IOSR-JEF   Volume-5 ~ Issue-4

Abstract: Oil as the mainstay of the Nigerian economy, accounts for over 95 percent of its foreign earnings and about 83 percent of its budgetary allocation, to this end, changes in oil prices has implications for the Nigerian economy and, in particular, exchange rate movements. The latter is mostly important due to the double dilemma of being an oil exporting and oil-importing country, a situation that emerged in the last decade. The study examined the effects of oil price, external reserves and interest rate on exchange rate volatility in Nigeria using annual data covering the period 1970 to 2011. The long run relationship among the variables was determined using the Johansen Co-integration technique while the vector correction mechanism was used to examine the speed of adjustment of the variables from the short run dynamics to the long run equilibrium. It was observed that a proportionate change in oil price leads to a more than proportionate change in exchange rate volatility in Nigeria; which implies that exchange rate is susceptible to changes in oil price. The study therefore recommend that the Nigeria government should diversify from the oil sector to other sectors of the economy hereby dwindling the impact of crude oil as the mainstay of the economy and overcome the effect of incessant changes in crude oil prices which often culminate into macroeconomic instability.

Keywords: Oil Price, Exchange rate volatility, Johansen Co-integration, Vector Error Correction Model Jel Classification: O24 C22 F41

Abstract: The purpose of this study is to identify and understand the accountability in financial management in a religious organization items, namely mosque. The research was conducted in Abu Dhar Al-Ghifary mosque normally functioned as the center of religious and social as well as business activities. Interviews with the managements of the mosque were conducted. Transcendental phenomenology was employed in this study to analyze the qualitative data. The findings of the study reveal that, first, accounting is defined as the financial management in mosque. Second, accountability is a spiritual calling defined as the mandate on the dimension of the relationship between human being and God (Allah), as well as trust among human beings. In addition, accountability is also defined as the reflection of solemn works of mosque management shown through physical evidence to the jama'at (congregations)

Keywords: accounting, accountability, mosque, phenomenology

Abstract: The growing rate of trade brings about improvement in the payment system from the trade by barter system era to the unit of weight system of payment, coins and notes to the present electronic payment system. As a result of high cost of cash management among others the government through the Central Bank of Nigeria, implement the cashless policy for the betterment of the economy, but the question remains; do we have the e-payment infrastructure for the efficiency of cashless society?The study aim to access e-payment infrastructure towards an efficient cashless policy in Nigeria. Two hundred and fifty (250) questionnaires were distributed to bank customers and two hundred and twenty nine (nine) where returned, tables and percentages where used to make analyses while chi-square statistical method was used to test the hypothesis. It was concluded that effective e-payment infrastructure is an essential tool to achieve an efficient cashless policy in Nigeria. More PoSterminals should be deployed; ATM should properly be managed while government agencies should ensure efficient telecommunication service delivery.

Keywords: cashless policy, e-payment, e-payment infrastructure, Point-of-Sale terminals

Abstract: Microfinance firms are viewed predominantly as instruments of social change, their performance has been often measured by non-financial parameters. The concept of social performance has seemed to overshadow the state of financial health of these enterprises. A microfinance institution is measured for financial sustainability based on its good financial accounts and the recognized accounting practices. The main objectives of this paper are to study the Brief Profile of Select Microfinance Institutions, to review the Overall Performance of select MFIs and to evaluate the Yield on Gross Portfolio of Select Microfinance Institutions. The data collected for the study includes secondary data. The various sources used to collect secondary data include research papers, journals, Status of Microfinance in India reports published by NABARD and various other websites. The secondary data collected is analyzed using various statistical tools and techniques such as one way ANOVA. The technique is used to identify if there exist a significant difference in the mean of different of select MFIs. As such, it has been observed based on the analysis that the average yield on gross portfolio of SML (27.81 per cent), BSFL (24.30 per cent), CMC (24.15 per cent), GVMFL (31.38 per cent), and GFSPL (28.57 per cent) recorded above the industry aggregate average (23.93 per cent), which depicts that these MFIs were relatively different in achieving high yielding on gross portfolio as compared to that of other MFIs.

Key Words: Mf, Mfis, Nabard, Yield on Gross Portfolio

Abstract: Economically and socially weak sections of the society lack collateral securities and identity requirements which are important to apply for loan from bank. So these sections of the people find it difficult to approach bank to avail financial services which will help in their economic development and social enrichment. Hence, the SHGs have been organized in which the group jointly takes the responsibility for group borrowing and group repayment. The study were analysed under the following objectives have been set for the present study. (i) To evaluate the Microfinance linkages of SHGs. The study measures the gap in the microfinance linkage by evaluating the three models of linkage. It was conducted in the Coimbatore district of Tamil Nadu covering SHGs of three different models of linkage with sample size 175 SHGs. The primary data was collected through questionnaire. The interview schedule is prepared by discussing with the NGO officials and SHG leaders and SHG members. The results of the study indicate that SHGs have been performing better not only as providers of financial services in terms of augmenting savings, lending and ensuring loan recovery, but also in terms of awareness creation and empowerment.

Key words: Micro finance, linkages, Micro credit, management skills

Abstract: Investment is the expenditure by a person or company to buy capital assets and other production supplies to expand the producing capacity of any available economic goods or services. In order to attract investors, the government starts rearrange the policy of investment regulation taking place in Indonesia by officially produce Indonesian constitution number 36 on 2010 about Investment. By the increasing of investment which could increase the production capacity, it is expected to increase the productivity to produce output and value-added, so that it would either increase the economic growth. This research aims to find out the analysis of macro-economy in forming the investment in East Java, to find out which free variable that is the most influential towards the forming of investment in East Java. This research uses secondary data, a time series one on 2002-2011. Analysis used in this research is double linear regression and the variables are Interest Rate (X1), Gross Regional Domestic Product (X2), Export Quantity (X3), and Investment in East Java (Y) as the dependent variable. The result shows that Rate of Interest (X1), Gross Regional Domestic Product (X2), and Export Quantity (X3) are significantly influential in the Forming of Investment in East Java. It is based on the Fcount = 8.123 > Ftable = 4.76. Partially, Rate of Interest (X1), and Export Quantity (X3) are not significantly influential towards the Forming of Investment in East Java (Y), based on 5% level and are significant on 10% level.

Keywords: Export Quantity, Investment, Gross Regional Domestic Product, Rate of Interest

Abstract:This paper is the effect of dividend payment on the market prices of shares in Nigeria: A study of 17 quoted firms using time series on dividend per share, dividend yield and dividend payout ratio that ranges between 2000 and 2011. The model specification for the analysis of data is ordinary least squares techniques applied as panel estimation. The researchers empirical results arising from the panel least squares suggests a positive effect between market price per share and dividend per share confirming that a rise in dividend per share brings about an increase in the market price per share of quoted firms; that dividend yield does not have a significant positive effect on the market prices of shares of quoted firms in Nigeria; that there exists a direct relationship between market prices per share and dividend payout ratio of selected firms on the NSE. Further, the study revealed that significant variations exist in the movement of the share prices of the selected firms which in theory could be attributed to the forces of demand and supply while in practice could be attributed to some other exogenous and endogenous variables such as economic policies, corporate managerial decisions, psycho-social variables, political situations and institutional parameters. Thus it was concluded and recommended that, earnings remain the most significant determinant of dividend payment averagely, hence it has significant influences on the market value of public owned firms in Nigeria and the world all over.The dividend payment, dividend per share, dividend yield, dividend payout ratio and earning per share are significant in explaining the observed differences in share market prices of quoted firms in Nigeria.
The government must contribute by relaxing laws that spell threat to the objectives of firms i.e. maximization of shareholders' wealth. Keywords: Market Price Per Share (MPS), Dividend Per Share (DPS), Dividend Yield, Earnings Per Share (EPS), Listing Securities, Securities and Exchange Commission, Stock Exchange, Regression, Payout Ratio

Abstract: Retailing in India is one of the pillars of its economy and accounts for 14 to 15 percent of its GDP. The Indian retail market is estimated to be US$ 500 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people. As of 2013, India's retailing industry was essentially owner manned small shops. In 2010, larger format convenience stores and supermarkets accounted for about 4 percent of the industry, and these were present only in large urban centers. India's retail and logistics industry employs about 40 million Indians (3.3 percent of Indian population). Indian market has high complexities in terms of a wide geographic spread and distinct consumer preferences varying by each region necessitating a need for localization even within the geographic zones. India has highest number of outlets per person (7 per thousand) Indian retail space per capita at 2 sq ft (0.19 m2)/ person is lowest in the world Indian retail density of 6 percent is highest in the world. 1.8 million Households in India have an annual income of over 4.5 million (US$74,700.00). A number of merger and acquisitions have begun in Indian retail market. PWC estimates the multi-brand retail market to grow to $220 billion by 2020. A growing and mushrooming retail sector means that its contribution to GDP would grow. It would thus help in expanding the economy, generate employment and result in more tax income. The present study made an attempt to highlights the importance of FDI in retail sector; analyze the structure of retail industry group and its market reach in India, Assess the FDI on various sectors related to the retail sector. Analyze the growth performance of retail industry over a period of time and examine the Indian retail reforms and provide some suggestions to protect and promote the interest of small, unorganized retailers and farmers in the country.

Keywords: FDI, Retail sector, whole sale sector,GDP

Abstract: Now a days the women's have more and more confident intrusion in business and their management skill mesmerized the whole scenario and make a different set back towards the patriarchy business. But there are still some foundational stoppers for the rural entrepreneurs such as raw material management as the raw material still be an unorganized section which were dominates by the man, in such condition what were the problems faced by the new comer women in the business and what were the solutions driven by them.

Keywords: women entrepreneurship, struggle, business ethics