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| Paper Type | : | Research Paper |
| Title | : | The Nexus between Corporate Social Responsibility and Financial Performance of Commercial Banks: A Modelling and Conceptual Perspective |
| Country | : | Kenya |
| Authors | : | Prof Danson Musyoki || Monica Manongo |
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: | 10.9790/5933-0803040108  |
Abstract: This study investigated the nexus between corporate social responsibility and financial performance of commercial banks based on a modelling perspective. This study concludes that banks should focus more on employee and customers in order to obtain higher return and therefore increase the performance. Government should play its role to motivate the banks to spend for the welfare of the societies, nations; environment where they operate their businesses and earn profits also the governments should mandate certain aspects of corporate societal engagement. Government should have regulations that determine a specific level or type of corporate societal investment for commercial banks.
[1] Amiri, S. K., & Amini, M. V. Z. R. (2015). The Effect of Social Responsibility on Financial Performance of Companies. International Journal of Innovation and Applied Studies, 10(3), 815.
[2] Aras, G., Aybars A., & Kutlu, O. (2009). Managing Corporate Performance: Investigating the relationship between corporate social responsibility and financial performance in emerging markets, ʻInternational Journal of Productivity and Performance Managementʼ 2009, Vol. 59(30).
[3] Bowen, H. (1953) Social Responsibility of the Businessman Harper & Row: New York
[4] Branco, M, Rodrigues L. (2008). Corporate Social Responsibility and Resource-Based Perspectives, ʻJournal of Business Ethicsʼ, Vol. 69
[5] Carroll, A. (1979). A Three Dimensional Conceptual Model of Corporate Performance Academy of Management Review 4(4), 497-505
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| Paper Type | : | Research Paper |
| Title | : | Asset Liability Management and the Profitability of Listed Banks in Ghana |
| Country | : | Ghana |
| Authors | : | Evans Tee |
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: | 10.9790/5933-0803040914 |
Abstract: The purpose of this paper is to assess the impact of asset and liability management on the profitability of listed banks in Ghana. Multiple linear regression has been applied by taking ROA as the dependent variable, and TAS (the total asset) and TLT (the total liability) representing the asset and liability mix of the banks as the independent variables together with gross domestic product and interest rates also representing the economic factors. The model used in this study hypothesized that the rate of return on earning assets is positive, and the rate of cost on liabilities is negative. The robust panel regression analysis with random effect result showed that total assets affects profitability positively..............
Keywords: Assets, Liability, Profitability, ROA, Interest rate, Ghana.
[1]. M. E. Francis, " Determinants of Banks' Profitability in Sub-Saharan Africa.," vol. 30, no. 2, 2007.
[2]. D. Rosen and S. A. Zenios, " Enterprise-wide asset and liability management: issues, institutions, and models.," Handbook of Asset and Liability Management Theory and Methodology, vol. 1, no. 1, 2006.
[3]. F. J. Fabozzi and A. Konishi, Asset-liability management., New Delhi: S. Chand & Co., 1995.
[4]. K. Kosmidou, F. Pasiouras and J. Floropoulos, "Linking profits to asset-liability management of domestic and foreign Banks in the UK.," Applied Financial Economics, vol. 14, pp. 1319-1324. , 2004.
[5]. A. Shubiri, "Impact of Asset and Liability Management on Profitability: Empirical Investigation.," Amman Arab University, college of commerce press, vol. 2, no. 4, pp. 101-109., 2010.
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| Paper Type | : | Research Paper |
| Title | : | Applying Financial Engineering towards Mitigating Microfinance Risks |
| Country | : | New York |
| Authors | : | Saumya Swaroop |
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: | 10.9790/5933-0803041525 |
Abstract: Microfinance firms cater to the financial needs of underprivileged people, who because of their unstable and uncertain sources of income cannot avail these services through banks. By virtue of the nature of their clientele, these firms are exposed to a lot of credit risk. Using primary data from Indian MFIs, a region that witnessed a major crisis in the microfinance sector in the year 2010, this research paper has attempted to devise hedging strategies for these firms to help mitigate risk and enhance operational efficiency. While discussing various possible hedging instruments, the main focus of this paper is insurance contracts. Using Importance Sampling techniques, we were able to simulate the expected number of defaults helping us gauge the number of insurance contracts needed............
[1]. Agarwal, A.K., and Bhartendu Singh, eds. Micro Finance in India. Guwahati: DVS Publishers, 2013.
[2]. Bhandari, Amit, and Ashok Kundu, eds. Microfinance, Risk-Taking Behaviour and Rural Livelihood. New Delhi: Springer Publications, 2014.
[3]. Bramono, Dewi, Ming Chung, Yoonmi Eom, Kevin Lam, and Yenn Khan, "Microfinance in Indonesia," Economics and Management in Developing Countries.
[4]. Consultative Group to Assist the Poor (CGAP). "Andhra Pradesh 2010: Global Implications of the Crisis in Indian Microfinance," CGAP Focus Note, No. 67 November 2010. Accessed February 2017. http://www.cgap.org/sites/default/files/CGAP-Focus-Note-Andhra- Pradesh-2010-Global-Implications-of-the-Crisis-in-Indian-Microfinance-Nov- 2010.pdf.
[5]. Deutsche Gesellschaft für Technische Zusammenarbeit. "A Risk Management Framework for Microfinance Institutions," July 2000.
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| Paper Type | : | Research Paper |
| Title | : | Impact of Money Supply and Inflation on Economic Growth in Nigeria (1973-2013) |
| Country | : | Nigeria |
| Authors | : | N. M.Gatawa || Akinola Abdulgafar || Muftau O. Olarinde |
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: | 10.9790/5933-0803042637 |
Abstract: This study empirically examined the impact of money supply, inflation, and interest rate on Economic Growth in Nigeria using time series data from 1973-2013. VAR Model and Granger Causality test within error correction framework were used. The results of the VEC model provides an evidence in support of a positive impact of broad money supply while inflation and interest rate exhibits a negative impact on growth most especially in the long run. The short run parsimonious results revealed that with the exception of inflation, broad money supply and interest rate were negatively related to economic growth............
Keywords: Economic Growth, Inflation, Interest rate, Causality
[1] Abdullahi, H. (2009). Monetary Economics: Theory, policy and the millennium global financial crisis: A Guide to Tertiary Institutions in Nigeria (1st ed.). Halygraph Nig. Ltd. Minna and Kaduna,
[2] Abiola, A. K. , Joseph, U. N. & Bright, O. O. (2012). Impact of Inflation on Monetary Policy and Economic Development in Nigeria: Evidence from Empirical Data. Asia Journal of Empirical Research, 2(2), 28-39,
[3] Aderinto, A. , & Abdullahi, S. H. (1988). Comprehensive certificate economics for senior secondary schools, (2nd ed.). University Press Plc, Ibadan.
[4] Adesoye, A. B. (2012). Price, money and output in Nigeria: A co integration-causality analysis. African Journal of Scientific Research, 8(1), 428-442.
[5] Adeyeye, P. O. , & Fajemibola, O. D. (2006). An Empirical Study of Interest Rate Policy on Economic Growth in Nigeria (1970-2007). Business and Finance Herald 2(1), 225-251
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| Paper Type | : | Research Paper |
| Title | : | Trade, Education Externalities and Economic Growth: Evidence from Nigeria |
| Country | : | Nigeria |
| Authors | : | Taiwo Owoeye || Dayo Benedict Olanipekun |
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: | 10.9790/5933-0803043846 |
Abstract: An open economy requires a well-educated workforce to drive economic growth through technology transfer and spill overs. This paper investigates the impact of trade openness and human capital on economic growth for Nigeria using annual data for 1980-2015. The growth rate of per capita income is used as dependent variable while the sum of total imports and total exports as a fraction of GDP and gross secondary school enrollments were used as explanatory variables, inflation rates and exchange rates were also included as control variables. Using ARDL estimation technique the study finds that trade openness impact negatively and significantly on expansion of output per worker, and this may be attributed to the fact that Nigeria exports mainly primary products with............
Keywords: Economic growth, human capital, trade openness, technology diffusion
[1] African Development Bank(2015). Selected Statistics for African Countries. Abidjan Cote d'voire, African Development Bank.
[2] Akinlo,A.E.(2003). Foreign direct investment and economic growth in sub-Saharan Africa.International Review of Economics and Business, 50(4): 569-80
[3] Arodoye, N.L. And Iyoha, M.A (2014). Foreign trade-economic growth nexus: Evidence From Nigeria. CBN Journal of Applied Statistics, 5(1), 121-141.
[4] Attanasio, O., Goldberg.,P., and Pavenik., N. (2004). Trade reforms and wage inequality in Colombia, Journal of Development Economics 74, 331-336.
[5] Barro, R.(1991). Economic growth in a cross-section of countries.The Quarterly Journal of Economics, 106, 2 May pp 407-43.
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| Paper Type | : | Research Paper |
| Title | : | Influence of Tax Shield on Capital Structure of Private Manufacturing Firms in Kenya |
| Country | : | Kenya |
| Authors | : | Abraham Malenya || Dr.Tobias Olweny || Dr.Mbithi Mutua || Dr.Clive Mukanzi |
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: | 10.9790/5933-0803044753 |
Abstract: The main objective of the study was to determine the influence of tax shield on capital structure of private manufacturing firms in Kenya. The measure of tax shield for this research is corporation tax on interest on debt. Ascertaining and attaining an optimal capital structure for many firms is not an easy task. In Kenya many manufacturing firms are struggling to operate while others have been compelled to shut down. This study used descriptive survey design on a population of 853 firms as per KAM members' directory of 2015. Using simple random sampling a sample of 208 CFOs of private manufacturing firms were selected from a target population of 455 CFOs of firms situated in Nairobi and its surrounding areas. The researcher collected primary data using self-administered questionnaire to obtain financial measures from the chief finance officers (CFOs) of these firms and secondary data was collected through a data survey...........
Keywords: Tax Shield, Capital Structure, debt interest
[1] Shiekh, N.A., & Wang, Z. (2011). Determinants of capital structure:An empirical study of firms in manufacturing industry of
Pakistan. Journal of Managerial Finance, 37 (2), 117-133.
[2] Salawu, R. (2007). An Empirical Analysis of Capital Structures of selected quoted companies in Nigeria. The international Journal
of Business and Finance Research, 1 (13), 375-384.
[3] Fisseha, K. M. (2010). The Determinant of Capital Structure :Evidence from Commercial Banks in Ethiopia. Tigray: Mekelle
University .
[4] Turere, S.P. (2012). The Determinant of Capital Structure inthe Energy and Petroleum Companies Listed on the Nairobi Securities
Exchange. University of Nairobi.
[5] Ngugi, S.M., & Afa.
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| Paper Type | : | Research Paper |
| Title | : | Determinants of Dividend Policy of petroleum firms in Nigeria |
| Country | : | Nigeria |
| Authors | : | Dr. Zayol Patrick I || Mr. Mya Ayangealu Theophilus || Miss. Muolozie Mirian |
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: | 10.9790/5933-0803045462 |
Abstract: This study evaluates the determinants of dividend policy of petroleum firms in Nigeria. The extent to which profitability, firm size, liquidity and leverage affects the dividend payout of petroleum firms in Nigeria triggered this research work. To this end, data was obtained from nine petroleum firms in Nigeria from 2011-2014. Data were analysed using descriptive statistics, correlations and regression analysis. Findings from the study revealed that firm size, liquidity and leverage does not affect the dividend policy of petroleum firms in Nigeria, while profitability was found to affect the dividend policy of petroleum firms in Nigeria. The study concludes that profitability is one of the most considered determinants of dividend policy by listed petroleum firms in Nigeria. The study recommended that investors in petroleum industry who prefer to have dividends yearly should invest in more profitable firms as they tend to pay more dividends.
Keywords: Dividend Policy, Profitability, Firm Size, Liquidity and Leverage
[1]. Abor, J., and Bokpin, G. A. (2010). Investment Opportunities, Corporate Finance, and Dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance, 37(3), 180 – 194.
[2]. Afza, T., and Mirza, H. H. (2011). Do mature companies pay more dividends? Evidence from Pakistani Stock Market. Mediterranean Journal of Social Sciences, 2(2), 152 – 161.
[3]. Agrawal, A., and Jayaraman, N. (1994). The Dividend Policies of All Equity Firms: A Direct Test of The Cash Flow Theory. Managerial and Decision Economics, 15 (2), 139-148.
[4]. Ahmed, H., and Javad, A. Y. (2009). Determinants of Dividend Policy in Pakistan. International Research Journal of Finance and Economics , 1-16.
[5]. Ahmed, M. M., Imran, H., and Ali, I. (2014). Determimants of Dividend Policy: An Empirical Study of Banking Sector of Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 5 (11), 360-369.
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| Paper Type | : | Research Paper |
| Title | : | Estimating the effects of climate change on Agricultural production in Eastern and Middle African Countries: An Econometric Analysis |
| Country | : | Kenya |
| Authors | : | Harrison Kimutai Yego || Mathew Kipkoech Bartilol || Silas Kiprono Samoei || Augustine Wafula |
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: | 10.9790/5933-0803046366 |
Abstract: The level of agricultural production in eastern and middle African countries has been in the downfall in the recent past years. This has been theoretically attributed to many factors including climate change. Consequently, a study was conducted to estimate the effects of climate change on Agricultural production in Eastern and Middle African Countries. The study employed longitudinal research design using panel data from various sources including International Fertilizer Industry Association, UNCTAD and FAO. The study covered 24 countries over the period 1970 to 2013 having estimated a production function. The study established that livestock production and labor force involved in agriculture had a positive effect on agricultural production whereas, the use of modern agricultural inputs (agricultural machinery and fertilizer) had a negative effect on agricultural production in the countries under study...........
Keywords: Climate change, panel data and precipitation
[1]. IPCC. 2014. Climate change 2014: Impacts, Adaptations and Vulnerability, Volume I+II, Intergovernmental Panel on Climate Change, Geneva
[2]. World Bank (2015a) Rainfed agriculture. http://water.worldbank. org/topics/agricultural-water-management/rainfed-agriculture. Accessed 13 January 2015
[3]. Mueller, N. D., Gerber, J. S., Johnston, M., Ray, D. K., Ramankutty, N., & Foley, J. A. (2012). Closing yield gaps through nutrient and water management. Nature, 490(7419), 254-257.
[4]. O'Loughlin, J., Linke, A. M., & Witmer, F. D. (2014). Modeling and data choices sway conclusions about climate-conflict links. Proceedings of the National Academy of Sciences, 111(6), 2054-2055.
[5]. Schlenker, W., & Lobell, D. B. (2010). Robust negative impacts of climate change on African agriculture. Environmental Research Letters, 5(1), 014010.
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| Paper Type | : | Research Paper |
| Title | : | Influence of Liquidity Risk on Performance of Commercial Banks in Kenya. |
| Country | : | Kenya |
| Authors | : | Maniagi Musiega || Dr. Tobias Olweny || Dr. Clive Mukanzi || Dr. Mbithi Mutua |
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: | 10.9790/5933-0803046775 |
Abstract: The main objective of the study was to determine the influence of liquidity risk on performance of commercial Banks Despite the banking sector stability and resilience in 2015, two non-systemic banks, were placed in receivership by the Central Bank of Kenya this was attributed to liquidity risk. Secondary data was used in the study. The population for secondary data were the 44 commercial banks in Kenya of which 2 were under receivership and one under statutory management. Panel data for 30 commercial banks that had data for 10 year period from 2006 to 2015 were obtained from the central bank of Kenya and banks website. Descriptive statistics, correlation analysis, and random and fixed effects were used using E-views software The findings were liquidity risk measured by Liquid assets to total assets ratio had a positive and significant relationship with performance.
Keywords: Autocorrelation, Financial Risk, Return on Assets, Unit Root
[1]. Ahmed, A., & A Hmed, N. (2012). Liquidity Risk And Performance Of Banking System, Journal Of Financial Regulation And Compliance,20 (2), 82-195..
[2]. Aleksandra, Ž. Dalia, V., &Julija, S. (2014).Capital Adequacy (Solvency) and Liquidity Risk Management, Analysis, Evaluation, and possibilities for improvementEkonomika, 93 (2), 59-76.
[3]. Alper, D., & Anbar, A. (2011). Bank Specific and Macroeconomic Determinants of Commercial Bank Profitability: Empirical Evidence from Turkey. Business and Economics Research Journal, 2 (2), 139-152.
[4]. Amr Y., & Osama S. (2015) A comparative study on the financial performance between convention and Islamic banks in Egypt. International Journal of Business and Economic Development, 3 (3), 20-34.
[5]. Arif, A., &Anees, A. (2012). Liquidity risk and performance of banking system, Journal of Financial Regulation and Compliance, 20 (2), 182-195..
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| Paper Type | : | Research Paper |
| Title | : | Quantitative analysis of Operational Risk and Profitability of Kenyan Commercial Banks using Cost Income Ratio |
| Country | : | Kenya |
| Authors | : | Dr.Jane Gathigia Muriithi || Dr. Robert Gitau Muigai |
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: | 10.9790/5933-0803047683 |
Abstract: The objective of this study was to analyse the effect of operational risk on profitability of commercial banks in Kenya. Operational risk was measured by cost income ratio while profitability by return on equity. The period of interest was between year 2005 and 2014 for all the 43 registered commercial banks in Kenya. Data was obtained from commercial banks' annual financial reports filed with the Central Bank of Kenya. Panel data techniques of random effects estimation and generalized method of moments (GMM) were used to purge time-invariant unobserved firm specific effects..............
Keywords: Operational Risk, Cost Income ratio, profitability, Kenya
[1]. Al-Tamimi, H., Hussein, A., Miniaoui, H., & Elkelish, W. W. (2015). Financial Risk and Islamic Banks' Performance in the Gulf Cooperation Council Countries. The International Journal of Business and Finance Research, 9(5), 103-112.
[2]. Baltagi, B. H. (2005). Econometric analysis of panel data (3rd ed). Chichester ; Hoboken, NJ: J. Wiley & Sons
[3]. Basel Committee on Banking Supervision (BCBS) (2006). Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework—Comprehensive Version. . Available online: http://www.bis.org/publ/bcbs128.htm (accessed on 24 Dec 2016) [4]. Correa, R., & Raju, S. (2008). Operational risk measurement for the Indian banking sector: Alternative measures. University of Mumbai (Department of Economics)
[5]. Epetimehin F. M., & Obafemi F. (2015). Operational risk management and the financial sector development: An overview. International Journal of Economics, Commerce and Management. United Kingdom Vol. III (3), http://ijecm.co.uk/
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| Paper Type | : | Research Paper |
| Title | : | The Impact of Dividend Policy on Stock Price: A Study of Fuel, Power and Cement Industry in Bangladesh |
| Country | : | Bangladesh |
| Authors | : | Md. Bellal Hossain Raju || A. H. M. Asaduzzaman |
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: | 10.9790/5933-0803048491 |
Abstract: Commercial organizations in Bangladesh are experiencing rivalry among themselves because of economic struggle globally and attempting to remain competitive in these changeable economic surroundings. This paper intends to analyze the impact of dividend policy on the market price of stock in Bangladesh. The numbers of statistic community are 330 companies in Dhaka Stock Exchange. All 24 companies belong to Fuel, Power and Cement industry listed at DSEX index are included as the sample for a phase from 2000 to 2016. In this paper, Fixed Effect Model along with Random Effect Model have been used to estimate outcomes. Both Models are exercised on panel data for explaining the association between dividend payments and share prices after adjusting several variables including Earnings per Share, logarithm value of Profit after Tax, Growth of Asset and Dividend Payout Ratio..............
Keywords: Cash or Stock Dividend, Dividend Policy, Dhaka Stock Exchange, Fixed and Random Effect Model, Stock Price
[1] Glen Arnold, Corporate financial management, 4th edition (London, Financial Times Pitman Publishing, 2008).
[2] John Lintner, Distribution of incomes of corporations among dividends, retained earnings, and taxes, American Economic Review, 46(2), 1956, 97-113.
[3] Merton H. Miller, and Franco Modigliani, Dividend policy, growth and valuation of shares, The Journal of Business, 34(4), 1961, 411-433.
[4] Fischer Black, and Myron Scholes, The effects of dividend yield and dividend policy on common stock prices and returns, Journal of Financial Economics, 1(1), 1974, 1-22.
[5] Gong-meng Chen, Michael Firth, and Ning Daniel Gao, The information content of concurrently announced earnings, cash dividends, and stock dividends: an investigation of the Chinese stock market, Journal of International Financial Management and Accounting, 13(2), 2002, 101-124./
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| Paper Type | : | Research Paper |
| Title | : | The Effect of Internal Controls on the Financial Performance of Commercial Banks in Kenya |
| Country | : | Kenya |
| Authors | : | Mr. Asiligwa || G. Rennox |
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: | 10.9790/5933-08030492105 |
Abstract: The objective of the research was to establish the Effect of Internal Controls on Financial Performance of Commercial Banks in Kenya. Internal Controls were measured using the five elements of internal control as stipulated by the Committee of Sponsoring organizations of Treadway Commission framework of internal controls while Financial Performance was measured using the historical average of Return on Equity. A descriptive research design was adopted due to its ability to describe the relationship between elements of Internal Controls and Financial Performance. The study used the 43 commercial banks in Kenya. Primary data was collected using a structured questionnaire. Descriptive statistics obtained from data analysis were presented using frequency tables,.............
Keywords: Commercial Banks, COSO Framework, Financial Performance, Internal Controls, Kenya.
[1]. Flamini, V., McDonald, C., & Schumacher, L. (2009). The Determinants of Commercial Bank Profitability in Sub- Saharan Africa.
[2]. COSO. (1992/2004). Internal Control- Intergrated Framework, Committee of Sponsoring Orgarnisations of the Treadway Commission. New York: Coopers and Librand.
[3]. COSO. (2011). Internal Control- Intergrated Framework, Committee of Sponsoring Orgarnisations of the Treadway Commission. New York: PWC.
[4]. Surbanes- Oxley Act. (2002). One Hundredth Congress of the USA at the 2nd Session 302 and 404. Washington.
[5]. Basel. (1999). Pinciples for the Management of Credit Risk . Basel Committee on Banking Supervision. Retrieved 08 05, 2015, from www.bis.org/publ/bcbs33.pdf
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| Paper Type | : | Research Paper |
| Title | : | Effect of Corporate Governance Practices on Financial Performance of Listed Agricultural Firms in The Nairobi Securities Exchange, Kenya |
| Country | : | Kenya |
| Authors | : | Miriam K. Ngwenze || Morris Irungu Kariuki |
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: | 10.9790/5933-080304106115 |
Abstract: The aim of this research was to determine the influence of corporate governance practices on financial performance in listed agricultural companies in Kenya. The corporate governance practices included board of directors' composition and size, independence of board and audit committees. The researcher used a descriptive correlation research design to determine the relationship between corporate governance practices and financial performance. The population comprised of all the seven firms that were listed in the Nairobi Securities Exchange (NSE) in the period 2012-2016. The data set comprised of secondary data collected from annual reports. A multiple regression model of financial performance against corporate governance practices was applied. It was found that some companies had violated the Capital Market Authority (CMA) Act threshold of three directors in the audit committee.............
Keywords: Corporate governance, financial performance, board size, board composition, audit committee and board independence,
[1]. Dibra, R. (2016). Corporate governance failure: The case of Enron. European Scientific Journal June 2016 edition vol.12, No.16 , 12 (16), 283-291.
[2]. Aggarwal, P. (2013). Impact of corporate governance on corporate financial performance. Journal of Business and Management (IOSR-JBM) , 13 (1), 1-5.
[3]. Padachi, K., Urdhin R, H. & Ramen M. (2016). Assessing corporate governance practices of Mauritian companies. International Journal of Accounting and Financial Reporting , 6 (1).
[4]. Gompers, P. and Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118.107-155.
[5]. Carcello, J.V. and Neal, T.L. (2011). Audit committee independence and disclosure: choice for financially distressed firms. An International Review, 11.289-299.