Aggregate financial and TBL performance of selected manufacturing firms in Nigeria (2014–2018).
\r\n\tIn the future, with the artificial functional nucleotides, combinatorial chemistry of nucleotides fostering synthetic life would never have been a distant dream.
",isbn:"978-1-80355-628-4",printIsbn:"978-1-80355-627-7",pdfIsbn:"978-1-80355-629-1",doi:null,price:0,priceEur:0,priceUsd:0,slug:null,numberOfPages:0,isOpenForSubmission:!0,isSalesforceBook:!1,isNomenclature:!1,hash:"365b4a84e87d26bcb24b7183814fba04",bookSignature:"Dr. Arghya Sett",publishedDate:null,coverURL:"https://cdn.intechopen.com/books/images_new/12176.jpg",keywords:"Next-Generation Sequencing, DNA, RNA, Modified Nucleotides, XNA, Hachimoji Bases, Antisense Oligonucleotides, Biosensor, Theranostic Module, Click Chemistry, Coupling Reactions, Backbone Modifications",numberOfDownloads:null,numberOfWosCitations:0,numberOfCrossrefCitations:null,numberOfDimensionsCitations:null,numberOfTotalCitations:null,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"May 18th 2022",dateEndSecondStepPublish:"July 19th 2022",dateEndThirdStepPublish:"September 17th 2022",dateEndFourthStepPublish:"December 6th 2022",dateEndFifthStepPublish:"February 4th 2023",dateConfirmationOfParticipation:null,remainingDaysToSecondStep:"24 days",secondStepPassed:!1,areRegistrationsClosed:!1,currentStepOfPublishingProcess:2,editedByType:null,kuFlag:!1,biosketch:"A pioneering researcher in aptamer oligonucleotide-based molecular diagnostics and therapeutics. Dr. Sett previously worked at the University of Bordeaux, France, with the team of Prof. Jean-Jacques Toulme, and he is currently a Postdoc Research Scientist at the Institute of Organic Chemistry and Biochemistry of the Czech Academy of Sciences, Prague.",coeditorOneBiosketch:null,coeditorTwoBiosketch:null,coeditorThreeBiosketch:null,coeditorFourBiosketch:null,coeditorFiveBiosketch:null,editors:[{id:"301899",title:"Dr.",name:"Arghya",middleName:null,surname:"Sett",slug:"arghya-sett",fullName:"Arghya Sett",profilePictureURL:"https://mts.intechopen.com/storage/users/301899/images/system/301899.jpg",biography:"Arghya Sett is a researcher by in Biotechnology who strives towards the integration of technology in the biology research. He is currently working as Postdoc Research Scientist at Institute of Organic Chemistry and Biochemistry AS CR, Prague. He did his PhD on 'Aptamers for Breast cancer protein Biomarkers” from IIT Guwahati, India. During this tenure, his research involved how aptamer-a magic molecule can help in the molecular diagnostics for breast cancer. Then, he moved to University of Bordeaux, France to continue his research with the team of Prof. Jean-jacques Toulme. There, he developed another diagnostic module-light up aptamers to detect pre-micro RNAs for muscular dystrophy. He is a very dynamic researcher and active in collaborative research. He has published more than 11 research articles, review articles, 3 book chapters in reputed International peer-review journals and filed 3 patents in India. He also participated in several international and national conferences. He was also invited to participate in EMBL conference in Heidelberg, Germany to present his work in 2018. His research works on development of low-cost diagnostics drew several media attention and several accolades.",institutionString:"Academy of Sciences of the Czech Republic",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"1",totalChapterViews:"0",totalEditedBooks:"0",institution:{name:"Academy of Sciences of the Czech Republic",institutionURL:null,country:{name:"Czech Republic"}}}],coeditorOne:null,coeditorTwo:null,coeditorThree:null,coeditorFour:null,coeditorFive:null,topics:[{id:"6",title:"Biochemistry, Genetics and Molecular Biology",slug:"biochemistry-genetics-and-molecular-biology"}],chapters:null,productType:{id:"1",title:"Edited Volume",chapterContentType:"chapter",authoredCaption:"Edited by"},personalPublishingAssistant:{id:"429342",firstName:"Zrinka",lastName:"Tomicic",middleName:null,title:"Ms.",imageUrl:"https://mts.intechopen.com/storage/users/429342/images/20008_n.jpg",email:"zrinka@intechopen.com",biography:"As an Author Service Manager, my responsibilities include monitoring and facilitating all publishing activities for authors and editors. From chapter submission and review to approval and revision, copyediting and design, until final publication, I work closely with authors and editors to ensure a simple and easy publishing process. I maintain constant and effective communication with authors, editors and reviewers, which allows for a level of personal support that enables contributors to fully commit and concentrate on the chapters they are writing, editing, or reviewing. I assist authors in the preparation of their full chapter submissions and track important deadlines and ensure they are met. I help to coordinate internal processes such as linguistic review, and monitor the technical aspects of the process. As an ASM I am also involved in the acquisition of editors. Whether that be identifying an exceptional author and proposing an editorship collaboration, or contacting researchers who would like the opportunity to work with IntechOpen, I establish and help manage author and editor acquisition and contact."}},relatedBooks:[{type:"book",id:"6694",title:"New Trends in Ion Exchange Studies",subtitle:null,isOpenForSubmission:!1,hash:"3de8c8b090fd8faa7c11ec5b387c486a",slug:"new-trends-in-ion-exchange-studies",bookSignature:"Selcan Karakuş",coverURL:"https://cdn.intechopen.com/books/images_new/6694.jpg",editedByType:"Edited by",editors:[{id:"206110",title:"Dr.",name:"Selcan",surname:"Karakuş",slug:"selcan-karakus",fullName:"Selcan Karakuş"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"1591",title:"Infrared Spectroscopy",subtitle:"Materials Science, Engineering and Technology",isOpenForSubmission:!1,hash:"99b4b7b71a8caeb693ed762b40b017f4",slug:"infrared-spectroscopy-materials-science-engineering-and-technology",bookSignature:"Theophile Theophanides",coverURL:"https://cdn.intechopen.com/books/images_new/1591.jpg",editedByType:"Edited by",editors:[{id:"37194",title:"Dr.",name:"Theophile",surname:"Theophanides",slug:"theophile-theophanides",fullName:"Theophile Theophanides"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"3161",title:"Frontiers in Guided Wave Optics and Optoelectronics",subtitle:null,isOpenForSubmission:!1,hash:"deb44e9c99f82bbce1083abea743146c",slug:"frontiers-in-guided-wave-optics-and-optoelectronics",bookSignature:"Bishnu Pal",coverURL:"https://cdn.intechopen.com/books/images_new/3161.jpg",editedByType:"Edited by",editors:[{id:"4782",title:"Prof.",name:"Bishnu",surname:"Pal",slug:"bishnu-pal",fullName:"Bishnu Pal"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"371",title:"Abiotic Stress in Plants",subtitle:"Mechanisms and Adaptations",isOpenForSubmission:!1,hash:"588466f487e307619849d72389178a74",slug:"abiotic-stress-in-plants-mechanisms-and-adaptations",bookSignature:"Arun Shanker and B. Venkateswarlu",coverURL:"https://cdn.intechopen.com/books/images_new/371.jpg",editedByType:"Edited by",editors:[{id:"58592",title:"Dr.",name:"Arun",surname:"Shanker",slug:"arun-shanker",fullName:"Arun Shanker"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"3092",title:"Anopheles mosquitoes",subtitle:"New insights into malaria vectors",isOpenForSubmission:!1,hash:"c9e622485316d5e296288bf24d2b0d64",slug:"anopheles-mosquitoes-new-insights-into-malaria-vectors",bookSignature:"Sylvie Manguin",coverURL:"https://cdn.intechopen.com/books/images_new/3092.jpg",editedByType:"Edited by",editors:[{id:"50017",title:"Prof.",name:"Sylvie",surname:"Manguin",slug:"sylvie-manguin",fullName:"Sylvie Manguin"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"72",title:"Ionic Liquids",subtitle:"Theory, Properties, New Approaches",isOpenForSubmission:!1,hash:"d94ffa3cfa10505e3b1d676d46fcd3f5",slug:"ionic-liquids-theory-properties-new-approaches",bookSignature:"Alexander Kokorin",coverURL:"https://cdn.intechopen.com/books/images_new/72.jpg",editedByType:"Edited by",editors:[{id:"19816",title:"Prof.",name:"Alexander",surname:"Kokorin",slug:"alexander-kokorin",fullName:"Alexander Kokorin"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"2270",title:"Fourier Transform",subtitle:"Materials Analysis",isOpenForSubmission:!1,hash:"5e094b066da527193e878e160b4772af",slug:"fourier-transform-materials-analysis",bookSignature:"Salih Mohammed Salih",coverURL:"https://cdn.intechopen.com/books/images_new/2270.jpg",editedByType:"Edited by",editors:[{id:"111691",title:"Dr.Ing.",name:"Salih",surname:"Salih",slug:"salih-salih",fullName:"Salih Salih"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"117",title:"Artificial Neural Networks",subtitle:"Methodological Advances and Biomedical Applications",isOpenForSubmission:!1,hash:null,slug:"artificial-neural-networks-methodological-advances-and-biomedical-applications",bookSignature:"Kenji Suzuki",coverURL:"https://cdn.intechopen.com/books/images_new/117.jpg",editedByType:"Edited by",editors:[{id:"3095",title:"Prof.",name:"Kenji",surname:"Suzuki",slug:"kenji-suzuki",fullName:"Kenji Suzuki"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"3828",title:"Application of Nanotechnology in Drug Delivery",subtitle:null,isOpenForSubmission:!1,hash:"51a27e7adbfafcfedb6e9683f209cba4",slug:"application-of-nanotechnology-in-drug-delivery",bookSignature:"Ali Demir Sezer",coverURL:"https://cdn.intechopen.com/books/images_new/3828.jpg",editedByType:"Edited by",editors:[{id:"62389",title:"PhD.",name:"Ali Demir",surname:"Sezer",slug:"ali-demir-sezer",fullName:"Ali Demir Sezer"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"872",title:"Organic Pollutants Ten Years After the Stockholm Convention",subtitle:"Environmental and Analytical Update",isOpenForSubmission:!1,hash:"f01dc7077e1d23f3d8f5454985cafa0a",slug:"organic-pollutants-ten-years-after-the-stockholm-convention-environmental-and-analytical-update",bookSignature:"Tomasz Puzyn and Aleksandra Mostrag-Szlichtyng",coverURL:"https://cdn.intechopen.com/books/images_new/872.jpg",editedByType:"Edited by",editors:[{id:"84887",title:"Dr.",name:"Tomasz",surname:"Puzyn",slug:"tomasz-puzyn",fullName:"Tomasz Puzyn"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}}]},chapter:{item:{type:"chapter",id:"16102",title:"Sperm Preparation Techniques for Artificial Insemination - Comparison of Sperm Washing, Swim Up, and Density Gradient Centrifugation Methods",doi:"10.5772/17026",slug:"sperm-preparation-techniques-for-artificial-insemination-comparison-of-sperm-washing-swim-up-and-den",body:'\n\t\tThe Artificial Insemination (AI) is the first option treatment for infertile couples with cervical factor subfertility, mild-moderate male subfertility and unexplained infertility. With the exception of cases in which the use of in vitro fertilization (IVF or ICSI) is strictly due as a consequence of a severe male or female factor, the artificial insemination must be part of a gradual approach to the techniques of artificial insemination. This is particularly the case since the AI is a valid low-cost method, minimally invasive and easily acceptable for the female’s hormone treatment (Aribarg & Sukcharoen, 1995).
\n\t\t\tThe AI, as other assisted reproductive techniques, needs a selection of the ejaculated spermatozoa before the performance of the treatment. In fact, some components of the seminal fluid may become an obstacle to the fertilization when the in vitro fertilization or the intrauterine insemination are performed (Bjorndahl et al., 2005). Spermatozoa and leukocytes produce many oxygen radicals that alter the possibility of the sperm-oocyte fusion after repeated centrifugations. So, the selection of the sperms from the other components with methods like the swim up technique or the gradient density centrifugation must be preferred (Aitken & Clarkson, 1988).
\n\t\t\tSome different techniques are used to prepare the spermatozoa for the AI, but the choice strongly depend on the quality of the semen, that is on the concentration, motility and morphology, in order to obtain the higher number of good spermatozoa, even from the poorest semens.
\n\t\t\tThe principle techniques of sperm preparation consist of migration, density gradient centrifugation and filtration techniques. While for the migration the method is based on movement of the spermatozoa, for density gradient centrifugation and filtration techniques the method is based on a combination of the motility and the retention at phase borders and adherence to filtration matrices, respectively (Henkel & Schill, 2003).
\n\t\t\tThe main techniques used for the AI are the sperm washing, the swim-up technique, and the density gradient centrifugation and they will be described as follow. The aim of the present chapter is to shed light on the key principles and the best method for sperm selection in order to obtain higher pregnancy rate.
\n\t\tThe semen consists of a suspension of spermatozoa stored in the epididymes that, at the moment of the ejaculation, is mixed with the secretions of the accessory glands. These glands are mainly the prostate and the seminal vesicles, while the bulbourethral glands and the epididymes represent only the minor contribution of the ejaculate.
\n\t\t\t\tTwo main fractions are present in the seminal fluid; the first one is prostatic, rich in spermatozoa. The last fraction of the semen consists of vesicular fraction, less rich in spermatozoa (Bjorndahl & Kvist, 2003).
\n\t\t\t\tDuring ejaculation, it is very important to collect the entire volume of the sample: if the first fraction (rich in spermatozoa) is lost, the assessment of the semen features will be more difficult. In case of the AI, the semen sample will not contain the best portion of the spermatozoa.
\n\t\t\t\tFor these reasons, the first step throughout the sperm preparation, is the correct sperm collection.
\n\t\t\t\tThe semen collection is strongly recommended after an abstinence period of 2-3 days (Jurema et al., 2005; Marshburn et al., 2010) to maximize the conception rate. A sterile container (non-toxic for the spermatozoa) will be used and the collection of the semen will occur in a private room very close to the laboratory. All of these elements are mandatory for the therapeutic use. After the collection, the name of the couple should be clearly written on the container.
\n\t\t\tThe techniques for the selection of the most efficient spermatozoa are very important for clinical practice. The choice of the best technique for semen preparation, before the AI, strictly depends on the quality of the sample (Canale et al., 1994). So, if we have a sample with normal count, motility and morphology of sperms we choose a sperm washing or a swim up method. By contrast, with a suboptimal quality sample we usually prefer a density gradient centrifugation. With the first methods, we obtain good quality sperms; while the density gradient centrifugation is usually preferred for the greater number of mobile spermatozoa selected from poor characteristics samples (low number, motility and morphology samples). Each technique can be changed or improved with simple changes, in order to optimize the recovery of the sperms.
\n\t\t\t\tThe efficiency of the sperm selection is expressed as the concentration of spermatozoa with normal motility (that is progressively motile spermatozoa, according to the definition of the World Health Organization Manual of 2010) (WHO Manual, 2010).
\n\t\t\t\tGlass-wool columns are reported to be as effective as density gradient for the separation of spermatozoa also with intact acrosome from semen with suboptimal characteristics (Rhemrev et al., 1989; Sterzik et al., 1998), but this technique is less used.
\n\t\t\t\tThe swim up method and the density gradient centrifugation produce different levels of contamination in the sample in the final preparation. In fact, the swim-up technique produces an higher level of non-sperm components (e.g. debris, bacteria) and the diffusion of other substances (e.g. the prostatic zinc) from the semen into the overlaying medium respect of the density-gradient centrifugation (Bjorndahl et al., 2005). Some differences also exist in the presence and the production of the Reactive Oxygen Species (ROS) and the sperm DNA damage, associated with high levels of ROS, after the application of the two main techniques (Irvine et al, 2000; Zini et al, 1993, 2009).
\n\t\t\t\tThe final volume of the preparation depends on the technique performed. If the IntraUterine Insemination (IUI) is performed, 0,3-0,4 milliliters (ml) of spermatozoa resuspended in sterile medium is required. If the case of the Fallopian Tube Sperm Perfusion (FSP), the volume of the suspension must be 4 ml, because it must perfuse the uterus and the both tubes. Because of its simplicity the first technique is the most used, even if some authors, comparing the IUI versus the FSP, demonstrate the superiority of the FSP technique about the pregnancy rate in stimulated cycles (Fanchin, 1995).
\n\t\t\tBefore and after the treatment of the seminal fluid, the following parameters must be evaluated in line with the WHO Manual 2010.
\n\t\t\tVolume (ml)
Concentration (millions/ml)
Motility (Progressive motility)
Morphology (%normal sperms)
In addition, it is very important to establish the concentration of spermatozoa with progressive motility in the final preparation. The concentration of the progressive spermatozoa is calculated by multiplying the percentage (%) of the progressive sperms for the concentration of the sperms in the final preparation.
\n\t\t\tThe total number of the progressive spermatozoa is calculated by multiplying the concentration of the progressive sperms for the final volume of the suspension.
\n\t\t\tThe total number of the progressive sperms in the preparation before the AI may be defined as a threshold value in predicting outcome in AI. This threshold is not absolute and may vary from study to study, even if some authors have identified this value in 10 million sperms (Miller et al., 2002; Van Voorhis et al., 2001).
\n\t\tFor the best quality samples (number and motility of sperms) the sperm washing is often performed (Boomsma et al., 2004) for the AI. The procedure simply consists in the washing of the semen with a sterile medium added with human albumin. After the fluidification of the sample, the entire volume is divided in fractions of not more than 2 ml into centrifuge tubes. The sterile medium of the equal volume (e.g. for the volume of the sample of 2 ml the medium added is 2 ml) is added in each tube and gently mix with a sterile pipette. After that, the samples are centrifuged at 300g (the rpm must be calculated for the centrifuge in each laboratory) for 10 min and than the supernatant is very carefully removed with a sterile pipette. The pellet is resuspended in 1 ml of the medium, gently mixed and centrifuged again for 5 min at 300g. The supernatant is removed again and the final pellet is resuspended in sterile medium for the AI.
\n\t\t\tIt is very important to determine the count and the motility of the final preparation before the insemination.
\n\t\t\tIn spite of the simplicity and velocity of the method, it must be reminded that the repeated centrifugations without the separation of the good sperms from leukocytes and dead sperms can produce many oxidative species and the damage of the sperms function (Aitken & Clarkson, 1988).
\n\t\tThe swim up is the most common technique used in IVF laboratories and is preferred if the semen sample has a normal number of good sperms (normozoospermia). By this technique, the sperms are selected on their motility and the capability to swim out of the seminal plasma.
\n\t\t\tIf the “direct swim up” is performed, after the fluidification of the sample, the entire volume (well mixed) is divided in fractions of 1 ml into centrifuge tubes (round bottom is preferred). 1,3 ml of culture medium is placed over the semen with extreme attention in each tube. The tubes must be put in the incubator, inclined at an angle around 45° and incubated at 37° C for 30-60 min. By inclining the tubes at 45° , we increase the surface between the medium and the semen and we improve the capability of the sperms to swim out of the semen and to reach the medium. After that, the tube must be returned in the vertical position and 1 ml of the supernatant of each tube can be gently removed, aspirating the sperms from the upper meniscus downwards with a sterile pipette (Henkel et al., 2003).
\n\t\t\tIn alternative, the culture medium can be placed in each tubes and the semen can be stratified under the medium, in order to obtain a much cleaner surface between the semen and the medium. In addition, the recovery of the sperms can be optimized by increasing the number of the tubes and decreasing the volume of the semen in each tube. 2 ml of medium are added to the supernatant of each tubes and than centrifugated at 300g for 10 minutes. The supernatant is removed again and the pellet is resuspended in the sterile medium for the AI.
\n\t\t\tThe “not direct” swim up from pellet is performed with the centrifugation of the semen followed by the stratification of the medium over the resuspended pellet. The liquefied semen is divided in fractions of 1 ml into each tubes, the medium is added (1:1) and after the centrifugation the supernatant is gently removed. Over the resuspended pellet, 1,3 ml of medium is replaced with caution and the tubes is put into the incubator from 30 to 60 min at 37° C (inclined at 45° ); after the migration of the sperms, the volume of the semen for the AI is removed and the sperm count and motility are assessed.
\n\t\t\tThe centrifugation for the direct swim up occurs after the migration of the sperms, that is, after the separation of the good sperms from the leukocytes and dead sperms. These species, usually produce the reactive oxygen species after the centrifugation (Irvine et al, 2000; Zini et al, 1993, 2009) so the direct swim up is the preferred method respect to the “not direct” swim up to select sperms for the AI.
\n\t\tThis is the preferred technique to select the greater number of motile spermatozoa in cases of severe oligozoospermia, teratozoospermia or asthenozoospermia. In this method, good quality sperms can be separated from dead sperms, leukocytes and the other components of the seminal plasma by a density discontinuous gradient. Cells with different density and motility can be selected during the centrifugation by the colloidal silica coated with silane of the gradient; the sperms with high motility and good morphology are at the bottom of the tube, finally free from dead spermatozoa, leukocytes, bacteria and debris.
\n\t\t\tThe most applied discontinuous density-gradient is a two layers density-gradient, formed by a top layer of 40% (v/v) and a lower layer of 80% (v/v). Density gradient media are available in commerce ready to use or ready to make the different density layers; the top layer phase (40%) is prepared by adding 4 ml of density gradient medium to 6 ml isotonic sterile medium (BWW, Earle, Ham F-10 or HTF) supplemented with HAS (Human Serum Albumin); the lower layer phase (80%) is prepared by adding 8 ml of density gradient medium to 2 ml of isotonic sterile medium. The density gradient is prepared by layering 1 ml of 40% medium over the 80% medium, or by layering the 80% medium under the 40% medium in a conical centrifuge tube (not the round bottom tube!). The number of the tubes depends on the volume of the semen sample, but the total volume could be divided in not more of 1 ml of semen per tube.
\n\t\t\tAfter the fluidification, 1 ml of the semen is layered over the upper layer (40%) and centrifuged at 300g for 15 minutes. If the volume of each layer is reduced (<1ml) the spermatozoa have to migrate for a less distance between the layers and so the greater number of motile spermatozoa can be recovered. The centrifugation time and force can be varied depending on the quality of the sample: for example, the centrifugation time can be increased for specimens with high viscosity. After the centrifugation, most of the supernatant must be gently removed and the pellet is placed into a new, clean tube; here, the pellet is well resuspended in 5 ml of medium to remove the density gradient medium. It is centrifuged at 200g for 10 minutes. At the end of the centrifugation, the supernatant is removed and 5 ml of new medium are added. The centrifugation is repeated again and the final pellet is resuspended in the sterile medium for the AI.
\n\t\t\tThe concentration and the motility after the preparation can be determined. It must be stressed that the sterile conditions and materials are essential when we perform the technique for therapeutic applications.
\n\t\t\tNevertheless, the two main techniques produce different levels of contamination in the sample and of the production of ROS (see above). In addition, the swim-up technique produces an higher level of non-sperm components respect of the density-gradient centrifugation. The density gradient centrifugation recovers spermatozoa with improved motility but lower DNA integrity instead of the swim up technique, as the literature suggests (Zini et al., 1999, 2000). Several studies demonstrate that sperm DNA damage is associated with lower natural pregnancy rates (Loft et al., 2003; Spano et al., 2000) and lower IUI pregnancy rates (Evenson et al., 2008).
\n\t\tThe AI is the still most used reproductive technique as it is relatively simple and low-cost. It is essential to select the most motile and normal morphological spermatozoa from the ejaculate as soon as possible, first because some components of the ejaculate contrast with the fertilizing capability of the spermatozoa (Bjorndahl et al., 2005; Mortimer et al., 1998). Then, because spermatozoa and leukocytes produce many oxygen radicals that can negatively influence the fertilizing sperm function (Agarwal & Sekhon, 2010; Aitken et al., 1998; De Jonge, 2002; Shamsi et al., 2008; Sharma & Agarwal, 1996; Zini & Sigman, 2009). So, the methods who separates the functional sperms from the other cells must be preferred (Aitken & Clarkson, 1988). The choice of the best method to select the functionally competent sperms depends on the features of the samples.
\n\t\t\tThe swim up technique and the density gradient centrifugation have different efficiency in separating the sperms: the sperms isolated with the swim up are clean and motile, but damaged by the ROS and with higher DNA integrity; the sperms isolated with the density gradient centrifugation are not damaged by the ROS but with low DNA integrity.
\n\t\t\tWhen we compare the pregnancy rate after artificial insemination obtained with the sperm washing, the advanced sperm preparation methods (swim up and density gradient centrifugation) offer the higher rate of pregnancies (Carrell et al., 1998). These data indicate that the correct choice of the method of sperm selection can represent a good chance of pregnancy, after ovarian stimulation, in the artificial insemination.
\n\t\t\tFinally, the threshold value of 10 million sperms in the final preparation for the IUI has a predictive value for the pregnancy rate in IUI. Some authors demonstrate that when the total count of the progressive sperms is less than 10 millions the pregnancy rate decreased, even if, in practice, a pregnancy is also possible with an inferior total sperm count (Miller et al., 2002; van Weert et al., 2004; Van Voorhis et al., 2001).
\n\t\t\tIf the total sperm count is very low, and in presence of a severe male factor, other alternative must be considered, like the In Vitro Fertilization (IVF).
\n\t\tI want to thank the book editor Milad Manafi for comments and support.
\n\t\tEarly this year, news broke out that a novel coronavirus has hit the city of Wuhan, China. It was reported that the SARS-COv2 virus is responsible for the COVID-19 pandemic. The virus later spreads to other parts of the world from early February 2020 and currently, 213 countries are battling with the scorch of the virus [1]. As expected, the coronavirus pandemic is impacting the world in a way that has not been seen since World War II [2]. In particular, the pandemic has impacted the way businesses are now being conducted and the expectations of the various stakeholders on organizations going forward. For instance, there is now greater awareness on issues of human rights protection, environmental protection, health, and safety issues. More than ever before, the issue of corporate social responsibility (CSR) and the duty of care to broader stakeholders by business entities have become more compelling. The pandemic has also increased the interest of the public in supporting responsible business practices and it is expected that consumers will henceforth be demanding more information as to how companies address risks and opportunities relating to health and environmental issues.
Moreover, there is likely to be greater convergence of expectations by citizens of various countries with regard to minimum standards corporations should achieve in relation to social, health, and environmental issues regardless of the jurisdiction in which the corporations operate and there will also be increased demand on organizations to go beyond current regulations and legislations regarding corporate social responsibilities to something much more encompassing.
Even before the coronavirus pandemic, many organizations around the world were already voluntarily integrating the considerations of broader community interest into their core business strategies. The coronavirus pandemic has made these considerations even more forceful and compelling.
In this paper, we make a case for broadening the scope of corporate governance measurement to take account of other considerations outside the financial metrics and we outline the conceptual and empirical approach for doing so. The paper, therefore, has two broad objectives:
First, we provide a conceptual and methodological overview on the uses and empirical implementation of triple-bottom measurement using firm-level data. Second, we demonstrate, using data from selected manufacturing firms in Nigeria, how the general methodological approach can be usefully applied and tailored to various sectors and contexts to yield policy-relevant insights about how corporate governance performance should be assessed beyond the financial metrics.
Following this introduction, the rest of the paper is organized as follows. The next section provides a conceptual review of the triple-bottom approach to corporate governance measurement. We provide the rationale for assessing corporate governance performance beyond the usual financial metrics. In the third section, we provide simple taxonomy for thinking about triple bottom in corporate governance assessment and use this taxonomy to suggest how different organizations can use the triple-bottom approach to assess the performance of their corporate boards. The section also contains an operational definition of corporate governance and a triple-bottom approach that can, in principle, be taken to the data beyond the financial metrics.
In section four, we outline a general and flexible methodology for empirical implementation of triple-bottom measurement to corporate governance using firm-level data. After summarizing the basic approach, we demonstrate the various steps involved and the measurement issues that could arise in each step.
In section five, we provide the policy implication of using the triple-bottom approach in assessing corporate boards and suggest ways organizations and governments could integrate triple-bottom reporting post-COVID-19.
In this section, we review the extant literature on corporate governance and sustainability with the analytical spotlight on the corporate governance framework during the COVID-19 pandemic.
There are various definitions of corporate governance in extant literature. However, the best definition seems to come from the Canadian Office of the Superintendent of Financial Institutions [3]. The office defines corporate governance “as the oversight mechanisms which include the processes, structures and information for directing and overseeing the management of a company” (p. 3). This definition is pervasive as it encompasses the means by which members of the board of directors and senior managers are held accountable for their actions and the establishment and implementation of oversight functions and processes. According to Cadbury Committee ([4], p. 15), “corporate governance is holding the balance between economic and social goals and between individuals and communal goals” The Organization of Economic Cooperation and Development [5] defines corporate governance as the “distribution of rights and responsibilities among different participants such as the shareholders and other stakeholders” (p. 32).
Corporate governance studies gain traction in the early 2000s due to conspiracy of events and the scandals that rocked the corporate world from the unexpected failures of large corporations around the world, especially Enron, WorldCom, Tyco International (United States of America), HIH Insurance (Australia), Parmalat (Italy), etc. The scandalous collapse of these corporate giants jolted the corporate world and led to massive calls for greater attention on the activities of boards in corporations. These calls were not, however, unfounded as several (postmortem) studies show that the collapse of many of these corporations was attributable to ineffective and weak corporate governance practices especially in areas of excessive risk-taking by management with weak oversight by boards; excessive remuneration taking by management with fraudulent acquiescence by the board; flagrant neglect and override of internal control measures, abuse of office, absence or nonadherence to authority limits and general laxity on the part of boards to effectively discharge their oversight functions (see [6, 7, 8, 9, 10] for Enron case); see [11, 12, 13, 14, 15] for WorldCom case; see [16, 17, 18] for HIH Insurance case; see Shleifer and Vishny [19] and Olena [20] for Tyco International case; also see [21, 22, 23, 24, 25, 26, 27, 28] for Parmalat case).
The shock that followed these corporate scandals prompted a chain of regulatory and supervisory interventions around the globe [29]. The United States fired the first shot with the enactment of the Public Accounting Reform and Investors Protection Act of 2002 known as “the Sarbanes-Oxley Act” [30]. Many other countries followed suit with similar enactments including the stock exchange codes in the United Kingdom and the code of corporate governance for quoted companies in Nigeria [31].
The overarching objective of these regulations has been to improve the effectiveness of boards and other corporate governance practices in corporations. It is widely accepted based on a fairly large body of scholarly works that board effectiveness could play a vital role in determining corporate financial performance (see, for instance, [32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45]. This belief may have accounted for the preponderance in the usage of financial indicators in measuring the performance of boards. In other words, it has been the practice in extant literature to measure the effectiveness of boards in terms of financial performance of the organization using for instance indicators like profitability, return on investment (ROI), return on assets (ROA), return on equity (ROE), firm’s value (Tobin’s Q), earnings per share (EPS), etc.
These financial indicators are usually highlighted in financial statements (e.g., income statement, balance sheet, and notes to the financial statement). It is also common to find in annual reports of organization scanty mention of issues related to corporate social responsibilities (CSR) and some humanitarian activities undertaken by the organization [46].
This approach to measuring corporate performance based largely on financial metrics is being challenged by recent re-alignments and a paradigm shift in expectations by the stakeholders. It is increasingly clear that measuring corporate performance based entirely or largely on financial metrics does not fully account for the social, health, and environmental benefits derivable from corporate activities. There is a growing consensus that organizations must fully account for how much (or less) they are contributing in addressing the social, health, and environmental issues that confront mankind [47, 48]. It is in this respect that the concept of sustainability reporting and the triple-bottom-line (TBL) framework enunciated by Elkington [49] comes in. This framework is a paradigm shift from the traditional “for profit” to a more comprehensive assessment along the dimensions of profit, people, and the planet.
Sustainability is simply defined by the United Nations Brundtland Commission [50] as “meeting the needs of the present without compromising the ability of future generations to meet their own needs.” To achieve this, the United Nations in 2015 [51] articulated the 17-sustainable development goals (SDGs). The sustainable development goals form the framework for improving the lives of populations around the world and mitigating the hazardous man-made effects of climate change. For instance, SDG 13: Climate Action, calls for integrating measures to prevent climate change within development frameworks. SDG 14: Life below water, and SDG 15: Life on land, also call for more sustainable practices in using the earth’s natural resources. Today, there are almost 140 developing countries in the world seeking ways of meeting their development needs, but with the increasing threat of climate change, concrete efforts must be made to ensure development today does not negatively affect future generations.
It must be remarked that sustainable development has been the promoted goal of responsible corporate entities around the world. Most of the corporate governance codes around the world have continued to harp on the issue of sustainability with businesses and corporations around the world increasingly re-appraising their business models to be sustainability-compliant [52, 53].
However, in spite of the focus on issues of sustainability, measuring the degree to which an organization is being sustainable or pursuing sustainable growth has not been easy or clear-cut [54]. In the mid-1990s, Elkington [49, 55] developed a template for measuring sustainability in what has become known as the triple-bottom-line (TBL) approach. This framework measures corporate performance beyond the usual financial metrics of profitability and firm value (or shareholder value) to include the environmental and social dimensions of a firm’s activities. By focusing on the comprehensive assessment of a firm’s activities along with the three-dimensional trajectory of profits, people, and the planet—the TBL has become an important assessment framework for measuring sustainability and sustainability goals.
As a concept, the TBL is a construct that broadens a business focus on the financial bottom line to include social and environmental considerations. By applying the framework, it is plausible to measure a company’s degree of social responsibility, its economic value creation, and the environmental impacts of its operations. The framework was introduced in 1994 by John Elkington and later demonstrated in his 1997 book “
However, the TBL is an accounting framework that incorporates these three dimensions of performance—financial, social, and environmental. By incorporating these dimensions of performance, the TBL differs from traditional accounting reporting frameworks by the inclusion of ecology (or environment) and social measures which are difficult to assign numerical values to. The triple-bottom framework is also commonly referred to as the 3Ps (people, planet and profit) in corporate governance literature [56]. The TBL captures the essence of sustainability by its focus on measuring the impact of an organization’s activities not only on its profitability and shareholders’ value but on the social, human, and environmental dimensions [54].
The TBL accounting approach has gained increased traction since the launch of the sustainable development goals by the United Nations in 2015 and many organizations and businesses have adopted the TBL sustainability framework to evaluate their performance and check how sustainable-compliant their activities have been [53, 57, 58, 59].
The TBL approach has also gained currency with governments at all levels in many developed countries [60]. In consequence, there have been shifts from profit-making and shareholders’ value maximization orientation toward the social and environmental benefits derivable from corporate activities. Increasingly, other stakeholders (besides the shareholders) are expressing interest to know how many corporate organizations are contributing in addressing societal and environmental-related issues within the environment where they operate. This call will only get louder post-COVID-19 pandemic.
There is no universal approach yet to measuring the TBL [61]. Aside from the absence of a common denominator for measurement, there is also the issue of differences in the country’s institutional dynamics and country-specific approaches to issues of sustainability. For instance, profits globally are measured in monetary units, for instance, in US the dollar. But how does one measure social capital or environmental or ecological well-being (or lack thereof)? Therefore, finding a common unit of measurement for the TBL has remained a challenge [62, 63].
Some scholars have advocated monetizing all the three dimensions of the TBL. However, the practical challenge is how to put a monetary value on many intrinsic social or environmental issues [54]. For instance, how can one monetize the issue of endangered species or the loss of wetland or fauna? Other scholars have suggested the calculation of TBL in terms of an index, perhaps a principal component index (PCI). By this method, we eliminate the incompatible-unit problems and as long as there is a universally accepted accounting method that allows for comparison between entities, for instance, comparing performance between companies, cities, development projects, or some other benchmark, there will be no problem. The Indiana Business Research Center’s Innovation Index is one such index that has been used to compare a variety of components between one country and other countries [63].
However, there still remains the problem of subjectivity in using such an index. For instance, how are the index components weighted? Would each “P” in the TBL get equal weighting? Even if we relax this condition, what about the subcomponents within each “P” as is usually the case? Do they all get equal weighting? For instance, is the people category more important or equal to the planet category? Who decides which component weighs heavier in the ranking? [61].
There is the other option to do away completely with measuring sustainability using a financial metric or an index. In this case, each sustainability measure will stand alone. For instance, acres of wetland could be a measure of its own, and progress could be measured or gauged based on certain parameters like wetland creation, destruction, or status quo over time [64]. However, the problem with this approach is the high probability of proliferation of metrics that will be ultimately required to measure sustainability in a wide range of issues to the point that the TBL user may become metric-fatigued.
In the absence of a universally accepted method for calculating the TBL or an agreed standard for weighting each of the components of the TBL, it becomes a discretionary issue on what goes into the sustainability index and what is left out. In other words, the user is at liberty to adopt a general framework or adapt the measurement to the specifics of its own needs. For instance, a business entity and local government agency may measure environmental sustainability in the same terms; perhaps, reducing the amount of solid waste that goes into the landfills, but a local mass transit may measure success in terms of passenger miles, whereas a profit-making bus company may measure success in terms of earnings per share. The TBL framework is flexible enough to accommodate various divergent perspectives to sustainability measurement [62].
According to Hackling and Guthrie [62], the TBL can also be adapted to be case or project-specific or allow a broad scope-measuring approach across large geographic boundaries or a narrow geographic scope like a small town. A single case or project-specific TBL approach would measure the effects of a particular project in a specific location, such as a community building a park or town hall. The TBL can also apply to infrastructure projects at the state level or energy projects at the national level.
From the foregoing, it appears that the level of entity, type of project, and geographic scope will in most cases determine the decisions about what measures to include. However, it is the stakeholders and subject matter experts that will ultimately determine the set of measures to include in sustainability assessment and the availability of data.
Slapper and Hull [54] have, however, categorized the traditional sustainability measures which have been gleaned and pieced together from academic discourses and empirical works. They include:
Economic measures of sustainability focus on the flow of money, income and expenditures, taxes, business factors, employment, and business diversity factors. Other variables that could come under economic measures include personal income, cost of underemployment, job growth, revenues, and all the other factors that relate to the flow of money or some economic resources.
Under environmental measures are issues related to natural resources including other free gifts of nature like air, water quality, energy consumption, solid and toxic waste, and land use. Other environmental issues that an organization may wish to consider in sustainability measurement include issues related to sulfur dioxide concentration, nitrogen oxides concentration, selected priority pollutants, fossil fuel usage, solid waste management, hazardous waste disposal and management, and change in land use, deforestation, endangered species, etc.
Social measures will focus on issues related to the social dimension of communities or regions and include issues, such as education, equity and access to social resources, community health, and well-being. Other social issues are the use of social capital, unemployment rate, female labor force participation rate, household income, level of poverty, access to education, crime rates, life expectancy, etc.
Hackling and Guthrie [63] observed that data for these measures may not be easily available at the community, state, or national levels; and even where data is available, it is still a subjective issue of what to incorporate or discard in the measurement. By and large, TBL can be difficult to measure. Indeed, of the three legs of the triad, social and environmental dimensions are the most difficult to measure. For instance, the first P = profit can be easily put in black and white, the other 2Ps—people and planet (or social and environmental) are highly subjective. How can one put a monetary value on an oil spill? How does one measure the monetary cost of child labor or the cost of deforestation and loss of wetland? These are not easy tasks even for the most enthusiastic sustainability advocate.
The study used a mixed-method design which comprised qualitative and quantitative analysis. The dataset comprised financial data from annual reports and statements of income of selected quoted manufacturing firms in Nigeria. These were complemented by 17-TBL-adoption metrics—a construct that was developed and used to track the performance of these selected firms along with the TBL parameters (see Appendix 2).
Nine manufacturing firms were selected for the study. The purposive sampling technique was used in the selection of the manufacturing firms for the study. The primary criterion for the selection of firms is that such firms must be quoted in the Nigerian Stock Exchange (NSE) and must have been rendering annual returns consistently to the Securities & Exchange Commission (SEC) for the period covered by the study. Efforts were also made to ensure sectoral dispersion in the selection of the sampled firms.
Apart from the financial data which was gleaned from the annual reports and statement of accounts of the selected manufacturing firms, a TBL-adoption matrix was constructed to track each firm’s commitment and achievement in the area of social and environmental sustainability. As observed earlier, the TBL framework rests on three tripods or 3Ps (profit, people, and planet). These 3Ps constitute the triple bottom lines. Each bottom line has a unique focus. For instance, the first P (1P),
The first P, the economic value creation was proxied by profit after taxation (PAT). This has a numerical value and can be accessed from the annual reports and statements of accounts of the selected firms. The second P, people (social), was proxied by expenditure on corporate social responsibility (CSR). This too has a numerical value and can be gleaned from the annual reports and statement of accounts of the selected firms. The third P, the planet was proxied by a principal composite index derived from a 17-TBL-adoption matrix—a construct developed to track policy enunciation and commitment to environmental sustainability.
It was important to check how each of the firms was progressing toward being totally compliant in the context of social and environmental sustainability. To check this, a TBL-compliant matrix was constructed based on some qualitative parameters. The first construct,
The second sustainability index,
This approach at assessing quantitatively and qualitatively corporate governance performance proxied by a firm’s commitment to sustainability in Nigeria is robust than earlier attempts which focus largely on the financial dimension of a firm’s activities.
The annual reports and statement of accounts of selected manufacturing firms (namely, Berger Paints Nigeria Plc, Beta Glass Nigeria Plc, Honeywell Flour Nigeria Plc, Lafarge Nigeria Plc, May & Baker Nigeria Plc, Unilever Nigeria Plc, Cadbury Nigeria Plc, Guinness Nigeria Plc, and Nestle Nigeria Plc) were examined to assess each firm’s financial performance and commitments to social and environmental sustainability.
Three indicators were used for this assessment in line with the triple-bottom-line (TBL) framework. The first indicator was profit after tax (PAT) which stands proxy for a firm’s financial performance representing the first P in the three legs of the triad (profit). The second indicator is expenditure on corporate social responsibility (CSR) which stands proxy for firm actual commitment to social sustainability, representing the second P in the three legs of the triad (social). The third indicator was a composite score based on the principal component index from a construct—the 17-sustainability matrix developed to track each firm’s commitment and policy enunciation to environmental sustainability, representing the third P in the three legs of the triad (environmental). These complete the triple-bottom framework (3Ps—people, planet and profit).
Table 1 is aggregate data on the financial performance of the selected firms for the period 2014–2018 while the individual firm’s performance is shown in the appendix. Table 2 shows the performance of the firms on the TBL-adoption matrix.
Firm | Profit after tax (N\'Million) | Expenditure on corporate social responsibility (N\'000) | % of PAT on CSR | Composite score on the 17 TBL-adoption matrix (max = 100) |
---|---|---|---|---|
Berger Paints | 1,290,943 | 3958 | 0.30659758 | 40.6 |
Beta Glass | 15,600,007 | 51,942 | 0.33296138 | 34.7 |
Honeywell Flour | 10,179,894 | 62,971 | 0.61858208 | 37.6 |
Lafarge | 37,538,693 | 3,142,918 | 8.372475834 | 47.1 |
May & Baker | 782,528 | 10,631 | 1.358545637 | 35.3 |
Unilever | 24,678,819 | 325,849 | 1.320358969 | 61.2 |
Cadbury | 4,117,294 | 32,360 | 0.785953104 | 50.0 |
Guinness | 23,915,868 | 114,143 | 0.477268899 | 52.4 |
Nestle | 130,629,141 | 137,569 | 0.105312642 | 55.3 |
Total | 248,733,187 | 3,882,341 | 1.560845598 |
Aggregate financial and TBL performance of selected manufacturing firms in Nigeria (2014–2018).
Source: Author’s computation from the Annual Reports and Statement of Accounts of selected Manufacturing Firms in Nigeria (2014–2018).
Firm | 2014 | 2015 | 2016 | 2017 | 2018 | Total | % Score* | Rank |
---|---|---|---|---|---|---|---|---|
Berger paints | 12 | 12 | 15 | 15 | 15 | 69 | 40.6 | 6 |
Beta glass | 10 | 10 | 12 | 12 | 15 | 59 | 34.7 | 9 |
Honeywell flour | 12 | 12 | 12 | 14 | 14 | 64 | 37.6 | 7 |
Lafarge | 15 | 15 | 15 | 15 | 20 | 80 | 47.1 | 5 |
May & Baker | 10 | 10 | 10 | 15 | 15 | 60 | 35.3 | 8 |
Unilever | 20 | 20 | 20 | 22 | 22 | 104 | 61.2 | 1 |
Cadbury | 15 | 15 | 15 | 20 | 20 | 85 | 50.0 | 4 |
Guinness | 15 | 17 | 17 | 20 | 20 | 89 | 52.4 | 3 |
Nestle | 15 | 17 | 20 | 20 | 22 | 94 | 55.3 | 2 |
Relative Scores of the selected manufacturing firms on the TBL-adoption matrix.
Total attainable = Maximum score for a year × Number of years = (2 × 17)= 34
= 34(5)
= 170.
Source: Computed from the analysis of the firm’s annual reports (various years).
In terms of financial performance, Table 1 shows that all the selected manufacturing firms performed remarkably well within the period under review. Except for May & Baker Nigeria Plc and to some extent, Berger Paints Nigeria Plc, the rest of the firms recorded profit after tax (PAT) in excess of the industry average of N2billion for the period under review. Therefore, in terms of economic value creation and the first bottom line, profit, we can conclude that all the selected manufacturing firms performed remarkably well for the period 2014–2018.
At a comparatively level, Nestle Nigeria Plc recorded the highest profit after tax (PAT) of approximately N131billion within the 5-year period under review. They were followed by Lafarge Nigeria Plc that recorded a profit after tax of approximately N38billion within the same period. Unilever Nigeria Plc and Guinness Nigeria Plc came in third and fourth position with a profit after tax of approximately N25billion and N24billion, respectively. Berger Paints Nigeria Plc and May & Baker came at the rear with a profit after tax of approximately N1billion and N783million, respectively.
In terms of performance on social sustainability, proxied by expenditure on corporate social responsibility (CSR), Lafarge Nigeria Plc tops the list. The company spent approximately N3billion or 8% of its profit after tax on CSR within the period under review. They were followed by Unilever which committed approximately N326million or 1.3% of profit after tax on corporate social responsibility. As a percentage of profit after tax, May & Baker came third with a commitment of approximately 1.4% of their profit after tax on expenditure on corporate social responsibility.
On the aggregate, the nine selected firms committed the sum of approximately N4billion or 1.6% of their profit after tax of approximately N249billion on corporate social responsibility for the 5-year period under review. Moreover, apart from Lafarge Nigeria Plc, Unilever Nigeria Plc, and May & Baker Nigeria Plc, none of the firms committed up to 1% of their profit after tax on corporate social responsibility. This is considered a dismal performance from the prism of social sustainability.
As it can be seen in Table 2, in terms of commitment to environmental sustainability, proxied by policy enunciation and concrete avowal to these policies, none of the firms, except Unilever Nigeria Plc, score up to 60% on aggregate in the 17-TBL matrix.1Table 2 shows the level of progress recorded by each of the firms in the 17-TBL adoption process. Although, most of the firms do not score above 60% in the adoption matrix, most made remarkable progress on a year-on-year basis on the TBL-adoption process2. Unilever has been very consistent in its commitments to environmental sustainability as can be seen by its strong showing in all the performance parameters all through the period under review. Lafarge, Cadbury, Guinness, and Nestle have also been consistent in their commitment to environmental sustainability. These companies, among others, consistently carry out environmental sustainability audits to assess the impact of their operations on the environment, and Lafarge in particular has taken steps to reduce emission and waste arising from their operations.
An important feature to note is that all the multinational corporations have shown more commitment to environmental sustainability than the local corporations. However, in the aggregate, there is still much to be done by the firms to be fully compliant in line with the TBL framework.
The COVID-19 pandemic will predictably change the way corporate governance performance will henceforth be measured. The traditional method of measuring corporate governance based largely on financial metrics will no longer be adequate as businesses and firms will increasingly be required to account for the social and environmental impact of their operations. This is where the triple-bottom-line (TBL) framework developed by John Elkington [49] becomes imperative.
In this study, we have demonstrated, using data from selected manufacturing firms in Nigeria, how this approach can be usefully applied to measure not only the profit angle of a firm’s operation but their commitment to social and environmental sustainability in line with the TBL framework. We have shown that measuring the social and environmental aspects of a firm’s operations is equally as important as measuring financial performance. The extant literature is replete with studies that measured corporate performance from the prism of financial indicators but not enough studies have been done to measure corporate performance beyond the usual financial metrics. To this end, this work has added to the growing literature on corporate governance performance using nonfinancial indicators.
The study has thrown up a lot of policy imperatives as follows:
There are currently no metrics to measure what makes a firm’s commitment to environmental sustainability credible. The corporate governance code that touches on environmental sustainability in Nigeria is the “
There may be a need for regulators in Nigeria to come up with legislation that will require manufacturing firms in Nigeria to commit more of their profit after tax (PAT) in activities that promote social and environmental sustainability. The extant regulations on corporate governance codes in Nigeria merely require firms to make declarations or policy enunciation on commitments to environmental sustainability with no quantifiable way of measuring these policy enunciations and commitments. The construct 17-TBL adoption matrix proposed in the study could lead the way toward quantifying and measuring a firm’s commitments to social and environmental sustainability.
Post-COVID-19, manufacturing firms in Nigeria should on their own (without regulatory prompting) make a paradigm shift on the way they approach the issue of social and environmental sustainability. The pandemic has shown that greater attention will be paid by various stakeholders on how firm activities contribute to social and environmental sustainability going forward. Rather than making declarations and regulatory-induced commitments to environmental sustainability in order to “fulfill all righteousness,” more concrete actions will be required to walk the talk.
Civic societies, social advocates, and nonstate actors should henceforth engage more actively with businesses to show greater commitment on issues of social and environmental sustainability. The general public should be sensitized to show greater support to businesses that are committed to social and environmental-friendly practices by way of patronage and shunning those businesses that care less about social and environmental sustainability.
Year | PAT (=N=) | EXP on CSR (=N=) | % of PAT on CSR | |
---|---|---|---|---|
2014 | 251,346,022 | 287,934 | 0.114556816 | |
2015 | 248,805,122 | 393,250 | 0.158055428 | |
2016 | 224,007,344 | 934,600 | 0.417218464 | |
2017 | 246,276,146 | 1,419,464 | 0.576370884 | |
2018 | 320,509,108 | 923,012 | 0.287983081 | |
2014 | 2,390,223,001 | 9,231,333 | 0.386212207 | |
2015 | 1,991,127,002 | 10,675,000 | 0.536128534 | |
2016 | 3,799,393,042 | 10,300,000 | 0.271095933 | |
2017 | 3,115,142,102 | 10,738,001 | 0.344703408 | |
2018 | 4,304,122,005 | 10,998,333 | 0.255530233 | |
2014 | 3,351,546,003 | 7,681,658 | 0.229197450 | |
2015 | 1,120,267,005 | 7,416,845 | 0.662060470 | |
2016 | −3,023,852,101 | 11,707,774 | −0.387180775 | |
2017 | 4,304,955,112 | 20,901,974 | 0.485532914 | |
2018 | 4,426,978,003 | 15,263,699 | 0.344788228 | |
2014 | 34,385,275,000 | 259,820,450 | 0.755615449 | |
2015 | 29,657,773,005 | 604,245,559 | 2.037393566 | |
2016 | 16,898,781,100 | 748,346,711 | 4.428406444 | |
2017 | −34,601,409,220 | 661,627,952 | −1.912141635 | |
2018 | −8,801,726,090 | 868,878,089 | −9.871678352 | |
2014 | 63,340,000 | 0 | 0 | |
2015 | 68,033,302 | 0 | 0 | |
2016 | −48,712,022 | 0 | 0 | |
2017 | 357,181,099 | 5943 | 1.66406705 | |
2018 | 342,686,021 | 4687 | 1.36795046 | |
2014 | 2,412,343,003 | 32,864,545 | 1.362349590 | |
2015 | 1,192,366,122 | 212,066,003 | 17.78530932 | |
2016 | 3,071,885,200 | 18,786,715 | 0.611569566 | |
2017 | 7,450,085,021 | 18,675,960 | 0.250681166 | |
2018 | 10,552,140,090 | 43,456,134 | 0.411822944 | |
2014 | 2,137,319,000 | 8,100,000 | 0.378979461 | |
2015 | 1,153,295,285 | 6,646,267 | 0.576284936 | |
2016 | −296,403,003 | 5,799,578 | −1.956652916 | |
2017 | 299,998,042 | 7,696,543 | 2.565531078 | |
2018 | 823,085,420 | 4,118,284 | 0.500347096 | |
2014 | 9,495,530,402 | 11,406,028 | 0.120119967 | |
2015 | 7,794,899,102 | 11,202,005 | 0.143709429 | |
2016 | −2,015,886,002 | 67,985,102 | −3.372467587 | |
2017 | 1,923,720,108 | 11,775,085 | 0.612099699 | |
2018 | 6,717,605,123 | 11,775,280 | 0.175289851 | |
2014 | 22,235,640,008 | 45,547,432 | 0.204839762 | |
2015 | 23,736,777,123 | 47,191,240 | 0.198810646 | |
2016 | 7,924,968,120 | 8,778,000 | 0.110763853 | |
2017 | 33,723,730,004 | 2,088,001 | 0.006191489 | |
2018 | 43,008,026,108 | 33,965,020 | 0.078973678 | |
S/no | Indicator | Rank* |
---|---|---|
1. | Corporate policy and concrete investment on global warming, pollution and deforestation | 0–2 |
2. | Corporate policy and concrete investment on global security, terrorism and armed conflicts | 0–2 |
3. | Corporate policy and concrete investment on poverty reduction and financial inclusion | 0–2 |
4. | Corporate policy and concrete investment on global fight against hunger and mal-nutrition | 0–2 |
5. | Corporate policy and concrete investment on global fight against racism | 0–2 |
6. | Corporate policy and concrete investment against all forms of discrimination – racial, sexual, religion, creed, etc. | 0–2 |
7. | Corporate policy and concrete investment on use of raw materials that are environmentally friendly such as fresh natural and/or organic ingredients | 0–2 |
8. | Corporate policy and concrete investment on social value and national orientation | 0–2 |
9. | Corporate policy and concrete investment to charity and donations to the less privileged members of the global community | 0–2 |
10. | Corporate policy and concrete investment on water related issues | 0–2 |
11. | Corporate policy and concrete investment on women empowerment and girl-child education | 0–2 |
12. | Corporate policy and concrete investment to disaster assistance to victims and humanitarian reliefs | 0–2 |
13. | Corporate policy and concrete investment to reduction in carbon emission | 0–2 |
14. | Corporate policy and concrete investment to improved energy efficiency in manufacturing and organizational process | 0–2 |
15. | Corporate policy and concrete investment on increasing use of renewable energy, deploying more energy-efficient technologies and closely monitoring emission from all activities | 0–2 |
16. | Corporate policy and concrete investment towards the physically challenged members of the community | 0–2 |
17. | Corporate policy and concrete investment on equal employment opportunity for male and female | 0–2 |
Assign 1 where there is policy framework but no concrete action, 2 where both exist and 0 where none exists.
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\n\nIf you do not receive your order within 30 days from the date your order is shipped, please contact us to inquire about the shipping status at orders@intechopen.com.
\n\nTax: Residents of European Union countries need to add a Book Value-Added Tax Rate based on their country of residence. Institutions and companies, registered as VAT taxable entities in their own EU member state, will not pay VAT by providing IntechOpen with their VAT registration number. This is made possible by the EU reverse charge method.
\n\nCustoms: free shipping does not include any duties, taxes or clearing charges levied by the destination country. These charges are the responsibility of the customer and will vary from country to country.
\n\nP.O. Boxes cannot be used as a Ship-To Address.
\n\nIntechOpen partners do not provide shipping service from Europe to the countries listed below. Please refrain from mailing items addressed to the countries listed below, until further notice.
\n\nWhen ordering our books from the countries listed below, please provide an alternative mailing address. For any further assistance, please contact us at orders@intechopen.com.
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\n\nPOD products are non-returnable and non-refundable, except in the event of poor print quality or an error in quantity. If we delivered the item to you in error or the item is faulty, please contact us.
\n\nInspect your order carefully when it arrives. Any problems should be immediately reported to orders@intechopen.com.
\n\nPrint copies of our publications are most often purchased by universities, libraries, institutions and academia personnel, hence increasing the visibility and outreach of our authors' published work among science communities and institutions.
\n\nOur books are available at our direct Print Sales Department and through selected representatives throughout the world.
\n\nBooks International
\n\nRepresentative for: Brunei, Cambodia, Indonesia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam (ASEAN)
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\n\nRepresentative for: China, Taiwan, Hong Kong
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\n\nRepresentative for: India, Bangladesh, Pakistan, Sri Lanka, Bhutan, Nepal, Maldives, Iran, Algeria, Bahrain, Egypt, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Malta, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunis, United Arab Emirates and Yemen
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On September, 29th 2006 he has won a post PhD fellowship from the university of Bologna (from October 2006 to October 2008), at the competitive examination he was ranked first in the industrial engineering area. He extensively served as referee for several international journals. He is author/coauthor of more than 100 research papers. He has been involved in some projects supported by MURST and European Community. 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After finishing his P. hD degree in 1992, he served in the Industry as a Scientific Officer and continued his academic career as a visiting scholar for a number of educational institutions. In 1996 he joined National University of Science & Technology Pakistan (NUST) as an Associate Professor; NUST is one of the top few universities in Pakistan. In 1999 he joined an International Company Lineo Inc, Canada as Manager Compiler Group, where he headed the group for developing Compiler Tool Chain and Porting of Operating Systems for the BLACKfin processor. The processor development was a joint venture by Intel and Analog Devices. In 2002 Lineo Inc., was taken over by another company, so he joined Aalborg University Denmark as an Assistant Professor.\nProfessor Akbar has truly a multi-disciplined career and he continued his legacy and making progress in many areas of his interests both in teaching and research. 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Such devices can have different operating systems, such as infrared lasers, quantitative light fluorescence (QLF), or LED lights, but they all rely on the fluorescent properties of tooth structures. Healthy enamel and enamel affected by demineralization have different light-scattering properties, a fact that allows for distinction under excitation with light of a known wavelength. The central problem in the treatment of dental decay is that operational care is still considered the predominant management plan for caries control in the general practice. Devices that use fluorescence have the potential to improve the detection and management of carious lesions significantly. Currently, there are several intraoral devices that employ fluorescence on the market, but more validation studies would be required to uphold the interest of the newly developed devices and to justify their reliability in clinical practice. 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At the Ministry of Justice of Slovenia, she is a member of examination boards for court expert candidates and judicial appraisers in the following areas: economy/finance, valuation of companies, banking, and forensic investigation of economic operations/accounting. 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