Series-1 (May-June 2019)May-June 2019 Issue Statistics
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| Paper Type | : | Research Paper |
| Title | : | Effectiveness of Monetary Policy on Industrial Growth of Ethiopia: ARDL Modeling on Monetary Framework |
| Country | : | India |
| Authors | : | Tamirat Beyene || Inderjeet Singh |
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: | 10.9790/5933-1003010113  |
Abstract: The issue of industrialization is at the heart of economic transformation. For its dynamic remunerations and resiliencies, economies at all levels strive to realize the flourishment of the sector. In Ethiopia, however, the sector remains to be the least performer in output share, employment creation and on its contributions to growth and export shares. The UNIDO CIPI reports further enlighten its weakness in inter-sectoral linkages and the low technological levels of the firms, which makes it even the least performer in SSA standard. The stagnation of the sector and unintended structural jump in Ethiopian economy requires a close look and systematic approach in cracking the bottlenecks, despite the various governmental attempts starting from the 1920s; which mainly depends...........
Keywords: Industrial Growth, ARDL Modeling, Ethiopia, Monetary Policy, VECM
[1]. Andolfatto, D. (2005). Macroeconomic Theory and Policy. Simon Fraser University.
[2]. Bank, T. W. (1985). Ethiopia - Industrial sector review (No. 5301) (p. 1). The World Bank. Retrieved from http://documents.worldbank.org/curated/en/760401468275710186/Ethiopia-Industrial-sector-review
[3]. EEA. (2017). Report on the Ethiopian Economy: Challenges of Sustaining Ethiopia's Foreign Exchange Earnings from Exports and Remittances. Addis Ababa, Ethiopia: AAU, Business Enterprise Printing House #549.
[4]. Fatukasi, B., Olorunleke, G. K., Olajide, G. F., & Alimi, R. S. (2015). Bounds Testing Approaches to the Analysis of Macroeconomic Relationships In Nigeria. European Journal of Business and Management, 7(8). Retrieved from www.iiste.org
[5]. Fisher, I. (1911). The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises. LIBERTY FUND, INC. Retrieved from http://oll.libertyfund.org
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| Paper Type | : | Research Paper |
| Title | : | Measuring the Vulnerability of Nigerian Macro-economy to Foreign Shocks: A Structural VAR Approach |
| Country | : | Nigeria |
| Authors | : | Okafor O. N. Bartholomew PhD |
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: | 10.9790/5933-1003011436 |
Abstract: This paper employs a structural vector auto regression (SVAR) model to investigate the vulnerability of the macro-economy to foreign shocks in a small emerging open economy with Nigeria as the case study. Specifically, the paper studies how the Nigerian economy is exposed to foreign shocks. We establish identification conditions to uncover the dynamic effects of foreign monetary policy shocks on various domestic variables. By analyzing the intensity of the responses of the domestic variables to various foreign monetary shocks, we aim to examine the Nigerian........
Keywords: SVAR, Open Economy, Monetary Policy
[1]. Amisano, Giannini, C. (1997). Topics in Structural VAR Econometrics, Second, Revised and Enlarged Edition, Heidelberg: Spriger, Berlin.
[2]. B.S, B. (1986). Alternative Explantions of the Money-Income Correlations.
[3]. Barakchain. (2013).
[4]. Begg, D; S. Fischer; R. Dornbusch. (2000). "Economics" McGraw-Hill Publishing Company, Shoppenhangers Road, Maidenhead, Berkshire, SL6 2Ql, . England.
[5]. Bernanke, B S, and I Mihov. (1995). Measuring Monetary Policy, NEBR Working Paper
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| Paper Type | : | Research Paper |
| Title | : | Capital Structure, Firm Value and Insolvency Probability in the UK |
| Country | : | Nigeria |
| Authors | : | Okpa, Inah Bassey || Abdul-Mumin, BapubeAbubakar || Nkwo, Jude Awele || Okarima, RichardNyam |
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: | 10.9790/5933-1003013743 |
Abstract: This paper applied the least square dummy variable (LSDV) or Fixed effect model (FEM) to estimate the effect of, and relationship between capital structure (gearing) on firm value and insolvency among UK companies for a period of twelve years (2005 – 2016). The sample includes all non-financial firms in the FTSE 100 index. The empirical findings from the test of hypotheses revealed that highly geared firms have lower values and higher likelihood of insolvency relative to lowly geared firms. Also, firm value is negatively, but not significantly related to insolvency. The results thus provide insight into efficient firms' capital structure decisions (gearing level) for the maximization of firm value and minimization of insolvency likelihood..
Keywords: Capital Structure, Gearing, Firm value, Insolvency, Financial Decision
[1]. Adrienn H. (2014), "Summary of theories in capital structure decisions," Peer Reviewed Journal: Annals of the University of Oradea : Economic Science (Vol.23(1), pp.912-918). [online] Available fromhttp://web.b.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=1c85f16f-e35b-4023-8146-9bb6393b5d41%40sessionmgr101&vid=1&hid=116
[2]. Aggarwal, R. Kyaw, N. A. and Zhao X., (2008), "Leverage and Firm Value: A Global Perspective," [online] Available from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.587.7508&rep=rep1&type=pdf
[3]. Altman, E. (1993), "A further empirical investigation of the bankruptcy cost question," Journal of Finance, 1067–1089 [online] Available from http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1984.tb03893.x/pdf
[4]. Altman, E. I. (1984), "A further empirical investigation of the bankruptcy cost question," Journal of Finance 39, 1067-1089. Baxter, N. D. (1967) Leverage [online] Available from http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1984.tb03893.x/abstract
[5]. Amour, J., (2001), "The law and economics of corporate insolvency: A review. ESRC centre for Business Research, University of Cambridge," Working Paper No. 197. [Online] Available from https://www.cbr.cam.ac.uk/fileadmin/user_upload/centre-for-business research/downloads/working-papers/wp197.pdf
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| Paper Type | : | Research Paper |
| Title | : | Analyse Des Determinants De La Consommation D'electricite Des Menages En Cote D'ivoire Entre 1960 Et 2017 Analysis of Determinants of the Electricity Consumption of Households in Cote D'ivoire Between 1960 And 2017 |
| Country | : | Côte d'Ivoire |
| Authors | : | Roger CAPRI |
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: | 10.9790/5933-1003014446 |
Abstract: L'objectif de cette étude est de faire une analyse sur les déterminants de la consommation d'électricité des ménages (captée par la consommation d'électricité basse tension) en Côte d'Ivoire entre 1960 et 2017. Pour ce faire, nous faisons une analyse descriptive et économétrique pour déterminer la liaison causale entre cette consommation et les variables suivantes : le prix moyen et le nombre d'abonnés d'électricité basse tension ainsi que le revenu des ménages (capté par le PIB par habitant). Dans le cadre de l'analyse économétrique, nous utilisons le modèle ARDL afin de déterminer simultanément la dynamique de long terme et les ajustements de court terme. Les résultats auxquels nous sommes parvenus montrent que : à court terme, la consommation d'électricité, d'une part, dépend positivement de sa valeur passée et de celle du prix moyen, et d'autre part, a une relation négative avec le prix moyen ; à long terme, il existe toujours une relation négative entre la consommation et le prix moyen, mais.........
Keywords: Consumption, Electricity, Households, Ivory Coast
[1]. G. S. Becker, The Economic Approach of Human Behavoir, University of Chicago Press, 1976.
[2]. J.M. Keynes, Théorie générale de l'emploi de l'intérêt et de la monnaie, (Payot, 1969).
[3]. A.C. Pigou, Essays in Economics, Revue économique, vol. 5, n° 4, 1954, pp. 655-656.
[4]. J.S. Duesenberry, Income, Saving and the Theory of Consumer Behavior, Harvard University Press, 1949.
[5]. M. Friedman, A Theory of the Consumption Founction, 1957.
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| Paper Type | : | Research Paper |
| Title | : | The Influence of Profit and Liquidity on Stock Returns through Dividend Policy |
| Country | : | Indonesia |
| Authors | : | Pius Milhan Rumlus || Nazief Nirwanto || Sutriswanto |
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: | 10.9790/5933-1003016773 |
Abstract: This study had an aim to look at the influence of income and liquidity on stock returns through dividend policy in consumer goods manufacturing sector companies which was listed at the Indonesia Stock Exchange year 2010 - 2017. The independent variable in this study was proxied by net profit margin and current ratio. The dependent variable was stock return and the dividend policy was as an intervening variable. The study population included all the 45 manufacturing companies of consumers'goods listed on the Stock Exchange during the study period of 45 companies. This study employed purposive sampling as its sampling technique. It wasadministered to select........
Keywords: Stock Return, Dividend Policy, Profit and Liquidity
[1]. Ajanthan, Alagathurai"The Relationship Between Dividend Payout and Firm Profitability:A Study of Selected Hotels and Restaurant companies in Sri Lanka". International Journal of Scientific and Research ublications, Volume 3, Issue 6, June 2010
[2]. Alwi, Syafarrudin. 2013. Alat-AlatAnalisisDalamPembelanjaan. AndiOfsset. Yogyakarta.
[3]. Belkaoui, Ahmed. 2006, Acconting Theory, edisi Ke-2, Harcourt Brace Jovanovich, Inc.,Terjemahan. Jakarta :Erlangga. [4]. Chang, Y. Y., Faff, R., & Hwang, C.-Y. 2010. Liquidity and stock returns in Japan: New evidence. Pacific-Basin Finance Journal, 18(1), 90–115.
[5]. Halim, Abdul. 2014. AnalisisInvestasidanAplikasinyadalam Asset Keuangandan Asset Riil. Jakarta: SalembaEmpat.
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| Paper Type | : | Research Paper |
| Title | : | Impact of Company News and Consumer Sentimentson Stock Price Fluctuation |
| Country | : | India |
| Authors | : | DrSayantani Roy Choudhury || Anagha Karanam |
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: | 10.9790/5933-1003017481 |
Abstract: Stocks fluctuate because of many economic and non-economic reasons and many researches tried to quantify reasons for fluctuations in order to predict how much a stock will rise/fall. One of the most important factors is consumer sentiment and news. In this research, intensity-based sentiment analysis is used to measure sentiments of news articles and social media(tweets)of considered stocks. Regression Analysis on the sentiment scores is obtained which reveals that there might be a strong correlation between news, social media & stock price fluctuation for some stocks and thus quantifying their sentiments is essential to study stock fluctuations with precision..
Keywords: ANOVA, Regression Analysis, Stock fluctuation, Sentiment Analysis, VADER
[1]. Arpit Bhargava, Ankush Bhargava, Surbhi Jain (2016); Factors Affecting Stock Prices in India: A Time Series Analysis; IOSR Journal of Economics and Finance (IOSR-JEF), e-ISSN: 2321-5933, p-ISSN: 2321-5925.Volume 7, Issue 4. Vol. I (Jul. - Aug. 2016), PP 68-71.
[2]. Issam Abdalla and Victor Murinde (1997); Exchange rate and stock price interactions in emerging financial markets: evidence on India, Korea, Pakistan and the Philippines; Applied Financial Economics, 1997, vol. 7, issue 1, 25-35.
[3]. J. Allan Rudolph (1972); TheMoney Supply and Common Stock Prices;Financial Analysts Journal; Vol. 28, No. 2 (Mar. - Apr., 1972), pp. 19-25.
[4]. Kenneth E Homa and Dwight M Jaffee(1971); The Supply of Money and Common Stock Prices; Journal of Finance, 1971, vol. 26, issue 5, 1045-66.
[5]. Nelson C (1976), "Inflation and Rate of Returns on Common Stocks", Journal of Finance, Vol. 31, pp. 471-483..
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| Paper Type | : | Research Paper |
| Title | : | Analysis of the Effect of Unemployment on the Economic Growth of Nigeria |
| Country | : | |
| Authors | : | Chima Chidi Iloabuchi |
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: | 10.9790/5933-1003018289 |
Abstract: This paper sought to estimate the impact of unemployment on the economic growth in Nigeria, using time series data from 1999 to 2017. The data used were sourced from the Central Bank of Nigeria database and World Bank' data Bank. Explanatory research design was employed using Augmented Dickey-Fuller, Philip-Perron Unit root tests, OLS and pair-wise Granger Causality. The major objective of this work is to analyse the impact as well as the direction of the causality among the GDP which proxies for economic growth and in line with Okun's law. The Granger causality test shows a unidirectional relationship between unemployment and Nigeria's economic growth. The Population...........
Keywords: Economic Growth, Unemployment, Labour Force, OLS, Granger Causality.
[1]. Abdul, J. (2007). The Relationship between Output and Unemployment in Malaysia : Does Okun ‟ s Law exist ?, (IJEMv2 2008), 337–344.
[2]. Adebayo, A. A. (2013). Youths ‟ unemployment and crime in Nigeria : A nexus and implications for national development, 5(8), 350–357. https://doi.org/10.5897/IJSA2013.0452
[3]. Babalola Sikiru Jimoh, Jimoh Saka, I. adenuga. (2013). THE VALIDITY OF OKUN ‟ S LAW IN NIGERIA : A DIFFERENCE MODEL APPROACH Jimoh Olakunle SAKA Idris Abiodun ADENUGA 2. A REVIEW OF SOME EMPIRICAL LITERATURE, 3(12), 1598–1608.
[4]. Banda, H. (2016). " The impact of economic growth on unemployment in South Africa : 1994-2012 " The impact of economic growth on unemployment in South Africa : https://doi.org/10.21511/imfi.13(2-1).2016.11
[5]. Barreira, A. P., & Rodrigues, P. (2005). Unit root tests for panel data – a survey and an application.