IOSR-JEF   Volume-5 ~ Issue-3

Abstract: Poverty is a reflection of food insecurity. It has pursued mankind since times immemorial. The world is experienced with the consequences of poverty. It is the governments' responsibility to mitigate poverty through providing food security. Hence, the central and state governments in India have launched many poverty alleviating programmes

Abstract: This study aimed at empirically exploring the triangle of relationships – finance-inflation-growth – with the broader data sets (1970 - 2012) to see whether a direct effect of inflation on growth can be identified as well as an indirect effect through financial sector development. Italso seeks toexplore the relative strength of the variables in affecting economicgrowth using the variance decompositions (VDCs) and the impulse-response functions (IRFs) based on the structural vector autoregression(VAR) framework. We found that both Engel - Granger and Johansen cointegration test suggest that the variables are cointegrated. Based on the existence of cointegration relationship among the variables, we therefore estimate the long-run relationships using the Stock-Watson's dynamic ordinary least squares (DOLS) model. The results of DOLS model give an indication that inflation effect on growth is independent of financial development while the financial development effect on growth is dependent of inflation. Furthermore, we also found no evidence of short run causality between RGDP and INF; and there is existence of short run interaction between RGDP and FD that is a bi-directional causality between the variables. Variance decompositions (VDCs) results revealed the variations in the economic growth in Nigeria respond more to shocks in trade openness and next government spending, however, the variations in the economic growth rely more on its own innovations. The policy implication of this finding is for policy makers to develop strategy that will holistic reforms in the financial system and enhance stock market development along side with banking financial institutions. Finally, since financial development effect on growth is dependent of inflation, policy that will ensure price stability will promote output further.

Keywords: Inflation, Financial Development, Output Growth, VECM JEL Classifications: D53, E31, G29

Abstract: A common phenomenon in the financial reports of Nigerian pharmaceutical companies is the volume of short-term and long-term liabilities that forms a considerable size of their capital structure. Explaining the role of financial leverage in companies' financial performance is one of the primary objectives of contemporary researches and this role remains a questionable subject which has continued to attract the attention of many researchers. The main objective of this study is to determine the effect of financial leverage on financial performance of the Nigeria pharmaceutical companies over a period of twelve (12) years (2001 – 2012) for the three (3) selected companies. This work employed three (3) financial leverage for the independent variables such as: debt ratio (DR); debt-equity ratio (DER) and interest coverage ratio (ICR) in determining their effect on financial performance for Return on Assets (ROA) as dependent variable. The ex-post facto research design was used for this study. The secondary data were obtained from the financial statement (Comprehensive income statement and Statement of financial position) of the selected pharmaceutical companies' quoted on the Nigerian Stock Exchange (NSE). Descriptive statistics, Pearson correlation and regressions were employed and used for this study.

Keywords: Financial performance, Financial leverage, Pharmaceutical industry, Descriptive research, Multiple regressions, Debt ratio, Debt-equity ratio, Interest coverage ratio, Return on Assets, SPSS and Financial Statement

Abstract: The National Food Security Bill was drafted by the National Advisory Council (NAC) in 2010 and was made to address the issue of food security with an aim to provide for food and nutritional security in human life cycle approach, by ensuring access to adequate quantity and quality food at affordable prices to public to live a life with dignity and formatters connect therewith and incidental thereto. The Food Ministry circulated a draft report in September 2011 for public comments. The National Food Security Bill was finally introduced in the Lok Sabha for the first time on 22nd December, 2011.

Abstract: Even though India and Indians never forgot the Arthsashtra, the study and practical applications of the book lost its importance since the British rule. Professor Shama shastry rediscovered the book in 1905, he wrote its first English translation. Ever since then, only two more translations that are English have been written. One by Professor Kangle and the other by Shari Rangarajan. The book has many principles and techniques that once applied can prove a tremendous improvement. Arthsashtra, written by Kautilya is an ancient treatise dealing with the governance of a country. Chanakya was a very learned scholar at the Takshashila University, an ancient Hindu university, located in present in Pakistan, and the acharya of Chandragupta Maurya. He had mastery over political science, economics, accounting, and governance, and he was the driving force behind the creation of the Maurya dynasty.

Abstract: Inflation occurs due to an imbalance between demand and supply of money and/or changes in production and distribution cost or increase in taxes on products. One of the most complex challenges of our present times is the problem of rising Inflation and balancing growth requirements of the economy with controlling inflation. As the Government and RBI starts grappling with some of the complex problem of inflation and rejuvenating economic growth we all hope that the spectacle of India's growth story will take off once again. Fiscal deficit and Economic Reforms- the twin issues deserve importance because they probably hold the key to revival of economic growth. Several economists have rightly identified the problem of inflation as supply-side – lack of reforms discouraging productive investment. Fiscal profligacy has fuelled inflation. If the government is looking for ways to create a sustainable future growth path for the economy tackling the menace of inflation should figure high on its priority list. In this paper the challenges of inflation in India, drivers to inflation, dilemmas for the policy makers have been explored and discussed, and remedies suggested.

Keywords: Economic growth, fiscal deficit, inflation, infrastructure, interest rates

Abstract: The study focused on the decline in the Marine fishery resources caught by the trawlers. Different Species of the Marine catch like Skates, Rays, Cat fish, Wolf herring, Anchovies, Stolphorous, Thryssa, OtherClupeids, Flying- fish, other perches, Gastropods and Big Pamfrets declined. The decline in catch rate is more for the species like Halibut followed by Stomatopods and Silver bellies. High valued species like Stomatopods (-29.66), Lobsters (-18.53), Silver bellies (-15.85), Seer fish (-18.33), Penaeid Prawns (-10.38), Non Penaeid Prawns (-11.53) and Cephalopods (-11.05) showed a declining trend which affects the economic sustainability of the trawler fishery in Kerala. The most prominent centre of the trawl catch in Kerala namely the Neendakara –Shakthikulangara marked a considerable decline in the varieties of the Marine resources caught as a comparison is made between the years 2002 and 2011.

Key Words: Decline in marine resources,Compound growth rate, Percentage share of species, Net profit and increase in the catch

Abstract: This research deals with analysis of public sector and its impact on overall employment generation in Bangladesh. Secondary data from Bangladesh Bureau of Statistics, CIA world factbook, Bangladesh Bank and Bangladesh government's annual reports is mainly used for this study. The study adopted descriptive statistics, regression and correlation analysis on employment, population, labor force, service sector and public sector employment. The objectives of the study are to describe the trend of the variables; examine the impact of public sector and other variables on overall employment and to make recommendations based on the research findings. The results revealed that there has been small fluctuation in the trend of employment, population, labor force, service sector and public sector employment considered with reference to the year 1974-2010. The results also show that 99.9% of the variation (model 1) has been explained by the explanatory variables, 82.4% of the variation in dependent variable (model 2) has been explained by the explanatory variable. The results further show that public sector has positive relationship with employment which shows that a unit increase in the aforementioned variable will lead to unit increase in employment. The correlation results further showed that population, labor force and service sector are significant at 1% probability level. The study concluded that populations, labor force, service sector and public sector are significant variables that affect employment generation in Bangladesh.

Keywords: Employment generation, government policy, public institutions and dynamic estimation

Abstract : Kenya's CDF was a concept implemented in 2003 through an Act of parliament, whose aim was to address the challenges at grassroots level through the provision of funds to empower community-based projects in all constituencies of Kenya. The initiative targeted development projects at the constituency level aimed at alleviating poverty and addressing imbalances in regional development based on decentralization of public resources. The principle behind devolution appears to be widely accepted throughout Kenya today. Increasingly however, was the issues on Management of fund accrued from CDF funded water projects. The study used cross-sectional survey design, which emphasized on the measurement and analysis of relationships between the variables. The study used primary sources of data. The CDF funded water project managers were interviewed to obtain the primary data. Data was analyzed using SPSS program. Descriptive statistics as well as inferential statistics were used. Mean, Correlation, ANOVA and regression analysis measured the nature of the relationship between the cash management, receivable management, inventory management practices and financial performance. The study findings were that, there was a strong positive relationship between the independent variables (cash management, receivable management, inventory management practice) and the dependent variable (financial performance). The variability of financial performance attributed to changes in efficiency of Receivable Management practices, efficiency of cash management and efficiency of inventory management was 88.3%. This has a general implication that efficient fund management practices have a positive effect on the financial performance of CDF funded water projects in Kenya and therefore optimal fund Management practices should be embraced as a policy recommendation.
Key words: (Cash Management Practices, CDF Water Funded Projects, Financial Performance, Fund Management, Inventory Management Practices, Receivable Management Practices)

Abstract : Creative-Destruction is a mirror of entrepreneurial model meant to revolutionize actions of business people. The paper tries to look into the origin of creative-destruction which was traceable to economists of the old, in their guest to study capitalism, socialism and democracy. They wanted to know how slack resources from organizations could be utilized to create wealth to the benefits of humanity. Upon the analyses of the works of Karl Marx and Schumpeter, as well as other classical economists, it was proved beyond doubt that so many countries have built on the theories of the economists to develop ideas, new innovations, inventiveness and creative ways of prosecuting government projects and businesses. As early as the beginning of Nineteen Century, the economists had propounded theories, laws and principles, governing economic activities based on their western education, showing that for entrepreneurial studies to succeed in transforming the world, education which is the driver of economic growth must be encouraged by the nations of the world.

Keywords: Creative-Destruction, Entrepreneurship, Creativity, Inventiveness and Innovation

Abstract : The main purpose of this paper is to analyze the growth and productivity in Chemical industry in Tamilnadu for the period of pre and post liberalization i.e. 1980-81 to 2001-02. The labor productivity was better and the capital productivity was low during pre and post liberalization. It is necessary that both public and private investment should be enhanced in chemical research and technology for sustaining productivity growth in the long run.

Keywords: Chemical industry, Industrialization, Productivity, Research and Development, State Domestic Product (SDP) JEL Classifications: L65, L78, O14, O25.

Abstract :This study investigated the effect of the automation on stock market price volatility of the Nairobi Security Exchange (NSE). Two study periods were considered, pre-automation (January 2002 to June 2006) and post-automation periods (July 2008 to December 2012). This study provides empirical analysisof price volatility before and after automation at NSE. The study adopted a longitudinal research design and considered data on monthly NSE 20 Share Index and the average share closing prices on 37 NSE listed firms from January 2002 to December 2012. Secondary data was used in this analysis. Descriptive statistics were used for analysis together with a chi-square test and t-test was used to test the significance. The results indicate that the introduction of the ATS had no statistically significant effect on price volatility at the NSE.
Key words: Nairobi security exchange, NSE share index, market automation, market volatility