International Journal of Finance & Banking Studies (2147-4486)最新文献_第3页

Governance Implementation on Financial Performance 财务绩效的治理实施

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-09-23 DOI: 10.20525/ijfbs.v10i3.1372

S. Suripto

引用次数: 0

Equity Investments, Bond Investments and Financial Performance of Collective Investment Schemes in Kenya 肯尼亚集体投资计划的股权投资、债券投资和财务绩效

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-09-23 DOI: 10.20525/ijfbs.v10i3.1352

Jacinta Nzilani Muema, J. Omagwa, Lucy Wamugo

{"title":"Equity Investments, Bond Investments and Financial Performance of Collective Investment Schemes in Kenya","authors":"Jacinta Nzilani Muema, J. Omagwa, Lucy Wamugo","doi":"10.20525/ijfbs.v10i3.1352","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1352","url":null,"abstract":"The collective investment schemes in Kenya have witnessed increased volatility in their earnings, resulting in irregular growth in the industry. This necessitates the need to understand the factors contributing to poor financial returns from collective investment schemes. Hence this study sought to investigate the effect of equity investments and bond investments on Kenyan CIS’s performance. The specific objectives were: To assess the effect of equity investments, bond investments on financial performance of collective investment schemes in Kenya. The study was anchored on: modern portfolio theory and the efficient market hypothesis. The positivism philosophy was applied, with the firms adopting an explanatory research design. The target population was 17 Collective Investment Schemes registered by the Capital Markets Authority and were operational in the period 2010 to 2018. Secondary data was sought from the Capital Markets Authority Annual reports and from the respective websites of the CIS’. Data was analyzed using descriptive statistics, correlational analysis and panel regression analysis. Hypotheses were tested at a significance level of 0.05. Findings indicate that equity investment, bond investments have an insignificant effect on CIS’ return on assets. Further, equity investments had a positive and significant effect on liquidity whereas bond investments had an insignificant effect on liquidity. The study recommends that CISs actively revise their equity investments and bond investments to stimulate financial returns.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123348040","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

The nexus between bond liquidity, stock liquidity and foreign portfolio investment 债券流动性、股票流动性与境外证券投资之间的关系

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-09-17 DOI: 10.20525/ijfbs.v10i3.1348

G. Marozva, P. Makoni

{"title":"The nexus between bond liquidity, stock liquidity and foreign portfolio investment","authors":"G. Marozva, P. Makoni","doi":"10.20525/ijfbs.v10i3.1348","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1348","url":null,"abstract":"The purpose of this article was to assess the impact of financial market liquidity on international capital flows in emerging markets. Specifically, the research investigates the effect of bond market liquidity and stock market liquidity on foreign portfolio investments using data for five emerging African countries, being Egypt, Kenya, Mauritius, Nigeria and South Africa, for the period 2000 to 2020. The data was sourced from the Bloomberg and World Bank (WDI) databases. Panel data analysis (fixed effects model) was undertaken using three different liquidity measures: the effective spread; Amihud’s (2002) illiquidity measure; and market impact as measured by trading volume. Our findings revealed mixed results. It was found that stock market liquidity attracted foreign portfolio investments. Although bond market liquidity, as measured by the volume of trade, promoted foreign portfolio investment, it was different for the effective spread, as the higher the effective spread, the higher the inward FPI flows, and vice versa. Results on the effects of the bond effective spread on FPI show that as long as the bonds are above the investable grade, investors are not discouraged by the cost of trading. Our findings thus confirm that FPI inflows are predisposed on liquid and efficient host country financial markets. Further, the entrance of foreign investors in the host country’s domestic financial markets, leads to the enhancing of liquidity in the local market, thus increasing risk sharing between local and foreign investors.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132047007","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: 2

Profit Islamic Bank from Mudharabah and Musharakah Finance with Islamic Social Responsibility Disclosure 利用伊斯兰社会责任披露使伊斯兰银行从Mudharabah和Musharakah金融中获利

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-09-17 DOI: 10.20525/ijfbs.v10i3.1329

Y. Faisal, Nirdukita Ratnawati, Egi Gumala Sari

{"title":"Profit Islamic Bank from Mudharabah and Musharakah Finance with Islamic Social Responsibility Disclosure","authors":"Y. Faisal, Nirdukita Ratnawati, Egi Gumala Sari","doi":"10.20525/ijfbs.v10i3.1329","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1329","url":null,"abstract":"This research was conducted to determine the effect of mudharabah and musharakah financing on net profit of Islamic commercial banks in Indonesia. This study uses the annual financial statements of Islamic commercial banks obtained from the Financial Services Authority and annual reports on the website of Islamic commercial banks for the period 2010-2019. The test results found that mudharabah financing had a significant effect on the net profit of Islamic banks, this also strengthened Islamic social responsibility of Islamic commercial banks. But unlike mudharabah financing, musharakah financing actually has a negative effect on the net profit of Islamic commercial banks, which means that the higher the Islamic bank distributes musharakah financing, the rate of profit will decrease which results in the weakening of Islamic social responsibility disclosure. It is recommended that Islamic banks exercise greater caution when selecting consumers for mudharabah financing, as this type of financing carries a higher risk but also a higher profit share if the financing is successful. This research has a limitation in that it focuses exclusively on Islamic commercial banks in Indonesia, although additional research might be conducted by sampling Sharia Business Unit and Sharia Rural Bank.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116512336","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

Analysis of financial literacy and its effects on financial inclusion in Uganda 乌干达金融素养分析及其对普惠金融的影响

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-08-28 DOI: 10.20525/ijfbs.v10i3.1294

Jason Kasozi, D. Makina

{"title":"Analysis of financial literacy and its effects on financial inclusion in Uganda","authors":"Jason Kasozi, D. Makina","doi":"10.20525/ijfbs.v10i3.1294","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1294","url":null,"abstract":"The paper investigates whether financial literacy influences financial inclusion in Uganda on the premise that there are currently few to no studies that investigate this causality and the general lack of consensus on an appropriate measure for financial literacy. It uses data from the FinScope (2018) consumer survey on Uganda and applies Principal Component Analysis (PCA) to construct a composite financial literacy index of the adult bankable population (16 years and older). The index is then regressed - alongside other demand-side control variables, against a measure of financial inclusion using logistic models. Our measure of financial literacy significantly and positively affects financial inclusion in Uganda even in the presence of variables like age, gender, income, and education. Individuals who make financial ends meet, plan for their financial future welfare, seek financial advice, and are receptive towards technology, are 'ceteris paribus', more likely to be financially included than not. Technology and mobile money adoption enhance financial inclusion while more men are financially included than women. While the dataset is limited to demand-side variables of Uganda and cannot be generalised, comparative cross-country studies with robust datasets are needed to provide further insights. The paper advances a novel approach for measuring financial literacy for developing economies while contributing to efforts to standardize an international measure. It also provides empirical insights to support the notion that financial literacy should be addressed more holistically and recommends this approach for improving financial inclusion in Uganda and globally.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126620155","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: 2

The Potential for Biases in Resolving Loan Problems 解决贷款问题的潜在偏见

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-08-14 DOI: 10.20525/ijfbs.v10i3.1312

R. Brody, Matias Sokolowski, Reilly White

{"title":"The Potential for Biases in Resolving Loan Problems","authors":"R. Brody, Matias Sokolowski, Reilly White","doi":"10.20525/ijfbs.v10i3.1312","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1312","url":null,"abstract":"This paper describes how behavioral biases influence the resolution of financial covenant violations. Prior literature documents that violation waivers are common; however, there is a lack of discussion on the determinants that lead loan officers to waive covenant violations. We rely on the escalation of commitment bias (or the sunk cost phenomenon) to discuss how loan officers may become attached to a selected course of action and fail to incorporate new information, increasing the likelihood of covenant waivers. We explain the implications of this bias on bank financial reports by detailing how accounting links loan quality to bank financial statements. We further draw on the psychology literature to offer potential solutions to mitigate overcommitment in the context of loan officers. Future research can examine the extent to which loan officers knowingly or unknowingly steer away from rational decision-making. This study has practical implications as users of bank financial reports, including investors, auditors, examiners, and bank managers, learn about processes and challenges on how accounting mechanics link bank loan portfolios to financial statements.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126024436","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

Sentimental Outlook for the Monetary Policies of South African Reserve Bank 对南非储备银行货币政策的感性展望

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-08-06 DOI: 10.20525/ijfbs.v10i3.1298

Arnold Segawa

{"title":"Sentimental Outlook for the Monetary Policies of South African Reserve Bank","authors":"Arnold Segawa","doi":"10.20525/ijfbs.v10i3.1298","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1298","url":null,"abstract":"The South African Reserve Bank (SARB) migrated to inflation targeting in 2000 and has since embarked on a trajectory of transparency. This has taken the shape of releasing Monetary Policy Committee (MPC) statements other forms of communication. This paper examines SARB’s MPC statements’ tone and sentiment between 2000 and 2021 using the Besigye-Segawa’s TextBlob polarity and subjectivity calculator which measures central bank communication tone and sentiment using the Loughran-McDonald dictionary’s word classification to gauge polarity and subjectivity. The study goes on to explore causality of SARB’s MPC statements’ tone and sentiment on inflation expectation results from the Bureau of Economic (BER) results survey. The systematic analysis shows a causality of SARB’s MPC statements’ tone and sentiment on succeeding BER’s inflation expectations results therein justifying the need for effective communication as SARB’s MPC communications’ polarity and subjectivity ultimately have a causal effect on inflation expectations. therein justifying the need for effective communication. As central bank tone and sentiment studies are only emerging in many emerging and frontier markets, this study lays a foundation for future exploration of effects of central bank communication on the expectations channel.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115735422","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

The application of different term-structure models to estimate South African real spot rate curve 应用不同期限结构模型估计南非实际即期利率曲线

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-08-05 DOI: 10.20525/ijfbs.v10i3.1278

Mmakganya Mashoene, M. Doorasamy, R. Rajaram

{"title":"The application of different term-structure models to estimate South African real spot rate curve","authors":"Mmakganya Mashoene, M. Doorasamy, R. Rajaram","doi":"10.20525/ijfbs.v10i3.1278","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1278","url":null,"abstract":"The purpose of this study is to investigate the suitable arbitrage-free term-structure model that might be able to fit the South African inflation-indexed spot-rate curve. The instrument has relatively less tradability in the market, which then translates into a lack of adequate data for bond valuation/pricing. Pricing deviations might give inflated/deflated projections on the value of government debt; consequently, higher estimated interest cost to be paid. A proper valuation of these instruments is mandatory as they form part of government funding/borrowing and the country’s budgeting processes in the medium term. The performance of newly developed non-linear multifactor models that follows the Nelson-Siegel (1987) framework was compared to the arbitrage-free Vasicek (1977) model and linear parametric models to assess any significant deviations in forecasting the real spot-rate curve over a short period. Models with constant parameters (i.e. linear parametric, cubic splines, Nelson-Siegel (1987) and Svensson (1994)) gave a perfect fit, they proved to marginally lose fitting capabilities during periods of higher volatility. Therefore, it could be concluded that the application of either Nelson-Siegel (1987) model or Svensson (1994) model on forecasting South African real spot-rate curve gave a perfect fit. However, for a solid conclusion to be derived, it is imperative to explore the performance of these models over a period of stressed market and economic conditions.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122236911","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 Long-term Determinants of the Profitability for Amalgamated Bank of South Africa 南非合并银行盈利能力的长期决定因素分析

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-07-28 DOI: 10.20525/ijfbs.v10i3.1060

Albert Antwi

{"title":"Analysis of Long-term Determinants of the Profitability for Amalgamated Bank of South Africa","authors":"Albert Antwi","doi":"10.20525/ijfbs.v10i3.1060","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1060","url":null,"abstract":"Averting the risk of falling short on the expected profitability of a bank requires the knowledge of the underlying determinants. Knowledge of long-run underlying determinants of profitability assists banks in comprehensive planning. In this backdrop, the paper seeks to identify the long-term fundamental risk factors and their impacts on their profitability. The FM-OLS regression method is employed using annual data on the components of profitability as well as internal and external determinants of profitability of Amalgamated Bank of South Africa (ABSA) bank from 1998 to 2014. The study is particularly importance since bank-specific studies aimed at identifying long-run fundamental factors of profitability has not been given much attention in literature. Evidence from the study indicates that profitability of ABSA is cointegrated with its determinants. It is further observed that, with the exception of inflation and GDP, all the determinants have significant long-term impact on profitability. However, although size has significant impact on net interest margins, its impact on return on equity is insignificant. The results further suggest that capital and stock market capitalization pose risk to aggregate profitability of ABSA. It is therefore recommended that in future, ABSA should resort to optimal equity financing to maximize its expected profitability.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121773634","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: 2

A Case Study of Green Energy Roofs in Taiwan Using Financial Analyses 以台湾绿色能源屋顶为例之财务分析

International Journal of Finance & Banking Studies (2147-4486) Pub Date : 2021-07-28 DOI: 10.20525/ijfbs.v10i3.1288

Mengjun Liu, D.W.C. Lin

{"title":"A Case Study of Green Energy Roofs in Taiwan Using Financial Analyses","authors":"Mengjun Liu, D.W.C. Lin","doi":"10.20525/ijfbs.v10i3.1288","DOIUrl":"https://doi.org/10.20525/ijfbs.v10i3.1288","url":null,"abstract":"As part of the low-carbon policy and development in Taiwan, the Bureau of Energy introduced the “Green Energy Roofs Project” in 2017, which encouraged homeowners to install green energy roofs. However, the incentives of homeowners and solar photovoltaic operators to participate in this Project were low. The aim of this study is to propose and evaluate alternative models for investing green energy roofs. The contributions of this study are that, first, we consider factors such as risk management schemes and crowdfunding that have not been considered in evaluating green energy roofs project. In addition, this study provides a solution to Taiwan government’s current dilemma about how to encourage homeowners to install green energy roofs. This study adopts five common investment appraisal methods (including payback period, discounted payback period, net present value, internal rate of return and profitability index) to evaluate four different models for investing green energy roofs. The results show that when homeowners are fully responsible for installation costs of green energy roofs with partial funds borrowed from banks and with consideration of risk management, the homeowners have better investment returns. Therefore, the Taiwan government could consider the alternative strategy proposed in this study for promoting green energy roofs so that the country can x`move a bigger step forward towards the goal of being nuclear-free.","PeriodicalId":225020,"journal":{"name":"International Journal of Finance & Banking Studies (2147-4486)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117128523","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