International Journal of Finance & Banking Studies (2147-4486)最新文献_第2页

Effect of Working Capital Management Decisions on Financial Performance 营运资金管理决策对财务绩效的影响

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-12-01 DOI: 10.20525/ijfbs.v10i4.1432

C. Yegon, W. Muturi, O. Oluoch

{"title":"Effect of Working Capital Management Decisions on Financial Performance","authors":"C. Yegon, W. Muturi, O. Oluoch","doi":"10.20525/ijfbs.v10i4.1432","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1432","url":null,"abstract":"Collapse of companies in Kenya has been on the rise in the recent past. Far reaching endeavors to resuscitate these liquidating and ailing firms have generally been attributed on their corporate financial management decisions. Multinationals and KTDA managed tea firms in Kenya have been performing poorly in the recent past where audited financial statements and reports revealed a warning signal on its financial performance. Specific objectives of the study were to determine the effect of the accounts receivables period, accounts payables period, inventory conversion period, cash conversion cycle, financing policy, investing policy and moderating effect of ownership structure on financial performance. The study illustrated that accounts receivables collection period is negatively related to return on assets (? = -0.1299, p=0.0160), accounts payables payment period is negatively related to return on assets (? = -0.0843, p = 0.0070), inventory conversion period is negatively related to return on assets (?= -0.0623, p=0.0180), cash conversion cycle is negatively related to return on assets (? = -0.1107, p = 0.0030), financing policy is positively related to return on assets (? = 0.1589, p = 0.0000), investing policy is positively related to return on assets (? = 0.0291, p = 0.0000).","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134639042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Determinants of Reluctance to Initial Public Offering in Cameroonian Financial Market 喀麦隆金融市场不愿首次公开募股的决定因素

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-11-30 DOI: 10.20525/ijfbs.v10i4.1449

Simplice Gaël Tonmo, Mélissa Grace TCHAPDA WOUMKEP, Ghislain Tchoffo, Glwadys Pinta Mefenza

{"title":"Determinants of Reluctance to Initial Public Offering in Cameroonian Financial Market","authors":"Simplice Gaël Tonmo, Mélissa Grace TCHAPDA WOUMKEP, Ghislain Tchoffo, Glwadys Pinta Mefenza","doi":"10.20525/ijfbs.v10i4.1449","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1449","url":null,"abstract":"The main objective of this study was to identify the specific characteristics of companies in Cameroon and to highlight the factors that explain their reluctance to be listed on the stock market. Thus, in order to build the state of the art appropriate to this objective, we had to follow three lines of investigation: the theories related to the listing of firms on the stock market, their specific characteristics, and the cross-fertilization of these two fields. On the basis of the literature, four explanatory hypotheses were deduced: they are related to the shareholding structure of firms, to the financial characteristics, to the size of the firm and to the socio-demographic characteristics of the managers. To test these hypotheses, a survey was conducted among 40 SAs in the city of Douala. The data was processed with the SPSS 20 software and we used flat sorting, cross-sorting, pearson correlation test as well as linear regression. This methodology allowed us to obtain the results according to which the family and filial character and the size of the company are mainly the factors of reluctance of the listing on the stock exchange on the one hand, and the behavioral factors of the company managers, in particular the level of education and the experience on the other hand.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126987158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Nexus Unclassified Loans, Classified Loans, and Profitability Nexus未分类贷款，分类贷款和盈利能力

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-11-23 DOI: 10.20525/ijfbs.v10i4.1334

Sujan Chandra Paul, Mohammad Rakibul Islam, Sharmin Akter Mitu

{"title":"Nexus Unclassified Loans, Classified Loans, and Profitability","authors":"Sujan Chandra Paul, Mohammad Rakibul Islam, Sharmin Akter Mitu","doi":"10.20525/ijfbs.v10i4.1334","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1334","url":null,"abstract":"This study investigates the impact of some variables such as total revenue, total assets, total liabilities, total deposits, total unclassified loans, total classified loans, standard loans, special mention account loans, sub-standard loans, doubtful loans, and bad and loss loans on profit before tax. Unbalanced Panel Data were collected from the website of 45Commercial Bank of Bangladesh from the year 2010 to 2018. Ordinary Least Square (OLS), Pooled Ordinary Least Square (POLS), Driscoll-Kraay (DK), Second Stage Least square (2SLS), Generalized Methods of Moments (GMM) methods are used in this study. This research found that total revenue had a significant positive relationship with profit before tax in all the models except DK and GMM models. Total unclassified loans had a significant positive relationship and total liabilities had a significant negative relationship with profit before tax in all the models. Special mention account loans had a significant positive relationship with profit before tax in OLS and DK models and total classified loans had a significant positive relationship with profit before tax in GMM model.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121726031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Contribution of Satellite Campuses Financial Accountability and Resource Allocation on Financial Sustainability of Public Universities in Kenya 卫星校园财务问责制和资源分配对肯尼亚公立大学财务可持续性的贡献

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-11-13 DOI: 10.20525/ijfbs.v10i4.1443

Maniagi G. Musiega, Jared G. O. O. Rading, Fredrick Oruko

{"title":"Contribution of Satellite Campuses Financial Accountability and Resource Allocation on Financial Sustainability of Public Universities in Kenya","authors":"Maniagi G. Musiega, Jared G. O. O. Rading, Fredrick Oruko","doi":"10.20525/ijfbs.v10i4.1443","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1443","url":null,"abstract":"This study sought to determine the contributions of satellite campuses on financial sustainability of public universities in Kenya. The specific objectives will be to examine how financial accountability and effective management contribute to financial sustainability of public universities in Kenya. The study adopted descriptive survey research design. The target population was 176 selected staff of public universities in Kenya of which all of them were used in the study. The study adopted both descriptive analysis and for inferential statistical analysis data was cleaned coded and correlation analyses done the findings were financial accountability was positively correlated and significant p< 0.0. For regression also financial accountability as well as resource allocation and effective management had a positive relationship with financial sustainability. R squared was 0.731 therefore financial accountability and resource allocation explained 73.1% of variance in financial sustainability. Moderation was established using hierarchical regression, when the interaction terms of the moderator were added the value of R squared changed from 73.1% to 79.4% thus effective management and leadership had moderating effects on the relationship between financial sustainability and contribution of satellite campuses.Thus universities should mobilize resources from development partners and focus on recovering full economic costs and investing in its infrastructure including human, intellectual and physical adequately to maintain future productive capacity to deliver its strategic plan and serve its customers.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127883711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Earnings Response Coefficient, Sharia Online Trading System, and Firm Value 盈余反应系数、伊斯兰在线交易系统与企业价值

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-11-13 DOI: 10.20525/ijfbs.v10i4.1465

Andi Ayu Frihatni, A. Amiruddin, Darmawati Darmawati, Ahmad Abbas

引用次数: 0

Causality Analysis of South Africa Reserve Bank’s Monetary Policy Statements and Communication 南非储备银行货币政策声明与沟通的因果分析

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-11-03 DOI: 10.20525/ijfbs.v10i4.1418

Arnold Segawa

引用次数: 1

Value at Risk estimation using GAS models with heavy tailed distributions for cryptocurrencies 使用带有重尾分布的GAS模型对加密货币进行风险值估计

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-10-15 DOI: 10.20525/ijfbs.v10i4.1316

Stephanie Danielle Subramoney, Knowledge Chinhamu, R. Chifurira

{"title":"Value at Risk estimation using GAS models with heavy tailed distributions for cryptocurrencies","authors":"Stephanie Danielle Subramoney, Knowledge Chinhamu, R. Chifurira","doi":"10.20525/ijfbs.v10i4.1316","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1316","url":null,"abstract":" \u0000Risk management and prediction of market losses of cryptocurrencies are of notable value to risk managers, portfolio managers, financial market researchers and academics. One of the most common measures of an asset’s risk is Value-at-Risk (VaR). This paper evaluates and compares the performance of generalized autoregressive score (GAS) combined with heavy-tailed distributions, in estimating the VaR of two well-known cryptocurrencies’ returns, namely Bitcoin returns and Ethereum returns. In this paper, we proposed a VaR model for Bitcoin and Ethereum returns, namely the GAS model combined with the generalized lambda distribution (GLD), referred to as the GAS-GLD model. The relative performance of the GAS-GLD models was compared to the models proposed by Troster et al. (2018), in other words, GAS models combined with asymmetric Laplace distribution (ALD), the asymmetric Student’s t-distribution (AST) and the skew Student’s t-distribution (SSTD). The Kupiec likelihood ratio test was used to assess the adequacy of the proposed models. The principal findings suggest that the GAS models with heavy-tailed innovation distributions are, in fact, appropriate for modelling cryptocurrency returns, with the GAS-GLD being the most adequate for the Bitcoin returns at various VaR levels, and both GAS-SSTD, GAS-ALD and GAS-GLD models being the most appropriate for the Ethereum returns at the VaR levels used in this study.\u0000 \u0000 ","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129431139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

SME Resilience to Covid-19 中小企业抗疫能力

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-10-14 DOI: 10.20525/ijfbs.v10i4.1399

E. Ahmed, J. Kilika, Clare Gakenia

{"title":"SME Resilience to Covid-19","authors":"E. Ahmed, J. Kilika, Clare Gakenia","doi":"10.20525/ijfbs.v10i4.1399","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1399","url":null,"abstract":"The theory of dynamic resource orchestration explains the differentiated response of homogeneous ecosystem organizations to systemic disruptive shocks. The Covid-19 precautionary measures in Kenya have exempted some essential service providers and government agencies, resulting in a differentiated Covid-19 impact across the national SMEs landscape. This article adopted an extractive thematic analysis technique to draw insights from in-depth interviews and discussions with owners and managers of 6 broad-range SMEs considered non-essential services providers excluded from the Covid-19 cessation of movement waiver. The article advanced insights on SMEs' resilience through dynamic resource orchestration capability. It sought to establish whether the possession and orchestration of dynamic resources capabilities differentiated highly resilient SMEs from non-resilient ones. The article identified business diversification, slack finance, intra-stakeholder collaboration, self-reinvention, positive psychology, technology leverage, and cost management as precursory resilience agents within Kenyan SMEs. Research gaps were identified, and recommendations for future research were proposed.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132627721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Corporate Governance and Financial Inclusion 公司治理与普惠金融

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-10-06 DOI: 10.20525/ijfbs.v10i4.1349

D. Makina

{"title":"Corporate Governance and Financial Inclusion","authors":"D. Makina","doi":"10.20525/ijfbs.v10i4.1349","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1349","url":null,"abstract":"The paper focuses on a scantly researched phenomenon, namely, the extent to which financial inclusion is influenced by corporate governance practices. The question that normally arises is whether corporate governance practices are tailored to supporting the financial inclusion mandate. The other question is whether there are certain corporate governance practices that advance financial inclusion. This paper reviews extant empirical literature on these matters with a view of stimulating debate on the subject. Cognisant that institutions that advance financial inclusion are largely financial institutions, the starting point is relating to contemporary corporate governance practice in financial institutions. We know that financial institutions belong to a specific class of corporations whose failure affects society at large because of the financial services they provide. As a result, they are heavily regulated and their corporate governance structures are bound to differ from those of conventional firms. Similarly, we know that financial inclusion institutions are special types of financial institutions with mandates to provide financial services to underserved population segments which equally require special treatment. The scant literature available shows, albeit not conclusive, some evidence of a positive relationship between sound corporate governance and financial inclusion. However, more research on how corporate governance affects different dimensions of financial inclusion is recommended.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121593986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Analysis of Floating Rate Bonds and the Firm Characteristics 浮动利率债券与企业特征分析

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-09-28 DOI: 10.20525/ijfbs.v10i4.1357

Manish Tewari, Pradipkumar Ramanlal

{"title":"Analysis of Floating Rate Bonds and the Firm Characteristics","authors":"Manish Tewari, Pradipkumar Ramanlal","doi":"10.20525/ijfbs.v10i4.1357","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i4.1357","url":null,"abstract":"We examine the security and firm characteristics of a sample of 2,027 non-convertible investment grade floating rate securities (bonds) issued by the US based firms between 1980 and 2018. These bonds pay a coupon based on short term reference rate, such as fed funds rate, plus a fixed quoted margin. Considerable number (81.6%) of these issues are between 1992 and 2007 signifying floating rate as an effective mechanism to mitigate firm’s interest rate risk when the rates are high and expected to fall. A positive and significant abnormal return (CAR = 0.27%), in the event window surrounding issue date, provides strong evidence that the floating rate is viewed as a less restrictive provision as compared to the call option. Majority of the issues (89.3%) are non-callable since the floating rate mitigates interest rate risk for the issuing firm. Lack of put provision in these bonds (in only 7.35% of the sample issues) signifies no significant investor concerns of falling bond prices. Regression analysis reveals that firms with growth options and with higher leverage experience positive CAR due to the financial flexibility these bonds provide. Firms with higher level of information asymmetry benefits less from issuing these securities since most of these bonds (90.13%) are issued at par therefore, the price is not likely to carry information content that mitigates information asymmetry between the firms and the investors.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133948904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1