (Trade Receivables Period)            -         -      -      -      -    -     48