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ASSESSMENT OF THE EFFECT OF EXTERNAL CAPITAL MOBILIZATION ON THE EQUIPMENT INVESTMENT OF BAKERY ENTERPRISES IN SOUTH EASTERN NIGERIA
This study assessed the effect of external capital mobilization and equipment investment of bakery enterprises in South Eastern Nigeria. The contribution of bakeries in ensuring food for all attainment of Millennial Goal cannot be over emphasized. Considering the expanded product set of bakery enterprises, there is the need to imbue advanced technologies into its capital mobilization and investment activities. This will optimize its category management processes to help meet business goals and deliver full value to its customers. All the necessary data for this analysis were harnessed from the enterprise records, of 2005 Â– 2008. The methods of data of analyses involved descriptive statistics (such as percentages and Tables) and Two Stage Least Square (2SLS). The study identified that bakery firms were financially squeezed considering that only 2.2% of the firms can boast of operating with mean capital worth of 15.4% million. Also, the investment cycles were distorted with cases of disinvestment consequent upon financial frictions. The simultaneous equation analysis via 2SLS revealed the significant variables interrelating in influencing external capital mobilization and equipment investment to include current and lagged levels return on asset, current and lagged amounts of external capital mobilization, and current lagged values of equipment investment. It is thus, recommended that bakery enterprises should improve in internal capital commitment to the business to enhance financial and investment stabilities. This recommendation is necessary since return on asset being internal capital source related positively with equipment investment and also internal capital injection reduced dependence in external capital portfolio.