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Sub-Sahara African Academic SSAAR (JMSE); Journal of March, 2019 Editions Management ScienceSub and-Sahara Entrepreneurship African Academic Research Publications Journal of Management Science March, 2019, Editions & Entrepreneurship. Vol.13, No.5, ISSN 2285-3138 INSTITUTIONAL FINANCING AND CORPORATE GROWTH; A CONCEPTUAL NEXUS *SANI, SAMINU & **MOHAMMED, MAARUFAH ABDULMALIK *Department of Accounting, Faculty of Humanities, Management and Social Science, Federal University Wukari, Taraba State **Ahmadu Bello University, Zaria Abstract Just as blood is crucial to human existence, so is finance considered as one amongst the pivotal ingredients necessary for the survival and growth of every corporate entity. Finance is thus considered as a life wire that facilitates operations in corporate settings. Institutions with organized activities requires huge amount of cash to help cater for the running of operations and as such, they have to get an adequate source of funds which basically comes from financial institutions or other investment institutions. For meaningful growth to be experienced in corporations and the economy as a whole, comprehensive investment packages is the essential ingredient that will lubricate and accelerate the rate of growth and development that is needed. In this case, rather than individual financing of corporate entities; that is characterized by low financial package, institutions with their enormous resources can invest to other institutions to boost their degree of operations. The study is purely an exploratory study that is aimed at establishing the nexus between institutional financing and corporate growth through review of related literatures. Institutional financing has become the gateway of tapping into the capital of corporations in a way of getting them to commit their resources in other ventures or institutions to providing the needed capital and liquidity to facilitate the rate of growth and development. The study recommends that, institutions should continue to divest by 1 | P a g e SSAAR (JMSE); Journal of March, 2019 Editions Management Science and Entrepreneurship providing the necessary financial needs to other corporate organizations as this will lead to collective growth and development to all the parties involved and by extension, it will facilitate the growth and development of the nation and the world at large, thus; has hugely helped institutions to stabilize and aspire for excellence. Keywords: Institutional, Financing, Corporate, Growth, Conceptual Nexus. Introduction Usually, in our corporate settings, there are institutions with surplus cash requirement and there are others that are in liquidity crunch. Asli and Levine (2010) noted that, the system facilitates custody of excess cash by the saver and lending of the saved cash to the institutions that are in dire need of cash. Furthermore, the system facilitates extension of credit fellowship by institution(s) with high cash volume to those institution(s) going through financial crunch. Omankhanlen (2012) viewed Institutional finance from the following dimensions. It can be seen as finance or funds raised from Public Financial Institutions (PFIs) or, it can be viewed also as finance or funds raised from Non-Banking Finance Companies (NBFCs) and or, finance or funds provided by Investment Trusts and Mutual Funds (ITMF). Institutional finance helps in strengthening corporate growth by providing the much needed fund that is required to lubricate expansion and growth in firms. These groupings present various sources to which institutional finance can be obtained. Pandey (2005) asserts that, since corporations cannot live in financial autarky, therefore, it becomes imperative for other institutions to play host to institutions in need of financial nourishment by aiding them with reasonable amount of commitment to help bolster their existentiality. In other cases, certain institutions do serve as intermediary between lenders and borrowers by channeling cash from area of surplus to area of deficit. Similarly, Nzotta & Okereke, (2009) opined that infant corporations may suffer serious setback in terms of financial strength and the best way out of that economic quagmire is to seek investment from certain 2 | P a g e SSAAR (JMSE); Journal of March, 2019 Editions Management Science and Entrepreneurship institutions so as to raise reasonable cash for expansion and modernization. The main objective of every corporate entity is to maximize profit. The profit maximization comes in different inclinations. One of the ways to know whether corporate entity has attained it profit maximization objective is to check and see if the said firm is experiencing corporate growth (Oluwagbemi, Abah, and Achimugu, (2011) & Oluitan, (2010)). Corporate growth informs us that firms are generating positive cash flows or earnings. When reasonable growth is experienced in firms, it shows the presence of significant positive cash flow. Omankhanlen, (2012) noted that, this growth will be seen in terms of expansion, modernization etc. while little dividend will be considered for the shareholders in other to attain reasonable growth. This is because, for meaningful growth to be attained, organizations will have to plough back a significant proportions of it earnings for expansion and developmental purposes. The study aims to articulate the link between institutional financing and corporate growth. Over View of the Reforms in the Financial Institution The financial institutions in Nigeria suffered in its cradle owing to so many economic, social, political and technological changes (Kehinde & Adejuwon, 2011). These dynamisms had affected some of the then extant regulations and were thus rendered old-fashioned. The 1952 banking ordinance act set the platform for reforms in the financial sectors in Nigeria. The deregulation of the Nigerian economy in 1986 came with reforms that gave birth to Structural Adjustment Program (SAP) in 1986. The deregulation and Structural Adjustment Program of 1986 reform swayed the thinking paradigm to market based control from it formal direct control (Omankhanlen, 2012). In 2005, the backbone of the Nigerian financial sector; the banking industry, experienced the consolidation reform, the insurance reform in 2007 followed among others. Soludo (2005), opined that ‘the objectives of the reform in the banking sector includes taking proactive steps to prevent imminent systemic crisis; Creation of a sound banking system that depositors can trust; Creation of 3 | P a g e SSAAR (JMSE); Journal of March, 2019 Editions Management Science and Entrepreneurship banks that are investors-friendly and that can finance capital intensive projects; Enhancement of transparency, professionalism, good corporate governance and accountability; and Driving down the cost of banks.’ With such mechanism in place, institutions will be adequately financed so as to discharge their objectives efficiently and effectively. Institutional financing and corporate growth in Nigeria; A review of links Schumpeter (1934) opined that increasing institutional financing has stimulated much corporate growth than the “Bit by Bit” financing. Institutional financing is known to be a catalyst that propels the rate of growth and development in the corporate circle. Nzotta and Okereke (2009) observed that, corporate entities are institutions that are able to access huge financial resources through other institutions or loans, stands a better chance to thrive in it operational cycle, expansion and modernization which eventually leads to corporate growth and development than a similar establishment that has made use of the “Bit by Bit” financing. Kehinde & Adejuwon (2011) carried out a review on “financial institutions as catalyst to economic development: the Nigerian experience” and arrived at the conclusion that, financial institutions has succeeded in strengthening corporate organizations with the right financial needs to boost their operations. These institutions ensures that the amount they are lending or investing as the case maybe are judiciously utilized by ensuring that there are mechanism to help the benefiting enterprise achieve it corporate objective. These steps taken have succeeded in boosting corporate growth which in turn leads to national growth and development. This view is strongly supported by the following researchers Nzotta & Okereke (2009) and Nnanna & Dogo (1998) Furthermore, Oluitan (2010) examined “Bank Credit Risk and Economic growth: the Nigerian experience” and the study concluded thus, the credit offered to corporations are judiciously utilized because of the strict conditionality attached to it. These corporate organizations are aware of 4 | P a g e SSAAR (JMSE); Journal of March, 2019 Editions Management Science and Entrepreneurship the risks in breaking the loan agreement thus they invest every part of the loan or investment to be able to generate enough returns to settle the principal sum and the corresponding interest element and still have their own returns. The institutional financing has been a blessing that has set them at the center stage for growth and development. More so, Soludo (2005) asserted that, the liberalization and restructuring of the Nigerian economy played key part in granting corporate entities access to institutional financing to “financing capital intensive projects”. The financial and technical backing has hugely helped our institutions to stabilize and aspire for excellence. In the international scene, Asli & Levine (2010) carried out an overview of “Stock
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