Science Publishing Group: International Journal of Economics, Finance and Management Sciences: Table of Contents
<i>International Journal of Economics, Finance and Management Sciences (IJEFM) </i> is an open access, peer-reviewed journal. The main objective of <i>IJEFM </i> is to provide an intellectual platform for the international scholars. <i>IJEFM </i> aims to promote interdisciplinary studies in business and social science and become the leading journal in business and social science in the world. <i>IJEFM </i> publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes, and book reviews. The articles in the journal are open access to different users in different countries around the world. Knowledge produced in the journal is meant for all scholars specialized within all disciplines of sciences.
http://www.sciencepublishinggroup.com/j/ijefm Science Publishing Group: International Journal of Economics, Finance and Management Sciences: Table of Contents
Science Publishing Group
en-US
International Journal of Economics, Finance and Management Sciences
International Journal of Economics, Finance and Management Sciences
http://image.sciencepublishinggroup.com/journal/173.gif
http://www.sciencepublishinggroup.com/j/ijefm
Environmental Policy under Some Asymmetric Social-Economical Factors
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.15
We consider situations where some social-economical factors, such as environmental awareness and other factors promoting greener environment, not only affects market demand and output, but also affects firm’s green innovative tendencies. This paper shows that if these social-economical factors are strong enough to move the market demand toward environmental friendliness, firm’s strategies might shift toward greener technology or environmental friendlier practices. If these effects on demand for greener environment are large enough, stringent environmental policy would induce more firms to produce more.
We consider situations where some social-economical factors, such as environmental awareness and other factors promoting greener environment, not only affects market demand and output, but also affects firm’s green innovative tendencies. This paper shows that if these social-economical factors are strong enough to move the market demand toward environmental friendliness, firm’s strategies might shift toward greener technology or environmental friendlier practices. If these effects on demand for greener environment are large enough, stringent environmental policy would induce more firms to produce more.
Environmental Policy under Some Asymmetric Social-Economical Factors
doi:10.11648/j.ijefm.20130101.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Chien-Chieh Huang
Huei-Chin Lin
Environmental Policy under Some Asymmetric Social-Economical Factors
1
1
42
42
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.15
© Science Publishing Group
Evaluating a Project Finance SPV: Combining Operating Leverage with Debt Service, Shadow Dividends and Discounted Cash Flows
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.12
Project finance (PF) investments have consistently grown in the last years, especially if they concern infrastructural Public – Private Partnerships. PF is a long termed and capital intensive investment, guaranteed by expected cash flows, rather than the assets of the project sponsor. Private entities, normally created as ad hoc Special Purpose Vehicles, are typically highly leveraged with non-recourse loans. Since the shareholders may be likely to sell off their stake well before the expiring date of the concession, a professional evaluation of the SPV at different stages of the project’s life seems increasingly important. Innovative considerations about the impact of cash generating EBITDA are linked to operating leverage changes, following continuous remixing of fixed and variable costs, Debt service and shadow dividends payout are also critically investigated, analyzing their impact on leverage, risk and valuation. Fair appraisals fuel and keep alive a still infant secondary market, where investment funds and private equity intermediaries start having an active role. Being PF a cash flow based investment, DCF evaluation techniques are generally used; even if the method may seem straightforward, several awkward factors interact - and sensitivity to different parameters, such as inflation or interest rates, greatly matters. To the extent that it can be professionally managed by specialized agents, risk sharing or transmission is not a zero sum game, so positively affecting both the equity and the enterprise value.
Project finance (PF) investments have consistently grown in the last years, especially if they concern infrastructural Public – Private Partnerships. PF is a long termed and capital intensive investment, guaranteed by expected cash flows, rather than the assets of the project sponsor. Private entities, normally created as ad hoc Special Purpose Vehicles, are typically highly leveraged with non-recourse loans. Since the shareholders may be likely to sell off their stake well before the expiring date of the concession, a professional evaluation of the SPV at different stages of the project’s life seems increasingly important. Innovative considerations about the impact of cash generating EBITDA are linked to operating leverage changes, following continuous remixing of fixed and variable costs, Debt service and shadow dividends payout are also critically investigated, analyzing their impact on leverage, risk and valuation. Fair appraisals fuel and keep alive a still infant secondary market, where investment funds and private equity intermediaries start having an active role. Being PF a cash flow based investment, DCF evaluation techniques are generally used; even if the method may seem straightforward, several awkward factors interact - and sensitivity to different parameters, such as inflation or interest rates, greatly matters. To the extent that it can be professionally managed by specialized agents, risk sharing or transmission is not a zero sum game, so positively affecting both the equity and the enterprise value.
Evaluating a Project Finance SPV: Combining Operating Leverage with Debt Service, Shadow Dividends and Discounted Cash Flows
doi:10.11648/j.ijefm.20130101.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Roberto Moro Visconti
Evaluating a Project Finance SPV: Combining Operating Leverage with Debt Service, Shadow Dividends and Discounted Cash Flows
1
1
20
20
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.12
© Science Publishing Group
To Manipulate or Not to Manipulate – A Short Comment on the Game of Interest Rate Manipulation
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.13
In this paper, bankster reputation as a coordination mechanism (“focal arbitrator”) in the game of interest rate manipulation and the effects of punishment will be analyzed with the aid of game-theoretical instruments. In such a game with multiple equilibria, the “bad” to-manipulate equilibrium arises because of “bankster expectations”. Under this condition, the game can, in the short term, only be changed through penalties so that the not-to-manipulate strategy becomes the dominant one. Should it happen that the bankster reputation be destroyed in the long term, penalties would, once again, become superfluous, because the “good” not-to-manipulate equilibrium would appear even in self-interested actions, due to the good banker expectations.
In this paper, bankster reputation as a coordination mechanism (“focal arbitrator”) in the game of interest rate manipulation and the effects of punishment will be analyzed with the aid of game-theoretical instruments. In such a game with multiple equilibria, the “bad” to-manipulate equilibrium arises because of “bankster expectations”. Under this condition, the game can, in the short term, only be changed through penalties so that the not-to-manipulate strategy becomes the dominant one. Should it happen that the bankster reputation be destroyed in the long term, penalties would, once again, become superfluous, because the “good” not-to-manipulate equilibrium would appear even in self-interested actions, due to the good banker expectations.
To Manipulate or Not to Manipulate – A Short Comment on the Game of Interest Rate Manipulation
doi:10.11648/j.ijefm.20130101.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Andreas Haaker
To Manipulate or Not to Manipulate – A Short Comment on the Game of Interest Rate Manipulation
1
1
24
24
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.13
© Science Publishing Group
Presentation of Financial Statements
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.11
The main purpose of this paper is to explain the requirements of international standard IAS1 Presentation of Financial Statements. The current version of this standard was issued in September 2007 and has effect for accounting periods beginning on or after January 2009. The objectice of IAS1 is to specify the overall structure and content of general purpose financial statements and so ensure that an entity’s financial statements are comparable with those of previous periods and with those of other entities. The stan-dard sets out: The general features of financial statements Guidelines with regard to their structure, and Minimum requirements for their content. IAS1 is of general application and does not deal with specific transactions or events. These are dealt with in order international standards. This paper also outlines the main requirements of international standard IAS34 Interim Financial reporting.
The main purpose of this paper is to explain the requirements of international standard IAS1 Presentation of Financial Statements. The current version of this standard was issued in September 2007 and has effect for accounting periods beginning on or after January 2009. The objectice of IAS1 is to specify the overall structure and content of general purpose financial statements and so ensure that an entity’s financial statements are comparable with those of previous periods and with those of other entities. The stan-dard sets out: The general features of financial statements Guidelines with regard to their structure, and Minimum requirements for their content. IAS1 is of general application and does not deal with specific transactions or events. These are dealt with in order international standards. This paper also outlines the main requirements of international standard IAS34 Interim Financial reporting.
Presentation of Financial Statements
doi:10.11648/j.ijefm.20130101.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Lidija Romic
Presentation of Financial Statements
1
1
8
8
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.11
© Science Publishing Group
Use of Outsourcing in Practice of Slovak Companies
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.16
The article shows the view of outsourcing in Slovak conditions in years 2009-2010. Authors would like to present their results of the research made in Slovak companies follow the domestic and foreign point of view to outsourcing
The article shows the view of outsourcing in Slovak conditions in years 2009-2010. Authors would like to present their results of the research made in Slovak companies follow the domestic and foreign point of view to outsourcing
Use of Outsourcing in Practice of Slovak Companies
doi:10.11648/j.ijefm.20130101.16
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Lucia Badáňová
Elena Thomasová
Use of Outsourcing in Practice of Slovak Companies
1
1
53
53
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.16
© Science Publishing Group
Cost Control Development under Stochastic Performance Control
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.17
In this research, a model to forecast project’s cost will be presented with due attention to performance time and cost of the project, based on Earned Value Management (EVM) and with regarding real circumstances caused by uncertainties, risk factors and using simulation methods. All the uncertainties will be related to cost of work packages as well as its changes over time by probability distribution functions. Probabilistic distribution functions will be determined based on existing information obtained from previous projects and experts’ opinion. In this model, project’s activities will be classified to subgroups calling control accounts. Each of them has a controlling limit to control project’s performance. Then, using simulation methods, stochastic s-curve for each control account will be determined to clarify project stochastic s-curve from total of these s-curves. When a percentage of the project has been performed, using modern methods of Earned Value Management, the performance of the project will be measured, therefore, it will be possible to adjust probability distribution functions and forecast the future performance of the project using simulation model of Monte Carlo.
In this research, a model to forecast project’s cost will be presented with due attention to performance time and cost of the project, based on Earned Value Management (EVM) and with regarding real circumstances caused by uncertainties, risk factors and using simulation methods. All the uncertainties will be related to cost of work packages as well as its changes over time by probability distribution functions. Probabilistic distribution functions will be determined based on existing information obtained from previous projects and experts’ opinion. In this model, project’s activities will be classified to subgroups calling control accounts. Each of them has a controlling limit to control project’s performance. Then, using simulation methods, stochastic s-curve for each control account will be determined to clarify project stochastic s-curve from total of these s-curves. When a percentage of the project has been performed, using modern methods of Earned Value Management, the performance of the project will be measured, therefore, it will be possible to adjust probability distribution functions and forecast the future performance of the project using simulation model of Monte Carlo.
Cost Control Development under Stochastic Performance Control
doi:10.11648/j.ijefm.20130101.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Milad Eghtedari Naeini
Milad Eghtedari Naeini
Cost Control Development under Stochastic Performance Control
1
1
60
60
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.17
© Science Publishing Group
Development Power: The Potential Dynamics in Economic Process
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.14
Stating from the intrinsic characteristics of macroeconomic development, this paper puts forward the concept of development power and its theoretical frame. The development power is the potential and invisible dynamics to promote economic growth. By means of the development power theory, we can explain some important problems in macro-economy. We discuss the basic properties of development power and obtain some results, such as, the effects of economic policy depends on the development power, the imbalance of economic development is caused by the different levels in development power. The method is given to evaluate development power, and then we may analyze the mutual effects among development powers. Finally, we illustrate that the development power movements exist widely in the economic development.
Stating from the intrinsic characteristics of macroeconomic development, this paper puts forward the concept of development power and its theoretical frame. The development power is the potential and invisible dynamics to promote economic growth. By means of the development power theory, we can explain some important problems in macro-economy. We discuss the basic properties of development power and obtain some results, such as, the effects of economic policy depends on the development power, the imbalance of economic development is caused by the different levels in development power. The method is given to evaluate development power, and then we may analyze the mutual effects among development powers. Finally, we illustrate that the development power movements exist widely in the economic development.
Development Power: The Potential Dynamics in Economic Process
doi:10.11648/j.ijefm.20130101.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Feng Dai
Songtao Wu
Ling Liang
Development Power: The Potential Dynamics in Economic Process
1
1
37
37
2014-01-01
2014-01-01
10.11648/j.ijefm.20130101.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130101.14
© Science Publishing Group
Logistics Outsourcing Partnerships: Conceptual Model
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.13
The worldwide usage and importance of logistics outsourcing has grown dramatically over the last decades and will continue to do so. A model of logistics outsourcing relationship is developed and hypotheses are presented regard-ing the antecedents and consequences of trust. The objective of this research is to describe the relationships between logis-tics service providers and their customers. It aims at increasing interaction between customers and logistics service provid-ers. Our analysis is based on an extensive survey of the literature on logistics outsourcing relationship.
The worldwide usage and importance of logistics outsourcing has grown dramatically over the last decades and will continue to do so. A model of logistics outsourcing relationship is developed and hypotheses are presented regard-ing the antecedents and consequences of trust. The objective of this research is to describe the relationships between logis-tics service providers and their customers. It aims at increasing interaction between customers and logistics service provid-ers. Our analysis is based on an extensive survey of the literature on logistics outsourcing relationship.
Logistics Outsourcing Partnerships: Conceptual Model
doi:10.11648/j.ijefm.20130102.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Chaabouni Fatma
Dhiaf Mohamed Mahjoub
Logistics Outsourcing Partnerships: Conceptual Model
1
2
88
88
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.13
© Science Publishing Group
Seven Wastes Elimination Targeted by Lean Manufacturing Case Study “Gaza Strip Manufacturing Firms’’
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.12
The research paper aims to investigate and analyze the current situation of wastes elimination of the manufacturing firms in Gaza Strip and its important role for reducing the production cost; in addition it aims to promote lean thinking through studying the seven wastes that are targeted by the lean manufacturing philosophy. Wastes Relations Matrix (WRM) was implemented to analyze the effect of each waste on the other six wastes. The main findings are that lean manufacturing (wastes elimination) affects positively on reducing the production cost for the manufacturing business in Gaza strip.
The research paper aims to investigate and analyze the current situation of wastes elimination of the manufacturing firms in Gaza Strip and its important role for reducing the production cost; in addition it aims to promote lean thinking through studying the seven wastes that are targeted by the lean manufacturing philosophy. Wastes Relations Matrix (WRM) was implemented to analyze the effect of each waste on the other six wastes. The main findings are that lean manufacturing (wastes elimination) affects positively on reducing the production cost for the manufacturing business in Gaza strip.
Seven Wastes Elimination Targeted by Lean Manufacturing Case Study “Gaza Strip Manufacturing Firms’’
doi:10.11648/j.ijefm.20130102.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Khalil A. El-Namrouty
Mohammed S. AbuShaaban
Seven Wastes Elimination Targeted by Lean Manufacturing Case Study “Gaza Strip Manufacturing Firms’’
1
2
80
80
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.12
© Science Publishing Group
Airport Ownership and Management in European Union countries, BOT Applications in Turkey, and Suggestions for Turkey
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.11
The purpose of this article is to examine the airport ownership and management applications of the European Union countries and Turkey, and to evaluate the appropriateness of the Build-Operate-Transfer (BOT) Model, which is widespread in Turkey. For this purpose, the airports at the capital cities of the European Union countries are examined in the context of applications and a general assessment is made for Turkey and suggestions are presented.
The purpose of this article is to examine the airport ownership and management applications of the European Union countries and Turkey, and to evaluate the appropriateness of the Build-Operate-Transfer (BOT) Model, which is widespread in Turkey. For this purpose, the airports at the capital cities of the European Union countries are examined in the context of applications and a general assessment is made for Turkey and suggestions are presented.
Airport Ownership and Management in European Union countries, BOT Applications in Turkey, and Suggestions for Turkey
doi:10.11648/j.ijefm.20130102.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Yıldırım Saldıraner
Airport Ownership and Management in European Union countries, BOT Applications in Turkey, and Suggestions for Turkey
1
2
67
67
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.11
© Science Publishing Group
Ethical Thinking: Whatarestudents’ moralthoughts?
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.15
The study of ethics is increasingly viewed as an important component of business education. As such, we in-vestigated various real-world ethical scenarios using a self-administered survey instrument that was answered by 136 col-lege students in three different universities? We reviewed the results as they related to gender and ethnicity. A regression analysis revealed that there was no difference, at least from a gender standpoint, in the behaviors between males and fe-males. In fact, in some instances males behaved more ethically, and in other cases females behaved more justly. On the other hand, the regression analysis disclosed that there appears to be different patterns of behavior, from an ethnicity standpoint, between Whites and Hispanics. Still, as researchers (e.g., from an ethnicity standpoint—one being White and two being Latino), we could not easily justify why Whites showed a stronger formal ethical behavior than Latinos. We con-cluded, based on the responses by the student participants, that theresults are aligned with cultural differences between both ethnic groups.
The study of ethics is increasingly viewed as an important component of business education. As such, we in-vestigated various real-world ethical scenarios using a self-administered survey instrument that was answered by 136 col-lege students in three different universities? We reviewed the results as they related to gender and ethnicity. A regression analysis revealed that there was no difference, at least from a gender standpoint, in the behaviors between males and fe-males. In fact, in some instances males behaved more ethically, and in other cases females behaved more justly. On the other hand, the regression analysis disclosed that there appears to be different patterns of behavior, from an ethnicity standpoint, between Whites and Hispanics. Still, as researchers (e.g., from an ethnicity standpoint—one being White and two being Latino), we could not easily justify why Whites showed a stronger formal ethical behavior than Latinos. We con-cluded, based on the responses by the student participants, that theresults are aligned with cultural differences between both ethnic groups.
Ethical Thinking: Whatarestudents’ moralthoughts?
doi:10.11648/j.ijefm.20130102.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
James I. Schaap
Juan-Pablo Stegman
Miguel Blanco Callejo
Ethical Thinking: Whatarestudents’ moralthoughts?
1
2
107
107
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.15
© Science Publishing Group
Systematic Approach for Improving Medical Service Quality, International Journal of Economics
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.16
The purpose of this research is to discuss the characteristics of medical services quality in the hospital institutions. This study discusses the characteristics of medical services quality in the hospital institutions, combining the analysis of services quality deficiency and investigation then figuring out the method of improvements to focus on service deficiency. This research applied three kinds of technologies: The service quality questionnaire surveys, the gap model analysis and the quality function deployment (QFD). The result of investigating service quality shows three major key elements for im-provement: the hospital interior administration information efficiency and the personnel manner look after the service and the result and the hospital exterior communication. In the improvement plan, the customer opinion survey form provide and the recycling improvement, doctor specialty discussing, medical care personnel's soft training, the hospital bed specified number of personnel ratio are the most important item to be improved. In action plan, four most important departments are human resources room, laborer safety clinic, information room and quality control center.
The purpose of this research is to discuss the characteristics of medical services quality in the hospital institutions. This study discusses the characteristics of medical services quality in the hospital institutions, combining the analysis of services quality deficiency and investigation then figuring out the method of improvements to focus on service deficiency. This research applied three kinds of technologies: The service quality questionnaire surveys, the gap model analysis and the quality function deployment (QFD). The result of investigating service quality shows three major key elements for im-provement: the hospital interior administration information efficiency and the personnel manner look after the service and the result and the hospital exterior communication. In the improvement plan, the customer opinion survey form provide and the recycling improvement, doctor specialty discussing, medical care personnel's soft training, the hospital bed specified number of personnel ratio are the most important item to be improved. In action plan, four most important departments are human resources room, laborer safety clinic, information room and quality control center.
Systematic Approach for Improving Medical Service Quality, International Journal of Economics
doi:10.11648/j.ijefm.20130102.16
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Chang-Lin Yang
Rong-Hwa Huang
Systematic Approach for Improving Medical Service Quality, International Journal of Economics
1
2
114
114
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.16
© Science Publishing Group
Causes and Consequences of Financial Corruption: a Conceptual Inquiry
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.17
When mentioned, corruption is often thought to take place just in areas of civil authority where the mandarins squeeze people and public property. This definitely breaks the laws and doesn’t obey social ethics. There is, however, another form of corruption existing in front of people’s eyes and obeying legally basic principles of the market economy, internationally financial rules such as WB, IMF, ADB, WTO, etc. and even the laws in all countries. That is financial cor-ruption of economic, financial and banking corporations. Financial corruption is the root of the economic crisis worldwide in 2008 although it is known by the world’s largest market economies and recognized by global financial organizations but they do not dare admit it. Financial corruption is one of the challenges of the global economic security in the 21st century and unless it is stoppable, its companion will be financial fraud. It is possible to stop and curb financial corruption by the 3 tools: the State’s intervention, market tool and public media.
When mentioned, corruption is often thought to take place just in areas of civil authority where the mandarins squeeze people and public property. This definitely breaks the laws and doesn’t obey social ethics. There is, however, another form of corruption existing in front of people’s eyes and obeying legally basic principles of the market economy, internationally financial rules such as WB, IMF, ADB, WTO, etc. and even the laws in all countries. That is financial cor-ruption of economic, financial and banking corporations. Financial corruption is the root of the economic crisis worldwide in 2008 although it is known by the world’s largest market economies and recognized by global financial organizations but they do not dare admit it. Financial corruption is one of the challenges of the global economic security in the 21st century and unless it is stoppable, its companion will be financial fraud. It is possible to stop and curb financial corruption by the 3 tools: the State’s intervention, market tool and public media.
Causes and Consequences of Financial Corruption: a Conceptual Inquiry
doi:10.11648/j.ijefm.20130102.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Nguyen Tan Phat
Causes and Consequences of Financial Corruption: a Conceptual Inquiry
1
2
118
118
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.17
© Science Publishing Group
Testing the Existence of Integration; Kuwait and Jordan Financial Markets
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.14
The objective of this research is to examine the Arab financial markets integration mainly through its stock markets concentrating on specific countries namely, Kuwait and Jordan. There are several methods have been used to examine the existence of integration. However, the Johansen approach to integration is considered a more reliable method than other conventional integration approaches and is applicable irrespective of the order of integration of the time series. Unlike most of the conventional integration procedures, which are valid for large sample size, Johansen approach is more robust and performs well for large sample sizes. The results show that the null hypothesis of no integration cannot be accepted. This suggests the existence of a long-run relationship between Kuwait and Jordan.
The objective of this research is to examine the Arab financial markets integration mainly through its stock markets concentrating on specific countries namely, Kuwait and Jordan. There are several methods have been used to examine the existence of integration. However, the Johansen approach to integration is considered a more reliable method than other conventional integration approaches and is applicable irrespective of the order of integration of the time series. Unlike most of the conventional integration procedures, which are valid for large sample size, Johansen approach is more robust and performs well for large sample sizes. The results show that the null hypothesis of no integration cannot be accepted. This suggests the existence of a long-run relationship between Kuwait and Jordan.
Testing the Existence of Integration; Kuwait and Jordan Financial Markets
doi:10.11648/j.ijefm.20130102.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Mohamad H. Atyeh
Wael Al-Rashed
Testing the Existence of Integration; Kuwait and Jordan Financial Markets
1
2
94
94
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.14
© Science Publishing Group
Public Procurement System Challenges in Developing Countries: the Case of Zimbabwe, International Journal of Economics
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.18
Purpose: The purpose of this paper is to provide an overview of the public procurement system challenges in developing countries with reference to Zimbabwe, addressing the extent to which the procurement systems have resulted in disgruntlement by pressure groups like the Affirmative Action Group (AAG) and the Upfumi Kuvadiki over the awarding of tenders to foreign owned companies. Design/Methodology/Approach: The study adopted a qualitative research design because it provided flexibility and afforded the researcher the opportunity to conduct an in-depth research. Case studies on major government projects such as the supply of prepaid meters for the Zimbabwe Electricity Supply Authority (ZESA), the construction of the airport road in Harare and the expansion of Gokwe District Hospital were conducted. Findings: The findings suggest that most of the people tasked with the responsibility to procure resources are incompetent. For example the tender to supply ZESA with prepaid meters was flawed since it was the State Procurement adjudicators who were at fault. There was evidence of inadequate market enquiry in the awarding of most tenders, for example the City of Harare lost \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$80 million dollars in the construction of a 20km road instead of incurring a cost of around \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$10 million dollars. Delays in decision making resulted in the construction of a \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$600 000.00 district hospital in Gokwe North lagging behind schedule. There was also evidence of a high level of corruption activities in the public procurement. In 2011 a tender for the supply and delivery of malaria rapid test kits was withdrawn with participating bidders being refunded their tender fees because it had been corruptly flouted. Research limitations/implications: The main limitation of the study lies with a lack of complex analysis undertaken to support the findings. Practical Implications: The findings from the study suggest that professional procurement practices must be adopted in Public institutions for the benefit of the country. Social Implications: Govern-ments across the world pay lip service when it comes to implementing Government projects. As a result the public suffer due to poor service delivery. Originality/Value: The paper is original as it is the first attempt to discuss the public procure-ment system challenges in developing countries with reference to Zimbabwe as to how it has caused disgruntlement among the pressure groups on the awarding of tenders.
Purpose: The purpose of this paper is to provide an overview of the public procurement system challenges in developing countries with reference to Zimbabwe, addressing the extent to which the procurement systems have resulted in disgruntlement by pressure groups like the Affirmative Action Group (AAG) and the Upfumi Kuvadiki over the awarding of tenders to foreign owned companies. Design/Methodology/Approach: The study adopted a qualitative research design because it provided flexibility and afforded the researcher the opportunity to conduct an in-depth research. Case studies on major government projects such as the supply of prepaid meters for the Zimbabwe Electricity Supply Authority (ZESA), the construction of the airport road in Harare and the expansion of Gokwe District Hospital were conducted. Findings: The findings suggest that most of the people tasked with the responsibility to procure resources are incompetent. For example the tender to supply ZESA with prepaid meters was flawed since it was the State Procurement adjudicators who were at fault. There was evidence of inadequate market enquiry in the awarding of most tenders, for example the City of Harare lost \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$80 million dollars in the construction of a 20km road instead of incurring a cost of around \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$10 million dollars. Delays in decision making resulted in the construction of a \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$600 000.00 district hospital in Gokwe North lagging behind schedule. There was also evidence of a high level of corruption activities in the public procurement. In 2011 a tender for the supply and delivery of malaria rapid test kits was withdrawn with participating bidders being refunded their tender fees because it had been corruptly flouted. Research limitations/implications: The main limitation of the study lies with a lack of complex analysis undertaken to support the findings. Practical Implications: The findings from the study suggest that professional procurement practices must be adopted in Public institutions for the benefit of the country. Social Implications: Govern-ments across the world pay lip service when it comes to implementing Government projects. As a result the public suffer due to poor service delivery. Originality/Value: The paper is original as it is the first attempt to discuss the public procure-ment system challenges in developing countries with reference to Zimbabwe as to how it has caused disgruntlement among the pressure groups on the awarding of tenders.
Public Procurement System Challenges in Developing Countries: the Case of Zimbabwe, International Journal of Economics
doi:10.11648/j.ijefm.20130102.18
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Michael Musanzikwa
Public Procurement System Challenges in Developing Countries: the Case of Zimbabwe, International Journal of Economics
1
2
127
127
2014-01-01
2014-01-01
10.11648/j.ijefm.20130102.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130102.18
© Science Publishing Group
Service Quality and Student Satisfaction: A Case Study on Private Universities in Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.11
With an ever growing assortment of educational options, students seek institutions that will provide for them a unique educational experience that they will remember for a life time. In addition, the present student is a customer seeking an educational program that will prepare him/her for a successful career and gainful employment. Since institutional budgets are developed based upon projected enrolments, it is becoming crucial for private institutions to retain the students they recruit. This situation has created a need for continued research in the area of student satisfaction and student retention. A reduction in student numbers, therefore, leads to a reduction in budgeted funds available to operate, maintain, and grow a private institution. This study attempts to examine the relationship between service quality dimensions and overall service quality (tangibility, responsiveness, reliability, assurance and empathy) and students satisfaction. Furthermore, this study is also examining critical factors in service quality dimensions (tangibility, responsiveness, reliability, assurance and empathy) that contribute most to the satisfaction of the students. This study was conducted using a set of questionnaire to 550 Business students from Private University institutions, Dhaka City, Bangladesh. Among the respondents, male respondents were 411, thus representing 75% of the total population, whereas the female respondents were 139 and thus representing 25% of the total population. All the respondents are undergraduate students. Majority of the Student population were between 18 to 24 years of age group. There is a significant correlation among all the constructs with student satisfaction. Factor 1 is by far the most important, accounting for the largest proportion of the variance (34 per cent), with eigenvalues greater than 3.00 (10.596). This factor includes a group of statements related to environment and facilities of the university, and is labeled here ‘tangibles’.
With an ever growing assortment of educational options, students seek institutions that will provide for them a unique educational experience that they will remember for a life time. In addition, the present student is a customer seeking an educational program that will prepare him/her for a successful career and gainful employment. Since institutional budgets are developed based upon projected enrolments, it is becoming crucial for private institutions to retain the students they recruit. This situation has created a need for continued research in the area of student satisfaction and student retention. A reduction in student numbers, therefore, leads to a reduction in budgeted funds available to operate, maintain, and grow a private institution. This study attempts to examine the relationship between service quality dimensions and overall service quality (tangibility, responsiveness, reliability, assurance and empathy) and students satisfaction. Furthermore, this study is also examining critical factors in service quality dimensions (tangibility, responsiveness, reliability, assurance and empathy) that contribute most to the satisfaction of the students. This study was conducted using a set of questionnaire to 550 Business students from Private University institutions, Dhaka City, Bangladesh. Among the respondents, male respondents were 411, thus representing 75% of the total population, whereas the female respondents were 139 and thus representing 25% of the total population. All the respondents are undergraduate students. Majority of the Student population were between 18 to 24 years of age group. There is a significant correlation among all the constructs with student satisfaction. Factor 1 is by far the most important, accounting for the largest proportion of the variance (34 per cent), with eigenvalues greater than 3.00 (10.596). This factor includes a group of statements related to environment and facilities of the university, and is labeled here ‘tangibles’.
Service Quality and Student Satisfaction: A Case Study on Private Universities in Bangladesh
doi:10.11648/j.ijefm.20130103.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Mohammad Asaduzzaman
Moyazzem Hossain
Mahabubur Rahman
Service Quality and Student Satisfaction: A Case Study on Private Universities in Bangladesh
1
3
135
135
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.11
© Science Publishing Group
Farmer’s Profitability of Potato Cultivation at Rangpur District: The Socio-economic Context of Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.12
Bangladesh is predominantly an agricultural country. Agriculture is the indispensable culture of Bangladesh. Agriculture has a enceinte contribution to the Gross Domestic Product (GDP) of the country. Earlier more than 50% of GDP came from this sector. Various types of crops are produced in this country. These crops might have been categorized into two-food crops and cash crops. Potato is one of the food-stuff of the most people of the world as well as Bangladesh. Potato crop is being treated as foremost crop. This study was conducted to approximation the cost of production and profitability of potato producers at Rangpur district. Data collected from 30 farmers using simple random sampling technique. The potato farmers showed individual differences in their socio-economic characteristics and absolute majority of them belonged to young age category (20-35 years) having medium family size, illiterate, medium farm size (0.34- 1.0 acre) , ( 1- 10 years) farming experience. Most of the respondents used cardinal variety of potato seed and sell their output at home. Farmers who sell potato in the market were more profitable than others. The study also designates that the large farmers were most profitable compared to others. Major problem faced by the potato farmers were lower price of potato during harvesting period, price fluctuation , shortage of capital, high charge of cold storage, lack of good quality seed, perish ability of potato, poor storage facility, higher price of inputs and lack of marketing facility etc. Proper steps should be postulated by Government to puzzle out this problem. The determinations of the study will generate basic economic data on the production practices of potato. At long last it will be helpful to the planners and policy makers in contriving micro or macro level policy for the enlargement of potato production in the country.
Bangladesh is predominantly an agricultural country. Agriculture is the indispensable culture of Bangladesh. Agriculture has a enceinte contribution to the Gross Domestic Product (GDP) of the country. Earlier more than 50% of GDP came from this sector. Various types of crops are produced in this country. These crops might have been categorized into two-food crops and cash crops. Potato is one of the food-stuff of the most people of the world as well as Bangladesh. Potato crop is being treated as foremost crop. This study was conducted to approximation the cost of production and profitability of potato producers at Rangpur district. Data collected from 30 farmers using simple random sampling technique. The potato farmers showed individual differences in their socio-economic characteristics and absolute majority of them belonged to young age category (20-35 years) having medium family size, illiterate, medium farm size (0.34- 1.0 acre) , ( 1- 10 years) farming experience. Most of the respondents used cardinal variety of potato seed and sell their output at home. Farmers who sell potato in the market were more profitable than others. The study also designates that the large farmers were most profitable compared to others. Major problem faced by the potato farmers were lower price of potato during harvesting period, price fluctuation , shortage of capital, high charge of cold storage, lack of good quality seed, perish ability of potato, poor storage facility, higher price of inputs and lack of marketing facility etc. Proper steps should be postulated by Government to puzzle out this problem. The determinations of the study will generate basic economic data on the production practices of potato. At long last it will be helpful to the planners and policy makers in contriving micro or macro level policy for the enlargement of potato production in the country.
Farmer’s Profitability of Potato Cultivation at Rangpur District: The Socio-economic Context of Bangladesh
doi:10.11648/j.ijefm.20130103.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Abu Zafar Ahmed Mukul
Shah Johir Rayhan
Mohammad Masudul Hassan
Farmer’s Profitability of Potato Cultivation at Rangpur District: The Socio-economic Context of Bangladesh
1
3
144
144
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.12
© Science Publishing Group
Production and Profitability of Banana in Bangladesh-An Economic Analysis
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.15
Banana production provides suitable options for subsistence and income generation in Bangladesh. It is a commercial fruit, but in context of Bangladesh, it is grown in limited area commercially. Inadequate marketing system in this sector affect the income of the producers and its trading which also limit the expansion of banana production in our country. We are trying to determine relative profitability of banana in Narsingdhi during the period January to March, 2013. In this study we investigate total cost, profit and benefit cost ratio for different marketing channel like banana producers, wholesalers and retailers. Profit for producer, wholesaler and retailer in banana production were Tk. 55002.8 per Hectare, Tk. 59.08 per Chari, and Tk. 122.67 per Chari respectively and benefit cost ratio for producers, wholesalers and retailers were 1.40, 1.30 and 1.41 respectively. We have also followed Cobb-Douglas production model was used to determine the contribution of some important inputs like land preparation, fertilizer, irrigation, insecticides, sucker and labor cost to production of banana. We also investigate to explore the problems of producing banana and offer suggestion for possible improvement in the existing marketing system.
Banana production provides suitable options for subsistence and income generation in Bangladesh. It is a commercial fruit, but in context of Bangladesh, it is grown in limited area commercially. Inadequate marketing system in this sector affect the income of the producers and its trading which also limit the expansion of banana production in our country. We are trying to determine relative profitability of banana in Narsingdhi during the period January to March, 2013. In this study we investigate total cost, profit and benefit cost ratio for different marketing channel like banana producers, wholesalers and retailers. Profit for producer, wholesaler and retailer in banana production were Tk. 55002.8 per Hectare, Tk. 59.08 per Chari, and Tk. 122.67 per Chari respectively and benefit cost ratio for producers, wholesalers and retailers were 1.40, 1.30 and 1.41 respectively. We have also followed Cobb-Douglas production model was used to determine the contribution of some important inputs like land preparation, fertilizer, irrigation, insecticides, sucker and labor cost to production of banana. We also investigate to explore the problems of producing banana and offer suggestion for possible improvement in the existing marketing system.
Production and Profitability of Banana in Bangladesh-An Economic Analysis
doi:10.11648/j.ijefm.20130103.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Abu Zafar Ahmed Mukul
Md. Arafat Rahman
Production and Profitability of Banana in Bangladesh-An Economic Analysis
1
3
165
165
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.15
© Science Publishing Group
On the Changing Role of Marketing within the Firm
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.13
The marketing department’s influence has diminished and marketing has less influence on strategic decisions. Marketing is placed mainly in a tactical, executive role. More marketing activities take place outside the conventional marketing department. Reasons for all that are the marketing department’s disappointing performance, lack of accountability and inadequate measurement; the mutual lack of understanding between marketeers and non-marketeers about the meaning, content and scope of marketing; and the inability of marketeers to coordinate the implementation of their plans. The disintegration of marketing can be balanced by small, highly specialized and well educated marketing centres of excellence, which monitor and stimulate market orientation, which direct all dispersed marketing activities, focusing on long-term strategic issues, such as branding, customer loyalty, and innovation. This requires marketeers to understand more about the challenges of organizational change.
The marketing department’s influence has diminished and marketing has less influence on strategic decisions. Marketing is placed mainly in a tactical, executive role. More marketing activities take place outside the conventional marketing department. Reasons for all that are the marketing department’s disappointing performance, lack of accountability and inadequate measurement; the mutual lack of understanding between marketeers and non-marketeers about the meaning, content and scope of marketing; and the inability of marketeers to coordinate the implementation of their plans. The disintegration of marketing can be balanced by small, highly specialized and well educated marketing centres of excellence, which monitor and stimulate market orientation, which direct all dispersed marketing activities, focusing on long-term strategic issues, such as branding, customer loyalty, and innovation. This requires marketeers to understand more about the challenges of organizational change.
On the Changing Role of Marketing within the Firm
doi:10.11648/j.ijefm.20130103.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
John M. D. Koster
On the Changing Role of Marketing within the Firm
1
3
150
150
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.13
© Science Publishing Group
Measuring Dynamic Market Risk Charge for Market Risks
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.17
An insurance company is significantly affected by market risks. In many current risk-based capital models, the market risk capital charge is determined by applying the fixed pre-determined percentage to the annual statement values regardless of market conditions. Many questions have been raised as to whether the fixed pre-determined percentage is the accurate measure of market risks. In response to this problem, this paper undertakes to determine a suitable percentage for the market risks faced by life insurers in Malaysia. The data involved in this paper are Kuala Lumpur Composite Index (KLCI), Malaysia Bond Index, foreign exchange rates and Housing Price Index (HPI) for year 2004 to 2009. The volatility model is used as proxy to measure the market risk charges. Then, a simulation is run to calculate the dynamic risk charges of market risks by adopting a dynamic financial analysis. Based on the analysis, the dynamic market risk charges are found to be higher for most of the assets classes during the crisis period compared to the normal period. As the ups and downs of the market conditions significantly affect the percentage of risk charge for market risks, it can be concluded that the fixed pre-determined percentage is not a practical measure.
An insurance company is significantly affected by market risks. In many current risk-based capital models, the market risk capital charge is determined by applying the fixed pre-determined percentage to the annual statement values regardless of market conditions. Many questions have been raised as to whether the fixed pre-determined percentage is the accurate measure of market risks. In response to this problem, this paper undertakes to determine a suitable percentage for the market risks faced by life insurers in Malaysia. The data involved in this paper are Kuala Lumpur Composite Index (KLCI), Malaysia Bond Index, foreign exchange rates and Housing Price Index (HPI) for year 2004 to 2009. The volatility model is used as proxy to measure the market risk charges. Then, a simulation is run to calculate the dynamic risk charges of market risks by adopting a dynamic financial analysis. Based on the analysis, the dynamic market risk charges are found to be higher for most of the assets classes during the crisis period compared to the normal period. As the ups and downs of the market conditions significantly affect the percentage of risk charge for market risks, it can be concluded that the fixed pre-determined percentage is not a practical measure.
Measuring Dynamic Market Risk Charge for Market Risks
doi:10.11648/j.ijefm.20130103.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Norhana Abd. Rahim
Fauziah Hanim Tafri
Measuring Dynamic Market Risk Charge for Market Risks
1
3
180
180
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.17
© Science Publishing Group
The Relationships among Interest Rate, Exchange Rate and Stock Price: A BEKK - MGARCH Approach
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.16
This paper employs a BEKK-MGARCH model approach to generate the conditional variances of monthly stock exchange prices, exchange rates and interest rates for Turkey. For the sample period 2002:M1-2009:M1, before the effects of global economic crisis hit Turkey, the results indicate a significant transmission of shocks and volatility among these three financial sectors.
This paper employs a BEKK-MGARCH model approach to generate the conditional variances of monthly stock exchange prices, exchange rates and interest rates for Turkey. For the sample period 2002:M1-2009:M1, before the effects of global economic crisis hit Turkey, the results indicate a significant transmission of shocks and volatility among these three financial sectors.
The Relationships among Interest Rate, Exchange Rate and Stock Price: A BEKK - MGARCH Approach
doi:10.11648/j.ijefm.20130103.16
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Serpil Türkyılmaz
Mesut Balıbey
The Relationships among Interest Rate, Exchange Rate and Stock Price: A BEKK - MGARCH Approach
1
3
174
174
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.16
© Science Publishing Group
Strategic Human Resource Management (SHRM) Practices and Its Effect on Financial Performance: Evidence from Some Selected Scheduled Private Commercial Banks in Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.14
Formulation and execution of Strategic Human Resource Management (SHRM) practices and its effect on perceived financial performance of any organization is a burning issue in the globalized competitive business era. This study aims to find out the relationship between SHRM and financial performance to ensure the sustainability and competitive advantage of the selected scheduled private commercial banks in Bangladesh. The research has been conducted on managers as sample of some private commercial banks during the period of January to November 2012 to collect the primary data. To evaluate the financial performance researchers have used annual reports of 2011 and 2012, journals, web sites etc. as secondary source. Survey research findings indicate that strategic integration and development of HRM were practiced to a full extent in the sampled firms. From the cross sectional analysis, the financial performance indicators show that the capital adequacy was mostly at satisfactory level compared with eh industry average. The quality of assets loan varies from bank to bank but most of them are performing at the desired level. Management efficiency was out-performing the standard in most of the cases. The profitability indicators ratio was also better than the average of private commercial banks. The result presented in this study suggests practicing intensive SHRM so that improved financial performance can be asserted to sustain in the competitive environment.
Formulation and execution of Strategic Human Resource Management (SHRM) practices and its effect on perceived financial performance of any organization is a burning issue in the globalized competitive business era. This study aims to find out the relationship between SHRM and financial performance to ensure the sustainability and competitive advantage of the selected scheduled private commercial banks in Bangladesh. The research has been conducted on managers as sample of some private commercial banks during the period of January to November 2012 to collect the primary data. To evaluate the financial performance researchers have used annual reports of 2011 and 2012, journals, web sites etc. as secondary source. Survey research findings indicate that strategic integration and development of HRM were practiced to a full extent in the sampled firms. From the cross sectional analysis, the financial performance indicators show that the capital adequacy was mostly at satisfactory level compared with eh industry average. The quality of assets loan varies from bank to bank but most of them are performing at the desired level. Management efficiency was out-performing the standard in most of the cases. The profitability indicators ratio was also better than the average of private commercial banks. The result presented in this study suggests practicing intensive SHRM so that improved financial performance can be asserted to sustain in the competitive environment.
Strategic Human Resource Management (SHRM) Practices and Its Effect on Financial Performance: Evidence from Some Selected Scheduled Private Commercial Banks in Bangladesh
doi:10.11648/j.ijefm.20130103.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Tawhida Khatoon
Muhammad Ruhul Amin
Md. Moyazzem Hossain
Strategic Human Resource Management (SHRM) Practices and Its Effect on Financial Performance: Evidence from Some Selected Scheduled Private Commercial Banks in Bangladesh
1
3
158
158
2014-01-01
2014-01-01
10.11648/j.ijefm.20130103.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130103.14
© Science Publishing Group
Model of Organizational Processes Developed Within Companies in Order to Innovate through Technology Transfer
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130104.13
Innovation is known as the basic condition for the sustainability, durability and competitiveness of a business. A company’s involvement in the technology transfer process together with a research organization that has an innovative scientific and technical outcome results is a real opportunity to innovate. For a successful innovation through technology transfer, the company should implement and carry out a number of specific organizational processes. As a result of a thorough literature review, this paper proposes a framework consisting of 17 processes, directly or indirectly subordinated to the innovation process through technology transfer. Based on their analysis, companies can establish their limits of competence and can allocate their resources effectively. Given that the company has a number of processes that cannot be implemented due to the lack of resources, managers may use the available resources of the partner research institution. Thus, the collaboration between the stakeholders participating in the technology transfer process is intended to result in an efficient use of available skills and resources, with a major influence on the outcome.
Innovation is known as the basic condition for the sustainability, durability and competitiveness of a business. A company’s involvement in the technology transfer process together with a research organization that has an innovative scientific and technical outcome results is a real opportunity to innovate. For a successful innovation through technology transfer, the company should implement and carry out a number of specific organizational processes. As a result of a thorough literature review, this paper proposes a framework consisting of 17 processes, directly or indirectly subordinated to the innovation process through technology transfer. Based on their analysis, companies can establish their limits of competence and can allocate their resources effectively. Given that the company has a number of processes that cannot be implemented due to the lack of resources, managers may use the available resources of the partner research institution. Thus, the collaboration between the stakeholders participating in the technology transfer process is intended to result in an efficient use of available skills and resources, with a major influence on the outcome.
Model of Organizational Processes Developed Within Companies in Order to Innovate through Technology Transfer
doi:10.11648/j.ijefm.20130104.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Felicia Diana Nicoara
Andreea Maier
Dorin Maier
Model of Organizational Processes Developed Within Companies in Order to Innovate through Technology Transfer
1
4
204
204
2014-01-01
2014-01-01
10.11648/j.ijefm.20130104.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130104.13
© Science Publishing Group
Job Characteristics Model of Hackman and Oldham in Garment Sector in Bangladesh: A Case Study in Savar Area in Dhaka District
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130104.12
In the literature related to organizational behaviour management, the effect of job characteristics on employee motivation as a special case has been considered. The present study conducted on the workers of ten garments industries randomly at Savar area in Dhaka, Bangladesh. The 100 sample respondents have been selected from the only workers of garments industries .For this purpose, five properties have been evaluated include skill variety, task identity, task significance, job autonomy and feedback results of work in the form of five hypotheses that affect the motivation of these characteristics is investigated. According to study the workers in garments sector are satisfied by the task identity, task significance, feedback for their activities but they are not happy with the independence work place, skill varieties. They are so motivated by their task identity, task significance, feedback for their performance. The workers are satisfied with the autonomy in workplace and skill variety practice. The workers in garments sector have no freedom in scheduling the work and in determining the procedure to be used in carrying it out. This autocratic management in garments sector influences on workers’ productivity, commitment to goal achievement job satisfaction, loyalty, psychological health negatively. Implementation of skill varieties is absent in garment sector for workers .It means job rotation is not done for workers. So the various skill, talent, potentialities of workers are neglected here and do not get any scope of blooming of capacities. This practice in garments sector decreases the chance of workers for career development, make the workers bored with their activities .As result productivity of workers ,morality, motivation are negatively affected.
In the literature related to organizational behaviour management, the effect of job characteristics on employee motivation as a special case has been considered. The present study conducted on the workers of ten garments industries randomly at Savar area in Dhaka, Bangladesh. The 100 sample respondents have been selected from the only workers of garments industries .For this purpose, five properties have been evaluated include skill variety, task identity, task significance, job autonomy and feedback results of work in the form of five hypotheses that affect the motivation of these characteristics is investigated. According to study the workers in garments sector are satisfied by the task identity, task significance, feedback for their activities but they are not happy with the independence work place, skill varieties. They are so motivated by their task identity, task significance, feedback for their performance. The workers are satisfied with the autonomy in workplace and skill variety practice. The workers in garments sector have no freedom in scheduling the work and in determining the procedure to be used in carrying it out. This autocratic management in garments sector influences on workers’ productivity, commitment to goal achievement job satisfaction, loyalty, psychological health negatively. Implementation of skill varieties is absent in garment sector for workers .It means job rotation is not done for workers. So the various skill, talent, potentialities of workers are neglected here and do not get any scope of blooming of capacities. This practice in garments sector decreases the chance of workers for career development, make the workers bored with their activities .As result productivity of workers ,morality, motivation are negatively affected.
Job Characteristics Model of Hackman and Oldham in Garment Sector in Bangladesh: A Case Study in Savar Area in Dhaka District
doi:10.11648/j.ijefm.20130104.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Abu Zafar Ahmed Muku
Shah Johir Rayhan
Fazlul Hoque
Faijul Islam
Job Characteristics Model of Hackman and Oldham in Garment Sector in Bangladesh: A Case Study in Savar Area in Dhaka District
1
4
195
195
2014-01-01
2014-01-01
10.11648/j.ijefm.20130104.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130104.12
© Science Publishing Group
Integration of Activity-Based Budgeting and Activity-Based Management
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130104.11
Activity-Based Costing (ABC)/Activity-Based Management (ABM) was developed in the mid 1980s by Kaplan and it has been applied very popular in developed countries with obvious advantages. Although ABC system has more advantages than traditional systems, but in today’s competitive economic environment it has not met fulfilled provision of sufficient information for decision-making. The ABC/ABM system alone, however, lacks the ability to support information for managerial decisions. We can summary the limitations of single ABC in today’s business environment as follow: (1) ABC was originally developed because traditional costing appeared to be providing misleading product costs. Only single ABC using, it just provides an alternative way to trace costs to products, (2) lack of planning and control cost. ABC/ABM discusses a product has already been developed, has been incurred costs, and is ready to be marketed as soon as a price set, (3) limit in finding opportunities for innovation, (4) lack of support for short-term decision. How can we overcome these limitations of ABC/ABM? This paper draws the framework of integration of ABC/ABM with other management accounting methods as one way to overcome its limitation and innovation management accounting. In the cope of this paper, authors focus on one model in the framework that is the integration of ABB with ABM.
Activity-Based Costing (ABC)/Activity-Based Management (ABM) was developed in the mid 1980s by Kaplan and it has been applied very popular in developed countries with obvious advantages. Although ABC system has more advantages than traditional systems, but in today’s competitive economic environment it has not met fulfilled provision of sufficient information for decision-making. The ABC/ABM system alone, however, lacks the ability to support information for managerial decisions. We can summary the limitations of single ABC in today’s business environment as follow: (1) ABC was originally developed because traditional costing appeared to be providing misleading product costs. Only single ABC using, it just provides an alternative way to trace costs to products, (2) lack of planning and control cost. ABC/ABM discusses a product has already been developed, has been incurred costs, and is ready to be marketed as soon as a price set, (3) limit in finding opportunities for innovation, (4) lack of support for short-term decision. How can we overcome these limitations of ABC/ABM? This paper draws the framework of integration of ABC/ABM with other management accounting methods as one way to overcome its limitation and innovation management accounting. In the cope of this paper, authors focus on one model in the framework that is the integration of ABB with ABM.
Integration of Activity-Based Budgeting and Activity-Based Management
doi:10.11648/j.ijefm.20130104.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Tandung Huynh
Guangming Gong
Huyhanh Huynh
Integration of Activity-Based Budgeting and Activity-Based Management
1
4
187
187
2014-01-01
2014-01-01
10.11648/j.ijefm.20130104.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130104.11
© Science Publishing Group
The Impact of Government R&D Support on SMEs Financial Growth: Evidence from China
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.11
This paper investigates the impact of government R&D support on financial growth of SMEs, and analyzes the significant different supportive effect for the enterprises with different nature of control rights. We take 516 listed companies from the SMEs’ board on Shenzhen stock market as sample, using the data from 2006 to 2011 and implementing the method of Propensity Score Matching to relieve the sample selection bias. The empirical results indicate that: On the whole, government R&D support can effectively improve the financial growth of SMEs, and demonstrates an 1-2 year-lagged-effect; the property of enterprises’ ultimate controller also has extraordinary impact on R&D supportive effect, financial growth of non-state-holding companies which have accepted R&D support will turn out to be more significant improvement, while that of the state-controlled enterprises have not been significantly enhanced in the short-term, or even fared-worse than the matched samples.
This paper investigates the impact of government R&D support on financial growth of SMEs, and analyzes the significant different supportive effect for the enterprises with different nature of control rights. We take 516 listed companies from the SMEs’ board on Shenzhen stock market as sample, using the data from 2006 to 2011 and implementing the method of Propensity Score Matching to relieve the sample selection bias. The empirical results indicate that: On the whole, government R&D support can effectively improve the financial growth of SMEs, and demonstrates an 1-2 year-lagged-effect; the property of enterprises’ ultimate controller also has extraordinary impact on R&D supportive effect, financial growth of non-state-holding companies which have accepted R&D support will turn out to be more significant improvement, while that of the state-controlled enterprises have not been significantly enhanced in the short-term, or even fared-worse than the matched samples.
The Impact of Government R&D Support on SMEs Financial Growth: Evidence from China
doi:10.11648/j.ijefm.20130105.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Hongxing Peng
Yingmin Yu
The Impact of Government R&D Support on SMEs Financial Growth: Evidence from China
1
5
214
214
2014-01-01
2014-01-01
10.11648/j.ijefm.20130105.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.11
© Science Publishing Group
Capital Structure Effects on Banking Performance: A Case Study of Jordan
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.13
This study examines the impact of capital structure on performance of Jordanian banks. The annual financial statements of 12 commercial banks listed on Amman Stock Exchange were used for this study which covers a period of five (5) years from 2007-2011. Multiple regressions was applied on performance indicators such as Net Profit (NP), Return on Capital Employed (ROCE), Return on Equity (ROE) and Net Interest Margin (NIM) as well as Total Debt to Total Funds (TDTF) and Total Debt to Total Equity (TDTE) as capital structure variables. Multiple regression models are applied to estimate the relationship between capital structure and banking performance. The results show that bank performance, which is measured by net profit, return on capital employed and net interest margin is to be significantly and positively associated with total debt; while total debt is found to be insignificant in determining return on equity in the banking industry of Jordan.
This study examines the impact of capital structure on performance of Jordanian banks. The annual financial statements of 12 commercial banks listed on Amman Stock Exchange were used for this study which covers a period of five (5) years from 2007-2011. Multiple regressions was applied on performance indicators such as Net Profit (NP), Return on Capital Employed (ROCE), Return on Equity (ROE) and Net Interest Margin (NIM) as well as Total Debt to Total Funds (TDTF) and Total Debt to Total Equity (TDTE) as capital structure variables. Multiple regression models are applied to estimate the relationship between capital structure and banking performance. The results show that bank performance, which is measured by net profit, return on capital employed and net interest margin is to be significantly and positively associated with total debt; while total debt is found to be insignificant in determining return on equity in the banking industry of Jordan.
Capital Structure Effects on Banking Performance: A Case Study of Jordan
doi:10.11648/j.ijefm.20130105.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Khalaf Taani
Capital Structure Effects on Banking Performance: A Case Study of Jordan
1
5
233
233
2014-01-01
2014-01-01
10.11648/j.ijefm.20130105.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.13
© Science Publishing Group
Challenges Facing Financial Engineering with Islamic Rules
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.14
Despite their importance in financial sector development, derivatives are still not generally accepted as legitimate products in Islamic finance. Conventional derivatives and the world of Islamic financial products has chasm between each other as they have different approaches in important issues like interest and ambiguity. While recent events in the world economy have sparked a global debate on derivatives and the damage caused by them, strict Sharia rules saved Islamic finance institutions from the worst of the crisis. On the other hand, due to lack of sufficient instruments for protection against volatility in currency, interest rate and commodity prices, the ability of Islamic finance institutions to survive future shocks is in question. As the Islamic banks are struggling to develop hedging tools with regard to doubt on their usage cased by religious differences, this article explores the validity of derivatives in accordance with basic legal principles of the Sharia and summarizes the key objections of scholars that challenge the permissibility of derivatives under Islamic law. In conclusion, the article delivers suggestions for Sharia compliance of derivatives .
Despite their importance in financial sector development, derivatives are still not generally accepted as legitimate products in Islamic finance. Conventional derivatives and the world of Islamic financial products has chasm between each other as they have different approaches in important issues like interest and ambiguity. While recent events in the world economy have sparked a global debate on derivatives and the damage caused by them, strict Sharia rules saved Islamic finance institutions from the worst of the crisis. On the other hand, due to lack of sufficient instruments for protection against volatility in currency, interest rate and commodity prices, the ability of Islamic finance institutions to survive future shocks is in question. As the Islamic banks are struggling to develop hedging tools with regard to doubt on their usage cased by religious differences, this article explores the validity of derivatives in accordance with basic legal principles of the Sharia and summarizes the key objections of scholars that challenge the permissibility of derivatives under Islamic law. In conclusion, the article delivers suggestions for Sharia compliance of derivatives .
Challenges Facing Financial Engineering with Islamic Rules
doi:10.11648/j.ijefm.20130105.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Khalaf Al-Taani
Challenges Facing Financial Engineering with Islamic Rules
1
5
240
240
2014-01-01
2014-01-01
10.11648/j.ijefm.20130105.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.14
© Science Publishing Group
Case Study: The Impact of Organizing the George Enescu International Festival on the Branding and Promotion of Bucharest City
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.15
The George Enescu International Festival and Competition – appreciated all across Europe – will be in 2013 at its 21st edition. The Festival has been inaugurated on September 4th 1958, but it was only in the last decade that it has really become an impressive display of culture: in 2009, there were 175 events, in which no less than 1800 foreign artists and 1300 local artists took part. The participants included 13 symphonic orchestras from Europe, 14 from other continents, 19 smaller groups, 6 choirs, 47 soloists. Organising such an event has been a massive challenge for the local administration of Bucharest. The present paper traces the impact of organising the Enescu Festival, the largest event in Romanian cultural life, and the echoes it has on the branding of Bucharest, taking into account its visual concept, the infrastructure used and its impact on classic and new media.
The George Enescu International Festival and Competition – appreciated all across Europe – will be in 2013 at its 21st edition. The Festival has been inaugurated on September 4th 1958, but it was only in the last decade that it has really become an impressive display of culture: in 2009, there were 175 events, in which no less than 1800 foreign artists and 1300 local artists took part. The participants included 13 symphonic orchestras from Europe, 14 from other continents, 19 smaller groups, 6 choirs, 47 soloists. Organising such an event has been a massive challenge for the local administration of Bucharest. The present paper traces the impact of organising the Enescu Festival, the largest event in Romanian cultural life, and the echoes it has on the branding of Bucharest, taking into account its visual concept, the infrastructure used and its impact on classic and new media.
Case Study: The Impact of Organizing the George Enescu International Festival on the Branding and Promotion of Bucharest City
doi:10.11648/j.ijefm.20130105.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Florin-Alexandru ALEXE
Ana-Claudia ŢAPARDEL
Case Study: The Impact of Organizing the George Enescu International Festival on the Branding and Promotion of Bucharest City
1
5
246
246
2014-01-01
2014-01-01
10.11648/j.ijefm.20130105.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.15
© Science Publishing Group
Investment and Financing Constraints in Iran
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.17
Since the level of fixed investment is costly for firms, they always search for ways to maintain it; however, financing constraints prevent the realization of this goal. In this article, a panel of over 134 stock firms over the period 2005-2011 was used to study the linkages between investment in fixed and working capital and financing constraints. To this end we have analyzed the relation between investment, cash flow, tangible fixed assets, working capital, and fixed investment. The results obtained indicate that an active management of working capital may help firms alleviate the effects of financing constraints on fixed investment. Nevertheless, they did not examine the input of working capital management of the company.
Since the level of fixed investment is costly for firms, they always search for ways to maintain it; however, financing constraints prevent the realization of this goal. In this article, a panel of over 134 stock firms over the period 2005-2011 was used to study the linkages between investment in fixed and working capital and financing constraints. To this end we have analyzed the relation between investment, cash flow, tangible fixed assets, working capital, and fixed investment. The results obtained indicate that an active management of working capital may help firms alleviate the effects of financing constraints on fixed investment. Nevertheless, they did not examine the input of working capital management of the company.
Investment and Financing Constraints in Iran
doi:10.11648/j.ijefm.20130105.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Hossein Hossein
Fatemeh Baghiyan
Investment and Financing Constraints in Iran
1
5
257
257
2014-01-01
2014-01-01
10.11648/j.ijefm.20130105.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130105.17
© Science Publishing Group
Relationship between Domestic Debt, Macro-Economic Indices and Viability of the Construction Sector in Nigeria
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.12
This study aimed at establishing relationship between domestic debt, macroeconomic indices and the viability of the construction sector of Nigeria economy with a view to initiate empirical model for investor’s decision making. Archival data on monetary and fiscal macroeconomic indices such as unemployment rate; exchange rate; inflation rate; interest rate; domestic debt and the contribution of the construction sector to the GDP between years 2001-2011 were collected from Nigeria Bureau of Statistics (NBS) and Central Bank of Nigeria (CBN) official gazette. The data were analyzed using multiple regression analysis to establish the relationship that exists between the identified fiscal macroeconomic variables. The analysis revealed that the adjusted R2 of 0.629 or 63.0% of the Viability of the Construction Sector (proxy by Construction industry sector GDP growth rate(GDP ci)) is explained by the selected macroeconomic variables. While this study conclusion avail for long-run behavior of the economy and challenges of investment decision as it affects construction business, it recommended that appropriate guidance and understanding of macroeconomic policy is required by investors and policy makers for decision making and attracting investment to the building and construction subsector of the economy.
This study aimed at establishing relationship between domestic debt, macroeconomic indices and the viability of the construction sector of Nigeria economy with a view to initiate empirical model for investor’s decision making. Archival data on monetary and fiscal macroeconomic indices such as unemployment rate; exchange rate; inflation rate; interest rate; domestic debt and the contribution of the construction sector to the GDP between years 2001-2011 were collected from Nigeria Bureau of Statistics (NBS) and Central Bank of Nigeria (CBN) official gazette. The data were analyzed using multiple regression analysis to establish the relationship that exists between the identified fiscal macroeconomic variables. The analysis revealed that the adjusted R2 of 0.629 or 63.0% of the Viability of the Construction Sector (proxy by Construction industry sector GDP growth rate(GDP ci)) is explained by the selected macroeconomic variables. While this study conclusion avail for long-run behavior of the economy and challenges of investment decision as it affects construction business, it recommended that appropriate guidance and understanding of macroeconomic policy is required by investors and policy makers for decision making and attracting investment to the building and construction subsector of the economy.
Relationship between Domestic Debt, Macro-Economic Indices and Viability of the Construction Sector in Nigeria
doi:10.11648/j.ijefm.20130106.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Ademola Eyitope, OJO
Oluwaseyi Alabi, AWODELE
Relationship between Domestic Debt, Macro-Economic Indices and Viability of the Construction Sector in Nigeria
1
6
272
272
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.12
© Science Publishing Group
Openness, Financial Development and Economic Growth in Algeria: An ARDL Bound Testing Approach
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.28
This study examines the relationship between openness, financial development, and economic growth in Algeria using the autoregressive distributed lag (ARDL) cointegration framework. The results based on the bounds testing procedure confirm that a long-run relationship between openness, financial development, and economic growth exist. Data were obtained from the World Bank Development Indicators for the period of 1980 to 2010. Importantly, our results reveal that, openness has a significantly positive effect on economic growth. Broad money which is a proxy for financial development in this study is positive but insignificantly related to economic growth. Also, both labor force and gross capital formation are insignificant. These findings suggest a dire need for financial reforms in Algeria inorder to improve efficiency in the financial sector so as to stimulate saving/investment and thus, long-term economic growth.
This study examines the relationship between openness, financial development, and economic growth in Algeria using the autoregressive distributed lag (ARDL) cointegration framework. The results based on the bounds testing procedure confirm that a long-run relationship between openness, financial development, and economic growth exist. Data were obtained from the World Bank Development Indicators for the period of 1980 to 2010. Importantly, our results reveal that, openness has a significantly positive effect on economic growth. Broad money which is a proxy for financial development in this study is positive but insignificantly related to economic growth. Also, both labor force and gross capital formation are insignificant. These findings suggest a dire need for financial reforms in Algeria inorder to improve efficiency in the financial sector so as to stimulate saving/investment and thus, long-term economic growth.
Openness, Financial Development and Economic Growth in Algeria: An ARDL Bound Testing Approach
doi:10.11648/j.ijefm.20130106.28
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Miloud Lacheheb
Peter Adamu
Seth Akutson
Openness, Financial Development and Economic Growth in Algeria: An ARDL Bound Testing Approach
1
6
405
405
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.28
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.28
© Science Publishing Group
Emerging Trends in State Finances in India: 1995-96 to 2011-12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.11
Sharp deterioration in state finance during the last decade has been a matter of serious concern to policy makers in India. The deterioration in State finance is largely an outcome of the fact that in the fact of a limited resource-base the states had to cope with a significant growth in their committed expenditure. Correcting the fiscal imbalances today is the single most important object of the new economic policy in India. The crucial issue therefore is to bring out improvement in State finance with a view to restructuring the expenditure in favour of development expenditure in order to enable a higher growth. The states took policy measures which helped them to avoid further worsening of their fiscal position to some extent. The Thirteenth Finance Commission has set a target of reducing fiscal deficit to 3% of GDP for States latest by 2014-15. The present study attempts to bring out the emerging trends in state finances of India in recent years.
Sharp deterioration in state finance during the last decade has been a matter of serious concern to policy makers in India. The deterioration in State finance is largely an outcome of the fact that in the fact of a limited resource-base the states had to cope with a significant growth in their committed expenditure. Correcting the fiscal imbalances today is the single most important object of the new economic policy in India. The crucial issue therefore is to bring out improvement in State finance with a view to restructuring the expenditure in favour of development expenditure in order to enable a higher growth. The states took policy measures which helped them to avoid further worsening of their fiscal position to some extent. The Thirteenth Finance Commission has set a target of reducing fiscal deficit to 3% of GDP for States latest by 2014-15. The present study attempts to bring out the emerging trends in state finances of India in recent years.
Emerging Trends in State Finances in India: 1995-96 to 2011-12
doi:10.11648/j.ijefm.20130106.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Santosh Nandal
Annu
Emerging Trends in State Finances in India: 1995-96 to 2011-12
1
6
265
265
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.11
© Science Publishing Group
Measuring Economic Capital Using Loss Distributions
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.29
This paper investigates the complexity involved in the quantitative measurement of Economic Capital and proposes simulation methods as a practical solution for obtaining the loss distribution of a portfolio of obligors. The paper examines a one factor model to generate loss distribution which establishes the necessary ingredients to measure the credit risk quantities in a loan portfolio. The general elements of credit risk modeling are outlined and then a specific model that employs a Monte Carlo simulation is developed. An example is provided that calculates the risk quantities in a loan portfolio from which the Economic Capital in a credit risk portfolio is obtained.
This paper investigates the complexity involved in the quantitative measurement of Economic Capital and proposes simulation methods as a practical solution for obtaining the loss distribution of a portfolio of obligors. The paper examines a one factor model to generate loss distribution which establishes the necessary ingredients to measure the credit risk quantities in a loan portfolio. The general elements of credit risk modeling are outlined and then a specific model that employs a Monte Carlo simulation is developed. An example is provided that calculates the risk quantities in a loan portfolio from which the Economic Capital in a credit risk portfolio is obtained.
Measuring Economic Capital Using Loss Distributions
doi:10.11648/j.ijefm.20130106.29
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Osei Antwi
Alice Constance Mensah
Martin Owusu Amoamah
Dadzie Joseph
Measuring Economic Capital Using Loss Distributions
1
6
412
412
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.29
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.29
© Science Publishing Group
Structural Breaks and Fiscal Deficit Sustainability in EAC Countries: Empirical Evidence
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.27
The study examines fiscal sustainability of the East African Community (EAC) Countries by testing for cointegration between government spending and revenue. The study tests for breaks in the long-run relationship between spending and revenue using Bai and Perron’s (2003) method. The presence of regime shifts is then accounted for when testing for cointegration by using testing procedures suggested by Gregory & Hansen (1996) and Hatemi-J (2008) to respectively account for one and two endogenous breaks. The findings show that the presence of regime shifts in the relationship between government spending and government revenue could not be rejected for all the EAC countries. Moreover, both cointegration tests used accounting for regime shifts suggest that government spending and revenue are cointegrated for all the EAC countries thus indicating that fiscal deficits in the EAC countries are sustainable. However, the cointegrating coefficient shows that budget deficits are only weakly sustainable in the long-run for Burundi, Kenya, Tanzania and Uganda and strongly sustainable for Rwanda. The finding implies that for Burundi, Kenya, Tanzania and Uganda, fiscal sustainability needs to be reinforced otherwise the countries are at high risk of default since they spend more than they earn.
The study examines fiscal sustainability of the East African Community (EAC) Countries by testing for cointegration between government spending and revenue. The study tests for breaks in the long-run relationship between spending and revenue using Bai and Perron’s (2003) method. The presence of regime shifts is then accounted for when testing for cointegration by using testing procedures suggested by Gregory & Hansen (1996) and Hatemi-J (2008) to respectively account for one and two endogenous breaks. The findings show that the presence of regime shifts in the relationship between government spending and government revenue could not be rejected for all the EAC countries. Moreover, both cointegration tests used accounting for regime shifts suggest that government spending and revenue are cointegrated for all the EAC countries thus indicating that fiscal deficits in the EAC countries are sustainable. However, the cointegrating coefficient shows that budget deficits are only weakly sustainable in the long-run for Burundi, Kenya, Tanzania and Uganda and strongly sustainable for Rwanda. The finding implies that for Burundi, Kenya, Tanzania and Uganda, fiscal sustainability needs to be reinforced otherwise the countries are at high risk of default since they spend more than they earn.
Structural Breaks and Fiscal Deficit Sustainability in EAC Countries: Empirical Evidence
doi:10.11648/j.ijefm.20130106.27
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Arcade Ndoricimpa
Structural Breaks and Fiscal Deficit Sustainability in EAC Countries: Empirical Evidence
1
6
399
399
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.27
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.27
© Science Publishing Group
An Empirical Examination of the Relationship between Board of Director Composition, Ownership Structure and Accounting Conservatism
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.13
In the present study, we investigate the relationship between corporate governance and accounting conservatism. We examine our model in the context of French firms over the period 2007-2011. We predict that an effective set of corporate governance mechanisms is positively related to a higher level of accounting conservatism. Empirical tests show that accounting conservatism depends mainly on the effectiveness of the board, the management shareholding, and the audit quality.
In the present study, we investigate the relationship between corporate governance and accounting conservatism. We examine our model in the context of French firms over the period 2007-2011. We predict that an effective set of corporate governance mechanisms is positively related to a higher level of accounting conservatism. Empirical tests show that accounting conservatism depends mainly on the effectiveness of the board, the management shareholding, and the audit quality.
An Empirical Examination of the Relationship between Board of Director Composition, Ownership Structure and Accounting Conservatism
doi:10.11648/j.ijefm.20130106.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Anis JARBOUI
An Empirical Examination of the Relationship between Board of Director Composition, Ownership Structure and Accounting Conservatism
1
6
284
284
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.13
© Science Publishing Group
The Arab Maghreb Union: the "Cost of Non Maghreb" and Sectoral Prospects
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.14
The aim of the paper is to find out the “No Maghreb” cost as untapped opportunities of intra regional trade and to check the existence of comparative advantages in the Maghreb region. We use panel data with gravity model to study the relationship between total exports and factors affecting them, as well as, the exports by sector and their determinants for a sample of 57 countries, between, 1980-2007. The goal is to point out the total exports potential as a proxy of the “No Maghreb” cost. The study also allows establishing whether there are comparative advantages among the region countries. The results show the weak level of intra regional trade comparing to its potential. They also demonstrate that Maghreb countries have similarities and disparities according to some comparative advantages. This contributes to encourage intra regional trade and improve trade perspectives in Maghreb.
The aim of the paper is to find out the “No Maghreb” cost as untapped opportunities of intra regional trade and to check the existence of comparative advantages in the Maghreb region. We use panel data with gravity model to study the relationship between total exports and factors affecting them, as well as, the exports by sector and their determinants for a sample of 57 countries, between, 1980-2007. The goal is to point out the total exports potential as a proxy of the “No Maghreb” cost. The study also allows establishing whether there are comparative advantages among the region countries. The results show the weak level of intra regional trade comparing to its potential. They also demonstrate that Maghreb countries have similarities and disparities according to some comparative advantages. This contributes to encourage intra regional trade and improve trade perspectives in Maghreb.
The Arab Maghreb Union: the "Cost of Non Maghreb" and Sectoral Prospects
doi:10.11648/j.ijefm.20130106.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Adnen OUESLATI
Riadh BRINI
The Arab Maghreb Union: the "Cost of Non Maghreb" and Sectoral Prospects
1
6
291
291
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.14
© Science Publishing Group
Determinants of Managerial Behaviour in the Tunisian Banking Industry
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.21
This paper determines management behaviour for Tunisian banking industry between 1989 and 2006. Following the Granger causality, we examine the intertemporal relationships between bank efficiency, loan loss provision and capitalisation. The possible relationships between the variables imply different modes of management behaviour namely bad management, bad luck, skimping, and moral hazard behaviour. We extend the Granger causality model developed by Berger and DeYoung (1997) by applying G.M.M dynamic panel estimators on a panel of Tunisian commercial banks. The econometric results suggest that the intertemporal relationships between the loan loss provision and productive efficiency are checked in only one direction. Our data provide evidence for the bad luck hypothesis suggesting the exogeneity of bad loans triggering inefficiency. In addition, we find no evidence of bad management hypothesis for the Tunisian commercial banks. Thus, these banks adopted a skimping behaviour over 1989-2006 period. Finally, the moral hazard behaviour, according to which the managers of the thinly capitalised banks assume additional portfolio risk, was identified in the context of the Tunisian banks.
This paper determines management behaviour for Tunisian banking industry between 1989 and 2006. Following the Granger causality, we examine the intertemporal relationships between bank efficiency, loan loss provision and capitalisation. The possible relationships between the variables imply different modes of management behaviour namely bad management, bad luck, skimping, and moral hazard behaviour. We extend the Granger causality model developed by Berger and DeYoung (1997) by applying G.M.M dynamic panel estimators on a panel of Tunisian commercial banks. The econometric results suggest that the intertemporal relationships between the loan loss provision and productive efficiency are checked in only one direction. Our data provide evidence for the bad luck hypothesis suggesting the exogeneity of bad loans triggering inefficiency. In addition, we find no evidence of bad management hypothesis for the Tunisian commercial banks. Thus, these banks adopted a skimping behaviour over 1989-2006 period. Finally, the moral hazard behaviour, according to which the managers of the thinly capitalised banks assume additional portfolio risk, was identified in the context of the Tunisian banks.
Determinants of Managerial Behaviour in the Tunisian Banking Industry
doi:10.11648/j.ijefm.20130106.21
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
ZAGHLA Abdessalem
BOUJELBENE Younes
Determinants of Managerial Behaviour in the Tunisian Banking Industry
1
6
346
346
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.21
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.21
© Science Publishing Group
The Impact of Foreign Direct Investment on Economic Growth: The Case of Zimbabwe (2009- 2012)
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.19
This paper analyzes the impact of Foreign Direct Investment on GDP in Zimbabwe, post dollarization period. Foreign Direct Investment has very significant positive impact on economic growth. I advocate for policies that promote inward FDI if our country is to meet its economic growth targets. The paper also analyses the impact of other macro economic factors on Gross Domestic product. Government Expenditure and Private Investment is found to have significant and positive impact on Gross Domestic Product. Factors that are found to affect GDP negatively are increases in Inflation and Interest Rates. The Zimbabwean data was inconclusive on the impact of two factors on Economic Growth, Which is External Debt and Net Exports; this merits further research because it is not in line with the theoretical predictions.
This paper analyzes the impact of Foreign Direct Investment on GDP in Zimbabwe, post dollarization period. Foreign Direct Investment has very significant positive impact on economic growth. I advocate for policies that promote inward FDI if our country is to meet its economic growth targets. The paper also analyses the impact of other macro economic factors on Gross Domestic product. Government Expenditure and Private Investment is found to have significant and positive impact on Gross Domestic Product. Factors that are found to affect GDP negatively are increases in Inflation and Interest Rates. The Zimbabwean data was inconclusive on the impact of two factors on Economic Growth, Which is External Debt and Net Exports; this merits further research because it is not in line with the theoretical predictions.
The Impact of Foreign Direct Investment on Economic Growth: The Case of Zimbabwe (2009- 2012)
doi:10.11648/j.ijefm.20130106.19
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Tinomuonga Moyo
The Impact of Foreign Direct Investment on Economic Growth: The Case of Zimbabwe (2009- 2012)
1
6
329
329
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.19
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.19
© Science Publishing Group
Impact of Inflation on Import: An Empirical Study
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.16
Inflation is associated with rising price. It is a situation in which there is a sustained, inordinate (excessive), and general increase in prices. The increase in prices must last for a reasonable period of time. If prices go up during this period and fall in the next, then it is mere price fluctuation. The increase in price must be excessive by that country's experience. Inflation is the rise in average price of all goods that we buy and not just of one item. After analyzing the trend of inflation rate, number of L/C and value of L/C opened in Prime Bank Limited, Khulna Branch in the last five years, it is seen that there is a minimum or very insignificant correlation between inflation and import trade. Theoretically, there is a positive correlation between domestic inflation and import. This study also shows a positive correlation, but the correlation is very insignificant. Obviously, there are some reasons behind this insignificance. We should remember that, inflation is not the only factor that can affect the import trade. There are many other factors that can influence the import trade of a country. In case of Bangladesh, the reasons are the massive pressure on the demand of goods available, exchange rate fluctuation, huge population, frequent natural disasters of Bangladesh, different government policies, relationship with the exporting country, inflation rate of the exporting country etc. As so many factors are influencing the import of a country, that’s why inflation cannot create a huge pressure on the import.
Inflation is associated with rising price. It is a situation in which there is a sustained, inordinate (excessive), and general increase in prices. The increase in prices must last for a reasonable period of time. If prices go up during this period and fall in the next, then it is mere price fluctuation. The increase in price must be excessive by that country's experience. Inflation is the rise in average price of all goods that we buy and not just of one item. After analyzing the trend of inflation rate, number of L/C and value of L/C opened in Prime Bank Limited, Khulna Branch in the last five years, it is seen that there is a minimum or very insignificant correlation between inflation and import trade. Theoretically, there is a positive correlation between domestic inflation and import. This study also shows a positive correlation, but the correlation is very insignificant. Obviously, there are some reasons behind this insignificance. We should remember that, inflation is not the only factor that can affect the import trade. There are many other factors that can influence the import trade of a country. In case of Bangladesh, the reasons are the massive pressure on the demand of goods available, exchange rate fluctuation, huge population, frequent natural disasters of Bangladesh, different government policies, relationship with the exporting country, inflation rate of the exporting country etc. As so many factors are influencing the import of a country, that’s why inflation cannot create a huge pressure on the import.
Impact of Inflation on Import: An Empirical Study
doi:10.11648/j.ijefm.20130106.16
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Md. Ariful Islam
Impact of Inflation on Import: An Empirical Study
1
6
309
309
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.16
© Science Publishing Group
Measurement of Fiscal Vulnerability from Natural Disasters – The Case of Albania
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.15
Natural disasters bring destruction and severe effects in the countries they hit. In small countries like Albania, where the insurance market is underdeveloped, the main role in absorbing disaster effects is often responsibility of the government. In this approach, the government is exposed from a fiscal point of view to the risk of natural disasters. This paper aims to measure the level of fiscal vulnerability in a country like Albania, caused by disasters that time after time hit the region, such as earthquakes or flood. This has been realized by calculating the disaster deficit index for earthquakes and flood, and the annual expected average loss from earthquakes. The results show for a high level of fiscal vulnerability in case of floods with a return period of 100 years and in case of earthquakes with a magnitude higher than 6.5 on Richter scale.
Natural disasters bring destruction and severe effects in the countries they hit. In small countries like Albania, where the insurance market is underdeveloped, the main role in absorbing disaster effects is often responsibility of the government. In this approach, the government is exposed from a fiscal point of view to the risk of natural disasters. This paper aims to measure the level of fiscal vulnerability in a country like Albania, caused by disasters that time after time hit the region, such as earthquakes or flood. This has been realized by calculating the disaster deficit index for earthquakes and flood, and the annual expected average loss from earthquakes. The results show for a high level of fiscal vulnerability in case of floods with a return period of 100 years and in case of earthquakes with a magnitude higher than 6.5 on Richter scale.
Measurement of Fiscal Vulnerability from Natural Disasters – The Case of Albania
doi:10.11648/j.ijefm.20130106.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Gerdi LITO
Measurement of Fiscal Vulnerability from Natural Disasters – The Case of Albania
1
6
298
298
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.15
© Science Publishing Group
An Analysis of Federal Government Expenditure and Monetary Policy on Agricultural Output in Nigeria
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.17
The need to determine the factors that promote investment decisions in agriculture both on the part of the government and the citizenry in order to put the economy on the part of sustainable growth and development prompted this study. The broad objective of the study is to analyze the effectiveness of government annual budgetary allocation to agriculture and the role of monetary policy instruments in the growth of agricultural GDP. Data were sourced from the CBN statistical bulletin (various issues), and the National Bureau of Statistics. The data covers 1980-2012 and the method of analysis used is the OLS using E-view. The result of the analysis showed that Agricultural Credit Guarantee Scheme Fund, previous year GDPand Consumer Price Index contribute positively to the growth of agricultural GDP, other variables of interest like the interest rate, exchange rate, and government expenditure on agriculture contributed negatively to agricultural GDP growth. The study therefore recommended that government should increase her spending to agricultural sector, monitor the fund allocated, and provide the necessary infrastructural facilities like good road network, electricity health and water for the rural populace. The study concluded by recommending that the CBN should encourage the investor to invest in agriculture by bringing the interest rate down to single digit in order to facilitate investment in agriculture and promote consistent growth of agricultural GDP.
The need to determine the factors that promote investment decisions in agriculture both on the part of the government and the citizenry in order to put the economy on the part of sustainable growth and development prompted this study. The broad objective of the study is to analyze the effectiveness of government annual budgetary allocation to agriculture and the role of monetary policy instruments in the growth of agricultural GDP. Data were sourced from the CBN statistical bulletin (various issues), and the National Bureau of Statistics. The data covers 1980-2012 and the method of analysis used is the OLS using E-view. The result of the analysis showed that Agricultural Credit Guarantee Scheme Fund, previous year GDPand Consumer Price Index contribute positively to the growth of agricultural GDP, other variables of interest like the interest rate, exchange rate, and government expenditure on agriculture contributed negatively to agricultural GDP growth. The study therefore recommended that government should increase her spending to agricultural sector, monitor the fund allocated, and provide the necessary infrastructural facilities like good road network, electricity health and water for the rural populace. The study concluded by recommending that the CBN should encourage the investor to invest in agriculture by bringing the interest rate down to single digit in order to facilitate investment in agriculture and promote consistent growth of agricultural GDP.
An Analysis of Federal Government Expenditure and Monetary Policy on Agricultural Output in Nigeria
doi:10.11648/j.ijefm.20130106.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Yusuf Wasiu Akintunde
Adesope A. A. A.
V. O. Okoruwa
An Analysis of Federal Government Expenditure and Monetary Policy on Agricultural Output in Nigeria
1
6
317
317
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.17
© Science Publishing Group
The Statistical Feature Analysis and Simulation Study of Supply Chain Based on Fixed Spread Risk Probability
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.18
Understanding supply chain network are important for modeling the spread of risks in enterprise nodes. This study characterizes the supply chain risk network of the spread of several nodes. To identify the rule of the movement of risk nodes, several parameters describing these properties are measured (degree, risk, the number of risk nodes, average risk, average path length and average clustering). The simulation results indicate: (1) this risk network has small-world and scale-free property; (2) the basic topological characteristics on static network displayed a regular change; (3) the characteristics of the spread of risk is measured by risk distribution which obeys a double power law and average risk which has a negative correlation with the number of risk node. In summation, this paper tries to analyze the risk spread of several nodes in supply chain network from macroscopic perspective.
Understanding supply chain network are important for modeling the spread of risks in enterprise nodes. This study characterizes the supply chain risk network of the spread of several nodes. To identify the rule of the movement of risk nodes, several parameters describing these properties are measured (degree, risk, the number of risk nodes, average risk, average path length and average clustering). The simulation results indicate: (1) this risk network has small-world and scale-free property; (2) the basic topological characteristics on static network displayed a regular change; (3) the characteristics of the spread of risk is measured by risk distribution which obeys a double power law and average risk which has a negative correlation with the number of risk node. In summation, this paper tries to analyze the risk spread of several nodes in supply chain network from macroscopic perspective.
The Statistical Feature Analysis and Simulation Study of Supply Chain Based on Fixed Spread Risk Probability
doi:10.11648/j.ijefm.20130106.18
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Lei Wen
Mingfang Guo
Yachao Shi
The Statistical Feature Analysis and Simulation Study of Supply Chain Based on Fixed Spread Risk Probability
1
6
322
322
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.18
© Science Publishing Group
An Evaluation of the Risk Profile of the Banking Industry in Ghana and its Implication on the National Economy
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.23
The banking system is central to the economic management of every country. The impact of the global financial crisis and developments in some economies therefore call for a thorough assessment of the risk management framework of the Ghanaian banking sector. The main theme that runs through this study is the assessment of the risk profile of the Ghanaian banking industry and the potential effects of any mismanagement of the sector, on the economy. The study exposits on risk management in the banks as theoretical framework. Then, on the strength of analytical tools as trend analysis, benchmarks and charts, it analyzes available records between 2007 and 2012 to assess the sector in the areas of balance sheet items, credit, market and operational risks standards in the sector. It as well uses the level of implementation of the BCBS accords as a yardstick to infer the sector’s risk profile and evaluates the implications of non-adherence to the recommendation therein. It settles on the note that despite the good risk standards in the areas of capital adequacy, sound liquidity ratio and profitability of the industry, the high rate of Non-Performing Loan, the cedi instability, the inadequacy of the implementation of the Basel accords and operational deficiencies presents yet the weakness of the sector that vitiates the risk stature of the sector. On the balance of probability therefore, the sector generally does not have the best risk profile. There is therefore the need to keep a keen eye on the sector as any untoward developments in the sector could easily spillover to affect the national economy.
The banking system is central to the economic management of every country. The impact of the global financial crisis and developments in some economies therefore call for a thorough assessment of the risk management framework of the Ghanaian banking sector. The main theme that runs through this study is the assessment of the risk profile of the Ghanaian banking industry and the potential effects of any mismanagement of the sector, on the economy. The study exposits on risk management in the banks as theoretical framework. Then, on the strength of analytical tools as trend analysis, benchmarks and charts, it analyzes available records between 2007 and 2012 to assess the sector in the areas of balance sheet items, credit, market and operational risks standards in the sector. It as well uses the level of implementation of the BCBS accords as a yardstick to infer the sector’s risk profile and evaluates the implications of non-adherence to the recommendation therein. It settles on the note that despite the good risk standards in the areas of capital adequacy, sound liquidity ratio and profitability of the industry, the high rate of Non-Performing Loan, the cedi instability, the inadequacy of the implementation of the Basel accords and operational deficiencies presents yet the weakness of the sector that vitiates the risk stature of the sector. On the balance of probability therefore, the sector generally does not have the best risk profile. There is therefore the need to keep a keen eye on the sector as any untoward developments in the sector could easily spillover to affect the national economy.
An Evaluation of the Risk Profile of the Banking Industry in Ghana and its Implication on the National Economy
doi:10.11648/j.ijefm.20130106.23
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Ransford Quarmyne Churchill
An Evaluation of the Risk Profile of the Banking Industry in Ghana and its Implication on the National Economy
1
6
373
373
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.23
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.23
© Science Publishing Group
Nexus between Stock Exchange Index and Exchange Rates
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.20
This study is about to analyze the nexus between stock exchange index and exchange rates. Secondary data, namely the daily Dhaka Stock Exchange General Index and the BDT/USD Exchange Rates data from December 02, 2012 to April 30, 2012 are used for the study perpose. The findings of this study revealed that 73.1802% of the variation in DSE general index returns is explained by the BDT/USD exchange rates returns which imply that there is a strong nexus between these two financial series. LM test’s outcomes indicate that there is a serial correlation at order 1; historical figures of the residuals can be applied to predict the present values of residuals. ARCH test illustrates that the residuals are hete-roskedastic; and variance of residuals is not constant. Normality test of the distribution of the residuals shows that the resi-duals are normally distributed.
This study is about to analyze the nexus between stock exchange index and exchange rates. Secondary data, namely the daily Dhaka Stock Exchange General Index and the BDT/USD Exchange Rates data from December 02, 2012 to April 30, 2012 are used for the study perpose. The findings of this study revealed that 73.1802% of the variation in DSE general index returns is explained by the BDT/USD exchange rates returns which imply that there is a strong nexus between these two financial series. LM test’s outcomes indicate that there is a serial correlation at order 1; historical figures of the residuals can be applied to predict the present values of residuals. ARCH test illustrates that the residuals are hete-roskedastic; and variance of residuals is not constant. Normality test of the distribution of the residuals shows that the resi-duals are normally distributed.
Nexus between Stock Exchange Index and Exchange Rates
doi:10.11648/j.ijefm.20130106.20
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Md. Zahangir Alam
Muhammad Abdur Rahim
Nexus between Stock Exchange Index and Exchange Rates
1
6
334
334
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.20
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.20
© Science Publishing Group
An Implementation Model for Production Quality Management in the Iranian Industrial Firms
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.26
The paper has addressed the various issues of quality growth of industrial production at enterprises of Iran, and studied theoretical approaches to solving these problems, also the problem of choosing the optimal product , improvement of quality circles and departments of quality control on products enterprises,the issues of competitiveness of industrial production (holding market analysis and survey of the market).The articles also shows the international experience in quality management , and its technolioggies may be used in Iran.
The paper has addressed the various issues of quality growth of industrial production at enterprises of Iran, and studied theoretical approaches to solving these problems, also the problem of choosing the optimal product , improvement of quality circles and departments of quality control on products enterprises,the issues of competitiveness of industrial production (holding market analysis and survey of the market).The articles also shows the international experience in quality management , and its technolioggies may be used in Iran.
An Implementation Model for Production Quality Management in the Iranian Industrial Firms
doi:10.11648/j.ijefm.20130106.26
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
AliReza Amerehei
G. Z. Yuzbashi yeva
An Implementation Model for Production Quality Management in the Iranian Industrial Firms
1
6
390
390
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.26
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.26
© Science Publishing Group
Quality Assessment of Self Help Groups on Stakeholders Perspectives: A Psychometrics Analysis
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.22
Micro finance has garnered significant worldwide attention as being a successful tool to meet substantial demand for financial services by low-income. India occupies a significant place and a niche in global micro finance through promotion of the Self Help Groups and the home grown SHG-Bank Linkage Programme model. It is observed that different stakeholders have promoted SHGs with different expectations and understanding, and have sorted different parameters of quality of SHGs. Thus, it is necessary to identify a common ground and set appropriate benchmarks for SHGs operation. Sixty one variables relating to quality parameters are identified and relevant perception of direct stakeholders about on whose perspective parameters to be considered for assessing Quality of SHG is incorporated in this study. The study is conducted by using multi-stage random sampling method to collect primary data from the selected Development Blocks of Nagaon districts of Assam (India). It is observed that there exists enough evidence to conclude that there are differences among direct stakeholders regarding perception of stakeholders about on whose perspective parameters to be considered for assessing quality of SHG. Further, these variables are more decisive statements or factors in this case under given methodology.
Micro finance has garnered significant worldwide attention as being a successful tool to meet substantial demand for financial services by low-income. India occupies a significant place and a niche in global micro finance through promotion of the Self Help Groups and the home grown SHG-Bank Linkage Programme model. It is observed that different stakeholders have promoted SHGs with different expectations and understanding, and have sorted different parameters of quality of SHGs. Thus, it is necessary to identify a common ground and set appropriate benchmarks for SHGs operation. Sixty one variables relating to quality parameters are identified and relevant perception of direct stakeholders about on whose perspective parameters to be considered for assessing Quality of SHG is incorporated in this study. The study is conducted by using multi-stage random sampling method to collect primary data from the selected Development Blocks of Nagaon districts of Assam (India). It is observed that there exists enough evidence to conclude that there are differences among direct stakeholders regarding perception of stakeholders about on whose perspective parameters to be considered for assessing quality of SHG. Further, these variables are more decisive statements or factors in this case under given methodology.
Quality Assessment of Self Help Groups on Stakeholders Perspectives: A Psychometrics Analysis
doi:10.11648/j.ijefm.20130106.22
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Sanjay Kanti Das
Amalesh Bhowal
Quality Assessment of Self Help Groups on Stakeholders Perspectives: A Psychometrics Analysis
1
6
366
366
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.22
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.22
© Science Publishing Group
Achievements and Barriers to Vietnam’s Economic Development
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.24
The research with the introduction of Vietnamese economy achievements since the Government implemented the reforms for the removal of the Centrally Planned Economy into the market economy so that legal system is improved to attract the investment as well as the support of the international community. Moreover, the article also analyzes the barriers which prevent the Vietnamese economy from developing its fully potential strength.
The research with the introduction of Vietnamese economy achievements since the Government implemented the reforms for the removal of the Centrally Planned Economy into the market economy so that legal system is improved to attract the investment as well as the support of the international community. Moreover, the article also analyzes the barriers which prevent the Vietnamese economy from developing its fully potential strength.
Achievements and Barriers to Vietnam’s Economic Development
doi:10.11648/j.ijefm.20130106.24
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Phu-Hop Mai
Jun-Wu Yang
Thi-Van Nguyen
Achievements and Barriers to Vietnam’s Economic Development
1
6
381
381
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.24
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.24
© Science Publishing Group
Credit Assessment Practice of a Commercial Bank in Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.25
The banks act as an intermediary to mobilize the excess fund of surplus sectors to provide necessary finance, to those sectors, which are needed to promote for the sound development of the economy. Credit management is a dynamic field where a certain standard of long-range planning is needed to allocate the fund in diverse field and to minimize the risk and maximizing the return on the invested fund. Credit risk grading technique is an important tool for credit management as it helps a bank to understand various dimensions of risk involved in different credit transactions. The main purpose of this study is to make possible suggestions to improve present credit situation prevailing in the banking sector in Bangladesh by analyzing a reputed commercial bank’s credit activity. The study was undertaken to get an in depth idea of the credit appraisal system of a commercial bank and understand its importance. Beside this a case study of a well known commercial bank’s credit appraisal and risk grading technique were also revealed to identify some problems as well as propose some suggestions in this regard. From the study it was evident that the bank, maintained standard credit management policy in the changing market situation to establish a set of credit management policy.
The banks act as an intermediary to mobilize the excess fund of surplus sectors to provide necessary finance, to those sectors, which are needed to promote for the sound development of the economy. Credit management is a dynamic field where a certain standard of long-range planning is needed to allocate the fund in diverse field and to minimize the risk and maximizing the return on the invested fund. Credit risk grading technique is an important tool for credit management as it helps a bank to understand various dimensions of risk involved in different credit transactions. The main purpose of this study is to make possible suggestions to improve present credit situation prevailing in the banking sector in Bangladesh by analyzing a reputed commercial bank’s credit activity. The study was undertaken to get an in depth idea of the credit appraisal system of a commercial bank and understand its importance. Beside this a case study of a well known commercial bank’s credit appraisal and risk grading technique were also revealed to identify some problems as well as propose some suggestions in this regard. From the study it was evident that the bank, maintained standard credit management policy in the changing market situation to establish a set of credit management policy.
Credit Assessment Practice of a Commercial Bank in Bangladesh
doi:10.11648/j.ijefm.20130106.25
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Rana-Al- Mosharrafa
Credit Assessment Practice of a Commercial Bank in Bangladesh
1
6
387
387
2014-01-01
2014-01-01
10.11648/j.ijefm.20130106.25
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20130106.25
© Science Publishing Group
Google’s Search Data and its Application in Finance
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.11
This paper examines the relationship of asset price determination via Google data. To capture this relation, I create a model and estimate several time series’ regressions. I use weekly data from 2004 to 2010 from 30 international banks. To my knowledge this is the first study which differentiates between Google’s search volume and Google’s search clicks. I show that asset prices are positively related to the rate of change in Google’s search volume, trading volume and the level of Google search clicks. Secondly, I demonstrate that the absolute level of Google’s search volume and Google’s search clicks behave differently regarding the asset price dynamics. Google’s search volume, which measures long-run searches, is negatively related while Google’s search clicks have a positive relationship to asset prices. Hence, Google’s data offer new insights on both measuring attention and pricing financial assets.
This paper examines the relationship of asset price determination via Google data. To capture this relation, I create a model and estimate several time series’ regressions. I use weekly data from 2004 to 2010 from 30 international banks. To my knowledge this is the first study which differentiates between Google’s search volume and Google’s search clicks. I show that asset prices are positively related to the rate of change in Google’s search volume, trading volume and the level of Google search clicks. Secondly, I demonstrate that the absolute level of Google’s search volume and Google’s search clicks behave differently regarding the asset price dynamics. Google’s search volume, which measures long-run searches, is negatively related while Google’s search clicks have a positive relationship to asset prices. Hence, Google’s data offer new insights on both measuring attention and pricing financial assets.
Google’s Search Data and its Application in Finance
doi:10.11648/j.ijefm.20140201.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Bodo Herzog
Google’s Search Data and its Application in Finance
2
1
7
7
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.11
© Science Publishing Group
Non-linear Volatility and Dynamics of the Tunisian Stock Market
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.14
Measuring and controlling risk is one of the most attractive issues in finance. With the persistence of uncontrolled and erratic stocks movements, volatility is perceived as a barometer of daily fluctuations. An objective measure of this variable seems then needed to control risks and cover those that are considered the most important. Non-linear autoregressive modeling is our first evaluation approach. In particular, we test the presence of “persistence” of conditional variance and the presence of a degree of a leverage effect. In order to resolve for the problem of “asymmetry” in volatility, the retained specifications point to the importance of stocks reactions in response to news. Effects of shocks on volatility highlight also the need to study the “long term” behavior of conditional variance of stocks returns and articulate the presence of long memory and dependence of time series in the long run. We note that the integrated fractional autoregressive model allows for representing time series that show long-term conditional variance thanks to fractional integration parameters. In order to stop at the dynamics that manage time series, a comparative study of the results of the different models will allow for better understanding volatility structure over the Tunisia stock market, with the aim of accurately predicting fluctuation risks.
Measuring and controlling risk is one of the most attractive issues in finance. With the persistence of uncontrolled and erratic stocks movements, volatility is perceived as a barometer of daily fluctuations. An objective measure of this variable seems then needed to control risks and cover those that are considered the most important. Non-linear autoregressive modeling is our first evaluation approach. In particular, we test the presence of “persistence” of conditional variance and the presence of a degree of a leverage effect. In order to resolve for the problem of “asymmetry” in volatility, the retained specifications point to the importance of stocks reactions in response to news. Effects of shocks on volatility highlight also the need to study the “long term” behavior of conditional variance of stocks returns and articulate the presence of long memory and dependence of time series in the long run. We note that the integrated fractional autoregressive model allows for representing time series that show long-term conditional variance thanks to fractional integration parameters. In order to stop at the dynamics that manage time series, a comparative study of the results of the different models will allow for better understanding volatility structure over the Tunisia stock market, with the aim of accurately predicting fluctuation risks.
Non-linear Volatility and Dynamics of the Tunisian Stock Market
doi:10.11648/j.ijefm.20140201.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Kalai Lamia
Jilani Faouzi
Non-linear Volatility and Dynamics of the Tunisian Stock Market
2
1
32
32
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.14
© Science Publishing Group
An examination of Accounting Internship on Subsequent Academic Performance
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.12
Increasingly, internship has become an essential component of the undergraduate degree programmes. It provides students with a smooth transition from on-campus environment to the working environment. It is often viewed as a ‘win-win’ situation for both the intern and the intern’s employers. Students are able to learn about the profession and gain practical experience while simultaneously being able to reflect on what they have learned in the classroom. Employers benefit from internships because interns are sources of future employees. The relationship between Internship and academic performance on accounting degree is significantly under-researched. This paper examines the effect of accounting student internships on subsequent academic performance in one of the national universities in Sri Lanka. For this purpose post-internship course unit performance of students with accounting internship experience were considered. Readily available data on internship status, gender and prior achievement of accounting special degree undergraduates were used. Linear regression models were constructed using the data with undergraduates. Research finds that internships do a have a positive impact on learning and higher scores tend to have a higher GPA and gender is negatively correlated with GPA signaling that male students performed better than female students.
Increasingly, internship has become an essential component of the undergraduate degree programmes. It provides students with a smooth transition from on-campus environment to the working environment. It is often viewed as a ‘win-win’ situation for both the intern and the intern’s employers. Students are able to learn about the profession and gain practical experience while simultaneously being able to reflect on what they have learned in the classroom. Employers benefit from internships because interns are sources of future employees. The relationship between Internship and academic performance on accounting degree is significantly under-researched. This paper examines the effect of accounting student internships on subsequent academic performance in one of the national universities in Sri Lanka. For this purpose post-internship course unit performance of students with accounting internship experience were considered. Readily available data on internship status, gender and prior achievement of accounting special degree undergraduates were used. Linear regression models were constructed using the data with undergraduates. Research finds that internships do a have a positive impact on learning and higher scores tend to have a higher GPA and gender is negatively correlated with GPA signaling that male students performed better than female students.
An examination of Accounting Internship on Subsequent Academic Performance
doi:10.11648/j.ijefm.20140201.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
P. M. C. Thilakerathne
M. W. Madurapperuma
An examination of Accounting Internship on Subsequent Academic Performance
2
1
15
15
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.12
© Science Publishing Group
Importance of Agricultural Credit for Rural Development of Bangladesh: A descriptive Approach
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.18
Adequate availability of credit on time is an important requirement for the rural people, particularly under conditions of scarcity of resources and uncertainty. Convenient and safes-saving facilities are perhaps even more important to smooth out the peaks and troughs in incomes and expenditures in the rural arena. Lack of savings facilities also force families to rely on inefficient, inconvenient and costly alternatives. Agricultural credit can be a solution for this perspective. In Bangladesh most of the agricultural credits are the small-scale loans for the poor entrepreneurs. It allows them to access in the lending institutions to borrow fund and start their own business for rural development. Several financial institutions developed several strategies, including provision of small loans to the rural poor without collateral. These loans are repayable in predetermined installments. Borrowers are organized into groups, which reduces the risk of being default. These credits also help disseminating valuable information about the borrowers and their living standards. In Bangladesh mainly nationalized Banks and specialized Banks are currently burdened with classified loans. But the collateral free financing offers a new opportunity to invest their funds with little risk. Previous experiences of financial institution show that small credits have proven feasible of lending to the poor for rural development. Therefore, we can say that if they can engage themselves efficiently, agricultural credit will accelerate the developmental activities in rural areas of Bangladesh.
Adequate availability of credit on time is an important requirement for the rural people, particularly under conditions of scarcity of resources and uncertainty. Convenient and safes-saving facilities are perhaps even more important to smooth out the peaks and troughs in incomes and expenditures in the rural arena. Lack of savings facilities also force families to rely on inefficient, inconvenient and costly alternatives. Agricultural credit can be a solution for this perspective. In Bangladesh most of the agricultural credits are the small-scale loans for the poor entrepreneurs. It allows them to access in the lending institutions to borrow fund and start their own business for rural development. Several financial institutions developed several strategies, including provision of small loans to the rural poor without collateral. These loans are repayable in predetermined installments. Borrowers are organized into groups, which reduces the risk of being default. These credits also help disseminating valuable information about the borrowers and their living standards. In Bangladesh mainly nationalized Banks and specialized Banks are currently burdened with classified loans. But the collateral free financing offers a new opportunity to invest their funds with little risk. Previous experiences of financial institution show that small credits have proven feasible of lending to the poor for rural development. Therefore, we can say that if they can engage themselves efficiently, agricultural credit will accelerate the developmental activities in rural areas of Bangladesh.
Importance of Agricultural Credit for Rural Development of Bangladesh: A descriptive Approach
doi:10.11648/j.ijefm.20140201.18
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Md. Ariful Islam
Md. Rayhan Islam
Mahmudul Hasan Siddiqui
Luthful Karim
Importance of Agricultural Credit for Rural Development of Bangladesh: A descriptive Approach
2
1
83
83
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.18
© Science Publishing Group
Growth of Private Commercial Banks in Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.17
Now-a-days PCBs have succeeded to occupy a handsome portion of the total banking sector through their 23 years journey. For that matter, the study is done to verify how successfully PCBs have come across to today’s position. After liberation in 1971 all banks except few foreign banks’ branches were nationalized and reorganized. But the step of nationalization is viewed as a discouraging picture of NCBs because of some careless management activities. For that reason, PCBs had appeared in 1982 in the banking sector to improve the NCBs’ performance as well as the overall condition of the banking sector. The whole period has been segmented in to two parts and the growth of PCBs has been tried to find out according to the segments. Firstly, the denationalization and privatization period (1982-1989) and secondly, the financial liberalization period (1990-2004). We have tried to measure the growth of PCBs in the above mentioned time periods. To ascertain the PCBs’ growth we have used their branch expansion, deposit mobilization capability and credit deployment quality. With the help of these three components we can observe whether PCBs share in the total banking sector has been increased. We have also inquired that whether the performance of PCBs is better than that of NCBs. The study also covers NPL problems faced by the banks, and to what extent PCBs have recovered their NPL condition and what should be the further action to restrain the problem. Though PCBs have been playing the leading position, with the largest number of banks (30) in the banking sector, their overall performance is not as much appreciable as it should be. For that reason, PCBs should behold their full concentration to overcome their shortcomings.
Now-a-days PCBs have succeeded to occupy a handsome portion of the total banking sector through their 23 years journey. For that matter, the study is done to verify how successfully PCBs have come across to today’s position. After liberation in 1971 all banks except few foreign banks’ branches were nationalized and reorganized. But the step of nationalization is viewed as a discouraging picture of NCBs because of some careless management activities. For that reason, PCBs had appeared in 1982 in the banking sector to improve the NCBs’ performance as well as the overall condition of the banking sector. The whole period has been segmented in to two parts and the growth of PCBs has been tried to find out according to the segments. Firstly, the denationalization and privatization period (1982-1989) and secondly, the financial liberalization period (1990-2004). We have tried to measure the growth of PCBs in the above mentioned time periods. To ascertain the PCBs’ growth we have used their branch expansion, deposit mobilization capability and credit deployment quality. With the help of these three components we can observe whether PCBs share in the total banking sector has been increased. We have also inquired that whether the performance of PCBs is better than that of NCBs. The study also covers NPL problems faced by the banks, and to what extent PCBs have recovered their NPL condition and what should be the further action to restrain the problem. Though PCBs have been playing the leading position, with the largest number of banks (30) in the banking sector, their overall performance is not as much appreciable as it should be. For that reason, PCBs should behold their full concentration to overcome their shortcomings.
Growth of Private Commercial Banks in Bangladesh
doi:10.11648/j.ijefm.20140201.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Md. Ariful Islam
Mahmudul Hasan Siddiqui
Md. Rayhan Islam
Growth of Private Commercial Banks in Bangladesh
2
1
67
67
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.17
© Science Publishing Group
Stock Market Volatility: Comparison Between Dhaka Stock Exchange and Chittagong Stock Exchange
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.16
This paper is a comparison the volatility of price between Dhaka stock exchange (DSE) and Chittagong Stock Exchange (CSE). I did this study on volatility as a part of academic course of Research Methodology and Dissertation. The main objective of this study is to determine whether the markets are same volatile or not. Volatility is the most basic statistical measure. It can be used to measure the market risk of a single instrument or entire portfolio of investment. Investors, regulators, brokers, dealers and the media have all express concern over the level of stock market volatility. After market crash of 1996, individuals as well as corporate investors along with the regulators have become conscious about the volatility and felt importance of information regarding market to take good investment decision. This paper also discussed about the preliminary concept of volatility. For analysis of data I have consider only year 2004. Standard deviation, coefficient of Variation, F-test and monthly return is calculated. All the result shows the same picture. CSE is more volatile than DSE. The CSE30 and DSE20 also show the same result. Interesting finding is that general price is less volatile than CSE30 and DSE20. It implies that the top 20 and 30 securities influence the whole market. If the price of these securities increases, the price index increases. Ups and downs of the price of these securities in CSE is higher than that of DSE. Although investors are suffering from lack of information about the quality of securities, they take investment decision considering the general price index of two markets. Some time it may mislead the investor the differences of indexes of two markets. As the base of these two indices is different they can consider the percentage change in indexes and standard deviation of the indexes. Though the calculation is based on only the index one individual investor can calculate the return from individual security and then can take the portfolio investment decision. In this study individual securities are not considered as it would take massive calculating and data collection operation. Despite of these limitations it can easily be told that Chittagong Stock Exchange is more volatile than Dhaka Stock Exchange.
This paper is a comparison the volatility of price between Dhaka stock exchange (DSE) and Chittagong Stock Exchange (CSE). I did this study on volatility as a part of academic course of Research Methodology and Dissertation. The main objective of this study is to determine whether the markets are same volatile or not. Volatility is the most basic statistical measure. It can be used to measure the market risk of a single instrument or entire portfolio of investment. Investors, regulators, brokers, dealers and the media have all express concern over the level of stock market volatility. After market crash of 1996, individuals as well as corporate investors along with the regulators have become conscious about the volatility and felt importance of information regarding market to take good investment decision. This paper also discussed about the preliminary concept of volatility. For analysis of data I have consider only year 2004. Standard deviation, coefficient of Variation, F-test and monthly return is calculated. All the result shows the same picture. CSE is more volatile than DSE. The CSE30 and DSE20 also show the same result. Interesting finding is that general price is less volatile than CSE30 and DSE20. It implies that the top 20 and 30 securities influence the whole market. If the price of these securities increases, the price index increases. Ups and downs of the price of these securities in CSE is higher than that of DSE. Although investors are suffering from lack of information about the quality of securities, they take investment decision considering the general price index of two markets. Some time it may mislead the investor the differences of indexes of two markets. As the base of these two indices is different they can consider the percentage change in indexes and standard deviation of the indexes. Though the calculation is based on only the index one individual investor can calculate the return from individual security and then can take the portfolio investment decision. In this study individual securities are not considered as it would take massive calculating and data collection operation. Despite of these limitations it can easily be told that Chittagong Stock Exchange is more volatile than Dhaka Stock Exchange.
Stock Market Volatility: Comparison Between Dhaka Stock Exchange and Chittagong Stock Exchange
doi:10.11648/j.ijefm.20140201.16
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Md. Ariful Islam
Md. Rayhan Islam
Mahmudul Hasan Siddiqui
Stock Market Volatility: Comparison Between Dhaka Stock Exchange and Chittagong Stock Exchange
2
1
52
52
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.16
© Science Publishing Group
Determining the Contribution of Corporate Social Responsibility on Organizational Performance
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.19
This study was on determining the contribution of corporate social responsibility on organizational performance. The purpose of this study was to determine the contribution of corporate social responsibility on company’s profit after tax and to ascertain if there exists significant contribution of corporate social responsibility on company’s profit after tax. The source of data for this study was secondary data obtained from Central Bank of Nigeria Statistical Bulletin 2010 and annual reports 2008-2012 of three selected public limited companies operating in Nigeria. The statistical tool employed was the regression analysis and the line graph analysis. From the result of the analysis it was found that corporate social responsibility was able to explain and contribute significantly to company’s performance more in OANDO Group Nig. Plc since it was able to explain about 96.1% of the behavior of profit after tax in OANDO Group Nig. Plc, 21.4 % in Guiness Nig. Plc and 9.5% in Total Nig. Plc. This result implies that OANDO Group Nig. Plc was observed to spend more in terms of corporate social responsibility amongst the observed company’s and in turn corporate social responsibility contributing to its performance. Also, it was found that Guniess Nig. Plc recorded the largest profit after tax over the observed period followed by OANDO Group Nig. Plc. It can be generalized that sustainability reports does have an association with company performance. Social performance disclosure has an association with company’s performance as was found by the result of OANDO Group Nig. Plc. For companies, improving sustainability performance is important and it is equally important as improving company’s financial performance. Sustainability means the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It means that, in running the business, a company need to concern to the needs of future generations. Though reporting on its environmental performance may expose a company to criticisms and also have minimal effect in the short run. It is advisable that the company continues to disclose its environmental performance because in the long run it would help in achieving sustainability.
This study was on determining the contribution of corporate social responsibility on organizational performance. The purpose of this study was to determine the contribution of corporate social responsibility on company’s profit after tax and to ascertain if there exists significant contribution of corporate social responsibility on company’s profit after tax. The source of data for this study was secondary data obtained from Central Bank of Nigeria Statistical Bulletin 2010 and annual reports 2008-2012 of three selected public limited companies operating in Nigeria. The statistical tool employed was the regression analysis and the line graph analysis. From the result of the analysis it was found that corporate social responsibility was able to explain and contribute significantly to company’s performance more in OANDO Group Nig. Plc since it was able to explain about 96.1% of the behavior of profit after tax in OANDO Group Nig. Plc, 21.4 % in Guiness Nig. Plc and 9.5% in Total Nig. Plc. This result implies that OANDO Group Nig. Plc was observed to spend more in terms of corporate social responsibility amongst the observed company’s and in turn corporate social responsibility contributing to its performance. Also, it was found that Guniess Nig. Plc recorded the largest profit after tax over the observed period followed by OANDO Group Nig. Plc. It can be generalized that sustainability reports does have an association with company performance. Social performance disclosure has an association with company’s performance as was found by the result of OANDO Group Nig. Plc. For companies, improving sustainability performance is important and it is equally important as improving company’s financial performance. Sustainability means the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It means that, in running the business, a company need to concern to the needs of future generations. Though reporting on its environmental performance may expose a company to criticisms and also have minimal effect in the short run. It is advisable that the company continues to disclose its environmental performance because in the long run it would help in achieving sustainability.
Determining the Contribution of Corporate Social Responsibility on Organizational Performance
doi:10.11648/j.ijefm.20140201.19
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Ijeoma, N. B.
Oghoghomeh, T.
Determining the Contribution of Corporate Social Responsibility on Organizational Performance
2
1
91
91
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.19
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.19
© Science Publishing Group
Development of Growth Strategies for Social Enterprises
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.13
This study classifies different types of social enterprises to clarify the problems of different types and propose methods of improvement. This study divides social enterprises into four types: benchmark driven, profit seeking, self-sufficient and mission driven, based on business operating situation. Moreover, empirical research is conducted to demonstrate the social enterprise development diagram through in-depth interviews. The respondents were mainly senior managers and social entrepreneurs. According to the interview results, the main characteristics of SEs are: 1. must content with poor public understanding of social responsibility and the concept of social enterprises; 2. Most social enterprises operate alone and lack group strength; 3. Most social enterprises are small-scale and lack competition. Ways to improve social enterprises include: 1. promote the concept of social enterprises and social entrepreneurs; 2. promote the social symbiotic system; 3. provide social enterprises with government funds and other resources.
This study classifies different types of social enterprises to clarify the problems of different types and propose methods of improvement. This study divides social enterprises into four types: benchmark driven, profit seeking, self-sufficient and mission driven, based on business operating situation. Moreover, empirical research is conducted to demonstrate the social enterprise development diagram through in-depth interviews. The respondents were mainly senior managers and social entrepreneurs. According to the interview results, the main characteristics of SEs are: 1. must content with poor public understanding of social responsibility and the concept of social enterprises; 2. Most social enterprises operate alone and lack group strength; 3. Most social enterprises are small-scale and lack competition. Ways to improve social enterprises include: 1. promote the concept of social enterprises and social entrepreneurs; 2. promote the social symbiotic system; 3. provide social enterprises with government funds and other resources.
Development of Growth Strategies for Social Enterprises
doi:10.11648/j.ijefm.20140201.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Chang-Lin Yang
Leemen Lee
Yun-Chen Lee
Development of Growth Strategies for Social Enterprises
2
1
21
21
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.13
© Science Publishing Group
Lease Financing of Bangladesh: A Descriptive Analysis
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.15
Leasing industry is one of the flourishing sector of Bangladesh. The leasing companies on the average are doing pretty well since inception in this country. Leasing has gained its popularity for several reasons. The first and most important of all is that leasing can be thought of as an alternative source of fund which is most of the cases cheaper, and for the companies which don’t have a high credit rating or a visible positive past track record, this may be the main source of financing. Another thing is, lease is an alternative to investment. If you need a particular asset for running or expanding your business, you may choose to lease it rather than purchase it. And you can cancel the lease options in the face of changing macroeconomic factors, such as obsolescence, new technologies, changing business needs or market conditions etc. Lease is nowadays treated by the developed markets as a provider of 100% financing and they have a notion that lease displaces debt. Leasing actually reduces the leverage needs of a firm. We can understand that the leasing market is still very small in Bangladesh and the actual potential market is highly untapped. Since people are not well aware of different types of lease products, they look for other alternative before leasing. But now it’s time for us to break away from tradition and utilize leasing in our businesses fully so that we can realize its benefits. We believe that leasing sector in Bangladesh will grow, as people become more knowledgeable and more willing to look for alternative sources of financing.
Leasing industry is one of the flourishing sector of Bangladesh. The leasing companies on the average are doing pretty well since inception in this country. Leasing has gained its popularity for several reasons. The first and most important of all is that leasing can be thought of as an alternative source of fund which is most of the cases cheaper, and for the companies which don’t have a high credit rating or a visible positive past track record, this may be the main source of financing. Another thing is, lease is an alternative to investment. If you need a particular asset for running or expanding your business, you may choose to lease it rather than purchase it. And you can cancel the lease options in the face of changing macroeconomic factors, such as obsolescence, new technologies, changing business needs or market conditions etc. Lease is nowadays treated by the developed markets as a provider of 100% financing and they have a notion that lease displaces debt. Leasing actually reduces the leverage needs of a firm. We can understand that the leasing market is still very small in Bangladesh and the actual potential market is highly untapped. Since people are not well aware of different types of lease products, they look for other alternative before leasing. But now it’s time for us to break away from tradition and utilize leasing in our businesses fully so that we can realize its benefits. We believe that leasing sector in Bangladesh will grow, as people become more knowledgeable and more willing to look for alternative sources of financing.
Lease Financing of Bangladesh: A Descriptive Analysis
doi:10.11648/j.ijefm.20140201.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Md. Ariful Islam
Md. Rayhan Islam
Mahmudul Hasan Siddiqui
Lease Financing of Bangladesh: A Descriptive Analysis
2
1
42
42
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.15
© Science Publishing Group
The Impact of Energy Dissipation to the Stability in Financial System
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.22
Financial system has a characteristic of dissipative structure theory. In the nonlinear motion process, financial system is extremely easy to produce energy dissipation, which would lead to the emergence of system instability. In this paper, the dissipative structure characteristic of financial system would be analyzed in the first, and the energy function of financial system would be given. Then the energy dissipation and the energy exchange in financial system would be studied. At last, the influence of energy dissipation to system stability would be given. Financial system instability is related to the total entropy and the impact resistance ability of system. We can control system stability by these two factors. The research is importance to the study of financial stability theory and the control of financial system stability.
Financial system has a characteristic of dissipative structure theory. In the nonlinear motion process, financial system is extremely easy to produce energy dissipation, which would lead to the emergence of system instability. In this paper, the dissipative structure characteristic of financial system would be analyzed in the first, and the energy function of financial system would be given. Then the energy dissipation and the energy exchange in financial system would be studied. At last, the influence of energy dissipation to system stability would be given. Financial system instability is related to the total entropy and the impact resistance ability of system. We can control system stability by these two factors. The research is importance to the study of financial stability theory and the control of financial system stability.
The Impact of Energy Dissipation to the Stability in Financial System
doi:10.11648/j.ijefm.20140201.22
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Yikui Qiu
The Impact of Energy Dissipation to the Stability in Financial System
2
1
116
116
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.22
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.22
© Science Publishing Group
Corruption in Ghana: Causes, Consequences and Cures
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.20
The paper stresses the need to keep the issue of corruption squarely in view in the development agenda. It discusses the causes and consequences of corruption, especially in the context of a least developed country with considerable regulation and central direction. Lack of transparency, accountability and consistency, as well as institutional weaknesses such as in the legislative and judicial systems; provide fertile ground for growth of rent seeking activities in such a country. In addition to the rise of an underground economy and the high social costs associated with corruption, its adverse consequences on income distribution, consumption patterns, investment, and the government budget and on economic reforms are highlighted in the paper. The paper also touches upon the supply side of bribery and its international dimensions and presents some thoughts on how to address the corruption issue and to try and bring it under control.
The paper stresses the need to keep the issue of corruption squarely in view in the development agenda. It discusses the causes and consequences of corruption, especially in the context of a least developed country with considerable regulation and central direction. Lack of transparency, accountability and consistency, as well as institutional weaknesses such as in the legislative and judicial systems; provide fertile ground for growth of rent seeking activities in such a country. In addition to the rise of an underground economy and the high social costs associated with corruption, its adverse consequences on income distribution, consumption patterns, investment, and the government budget and on economic reforms are highlighted in the paper. The paper also touches upon the supply side of bribery and its international dimensions and presents some thoughts on how to address the corruption issue and to try and bring it under control.
Corruption in Ghana: Causes, Consequences and Cures
doi:10.11648/j.ijefm.20140201.20
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
William Agbodohu
Ransford Quarmyne Churchill
Corruption in Ghana: Causes, Consequences and Cures
2
1
102
102
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.20
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.20
© Science Publishing Group
Re-ranking of Corporate Governance Ratings of BIST XKURY Companies Based on TOPSIS Method of Ordering
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.21
This study aims at re-defining the corporate governance ratings of companies listed in Borsa Istanbul Corporate Governance Index (BIST XKURY). Corporate governance ratings are computed by taking the weighted average of four sub-categories, with the weights subjectively determined by the Capital Market Board. As each company in the index has the overall rating of more than eight, the ratings are only narrowly dispersed within a thin rating band of eight to ten, lacking ability in providing decision makers helpful information in terms of comparative strength of companies. This problem could be addressed by the use of TOPSIS based ranking.Using the ratings of 46 companies for 2013 in the index, TOPSIS method provides a new rank order that has a richer information content. By means of new scores, decision makers could evaluate how far companies closer to the ideal positive and negative solutions.
This study aims at re-defining the corporate governance ratings of companies listed in Borsa Istanbul Corporate Governance Index (BIST XKURY). Corporate governance ratings are computed by taking the weighted average of four sub-categories, with the weights subjectively determined by the Capital Market Board. As each company in the index has the overall rating of more than eight, the ratings are only narrowly dispersed within a thin rating band of eight to ten, lacking ability in providing decision makers helpful information in terms of comparative strength of companies. This problem could be addressed by the use of TOPSIS based ranking.Using the ratings of 46 companies for 2013 in the index, TOPSIS method provides a new rank order that has a richer information content. By means of new scores, decision makers could evaluate how far companies closer to the ideal positive and negative solutions.
Re-ranking of Corporate Governance Ratings of BIST XKURY Companies Based on TOPSIS Method of Ordering
doi:10.11648/j.ijefm.20140201.21
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Veysel Kula
Ender Baykut
Re-ranking of Corporate Governance Ratings of BIST XKURY Companies Based on TOPSIS Method of Ordering
2
1
110
110
2014-01-01
2014-01-01
10.11648/j.ijefm.20140201.21
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140201.21
© Science Publishing Group
A Study on Analysis of Managerial Attitudes towards ISO 9001: 2008 Quality Management System Introduction and Implementation Process in Sri Lanka
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.12
ISO certification is expected to help organizations to enhance quality and efficiency, improve communications, achieve competitive advantage and to increase in market share, reduce costs and achieve a high stock price. The successful implementation of the ISO 9001: 2008 quality management system standard depends on how the standard is perceived by the companies, therefore identification of managerial perception for ISO 9001 system is vital. This research paper presents the results of an investigation carried out to identify managerial attitudes towards ISO 9001: 2008 quality management systems. To realize this goal, a sample consisting of 73 managers, representing both top and middle managers were selected from organizations functioning in Sri Lanka, covering all sectors including manufacturing, services, construction and others. Data were gathered using self administered questionnaire, through an email survey. Results indicated that Sri Lankan companies have high level of understanding for the purpose of ISO 9001: 2008 quality management system; by both certified groups for ISO 9001: 2008 and organizations those commenced the quality management system implementation. The main motivating factors behind the implementation of ISO 9001: 2008 quality management system for both certified companies and organizations already commence the implementation are to achieve quality improvement. The second most motivator for certified organization is to meet the corporate objectives. The principle perceived benefits of implementing ISO 9001: 2008 by both groups are customer satisfaction, increase quality awareness and reduces the production time. None of the parameters analyzed for understanding the purposes of selecting ISO 9001 quality management system and motivational factors for seeking certifications were statistically significant in both groups. Furthermore this investigation concluded that there is an impact towards ISO 9001: 2008 quality management systems by both certified organizations and organizations those commenced the quality system implementation in Sri Lanka. In addition to that study reveals that majority of organizations are seeking certifications irrespective of their sector and type of the organizations. Therefore, this research is vital for making policy decisions of organizations those who anticipate to implement quality management systems for their operations in the future.
ISO certification is expected to help organizations to enhance quality and efficiency, improve communications, achieve competitive advantage and to increase in market share, reduce costs and achieve a high stock price. The successful implementation of the ISO 9001: 2008 quality management system standard depends on how the standard is perceived by the companies, therefore identification of managerial perception for ISO 9001 system is vital. This research paper presents the results of an investigation carried out to identify managerial attitudes towards ISO 9001: 2008 quality management systems. To realize this goal, a sample consisting of 73 managers, representing both top and middle managers were selected from organizations functioning in Sri Lanka, covering all sectors including manufacturing, services, construction and others. Data were gathered using self administered questionnaire, through an email survey. Results indicated that Sri Lankan companies have high level of understanding for the purpose of ISO 9001: 2008 quality management system; by both certified groups for ISO 9001: 2008 and organizations those commenced the quality management system implementation. The main motivating factors behind the implementation of ISO 9001: 2008 quality management system for both certified companies and organizations already commence the implementation are to achieve quality improvement. The second most motivator for certified organization is to meet the corporate objectives. The principle perceived benefits of implementing ISO 9001: 2008 by both groups are customer satisfaction, increase quality awareness and reduces the production time. None of the parameters analyzed for understanding the purposes of selecting ISO 9001 quality management system and motivational factors for seeking certifications were statistically significant in both groups. Furthermore this investigation concluded that there is an impact towards ISO 9001: 2008 quality management systems by both certified organizations and organizations those commenced the quality system implementation in Sri Lanka. In addition to that study reveals that majority of organizations are seeking certifications irrespective of their sector and type of the organizations. Therefore, this research is vital for making policy decisions of organizations those who anticipate to implement quality management systems for their operations in the future.
A Study on Analysis of Managerial Attitudes towards ISO 9001: 2008 Quality Management System Introduction and Implementation Process in Sri Lanka
doi:10.11648/j.ijefm.20140202.12
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
P. M. C. Thilakarathne
S. K. C. Chithrangani
A Study on Analysis of Managerial Attitudes towards ISO 9001: 2008 Quality Management System Introduction and Implementation Process in Sri Lanka
2
2
131
131
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.12
© Science Publishing Group
The Role of Human Resource Costing in Assisting Investors to Appraise the Human Assets of a Business Enterprise
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.11
This research study aims to contribute in modifying the current accounting practice through recognizing investments in human resources as an asset cost. The current study try to explain that, the original cost of human resource is the sacrifice that was actually incurred to acquire and develop people. The current accounting practices for human assets causes an important problem to investors and management, because it distorts the measurement of return on investment. The study concluded that in order to apply an actual human resources accounting system, companies should use the human resource costs concepts and measurements techniques in a good and effective manner while planning for its costing system.
This research study aims to contribute in modifying the current accounting practice through recognizing investments in human resources as an asset cost. The current study try to explain that, the original cost of human resource is the sacrifice that was actually incurred to acquire and develop people. The current accounting practices for human assets causes an important problem to investors and management, because it distorts the measurement of return on investment. The study concluded that in order to apply an actual human resources accounting system, companies should use the human resource costs concepts and measurements techniques in a good and effective manner while planning for its costing system.
The Role of Human Resource Costing in Assisting Investors to Appraise the Human Assets of a Business Enterprise
doi:10.11648/j.ijefm.20140202.11
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Alnasser Nabil Mahmoud
Shaban Osama Samih
Atieh Abdallah K
The Role of Human Resource Costing in Assisting Investors to Appraise the Human Assets of a Business Enterprise
2
2
122
122
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.11
© Science Publishing Group
Assessing Foreign Exchange Risk Associated to a Public Debt Portfolio in Ghana Using the Value at Risk Technique
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.17
VaR is a potential loss. The VaR methodology gives the definition to risk-based capital, or economic capital and confidence level reflects the risk appetite of the bank. This work is a delta-normal VaR application in the case of the Ghanaian economy. It assesses the exchange risk associated to the Ghana public debt portfolio. We used daily spot exchange rates of the Ghana cedi against the three main currencies, the dollar, the euro and the pound. We are interested in the period from 04/01/2000 to 31/12/2009. We demonstrated that the VaR result is very high and that there is a need for the government to also trade in a currency that can serve as a potential hedge against risk.
VaR is a potential loss. The VaR methodology gives the definition to risk-based capital, or economic capital and confidence level reflects the risk appetite of the bank. This work is a delta-normal VaR application in the case of the Ghanaian economy. It assesses the exchange risk associated to the Ghana public debt portfolio. We used daily spot exchange rates of the Ghana cedi against the three main currencies, the dollar, the euro and the pound. We are interested in the period from 04/01/2000 to 31/12/2009. We demonstrated that the VaR result is very high and that there is a need for the government to also trade in a currency that can serve as a potential hedge against risk.
Assessing Foreign Exchange Risk Associated to a Public Debt Portfolio in Ghana Using the Value at Risk Technique
doi:10.11648/j.ijefm.20140202.17
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Alice Constance Mensah
Ebenezer Okyere
Osei Antwi
Prince Kumi
Joseph Dadzie
Martin Owusu Amoamah
Assessing Foreign Exchange Risk Associated to a Public Debt Portfolio in Ghana Using the Value at Risk Technique
2
2
163
163
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.17
© Science Publishing Group
Exploring Internal Auditor Independence Motivators: Kenyan Perspective
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.13
The institute of internal auditors expressed the role of internal audit as that providing objective assurance and consulting services designed to add value and improve an organization’s operations. In performing this role the internal auditors are required by the international standards to exercise professional independence and objectivity. Audit independence means freedom from conditions that threaten mental attitude which is unbiased. The literature suggests several factors which affect the audit independence in Kenya, which are explored in this study. The study collected its data using a self-made questionnaire which was distributed among auditors in Kenya so as to establish the status of internal auditor’s independence in Kenya. The data collected was subjected to multiple regression analysis so as to test hypotheses and make conclusions on internal audit independence and its motivators in Kenya. The study established that that auditor’s involvements in management and audit committee effectiveness, among other factors have significant influence on the internal auditor’s independence in Kenya.
The institute of internal auditors expressed the role of internal audit as that providing objective assurance and consulting services designed to add value and improve an organization’s operations. In performing this role the internal auditors are required by the international standards to exercise professional independence and objectivity. Audit independence means freedom from conditions that threaten mental attitude which is unbiased. The literature suggests several factors which affect the audit independence in Kenya, which are explored in this study. The study collected its data using a self-made questionnaire which was distributed among auditors in Kenya so as to establish the status of internal auditor’s independence in Kenya. The data collected was subjected to multiple regression analysis so as to test hypotheses and make conclusions on internal audit independence and its motivators in Kenya. The study established that that auditor’s involvements in management and audit committee effectiveness, among other factors have significant influence on the internal auditor’s independence in Kenya.
Exploring Internal Auditor Independence Motivators: Kenyan Perspective
doi:10.11648/j.ijefm.20140202.13
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Charles Guandaru Kamau
Samuel Kariuki Nduati
Agnes Ndinda Mutiso
Exploring Internal Auditor Independence Motivators: Kenyan Perspective
2
2
137
137
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.13
© Science Publishing Group
Determinants of Risk Tolerance
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.15
Risk aversion is an important factor in explaining many everyday decisions. Thus, one asks which determinants can explain different attitudes towards risk. Several studies show different risk attitudes with respect to gender, age, income, and wealth (e.g. [19]). While these findings are hardly controversial, there is still some uncertainty about the effect of culture on risk tolerance. Thus, the main issue of this survey is to elaborate possible differences in risk preferences that are caused by cultural background. The main question in this context is whether religion or nationality are of importance for explaining risk attitudes. For this purpose, this study employs the German Socio-Economic Panel (GSOEP) to figure out differences in risk attitudes. Another contribution of this article is that is uses a generalized ordered logit model while others use simple linear regression models or simple logit or probit models which are not efficient. The estimations show that the cultural background does indeed have some impact on risk taking behaviour.
Risk aversion is an important factor in explaining many everyday decisions. Thus, one asks which determinants can explain different attitudes towards risk. Several studies show different risk attitudes with respect to gender, age, income, and wealth (e.g. [19]). While these findings are hardly controversial, there is still some uncertainty about the effect of culture on risk tolerance. Thus, the main issue of this survey is to elaborate possible differences in risk preferences that are caused by cultural background. The main question in this context is whether religion or nationality are of importance for explaining risk attitudes. For this purpose, this study employs the German Socio-Economic Panel (GSOEP) to figure out differences in risk attitudes. Another contribution of this article is that is uses a generalized ordered logit model while others use simple linear regression models or simple logit or probit models which are not efficient. The estimations show that the cultural background does indeed have some impact on risk taking behaviour.
Determinants of Risk Tolerance
doi:10.11648/j.ijefm.20140202.15
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Christoph S. Weber
Determinants of Risk Tolerance
2
2
152
152
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.15
© Science Publishing Group
Statistical Characteristics of Jakarta Composite Index (JCI) Dynamics based on Short Term Data Represented in Candles
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.14
This paper presents the dynamics of Jakarta Composite Index (JCI) where the data were observed daily from January 2008 to October 2012. The data are presented in candle forms, as often used in online trading software. Statistical analysis on the average and the variance is applied on every month candle representations. The average and the standard deviation may vary on each candle, meaning that they depend on time. The average that depends on time indicates a trend of the dynamics. On the other hand, the average and the standard deviation yield the so-called probability density function (pdf) which depends on time called temporal-pdf (t-pdf). The trend and the probability of the dynamics of JCI are implicitly represented in the t-pdf. The t-pdf of the dynamics of JCI is the main concern of this paper. Understanding the t-pdf will help investors deal with the dynamics of JCI.
This paper presents the dynamics of Jakarta Composite Index (JCI) where the data were observed daily from January 2008 to October 2012. The data are presented in candle forms, as often used in online trading software. Statistical analysis on the average and the variance is applied on every month candle representations. The average and the standard deviation may vary on each candle, meaning that they depend on time. The average that depends on time indicates a trend of the dynamics. On the other hand, the average and the standard deviation yield the so-called probability density function (pdf) which depends on time called temporal-pdf (t-pdf). The trend and the probability of the dynamics of JCI are implicitly represented in the t-pdf. The t-pdf of the dynamics of JCI is the main concern of this paper. Understanding the t-pdf will help investors deal with the dynamics of JCI.
Statistical Characteristics of Jakarta Composite Index (JCI) Dynamics based on Short Term Data Represented in Candles
doi:10.11648/j.ijefm.20140202.14
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Pasrun Adam
La Gubu
Edi Cahyono Cahyono
Statistical Characteristics of Jakarta Composite Index (JCI) Dynamics based on Short Term Data Represented in Candles
2
2
142
142
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.14
© Science Publishing Group
Nigeria’s Oil Rent can still Count: Lessons from Kuwait
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.16
Nigeria and Kuwait were former British colonies, both having oil-based economies with exports of over 2.4 million barrels of oil per day and oil exports accounting for a clear majority of their export earnings. But funnily enough, the standards of living of the citizens of these two are poles apart as Kuwait’s oil rent has been successfully used to benefit its citizens while Nigerians still grapple with low living standards in the midst of plenty. This study employs a comparative approach in assessing the nexus between oil rents and living standards for both countries and seeks to draw the attention of Nigeria to the oil rent distribution channels of Kuwait. The conclusion of the study is that Nigeria can still change the fortunes of her citizenry by tapping into the wealth of knowledge from Kuwait’s oil rent distribution channels.
Nigeria and Kuwait were former British colonies, both having oil-based economies with exports of over 2.4 million barrels of oil per day and oil exports accounting for a clear majority of their export earnings. But funnily enough, the standards of living of the citizens of these two are poles apart as Kuwait’s oil rent has been successfully used to benefit its citizens while Nigerians still grapple with low living standards in the midst of plenty. This study employs a comparative approach in assessing the nexus between oil rents and living standards for both countries and seeks to draw the attention of Nigeria to the oil rent distribution channels of Kuwait. The conclusion of the study is that Nigeria can still change the fortunes of her citizenry by tapping into the wealth of knowledge from Kuwait’s oil rent distribution channels.
Nigeria’s Oil Rent can still Count: Lessons from Kuwait
doi:10.11648/j.ijefm.20140202.16
International Journal of Economics, Finance and Management Sciences
2014-01-01
© Science Publishing Group
Olusegun Barnabas Obasaju
Babatunde Sunday Adekunle
David Eseosa Obadiaru
Nigeria’s Oil Rent can still Count: Lessons from Kuwait
2
2
158
158
2014-01-01
2014-01-01
10.11648/j.ijefm.20140202.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.16
© Science Publishing Group
Assessing Project Management Maturity in the Area of Knowledge Management in Select Companies
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.18
Project management is of high significance for companies nowadays. This is of special interest for those organizations which operate in the multi-project environment. For them, it is crucial to find out how good they are at managing projects. To that end, the project management maturity assessment concept was developed. However, getting a picture of the organization is only the first step. The second should be to analyze the results and, based on them, undertake appropriate activities in order to increase efficiency in project management. There are various models of project management maturity (PMM) assessment in different areas. In investigating current management trends, the knowledge management concept is one of the most important ones. Therefore, in author’s opinion the modern PMM model should definitely address the knowledge management area. In the article based on the world-wide empirical study of 400 companies, I discuss the PMM level in the knowledge management area. The assessment was done using the author’s PMM model which measured maturity in four areas: methods and tools, human resources, project environment and knowledge management. The investigated companies were from the machinery, construction and information technology branches. The major research effort was focused on the machinery industry as this sector of the economy is not well recognized in empirical research related to project management. Moreover, the main aim of the study was to compare Polish and foreign companies via an examination of diverse industries. The results of the study revealed that, in general, the foreign companies are at a higher PMM level in the knowledge management area than their Polish counterparts. This difference is discussed in the article. Among the industries, the most mature was information technology and this is also elaborated on. In addition, the study shows that the mean maturity level of all investigated companies is rather small. The reasons for that fact are explained and the implications for the companies are outlined.
Project management is of high significance for companies nowadays. This is of special interest for those organizations which operate in the multi-project environment. For them, it is crucial to find out how good they are at managing projects. To that end, the project management maturity assessment concept was developed. However, getting a picture of the organization is only the first step. The second should be to analyze the results and, based on them, undertake appropriate activities in order to increase efficiency in project management. There are various models of project management maturity (PMM) assessment in different areas. In investigating current management trends, the knowledge management concept is one of the most important ones. Therefore, in author’s opinion the modern PMM model should definitely address the knowledge management area. In the article based on the world-wide empirical study of 400 companies, I discuss the PMM level in the knowledge management area. The assessment was done using the author’s PMM model which measured maturity in four areas: methods and tools, human resources, project environment and knowledge management. The investigated companies were from the machinery, construction and information technology branches. The major research effort was focused on the machinery industry as this sector of the economy is not well recognized in empirical research related to project management. Moreover, the main aim of the study was to compare Polish and foreign companies via an examination of diverse industries. The results of the study revealed that, in general, the foreign companies are at a higher PMM level in the knowledge management area than their Polish counterparts. This difference is discussed in the article. Among the industries, the most mature was information technology and this is also elaborated on. In addition, the study shows that the mean maturity level of all investigated companies is rather small. The reasons for that fact are explained and the implications for the companies are outlined.
Assessing Project Management Maturity in the Area of Knowledge Management in Select Companies
doi:10.11648/j.ijefm.20140202.18
International Journal of Economics, Finance and Management Sciences
2014-04-08
© Science Publishing Group
Seweryn Spalek
Assessing Project Management Maturity in the Area of Knowledge Management in Select Companies
2
2
170
170
2014-04-08
2014-04-08
10.11648/j.ijefm.20140202.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.18
© Science Publishing Group
Stock Market Development and Economic Growth: Empirical Evidence for Emerging Market Economies
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.19
Contemporary economies of developing countries are changing due to rapid changes in the world economy. The economies of emerging market countries are witnessing changes in the composition of capital flows because world stock markets are expanding rapidly. Foreign direct investment and stock market boom are the indicators of the changing world economic order. The objective of this study is to examine the relationship between stock market development and economic Growth. Empirically, based on the data for 17 emerging market and 10 developed market economies during the 12 years’ period, from 2000 - 2011 using the generalized method of momentum (GMM) for dynamic panel data. To control for the country specific effect, the model is further estimated for the developed and emerging member economies. The key findings of the study reveal that there exists statistically significant relationship between stock market development and economic growth both directly, as well as indirectly by boosting investment behavior. The results also indicate robustly that stock market development is an important wheel for economic growth
Contemporary economies of developing countries are changing due to rapid changes in the world economy. The economies of emerging market countries are witnessing changes in the composition of capital flows because world stock markets are expanding rapidly. Foreign direct investment and stock market boom are the indicators of the changing world economic order. The objective of this study is to examine the relationship between stock market development and economic Growth. Empirically, based on the data for 17 emerging market and 10 developed market economies during the 12 years’ period, from 2000 - 2011 using the generalized method of momentum (GMM) for dynamic panel data. To control for the country specific effect, the model is further estimated for the developed and emerging member economies. The key findings of the study reveal that there exists statistically significant relationship between stock market development and economic growth both directly, as well as indirectly by boosting investment behavior. The results also indicate robustly that stock market development is an important wheel for economic growth
Stock Market Development and Economic Growth: Empirical Evidence for Emerging Market Economies
doi:10.11648/j.ijefm.20140202.19
International Journal of Economics, Finance and Management Sciences
2014-04-11
© Science Publishing Group
Abiy Hailemariam
Chi Guotai
Stock Market Development and Economic Growth: Empirical Evidence for Emerging Market Economies
2
2
181
181
2014-04-11
2014-04-11
10.11648/j.ijefm.20140202.19
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.19
© Science Publishing Group
Investment in Treasury Bills and Treasury Bonds in 2013: A Study of Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.20
This paper investigates that the excess investment in Treasury Bills & Treasury Bonds in 2013 in Bangladesh was more profitable than other investment such as loans & advances for Banks (Conventional Commercial Banks) & other Financial Institutions (FIs). In 2013, country's political situation was fully disfavor of real sector investment and Banks did not increase their loans & advances to increase their profitability but Banks had to bear the costing of deposit. So Banks & other FIs suffered from excess liquidity problem. To control the situation Bangladesh Bank (BB) sold more T-Bills & T-Bonds to control the excess liquidity position
This paper investigates that the excess investment in Treasury Bills & Treasury Bonds in 2013 in Bangladesh was more profitable than other investment such as loans & advances for Banks (Conventional Commercial Banks) & other Financial Institutions (FIs). In 2013, country's political situation was fully disfavor of real sector investment and Banks did not increase their loans & advances to increase their profitability but Banks had to bear the costing of deposit. So Banks & other FIs suffered from excess liquidity problem. To control the situation Bangladesh Bank (BB) sold more T-Bills & T-Bonds to control the excess liquidity position
Investment in Treasury Bills and Treasury Bonds in 2013: A Study of Bangladesh
doi:10.11648/j.ijefm.20140202.20
International Journal of Economics, Finance and Management Sciences
2014-04-16
© Science Publishing Group
Bijoy Chandra Das
Investment in Treasury Bills and Treasury Bonds in 2013: A Study of Bangladesh
2
2
187
187
2014-04-16
2014-04-16
10.11648/j.ijefm.20140202.20
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.20
© Science Publishing Group
The Impact of Foreign Direct Investment on Capital Formation in Nigeria: A Co-Integration Approach
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.21
In this work, we investigated the impact of FDI on capital accumulation in Nigeria for the period of 1986-2012. The data was generated from CBN statistical bulletin, OLS method of estimation was adopted for the analysis of the data generated. ADF test was applied to determine the stationarity of the variables and all the variables were integrated at order one I(1). The Johanson co-integration test shows the existence of at most 2 co-integrating equation in the model. The ECM indicates that 73.24% of the disequilibrium in the model will be corrected on annual bases. The OLS estimation indicates that FDI, TCR, and INTR positively but insignificantly effect capital formation in the short-run whit GEXP exerting negative effect on GFCF. The result also indicate that in the long-run all the variables included in the model has a positive impact on GFCF with only FDI and TCR exerting a significant impact on capital accumulation in Nigeria for the period under review. There is bidirectional causality between FDI and GFCF. Effort should be made by government to attract more FDI into the country as it has the potential to improve the capital formation in the economy which in the other hand leads to growth in the economy at large. It is also important that government should improve the infrastructural facility in the country as this has a great potential for attracting more FDI into the country. The issue of insecurity should also be addressed without delay if we are to move the economy to the desired direction
In this work, we investigated the impact of FDI on capital accumulation in Nigeria for the period of 1986-2012. The data was generated from CBN statistical bulletin, OLS method of estimation was adopted for the analysis of the data generated. ADF test was applied to determine the stationarity of the variables and all the variables were integrated at order one I(1). The Johanson co-integration test shows the existence of at most 2 co-integrating equation in the model. The ECM indicates that 73.24% of the disequilibrium in the model will be corrected on annual bases. The OLS estimation indicates that FDI, TCR, and INTR positively but insignificantly effect capital formation in the short-run whit GEXP exerting negative effect on GFCF. The result also indicate that in the long-run all the variables included in the model has a positive impact on GFCF with only FDI and TCR exerting a significant impact on capital accumulation in Nigeria for the period under review. There is bidirectional causality between FDI and GFCF. Effort should be made by government to attract more FDI into the country as it has the potential to improve the capital formation in the economy which in the other hand leads to growth in the economy at large. It is also important that government should improve the infrastructural facility in the country as this has a great potential for attracting more FDI into the country. The issue of insecurity should also be addressed without delay if we are to move the economy to the desired direction
The Impact of Foreign Direct Investment on Capital Formation in Nigeria: A Co-Integration Approach
doi:10.11648/j.ijefm.20140202.21
International Journal of Economics, Finance and Management Sciences
2014-04-18
© Science Publishing Group
Ugwuegbe, Sebastine Ugochukwu
Modebe, Nwanneka Judith
Onyeanu Edith
The Impact of Foreign Direct Investment on Capital Formation in Nigeria: A Co-Integration Approach
2
2
196
196
2014-04-18
2014-04-18
10.11648/j.ijefm.20140202.21
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.21
© Science Publishing Group
Productivity and Profitability Analysis of Nationalized Commercial Banks (NCBs) in Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.22
Banks, the leading financial institutions, are the major contributors in the economic & financial development of Bangladesh. Performance of banking sector in Bangladesh has invited a lot of comments in recent years. It is no doubt an important problem. Profitability, productivity and associated risks to these two components are the major criteria for evaluating the performance of banks. In this study, it has been tried to find out the performance of NCBs within a very short period (2008 to 2012). There are four nationalized commercialized banks in Bangladesh. For the convenient of this research study three banks have been taken. The study relies on secondary sources of data. The tables in the study highlights movements of banking variables as reflected in the branch expansion, deposit mobilization, deployment of credit, operational efficiency and relative risk measures. The results so far achieved through ratio analysis are not very encouraging. In the light of this finding, it can be realized that the confidence of the general public, who wants to rely on these NCBs, in the soundness of the banking system, remains unimpaired and the financial strength of the banks gets increased. Also some recommendations are put forward to move in an effective pace with regard to time covering the whole banking system, emphasize more on achieving core objectives
Banks, the leading financial institutions, are the major contributors in the economic & financial development of Bangladesh. Performance of banking sector in Bangladesh has invited a lot of comments in recent years. It is no doubt an important problem. Profitability, productivity and associated risks to these two components are the major criteria for evaluating the performance of banks. In this study, it has been tried to find out the performance of NCBs within a very short period (2008 to 2012). There are four nationalized commercialized banks in Bangladesh. For the convenient of this research study three banks have been taken. The study relies on secondary sources of data. The tables in the study highlights movements of banking variables as reflected in the branch expansion, deposit mobilization, deployment of credit, operational efficiency and relative risk measures. The results so far achieved through ratio analysis are not very encouraging. In the light of this finding, it can be realized that the confidence of the general public, who wants to rely on these NCBs, in the soundness of the banking system, remains unimpaired and the financial strength of the banks gets increased. Also some recommendations are put forward to move in an effective pace with regard to time covering the whole banking system, emphasize more on achieving core objectives
Productivity and Profitability Analysis of Nationalized Commercial Banks (NCBs) in Bangladesh
doi:10.11648/j.ijefm.20140202.22
International Journal of Economics, Finance and Management Sciences
2014-04-18
© Science Publishing Group
Md. Imtiaj Rahman
Debasish Adhikary
Salahuddin Yousuf
Productivity and Profitability Analysis of Nationalized Commercial Banks (NCBs) in Bangladesh
2
2
205
205
2014-04-18
2014-04-18
10.11648/j.ijefm.20140202.22
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140202.22
© Science Publishing Group
Financial Liberalization Index of Tunisia: Factorial Method Approach
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.11
The objective of this paper is to construct an index of financial liberalization for Tunisia using the Principal Component Analysis method over a period of 33 years from 1980 to 2012. The index indicates the degree of financial liberalization at any given time. This index is especially useful to control the pace of liberalization and evaluation of the effect of this policy on economic aggregates. This paper also includes partial measures of liberalization index. The constructed index shows that the process of financial liberalization in Tunisia is accelerated with the introduction of the structural adjustment program, during the period 1987 to 1994.
The objective of this paper is to construct an index of financial liberalization for Tunisia using the Principal Component Analysis method over a period of 33 years from 1980 to 2012. The index indicates the degree of financial liberalization at any given time. This index is especially useful to control the pace of liberalization and evaluation of the effect of this policy on economic aggregates. This paper also includes partial measures of liberalization index. The constructed index shows that the process of financial liberalization in Tunisia is accelerated with the introduction of the structural adjustment program, during the period 1987 to 1994.
Financial Liberalization Index of Tunisia: Factorial Method Approach
doi:10.11648/j.ijefm.20140203.11
International Journal of Economics, Finance and Management Sciences
2014-05-12
© Science Publishing Group
Bouzid AMAIRA
Radhia AMAIRIA
Financial Liberalization Index of Tunisia: Factorial Method Approach
2
3
211
211
2014-05-12
2014-05-12
10.11648/j.ijefm.20140203.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.11
© Science Publishing Group
The Relationship between Working Capital Management Policy and Financial Performance of Companies Quoted at Nairobi Securities Exchange, Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.12
Working capital management and profitability relationship has been explored by many researchers. The study’s research objectives include: To find out the relationship between working capital management policy and financial performance of companies quoted at NSE, to find out if efficient Aggressive Investment Policy has any effect on the ROA of companies quoted at NSE, to establish if Aggressive Financing Policy influences ROA of the firm at NSE, to establish the influence of working capital management policy on financial performance. The population of the study includes ten companies listed at the NSE for five years from 2008 to 2012. From the Nairobi Securities Exchange hand book (2012) sixty two firms are listed, drawn from the agriculture sector, Commercial and services, Financial and Investments, Industrial and allied Sector, Alternative Investment Market Segment. Firms quoted at NSE are preferred due to the availability and reliability of the financial statements in that they are subject to mandatory audits by recognised audit firms. The study utilised secondary data obtained from the published financial statements which were readily available at the NSE and the CMA libraries. The data collected included information on assets, liabilities and revenue levels for the period 2008 to 2012, using the annual reports published by the above mentioned companies which have been listed by NSE. Further the data was obtained from the annual handbook published by NSE.The study concludes that there is an existing relationship between working capital management policy and financial performance of companies quoted at NSE. The dependent variable which was ROA is influenced by the independent variables which are AIP and AFP by 17.2%. This means that 17.2% of the changes in depended variable (ROA) can be explained by explanatory variables while 82.8% cannot be explained by explanatory variables hence error term.
Working capital management and profitability relationship has been explored by many researchers. The study’s research objectives include: To find out the relationship between working capital management policy and financial performance of companies quoted at NSE, to find out if efficient Aggressive Investment Policy has any effect on the ROA of companies quoted at NSE, to establish if Aggressive Financing Policy influences ROA of the firm at NSE, to establish the influence of working capital management policy on financial performance. The population of the study includes ten companies listed at the NSE for five years from 2008 to 2012. From the Nairobi Securities Exchange hand book (2012) sixty two firms are listed, drawn from the agriculture sector, Commercial and services, Financial and Investments, Industrial and allied Sector, Alternative Investment Market Segment. Firms quoted at NSE are preferred due to the availability and reliability of the financial statements in that they are subject to mandatory audits by recognised audit firms. The study utilised secondary data obtained from the published financial statements which were readily available at the NSE and the CMA libraries. The data collected included information on assets, liabilities and revenue levels for the period 2008 to 2012, using the annual reports published by the above mentioned companies which have been listed by NSE. Further the data was obtained from the annual handbook published by NSE.The study concludes that there is an existing relationship between working capital management policy and financial performance of companies quoted at NSE. The dependent variable which was ROA is influenced by the independent variables which are AIP and AFP by 17.2%. This means that 17.2% of the changes in depended variable (ROA) can be explained by explanatory variables while 82.8% cannot be explained by explanatory variables hence error term.
The Relationship between Working Capital Management Policy and Financial Performance of Companies Quoted at Nairobi Securities Exchange, Kenya
doi:10.11648/j.ijefm.20140203.12
International Journal of Economics, Finance and Management Sciences
2014-05-30
© Science Publishing Group
Winnie Mokeira Nyabuti
Ondiek Benedict Alala
The Relationship between Working Capital Management Policy and Financial Performance of Companies Quoted at Nairobi Securities Exchange, Kenya
2
3
219
219
2014-05-30
2014-05-30
10.11648/j.ijefm.20140203.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.12
© Science Publishing Group
Stock Market Development and Economic Growth: Evidence from India, Pakistan, China, Malaysia and Singapore
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.13
Stock market is the only source through which we can come to know about the volume of interest showed by investors by buying and selling the shares of listed companies. This paper is written to empirically show the GLS regression analysis based on panel data (1991-2011) that unto how significantly economic growth is influenced by stock markets. The econometric models are made by considering GDP per capita as dependent variable and stock markets’ variables, FDI, Investments, EXP and GDS as explanatory variables. The models are made to study by taking stock market size and liquidity separately and then collectively. Results show that GDP per capita is significantly explained by independent variables.
Stock market is the only source through which we can come to know about the volume of interest showed by investors by buying and selling the shares of listed companies. This paper is written to empirically show the GLS regression analysis based on panel data (1991-2011) that unto how significantly economic growth is influenced by stock markets. The econometric models are made by considering GDP per capita as dependent variable and stock markets’ variables, FDI, Investments, EXP and GDS as explanatory variables. The models are made to study by taking stock market size and liquidity separately and then collectively. Results show that GDP per capita is significantly explained by independent variables.
Stock Market Development and Economic Growth: Evidence from India, Pakistan, China, Malaysia and Singapore
doi:10.11648/j.ijefm.20140203.13
International Journal of Economics, Finance and Management Sciences
2014-06-09
© Science Publishing Group
Muhammad Aamir Ali
Nazish Aamir
Stock Market Development and Economic Growth: Evidence from India, Pakistan, China, Malaysia and Singapore
2
3
226
226
2014-06-09
2014-06-09
10.11648/j.ijefm.20140203.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.13
© Science Publishing Group
New Combined Method for Solving the Single Level Capacitated Production Planning Model with Set up Cost, Finite Horizon and Discrete Stochastic Demand
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.14
This paper studies the single level capacitated production planning problem with finite horizon (N periods). In each period, Set-up cost, variable cost and inventory cost exist. Also, it is assumed that the demand in each period is a discrete random variable with known probability function. In each period, if demand is bigger than inventory then we will have lost sales. In this case, we have to pay the cost of lost sales otherwise at the end of the period we will have extra products for the next period. At the end of horizon we have to sale the surplus products. In this case, price of one unit of products will be less than variable cost of production. An analytical method is proposed for solving this problem. This method can optimize the expected value of costs. In this method, expected value of costs is estimated by Monte Carlo simulation. Two examples have solved by using the proposed method. Comparison of the answers with solutions of other heuristic methods indicates the advantage of the proposed method.
This paper studies the single level capacitated production planning problem with finite horizon (N periods). In each period, Set-up cost, variable cost and inventory cost exist. Also, it is assumed that the demand in each period is a discrete random variable with known probability function. In each period, if demand is bigger than inventory then we will have lost sales. In this case, we have to pay the cost of lost sales otherwise at the end of the period we will have extra products for the next period. At the end of horizon we have to sale the surplus products. In this case, price of one unit of products will be less than variable cost of production. An analytical method is proposed for solving this problem. This method can optimize the expected value of costs. In this method, expected value of costs is estimated by Monte Carlo simulation. Two examples have solved by using the proposed method. Comparison of the answers with solutions of other heuristic methods indicates the advantage of the proposed method.
New Combined Method for Solving the Single Level Capacitated Production Planning Model with Set up Cost, Finite Horizon and Discrete Stochastic Demand
doi:10.11648/j.ijefm.20140203.14
International Journal of Economics, Finance and Management Sciences
2014-06-30
© Science Publishing Group
Seyed Saeid Hashemin
Elham Mohammadi
New Combined Method for Solving the Single Level Capacitated Production Planning Model with Set up Cost, Finite Horizon and Discrete Stochastic Demand
2
3
230
230
2014-06-30
2014-06-30
10.11648/j.ijefm.20140203.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140203.14
© Science Publishing Group
The Role of Credit as a Financial Tool on Financing Touristic Consumption and Application in Turkey
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.11
Turkish tourism has managed to be able to enter the top 10 countries in the world tourism with the fastest growth rate in recent years. One of the main factors of this rapid growth in tourism industry is quantitative and qualitative increase in the tourism demand. Turkish tourism has grown depending on international tourism until the 2000s, but in recent years, the effect of increase in domestic tourism demand has helped more stable and balanced structure to Turkish tourism. With the increase in personal income and economic stability in recent years, banking and finance system has a big impact on the increase in domestic tourism demand. Revision of the financial system in Turkey, the measures taken for the protection of consumers, contribution of financial institutions to funding touristic consumers, are playing an important role in these developments. In our study, the effect of the Turkey’s financial system on touristic consumption is investigated in the light of these developments. The study was performed by descriptive method for determining existing situation in Turkey.
Turkish tourism has managed to be able to enter the top 10 countries in the world tourism with the fastest growth rate in recent years. One of the main factors of this rapid growth in tourism industry is quantitative and qualitative increase in the tourism demand. Turkish tourism has grown depending on international tourism until the 2000s, but in recent years, the effect of increase in domestic tourism demand has helped more stable and balanced structure to Turkish tourism. With the increase in personal income and economic stability in recent years, banking and finance system has a big impact on the increase in domestic tourism demand. Revision of the financial system in Turkey, the measures taken for the protection of consumers, contribution of financial institutions to funding touristic consumers, are playing an important role in these developments. In our study, the effect of the Turkey’s financial system on touristic consumption is investigated in the light of these developments. The study was performed by descriptive method for determining existing situation in Turkey.
The Role of Credit as a Financial Tool on Financing Touristic Consumption and Application in Turkey
doi:10.11648/j.ijefm.20140204.11
International Journal of Economics, Finance and Management Sciences
2014-07-22
© Science Publishing Group
Kudret GUL
The Role of Credit as a Financial Tool on Financing Touristic Consumption and Application in Turkey
2
4
239
239
2014-07-22
2014-07-22
10.11648/j.ijefm.20140204.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.11
© Science Publishing Group
Ordering Decision Research on Perishable Goods Under Consumer Strategy Behaviour Condition
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.12
It considers the retailer's optimal ordering policy under the deterministic demand and uncertainty demand two circumstances. Based on the consumers’ purchase analysis, establish the reasonable ordering decision to influence corporate inventory, compare the consumers’ waiting cost and losing goods cost, aim at coping with the consumer's strategic behavior.
It considers the retailer's optimal ordering policy under the deterministic demand and uncertainty demand two circumstances. Based on the consumers’ purchase analysis, establish the reasonable ordering decision to influence corporate inventory, compare the consumers’ waiting cost and losing goods cost, aim at coping with the consumer's strategic behavior.
Ordering Decision Research on Perishable Goods Under Consumer Strategy Behaviour Condition
doi:10.11648/j.ijefm.20140204.12
International Journal of Economics, Finance and Management Sciences
2014-07-31
© Science Publishing Group
Li Zhou
Jing Li
Ordering Decision Research on Perishable Goods Under Consumer Strategy Behaviour Condition
2
4
244
244
2014-07-31
2014-07-31
10.11648/j.ijefm.20140204.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.12
© Science Publishing Group
Does Government Policy and Company Size Influenced Stakeholders Perception on the Adoption of International Financial Reporting Standards (IFRS) in Nigeria
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.14
This study examines some factors influencing the adoption of International Financial Reporting Standards (IFRS) among the various stakeholders in Nigeria. A research model was developed to indicate the relationship between government policy and company size that were argued to have a positive significant relationship on the adoption of IFRS. This study is based on survey design; after successful reliability tests, correlation and multiple regression were used in analyzing the data. Results indicate that, government policy has a positive significant relationship with the adoption of IFRS, while company size was found to be insignificant with the adoption of IFRS. The study recommends that, company size should be properly taken into consideration either in terms of small, medium or large size in order to ensure a smooth transition from Nigerian Generally Accepted Accounting Principles to full adoption of IFRS in the country.
This study examines some factors influencing the adoption of International Financial Reporting Standards (IFRS) among the various stakeholders in Nigeria. A research model was developed to indicate the relationship between government policy and company size that were argued to have a positive significant relationship on the adoption of IFRS. This study is based on survey design; after successful reliability tests, correlation and multiple regression were used in analyzing the data. Results indicate that, government policy has a positive significant relationship with the adoption of IFRS, while company size was found to be insignificant with the adoption of IFRS. The study recommends that, company size should be properly taken into consideration either in terms of small, medium or large size in order to ensure a smooth transition from Nigerian Generally Accepted Accounting Principles to full adoption of IFRS in the country.
Does Government Policy and Company Size Influenced Stakeholders Perception on the Adoption of International Financial Reporting Standards (IFRS) in Nigeria
doi:10.11648/j.ijefm.20140204.14
International Journal of Economics, Finance and Management Sciences
2014-08-13
© Science Publishing Group
Augustine Ayuba
Benjamin Kumai Gugong
Does Government Policy and Company Size Influenced Stakeholders Perception on the Adoption of International Financial Reporting Standards (IFRS) in Nigeria
2
4
262
262
2014-08-13
2014-08-13
10.11648/j.ijefm.20140204.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.14
© Science Publishing Group
Willingness to Pay for Community Based Health Insurance among Households in the Rural Community of Fogera District, North West Ethiopia
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.15
Introduction: Community-based health insurance schemes are becoming increasingly recognized as a tool to finance health care in developing countries. The Ethiopian government is now implementing community-based health insurance for citizens in the informal and agriculture sectors as a pilot basis. Objective: This study was conducted to assess the willingness to pay for community based health insurance and associated factors among household heads in the rural community of Fogera district, North West Ethiopia, 2013. Methods: A community based cross-sectional study was conducted. Multistage sampling technique was undertaken to get a total of 528 households. Pre-tested, structured interviewer administered questionnaire was used to collect the desired data. Double-Bounded Dichotomous Choice Variant of the contingent valuation method was used to assess the maximum willingness to pay for the schemes, and a multiple linear regression equation model was used to answer how much one is willing to pay once one decides to enroll in the scheme. The degree of association between independent and dependent variables were assessed using coefficient and p-value. Results: The study revealed that, 80% of respondents expressed willingness to enroll in the community-based health insurance system. The average amount of money willing to pay for the scheme was 187.4Birr per household per annual. Based on the multiple linear regression model; being male [B=17.28], large household size [B= 4.54], schooling experience [B=1.85], farmer household [B=33.79], merchant household [B=58.50], richer household [B=14.94] were significantly associated with the willingness to pay for community based health insurance scheme. Conclusion and recommendation the willingness to pay for the Community-based health insurance scheme was encouraging. However, the amount of the premium should consider the family size, wealth status and the willingness of the households.
Introduction: Community-based health insurance schemes are becoming increasingly recognized as a tool to finance health care in developing countries. The Ethiopian government is now implementing community-based health insurance for citizens in the informal and agriculture sectors as a pilot basis. Objective: This study was conducted to assess the willingness to pay for community based health insurance and associated factors among household heads in the rural community of Fogera district, North West Ethiopia, 2013. Methods: A community based cross-sectional study was conducted. Multistage sampling technique was undertaken to get a total of 528 households. Pre-tested, structured interviewer administered questionnaire was used to collect the desired data. Double-Bounded Dichotomous Choice Variant of the contingent valuation method was used to assess the maximum willingness to pay for the schemes, and a multiple linear regression equation model was used to answer how much one is willing to pay once one decides to enroll in the scheme. The degree of association between independent and dependent variables were assessed using coefficient and p-value. Results: The study revealed that, 80% of respondents expressed willingness to enroll in the community-based health insurance system. The average amount of money willing to pay for the scheme was 187.4Birr per household per annual. Based on the multiple linear regression model; being male [B=17.28], large household size [B= 4.54], schooling experience [B=1.85], farmer household [B=33.79], merchant household [B=58.50], richer household [B=14.94] were significantly associated with the willingness to pay for community based health insurance scheme. Conclusion and recommendation the willingness to pay for the Community-based health insurance scheme was encouraging. However, the amount of the premium should consider the family size, wealth status and the willingness of the households.
Willingness to Pay for Community Based Health Insurance among Households in the Rural Community of Fogera District, North West Ethiopia
doi:10.11648/j.ijefm.20140204.15
International Journal of Economics, Finance and Management Sciences
2014-09-11
© Science Publishing Group
Adane Kebede
Measho Gebreslassie
Mezgebu Yitayal
Willingness to Pay for Community Based Health Insurance among Households in the Rural Community of Fogera District, North West Ethiopia
2
4
269
269
2014-09-11
2014-09-11
10.11648/j.ijefm.20140204.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.15
© Science Publishing Group
Foreign Direct Investment and SME Growth: Highlighting the Need for Absorptive Capacity to Support Linkages between Transnational Corporations and SMEs in Developing Countries
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.13
FDI has always been thought to affect the growth of local firms through technological spillovers and as such many developing countries have invested a lot to attract FDI. These spillovers can happen through FDI having backward, forward and horizontal linkages with local firms. Though in many countries FDI has contributed to the development of local firms, there is evidence to suggest that this is not always the case. There are instances where FDI has instead driven local firms out of business. The ability of local firms and more particularly SMEs to benefit from technological spillovers from TNCs is affected absorptive capacity. SMEs need absorptive capacity to in order to able to learn from TNCs. Absorptive capacity is usually proxied by the technology gap between the foreign and the domestic firms and in the case of large technology gap SMEs may not learn from TNCs. To support the linkages and spillovers between SMEs and TNCs the absorptive capacity of SMEs in developing countries can be nurtured though various Workforce Development programs and programs that would affect the human resource practices and organizational routines of SMEs.
FDI has always been thought to affect the growth of local firms through technological spillovers and as such many developing countries have invested a lot to attract FDI. These spillovers can happen through FDI having backward, forward and horizontal linkages with local firms. Though in many countries FDI has contributed to the development of local firms, there is evidence to suggest that this is not always the case. There are instances where FDI has instead driven local firms out of business. The ability of local firms and more particularly SMEs to benefit from technological spillovers from TNCs is affected absorptive capacity. SMEs need absorptive capacity to in order to able to learn from TNCs. Absorptive capacity is usually proxied by the technology gap between the foreign and the domestic firms and in the case of large technology gap SMEs may not learn from TNCs. To support the linkages and spillovers between SMEs and TNCs the absorptive capacity of SMEs in developing countries can be nurtured though various Workforce Development programs and programs that would affect the human resource practices and organizational routines of SMEs.
Foreign Direct Investment and SME Growth: Highlighting the Need for Absorptive Capacity to Support Linkages between Transnational Corporations and SMEs in Developing Countries
doi:10.11648/j.ijefm.20140204.13
International Journal of Economics, Finance and Management Sciences
2014-08-13
© Science Publishing Group
Peter Lugemwa
Foreign Direct Investment and SME Growth: Highlighting the Need for Absorptive Capacity to Support Linkages between Transnational Corporations and SMEs in Developing Countries
2
4
256
256
2014-08-13
2014-08-13
10.11648/j.ijefm.20140204.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140204.13
© Science Publishing Group
Green Supply Chain Management and Environmental Performance among Tea Processing Firms in Kericho County- Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140205.11
The aim of this study was to investigate the effect of Green Supply Chain Management (GSCM) on Environmental Performance among tea processing firms in Kericho County. The study adopted a correlation study design. Data was collected from all the 32 tea processing firms in the County and analyzed using SPSS. Multiple regression model was developed and used to establish the effect of GSCM on Environmental Performance. ANOVA test was used to determine the statistical significance of the relationship between the variables. The results were presented using tables. The study established that GSCM has positive effect on environmental performance. The study therefore recommends that managements of tea processing firms and other manufacturing firms adopt GSCM practices in their supply chain operations. The study suggests that further studies should be conducted in processing firms other than tea processing firms. Further studies should also be conducted to relate GSCM with individual aspects of performance such as Economic, Environmental and Social Performance.
The aim of this study was to investigate the effect of Green Supply Chain Management (GSCM) on Environmental Performance among tea processing firms in Kericho County. The study adopted a correlation study design. Data was collected from all the 32 tea processing firms in the County and analyzed using SPSS. Multiple regression model was developed and used to establish the effect of GSCM on Environmental Performance. ANOVA test was used to determine the statistical significance of the relationship between the variables. The results were presented using tables. The study established that GSCM has positive effect on environmental performance. The study therefore recommends that managements of tea processing firms and other manufacturing firms adopt GSCM practices in their supply chain operations. The study suggests that further studies should be conducted in processing firms other than tea processing firms. Further studies should also be conducted to relate GSCM with individual aspects of performance such as Economic, Environmental and Social Performance.
Green Supply Chain Management and Environmental Performance among Tea Processing Firms in Kericho County- Kenya
doi:10.11648/j.ijefm.20140205.11
International Journal of Economics, Finance and Management Sciences
2014-10-18
© Science Publishing Group
Benard Onyango Muma
Richard Bitange Nyaoga
Robert Bosire Matwere
Ednah Nyambega
Green Supply Chain Management and Environmental Performance among Tea Processing Firms in Kericho County- Kenya
2
5
276
276
2014-10-18
2014-10-18
10.11648/j.ijefm.20140205.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140205.11
© Science Publishing Group
The Real Effective Exchange Rate Misalignment: Application of Behavioral Equilibrium Exchange Rate BEER to Algeria 1980-2009
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140205.12
In this research paper, I determine equilibrium real exchange rate of Algerian Dinar (DZD) in order to see the influence of fundamental factors toward Algerian Dinar exchange rate, and to understand the appropriate level or sustainability long term trend. Furthermore, I figure out the misalignment for real exchange rate of Algerian dinar. The period of this research paper covers the post crisis era from 1980 to 2009 (quarterly). Using co-integrating regression, I find that variables OIL, GC, LQ, TR, NCF, CF, OPEN and TT have significant influence to real exchange rate in the long run. Misalignment episode gives us seven patterns of situation during this period which are undervaluation during the periods: 1981Q1-1984Q2, 1988Q1-1992Q4, 1994Q2-1996Q4, and 2002Q3-2008Q2; and overvaluation during the periods: 1984Q3-1987Q4, 1993Q1-1994Q1, and 1997Q1-2002Q2.
In this research paper, I determine equilibrium real exchange rate of Algerian Dinar (DZD) in order to see the influence of fundamental factors toward Algerian Dinar exchange rate, and to understand the appropriate level or sustainability long term trend. Furthermore, I figure out the misalignment for real exchange rate of Algerian dinar. The period of this research paper covers the post crisis era from 1980 to 2009 (quarterly). Using co-integrating regression, I find that variables OIL, GC, LQ, TR, NCF, CF, OPEN and TT have significant influence to real exchange rate in the long run. Misalignment episode gives us seven patterns of situation during this period which are undervaluation during the periods: 1981Q1-1984Q2, 1988Q1-1992Q4, 1994Q2-1996Q4, and 2002Q3-2008Q2; and overvaluation during the periods: 1984Q3-1987Q4, 1993Q1-1994Q1, and 1997Q1-2002Q2.
The Real Effective Exchange Rate Misalignment: Application of Behavioral Equilibrium Exchange Rate BEER to Algeria 1980-2009
doi:10.11648/j.ijefm.20140205.12
International Journal of Economics, Finance and Management Sciences
2014-10-24
© Science Publishing Group
Abbes Hiri
The Real Effective Exchange Rate Misalignment: Application of Behavioral Equilibrium Exchange Rate BEER to Algeria 1980-2009
2
5
284
284
2014-10-24
2014-10-24
10.11648/j.ijefm.20140205.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140205.12
© Science Publishing Group
Corporate Governance Practices and Firms’ Financial Performance of Selected Manufacturing Companies in Lagos State, Nigeria
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140205.13
Nigerian companies adopted the code of best practice on corporate governance in 2003, through which private and public firms are mandated to operate accordingly. Many companies have complied while some have failed to so. This study examined corporate governance practices eight years after (2010), given the instability in the political and economic environment under which they operated. The study also examined the relationship between corporate governance practices and firms’ financial performance in the selected manufacturing companies in Lagos State, Nigeria. The study employed a comparative analysis to gauge the changes to corporate governance practice between the years 2003 to 2010 by manufacturing companies. The companies were selected based on availability of data from the stock exchange in terms of activities of trading and existence of reports on corporate governance in the companies’ annual reports. The study used both descriptive statistics and econometrics method of analysis, using E-views 7 statistical software. The Panel data of the ten companies for the 8 years was used, employing ordinary least square (OLS) method of analysis. Consequently, the results of the descriptive statistics show that majority of the companies implemented the code of conduct that emphasizes appropriate composition of the board of directors and forecast of operations. Further analysis shows that there was positive relationship between the return of equity and legal compliance, though the relationship is weak given the value of R as 0.197. Also, there were weak relationships between return on equity (ROE) and board compliance as R = -0.4430 and proactive indicators R as - 0.2345. These imply that while the companies obey the regulations in term of board composition, legal compliance and production projections, which are the major concerns of this study. Meanwhile, some other variables impacted more on ROE.
Nigerian companies adopted the code of best practice on corporate governance in 2003, through which private and public firms are mandated to operate accordingly. Many companies have complied while some have failed to so. This study examined corporate governance practices eight years after (2010), given the instability in the political and economic environment under which they operated. The study also examined the relationship between corporate governance practices and firms’ financial performance in the selected manufacturing companies in Lagos State, Nigeria. The study employed a comparative analysis to gauge the changes to corporate governance practice between the years 2003 to 2010 by manufacturing companies. The companies were selected based on availability of data from the stock exchange in terms of activities of trading and existence of reports on corporate governance in the companies’ annual reports. The study used both descriptive statistics and econometrics method of analysis, using E-views 7 statistical software. The Panel data of the ten companies for the 8 years was used, employing ordinary least square (OLS) method of analysis. Consequently, the results of the descriptive statistics show that majority of the companies implemented the code of conduct that emphasizes appropriate composition of the board of directors and forecast of operations. Further analysis shows that there was positive relationship between the return of equity and legal compliance, though the relationship is weak given the value of R as 0.197. Also, there were weak relationships between return on equity (ROE) and board compliance as R = -0.4430 and proactive indicators R as - 0.2345. These imply that while the companies obey the regulations in term of board composition, legal compliance and production projections, which are the major concerns of this study. Meanwhile, some other variables impacted more on ROE.
Corporate Governance Practices and Firms’ Financial Performance of Selected Manufacturing Companies in Lagos State, Nigeria
doi:10.11648/j.ijefm.20140205.13
International Journal of Economics, Finance and Management Sciences
2014-10-29
© Science Publishing Group
Yimka Samson Adedapo Alalade
Babatunde Babasola Onadeko
Okezie Fine-Country Okezie
Corporate Governance Practices and Firms’ Financial Performance of Selected Manufacturing Companies in Lagos State, Nigeria
2
5
296
296
2014-10-29
2014-10-29
10.11648/j.ijefm.20140205.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140205.13
© Science Publishing Group
Measuring Relative Efficiency of Commercial Banks in Bahrain Using Data Envelopment Analysis
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.11
The study aims at measuring relative efficiency of seven banks listed on Bahrain Bourse under the commercial banks sub-sector over the period 2008-2012 by employing Data Envelopment Analysis (DEA) as a special linear programming model that assesses relative efficiency of decision-making units (DMUs) using multiple incommensurable input and multiple incommensurable output measures. By adopting the production approach of DEA with restricted choice of variables, the study has isolated the relatively efficient banks that achieved total efficiency score from those that could not achieve it. The study has also identified input and output slacks of inefficient banks and suggested the efficient input and output targets for improvement.
The study aims at measuring relative efficiency of seven banks listed on Bahrain Bourse under the commercial banks sub-sector over the period 2008-2012 by employing Data Envelopment Analysis (DEA) as a special linear programming model that assesses relative efficiency of decision-making units (DMUs) using multiple incommensurable input and multiple incommensurable output measures. By adopting the production approach of DEA with restricted choice of variables, the study has isolated the relatively efficient banks that achieved total efficiency score from those that could not achieve it. The study has also identified input and output slacks of inefficient banks and suggested the efficient input and output targets for improvement.
Measuring Relative Efficiency of Commercial Banks in Bahrain Using Data Envelopment Analysis
doi:10.11648/j.ijefm.20140206.11
International Journal of Economics, Finance and Management Sciences
2014-11-21
© Science Publishing Group
Minwir Al-Shammari
Seref Turen
Mohamed S. Abou El-Seoud
Measuring Relative Efficiency of Commercial Banks in Bahrain Using Data Envelopment Analysis
2
6
305
305
2014-11-21
2014-11-21
10.11648/j.ijefm.20140206.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.11
© Science Publishing Group
Determinants of Quality Management Practices in Kenyan Sugar Processing Industry: A Case of Chemelil Sugar Company
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.12
This study focused on determinants of quality management practices in Kenyan Sugar Processing Industry. Due to sparse distribution of the sugar processing firms in the country, Chemelil Sugar Company was used as a case for the study. Literature was reviewed on: Demographic factor; Top management commitment, Training factors, Organizational culture and Government policy. Qualitative research design was used; specifically descriptive survey. Probability sampling specifically stratified sampling at the departments of; Finance & Administration, Factory, Marketing & corporate services, Training & Welfare and finally at Agriculture & Field services was used. The main research instrument used was self-administered questionnaire. Target population was 861 employees at CSCL, 266 respondents were sampled during data collection; Reliability and Validity of instrument was tested by carrying out a pilot study involving 50 respondents. After fieldwork, the data was organized according to the population studied. Data collected was analyzed using descriptive statistics and by aid of SPSS computer software. Hypothesis `was used and tested using Chi-Square applied at 5% significant level. Data was presented in table format. Summary of findings revealed that|: Demographic characteristics with indicators of age, gender and education is a determinant of quality practice. It was evident that there was lack of top management commitment and training which has stagnated improvement of QMS. The study recommends that the organization need to benchmark their quality practices with organizations that have succeeded in quality management. There is need to train all staff on current quality practices and develop an all-inclusive policy that gives all the gender equal opportunity to suggest on quality assurance changes and ensure continuous improvement of quality process by applying principles like Kaizen that encourages small but significant changes is not an option. Crucially further research should be done to determine if hiring of employees at CSCL has influence on organizational culture, to find out sustainability factor and funding of Quality Assurance System at implementation stage and assess trailing and training succession program at CSCL.
This study focused on determinants of quality management practices in Kenyan Sugar Processing Industry. Due to sparse distribution of the sugar processing firms in the country, Chemelil Sugar Company was used as a case for the study. Literature was reviewed on: Demographic factor; Top management commitment, Training factors, Organizational culture and Government policy. Qualitative research design was used; specifically descriptive survey. Probability sampling specifically stratified sampling at the departments of; Finance & Administration, Factory, Marketing & corporate services, Training & Welfare and finally at Agriculture & Field services was used. The main research instrument used was self-administered questionnaire. Target population was 861 employees at CSCL, 266 respondents were sampled during data collection; Reliability and Validity of instrument was tested by carrying out a pilot study involving 50 respondents. After fieldwork, the data was organized according to the population studied. Data collected was analyzed using descriptive statistics and by aid of SPSS computer software. Hypothesis `was used and tested using Chi-Square applied at 5% significant level. Data was presented in table format. Summary of findings revealed that|: Demographic characteristics with indicators of age, gender and education is a determinant of quality practice. It was evident that there was lack of top management commitment and training which has stagnated improvement of QMS. The study recommends that the organization need to benchmark their quality practices with organizations that have succeeded in quality management. There is need to train all staff on current quality practices and develop an all-inclusive policy that gives all the gender equal opportunity to suggest on quality assurance changes and ensure continuous improvement of quality process by applying principles like Kaizen that encourages small but significant changes is not an option. Crucially further research should be done to determine if hiring of employees at CSCL has influence on organizational culture, to find out sustainability factor and funding of Quality Assurance System at implementation stage and assess trailing and training succession program at CSCL.
Determinants of Quality Management Practices in Kenyan Sugar Processing Industry: A Case of Chemelil Sugar Company
doi:10.11648/j.ijefm.20140206.12
International Journal of Economics, Finance and Management Sciences
2014-11-29
© Science Publishing Group
Quinter Omware
Raphael Nyonje
Muma Benard
Determinants of Quality Management Practices in Kenyan Sugar Processing Industry: A Case of Chemelil Sugar Company
2
6
312
312
2014-11-29
2014-11-29
10.11648/j.ijefm.20140206.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.12
© Science Publishing Group
Two Product, Two Region Production, Inventory, and Transportation Problems
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.13
A deterministic production and transportation planning problem is considered over a finite time horizon for two products that can be produced in each of two regions. Each region uses its own facility to supply the demands for two products. Demands for product 2 in one region can be satisfied either by its own production or by transportation from other region, while no transportation between two regions is allowed for product 1. Production, inventory and transportation costs are assumed to be non-decreasing and concave. The objective is to find the schedule of production and transportation in each region by which the total cost over the horizon is minimized. Using a network flow approach, we develop a dynamic programming algorithm that can find an optimal policy.
A deterministic production and transportation planning problem is considered over a finite time horizon for two products that can be produced in each of two regions. Each region uses its own facility to supply the demands for two products. Demands for product 2 in one region can be satisfied either by its own production or by transportation from other region, while no transportation between two regions is allowed for product 1. Production, inventory and transportation costs are assumed to be non-decreasing and concave. The objective is to find the schedule of production and transportation in each region by which the total cost over the horizon is minimized. Using a network flow approach, we develop a dynamic programming algorithm that can find an optimal policy.
Two Product, Two Region Production, Inventory, and Transportation Problems
doi:10.11648/j.ijefm.20140206.13
International Journal of Economics, Finance and Management Sciences
2014-12-03
© Science Publishing Group
Jong Hyup Lee
Jung Man Hong
Two Product, Two Region Production, Inventory, and Transportation Problems
2
6
318
318
2014-12-03
2014-12-03
10.11648/j.ijefm.20140206.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.13
© Science Publishing Group
Valuation, Downside Risk Measures and Asymmetric Information: A Portfolio Optimization Approach
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.14
This paper proposed optimal equilibrium portfolio algorithm for valuing assets. When mean variance criterion is assumed, the proposed procedure and the conventional CAPM yield identical valuations. When a downside risk measures are employed and the distributions are asymmetric, the proposed algorithm and the three moments extensions of CAPM may yield close, but not necessarily identical, valuations. Our semi-variance results are identical to those of Bawa& Lindenberg, but in contrast to those of Estrada's downside risk extension of CAPM. The impact on valuation of "Mean Variance Preserving Shifts" and asymmetrical information regarding future cash flows are demonstrated by the proposed model.
This paper proposed optimal equilibrium portfolio algorithm for valuing assets. When mean variance criterion is assumed, the proposed procedure and the conventional CAPM yield identical valuations. When a downside risk measures are employed and the distributions are asymmetric, the proposed algorithm and the three moments extensions of CAPM may yield close, but not necessarily identical, valuations. Our semi-variance results are identical to those of Bawa& Lindenberg, but in contrast to those of Estrada's downside risk extension of CAPM. The impact on valuation of "Mean Variance Preserving Shifts" and asymmetrical information regarding future cash flows are demonstrated by the proposed model.
Valuation, Downside Risk Measures and Asymmetric Information: A Portfolio Optimization Approach
doi:10.11648/j.ijefm.20140206.14
International Journal of Economics, Finance and Management Sciences
2014-12-05
© Science Publishing Group
Yoram Kroll
Moshe Ben-Horin
Valuation, Downside Risk Measures and Asymmetric Information: A Portfolio Optimization Approach
2
6
331
331
2014-12-05
2014-12-05
10.11648/j.ijefm.20140206.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.14
© Science Publishing Group
Top Management Commitment Towards Implementation of Total Quality Management (TQM) in Construction Companies in Nakuru County-Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.15
The construction companies are faced with a lot of challenges especially in the choice of management approaches that they use to produce products that continuously meet customer needs and expectation in regard to quality issues. One of the management approaches being used to achieve continuous quality improvement in the construction industry is Total Quality Management (TQM). This study sought to determine the factors influencing implementation of TQM in construction companies in Nakuru County. Questionnaires and structured questionnaires involving the participation of over 15 construction companies were used as the main tools for this study. The findings of this study revealed that Top Management Commitment is a critical factor affecting the implementation of TQM in construction companies in Nakuru County. The study thus recommends that construction industry sector give this factor special consideration when developing their TQM approaches. The study further recommends that studies be done to explore other factors other than top management commitment affecting the implementation and success of TQM.
The construction companies are faced with a lot of challenges especially in the choice of management approaches that they use to produce products that continuously meet customer needs and expectation in regard to quality issues. One of the management approaches being used to achieve continuous quality improvement in the construction industry is Total Quality Management (TQM). This study sought to determine the factors influencing implementation of TQM in construction companies in Nakuru County. Questionnaires and structured questionnaires involving the participation of over 15 construction companies were used as the main tools for this study. The findings of this study revealed that Top Management Commitment is a critical factor affecting the implementation of TQM in construction companies in Nakuru County. The study thus recommends that construction industry sector give this factor special consideration when developing their TQM approaches. The study further recommends that studies be done to explore other factors other than top management commitment affecting the implementation and success of TQM.
Top Management Commitment Towards Implementation of Total Quality Management (TQM) in Construction Companies in Nakuru County-Kenya
doi:10.11648/j.ijefm.20140206.15
International Journal of Economics, Finance and Management Sciences
2014-12-17
© Science Publishing Group
Bonventure Wesonga Oruma
John Momanyi Mironga
Benard Onyango Muma
Top Management Commitment Towards Implementation of Total Quality Management (TQM) in Construction Companies in Nakuru County-Kenya
2
6
338
338
2014-12-17
2014-12-17
10.11648/j.ijefm.20140206.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.15
© Science Publishing Group
Foreign Direct Investment and Economic Growth in Bangladesh Economy
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.16
The paper attempted to investigate the dependence of gross domestic product (GDP) on foreign direct investment (FDI), external debt (ED) and remittance (REM) based on annual data from 1986 to 2013. The selected variables were gross domestic product (GDP), foreign direct investment (FDI), external debt (ED) and remittances (REM). Results have been analyzed by using advanced econometric tools like- unit root test (both ADF and PP), OLS methods and Granger causality test. The results confirmed that, both FDI and REM have positive relationship with GDP, where as ED has negative influence on GDP of Bangladesh. In order to minimize the gap between domestic saving and investment and to bring the technology and managerial know-how, FDI could play important role on the way of economic development of Bangladesh. Similarly remittance (REM) is also playing an important role in the economic development by increasing the foreign currency reserve and strengthening the foreign exchange rate. Therefore, government should take pragmatic policy, develop infrastructure, stabilized the political environment, law and order situation. On the other hand it should decrease the dependence on external debt (ED). If Bangladesh pay due attention to the role of FDI in the economic development it can facilitate human capital formation, domestic investment and technology transfer in the country.
The paper attempted to investigate the dependence of gross domestic product (GDP) on foreign direct investment (FDI), external debt (ED) and remittance (REM) based on annual data from 1986 to 2013. The selected variables were gross domestic product (GDP), foreign direct investment (FDI), external debt (ED) and remittances (REM). Results have been analyzed by using advanced econometric tools like- unit root test (both ADF and PP), OLS methods and Granger causality test. The results confirmed that, both FDI and REM have positive relationship with GDP, where as ED has negative influence on GDP of Bangladesh. In order to minimize the gap between domestic saving and investment and to bring the technology and managerial know-how, FDI could play important role on the way of economic development of Bangladesh. Similarly remittance (REM) is also playing an important role in the economic development by increasing the foreign currency reserve and strengthening the foreign exchange rate. Therefore, government should take pragmatic policy, develop infrastructure, stabilized the political environment, law and order situation. On the other hand it should decrease the dependence on external debt (ED). If Bangladesh pay due attention to the role of FDI in the economic development it can facilitate human capital formation, domestic investment and technology transfer in the country.
Foreign Direct Investment and Economic Growth in Bangladesh Economy
doi:10.11648/j.ijefm.20140206.16
International Journal of Economics, Finance and Management Sciences
2014-12-22
© Science Publishing Group
Khairul Kabir Sumon
Foreign Direct Investment and Economic Growth in Bangladesh Economy
2
6
346
346
2014-12-22
2014-12-22
10.11648/j.ijefm.20140206.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.16
© Science Publishing Group
The Effect of Working Capital Management on Profitability
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.17
The purpose of this study is to find out the effect of working capital management on company profitability. The study aims at examining the statistical significance between company’s working capital management and profitability. In light of this objective the study adopts quantitative approaches to test a series of research hypotheses. A sample of three (3) manufacturing companies listed on the Dar es Salaam Stock Exchange (DSE) is used for a period of ten years (2002-2012) with the total of 30 observations. Data is analyzed on quantitative basis using Pearson’s correlation and Regression analysis (Ordinary Least Square). The key findings from the study are; Firstly, there exists a positive relationship between cash conversion cycle and profitability of the firm. This means that as the cash conversion cycle increases it will lead to an increase in profitability of the firm, and managers can create a positive value for the shareholders by increasing the cash conversion cycle to a reasonable level; Secondly, there is a negative relationship between liquidity and profitability showing that as liquidity decreases, the profitability also increases; Thirdly, there exists a highly significant negative relationship between average collection period and profitability indicating that a decrease in the number of days a firm receives payment from sales affects the profitability of the firm positively; Fourthly, there is a highly significant positive relationship between average payment period and profitability. This implies that the longer a firm takes to pay its creditors, the more profitable it is.; and Fifthly, there exists a highly significant negative relationship between inventory turnover in days and profitability hinting that firms which maintain sufficiently low inventory levels reduce the cost of storing the inventory which results to higher profitability.
The purpose of this study is to find out the effect of working capital management on company profitability. The study aims at examining the statistical significance between company’s working capital management and profitability. In light of this objective the study adopts quantitative approaches to test a series of research hypotheses. A sample of three (3) manufacturing companies listed on the Dar es Salaam Stock Exchange (DSE) is used for a period of ten years (2002-2012) with the total of 30 observations. Data is analyzed on quantitative basis using Pearson’s correlation and Regression analysis (Ordinary Least Square). The key findings from the study are; Firstly, there exists a positive relationship between cash conversion cycle and profitability of the firm. This means that as the cash conversion cycle increases it will lead to an increase in profitability of the firm, and managers can create a positive value for the shareholders by increasing the cash conversion cycle to a reasonable level; Secondly, there is a negative relationship between liquidity and profitability showing that as liquidity decreases, the profitability also increases; Thirdly, there exists a highly significant negative relationship between average collection period and profitability indicating that a decrease in the number of days a firm receives payment from sales affects the profitability of the firm positively; Fourthly, there is a highly significant positive relationship between average payment period and profitability. This implies that the longer a firm takes to pay its creditors, the more profitable it is.; and Fifthly, there exists a highly significant negative relationship between inventory turnover in days and profitability hinting that firms which maintain sufficiently low inventory levels reduce the cost of storing the inventory which results to higher profitability.
The Effect of Working Capital Management on Profitability
doi:10.11648/j.ijefm.20140206.17
International Journal of Economics, Finance and Management Sciences
2014-12-23
© Science Publishing Group
Ntui Ponsian
Kiemi Chrispina
Gwatako Tago
Halim Mkiibi
The Effect of Working Capital Management on Profitability
2
6
355
355
2014-12-23
2014-12-23
10.11648/j.ijefm.20140206.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.17
© Science Publishing Group
Testing the Foreign Exchange Parity Relations: A Case Analysis of UK Sterling, Japanese Yen and Us Dollar
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.18
Since the financial globalization has expanded and developed increasingly fast in recent years, the international parity relationships have been extensively studied due to their importance in international trade and investment. This paper investigates purchasing power parity (PPP), interest rate parity (IRP) and unbiased expectation hypothesis by analyzing three main currencies; UK sterling, Japanese Yen and US dollar during 2008 to 2010. Further, forward premium or discount is calculated and interpret in the study with time series data and ordinary least square (OLS) regression methodologies. It was found that, the unbiased expectation hypothesis and international interest parity holds for Japan-US case but does not hold for Japan-UK case. Finally, the purchasing Power Parity (PPP) holds for both two cases, which is varies with most previous literature.
Since the financial globalization has expanded and developed increasingly fast in recent years, the international parity relationships have been extensively studied due to their importance in international trade and investment. This paper investigates purchasing power parity (PPP), interest rate parity (IRP) and unbiased expectation hypothesis by analyzing three main currencies; UK sterling, Japanese Yen and US dollar during 2008 to 2010. Further, forward premium or discount is calculated and interpret in the study with time series data and ordinary least square (OLS) regression methodologies. It was found that, the unbiased expectation hypothesis and international interest parity holds for Japan-US case but does not hold for Japan-UK case. Finally, the purchasing Power Parity (PPP) holds for both two cases, which is varies with most previous literature.
Testing the Foreign Exchange Parity Relations: A Case Analysis of UK Sterling, Japanese Yen and Us Dollar
doi:10.11648/j.ijefm.20140206.18
International Journal of Economics, Finance and Management Sciences
2014-12-29
© Science Publishing Group
Ibrahim Zubairu
Testing the Foreign Exchange Parity Relations: A Case Analysis of UK Sterling, Japanese Yen and Us Dollar
2
6
361
361
2014-12-29
2014-12-29
10.11648/j.ijefm.20140206.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.18
© Science Publishing Group
Factors Influencing Performance of Children Homes and Rehabilitation Centers within Nakuru Municipality and its Environs, Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.19
The street children phenomenon in Kenya has long been regarded a perennial problem of the urban areas of the country and often viewed with disdain by most people in the society due to the menacing behavior of the children. This study investigated the factors influencing performance of street children rehabilitation centers in Kenya and was conducted among children homes in Nakuru municipality. The objectives of the study were: to establish the effect of government policies & regulations on street children rehabilitation projects performance; to evaluate the extent of the effect of financial resources on street children rehabilitation projects performance in and to assess the importance of the managerial skills on street children rehabilitation projects performance. This was a descriptive survey research, targeting two of the senior most rehabilitation managers in the 38 street children rehabilitation centers within Nakuru Municipality bringing the estimated population to 60 respondents. Data was collected through semi structured questionnaires. The instruments were pilot tested before the actual study to ascertain the validity and reliability. The data analysis done using Excel and results were presented in tables. Findings on the objectives revealed high levels of familiarity with the government policies and regulations although compliance rate was still average due to the nature of the regulations which presented a limiting work environment. The level of funding was adequate in most cases, funding allocation prioritized on food, education and medical care. Budget deficits were mainly offset by faming and fundraising. Financial control systems in place were reported as reliable, thus, properly positioning the Homes for better growth prospects. Most of the managers had formal managerial training with project management being the most subscribed course. Strategic planning was practiced in most institutions although the concepts and methods of strategic planning still wanting in some cases. The communities were generally appreciative of the presence of the homes as reform institutions in their neighborhoods. Fewer complaints and many were compliments given to the Homes due to the perceived nobility of the projects. Less material support was available due to misinformation about the nature of the projects. There is need for more consultative engagement among all stakeholders in entrenching the rights and welfare of the abandoned and orphaned children in all legal documents both locally and internationally. This will go a long way in ensuring the wellbeing of these children and make them better citizens of the world tomorrow.
The street children phenomenon in Kenya has long been regarded a perennial problem of the urban areas of the country and often viewed with disdain by most people in the society due to the menacing behavior of the children. This study investigated the factors influencing performance of street children rehabilitation centers in Kenya and was conducted among children homes in Nakuru municipality. The objectives of the study were: to establish the effect of government policies & regulations on street children rehabilitation projects performance; to evaluate the extent of the effect of financial resources on street children rehabilitation projects performance in and to assess the importance of the managerial skills on street children rehabilitation projects performance. This was a descriptive survey research, targeting two of the senior most rehabilitation managers in the 38 street children rehabilitation centers within Nakuru Municipality bringing the estimated population to 60 respondents. Data was collected through semi structured questionnaires. The instruments were pilot tested before the actual study to ascertain the validity and reliability. The data analysis done using Excel and results were presented in tables. Findings on the objectives revealed high levels of familiarity with the government policies and regulations although compliance rate was still average due to the nature of the regulations which presented a limiting work environment. The level of funding was adequate in most cases, funding allocation prioritized on food, education and medical care. Budget deficits were mainly offset by faming and fundraising. Financial control systems in place were reported as reliable, thus, properly positioning the Homes for better growth prospects. Most of the managers had formal managerial training with project management being the most subscribed course. Strategic planning was practiced in most institutions although the concepts and methods of strategic planning still wanting in some cases. The communities were generally appreciative of the presence of the homes as reform institutions in their neighborhoods. Fewer complaints and many were compliments given to the Homes due to the perceived nobility of the projects. Less material support was available due to misinformation about the nature of the projects. There is need for more consultative engagement among all stakeholders in entrenching the rights and welfare of the abandoned and orphaned children in all legal documents both locally and internationally. This will go a long way in ensuring the wellbeing of these children and make them better citizens of the world tomorrow.
Factors Influencing Performance of Children Homes and Rehabilitation Centers within Nakuru Municipality and its Environs, Kenya
doi:10.11648/j.ijefm.20140206.19
International Journal of Economics, Finance and Management Sciences
2015-01-12
© Science Publishing Group
Susan Nyamai
Maina Waiganjo
Factors Influencing Performance of Children Homes and Rehabilitation Centers within Nakuru Municipality and its Environs, Kenya
2
6
377
377
2015-01-12
2015-01-12
10.11648/j.ijefm.20140206.19
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20140206.19
© Science Publishing Group
The Assessment of the Default Risk for the Banks of the Romanian Banking System
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.11
By the current study we analyze the performance and plausibility of the empirical results provided by the [5] Duffie and Lando (2001) credit risk structural model with asymmetric information. By construction, such a model can allow the endogenous understanding of the default event (typically for a structural model), the plausibility of the default intensity existence (typically for a reduced form model), as well as the tractability of analytical formulas to be used at the estimation of the credit risk parameters. Under this framework we analyze the empirical model results, by the quantitative creditworthiness assessment of the banks from the Romanian banking system, as financial institutions of a low default portfolio. For the model implementation we apply a special calibration approach for the accounting white noise parameter. The empirical study is being conducted by the use of the banks’ financial statement time series over the last Romanian economic cycle, during the period 2002 – 2012.
By the current study we analyze the performance and plausibility of the empirical results provided by the [5] Duffie and Lando (2001) credit risk structural model with asymmetric information. By construction, such a model can allow the endogenous understanding of the default event (typically for a structural model), the plausibility of the default intensity existence (typically for a reduced form model), as well as the tractability of analytical formulas to be used at the estimation of the credit risk parameters. Under this framework we analyze the empirical model results, by the quantitative creditworthiness assessment of the banks from the Romanian banking system, as financial institutions of a low default portfolio. For the model implementation we apply a special calibration approach for the accounting white noise parameter. The empirical study is being conducted by the use of the banks’ financial statement time series over the last Romanian economic cycle, during the period 2002 – 2012.
The Assessment of the Default Risk for the Banks of the Romanian Banking System
doi:10.11648/j.ijefm.20150301.11
International Journal of Economics, Finance and Management Sciences
2015-01-21
© Science Publishing Group
Sorin Mădălin Vlad
Gheorghe Ruxanda
The Assessment of the Default Risk for the Banks of the Romanian Banking System
3
1
9
9
2015-01-21
2015-01-21
10.11648/j.ijefm.20150301.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.11
© Science Publishing Group
The Impact of Financial Leverage and Market Size on Stock Returns on the Dhaka Stock Exchange: Evidence from Selected Stocks in the Manufacturing Sector
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.12
This paper examines the impact of financial leverage and market size of selected stocks on stock returns. Ordinary Least Square (OLS) regression models were used to examine the relationship between the dependent and independent variables. The leverage of the selected firms was estimated from the annual financial reports covering a period of five years from 2008 to 2012 of five corporations operating in the manufacturing sector. Furthermore, average monthly stock prices of the selected stocks between 2008-2012 for Fu-Wang Ceramic, Fine Foods Limited, Olympic Industries, Metro Spinning and Rahim Textiles. The study established a significantly negative relationship between leverage and stock return when the overall industrial data is used. However at the individual firm level the relationship was not stable. Four out of the five selected companies (i.e. Fu-Wang Ceramic, Fine Foods Limited, Olympic Industries and Metro Spinning) all had negative leverage coefficients. Rahim Textile however, had a positive leverage coefficient. The paper also found the relationship between size and stock returns to be significantly positive. However, the size effect within the manufacturing sector was limited.
This paper examines the impact of financial leverage and market size of selected stocks on stock returns. Ordinary Least Square (OLS) regression models were used to examine the relationship between the dependent and independent variables. The leverage of the selected firms was estimated from the annual financial reports covering a period of five years from 2008 to 2012 of five corporations operating in the manufacturing sector. Furthermore, average monthly stock prices of the selected stocks between 2008-2012 for Fu-Wang Ceramic, Fine Foods Limited, Olympic Industries, Metro Spinning and Rahim Textiles. The study established a significantly negative relationship between leverage and stock return when the overall industrial data is used. However at the individual firm level the relationship was not stable. Four out of the five selected companies (i.e. Fu-Wang Ceramic, Fine Foods Limited, Olympic Industries and Metro Spinning) all had negative leverage coefficients. Rahim Textile however, had a positive leverage coefficient. The paper also found the relationship between size and stock returns to be significantly positive. However, the size effect within the manufacturing sector was limited.
The Impact of Financial Leverage and Market Size on Stock Returns on the Dhaka Stock Exchange: Evidence from Selected Stocks in the Manufacturing Sector
doi:10.11648/j.ijefm.20150301.12
International Journal of Economics, Finance and Management Sciences
2015-01-22
© Science Publishing Group
Mohammad Nayeem Abdullah
Kamruddin Parvez
Tarana Karim
Rahat Bari Tooheen
The Impact of Financial Leverage and Market Size on Stock Returns on the Dhaka Stock Exchange: Evidence from Selected Stocks in the Manufacturing Sector
3
1
15
15
2015-01-22
2015-01-22
10.11648/j.ijefm.20150301.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.12
© Science Publishing Group
Economic Status and Use of Complimentary Energy Sources to Electricity among Households within Nakuru Municipality
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.13
This study sought to investigate the relationship between economic status and use of complimentary energy sources to electricity among households within Nakuru Municipality. The study was premised on the desire of Kenya to be a middle income economy by the year 2030, in which case a substantial capacity of electrical energy will be required to power the anticipated industrial activity hence the need to conserve electrical energy which would in turn be utilized in the manufacturing sectors. Households are considered to play a role in inefficient usage of electricity. Literature reviewed has revealed that in rural areas of Kenya 52% use kerosene for lighting and 60% for cooking, this study however has found out that electricity is dominantly used for lighting within households of the Municipal Council of Nakuru (MCN), the households prefer solar energy as an alternative to electricity. However affordability is a challenge owing to the prohibitive capital cost compounded by house ownership issue. This study adopted correlational survey design and relied on both qualitative and quantitative data. Descriptive and Chi–Square Tests were used in data analysis to establish the relationship between the two variables. The population of the study was the entire houses owned by the MCN which in total add up to 5434 houses. A representative random sample size of 358 households was used in the study. Data was collected using Questionnaires and key informants interviews. The study found out that electricity was commonly used for lighting and normal domestic use. The study revealed a positive relationship between economic status of households and usage of complimentary energy sources to electricity among the households. The researcher recommended a further study on the evaluation of electricity usage among owner occupied residential houses that have a greater flexibility of choosing the kind of electrical installation as opposed to tenants.
This study sought to investigate the relationship between economic status and use of complimentary energy sources to electricity among households within Nakuru Municipality. The study was premised on the desire of Kenya to be a middle income economy by the year 2030, in which case a substantial capacity of electrical energy will be required to power the anticipated industrial activity hence the need to conserve electrical energy which would in turn be utilized in the manufacturing sectors. Households are considered to play a role in inefficient usage of electricity. Literature reviewed has revealed that in rural areas of Kenya 52% use kerosene for lighting and 60% for cooking, this study however has found out that electricity is dominantly used for lighting within households of the Municipal Council of Nakuru (MCN), the households prefer solar energy as an alternative to electricity. However affordability is a challenge owing to the prohibitive capital cost compounded by house ownership issue. This study adopted correlational survey design and relied on both qualitative and quantitative data. Descriptive and Chi–Square Tests were used in data analysis to establish the relationship between the two variables. The population of the study was the entire houses owned by the MCN which in total add up to 5434 houses. A representative random sample size of 358 households was used in the study. Data was collected using Questionnaires and key informants interviews. The study found out that electricity was commonly used for lighting and normal domestic use. The study revealed a positive relationship between economic status of households and usage of complimentary energy sources to electricity among the households. The researcher recommended a further study on the evaluation of electricity usage among owner occupied residential houses that have a greater flexibility of choosing the kind of electrical installation as opposed to tenants.
Economic Status and Use of Complimentary Energy Sources to Electricity among Households within Nakuru Municipality
doi:10.11648/j.ijefm.20150301.13
International Journal of Economics, Finance and Management Sciences
2015-01-23
© Science Publishing Group
Maina J. Kairu
Oyugi Tobias
Economic Status and Use of Complimentary Energy Sources to Electricity among Households within Nakuru Municipality
3
1
26
26
2015-01-23
2015-01-23
10.11648/j.ijefm.20150301.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.13
© Science Publishing Group
Green Banking: Going Green
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.15
Green Banking is any form of banking from which the country and nation gets environmental benefits. A conventional bank becomes a green bank by directing its core operations toward the betterment of environment. Green Banking has become a buzz word in today’s banking world. It means developing inclusive banking strategies which will ensure substantial economic development and promoting environmental-friendly practices as well. This paper focuses on the Green Banking activities of the commercial banks of Bangladesh and we also tried to reason why this policy was adopted and make a comparison among he green banking practices of the commercial banks as well. The policy guidelines will also be focused. The regulations regarding Green Banking is going to be discussed as well.
Green Banking is any form of banking from which the country and nation gets environmental benefits. A conventional bank becomes a green bank by directing its core operations toward the betterment of environment. Green Banking has become a buzz word in today’s banking world. It means developing inclusive banking strategies which will ensure substantial economic development and promoting environmental-friendly practices as well. This paper focuses on the Green Banking activities of the commercial banks of Bangladesh and we also tried to reason why this policy was adopted and make a comparison among he green banking practices of the commercial banks as well. The policy guidelines will also be focused. The regulations regarding Green Banking is going to be discussed as well.
Green Banking: Going Green
doi:10.11648/j.ijefm.20150301.15
International Journal of Economics, Finance and Management Sciences
2015-01-27
© Science Publishing Group
Raad Mozib Lalon
Green Banking: Going Green
3
1
42
42
2015-01-27
2015-01-27
10.11648/j.ijefm.20150301.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.15
© Science Publishing Group
Effect of Gender Differences on Job Satisfaction of the Female Employees in Pakistan
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.14
The objective of this research is to further determine the gender differences while controlling the effect of selected variables on job satisfaction using data gathered from employees working in the Non-Governmental Organizations (NGOs) and public sector schools of selected Districts of Southern Punjab. This research was based on primary data which was collected from 90 employees (45 females and 45 males) working with the Ngo’s and Schools. The research results showed that there is a positive significant relationship between selected independent variables with dependent variable. The research results also indicated that in Pakistan, male employees are more satisfied with their jobs as compared to female employees. This study is helpful for management to revise their policies to eliminate the differences of job benefits for males and females in order to increase the job satisfaction of female employees.
The objective of this research is to further determine the gender differences while controlling the effect of selected variables on job satisfaction using data gathered from employees working in the Non-Governmental Organizations (NGOs) and public sector schools of selected Districts of Southern Punjab. This research was based on primary data which was collected from 90 employees (45 females and 45 males) working with the Ngo’s and Schools. The research results showed that there is a positive significant relationship between selected independent variables with dependent variable. The research results also indicated that in Pakistan, male employees are more satisfied with their jobs as compared to female employees. This study is helpful for management to revise their policies to eliminate the differences of job benefits for males and females in order to increase the job satisfaction of female employees.
Effect of Gender Differences on Job Satisfaction of the Female Employees in Pakistan
doi:10.11648/j.ijefm.20150301.14
International Journal of Economics, Finance and Management Sciences
2015-01-27
© Science Publishing Group
Nayab Fatima
Shahid Iqbal
Sadaf Younis Akhwand
Muhammad Suleman
Muhammad Ibrahim
Effect of Gender Differences on Job Satisfaction of the Female Employees in Pakistan
3
1
33
33
2015-01-27
2015-01-27
10.11648/j.ijefm.20150301.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.14
© Science Publishing Group
The Use of ICT Technologies Enhances Employees’ Performance in the Greek Hotel Industry
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.16
A large number of studies have been produced lately aiming to understand and explain the factors influencing the acceptance of IT by the employees of the hotel industry and create model examples, mainly based on TAM (Technology Acceptance Model) (Davis), TTF (Technology Acceptance Model) (Goodhue and Thomson) and their expansions and variations. The research effectuated mainly used empirical data from the United States, North and West Europe as well as East Asia, while a relative lack in papers is observed with regard to data coming from other touristic zones, like the Mediterranean, which, according to the EU is visited by nearly 30% Sata A. (2004) of the world tourism annually. The present paper intends to make up for that relevant insufficiency, being based on data coming from the touristic zone of Greece. Furthermore the purpose of this paper is to investigate the potential of Perceived Information Technology Beliefs, in combination with the employees’ particular personal and individual characteristics, which are included in the Personal Characteristics and Subjective Norms factors, through a TAM, to affect Behavioural Intention (BI) to accept and use the Information Technologies (IT). Our findings, with the exception of the (non-significance) of Self-Efficacy, suggest that, in the Greek Tourism Sector, the harmonization of Personal Characteristics together with the other driving factors positively contributes, through a TAM, to the enhancement of Behavioural Intention; consequently, one of the first policy measures in the Sector should be the expansion of staff training in Information Technologies.
A large number of studies have been produced lately aiming to understand and explain the factors influencing the acceptance of IT by the employees of the hotel industry and create model examples, mainly based on TAM (Technology Acceptance Model) (Davis), TTF (Technology Acceptance Model) (Goodhue and Thomson) and their expansions and variations. The research effectuated mainly used empirical data from the United States, North and West Europe as well as East Asia, while a relative lack in papers is observed with regard to data coming from other touristic zones, like the Mediterranean, which, according to the EU is visited by nearly 30% Sata A. (2004) of the world tourism annually. The present paper intends to make up for that relevant insufficiency, being based on data coming from the touristic zone of Greece. Furthermore the purpose of this paper is to investigate the potential of Perceived Information Technology Beliefs, in combination with the employees’ particular personal and individual characteristics, which are included in the Personal Characteristics and Subjective Norms factors, through a TAM, to affect Behavioural Intention (BI) to accept and use the Information Technologies (IT). Our findings, with the exception of the (non-significance) of Self-Efficacy, suggest that, in the Greek Tourism Sector, the harmonization of Personal Characteristics together with the other driving factors positively contributes, through a TAM, to the enhancement of Behavioural Intention; consequently, one of the first policy measures in the Sector should be the expansion of staff training in Information Technologies.
The Use of ICT Technologies Enhances Employees’ Performance in the Greek Hotel Industry
doi:10.11648/j.ijefm.20150301.16
International Journal of Economics, Finance and Management Sciences
2015-02-06
© Science Publishing Group
Margarita Vogiatzi
The Use of ICT Technologies Enhances Employees’ Performance in the Greek Hotel Industry
3
1
56
56
2015-02-06
2015-02-06
10.11648/j.ijefm.20150301.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.16
© Science Publishing Group
The Effects of Budget Deficit on Current Account: Case Study (Palestinian Territories 1996 – 2012)
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.17
The researchers examined the effects of public budget deficit on current account in the Palestinian Territories (1996 - 2012). To determine the appropriate economic tools that can be used to reduce the current account chronic deficit, the nature and components of the Palestinian Authority’s expenditures and revenues will be studied. Statistical analysis approach is used to illustrate the impact of public budget deficit on current account. This was implemented after checking the stationary of time series by adopting unit root test (Augmented Dickey Fuller). The study findings confirm the positive relationship between public budget deficit and current account in the Palestinian Territories. It appears that an increase in public budget deficit by one USD million will increase the current account deficit by USD 3.08 million. In addition, balance of trade deficit increased by USD 465.3 thousand when the other independent variables such as government and private investments in the model remain constant.
The researchers examined the effects of public budget deficit on current account in the Palestinian Territories (1996 - 2012). To determine the appropriate economic tools that can be used to reduce the current account chronic deficit, the nature and components of the Palestinian Authority’s expenditures and revenues will be studied. Statistical analysis approach is used to illustrate the impact of public budget deficit on current account. This was implemented after checking the stationary of time series by adopting unit root test (Augmented Dickey Fuller). The study findings confirm the positive relationship between public budget deficit and current account in the Palestinian Territories. It appears that an increase in public budget deficit by one USD million will increase the current account deficit by USD 3.08 million. In addition, balance of trade deficit increased by USD 465.3 thousand when the other independent variables such as government and private investments in the model remain constant.
The Effects of Budget Deficit on Current Account: Case Study (Palestinian Territories 1996 – 2012)
doi:10.11648/j.ijefm.20150301.17
International Journal of Economics, Finance and Management Sciences
2015-02-13
© Science Publishing Group
Khalil Ahmed El-Namrouty
Ahmed Mahmoud Saidam
The Effects of Budget Deficit on Current Account: Case Study (Palestinian Territories 1996 – 2012)
3
1
67
67
2015-02-13
2015-02-13
10.11648/j.ijefm.20150301.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150301.17
© Science Publishing Group
Household Unit Factors and Efficient Electricity Use: A Review of Households in Nakuru Town Housing Estates
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.11
The purpose of the study was to relate household unit factors and efficient electricity energy use within the Nakuru town residential houses. The study adopted a correlational research design and conducted a correlational analysis to understand the influence of household unit structure on efficient electricity use. Primary data was collected on household unit structure and efficient electricity use through structured questionnaires and interviews. Descriptive statistic was employed in describing the individual variables in this study. This study revealed that household factors influence efficient use of electricity. However, this influence is not statistically significant. The study recommends that household structural factors should be considered in decisions related to use of energy. The findings are expected to be beneficial to the housing sector stakeholders, KPLC and the Government since the recommendations proposes appropriate measures that would increase efficiency and conservation in the usage of electric energy. The County Government of Nakuru as well as other counties may adopt these recommendations in their strategies and policies that relate to sustainable electric energy use. The study recommends further study on complementary energy sources to electricity and how use of such sources of energy can improve livelihood of households, productivity and sustainability among organizations.
The purpose of the study was to relate household unit factors and efficient electricity energy use within the Nakuru town residential houses. The study adopted a correlational research design and conducted a correlational analysis to understand the influence of household unit structure on efficient electricity use. Primary data was collected on household unit structure and efficient electricity use through structured questionnaires and interviews. Descriptive statistic was employed in describing the individual variables in this study. This study revealed that household factors influence efficient use of electricity. However, this influence is not statistically significant. The study recommends that household structural factors should be considered in decisions related to use of energy. The findings are expected to be beneficial to the housing sector stakeholders, KPLC and the Government since the recommendations proposes appropriate measures that would increase efficiency and conservation in the usage of electric energy. The County Government of Nakuru as well as other counties may adopt these recommendations in their strategies and policies that relate to sustainable electric energy use. The study recommends further study on complementary energy sources to electricity and how use of such sources of energy can improve livelihood of households, productivity and sustainability among organizations.
Household Unit Factors and Efficient Electricity Use: A Review of Households in Nakuru Town Housing Estates
doi:10.11648/j.ijefm.20150302.11
International Journal of Economics, Finance and Management Sciences
2015-02-13
© Science Publishing Group
Maina Kairu
Oyugi Tobias
John Mironga
Household Unit Factors and Efficient Electricity Use: A Review of Households in Nakuru Town Housing Estates
3
2
77
77
2015-02-13
2015-02-13
10.11648/j.ijefm.20150302.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.11
© Science Publishing Group
Farmer’s Profitability of Tobacco Cultivation at Rangpur District in the Socio-Economic Context of Bangladesh: An Empirical Analysis
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.13
Bangladesh is mainly an agricultural country. Agriculture is the major stay of the economy of Bangladesh. Agriculture is the crucial way of life of Bangladesh. Agriculture bears an anticipative contribution to the Gross Domestic Product (GDP) of the country prior to a greater extent than 50% of GDP. At present greater portion of Bangladesh’s GDP comes from the service sector. Notwithstanding this, two-thirds of the country’s population is engrossed in agricultural practices. A variety of crops are cultivated in this country which categorized into two-food crops and cash crops. Tobacco is being dealt as leading cash crop in the world in addition to Bangladesh. This study was carried on to bringing close together the cost of production and profitability of Tobacco producers at Rangpur district. Data was gathered from 65 farmers using simple random sampling method. The Tobacco farmers demonstrated individual differences of opinion in their socio-economic characteristics and unconditional majority of them belonged to young age category (20-35 years)having medium family size, illiterate, medium farm size ( 0.34- 1.0 acre) , ( 1- 10 years) farming experience. The largest part of the Farmers used Virginia variety of Tobacco and sells their amount produced at home. Farmers who put up for sale Tobacco in the market were further profitable than others. The study further more denominates that the large farmers were almost profitable likened to others. Main difficulty confronted by the Tobacco farmers were lower price of Tobacco during harvesting period, price fluctuation , shortage of capital, lack of good quality seed, poor storage facility, higher price of inputs and lack of marketing facility etc. Appropriate measures should be necessitated by Government to figure out this problem. The findings of the study will add fundamental economic data on the production practices of Tobacco. Ultimately it will be supportive to the planners and policy makers in formulating micro or macro level policy for the improvement of Tobacco production in the country.
Bangladesh is mainly an agricultural country. Agriculture is the major stay of the economy of Bangladesh. Agriculture is the crucial way of life of Bangladesh. Agriculture bears an anticipative contribution to the Gross Domestic Product (GDP) of the country prior to a greater extent than 50% of GDP. At present greater portion of Bangladesh’s GDP comes from the service sector. Notwithstanding this, two-thirds of the country’s population is engrossed in agricultural practices. A variety of crops are cultivated in this country which categorized into two-food crops and cash crops. Tobacco is being dealt as leading cash crop in the world in addition to Bangladesh. This study was carried on to bringing close together the cost of production and profitability of Tobacco producers at Rangpur district. Data was gathered from 65 farmers using simple random sampling method. The Tobacco farmers demonstrated individual differences of opinion in their socio-economic characteristics and unconditional majority of them belonged to young age category (20-35 years)having medium family size, illiterate, medium farm size ( 0.34- 1.0 acre) , ( 1- 10 years) farming experience. The largest part of the Farmers used Virginia variety of Tobacco and sells their amount produced at home. Farmers who put up for sale Tobacco in the market were further profitable than others. The study further more denominates that the large farmers were almost profitable likened to others. Main difficulty confronted by the Tobacco farmers were lower price of Tobacco during harvesting period, price fluctuation , shortage of capital, lack of good quality seed, poor storage facility, higher price of inputs and lack of marketing facility etc. Appropriate measures should be necessitated by Government to figure out this problem. The findings of the study will add fundamental economic data on the production practices of Tobacco. Ultimately it will be supportive to the planners and policy makers in formulating micro or macro level policy for the improvement of Tobacco production in the country.
Farmer’s Profitability of Tobacco Cultivation at Rangpur District in the Socio-Economic Context of Bangladesh: An Empirical Analysis
doi:10.11648/j.ijefm.20150302.13
International Journal of Economics, Finance and Management Sciences
2015-02-15
© Science Publishing Group
Mohammad Masudul Hassan
Mosammod Mahamuda Parvin
Samira Islam Resmi
Farmer’s Profitability of Tobacco Cultivation at Rangpur District in the Socio-Economic Context of Bangladesh: An Empirical Analysis
3
2
98
98
2015-02-15
2015-02-15
10.11648/j.ijefm.20150302.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.13
© Science Publishing Group
Credit Risk Management (CRM) Practices in Commercial Banks of Bangladesh: “A Study on Basic Bank Ltd.”
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.12
This Paper is not only a way for getting acknowledged about the efficiency in managing credit risk of Bangladeshi Banks, but also a conclusive reference for studying how CRM practices helps to increase profitability and long term sustainability of commercial banks. Credit risk management encompasses identification, measurement, matching mitigations, monitoring and control of the credit risk exposures. For conducting this research, I have to collect secondary data relating to the financial status of Basic Bank Ltd.In my analysis I have divulged a comprehensive overview about CRM in different phase of my report. First, I have described about the CRM practice and performance of BBL. Then, I analyze the impact of CRM on financial performance of bank. I have used Ms Excel as well as SPSS software to compare relationship between CRM and banks profitability. After analysis and discussion I have identified some conclusive findings of my research paper.
This Paper is not only a way for getting acknowledged about the efficiency in managing credit risk of Bangladeshi Banks, but also a conclusive reference for studying how CRM practices helps to increase profitability and long term sustainability of commercial banks. Credit risk management encompasses identification, measurement, matching mitigations, monitoring and control of the credit risk exposures. For conducting this research, I have to collect secondary data relating to the financial status of Basic Bank Ltd.In my analysis I have divulged a comprehensive overview about CRM in different phase of my report. First, I have described about the CRM practice and performance of BBL. Then, I analyze the impact of CRM on financial performance of bank. I have used Ms Excel as well as SPSS software to compare relationship between CRM and banks profitability. After analysis and discussion I have identified some conclusive findings of my research paper.
Credit Risk Management (CRM) Practices in Commercial Banks of Bangladesh: “A Study on Basic Bank Ltd.”
doi:10.11648/j.ijefm.20150302.12
International Journal of Economics, Finance and Management Sciences
2015-02-15
© Science Publishing Group
Raad Mozib Lalon
Credit Risk Management (CRM) Practices in Commercial Banks of Bangladesh: “A Study on Basic Bank Ltd.”
3
2
90
90
2015-02-15
2015-02-15
10.11648/j.ijefm.20150302.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.12
© Science Publishing Group
Financial Performance Analysis of Islamic Banks in Bangladesh: A Case Study on Islami Bank Bangladesh Limited (IBBL)
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.14
Banking means deposit mobilization and deployment of those deposits into advances or investments in different sectors. The element of interest has been for long used as main instruments for deposit mobilization and the deployment of funds therefore.In the Muslim world, it remains a deep cry in peoples` hearts to fashion and design their economic lives in accordance with the percepts of Islam. It is committed to conduct all banking and investment activities on the basis of interest-free unveiled a new horizon and ushered in a new silver lining of hope towards materializing a long cherished dream of the people of Bangladesh for doing their Banking transitions in line with what is prescribed by Islam. That is why, considering the performance of IBBL, on attempt has been made in this paper to study the financial analysis procedure of IBBL.We have rendered our knowledge to present this study on all Performance of Islami Bank Bangladesh Limited. In this study, it is shown that various operational activities can be used in the evaluation of operation of this Bank. Considering the productivity ratio, current ratio quick ratio, profitability ratio,solvency ratio we can find that this bank is increasing its performance efficiency.
Banking means deposit mobilization and deployment of those deposits into advances or investments in different sectors. The element of interest has been for long used as main instruments for deposit mobilization and the deployment of funds therefore.In the Muslim world, it remains a deep cry in peoples` hearts to fashion and design their economic lives in accordance with the percepts of Islam. It is committed to conduct all banking and investment activities on the basis of interest-free unveiled a new horizon and ushered in a new silver lining of hope towards materializing a long cherished dream of the people of Bangladesh for doing their Banking transitions in line with what is prescribed by Islam. That is why, considering the performance of IBBL, on attempt has been made in this paper to study the financial analysis procedure of IBBL.We have rendered our knowledge to present this study on all Performance of Islami Bank Bangladesh Limited. In this study, it is shown that various operational activities can be used in the evaluation of operation of this Bank. Considering the productivity ratio, current ratio quick ratio, profitability ratio,solvency ratio we can find that this bank is increasing its performance efficiency.
Financial Performance Analysis of Islamic Banks in Bangladesh: A Case Study on Islami Bank Bangladesh Limited (IBBL)
doi:10.11648/j.ijefm.20150302.14
International Journal of Economics, Finance and Management Sciences
2015-02-16
© Science Publishing Group
Jaba Chakraborty
Farjana Salam
Md. Ghulam Rabbany
Financial Performance Analysis of Islamic Banks in Bangladesh: A Case Study on Islami Bank Bangladesh Limited (IBBL)
3
2
106
106
2015-02-16
2015-02-16
10.11648/j.ijefm.20150302.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.14
© Science Publishing Group
Diversification of the Nigerian Economy towards a Sustainable Growth and Economic Development
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.15
As a matter of priority, Nigeria government must encourage the diversification of Nigeria’s economy. It is the only viable way to survive the current environment of global economic uncertainty with the volatility of oil price. It is crucial that government do not believe that oil provides an endless source of revenue. Nigerian economy is mono-economy, depending on oil. Good percentage of Nigerians live in abject poverty, unemployment is on the high and productivity is at its lowest level. Given this, the study seeks possible ways of diversifying the productive base of the Nigerian economy. Using descriptive method of analysis, it is revealed that considering Nigeria’s peculiar circumstances and the successes recorded before the advent of oil, for Nigeria to break loose from the problems inherent in a mono-economy, especially one largely dominated by oil, which is subject to depletion, international price shocks and unfavorable quota arrangement, there is need for diversification. Agricultural sector is suggested as possible options for diversifying the Nigerian economy. Drawing from the implications of the study, certain recommendations, which include among others, that the one sector must not be sustained by foreign innovation and technology. The only sensible and durable way to sustain the economy is Nigerian innovation. The first section examines a general background of study and set out the significance objectives of the study. It also highlights the methodology to be employed to address the key issues. The second section, gives the outlook of the Nigerian economy with a view to examining the need for diversification of the economy towards agriculture and solid mineral development. Section three will be a brief review of the Nigerian agriculture development policies. Section four examines the impact of the contribution of the agriculture sector to the economic development of the Nigeria. Section five will focus on the opportunities and potentials for agriculture development in Nigeria as well as the value addition chain.
As a matter of priority, Nigeria government must encourage the diversification of Nigeria’s economy. It is the only viable way to survive the current environment of global economic uncertainty with the volatility of oil price. It is crucial that government do not believe that oil provides an endless source of revenue. Nigerian economy is mono-economy, depending on oil. Good percentage of Nigerians live in abject poverty, unemployment is on the high and productivity is at its lowest level. Given this, the study seeks possible ways of diversifying the productive base of the Nigerian economy. Using descriptive method of analysis, it is revealed that considering Nigeria’s peculiar circumstances and the successes recorded before the advent of oil, for Nigeria to break loose from the problems inherent in a mono-economy, especially one largely dominated by oil, which is subject to depletion, international price shocks and unfavorable quota arrangement, there is need for diversification. Agricultural sector is suggested as possible options for diversifying the Nigerian economy. Drawing from the implications of the study, certain recommendations, which include among others, that the one sector must not be sustained by foreign innovation and technology. The only sensible and durable way to sustain the economy is Nigerian innovation. The first section examines a general background of study and set out the significance objectives of the study. It also highlights the methodology to be employed to address the key issues. The second section, gives the outlook of the Nigerian economy with a view to examining the need for diversification of the economy towards agriculture and solid mineral development. Section three will be a brief review of the Nigerian agriculture development policies. Section four examines the impact of the contribution of the agriculture sector to the economic development of the Nigeria. Section five will focus on the opportunities and potentials for agriculture development in Nigeria as well as the value addition chain.
Diversification of the Nigerian Economy towards a Sustainable Growth and Economic Development
doi:10.11648/j.ijefm.20150302.15
International Journal of Economics, Finance and Management Sciences
2015-03-03
© Science Publishing Group
Suberu O. J.
Ajala O. A.
Akande M. O.
Olure-Bank Adeyinka
Diversification of the Nigerian Economy towards a Sustainable Growth and Economic Development
3
2
114
114
2015-03-03
2015-03-03
10.11648/j.ijefm.20150302.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.15
© Science Publishing Group
Effect of Strategic Supplier Relationship Management on Internal Operational Performance of Manufacturing Firms: A Case of East African Breweries Limited, Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.16
It is the aim of every organization to achieve sustainability and operational excellence. For these reasons, organizations adopt various strategies. To achieve operational excellence, every functional area of the organization must be have roles to play. Supply chain operations are in particular key in enhancing operational performance. The aim of this study was to determine the effect Strategic Supplier Relationship Management on Internal Operational Performance of Manufacturing Firms. The study focused on business-supplier communication and business-supplier joint decision making. The study was grounded on three objectives; to establish the effect of buyer supplier communication on operational performance of manufacturing firms, to evaluate the influence of buyer supplier joint decisions on operational performance of manufacturing firms and to investigate the overall effect of strategic supplier relationship management on internal operational performance of manufacturing firms. This was a correlational study and both descriptive and inferential analyses were conducted. The individual parameters were analyzed using descriptive statistics (frequencies, mean, standard deviation and variance) while regression analyses was conducted to test the effect of strategic supplier relationship management on internal operational performance. The study revealed that business-supplier communication and business-supplier joint decision making both individually and jointly have positive effect on internal operational performance. This study therefore recommends that management of manufacturing firms and other organizations adopt and implement strategic supplier relationship management as one of the management strategies. In addition, the study suggests that further studies are conducted to relate other aspects of strategic supplier relationship and organizational performance such as financial, environmental and social performance.
It is the aim of every organization to achieve sustainability and operational excellence. For these reasons, organizations adopt various strategies. To achieve operational excellence, every functional area of the organization must be have roles to play. Supply chain operations are in particular key in enhancing operational performance. The aim of this study was to determine the effect Strategic Supplier Relationship Management on Internal Operational Performance of Manufacturing Firms. The study focused on business-supplier communication and business-supplier joint decision making. The study was grounded on three objectives; to establish the effect of buyer supplier communication on operational performance of manufacturing firms, to evaluate the influence of buyer supplier joint decisions on operational performance of manufacturing firms and to investigate the overall effect of strategic supplier relationship management on internal operational performance of manufacturing firms. This was a correlational study and both descriptive and inferential analyses were conducted. The individual parameters were analyzed using descriptive statistics (frequencies, mean, standard deviation and variance) while regression analyses was conducted to test the effect of strategic supplier relationship management on internal operational performance. The study revealed that business-supplier communication and business-supplier joint decision making both individually and jointly have positive effect on internal operational performance. This study therefore recommends that management of manufacturing firms and other organizations adopt and implement strategic supplier relationship management as one of the management strategies. In addition, the study suggests that further studies are conducted to relate other aspects of strategic supplier relationship and organizational performance such as financial, environmental and social performance.
Effect of Strategic Supplier Relationship Management on Internal Operational Performance of Manufacturing Firms: A Case of East African Breweries Limited, Kenya
doi:10.11648/j.ijefm.20150302.16
International Journal of Economics, Finance and Management Sciences
2015-03-15
© Science Publishing Group
Owuor Joel Onyango
Muma Benard Onyango
Sophia Nduta Kiruri
Susan Njeri Karanja
Effect of Strategic Supplier Relationship Management on Internal Operational Performance of Manufacturing Firms: A Case of East African Breweries Limited, Kenya
3
2
124
124
2015-03-15
2015-03-15
10.11648/j.ijefm.20150302.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.16
© Science Publishing Group
The Efficiency of Exchange Rate Market: A Case Study on Pakistan
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.17
This study investigates the efficiency of foreign exchange market in Pakistan. Based on monthly data during the period of July 2000 to October 2012 for 13 currencies against the Pak Rupee, three techniques of regression analysis are applied. The result of regression on trended data portrayed that unbiased hypothesis does not hold in the exchange rate market owing to serial correlation and non-stationary time-series data. The regression analysis with de-trended data remarked exchange rate market of Pakistan is neither efficient nor speculative. The findings of regression analysis with orthogonality experiment explored incidence of bandwagon behavior in selected currencies. The results of this study suggested that concerned authorities should reinforce information dissemination procedure and regulate unofficial currency markets activities for maintaining the efficiency of foreign exchange market in Pakistan.
This study investigates the efficiency of foreign exchange market in Pakistan. Based on monthly data during the period of July 2000 to October 2012 for 13 currencies against the Pak Rupee, three techniques of regression analysis are applied. The result of regression on trended data portrayed that unbiased hypothesis does not hold in the exchange rate market owing to serial correlation and non-stationary time-series data. The regression analysis with de-trended data remarked exchange rate market of Pakistan is neither efficient nor speculative. The findings of regression analysis with orthogonality experiment explored incidence of bandwagon behavior in selected currencies. The results of this study suggested that concerned authorities should reinforce information dissemination procedure and regulate unofficial currency markets activities for maintaining the efficiency of foreign exchange market in Pakistan.
The Efficiency of Exchange Rate Market: A Case Study on Pakistan
doi:10.11648/j.ijefm.20150302.17
International Journal of Economics, Finance and Management Sciences
2015-03-18
© Science Publishing Group
Zobia Israr Ahmed
The Efficiency of Exchange Rate Market: A Case Study on Pakistan
3
2
137
137
2015-03-18
2015-03-18
10.11648/j.ijefm.20150302.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.17
© Science Publishing Group
Iraq's Economic Development Strategies: The Challenges and Requirements
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.18
Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.
Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.
Iraq's Economic Development Strategies: The Challenges and Requirements
doi:10.11648/j.ijefm.20150302.18
International Journal of Economics, Finance and Management Sciences
2015-03-19
© Science Publishing Group
Husam Yaseen Mohsin
Kezhong Zhang
Iraq's Economic Development Strategies: The Challenges and Requirements
3
2
147
147
2015-03-19
2015-03-19
10.11648/j.ijefm.20150302.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150302.18
© Science Publishing Group
Challenges in the Funding Model of State Universities of Sao Paulo
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.11
This article presents an evaluation of the funding model of state universities in the State of Sao Paulo in a context of growing demand for high quality higher education, the improvement of the position of these universities in international rankings and the growth pressures on the budget of the educational sector of the State of Sao Paulo. Since 1989, the State Universities in the State of Sao Paulo have their revenues linked to the collection of the Tax on the Circulation of Goods and Services – ICMS (acronym in Portuguese). However, the universities have a major weakness in their revenues links, as these are established each year by the Budget Guidelines Law of the State.
This article presents an evaluation of the funding model of state universities in the State of Sao Paulo in a context of growing demand for high quality higher education, the improvement of the position of these universities in international rankings and the growth pressures on the budget of the educational sector of the State of Sao Paulo. Since 1989, the State Universities in the State of Sao Paulo have their revenues linked to the collection of the Tax on the Circulation of Goods and Services – ICMS (acronym in Portuguese). However, the universities have a major weakness in their revenues links, as these are established each year by the Budget Guidelines Law of the State.
Challenges in the Funding Model of State Universities of Sao Paulo
doi:10.11648/j.ijefm.20150303.11
International Journal of Economics, Finance and Management Sciences
2015-04-15
© Science Publishing Group
Helio Nogueira da Cruz
Carlos Antonio Luque
Alberto Teixeira Protti
Challenges in the Funding Model of State Universities of Sao Paulo
3
3
155
155
2015-04-15
2015-04-15
10.11648/j.ijefm.20150303.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.11
© Science Publishing Group
The Impact of Internal Control and Risk Management on Banks in Palestine
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.12
The purpose of the study attempts to analyze the impact of internal control and risk management on banks in Palestine. The investigation helped in identifying the impacts of new banking reformations and rules on the risk assessment, identification, and mitigation in banks. It was also assessed that whether frauds and errors are reduced, different types of risk are controlled, duties are segregated and practices are aligned with international standards in banks due to reformed internal control procedures. A qualitative close-ended survey was carried out for collecting data from managers of 10 banks in Palestine. The responses of 22 statements were collected in five different categories. The findings showed that overall internal control and risk management systems in Palestine have positively affected the banks in terms of quantitative as well as qualitative performance.
The purpose of the study attempts to analyze the impact of internal control and risk management on banks in Palestine. The investigation helped in identifying the impacts of new banking reformations and rules on the risk assessment, identification, and mitigation in banks. It was also assessed that whether frauds and errors are reduced, different types of risk are controlled, duties are segregated and practices are aligned with international standards in banks due to reformed internal control procedures. A qualitative close-ended survey was carried out for collecting data from managers of 10 banks in Palestine. The responses of 22 statements were collected in five different categories. The findings showed that overall internal control and risk management systems in Palestine have positively affected the banks in terms of quantitative as well as qualitative performance.
The Impact of Internal Control and Risk Management on Banks in Palestine
doi:10.11648/j.ijefm.20150303.12
International Journal of Economics, Finance and Management Sciences
2015-04-15
© Science Publishing Group
Mohammed Bayyoud
Nermeen Ahmad Sayyad
The Impact of Internal Control and Risk Management on Banks in Palestine
3
3
161
161
2015-04-15
2015-04-15
10.11648/j.ijefm.20150303.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.12
© Science Publishing Group
Analysis on the Policy Effect of Replacing Business Tax with Added-Value Tax
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.13
In August 2013, the policy of replacing business tax with added-value tax (hereinafter referred to as VAT) was formally popularized to the whole national. It was an important measure of China comprehensively deepening the reform, readjusting the industrial structure and promoting the economic development. On the micro and macro aspects, the political effect of the policy of replacing business tax with VAT is analyzed in this paper from the time of trial implement to being carried out although the country. From the micro aspect, the analysis is based on the impact of the policy on the producers, consumers and the demand for labors. From the macro aspect, the analysis is based on the impact of the policy on the budget management system, industrial structure and fair income distribution. At the same time, the paper analyzes the problems, which appeared since the policy had been carried out for a year and gives some suggestions from the angles of actual operation and implementation. It could provide the beneficial reference to improve the policy of replacing business tax with VAT.
In August 2013, the policy of replacing business tax with added-value tax (hereinafter referred to as VAT) was formally popularized to the whole national. It was an important measure of China comprehensively deepening the reform, readjusting the industrial structure and promoting the economic development. On the micro and macro aspects, the political effect of the policy of replacing business tax with VAT is analyzed in this paper from the time of trial implement to being carried out although the country. From the micro aspect, the analysis is based on the impact of the policy on the producers, consumers and the demand for labors. From the macro aspect, the analysis is based on the impact of the policy on the budget management system, industrial structure and fair income distribution. At the same time, the paper analyzes the problems, which appeared since the policy had been carried out for a year and gives some suggestions from the angles of actual operation and implementation. It could provide the beneficial reference to improve the policy of replacing business tax with VAT.
Analysis on the Policy Effect of Replacing Business Tax with Added-Value Tax
doi:10.11648/j.ijefm.20150303.13
International Journal of Economics, Finance and Management Sciences
2015-04-17
© Science Publishing Group
Shaogang Liao
Ying Pan
Analysis on the Policy Effect of Replacing Business Tax with Added-Value Tax
3
3
171
171
2015-04-17
2015-04-17
10.11648/j.ijefm.20150303.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.13
© Science Publishing Group
The Comparison between Microcredit Finance and Community Development Finance to Alleviate the Extreme Poverty in Bangladesh: A Case Study of Shibalaya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.14
This paper explains the comparison between Microcredit Finance and Community Development Finance to alleviate the extreme poverty in Bangladesh. According to the theory, Microcredit is a small loan (microloan) to be provided to those who have less collateral, it supports entrepreneurship and alleviates poverty through empowering women and uplifting entire communities by extension. On the other hand, Community Development Finance (CDF) focuses on personal lending and business development efforts in local communities by individual person or institution. The study obtained the opinions of 50 families from Shibalaya Thana under Manikgonj district in Bangladesh through a survey on the impact of Microcredit Finance and Community Development Finance to alleviate their extreme poverty. To conduct this study, qualitative (expert interview, focus group discussion) and quantitative methods was used. The study is based on primary data collection through questionnaires and Statistical Package for Social Science (SPSS) was used to analyze the data. The study found that both of these mechanisms have a significant role to alleviate the poverty who could utilize the loan properly. However, these two mechanisms for alleviating poverty have some demerits as well. Finally, this study came up with some recommendation to get more benefit from these two mechanisms to alleviate poverty in Bangladesh. Nevertheless, the results of the study are constrained by the size of the sample, area and robustness of the analysis.
This paper explains the comparison between Microcredit Finance and Community Development Finance to alleviate the extreme poverty in Bangladesh. According to the theory, Microcredit is a small loan (microloan) to be provided to those who have less collateral, it supports entrepreneurship and alleviates poverty through empowering women and uplifting entire communities by extension. On the other hand, Community Development Finance (CDF) focuses on personal lending and business development efforts in local communities by individual person or institution. The study obtained the opinions of 50 families from Shibalaya Thana under Manikgonj district in Bangladesh through a survey on the impact of Microcredit Finance and Community Development Finance to alleviate their extreme poverty. To conduct this study, qualitative (expert interview, focus group discussion) and quantitative methods was used. The study is based on primary data collection through questionnaires and Statistical Package for Social Science (SPSS) was used to analyze the data. The study found that both of these mechanisms have a significant role to alleviate the poverty who could utilize the loan properly. However, these two mechanisms for alleviating poverty have some demerits as well. Finally, this study came up with some recommendation to get more benefit from these two mechanisms to alleviate poverty in Bangladesh. Nevertheless, the results of the study are constrained by the size of the sample, area and robustness of the analysis.
The Comparison between Microcredit Finance and Community Development Finance to Alleviate the Extreme Poverty in Bangladesh: A Case Study of Shibalaya
doi:10.11648/j.ijefm.20150303.14
International Journal of Economics, Finance and Management Sciences
2015-04-22
© Science Publishing Group
Idris Ali
Ashiqun Nabi
The Comparison between Microcredit Finance and Community Development Finance to Alleviate the Extreme Poverty in Bangladesh: A Case Study of Shibalaya
3
3
178
178
2015-04-22
2015-04-22
10.11648/j.ijefm.20150303.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.14
© Science Publishing Group
Impact of Macroeconomic Variables on Economic Development of Bangladesh Since Liberation War: An Empirical Study
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.15
The devastating economic situation after liberation war of Bangladesh in 1971 can again be transpired during the current as well as future democratic rulers as the state of the economic condition is currently facing possibly the most severe exigency since the macro-economic crisis of the late 1980s. The twin shocks emanating from the yawning fiscal deficit and deteriorating balance of payments have exposed the entrenched vulnerabilities of the Bangladesh economy, putting under threat the achievement of the 1990s. A large part of these stresses and strains are underpinned by the fundamental structural weaknesses which characterize the Bangladesh economy. But the pressures have been accentuated by a benign neglect in undertaking necessary reform measures to improve the competitiveness of the economy. Bangladesh is a developing country in the South Asia. Its illiterate and unskilled large population is a burden to the country. Agriculture is the main source of the income of the country. Government of the country is taking various steps to decrease poverty, but yet about one-third of people of Bangladesh are living below the national poverty line. More than half of the children of Bangladesh are underweight. The gross domestic product (GDP) is hovering around 6% for the last decade. Migrated labor and send remittances were on the increase. Conversely, inflation, government debt and GDP growth are nothing to write home about. Shortage of electricity and gas supplies, poor road network, bridges and ports, political unrest and natural calamities are major problems in national production and economic development. Debt burden of the government is increasing rapidly over time due to increase in the budget deficit. Both the internal and external debts of the government are increasing every year. Among the various obstacles, Bangladesh is advocating for poverty reduction by means of improving the quality of education and promoting gender equality. This has led to an achievement of reduction in child mortality and improvement in maternal health.
The devastating economic situation after liberation war of Bangladesh in 1971 can again be transpired during the current as well as future democratic rulers as the state of the economic condition is currently facing possibly the most severe exigency since the macro-economic crisis of the late 1980s. The twin shocks emanating from the yawning fiscal deficit and deteriorating balance of payments have exposed the entrenched vulnerabilities of the Bangladesh economy, putting under threat the achievement of the 1990s. A large part of these stresses and strains are underpinned by the fundamental structural weaknesses which characterize the Bangladesh economy. But the pressures have been accentuated by a benign neglect in undertaking necessary reform measures to improve the competitiveness of the economy. Bangladesh is a developing country in the South Asia. Its illiterate and unskilled large population is a burden to the country. Agriculture is the main source of the income of the country. Government of the country is taking various steps to decrease poverty, but yet about one-third of people of Bangladesh are living below the national poverty line. More than half of the children of Bangladesh are underweight. The gross domestic product (GDP) is hovering around 6% for the last decade. Migrated labor and send remittances were on the increase. Conversely, inflation, government debt and GDP growth are nothing to write home about. Shortage of electricity and gas supplies, poor road network, bridges and ports, political unrest and natural calamities are major problems in national production and economic development. Debt burden of the government is increasing rapidly over time due to increase in the budget deficit. Both the internal and external debts of the government are increasing every year. Among the various obstacles, Bangladesh is advocating for poverty reduction by means of improving the quality of education and promoting gender equality. This has led to an achievement of reduction in child mortality and improvement in maternal health.
Impact of Macroeconomic Variables on Economic Development of Bangladesh Since Liberation War: An Empirical Study
doi:10.11648/j.ijefm.20150303.15
International Journal of Economics, Finance and Management Sciences
2015-04-22
© Science Publishing Group
Raad Mozib Lalon
Nusrat Jahan
Impact of Macroeconomic Variables on Economic Development of Bangladesh Since Liberation War: An Empirical Study
3
3
193
193
2015-04-22
2015-04-22
10.11648/j.ijefm.20150303.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.15
© Science Publishing Group
Critical Analysis of the Factors Affecting the Dividend Payout: Evidence from Pakistan
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.17
The research was conducted to highlight the determinants of dividend payout and to analyse the effect of change in dividends over the future company growth in Pakistan. Firm size, liquidity, profitability, leverage, and earnings per share were used as independent variable while dividend payout ratio was taken as dependent variable. Prolonging this relationship further, dividend payout ratio was taken as independent variable and company growth as dependent variable to examine the impact of dividend payout ratio on future company growth. Descriptive statistics and pooled least square method were used. E-views was used to process the secondary data from 2003-2011 related to 38 selected companies from four different sectors. Results show that there is a significant relationship among liquidity, earning per share, leverage, firm size and dividend payout ratio in all four selected sectors: Oil, Cement, Energy, and Sugar. It is also found that there is significant relationship between dividend payout ratio and future company growth.
The research was conducted to highlight the determinants of dividend payout and to analyse the effect of change in dividends over the future company growth in Pakistan. Firm size, liquidity, profitability, leverage, and earnings per share were used as independent variable while dividend payout ratio was taken as dependent variable. Prolonging this relationship further, dividend payout ratio was taken as independent variable and company growth as dependent variable to examine the impact of dividend payout ratio on future company growth. Descriptive statistics and pooled least square method were used. E-views was used to process the secondary data from 2003-2011 related to 38 selected companies from four different sectors. Results show that there is a significant relationship among liquidity, earning per share, leverage, firm size and dividend payout ratio in all four selected sectors: Oil, Cement, Energy, and Sugar. It is also found that there is significant relationship between dividend payout ratio and future company growth.
Critical Analysis of the Factors Affecting the Dividend Payout: Evidence from Pakistan
doi:10.11648/j.ijefm.20150303.17
International Journal of Economics, Finance and Management Sciences
2015-04-28
© Science Publishing Group
Saghir Ahmed
Hasan Murtaza
Critical Analysis of the Factors Affecting the Dividend Payout: Evidence from Pakistan
3
3
212
212
2015-04-28
2015-04-28
10.11648/j.ijefm.20150303.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.17
© Science Publishing Group
An Assessment of the Quality of Services of Kenya Power (KP) Ltd in Restoring Supply After Unplanned Interruptions Using Statistical Quality Control
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.16
The purpose of this study was to apply statistical quality control (SQC) techniques and tools to assess the customer’s experience of quality as offered by Kenya Power Ltd. It also seeks to determine whether or not the services of the company were in statistical control. The study was designed as a descriptive survey. The population consisted of 65,830 customers within Nakuru town and its environs from which four hundred customers were sampled. The sample population was stratified so that 286 were domestic consumers while the remaining 114 were non-domestic consumers. Stratified random sampling was used. The collected data was coded and summarized in the form of tables and entered into the SPSS program. Customers’ experiences were obtained and used to draw control charts, which were analyzed. It was found that the customers’ experience of service as regards the restoration of supply after unplanned interruptions was not in statistical control for both domestic and non-domestic consumers. These results are an indictment of the qualities of service of Kenya Power. The implication for the managers of service processes at Kenya Power is that they must ensure optimal service quality in the firm. In particular, urgent steps must be taken to identify the root cause or causes of special variation that result in service invariability and instability. We strongly advocate for the intensified use of statistical quality control tools in the utility services sector and particularly at Kenya Power, as a means of monitoring the production and service quality, and enabling the firm to take timely and appropriate action to correct undesirable deviation in production quality.
The purpose of this study was to apply statistical quality control (SQC) techniques and tools to assess the customer’s experience of quality as offered by Kenya Power Ltd. It also seeks to determine whether or not the services of the company were in statistical control. The study was designed as a descriptive survey. The population consisted of 65,830 customers within Nakuru town and its environs from which four hundred customers were sampled. The sample population was stratified so that 286 were domestic consumers while the remaining 114 were non-domestic consumers. Stratified random sampling was used. The collected data was coded and summarized in the form of tables and entered into the SPSS program. Customers’ experiences were obtained and used to draw control charts, which were analyzed. It was found that the customers’ experience of service as regards the restoration of supply after unplanned interruptions was not in statistical control for both domestic and non-domestic consumers. These results are an indictment of the qualities of service of Kenya Power. The implication for the managers of service processes at Kenya Power is that they must ensure optimal service quality in the firm. In particular, urgent steps must be taken to identify the root cause or causes of special variation that result in service invariability and instability. We strongly advocate for the intensified use of statistical quality control tools in the utility services sector and particularly at Kenya Power, as a means of monitoring the production and service quality, and enabling the firm to take timely and appropriate action to correct undesirable deviation in production quality.
An Assessment of the Quality of Services of Kenya Power (KP) Ltd in Restoring Supply After Unplanned Interruptions Using Statistical Quality Control
doi:10.11648/j.ijefm.20150303.16
International Journal of Economics, Finance and Management Sciences
2015-04-24
© Science Publishing Group
George Yogo Odongo
Christopher Ngacho
An Assessment of the Quality of Services of Kenya Power (KP) Ltd in Restoring Supply After Unplanned Interruptions Using Statistical Quality Control
3
3
203
203
2015-04-24
2015-04-24
10.11648/j.ijefm.20150303.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.16
© Science Publishing Group
Effects of Gender Biasness on Child Immunization in Pakistan
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.19
The study aimed to see the gender biasness in child immunization in Pakistan. Cross sectional data were taken from the DHS (Demographic and Health Survey) of Pakistan from year 2005-2006. Study has been done in department of economics Govt. College University Faisalabad from July 2013 – November 2013. Multilogistic model was applied to see the effects of gender biasness. Mother’s age at first birth, gender of household head, gender of child, birth order was taken as independent variables. Child immunization was used as the dependent variable. It is concluded that the young mothers immunize their children more than the old mothers. Female child had less probability to get immunized than the male children. Male heads were less conscious to immunize their children than the female heads.It was recommended that the male and female should be treated equally. It was also suggested that the heads of family should be male.
The study aimed to see the gender biasness in child immunization in Pakistan. Cross sectional data were taken from the DHS (Demographic and Health Survey) of Pakistan from year 2005-2006. Study has been done in department of economics Govt. College University Faisalabad from July 2013 – November 2013. Multilogistic model was applied to see the effects of gender biasness. Mother’s age at first birth, gender of household head, gender of child, birth order was taken as independent variables. Child immunization was used as the dependent variable. It is concluded that the young mothers immunize their children more than the old mothers. Female child had less probability to get immunized than the male children. Male heads were less conscious to immunize their children than the female heads.It was recommended that the male and female should be treated equally. It was also suggested that the heads of family should be male.
Effects of Gender Biasness on Child Immunization in Pakistan
doi:10.11648/j.ijefm.20150303.19
International Journal of Economics, Finance and Management Sciences
2015-05-06
© Science Publishing Group
Samra Subhani
Sofia Anwar
Masood Ahmad Khan
Ghulam Jeelani
G. M. Subhani
Effects of Gender Biasness on Child Immunization in Pakistan
3
3
234
234
2015-05-06
2015-05-06
10.11648/j.ijefm.20150303.19
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.19
© Science Publishing Group
Determinants of Effective Monitoring and Evaluation System of Public Health Programs: A Case Study of School-Based Hand Washing Program in Kwale County, Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.20
The main objective of the study was to identify determinants of effective monitoring and evaluation of public health programs, a case study of School based hand washing project in Kwale County which is implemented by Ministry of Health, Ministry of Education and other partners. Monitoring and evaluation is an essential and critical undertaking in any project or program. It assists the management to learn about their own activities and results, to support internal planning and development and accountability to their stakeholders. Organisations/programs need evidence of their efficiency and effectiveness for funders, commissioners and investors or generally all the stakeholders. Monitoring and evaluation is critical to public health programs locally and globally, as donors, governments, and other relevant stakeholders must validate their investments and improve program performance. Globally evaluation and repeated monitoring of a range of indicators reflecting hand hygiene infrastructures and practices is a vital component of any successful hand hygiene campaign. The data for the study was collected using descriptive research design where questionnaires were administered to team leaders, supervisors and other personnel who were involved in implementing the project to demonstrate associations or relationships between the variables. Statistical Package for Social Sciences (SPSS) version 16.0 was used to analyze the data, descriptive statistics was used for data presentation. The study concluded that project human resource plays a vital role in monitoring and evaluation of public health programs and the project team should be composed of specialized staffs that are properly trained to conduct monitoring and evaluation. According to the study, key informants were aware and knowledgeable of hand washing project in Kwale County. For monitoring and evaluation systems to be functional properly, advocacy strategies need to be developed and supported within the organization. Also a culture to support monitoring and evaluation should be developed within the organization. The study made some recommendations which included involvement of all the stakeholders in School based hand washing project as this will assist in strengthening monitoring and evaluation unit, advocacy strategies on School based hand washing project in Kwale County needed some improvement.
The main objective of the study was to identify determinants of effective monitoring and evaluation of public health programs, a case study of School based hand washing project in Kwale County which is implemented by Ministry of Health, Ministry of Education and other partners. Monitoring and evaluation is an essential and critical undertaking in any project or program. It assists the management to learn about their own activities and results, to support internal planning and development and accountability to their stakeholders. Organisations/programs need evidence of their efficiency and effectiveness for funders, commissioners and investors or generally all the stakeholders. Monitoring and evaluation is critical to public health programs locally and globally, as donors, governments, and other relevant stakeholders must validate their investments and improve program performance. Globally evaluation and repeated monitoring of a range of indicators reflecting hand hygiene infrastructures and practices is a vital component of any successful hand hygiene campaign. The data for the study was collected using descriptive research design where questionnaires were administered to team leaders, supervisors and other personnel who were involved in implementing the project to demonstrate associations or relationships between the variables. Statistical Package for Social Sciences (SPSS) version 16.0 was used to analyze the data, descriptive statistics was used for data presentation. The study concluded that project human resource plays a vital role in monitoring and evaluation of public health programs and the project team should be composed of specialized staffs that are properly trained to conduct monitoring and evaluation. According to the study, key informants were aware and knowledgeable of hand washing project in Kwale County. For monitoring and evaluation systems to be functional properly, advocacy strategies need to be developed and supported within the organization. Also a culture to support monitoring and evaluation should be developed within the organization. The study made some recommendations which included involvement of all the stakeholders in School based hand washing project as this will assist in strengthening monitoring and evaluation unit, advocacy strategies on School based hand washing project in Kwale County needed some improvement.
Determinants of Effective Monitoring and Evaluation System of Public Health Programs: A Case Study of School-Based Hand Washing Program in Kwale County, Kenya
doi:10.11648/j.ijefm.20150303.20
International Journal of Economics, Finance and Management Sciences
2015-05-19
© Science Publishing Group
Lamech Otieno Okello
Fred Mugambi
Determinants of Effective Monitoring and Evaluation System of Public Health Programs: A Case Study of School-Based Hand Washing Program in Kwale County, Kenya
3
3
251
251
2015-05-19
2015-05-19
10.11648/j.ijefm.20150303.20
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.20
© Science Publishing Group
An Empirical Analysis of Population Growth on Economic Development: The Case Study of Bangladesh
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.21
The population growth has a vital impact on economic development. There are two instructs of thought regarding this issue. Some researchers maintain that population has a negative impact on economic development while others are convinced that the effects are positive. Bangladesh’s population increased 430 percent over the year1950-2012. Multivariate analyses of 1981 to 2014 data from the Bangladesh Economic Survey and from the International Financial Statistics yearbooks found significant and negative relationship between population growth and measures of economic advancement. These results demonstrate that rapid population growth is a real problem in Bangladesh because it contributes to lower investment growth and diminishes the savings rate. Today foreign investment and export promotion have only a small impact on Bangladesh’s economic growth. Owing to its rapid population growth, Bangladesh has among the world’s highest dependency ratios. Policy makers can address these serious economic consequences of rapid population growth by investing in family planning services. Development of independent media and liberal education in educational institutions will in time also help by encouraging a smaller family size ideal.
The population growth has a vital impact on economic development. There are two instructs of thought regarding this issue. Some researchers maintain that population has a negative impact on economic development while others are convinced that the effects are positive. Bangladesh’s population increased 430 percent over the year1950-2012. Multivariate analyses of 1981 to 2014 data from the Bangladesh Economic Survey and from the International Financial Statistics yearbooks found significant and negative relationship between population growth and measures of economic advancement. These results demonstrate that rapid population growth is a real problem in Bangladesh because it contributes to lower investment growth and diminishes the savings rate. Today foreign investment and export promotion have only a small impact on Bangladesh’s economic growth. Owing to its rapid population growth, Bangladesh has among the world’s highest dependency ratios. Policy makers can address these serious economic consequences of rapid population growth by investing in family planning services. Development of independent media and liberal education in educational institutions will in time also help by encouraging a smaller family size ideal.
An Empirical Analysis of Population Growth on Economic Development: The Case Study of Bangladesh
doi:10.11648/j.ijefm.20150303.21
International Journal of Economics, Finance and Management Sciences
2015-05-21
© Science Publishing Group
Shahjahan Ali
Khandaker Jahangir Alam
Shafiul Islam
Morshed Hossain
An Empirical Analysis of Population Growth on Economic Development: The Case Study of Bangladesh
3
3
259
259
2015-05-21
2015-05-21
10.11648/j.ijefm.20150303.21
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.21
© Science Publishing Group
Influence of Enviromental Factors on Financing of Public Irrigation Projects in Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.22
Project finance (PF) is a relatively new concept in developing countries as opposed to developed countries. PF has been used in development of Infrastructure in Energy sector (oil and gas, mining, electricity generation), water sector, telecommunication, roads and highway, railway, Irrigation and public services. Different scholars and experts have worked on development on infrastructure projects in different sectors using PF concept, even though the PF concept has been used few studies have been done on Irrigation sector. The purpose of this paper is to analyze Influence of environmental factors on financing of irrigation projects; by critically looking at its use in other sectors in comparison to irrigation sector. In examining these aspects, an attempt is made to achieve four main objectives: to determine Key Commercial Risks involved, analyze Main contractual forms of PPPs in Irrigation, to determine Key Legal issues involved and to generate proposition for future empirical studies.
Project finance (PF) is a relatively new concept in developing countries as opposed to developed countries. PF has been used in development of Infrastructure in Energy sector (oil and gas, mining, electricity generation), water sector, telecommunication, roads and highway, railway, Irrigation and public services. Different scholars and experts have worked on development on infrastructure projects in different sectors using PF concept, even though the PF concept has been used few studies have been done on Irrigation sector. The purpose of this paper is to analyze Influence of environmental factors on financing of irrigation projects; by critically looking at its use in other sectors in comparison to irrigation sector. In examining these aspects, an attempt is made to achieve four main objectives: to determine Key Commercial Risks involved, analyze Main contractual forms of PPPs in Irrigation, to determine Key Legal issues involved and to generate proposition for future empirical studies.
Influence of Enviromental Factors on Financing of Public Irrigation Projects in Kenya
doi:10.11648/j.ijefm.20150303.22
International Journal of Economics, Finance and Management Sciences
2015-05-21
© Science Publishing Group
Quinter Omware Owawa
Alice Emily Osoro
Influence of Enviromental Factors on Financing of Public Irrigation Projects in Kenya
3
3
269
269
2015-05-21
2015-05-21
10.11648/j.ijefm.20150303.22
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.22
© Science Publishing Group
The J-Curve Effect on the Trade Balance in Armenia
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.23
Over the past years the Armenian Dram has appreciated against their major trading partners’ currencies. Such appreciation has received mixed reactions. Some economists argue that the depreciation of currencies is a good stimulant for export growth, while others argue that the net benefits of depreciation cannot outweigh its ills on the economy. The purpose of this paper is to investigate the effects of depreciation on the trade balance of Armenia using vector error correction model (VECM) and to trace the response of the trade balance to the shocks in the exchange rate using Impulse response function. This study finds evidence of the J-curve on the Armenian trade balance and the existence of a long-run equilibrium relationship among the variables. This suggests that following a real depreciation the trade balance will initially deteriorate, but will improve in the long run.
Over the past years the Armenian Dram has appreciated against their major trading partners’ currencies. Such appreciation has received mixed reactions. Some economists argue that the depreciation of currencies is a good stimulant for export growth, while others argue that the net benefits of depreciation cannot outweigh its ills on the economy. The purpose of this paper is to investigate the effects of depreciation on the trade balance of Armenia using vector error correction model (VECM) and to trace the response of the trade balance to the shocks in the exchange rate using Impulse response function. This study finds evidence of the J-curve on the Armenian trade balance and the existence of a long-run equilibrium relationship among the variables. This suggests that following a real depreciation the trade balance will initially deteriorate, but will improve in the long run.
The J-Curve Effect on the Trade Balance in Armenia
doi:10.11648/j.ijefm.20150303.23
International Journal of Economics, Finance and Management Sciences
2015-05-23
© Science Publishing Group
Gevorg Grigoryan
The J-Curve Effect on the Trade Balance in Armenia
3
3
278
278
2015-05-23
2015-05-23
10.11648/j.ijefm.20150303.23
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.23
© Science Publishing Group
Determinants of Liquidation of Government Securities Held by Banks in Uganda
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.25
This study analyzed the determinants of bank liquidation of government securities using panel logistic regression. The analysis showed that the liquidation of government securities by banks was motivated by reserve needs although some evidence of reluctance to borrow from the Central Bank was also noted. The main policy implications of the study include the need to minimize liquidity shortages in the interbank market and development of the secondary market as measures that can minimize liquidation of securities.
This study analyzed the determinants of bank liquidation of government securities using panel logistic regression. The analysis showed that the liquidation of government securities by banks was motivated by reserve needs although some evidence of reluctance to borrow from the Central Bank was also noted. The main policy implications of the study include the need to minimize liquidity shortages in the interbank market and development of the secondary market as measures that can minimize liquidation of securities.
Determinants of Liquidation of Government Securities Held by Banks in Uganda
doi:10.11648/j.ijefm.20150303.25
International Journal of Economics, Finance and Management Sciences
2015-05-27
© Science Publishing Group
Kenneth Alpha Egesa
Bruno Max Ocaya
Leonard Kiboijana Atuhaire
Yeko Mwanga
Tom Nyanzi Makumbi
Xavier Mugisha
Determinants of Liquidation of Government Securities Held by Banks in Uganda
3
3
293
293
2015-05-27
2015-05-27
10.11648/j.ijefm.20150303.25
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.25
© Science Publishing Group
Determinants of Investment in Government Securities by Banks in Uganda
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.26
This study analyzed the determinants of investments in securities by banks using the generalized method of moments regression technique. The results showed significant effects of continuous partial adjustments in the government securities held, capitalization, loan performance and bank size. To ensure continued demand for Government securities, regulatory measures aimed at safeguarding capital adequacy and promoting competition in the banking sector are recommended.
This study analyzed the determinants of investments in securities by banks using the generalized method of moments regression technique. The results showed significant effects of continuous partial adjustments in the government securities held, capitalization, loan performance and bank size. To ensure continued demand for Government securities, regulatory measures aimed at safeguarding capital adequacy and promoting competition in the banking sector are recommended.
Determinants of Investment in Government Securities by Banks in Uganda
doi:10.11648/j.ijefm.20150303.26
International Journal of Economics, Finance and Management Sciences
2015-05-28
© Science Publishing Group
Kenneth Alpha Egesa
Bruno Max Ocaya
Leonard Kiboijana Atuhaire
Yeko Mwanga
Tom Nyanzi Makumbi
Xavier Mugisha
Determinants of Investment in Government Securities by Banks in Uganda
3
3
302
302
2015-05-28
2015-05-28
10.11648/j.ijefm.20150303.26
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.26
© Science Publishing Group
Effect of Automation of Bond Trading on Bond Market Performance: The Case of Nairobi Securities Exchange
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.24
The aim of this study was to investigate the effect of automation of bond trading on the performance of bond market at Nairobi Securities Exchange (NSE). Specifically the study sought to determine the effect of automated bond trading on trading volumes and to determine the effect of automated bond trading on market size. The study adopted a comparative research design and the population of the study comprised of all firms trading on the bond market at the NSE from 2005 to 2012. The data for the study was collected four years before automation and four years after automation. Market capitalization ratio and the number of bonds traded were used to determine pre and post-automation bond market performance. Paired t-test was used to determine whether there was a statistically significant difference between the pre and post automation period. The results of the study indicated that bond trading automation has a positive and a significant effect on the performance of the bond market.
The aim of this study was to investigate the effect of automation of bond trading on the performance of bond market at Nairobi Securities Exchange (NSE). Specifically the study sought to determine the effect of automated bond trading on trading volumes and to determine the effect of automated bond trading on market size. The study adopted a comparative research design and the population of the study comprised of all firms trading on the bond market at the NSE from 2005 to 2012. The data for the study was collected four years before automation and four years after automation. Market capitalization ratio and the number of bonds traded were used to determine pre and post-automation bond market performance. Paired t-test was used to determine whether there was a statistically significant difference between the pre and post automation period. The results of the study indicated that bond trading automation has a positive and a significant effect on the performance of the bond market.
Effect of Automation of Bond Trading on Bond Market Performance: The Case of Nairobi Securities Exchange
doi:10.11648/j.ijefm.20150303.24
International Journal of Economics, Finance and Management Sciences
2015-05-26
© Science Publishing Group
Stephen Mbaya Kimwele
Mary Bosire
Monica Muiru
Simon Kamau
Effect of Automation of Bond Trading on Bond Market Performance: The Case of Nairobi Securities Exchange
3
3
284
284
2015-05-26
2015-05-26
10.11648/j.ijefm.20150303.24
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.24
© Science Publishing Group
Factors Affecting Effectiveness of E-Procurement in Business Organizations, a Survey of Safaricom Dealers in Nakuru CBD-Kenya
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.27
The study focused on establishing factors affecting effectiveness of e-procurement in business organizations. It was carried out among Safaricom dealers in Nakuru Central Business District (CBD). The specific objectives that guided the study were: to find out how e-security affects effectiveness of e-procurement among Safaricom dealers in Nakuru CBD; to determine the extent to which quality of software systems affect the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD; to find out how staff training affects the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD; and to determine how subcontracting affects the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD. The findings of the study will be of great importance to Safaricom dealers as well as other business organizations for they will get to know the factors affecting the effectiveness of e-procurement in their organizations and thereby come up with measures to enhance the effectiveness of e-procurement process as a whole. A survey research design was adopted for the study where 31 procurement personnel working in Safaricom dealer shops in Nakuru CBD formed the target population for the study. A census technique was used where all 31 respondents were included for the study. A questionnaire was used as the data collection instrument and contained closed ended questions. Data analysis was done using descriptive statistics such as frequencies and percentages, while presentation of the results was in the form of tables, charts and graphs which facilitated clear interpretation of results and drawing of conclusion. The findings revealed that e-security affected the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD to a large extent. The quality of software that was being used by Safaricom dealers was found to affect the effectiveness of e-procurement to a large extent. Training sessions were offered to employees of Safaricom dealers often and the level at which training was found to affect the effectiveness of e-procurement was to a large extent. Also established was that subcontracting affected the effectiveness of e-procurement to a very large extent. Based on these findings, the researcher recommended that regular software updates should be done and firewalls installed as e-security measures to forbid outside threats such as hackers and viruses from gaining access to the system and thereby safeguarding data being transacted. The researcher suggested that further research should be conducted to determine the challenges faced in the implementation of information technology in the procurement process.
The study focused on establishing factors affecting effectiveness of e-procurement in business organizations. It was carried out among Safaricom dealers in Nakuru Central Business District (CBD). The specific objectives that guided the study were: to find out how e-security affects effectiveness of e-procurement among Safaricom dealers in Nakuru CBD; to determine the extent to which quality of software systems affect the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD; to find out how staff training affects the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD; and to determine how subcontracting affects the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD. The findings of the study will be of great importance to Safaricom dealers as well as other business organizations for they will get to know the factors affecting the effectiveness of e-procurement in their organizations and thereby come up with measures to enhance the effectiveness of e-procurement process as a whole. A survey research design was adopted for the study where 31 procurement personnel working in Safaricom dealer shops in Nakuru CBD formed the target population for the study. A census technique was used where all 31 respondents were included for the study. A questionnaire was used as the data collection instrument and contained closed ended questions. Data analysis was done using descriptive statistics such as frequencies and percentages, while presentation of the results was in the form of tables, charts and graphs which facilitated clear interpretation of results and drawing of conclusion. The findings revealed that e-security affected the effectiveness of e-procurement among Safaricom dealers in Nakuru CBD to a large extent. The quality of software that was being used by Safaricom dealers was found to affect the effectiveness of e-procurement to a large extent. Training sessions were offered to employees of Safaricom dealers often and the level at which training was found to affect the effectiveness of e-procurement was to a large extent. Also established was that subcontracting affected the effectiveness of e-procurement to a very large extent. Based on these findings, the researcher recommended that regular software updates should be done and firewalls installed as e-security measures to forbid outside threats such as hackers and viruses from gaining access to the system and thereby safeguarding data being transacted. The researcher suggested that further research should be conducted to determine the challenges faced in the implementation of information technology in the procurement process.
Factors Affecting Effectiveness of E-Procurement in Business Organizations, a Survey of Safaricom Dealers in Nakuru CBD-Kenya
doi:10.11648/j.ijefm.20150303.27
International Journal of Economics, Finance and Management Sciences
2015-06-02
© Science Publishing Group
Eunice Waruguru
Sophia Nduta Kiruri
Factors Affecting Effectiveness of E-Procurement in Business Organizations, a Survey of Safaricom Dealers in Nakuru CBD-Kenya
3
3
310
310
2015-06-02
2015-06-02
10.11648/j.ijefm.20150303.27
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.27
© Science Publishing Group
Time Management of Slovak Managers
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.28
The following article deals with the problem of time management in the life of the manager. Time is very valuable commodity and lot of managers feel that they do not have enough time to do their jobs to their full potential. The use of time must be explicitly managed, just like money. The goal of our research was the examination of the efficient use of the main principles of time management in the life of the manager. Research was done among 253 managers from different companies operating in Slovakia. The theoretical part of this article is concerned mainly with concepts such as the generations of time management, the relation between satisfaction and performance, satisfaction as the goal of the fourth generation of time management. The result of the research of the given problem is a collection of practical recommendations for efficient time management.
The following article deals with the problem of time management in the life of the manager. Time is very valuable commodity and lot of managers feel that they do not have enough time to do their jobs to their full potential. The use of time must be explicitly managed, just like money. The goal of our research was the examination of the efficient use of the main principles of time management in the life of the manager. Research was done among 253 managers from different companies operating in Slovakia. The theoretical part of this article is concerned mainly with concepts such as the generations of time management, the relation between satisfaction and performance, satisfaction as the goal of the fourth generation of time management. The result of the research of the given problem is a collection of practical recommendations for efficient time management.
Time Management of Slovak Managers
doi:10.11648/j.ijefm.20150303.28
International Journal of Economics, Finance and Management Sciences
2015-06-05
© Science Publishing Group
Elena Thomasova
Zuzana Skorkova
Time Management of Slovak Managers
3
3
318
318
2015-06-05
2015-06-05
10.11648/j.ijefm.20150303.28
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.28
© Science Publishing Group
An Assessment of Leadership Styles and Employee Performance in Small and Medium Enterprises in Yola, Adamawa State, Nigeria
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.29
Background: SMEs are generally regarded as an important engine driving the growth of many economies as well as providing opportunities for job creation and rural development, which accounts for 10 % of the total manufacturing output and 70% of employment in Nigeria. In view of the importance of SMEs, a sector that has the potential for solving Nigeria’s unemployment and poverty problems, it is important to understand and critically examine the factor(s) impeding its growth to be able to proffer solutions that would identify the strengths and weaknesses, analyze and assess problems in the SMEs and provide information on the effects leadership has on employee job performance. Some of the advantages claimed for SMEs include encouragement of entrepreneurship, greater likelihood for SMEs to utilize labour intensive technologies positively impact on employment generation. As argued by some researchers, the actual influence of leaders on organizational outcomes is overrated and romanticized as a result of biased attributions about leaders. Study Design: This quantitative cross-sectional study in the form of survey, administered questionnaire to randomly selected participants. The sample size for the quantitative component was 100 comprising of 21 management staff and 79 employees from the five selected SME firms in Yola, Adamawa State. In-depth interview involving 12 personnel (4 management staff and 8 employees) was also used. Results: Results were presented using both descriptive and inferential statistics. It was evident that the predominant type of leadership in the enterprises studied is participative democracy, and that leadership styles have effect on the performance of employee. This was supported by the fact that results of the computed Chi square test (24.55 and 17.39) for the first and second hypotheses (at P≤0.05, df = 95) are greater than the tabulated (0.078 and 0.136) (at P≤0.05, df = 95). Conclusion: This research was able to show that leadership styles have effect on the employee performance and also the leadership style in use is participative democracy.
Background: SMEs are generally regarded as an important engine driving the growth of many economies as well as providing opportunities for job creation and rural development, which accounts for 10 % of the total manufacturing output and 70% of employment in Nigeria. In view of the importance of SMEs, a sector that has the potential for solving Nigeria’s unemployment and poverty problems, it is important to understand and critically examine the factor(s) impeding its growth to be able to proffer solutions that would identify the strengths and weaknesses, analyze and assess problems in the SMEs and provide information on the effects leadership has on employee job performance. Some of the advantages claimed for SMEs include encouragement of entrepreneurship, greater likelihood for SMEs to utilize labour intensive technologies positively impact on employment generation. As argued by some researchers, the actual influence of leaders on organizational outcomes is overrated and romanticized as a result of biased attributions about leaders. Study Design: This quantitative cross-sectional study in the form of survey, administered questionnaire to randomly selected participants. The sample size for the quantitative component was 100 comprising of 21 management staff and 79 employees from the five selected SME firms in Yola, Adamawa State. In-depth interview involving 12 personnel (4 management staff and 8 employees) was also used. Results: Results were presented using both descriptive and inferential statistics. It was evident that the predominant type of leadership in the enterprises studied is participative democracy, and that leadership styles have effect on the performance of employee. This was supported by the fact that results of the computed Chi square test (24.55 and 17.39) for the first and second hypotheses (at P≤0.05, df = 95) are greater than the tabulated (0.078 and 0.136) (at P≤0.05, df = 95). Conclusion: This research was able to show that leadership styles have effect on the employee performance and also the leadership style in use is participative democracy.
An Assessment of Leadership Styles and Employee Performance in Small and Medium Enterprises in Yola, Adamawa State, Nigeria
doi:10.11648/j.ijefm.20150303.29
International Journal of Economics, Finance and Management Sciences
2015-06-06
© Science Publishing Group
Fadimatu Jalal-Eddeen
An Assessment of Leadership Styles and Employee Performance in Small and Medium Enterprises in Yola, Adamawa State, Nigeria
3
3
324
324
2015-06-06
2015-06-06
10.11648/j.ijefm.20150303.29
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.29
© Science Publishing Group
Determinants of Financial Independence in Developing Countries (A Case Study of Kenya)
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.30
The main objective of this study was to examine the determinants of financial independence in developing countries, with focus on Kenya. Two theories were looked into, the Dependency Theory and the Classical Dependency Theory. The research was based on fourteen departments in the Kenyan government. The three variables examined in this study include corruption, financial planning and balance of payment. The researcher measured to what extent each of the three variables affected financial dependency of a country. Secondary data from Transparency International, IMF reports, World Bank reports, Government reports by the auditor general, Vision 2030 reports, Kenya Economic Reports and other reports and journals was used. This data was analyzed using SPSS. This research established that there is a relationship between financial independence and financial planning as well as balance of payment. There was a positive correlation between financial planning and financial dependence and balance of payment and financial dependence. The researcher recommended that the government adopts better financial planning strategies such as reduction of recurrent expenditure and tightening the noose on revenue collection methods used as well as to improve on the amount of exports by expanding the range of products produced by the by the country for export.
The main objective of this study was to examine the determinants of financial independence in developing countries, with focus on Kenya. Two theories were looked into, the Dependency Theory and the Classical Dependency Theory. The research was based on fourteen departments in the Kenyan government. The three variables examined in this study include corruption, financial planning and balance of payment. The researcher measured to what extent each of the three variables affected financial dependency of a country. Secondary data from Transparency International, IMF reports, World Bank reports, Government reports by the auditor general, Vision 2030 reports, Kenya Economic Reports and other reports and journals was used. This data was analyzed using SPSS. This research established that there is a relationship between financial independence and financial planning as well as balance of payment. There was a positive correlation between financial planning and financial dependence and balance of payment and financial dependence. The researcher recommended that the government adopts better financial planning strategies such as reduction of recurrent expenditure and tightening the noose on revenue collection methods used as well as to improve on the amount of exports by expanding the range of products produced by the by the country for export.
Determinants of Financial Independence in Developing Countries (A Case Study of Kenya)
doi:10.11648/j.ijefm.20150303.30
International Journal of Economics, Finance and Management Sciences
2015-06-12
© Science Publishing Group
Dennis Muturi Muthara
Jane Ndirangu-Muiruri
William Kazungu Kingi
Determinants of Financial Independence in Developing Countries (A Case Study of Kenya)
3
3
329
329
2015-06-12
2015-06-12
10.11648/j.ijefm.20150303.30
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.30
© Science Publishing Group
Stock Markets Linkages Before, During and After Subprimes Crisis: Bivariate BEKK GARCH (1, 1) and DCC Models
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.18
The purpose of this paper is to apply the Bivariate BEKK- GARCH (1, 1) and DCC- GARCH models in evaluating volatility spillovers and dynamic conditional correlation between stock indices. In this paper, the causal relation between stock markets (Nasdaq and each of these indices: Cac 40, Dax 30, Ftse 100, Global Dow Hangseng, Nikkei 225, Russell 2000, Shanghai, S&P 500 and Stoxx 600) is examined through applying Granger Causality test. The sample period started from January, 5th 2001 to September, 17th 2014. The whole sample period was divided into three sub-periods: Pre-crisis, global financial crisis and Post-crisis. Overall results proved unilateral and bilateral relationship between the variables. DCC model’s coefficients prove significant interdependence for all indices except Hangseng, Shanghai and S&P500.
The purpose of this paper is to apply the Bivariate BEKK- GARCH (1, 1) and DCC- GARCH models in evaluating volatility spillovers and dynamic conditional correlation between stock indices. In this paper, the causal relation between stock markets (Nasdaq and each of these indices: Cac 40, Dax 30, Ftse 100, Global Dow Hangseng, Nikkei 225, Russell 2000, Shanghai, S&P 500 and Stoxx 600) is examined through applying Granger Causality test. The sample period started from January, 5th 2001 to September, 17th 2014. The whole sample period was divided into three sub-periods: Pre-crisis, global financial crisis and Post-crisis. Overall results proved unilateral and bilateral relationship between the variables. DCC model’s coefficients prove significant interdependence for all indices except Hangseng, Shanghai and S&P500.
Stock Markets Linkages Before, During and After Subprimes Crisis: Bivariate BEKK GARCH (1, 1) and DCC Models
doi:10.11648/j.ijefm.20150303.18
International Journal of Economics, Finance and Management Sciences
2015-05-06
© Science Publishing Group
Samar Zlitni Abdelkefi
Walid Khoufi
Stock Markets Linkages Before, During and After Subprimes Crisis: Bivariate BEKK GARCH (1, 1) and DCC Models
3
3
230
230
2015-05-06
2015-05-06
10.11648/j.ijefm.20150303.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150303.18
© Science Publishing Group
An Economic Analysis of Apiculture Practices in Zambia
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.11
The study was conducted to investigate the cost of production, net income and creation of employment in apiculture practices in the Central Province of Zambia. The study aims to find out the type of technology used in honey production, cost of honey production, price of honey, net income and income to investment ratio. Further, it aims to know the employment creation potential, employment to investment ratio and income to employment ratio in apiculture practices. The study revealed that the effect of apiculture practices on net income and employment was positive. The imputed value of family labor was higher in total cost of production and the price of honey sold was the only source of revenue. The income to investment ratio was higher and the cost-output ratio was lower. The employment to investment ratio and the income to employment ratio were higher. The study found several challenges to apiculture practices. These include lack of appropriate beekeeping skills, financial and infrastructure constraints. The study suggested for establishing bee farmers’ co-operative associations for access to loan, marketing, training the beekeeping farmers in using modern techniques of honey production and get inputs from the government and non-government organizations. The study also suggested for the establishment of an accredited certifying institute for national honey standard to sell at premium price within the country and to export.
The study was conducted to investigate the cost of production, net income and creation of employment in apiculture practices in the Central Province of Zambia. The study aims to find out the type of technology used in honey production, cost of honey production, price of honey, net income and income to investment ratio. Further, it aims to know the employment creation potential, employment to investment ratio and income to employment ratio in apiculture practices. The study revealed that the effect of apiculture practices on net income and employment was positive. The imputed value of family labor was higher in total cost of production and the price of honey sold was the only source of revenue. The income to investment ratio was higher and the cost-output ratio was lower. The employment to investment ratio and the income to employment ratio were higher. The study found several challenges to apiculture practices. These include lack of appropriate beekeeping skills, financial and infrastructure constraints. The study suggested for establishing bee farmers’ co-operative associations for access to loan, marketing, training the beekeeping farmers in using modern techniques of honey production and get inputs from the government and non-government organizations. The study also suggested for the establishment of an accredited certifying institute for national honey standard to sell at premium price within the country and to export.
An Economic Analysis of Apiculture Practices in Zambia
doi:10.11648/j.ijefm.20150304.11
International Journal of Economics, Finance and Management Sciences
2015-06-13
© Science Publishing Group
Syed Ali
An Economic Analysis of Apiculture Practices in Zambia
3
4
336
336
2015-06-13
2015-06-13
10.11648/j.ijefm.20150304.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.11
© Science Publishing Group
“Middle Income Trap”; The Position of Algerian Economy: A Comparative Analysis Overview
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.12
Economic history has shown that few middle-income countries have successfully attained high-income level. Effective transition from middle to high-income level requires an efficient resource use, private sector improvement, productivity enhancement, and technology based rather than labor based production. Failure of doing so, undoubtedly, leads to income trap, whereas a country caught in middle-income level for a long period. Therefore, this paper attempts to highlight the Algerian economy patterns since its independence to current position with regard to middle-income trap criteria, likewise, reasoning the causes that headed Algeria to middle income trap for over 30 years. Moreover, this paper goes further ahead in cross-country evidence of how Algeria compares with peer countries from MENA region. Likewise our results shows that the Algerian economy has better position than Egypt and Yemen. However, Algeria is still behind UAE that classified in high-income level, where Algeria has known a slow growth rate during the last 50 years. Finally, remedies are suggested as a way out from middle-income trap, and to promote high growth rate in order to achieve high-income level in the future.
Economic history has shown that few middle-income countries have successfully attained high-income level. Effective transition from middle to high-income level requires an efficient resource use, private sector improvement, productivity enhancement, and technology based rather than labor based production. Failure of doing so, undoubtedly, leads to income trap, whereas a country caught in middle-income level for a long period. Therefore, this paper attempts to highlight the Algerian economy patterns since its independence to current position with regard to middle-income trap criteria, likewise, reasoning the causes that headed Algeria to middle income trap for over 30 years. Moreover, this paper goes further ahead in cross-country evidence of how Algeria compares with peer countries from MENA region. Likewise our results shows that the Algerian economy has better position than Egypt and Yemen. However, Algeria is still behind UAE that classified in high-income level, where Algeria has known a slow growth rate during the last 50 years. Finally, remedies are suggested as a way out from middle-income trap, and to promote high growth rate in order to achieve high-income level in the future.
“Middle Income Trap”; The Position of Algerian Economy: A Comparative Analysis Overview
doi:10.11648/j.ijefm.20150304.12
International Journal of Economics, Finance and Management Sciences
2015-06-19
© Science Publishing Group
Allaoui elhassen
Tidjani chems eddine
Lacheheb miloud
“Middle Income Trap”; The Position of Algerian Economy: A Comparative Analysis Overview
3
4
346
346
2015-06-19
2015-06-19
10.11648/j.ijefm.20150304.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.12
© Science Publishing Group
Role of Tendering Process on Performance of Public Institutions: A Case Study of Nakuru County Government
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.17
The purpose of the study was to determine the role of tendering process on performance of public institutions. The study was guided by the following specific objectives. To assess the role of transparency resulting from tendering process on the performance of public institutions, to establish the role of accountability resulting from tendering process on the performance of public institutions, to find out the role of quality resulting from tendering process on the performance of public institutions, to determine the role of lead time resulting from tendering process on the performance of public institution. A case study design was adopted for the study. The study targeted 43 procurement officers from 10 ministries in Nakuru County Headquarters. Census technique was applied. Questionnaires were used to collect data. Data analysis was done using descriptive and inferential statistics. The findings revealed that the level of transparency in the county government was good. They further revealed that transparency reduced corruption during tendering process hence resulting to enhanced performance in public institutions. Further the researcher found out that Public administration on tendering process leads to accountability during the tendering process and hence positive performance of public institutions. The research findings also revealed that high lead time variability due to tendering was a major reason for the institutions inability to achieve inventory goals and hence affecting the performance of public institutions negatively. Based on the findings, the researcher recommended that the organization employees to be more transparent in the tendering process, the organization puts in place measures to enhance transparency during the process and also to minimize lead time to enhance the speedy delivery in the organization and thus enhance overall organization performance of the organization. The researcher recommended a further research to be carried out on the role played of other alternative procurement methods on performance of public institutions. Further studies should be conducted on the critical success factors of tendering in public institutions.
The purpose of the study was to determine the role of tendering process on performance of public institutions. The study was guided by the following specific objectives. To assess the role of transparency resulting from tendering process on the performance of public institutions, to establish the role of accountability resulting from tendering process on the performance of public institutions, to find out the role of quality resulting from tendering process on the performance of public institutions, to determine the role of lead time resulting from tendering process on the performance of public institution. A case study design was adopted for the study. The study targeted 43 procurement officers from 10 ministries in Nakuru County Headquarters. Census technique was applied. Questionnaires were used to collect data. Data analysis was done using descriptive and inferential statistics. The findings revealed that the level of transparency in the county government was good. They further revealed that transparency reduced corruption during tendering process hence resulting to enhanced performance in public institutions. Further the researcher found out that Public administration on tendering process leads to accountability during the tendering process and hence positive performance of public institutions. The research findings also revealed that high lead time variability due to tendering was a major reason for the institutions inability to achieve inventory goals and hence affecting the performance of public institutions negatively. Based on the findings, the researcher recommended that the organization employees to be more transparent in the tendering process, the organization puts in place measures to enhance transparency during the process and also to minimize lead time to enhance the speedy delivery in the organization and thus enhance overall organization performance of the organization. The researcher recommended a further research to be carried out on the role played of other alternative procurement methods on performance of public institutions. Further studies should be conducted on the critical success factors of tendering in public institutions.
Role of Tendering Process on Performance of Public Institutions: A Case Study of Nakuru County Government
doi:10.11648/j.ijefm.20150304.17
International Journal of Economics, Finance and Management Sciences
2015-07-29
© Science Publishing Group
Eunice Waruguru
Role of Tendering Process on Performance of Public Institutions: A Case Study of Nakuru County Government
3
4
405
405
2015-07-29
2015-07-29
10.11648/j.ijefm.20150304.17
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.17
© Science Publishing Group
Connecting 9/11 to the Financial Crisis
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.16
This paper summarizes and analyzes research on the economic impact of United States fiscal and monetary policy in the wake of the 9/11-terrorist attacks. Therein, it attempts to connect this tragedy to the financial crisis of the late-2000s, which is still not fully understood. The large number of factors identified by numerous experts as the causes for the collapse of the financial system makes the crisis a difficult topic to study. This analysis provides a stepping-stone for any further research in that it helps explain how the factors that led to the crisis were created in the first place. Expert opinions, academic studies, as well as both a Cobb-Douglas production function and one of the newest specifications of the Taylor Rule are looked at throughout this paper. While the latter model shows how monetary policy should have been determined throughout the 2000s, the former helps to analyze the impact of fiscal policy after 9/11 on monetary policy. Based on the research and analysis presented in this paper, we can conclude that the factors that caused the collapse of the financial system were largely impacted by government spending in response to the terrorist attacks and monetary policy between 2001 and 2008. This conclusion implies that the crisis could have been minimized if not prevented altogether.
This paper summarizes and analyzes research on the economic impact of United States fiscal and monetary policy in the wake of the 9/11-terrorist attacks. Therein, it attempts to connect this tragedy to the financial crisis of the late-2000s, which is still not fully understood. The large number of factors identified by numerous experts as the causes for the collapse of the financial system makes the crisis a difficult topic to study. This analysis provides a stepping-stone for any further research in that it helps explain how the factors that led to the crisis were created in the first place. Expert opinions, academic studies, as well as both a Cobb-Douglas production function and one of the newest specifications of the Taylor Rule are looked at throughout this paper. While the latter model shows how monetary policy should have been determined throughout the 2000s, the former helps to analyze the impact of fiscal policy after 9/11 on monetary policy. Based on the research and analysis presented in this paper, we can conclude that the factors that caused the collapse of the financial system were largely impacted by government spending in response to the terrorist attacks and monetary policy between 2001 and 2008. This conclusion implies that the crisis could have been minimized if not prevented altogether.
Connecting 9/11 to the Financial Crisis
doi:10.11648/j.ijefm.20150304.16
International Journal of Economics, Finance and Management Sciences
2015-07-23
© Science Publishing Group
David Joel Skandera
Connecting 9/11 to the Financial Crisis
3
4
390
390
2015-07-23
2015-07-23
10.11648/j.ijefm.20150304.16
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.16
© Science Publishing Group
A Mathematical Model for Optimizing Sales Mark-Up Price and Service Charge in a Profit-Maximizing Firm
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.13
In the world of commerce and industry, every business outfit seeks to maximize its profit. The optimal values of sales mark-up price and service charge sustain this objective. This is true since some firms could sell their products for cash or for no money down with cost spread over some period of equal payments. Thus, the firm’s income comes from sales and the service charges collected on time payment accounts. In most cases, based on each firm’s experience, sales marked-up price and service charge were randomly fixed. In this paper, I present a mathematical model for optimizing sales mark-up price and service charge in a profit-maximizing firm. Testing the model on real life problems confirms that the model is accurate. The numerical results show that the model is amenable to financial analysis and computer automation.
In the world of commerce and industry, every business outfit seeks to maximize its profit. The optimal values of sales mark-up price and service charge sustain this objective. This is true since some firms could sell their products for cash or for no money down with cost spread over some period of equal payments. Thus, the firm’s income comes from sales and the service charges collected on time payment accounts. In most cases, based on each firm’s experience, sales marked-up price and service charge were randomly fixed. In this paper, I present a mathematical model for optimizing sales mark-up price and service charge in a profit-maximizing firm. Testing the model on real life problems confirms that the model is accurate. The numerical results show that the model is amenable to financial analysis and computer automation.
A Mathematical Model for Optimizing Sales Mark-Up Price and Service Charge in a Profit-Maximizing Firm
doi:10.11648/j.ijefm.20150304.13
International Journal of Economics, Finance and Management Sciences
2015-06-29
© Science Publishing Group
Emmanuel Nwaeze
A Mathematical Model for Optimizing Sales Mark-Up Price and Service Charge in a Profit-Maximizing Firm
3
4
351
351
2015-06-29
2015-06-29
10.11648/j.ijefm.20150304.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.13
© Science Publishing Group
A Comparison of Small Businesses Costs and Returns in Developing Socioeconomic: A Study in Phnom Penh, Cambodia
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.18
In Cambodia, a large portion of the population is associated with small business instead of paid Employees, which contributes a major share of the country's economy. Recently, small business priority has grown higher than conventional agriculture practice and service sector. This study tries to analyze the investment costs and returns of three small businesses (Recycling shop, Antique shop and Small Restaurant) in Cambodia. Standard financial tools and techniques were used to determine investment costs and returns of specific business over five-year period of time. The sensitivity analysis of investment return was conducted by using internal rate of return and net present value analysis;return of investment was used to determine annual return and payback time, five years benefits and costs ratio were analyzed to evaluate five-year performance of return of each business. The sensitivity analysis shows that, antique shop has a higher internal rate of return 30.784% than recycling shop 25.362% and small restaurant 26.496% and at 20% discount rate the net present value is bigger for antique shop. The annual return of investment shows an increasing trend for selective three businesses and exhibit profit gain after five-year period of time, however the longer payback period (2.6 years) of the antique shop consider comparatively risky business than recycling shop and small restaurant. Five years' net benefits and costs ratio are higher for small restaurant 1.1684, whereas antique shop and recycling shop are 1.1631 and 1.1604. The high increasing discount rate of antique shop is indicating higher benefit and cost ratio in the future. From the result of the financial analysis, it is suggested that, selective three businesses can perform well in terms of gain profit and profitability, so these could be effective business practice for the developing socioeconomic of Cambodia.
In Cambodia, a large portion of the population is associated with small business instead of paid Employees, which contributes a major share of the country's economy. Recently, small business priority has grown higher than conventional agriculture practice and service sector. This study tries to analyze the investment costs and returns of three small businesses (Recycling shop, Antique shop and Small Restaurant) in Cambodia. Standard financial tools and techniques were used to determine investment costs and returns of specific business over five-year period of time. The sensitivity analysis of investment return was conducted by using internal rate of return and net present value analysis;return of investment was used to determine annual return and payback time, five years benefits and costs ratio were analyzed to evaluate five-year performance of return of each business. The sensitivity analysis shows that, antique shop has a higher internal rate of return 30.784% than recycling shop 25.362% and small restaurant 26.496% and at 20% discount rate the net present value is bigger for antique shop. The annual return of investment shows an increasing trend for selective three businesses and exhibit profit gain after five-year period of time, however the longer payback period (2.6 years) of the antique shop consider comparatively risky business than recycling shop and small restaurant. Five years' net benefits and costs ratio are higher for small restaurant 1.1684, whereas antique shop and recycling shop are 1.1631 and 1.1604. The high increasing discount rate of antique shop is indicating higher benefit and cost ratio in the future. From the result of the financial analysis, it is suggested that, selective three businesses can perform well in terms of gain profit and profitability, so these could be effective business practice for the developing socioeconomic of Cambodia.
A Comparison of Small Businesses Costs and Returns in Developing Socioeconomic: A Study in Phnom Penh, Cambodia
doi:10.11648/j.ijefm.20150304.18
International Journal of Economics, Finance and Management Sciences
2015-08-20
© Science Publishing Group
Leaksmy Chhay
Md Manik Mian
Rathny Suy
A Comparison of Small Businesses Costs and Returns in Developing Socioeconomic: A Study in Phnom Penh, Cambodia
3
4
410
410
2015-08-20
2015-08-20
10.11648/j.ijefm.20150304.18
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.18
© Science Publishing Group
Job Satisfaction Effecting Factors of Employees in Bangladesh Banking Sector
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.14
Satisfaction of employees with their job is considered one of the key factors for the success of an organization. The job satisfaction has got tremendous attention in organizational research. The focus of this study is to determine the impact of various human resource management practices like job autonomy, team work environment and leadership behavior on job satisfaction. It also investigates the major determinants of job satisfaction in Bangladeshi banking sector. This study further evaluates the level of difference in job satisfaction among male and female employees. The sample of the study consisted of 450 employees working in different branches of bank in Bangladesh through the questionnaire, of which 295 were returned and processed. SPSS was used to analyze the data, using independent sample T test, Correlation and regression analysis. There is a positive and significant link between job satisfaction and human recourse management practices like team work environment, job autonomy and behavior of leadership. From the findings of the study, it is also inferred that male and female workers have significantly different level of job satisfaction.
Satisfaction of employees with their job is considered one of the key factors for the success of an organization. The job satisfaction has got tremendous attention in organizational research. The focus of this study is to determine the impact of various human resource management practices like job autonomy, team work environment and leadership behavior on job satisfaction. It also investigates the major determinants of job satisfaction in Bangladeshi banking sector. This study further evaluates the level of difference in job satisfaction among male and female employees. The sample of the study consisted of 450 employees working in different branches of bank in Bangladesh through the questionnaire, of which 295 were returned and processed. SPSS was used to analyze the data, using independent sample T test, Correlation and regression analysis. There is a positive and significant link between job satisfaction and human recourse management practices like team work environment, job autonomy and behavior of leadership. From the findings of the study, it is also inferred that male and female workers have significantly different level of job satisfaction.
Job Satisfaction Effecting Factors of Employees in Bangladesh Banking Sector
doi:10.11648/j.ijefm.20150304.14
International Journal of Economics, Finance and Management Sciences
2015-07-02
© Science Publishing Group
Md Sohel Rana
Job Satisfaction Effecting Factors of Employees in Bangladesh Banking Sector
3
4
357
357
2015-07-02
2015-07-02
10.11648/j.ijefm.20150304.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.14
© Science Publishing Group
Cluster Development Models: Challenges and Opportunities
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.15
Clusters are the concentration of homogeneous enterprises producing similar products or providing identical services along with relevant backward and forward linkage enterprises in a particular geographic location sharing common opportunities and threats. Clusters are mainly two types based of their origin i.e. naturally grown and manmade clusters. Cluster development practitioners, experts, stakeholder organizations introduced a long list of cluster development models for guiding a cluster manager into his / her predetermined goal of cluster development. Notable models are provided by the United Nations Industrial Development Organization (UNIDO), Cluster Navigator – New Zealand, Cluster Plus – India, TCI Network – USA and European Cluster Observatory etc. None of the above mentioned model is fully implementable in a least developed country like Bangladesh. Bangladesh has limitations in terms of financial ability, technical knowledge, technological and managerial capacity to dedicate resources for cluster development. In Bangladesh enterprises are located at a particular location like cluster; but they do not have interlink either vertically or horizontally with each other. They are not sharing competitive advantages between them rather competing with each other’s. As a result they are not enjoying expected growth by using advantages of a cluster. Therefore authors would like to analyze most of the available cluster development models and offer a new model titled J. M Model for Cluster Development. This model would be pro-poor, flexible and equally effective in any least developed country and developed economies as well. Basically, the model offered here is the result of the experiences of both the authors from needs assessment for cluster development and development initiatives for about thirty heterogeneous clusters located in different districts of Bangladesh. Each of the SME clusters are unique in nature with diverse opportunities and challenges. To address each of the challenge of cluster development the model shall be flexible enough for adopting tailor made intervention as and when required. This model will lead a practitioner into his or her predetermined goal of developing a naturally grown or man-made cluster.
Clusters are the concentration of homogeneous enterprises producing similar products or providing identical services along with relevant backward and forward linkage enterprises in a particular geographic location sharing common opportunities and threats. Clusters are mainly two types based of their origin i.e. naturally grown and manmade clusters. Cluster development practitioners, experts, stakeholder organizations introduced a long list of cluster development models for guiding a cluster manager into his / her predetermined goal of cluster development. Notable models are provided by the United Nations Industrial Development Organization (UNIDO), Cluster Navigator – New Zealand, Cluster Plus – India, TCI Network – USA and European Cluster Observatory etc. None of the above mentioned model is fully implementable in a least developed country like Bangladesh. Bangladesh has limitations in terms of financial ability, technical knowledge, technological and managerial capacity to dedicate resources for cluster development. In Bangladesh enterprises are located at a particular location like cluster; but they do not have interlink either vertically or horizontally with each other. They are not sharing competitive advantages between them rather competing with each other’s. As a result they are not enjoying expected growth by using advantages of a cluster. Therefore authors would like to analyze most of the available cluster development models and offer a new model titled J. M Model for Cluster Development. This model would be pro-poor, flexible and equally effective in any least developed country and developed economies as well. Basically, the model offered here is the result of the experiences of both the authors from needs assessment for cluster development and development initiatives for about thirty heterogeneous clusters located in different districts of Bangladesh. Each of the SME clusters are unique in nature with diverse opportunities and challenges. To address each of the challenge of cluster development the model shall be flexible enough for adopting tailor made intervention as and when required. This model will lead a practitioner into his or her predetermined goal of developing a naturally grown or man-made cluster.
Cluster Development Models: Challenges and Opportunities
doi:10.11648/j.ijefm.20150304.15
International Journal of Economics, Finance and Management Sciences
2015-07-11
© Science Publishing Group
Md. Joynal Abdin
Md. Mizanur Rahman
Cluster Development Models: Challenges and Opportunities
3
4
366
366
2015-07-11
2015-07-11
10.11648/j.ijefm.20150304.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150304.15
© Science Publishing Group
Multiplicity of African Regional Economic Communities and Overlapping Memberships: A Challenge for African Integration
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.12
The quest for regional integration in Africa has long been entrenched in the history of the continent. Anchored with its diversities, regional integration in Africa has been emerging from the politics of anti-colonialism, but on the basis of pre-existing colonial arrangements. It continues to this date with different shapes and forms. But in general, the journey was a tough and rough. It could be, partly; because of the multiplicity of RECs which deters the forward movement of the integration processes across the continent. Thus, this research was conducted to critically analyze the multiplicity of African Regional Economic Communities and the overlapping membership of African countries in the due process of regional integration. Accordingly, the result of the study shows that the proliferation of RECs complicates the overall continental integration process and put massive strains on the member states ability and resources to cope with diverse agendas and exigencies. Moreover, in this research; complications, contradictions and duplications of activities, the need of ‘Modus Operandi’ due to the variable geometrical integration of countries, overlapping authority, problems of harmonization of policies, high management and financial burdens on the member states were revealed as some of the effects and worries of multiplicity of RECs and overlapping memberships. Hence, eradicating wasteful or costly duplication of multiple memberships and rationalizing some overlapping sub-regional blocs should be a demanding agenda all over the continent.
The quest for regional integration in Africa has long been entrenched in the history of the continent. Anchored with its diversities, regional integration in Africa has been emerging from the politics of anti-colonialism, but on the basis of pre-existing colonial arrangements. It continues to this date with different shapes and forms. But in general, the journey was a tough and rough. It could be, partly; because of the multiplicity of RECs which deters the forward movement of the integration processes across the continent. Thus, this research was conducted to critically analyze the multiplicity of African Regional Economic Communities and the overlapping membership of African countries in the due process of regional integration. Accordingly, the result of the study shows that the proliferation of RECs complicates the overall continental integration process and put massive strains on the member states ability and resources to cope with diverse agendas and exigencies. Moreover, in this research; complications, contradictions and duplications of activities, the need of ‘Modus Operandi’ due to the variable geometrical integration of countries, overlapping authority, problems of harmonization of policies, high management and financial burdens on the member states were revealed as some of the effects and worries of multiplicity of RECs and overlapping memberships. Hence, eradicating wasteful or costly duplication of multiple memberships and rationalizing some overlapping sub-regional blocs should be a demanding agenda all over the continent.
Multiplicity of African Regional Economic Communities and Overlapping Memberships: A Challenge for African Integration
doi:10.11648/j.ijefm.20150305.12
International Journal of Economics, Finance and Management Sciences
2015-08-22
© Science Publishing Group
Muhabie Mekonnen Mengistu
Multiplicity of African Regional Economic Communities and Overlapping Memberships: A Challenge for African Integration
3
5
425
425
2015-08-22
2015-08-22
10.11648/j.ijefm.20150305.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.12
© Science Publishing Group
Risk Management Strategy ProposalBHP Billiton and Euro
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.11
BHP Billiton is an Anglo-Australian multinational mining, metals and petroleum company headquartered in Melbourne, Australia. It is the world's largest mining company measured by 2013 revenues. The company has a large amount of business in Europe every year.In this article we focus on the risk and the risk management strategy for BHP on the Euro and try to establish a better way to hedge the foreign exchange risk for BHP.
BHP Billiton is an Anglo-Australian multinational mining, metals and petroleum company headquartered in Melbourne, Australia. It is the world's largest mining company measured by 2013 revenues. The company has a large amount of business in Europe every year.In this article we focus on the risk and the risk management strategy for BHP on the Euro and try to establish a better way to hedge the foreign exchange risk for BHP.
Risk Management Strategy ProposalBHP Billiton and Euro
doi:10.11648/j.ijefm.20150305.11
International Journal of Economics, Finance and Management Sciences
2015-08-22
© Science Publishing Group
Wei Xin
Risk Management Strategy ProposalBHP Billiton and Euro
3
5
416
416
2015-08-22
2015-08-22
10.11648/j.ijefm.20150305.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.11
© Science Publishing Group
The Relationship Between Inflation and Economic Growth of Bangladesh: An Empirical Analysis from 1961 to 2013
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.13
The link between inflation and economic growth is one of the most important controversies in the economic literature. It is widely believed that moderate and stable inflation rates promote the development process of a country, and hence economic growth. Moderate inflation supplements return to savers, enhances investment, and therefore, accelerates economic growth of the country. This paper empirically explores the present relationship between inflation and economic growth in the context of Bangladesh. Using annual data set on real GDP and Gross Domestic Product Deflator (GDPD) for the period of 1961 to 2013, an assessment of empirical evidence has been acquired through the co-integration test, error correction models and Granger Causality test. The empirical evidence demonstrates that there exists a statistically significant long-run <i>negative</i> relationship between inflation and economic growth for the country as indicated by a statistically significant long-run <i>negative</i> relationship running from Gross Domestic Product Deflator (GDPD) to GDP. Again the empirical evidence demonstrates also that there exists a statistically significant long-run <i>positive</i> causality running from GDP to Gross Domestic Product Deflator (GDPD). In addition, economic growth affects inflation positively. But when increase in the rate of inflation goes beyond the threshold inflation level then inflation affects economic growth negatively. The paper discusses the important policy implications of the results.
The link between inflation and economic growth is one of the most important controversies in the economic literature. It is widely believed that moderate and stable inflation rates promote the development process of a country, and hence economic growth. Moderate inflation supplements return to savers, enhances investment, and therefore, accelerates economic growth of the country. This paper empirically explores the present relationship between inflation and economic growth in the context of Bangladesh. Using annual data set on real GDP and Gross Domestic Product Deflator (GDPD) for the period of 1961 to 2013, an assessment of empirical evidence has been acquired through the co-integration test, error correction models and Granger Causality test. The empirical evidence demonstrates that there exists a statistically significant long-run <i>negative</i> relationship between inflation and economic growth for the country as indicated by a statistically significant long-run <i>negative</i> relationship running from Gross Domestic Product Deflator (GDPD) to GDP. Again the empirical evidence demonstrates also that there exists a statistically significant long-run <i>positive</i> causality running from GDP to Gross Domestic Product Deflator (GDPD). In addition, economic growth affects inflation positively. But when increase in the rate of inflation goes beyond the threshold inflation level then inflation affects economic growth negatively. The paper discusses the important policy implications of the results.
The Relationship Between Inflation and Economic Growth of Bangladesh: An Empirical Analysis from 1961 to 2013
doi:10.11648/j.ijefm.20150305.13
International Journal of Economics, Finance and Management Sciences
2015-09-08
© Science Publishing Group
Md. Shakhaowat Hossin
The Relationship Between Inflation and Economic Growth of Bangladesh: An Empirical Analysis from 1961 to 2013
3
5
434
434
2015-09-08
2015-09-08
10.11648/j.ijefm.20150305.13
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.13
© Science Publishing Group
Hedging Foreign Exchange Risk Exposure by Importer Companies
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.14
The study was conducted in order to disclose the Foreign Exchange (FX) rate risk faced by every importer company. The paper investigates FX risk hedging strategy using forwards versus floating strategy in terms of minimizing total importing costs. The study exposes real-life costs of hedging strategies using forwards comprising theoretical foundations as well as practical implementation example based on real company data. The main question to be answered in the paper is whether it is beneficial to hedge with FX forwards or it is better to float FX exposure.
The study was conducted in order to disclose the Foreign Exchange (FX) rate risk faced by every importer company. The paper investigates FX risk hedging strategy using forwards versus floating strategy in terms of minimizing total importing costs. The study exposes real-life costs of hedging strategies using forwards comprising theoretical foundations as well as practical implementation example based on real company data. The main question to be answered in the paper is whether it is beneficial to hedge with FX forwards or it is better to float FX exposure.
Hedging Foreign Exchange Risk Exposure by Importer Companies
doi:10.11648/j.ijefm.20150305.14
International Journal of Economics, Finance and Management Sciences
2015-09-11
© Science Publishing Group
Kazi Rashedul Hasan
Hedging Foreign Exchange Risk Exposure by Importer Companies
3
5
440
440
2015-09-11
2015-09-11
10.11648/j.ijefm.20150305.14
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.14
© Science Publishing Group
The Credit Policies and Credit Finance Creation Practices by Commercial Banks in Ghana: Perspectives of Staff and Clients of the Prudential Bank Limited
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.15
Commercial banks play a crucial role in credit financing of individuals, institutions and generally, their clients. They use a system of credit management to govern their operations in this regard. Specifically, they do this through established credit policies or systems and to an extent, the relevant policy determines a given quantum of credit finance on case-by-case basis but most importantly, whether or not to grant the credit finance request upon assessment. Conveniently sampling the perspectives of both credit officers (15) and customers (67) of the Prudential Bank Limited, primary and secondary data sources were used, with the primary data obtained through unstructured interviews and two sets of self-administered questionnaire for the respective respondent-categories. The findings reveal that both categories of respondents recommend the need for the bank to decentralise its credit finance application processing and approval system. Due to the bank’s existing credit policy, customers had to wait, on average, one month for the approval or otherwise of their requests, with the salaried-worker customer-group granted more credit finance than the others. Also, the bank had granted more credit in the form of loans. Sadly, business persons and other categories of customers were waiting three months for response to their credit finance requests. The customers and their bankers disagreed in their respective perspectives regarding the main reason(s) for granting or declining credit finance requests as well as on matters of collateral security. Among others, the study recommends the shortening of credit facility processing time to enhance the bank’s competitive drive in the banking industry and also to make these facilities more responsive to the needs of the customers. Future research is expected to conclude on the extent of impact that banks’ credit policies have on their credit finance creation.
Commercial banks play a crucial role in credit financing of individuals, institutions and generally, their clients. They use a system of credit management to govern their operations in this regard. Specifically, they do this through established credit policies or systems and to an extent, the relevant policy determines a given quantum of credit finance on case-by-case basis but most importantly, whether or not to grant the credit finance request upon assessment. Conveniently sampling the perspectives of both credit officers (15) and customers (67) of the Prudential Bank Limited, primary and secondary data sources were used, with the primary data obtained through unstructured interviews and two sets of self-administered questionnaire for the respective respondent-categories. The findings reveal that both categories of respondents recommend the need for the bank to decentralise its credit finance application processing and approval system. Due to the bank’s existing credit policy, customers had to wait, on average, one month for the approval or otherwise of their requests, with the salaried-worker customer-group granted more credit finance than the others. Also, the bank had granted more credit in the form of loans. Sadly, business persons and other categories of customers were waiting three months for response to their credit finance requests. The customers and their bankers disagreed in their respective perspectives regarding the main reason(s) for granting or declining credit finance requests as well as on matters of collateral security. Among others, the study recommends the shortening of credit facility processing time to enhance the bank’s competitive drive in the banking industry and also to make these facilities more responsive to the needs of the customers. Future research is expected to conclude on the extent of impact that banks’ credit policies have on their credit finance creation.
The Credit Policies and Credit Finance Creation Practices by Commercial Banks in Ghana: Perspectives of Staff and Clients of the Prudential Bank Limited
doi:10.11648/j.ijefm.20150305.15
International Journal of Economics, Finance and Management Sciences
2015-09-12
© Science Publishing Group
John Kwaning Mbroh
Kwesi Asiedu Koomson
The Credit Policies and Credit Finance Creation Practices by Commercial Banks in Ghana: Perspectives of Staff and Clients of the Prudential Bank Limited
3
5
452
452
2015-09-12
2015-09-12
10.11648/j.ijefm.20150305.15
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.20150305.15
© Science Publishing Group
Energy Management and Smart Grids for Energy Productivity
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030501.12
The first stage to ensure effective energy efficiency is basically to use energy wisely. It is difficult to provide this, for all subscribers, in a network where everyone consumes energy. Therefore, it is necessary to manage this situation. All over the world, the smart grids appear to be the prominent management system about such situations. Effective management of the energy flow can be assured by monitoring and controlling the energy consumption and production plants. One of the most discussed topics in the research is energy efficiency which forms the basis for smart grids. Consumers, production centers and electrical devices in smart grids communicate with each other, and in this way power system can be operated in a more efficient way. Thus, it becomes possible that consumption values can be adapted very successfully to energy production available. In the system established, not only consumer's energy needs is reduced to lower degrees, but also it is ensured that all energy sources (renewable and power plants) are optimized. Consequently, this study provides suggestions to use energy effectively and to manage energy production and consumption by using smart grids in Turkey.
The first stage to ensure effective energy efficiency is basically to use energy wisely. It is difficult to provide this, for all subscribers, in a network where everyone consumes energy. Therefore, it is necessary to manage this situation. All over the world, the smart grids appear to be the prominent management system about such situations. Effective management of the energy flow can be assured by monitoring and controlling the energy consumption and production plants. One of the most discussed topics in the research is energy efficiency which forms the basis for smart grids. Consumers, production centers and electrical devices in smart grids communicate with each other, and in this way power system can be operated in a more efficient way. Thus, it becomes possible that consumption values can be adapted very successfully to energy production available. In the system established, not only consumer's energy needs is reduced to lower degrees, but also it is ensured that all energy sources (renewable and power plants) are optimized. Consequently, this study provides suggestions to use energy effectively and to manage energy production and consumption by using smart grids in Turkey.
Energy Management and Smart Grids for Energy Productivity
doi:10.11648/j.ijefm.s.2015030501.12
International Journal of Economics, Finance and Management Sciences
2015-04-17
© Science Publishing Group
Musa Yılmaz
Energy Management and Smart Grids for Energy Productivity
3
5
12
12
2015-04-17
2015-04-17
10.11648/j.ijefm.s.2015030501.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030501.12
© Science Publishing Group
Energy Generation Management for Energy Demand of Electrical Car in Turkey
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030501.11
In next two decade duration the electric car will participate a significant role in auto marketing. The electrical car use electric that is supported by current electrical network. Indeed the current electrical network cannot support the hole system in specific time in the case of loading electric car to it that will increase the demand in that specific time duration. To support the electric car energy requirement you have to manage both energy generation and energy consumption. The solution to that problem is intelligent grid system and management of the energy. In addition it is important to spread energy generation and consumption. Consequently that study is shown a significant energy management method for energy demand in Turkey’s tomorrow for electric car.
In next two decade duration the electric car will participate a significant role in auto marketing. The electrical car use electric that is supported by current electrical network. Indeed the current electrical network cannot support the hole system in specific time in the case of loading electric car to it that will increase the demand in that specific time duration. To support the electric car energy requirement you have to manage both energy generation and energy consumption. The solution to that problem is intelligent grid system and management of the energy. In addition it is important to spread energy generation and consumption. Consequently that study is shown a significant energy management method for energy demand in Turkey’s tomorrow for electric car.
Energy Generation Management for Energy Demand of Electrical Car in Turkey
doi:10.11648/j.ijefm.s.2015030501.11
International Journal of Economics, Finance and Management Sciences
2015-04-17
© Science Publishing Group
Musa Yılmaz
Energy Generation Management for Energy Demand of Electrical Car in Turkey
3
5
6
6
2015-04-17
2015-04-17
10.11648/j.ijefm.s.2015030501.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030501.11
© Science Publishing Group
A Dynamic Panel Data Analysis for Islamic Finance and Economic Growth
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030502.11
This paper examines the dynamic interactions between Islamic Finance and economic growth by employing panel data econometrics, the Cointegration test and Unit root tests to see whether the financial system influences growth and growth transforms the operation of the financials system in the long-run. We use panel data of total Islamic bank financing and real GDP per capita, fixed investment, and other variables to represent real economic sectors. We found that in the short-run only fixed investment that granger cause Islamic bank where as in the long-run, there is evidence of a bidirectional relationship between Islamic Finance and fixed investment and there is evidence to support demand following hypothesis of GDP and Islamic Finance, where increase in GDP causes Islamic banking
This paper examines the dynamic interactions between Islamic Finance and economic growth by employing panel data econometrics, the Cointegration test and Unit root tests to see whether the financial system influences growth and growth transforms the operation of the financials system in the long-run. We use panel data of total Islamic bank financing and real GDP per capita, fixed investment, and other variables to represent real economic sectors. We found that in the short-run only fixed investment that granger cause Islamic bank where as in the long-run, there is evidence of a bidirectional relationship between Islamic Finance and fixed investment and there is evidence to support demand following hypothesis of GDP and Islamic Finance, where increase in GDP causes Islamic banking
A Dynamic Panel Data Analysis for Islamic Finance and Economic Growth
doi:10.11648/j.ijefm.s.2015030502.11
International Journal of Economics, Finance and Management Sciences
2015-08-22
© Science Publishing Group
Tarek Sadraoui
Hanen Hleli
A Dynamic Panel Data Analysis for Islamic Finance and Economic Growth
3
5
6
6
2015-08-22
2015-08-22
10.11648/j.ijefm.s.2015030502.11
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030502.11
© Science Publishing Group
Takaful (Islamic Insurance): When We Started and Where We are Now
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030502.12
The idea and practice of Takaful is not new as it was practiced during the time of the Prophet Muhammad (PBUH) by its adoption of the concept of Aqilah. Due to the complex nature of business activities and evolving human needs, Takaful is now fully commercialised and is an important part of the financial markets. Since it is important in our daily life, we believe that it is necessary to highlight when and how Takaful started and how it has developed. By doing so, we will know that the practice of Takaful is inherited from the Prophet (PBUH) and we will better appreciate the contributions of Muslim scholars to revitalize this industry. The discussion of this paper focuses on the historical development of Takaful, its available products, models, and regulatory framework. The practice of insurance was officially prohibited in 1976. Since then, Takaful has been introduced as Shari’ah compliant insurance product. Currently, there are 174 Takaful operators in the key Takaful markets and a variety of Takaful products are available to cater the market need. To achieve the sustainable development of the Takaful industry in the conventional world, Shari’ah scholars have developed several Takaful models. In addition, international organisations such as the Islamic Financial Services Board and the Accounting and Auditing Organisation for Islamic Financial Institutions are supporting the industry by providing guidelines. This paper acknowledges that the Takaful industry is one of the fastest growing financial industries and current loopholes can be improved upon jointly by the industrial players, Shari’ah advisors and internal organisations
The idea and practice of Takaful is not new as it was practiced during the time of the Prophet Muhammad (PBUH) by its adoption of the concept of Aqilah. Due to the complex nature of business activities and evolving human needs, Takaful is now fully commercialised and is an important part of the financial markets. Since it is important in our daily life, we believe that it is necessary to highlight when and how Takaful started and how it has developed. By doing so, we will know that the practice of Takaful is inherited from the Prophet (PBUH) and we will better appreciate the contributions of Muslim scholars to revitalize this industry. The discussion of this paper focuses on the historical development of Takaful, its available products, models, and regulatory framework. The practice of insurance was officially prohibited in 1976. Since then, Takaful has been introduced as Shari’ah compliant insurance product. Currently, there are 174 Takaful operators in the key Takaful markets and a variety of Takaful products are available to cater the market need. To achieve the sustainable development of the Takaful industry in the conventional world, Shari’ah scholars have developed several Takaful models. In addition, international organisations such as the Islamic Financial Services Board and the Accounting and Auditing Organisation for Islamic Financial Institutions are supporting the industry by providing guidelines. This paper acknowledges that the Takaful industry is one of the fastest growing financial industries and current loopholes can be improved upon jointly by the industrial players, Shari’ah advisors and internal organisations
Takaful (Islamic Insurance): When We Started and Where We are Now
doi:10.11648/j.ijefm.s.2015030502.12
International Journal of Economics, Finance and Management Sciences
2015-08-22
© Science Publishing Group
Syed Ahmed Salman
Hafiz Majdi Ab. Rashid
Sheila Nu Nu Htay
Takaful (Islamic Insurance): When We Started and Where We are Now
3
5
15
15
2015-08-22
2015-08-22
10.11648/j.ijefm.s.2015030502.12
http://www.sciencepublishinggroup.com/journal/paperinfo.aspx?journalid=173&doi=10.11648/j.ijefm.s.2015030502.12
© Science Publishing Group