Version-2 (March-April 2015)
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| Paper Type | : | Research Paper |
| Title | : | A Comparative Analysis of Capital Structure between Banking and Non-Banking Financial Institutions of Bangladesh |
| Country | : | Bangladesh |
| Authors | : | Alrafa Akter || Afroza Parvin || Sanzida Easmin |
Abstract: This research aims to compare the capital structure of Bangladeshi banking and non-banking financial institutions through some measurements. The annual financial statements of 10 commercial banks and 10 non-bank financial institutions were used for this study which covers a period of five (5) years from 2009-2013. The study assesses the capital structure of the banking and non-banking sectors measured by total debt to equity ratio (DER), total debt to total funds ratio and performance by ROE, ROA, EPS.Descriptive statistics, t-test have been used to show the differences between banking and non-banking capital structure and performance. However this study concludes that there is no significant difference between Bank and non-bank's EPS but there is a significant difference between Bank and non-bank's D/A ratio and D/E ratio and ROA and ROE.
Keywords: Capital Structure, Performance, Return on Equity, Return on Asset, EPS, Total Debt to Total Equity Ratio (DER), and Total Debt to Total Funds Ratio.
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[2]. Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order prediction, about dividends and debt. Review of Financial Studies, 15(1), 1–33. http://dx.doi.org/10.1093/rfs/15.1.1
[3]. Firer, C., Ross, S.A., Westerfield, R.W. & Jordan, B.D. (2008) Fundamentals of corporate finance: 4th South African edition. Berkshire: McGraw Hill.
[4]. Ghosh, C., Nag, R., &Sirmans, C. (2000). The pricing of seasoned equity offerings: evidence from REITs. Real Estate Economics, 28(3), 363–84. http://dx.doi.org/10.1111/1540-6229.00805
[5]. Gitman, L. J., &Zutter, C. J. (2010). Principles of managerial finance (13th ed.). New York: Prentice Hall.
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| Paper Type | : | Research Paper |
| Title | : | Impact of Contributory Pension Scheme on Workers' Savings and Investment in Nigeria: Anambra State Case Study |
| Country | : | Nigeria |
| Authors | : | Kalu Chris U. || Nicholas Attamah |
Abstract: This paper analyses the impact of Contributory Pension Scheme on employee savings and investment in Nigeria using Anambra State public workers as a case study. The paper uses cross – sectional primary data sourced through a structured questionnaire administered on 387 respondents (i.e. those that have been in service for the period of 5 years and on grade level 8. This choice is based on the fact that they will save money than those in grade levels less than 8. The empirical analysis reveals that majority of the respondents prefers to save outside any pension scheme implying that they are participating because it is compulsory. Again, most of the respondents are not aware of their employers' own contribution to their contributory pension scheme. The study therefore concludes among others that the Nigerian government should create more awareness and enlightement campaign on the workers' contributory pension scheme geared towards retirements.
Keywords: Pension scheme, savings, investment, retirement benefits
[1]. Adebayo, Y. K. (2006), Essentials of Human Resources Management Benin City. Weliscops services.
[2]. Adeola, F. (2006), Strategic Implications of New Pension Reform Act and its Benefits to stakeholders. Seminar paper presentation at PENCOM Headquarters, Abuja.
[3]. Amujiri, B. A. (2009), "The New Contributory Pension Scheme in Nigeria: A Critical Assessment‟, NJPALU, Vol. xiv No1.Pp. 137. 152.
[4]. Ayegba, O. James, I & Odok, L. (2013), "An Evaluation of Pension Administration in Nigeria‟, British Journal of Arts and Social Sciences Vol. 15, No. 11, Pp. 97 -108.
[5]. Babatunde, A. M. (2014). The impact of contributory pension scheme on workers‟ saving in Nigeria. Medwell Journal 7(3): 464-470.
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| Paper Type | : | Research Paper |
| Title | : | Credit Risk and Bank Performance in Nigeria |
| Country | : | Nigeria |
| Authors | : | Olawale Femi Kayode || Tomola Marshal Obamuyi || James AyodeleOwoputi || Felix Ademola Adeyefa |
Abstract: This study investigates the impact of credit risk on banks' performance in Nigeria. A panel estimation of six banks from 2000 to 2013 was done using the random effect model framework. Our findings show that credit risk is negatively and significantly related to bank performance, measured by return on assets (ROA). This suggests that an increased exposure to credit risk reduces bank profitability. We also found that total loan has a positive and significant impact on bank performance. Therefore, to stem the cyclical nature of non-performing loans and increase their profits, the banks should adopt an aggressive deposit mobilization to increase credit availability and develop a reliable credit risk management strategy with adequate punishment for loan payment defaults.
Keywords: Bank performance, Credit risk, Return on assets, Deposit mobilization, Non-performing loans, Random effect.
[1]. Ahmed, A.S., Takeda, C. and Shawn, T. (1998).Bank Loan Loss Provision: A Reexamination of Capital Management and Signaling Effects.Working Paper, Department of Accounting, Syracuse University, 1-37.
[2]. Angbazo, L. (1997). Commercial Bank Net Interest Margin, Default Risk, Interest Rate Risk, and off-Balance Sheet Banking.Journal of Banking and Finance, 21, 55-87.
[3]. Aremu, O.S., Suberu, O.J. and Oke, J.A (2010).Effective credit Processing and Administration as a Panacea for Non-performing Assets in the Nigerian Banking System.Journal of Economics, 1(1); 53 – 56.
[4]. Basel Committee on banking Supervision (1999). Principles for the Management of Credit Risk, CH – 4002 Basel, Switzerland Bank for International Settlements.
[5]. Ben-Naceur, S. and Omran, M. (2008).The Effects of Bank Regulations, Competition and Financial Reforms on MENA Banks' Profitability.Economic Research Forum Working Paper No. 44.
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| Paper Type | : | Research Paper |
| Title | : | Effect of Oil Revenues and Non-Oil Exports on Industrial Production: A Case of Iran |
| Country | : | Iran |
| Authors | : | Seyed Mohammad Alavinasab |
Abstract: This study aims to examine empirically the effect of oil revenues and non-oil exports on industrial production in Iran, using secondary data over the period from1961-2010. For empirical analysis after checking the data for stationarity and co-integration test, the least square method has been used. The empirical results show positive and statistically significant impacts of explanatory variables of oil revenues and non-oil exports on industrial production of Iran during the study period. The study found that the relevant macro economic indicator real GDP have positive and significant effect on industrial production while impact of exchange rate is found negatively insignificant. Diagnostic tests also indicate that no serial correlation, no heteroskedasticity, and the residuals are normality distributed.
Keywords: Industrial Production, Oil Revenues, Non-oil Exports, Gross Domestic Product, Exchange Rate, Iran.
[1]. Akpan, E. S., Riman, H. B., Duke, J. and Mboto, H. W. (2012), "Industrial Production and Non-oil Export: Assessing the long run implication on economic growth in Nigeria", International Journal of Economics and Finance Vol. 4, No. 2, pp. 252-259.
[2]. Baradaran Shoraka, H. and Safari, S. (1998), "The Effect of Exports on Growth of Economic Sectors in Iran (1959-1993)", Iranian Journal of Trade Studies, No. 6, pp. 1-32.
[3]. Bazzazan, F. and Mohammadi, N. (2008), "Determination of Status for Export Promotion Strategy in Industrial Production Growth in Iran (Using Input- Output Method)", Journal of Quantitative Economics, Vol. 5, No. 4, pp. 131-156.
[4]. Gylfason, T. (2001), "Lessons from the Dutch Disease: Causes, Treatment and Cures", Faculty of Economics and Business Administration, University of Iceland.
[5]. Jahani Raeini, P. Mortazavi, A. and Mojahedi, M. M. (2006), "Effects of Oil Revenues on Iranian Economy (As a Similar Dutch Disease)", Journal of Researches and Economic Policies, No. 39, 40, pp. 103-138.
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| Paper Type | : | Research Paper |
| Title | : | Effect of Dividend Policy on Value Creation for Shareholders of Companies Listed In the Nairobi Securities Exchange |
| Country | : | Kenya |
| Authors | : | Josephine Nduku Mbuvi |
Abstract: Several theories have been documented on the relevance and irrelevance of dividend policy. Many authors continue to come up with different findings from their studies on the relevance of dividend policy. A company's management is dealing with competing interests of various shareholders, the kind of dividend policy they adopt may have either positive or negative effects on the share prices of the company. The effect of a firm's dividend policy on the current price of its shares is a matter of considerable importance, not only to management, who must set the policy, but also to investors planning portfolios and to economists seeking to understand and appraise the functioning of the capital market. It is on this basis that the study sought to establish the effect of dividend policy on value creation for shareholders of companies listed in the Nairobi Securities Exchange. The objectives of the study were to establish the effect of dividend announcement on value creation for shareholders of companies listed in Nairobi Securities Exchange, to establish the effect of dividend payout on value creation for shareholders of companies listed in Nairobi Securities Exchange, to determine how tax incentives influence value creation for shareholders of companies listed in Nairobi Securities Exchange and to identify how free cash flows influence value creation for shareholders of companies listed in theNairobi Securities Exchange. A questionnaire was used to collect primary data from the Finance Managers of the public companies. The data wasanalysed using Regression Analysis, and descriptive statistics through the use of SPSS. The findings indicated that all the variables contributed positively to value creation of shareholders of companies listed in the NSE.
Keywords:Capital gains, Dividend Payout, Earnings per share, Net Present Value.
[1]. Agrawal,Anup&Jayaraman, (1994).The dividend policies of all equity firms.Adirect test of the free cash flow Theory Managerial and decision Economics 139-148.
[2]. Ang, J.S. (1987). Do dividends matter? A review of corporate dividend theories and evidence. New York: Salomon Brothers Center for the Study of Financial Institutions and the Graduate School of Business Administration, New York University.
[3]. Al-Kuwari, D.(2009).Determinants of the dividend policy in emerging stock changes. Global economy &Finance Journal 2 (2) 38-63
[4]. Amidu,M.(2007).How does dividend policy affect performance of the firm on Ghana stock Exchange. Investment management and financial innovations.
[5]. Babbie,E.(2013).The basics of social research.(6th Edition).Stanford: Cengage Learning.
[6]. Baker, H.K., Powel, G.E. & Viet, E.T.( 2002). Revisiting the dividend puzzle.Do all of the pieces now fit? Review of Financial Economics, 11:241- 261.
[7]. Black, F. (1976). The Dividend Puzzle. Journal of Portfolio Management, 2:5-8.
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| Paper Type | : | Research Paper |
| Title | : | The Effect of Strategic Supply Chain Management on the Profitability of Flour Mills in the Sub-Saharan Africa (2005 - 2013) |
| Country | : | Nigeria |
| Authors | : | Dr. (Mrs) M. E. Njoku || Kalu Alexanda O.U. |
Abstract: To compete successfully in today's fierce and challenging business environment, companies need to focus on supply chain management components that have impact in enhancing profitability. The study examined the effect of strategic supply chain management on the profitability of Flour Mills in the Sub-Saharan Africa (2005-2013). The problem x-rayed here stems from the huge cost burden on production firms in the sub-Saharan African region and their subsequent poor performance. The industry is marred by low profit margin as a result of high cost burden, as such the ability of the company to reduce production cost while increasing product output would largely determine profitability.
[1]. Adebayo, I. T (2012). Supply Chain Management practices in Nigeria Today: Impact on Supply chain management performance. European Journal of Business and Social Sciences 1(6), 107-115.
[2]. Arawati, A. (2011). Supply chain management, product quality and business performance. International Conference on Sociality and Economic Development 10.
[3]. Ballou, R. H., Gillbert, S. M., and Mukherjee, A. (2007). New managerial challenge from supply chain opportunities. Industrial Marketing Management, 29.
[4]. Christopher, M. (1998). Logistics and supply chain management. Great Britain: Financial Time Prentice Hall, 2nd edition.
[5]. Collin, J. (2003). Selecting the right supply chain for a customer in project Business. Helsinki: University of technology.
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| Paper Type | : | Research Paper |
| Title | : | "Financial Inclusion in SHG-bank Linkage Model under SGSY with special reference of Jhansi District" |
| Country | : | India |
| Authors | : | Radhika Choudhary |
Abstract: Financial Inclusion is a very big challenge to banking sector. Till now most of the banking facilities are not reaching to deprive. Micro financing through SHGs is a vital weapon for poverty eradication. But due to lack of uniformity it is not complete its target efficiently. In this paper try to focus on the financial inclusion in SHGs-Bank Linkage Programme under SGSY scheme in Jhansi district. SBLP is the banking link with poors to uplift their socio-economoc, health, nutrition, insurance, saving, education aspects. It is an attempt to clarify how much this programme reach to beneficiaries of SHGs.
[1]. Annual report (2011-13 ), SHGs under SGSY scheme, DRDA, Development office, Jhansi Uttar Pradesh.
[2]. Annual Reports (2011) Credit Plan, Lead Bank (PNB), Jhansi Uttar Pradesh.
[3]. B.C. Das, (2010), Performance of SGSY-SHGs Linked to RRBs in Karnataka Economic Affairs Vol..55 No.3, (Page 207-216.Bulletin, July, Vol LXI (7).
[4]. Kamath Rajalaxmi (2007), "Financial Inclusion vis-à-vis Social Banking", Political Weekly, April, Vol. XLII (15), pp 1334-1335.
[5]. Mor Nachiket and Bindu Ananth, (2007), "Inclusive Financial Systems: Some Design Principles Economic and and a Case Study", Economic and Political Weekly, March, Vol.XLII (13) pp1121-1126.
[6]. Porkodi.S & .Aravazhi.D (2013) "Role of Micro Finance and Self Help Groups in Financial Inclusion" International Journal of Marketing, Financial Services & Management Research, ISSN 2277- 3622 Vol.2, No. 3,pp- 137-149.
[7]. PriyaBasuand andPradeepSrivastava (2003) World Bank-NCAER Survey on rural access to finance the Rural Finance Access Survey-
[8]. Rao Subba K.G.K. (2007), "Financial Inclusion: An Introspection", Economic and Political Weekly, February, Vol. XLII (5), pp 355-360.