Volume-3 ~ Issue-1
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| Paper Type | : | Research Paper |
| Title | : | Determinant of Financial Structure Decision in Small and Medium Enterprises: A Pilot Study of Selected Registered Companies in Nigeria |
| Country | : | Nigeria |
| Authors | : | Akingunola, Richard, Oyetayo, Oluwatosin |
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: | 10.9790/5933-03110108  |
Abstract: In the world of corporate finance, financial structure decision of firms remains one of the most critical. Previous empirical studies have identified factors like size, asset structure, tangibility, profitability, risk, growth and market-to-book ratio all of which have been exhausted in literature as determinants of financial structure of firms. However, research on verifying the existence of these factors in small size firms has been minimal. This study presents a sample of SMEs in Nigeria which serves as a pilot survey for the test of the existence and strength of the identified determinant factors of financial structure. A panel data of ten firms for five years was analyzed using the pooled OLS. The result reveals profitability and size as the only determinant factor for firms under study. This shows a deviation from other studies on small firms in developing economies, the reason which may be country specific. The study provides a starting point for a more inclusive and comprehensive study on financial structure decisions of SMEs in Nigeria.
Key words: financial structure, small sized firms, determinant factors, pilot study
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| Paper Type | : | Research Paper |
| Title | : | South-South cooperation – policy and practice by the Export Import Bank of China |
| Country | : | China |
| Authors | : | ATM Tariqul Islam, Li Xiaoyun |
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: | 10.9790/5933-03110919 |
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[6] (Kobayashi, Takaaki). China: From an Aid Recipient to an Emerging Major Donor.
[7] Fahimul Quadir, (2013). Rising Donors and the New Narrative of ‗South–South' Cooperation: what prospects for changing the landscape of development assistance programmes?
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| Paper Type | : | Research Paper |
| Title | : | Cost and Return Analysis of Cricket Bats Manufacturing Industry in Kashmir Valley of India |
| Country | : | India |
| Authors | : | Imtiyaz ul Haq, Bilal Ahmad Dar |
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: | 10.9790/5933-03112031 |
Abstract: Cricket Bats manufacturing industry is a very prominent segment of the sports goods industry in Kashmir valley. Cricket bats are manufactured from willow wood which is found in abundance in Kashmir valley owing to its peculiar climatic conditions. Although, this industry has got promising prospects to flourish due to huge demand-supply gap, yet its growth has remained, by and large, restricted to District Anantnag only. With this backdrop, the present study was conducted to actually examine the status and viability of this industry. A detailed cost and return analysis has been worked out for a sample of 20 percent constituting about 40 industrial units chosen through random sampling technique. After a thorough analysis, net return per rupee of investment ratio works out to be 1.60, meaning thereby that this industry is reaping abnormal profits. There is further evidence that the condition of increasing returns to scale prevails. However, our cost analysis suggests that raw material in the form of willow wood constitutes about 50 per cent of cost of production, hence imposing checks to its further expansion. Furthermore, about 80 per cent of the sample entrepreneurs in this activity were found in the working age population, having some level of educational qualifications, sole proprietorship with more than 10 years of experience.
Keywords: cricket bats, cost structure, Kashmir, profitability, returns to scale.
[1] Anonymous, Diagnostic Study Report of Cricket Bat Manufacturing Cluster, District Industries Centre Anantnag (2010) J&K Government.
[2] Anonymous, Detailed Project Report of Common Facility Centre, Directorate of Industries and Commerce (2009), Government of J&K
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| Paper Type | : | Research Paper |
| Title | : | Assessment of competition commission of European Union and Singapore and its effect on new firms and consumer power |
| Country | : | Nigeria |
| Authors | : | Mr Danjuma Naisla Hassan, Mr Habakuk Aboki, Mr Audu Anyesha Amos |
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: | 10.9790/5933-03113239 |
Abstract: Competition law protect the competition process by prohibiting three major competitive activities, such as anti-competitive agreement, abuse of dominance and anti-competitive mergers, (Singapore Academic of Law 2012). This helps to reinforce pro-enterprise and pro-competition policies, enhance the efficiency of markets and strengthen countries economic competitiveness, (Lane 2000, p1). The American Sherman Acts of 1890 is taken as the starting point of modern competition law but the roots of competition law lie much deeper,(Furse, 2008, p3). However, after the American Sherman Act of 1890, this competition law was enacted in the law of many nations. E.g. Singapore 2004, UK 1998, etc, therefore this research tend to compare and give assessment of competition commission of Singapore and that of European Union and shows how the market power of the existing firms negatively affecting the emergence of the new firms as well as the consumer power in the two economies.
Key words: market power, prohibition, mergers and acquisitions, competition, agreement and bargaining.
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[2]. Competition Commission Singapore 2012. Reporting to competition commission Singapore. (Online): Available at :< http://www.ccs.gov.sg/content/ccs/en/reporting-to-ccs/making complaints/complaint-online-form.html> (Accessed on 15/4/12)
[3]. Competition Commission Singapore 2007. CCS guidelines on the section 34 prohibition. (Online): Available at: <http://www.ccs.gov.sg/content/dam/ccs/pdfs/ccsguidelines/s34-jul07FINAL-pdf> (Accessed on 16/4 /12)
[4]. Compte, O., Jenny, F.and Rey, P. 2002. Capacity constraints, mergers and collusion. European Economic Review 46:1-29.
[5]. Fingleton, J. 2000. Undefined market power: Trinity economic paper series. Paper No. 2000/4 JEL classification: D40, k21, l40
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| Paper Type | : | Research Paper |
| Title | : | Audit Committees: The Journey So Far In Nigeria |
| Country | : | Nigeria |
| Authors | : | Atu,Omimi-Ejoor Osaretin Kingsley |
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: | 10.9790/5933-03114043 |
Abstract: Before 1989, there was no issues of audit committee in Nigeria. In 1989 Professor Olowokure article titled a Case for Audit Committee in Nigeria was written drawing the attention of Government, Stakeholders for the use of Audit Committee in public companies in Nigeria. Hence this was captured in the CAMA 1990 as amended Section 359 (3), it then become very important in Nigeria. The importance have led to problematic issues which resulted to why the research is been carried out.
Keywords: Corporate Governance, Audit Committee, Board of Directors, shareholders.
[1]. Atu, Omimi-Ejoor O.K., (2010), The Role of Audit Committee in Financial Reporting (A Case study of First Bank Plc). An M.Sc Research Work Submitted to the Department of Accounting, Igbinedion University, Okada.- Nigeria.
[2]. Atu, O.O.K,& Atu, E.R (2010) Auditing: The Journey so Far and It Expectation Gap. The Official Journal of The Institute of Chartered Accountants of Nigeria. April/ June 43 (2) 46-52 Lagos-Nigeria
[3]. Atu, et.al (2013), The Role of Audit Committee in Enhancing Financial Reporting In Nigeria IOSR Journal of Business and Management, September –October 2013 13(1) 27-34 www.iosrjournals.org. India.
[4]. Babalola, Y.A. (2013), Corporate Audit Committee and Risk Controlling in Nigeria. European Journal of Business and Management .5(12). Retrieved at www.iiste.org on 23/8/2013.
[5]. Companies and Allied Matters Act, CAMA (2004) as amended. Abuja -Nigeria
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| Paper Type | : | Research Paper |
| Title | : | Evolutionary Finance Approach:Literature Survey |
| Country | : | Tunisia |
| Authors | : | YosraMeftehRekik, YounesBoujelbene |
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: | 10.9790/5933-03114453 |
Abstract: The only way to make a major advance in finance modeling is to explore entirely new approaches rather than make incremental modifications to existing models. The purpose of our research is precisely to build models and perform analysis of the economy as a complex system prone to sudden and major changes. This includes the collection of new methods of empirical analysis, and the development of new mathematical and computational tools. This effort will be guided by emerging new conceptual paradigms such as network theory, behavioral economics and agent-based modeling, and empirically grounded by laboratory experiments and micro data. By combining these ideas into a practical simulation and forecasting tool, we aim at building the foundations of a new paradigm within finance.
Keywords: Evolutionary Finance; Traditional Theory, Behavioral Finance; Agent-Based Approach
[1]. Alwathainani, A. (2012), "Consistent winners and losers", International Review of Economics and Finance, Vol. 21, pp. 210-220.
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[4]. Barber, B. and Odean, T. (2002), "Online Investors: Do the Slow Die First", Review of Financial Studies, Vol. 15, pp. 455-488.
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[6]. Bernardo, A. and Welch, I. (2001), "On the Evolution of Overconfidence and Entrepreneurs", Journal of Economics and Management Strategy, Vol. 10, pp. 301-330.
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| Paper Type | : | Research Paper |
| Title | : | Comparative Analysis of Nigeria's Economy during Pre – Reformed and Reformed Era. |
| Country | : | Nigeria |
| Authors | : | Mfon Nathaniel Udo Akpan |
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: | 10.9790/5933-03115467 |
Abstract: This study was carried out to evaluate the economy during pre-reformed and reformed period in Nigeria.The study notes two eras of pre-reform (1970-1985) and the reformed (1995-2010) financial eras. Using both descriptive statistics and analytical methods, regression analyses were conducted and based on the results, it was discovered among other things that there was no significant difference in the growth and development of the economy vis-a-vis bank performance during the pre-reformed compared to the reformed financial era in Nigeria. To this end it was concluded that reforms so far implemented have not significantly move the economy foreword and consequently banks have not also performed as had been expected but rather the reforms have created avenues for executive fiat, corruption and embezzlement of public funds.
[1]. Adebiyi, M. A. (2002). Is Financial Sector Liberalization the Cause of Banking Fragility in Nigeria? African Review of Money, Finance and Banking, 2 (3): 12 – 25.
[2]. Akpan, I. (1999). Fundamentals of Finance. Uyo: Modern Business Press Ltd.
[3]. Akpan, I. (2004). Fundamentals of Finance. 2nd ed., Uyo: Nelgrfik Nig. Ltd.
[4]. Arestis, P. and Demetriades, T. (1997). Financial Development and Economic Growth: Assessing the Evidence. Economics Journal, 107:783 - 99.
[5]. Atindehou, R. B., Gueyie J. P. and Amenounve, E. K. (2005). Financial Intermediation and Economic Growth: Evidence from Western Africa. Applied Financial Economics, 15: 777 - 790.
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| Paper Type | : | Research Paper |
| Title | : | Taming Currency Swaps to Curb India's Current Account Deficit- A Kindle of Hope |
| Country | : | India |
| Authors | : | Bhagavan Behera, Rajesh Trivedi |
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: | 10.9790/5933-03116876 |
Abstract: Current account balance appears to be an impenetrable pecuniary concept. However in the economies that spend extravagantly overseas than they accumulate, the current account is the end at which international economics crash with political veracity. When countries lope outsized discrepancies, business tycoons, trade unions, law-makers, analysts and bureaucrats are customarily brisk to tip reproving fingers at trading partners and lay the blame on unwarranted conventions.
1 Asim K. Karmakar (2010) Balance of payments: Theory and policy- The Indian Experience, Deep & Deep Publications Pvt. Ltd, New Delhi, Edition, Page no.5 2 http://www.teachmefinance.com/Financial_Terms/swap.html
3 http://www.merriam-webster.com/dictionary/swap
4 http://www.investopedia.com/articles/optioninvestor/07/swaps.asp
5 http://en.wikipedia.org/wiki/Currency_swap
6 http://financial-dictionary.thefreedictionary.com/Currency+Swap
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| Paper Type | : | Research Paper |
| Title | : | Analysis of the Growth Impact of Health Expenditure in Nigeria |
| Country | : | Nigeria |
| Authors | : | Oni, Lawrence Babatunde |
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: | 10.9790/5933-03117784 |
Abstract: A nation with healthy people is considered a wealthy nation. This study is designed to evaluate the impact of health expenditure on economic growth in Nigeria. Most empirical studies in literature pay little or no attention to this area but majorly focus on how people achieve better health when there is economic growth. This could be as a result of the general consensus that economic growth leads to improved health status while the attention was not given to whether causality exists in the reverse direction.
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