Version-1 (March-April 2016)
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| Paper Type | : | Research Paper |
| Title | : | The Effect Of Financial Liberalization On The Pprofitability Of Deposit Money Banks (Dmbs) In Nigeria: Bounds Testing Cointegration Approach |
| Country | : | India |
| Authors | : | Dr. Sunday Edesiri Akiri |
Abstract: This study examines the overall effect of Financial Liberalization on the Profitability of Deposit Money Banks (DMBs) in Nigeria. Most of the previous studies focused on the economic growth aspect of financial liberalization and yet, very little is known empirically about its effect on profitability of DMBs. To bridge this gap, a financial liberalization index has been developed to evaluate the effect on profitability of DMBs in Nigeria. Time series annual data from the period 1975-2013 are employed. The time series annual property of the data is analyzed using the Ordinary Least Squares (OLS) technique. The research utilizes an autoregressive distributed lag to co-integration approach (ARDL-ECM) to evaluate the effect. The result of the analysis of the study reveals that financial liberalization in Nigeria has brought a mixed effect. Financial liberalization does not lower profitability of DMBs in Nigeria due to high reserve ratio and heavy investment in stabilization securities. The result suggests that the government should fine tune the various policies in the liberalization package in order to enhance the performance of deposit money banks in Nigeria.
Keywords: Financial Liberalization, Deposit Money Banks, Profitability
[1]. Ahmad, H.I. (2003). Trend in the profitability of banks in Nigeria before and during interest rate deregulation: A comparative analysis. NDIC Quarterly, September, 13(3): 59-84.
[2]. Bahmani-Oskooee, M. and Nasir, A.(2004). ARDL approach to test the productivity bias Hypothesis. Rev. Development Economics Journal, 8: 483-488.
[3]. Banerjee, A., Dolado, J.J., Galbraith, Z.W. and Hendry, D.F. (1993). Cointegration error correction and the econometric of non-stationary data. Oxford: Oxford University Press.
[4]. Bonfiglioli, A. and Mendicino, C., (2004). Financial liberalization, banking crises and growth: Assessing the links. SSE/BFI Working Paper No. 567.
[5]. Chizea, G. (1994). Analysis of monetary and fiscal policies, broader perspectives. 2nd edn, 12-24, BBT Press.
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| Paper Type | : | Research Paper |
| Title | : | International Trade And Economic Growth: An Empirical Analysis Of West Africa |
| Country | : | Nigeria |
| Authors | : | Abubakar Okuwa Abdullahi || Shuaibu Sidi Safiyanu || Tsalla Soja |
Abstract:Studies on the effects of international trade on economic growth have varying outcomes. Thus, this study analyzed the relationship between international trade and economic growth in West Africa from 1991- 2011. Based on the panel data of 16 out of 17 countries in the region, the study found that a one percent rise in export variable will lead to growth of GDP by 5.11 percent. Import on the other hand has positive but insignificant impact on GDP growth. Foreign exchange has negative impact on GDP growth. Therefore, the study concluded that exports impact positively on economic growth of the region and recommended that West African countries should encourage indigenous enterprise for export promotion and import substitution.
[1]. Abdullahi, Y.Z., Sokoto, A.A & Safiyanu, S.S. (2013), Analysis of the relationship between foreign trade and economic growth in
Africa, Economic and Financial Review, 3(03): 01-10, ISSN: 2047-0401, Retrieved from http://www.businessjournalz.org/efr
[2]. Adewuyi, A. (2002), Balance of payment constraints and growth rate differences under alternative policy regimes, National Institute
of Social and Economic Research (NISER) Monograph Series No. 10 Ibadan, Nigeria.
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Tunisis
[4]. Bairam, A. (1988), Balance of payments, the Harrods foreign trade multiplier and economic growth; the European and North
American Experience, 1970-1985 Applied Economics, December
[5]. Balssa, B. (1978), Exports and economic growth, further evidence, Journal of Development Economics, 5(2): 181-189
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| Paper Type | : | Research Paper |
| Title | : | Stock Market Liquidity and Firm Performance |
| Country | : | India |
| Authors | : | Dr. Tarika Singh |
Abstract:The present study is done in Indian context with an objective to find out the effect of Stock Market Liquidity on Firm Performance. NSE listed firms were studied from 2005 to 2014. OLS regression was used to find out a causal relationship between indicators of stock market liquidity and firm performance. The results indicate a positive relationship between age and performance of firm.
Keywords: Liquidity, Performance, Tobin's Q
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[2]. Amihud , Mendelson (2012) Stock and bond liquidity and its effect on prices and financial policies , Fin Mkts Portfolio Mgmt Journal of financial Economics ,20 (pg. 1-11)
[3]. Banerjee, Gatchev, Spindt (2005) Stock Market Liquidity and Firm Dividend Policy, Journal of Financial Economics, (1-26).
[4]. Bekaert, Geert, Campbell R. Harvey, and Christian T. Lundblad, 2005, Liquidity and expected returns: Lessons from emerging markets, Working Paper.
[5]. Bervas (2006) Stock Market Liquidity and Firm Performance Market Liquidity and its Incorporation Into Risk Management. Journal of financial Economics (pg. 2).
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| Paper Type | : | Research Paper |
| Title | : | The Impact of Foreign Investments on Domestic Inflation in Nigeria: A Disaggregated Analysisa |
| Country | : | Nigeria |
| Authors | : | Igwemeka Ebele Okafor |
Abstract:The need to draw foreign capital in non-debt constituting ways is one of the reasons emerging economies wish to encourage foreign investments. Thus there has been a dramatic increase in the magnitude of foreign investments from the North to emerging economies across the South where the need is high. However, the nature and source of foreign investments play critical role in determining its impact on domestic inflation. It is against this background that this paper attempts to investigate the impact of foreign investments on domestic inflation in Nigeria from 1987 to 2012.....
Keywords: FDI, FPI, export, inflation, Nigeria.
[1]. Ahn, Y.S., Adji, S.S. & Willet, T.D. (1998). The effect of inflation and exchange rate policies on direct investment to developing
countries. International Economic Journal, 12,95-104.
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[3]. Ball, L.M. (2006). Has globalization changed inflation? NBER Working Paper. 12687, 1 – 19.
[4]. Bernanke, B. S. (2007). Globalization and monetary policy. Economic Policy Research Papers.
[5]. Caves, R.E. (1996). Multination Enterprise and Economic Analysis. In Denisia, V. (Eds) Foreign Direct Investment Theories,
Cambridge: Cambridge University Press.
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| Paper Type | : | Research Paper |
| Title | : | Trade Balance Effect of Exchange Rate Devaluation in Benin Republic: The Empirical Evidence. |
| Country | : | Nigeria |
| Authors | : | BigBen Chukwuma Ogbonna |
Abstract:This paper attempts to identify the relationship between the exchange rate and trade balance in Benin Republic for the period 1950 to 2008. We have employed co integration analysis and vector error correction modeling (VECM) to enable us determine the long run, as well as short-run dynamics, between the exchange rate and the trade balance for Benin. The key findings of our empirical exercise are that there is one long run steady state co integrating relationship between trade balance and exchange rate for Benin Republic......
Keywords: Benin Republic, Devaluation, Exchange rate, J-curve hypothesis, Trade balance,
[1]. Huseyin, K., Ilhan, O., Seyfettin, A. and Kahraman, K. (2009).Devaluation and trade balance in Latin American countries. Zb. Rad. Ekon. Fak. Rij. 27(1), 115-128
[2]. Rosewiig, J. A. and Kock, P.D. (1988). The U.S. dollar and the delayed J-Curve. Economic Review: Federal Reserve Bank of Atlanta, 73(4), 2-15.
[3]. Rose, A. K & Tellen, J. L. (1989). Is there a J-curve? Journal of Monetary Economics. 24, 53-68.
[4]. Kim, S. C. (2001). Effect of monetary policy shocks on the trade balance in open European countries. Economic Letters, 71,197 – 203.
[5]. Bahmani-Oskooee, M. & Rather, A. (2004). The J-Curve: A literature review. Applied Economics, 36, 1377 – 1398.
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| Paper Type | : | Research Paper |
| Title | : | Sector and Spatial Analysis of Batu, East Java-Indonesia |
| Country | : | Indonesia |
| Authors | : | Hadi Sumarsono || Farida Rahmawati |
Abstract:This study aims to loook at the leading economic sector in order to stimulate the economy of Batu and territorial aspects or the location of economic activity that will be built in accordance with the endowment resources. This research used Qualitative and collection data technique used documentation from Central Bureau of Statistics BPS (Badan Pusat Statistik). An analytical technique used Location Quotient (LQ), Shift Share (SS), and Schallogram. The results showed the sector base in Batu are: trade, hotel and restaurant, agriculture and service......
Keywords: Location Quotient (LQ), Shift Share (SS), Schallogram, Batu
[1]. Arsyad, Lincolin. 1999. Pengantar Perencanaan dan Pembangunan Ekonomi Daerah.Yogyakarta:BPFE.
[2]. Arsyad,Lincoln. 2010. Ekonomi Pembangunan. Yogyakarta: UPP STIM YKPN Yogyakarta.
[3]. BPS. 2011. Kecamatan Batu dalam Angka 2011. Batu: Badan Pusat Statistik
[4]. BPS. 2012. Kecamatan Batu dalam Angka 2012. Batu: Badan Pusat Statistik
[5]. BPS. 2013. Kecamatan Batu dalam Angka 2013. Batu: Badan Pusat Statistik
[6]. BPS. 2014. Kecamatan Batu dalam Angka 2014. Batu: Badan Pusat Statistik
[7]. BPS. 2011. Kecamatan Bumiaji dalam Angka 2011. Batu: Badan Pusat Statistik
[8]. BPS. 2012. Kecamatan Bumiaji dalam Angka 2012. Batu: Badan Pusat Statistik
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| Paper Type | : | Research Paper |
| Title | : | A Study of Corporate Social Responsibility and Working Capital: Evidence from the United Kingdom |
| Country | : | Ghana |
| Authors | : | John Gartchie Gatsi || Joseph Ameyibor |
Abstract: Literature on corporate social responsibility (CSR) tends to focus attention on the relationship between CSR and profitability to the neglect of working capital even though working capital management affects profitability and firm value. This study therefore shifts attention to the examination of the relationship between CSR and working capital using companies listed on the main London Stock Exchange from 2005 to 2012 using panel data design and regression analysis....
Keywords: Stewardship Theory, Working Capital, Corporate Social Responsibility, Shareholder Value and Stakeholder Theory.
[1]. Abbadi1 S. M. & Abbadi R.T. (2013). The Determinants of Working Capital Requirements in Palestinian Industrial Corporations. International Journal of Economics and Finance; Vol. 5, No. 1, pp. 65-75.
Abdullah H. & Valentine B. (2009). Fundamental and Ethics Theories of Corporate Governance. Middle Eastern Finance and Economics, Vol. 4, pp. 88-96
[2]. Berle, A. and G. Means, 1932, The Modern Corporation and Private Property (New York, Macmillan).
[3]. Bernstein, A. (2000), "Too much corporate power‟, Business Week, 11 September, page 149
[4]. Breitung J. And Pesaran M. H. Unit roots and cointegration in panels. Discussion Paper Series 1: Economic Studies No 42/2005
[5]. Caballero, J., Teruel, G., & Solano, P. (2009). Working capital management in SMEs. Accounting and Finance , Vol.50, No. 3, pp.511-527.
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| Paper Type | : | Research Paper |
| Title | : | Dividend Policies On Capital Structure And Shareholders' Value In Commercial Banks Listed In The Nairobi Securities Exchange, Kenya |
| Country | : | Kenya |
| Authors | : | William Kiprotich Andiema || Doreen Njeje Atieno |
Abstract: Firm managers often experience difficulties coming up with dividend decisions that satisfy the various needs of shareholders and the firm. Thus, it is evident that the dividends policies present a never-ending challenge for managers who on one hand seek to maximize on investment opportunities and profitability by using inexpesive capital in form of retained earnings but on the other hand need to assure the investors that the bank is indeed commited to creating wealth for them......
Keywords: Dividend Policies, Capital Structure, Shareholders Value
[1] Arnold, T. (2002), "Surprise! Higher Dividends = Higher Earnings Growth", Financial Analysts Journal, 70-87.
[2]Asquith, H.& Mullins, R. (2003). The impact of initiating dividend payments on shareholders' wealth. Journal of Business, 56: 77-
96.
[3] Bhattacharya model (2009). "Imperfect Information, Dividend Policy and the Bird- In-The-Hand Fallacy". The Bell Journal of
Economics, p10.
[4] Ben-David, I. (2010). Dividend Policy Decisions Working Paper, The Ohio State University.
[5] CBK,(2013)," Annual Bank Supervision Reports." Nairobi, CBK publishers
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| Paper Type | : | Research Paper |
| Title | : | The Performance Appraisal of Public and Private Banks in Turkish Banking System after 2008 Financial Crisis |
| Country | : | Turkey |
| Authors | : | Fatih Konak || E. Kübra Çelik |
Abstract:The main purpose of the financial system, the government, is directed to those in need of more funds belonging to companies and households. If the financial system is carried out in a correct and consistent manner also makes a substantial contribution to economic stability and growth in the country. In this study, were the sources of public and private banks operating in Turkey are determined according to various ratios they use effectively and efficiently. Effectiveness and efficiency are the key performance indicators of the company today, the event shows the current level to reach the target efficiency is defined as the ratio of output to input, obtained by available resources.......
Keywords:Private-Owned Deposit Banks, Public Deposit Banks, TOPSIS
[1]. Albayrak, Y. E., & Erkut, H. (2005). Banka Performan Değerlendirmede Analitik Hiyerarşi Süreç Yaklaşımı. İstanbul Teknik Üniversitesi Mühendislik Dergisi, 47-58.
[2]. Aydoğan, K., & Çapoğlu, G. (1989). Bankacılık Sistemlerinde Etkinlik ve Verimlilik: Uluslararası Bir Karşılaştırma. Ankara: MPM Yayınları:397.
[3]. Baykara, H. V. (2012). Katılım Bankalarında Etkinlik ve Verimlilik Analizi. Gaziosmanpaşa Üniversitesi Sosyal Bilimler Enstitüsü, 1-121.
[4]. Cingi, S., & Tarım, A. (2000). Türk Banka Sisteminde Performans Ölçümü DEA Malmquist TFV Endeksi Uygulaması. TBB, AraĢtırma Tebliğleri Dizisi(1), 2.
[5]. Çetin, A. C., & Bıtırak, İ. A. (2010). Banka Karlılık Performansının Analitik Hiyerarşi Süreci İle Değerlendirilmesi: Ticari Bankalar ile Katılım Bankalarında Bir Uygulama. Alanya İşletme Fakültesi Dergisi, 75-92.