European Journal of Economic and Financial Research最新文献

{"title":"ESTIMATING EXCHANGE RATE PASS-THROUGH TO DOMESTIC PRICES; SIERRA LEONE EXPERIENCE","authors":"James L. S. Kallie, Emmanuel Jam Kamara, Alpha Kanu, Joseph M. B. Heimoh","doi":"10.46827/ejefr.v8i1.1645","DOIUrl":"https://doi.org/10.46827/ejefr.v8i1.1645","url":null,"abstract":"The study conducts an investigation that seeks to evaluate the nature of exchange rate pass-through on consumer prices in Sierra Leone. As a small, open economy, the country is susceptible to exogenous shocks. The exchange rate acts as a medium through which external shocks get transmitted to the real economy. Therefore, the general objective of the study is to assess the effect of the fluctuation of the exchange rate on domestic prices in Sierra Leone. More specifically, it sought to determine which type of exchange rate pass-through exists for Sierra Leone, using annual time series data between 1992 and 2022. The empirical analysis was based on a VECM model. The coefficient of the exchange rate (.5365) which is also significant at the 5% level of significance (p-value = 0.002), indicates that the exchange rate pass-through is incomplete in Sierra Leone. This means that a 1-unit depreciation of the Leone (increase in nominal exchange rate), leads to an increase in Sierra Leone consumer price by .5365 units or approximately 53.65%. This is an indication of indirect pass-through, where importers increase the price of imported goods to maintain their markup in the event of a nominal exchange rate depreciation. The recommendation to the finding is that since it was revealed that Sierra Leone has relatively high exchange rate shocks means that monetary authorities in Sierra Leone should pay more attention to the effects of EXR fluctuation on consumer prices. Measures such as the promotion of local production to substitute imported goods are key to addressing the effects of exchange rate variations. JEL: F31, E31, C32, O24  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"113 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140456414","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}

{"title":"THE FISCAL POLICY OF GREECE AND ITS MACROECONOMIC PERFORMANCE WITHIN THE FRAMEWORK OF THE EUROPEAN ECONOMIC UNION","authors":"Konstantina Antonopoulou","doi":"10.46827/ejefr.v8i1.1632","DOIUrl":"https://doi.org/10.46827/ejefr.v8i1.1632","url":null,"abstract":"<p>This study aims to approach Greece's fiscal policy and its macroeconomic performance within the framework of the European Economic Union. In economics and political science fiscal and monetary policy are the basic tools used by the government and the central bank of a country respectively for the effective exercise of power, the promotion of economic goals, and the economic development of the country. The methodology followed was the review of international and domestic literature and the econometric analysis in the form of multiple linear regression between the GDP as a dependent variable and the remaining fundamental macroeconomic variables as independent variables for Greece for the period 1995-2022. The results can contribute to drawing useful conclusions about the effect of the main macroeconomic variables in particular inflation, unemployment, public debt, government expenditure, and total tax revenues on the Greek GDP.</p><p> </p><p><strong>JEL</strong>: Ε62; Η5; Η6; Ο11; Ο23</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0155/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"117 7-8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140491733","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}

{"title":"ANALYSIS OF PLANNING, BUDGETING AND ACCOUNTING FUNCTIONS OF INTEGRATED FINANCIAL MANAGEMENT INFORMATION SYSTEMS (IFMIS) AND PUBLIC FUNDS MANAGEMENT IN THE LOCAL GOVERNMENT - THE CASE OF NYAMASHEKE DISTRICT, RWANDA","authors":"Aline Ingabire, C. N. Luwesi, Mohamed Diarra Abdoulaye, Izerimana Modeste","doi":"10.46827/ejefr.v7i4.1595","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1595","url":null,"abstract":"The study entitled “Analysis of planning, budgeting and accounting functions of Integrated Financial Management Information Systems (IFMIS) and public funds management in the local government. Case of Nyamasheke District, Rwanda (2015-2022)” was conducted to achieve three specific objectives such as: to analyze the significance of IFMIS planning function on public fund management in Nyamasheke District, to assess the significance of IFMIS budgeting function on public fund management in Nyamasheke District and to examine the significance of IFMIS accounting function on public fund management in Nyamasheke District. To achieve study objectives, the study used descriptive, quantitative, and correlative research designs. Primary data and secondary data also were used. Primary data were collected from 152 staff in Nyamasheke district who have relation to the IFMIs use and management from different entities from district to sector level. Data collection was done using a questionnaire and documentation. Data analysis was done with the support of SPSS version 20 to generate a linear regression model and bivariate correlation model as well as descriptive statistics. The study findings show that the model had an F ratio of 42.474 and the P value was 0.000<0.000, signifying that the F ratio was statistically significant, therefore the overall regression model for all the variables tested was statistically significant and can be used for prediction at 5% significant level. This further indicates that the predictor variables (Planning (P), Budgeting (B), and Accounting (A) used in this study as IFMIS functions are statistically significant to the public fund management in Nyamasheke District. Therefore, the formulated Null Hypothesis stating that there is no significant influence of IFMIS planning, budgeting, and accounting IFMIS functions on the public fund management in Nyamasheke District, failed to be accepted in favor of the alternative hypothesis or its opposite. The conclusion of the study relies on the acceptance or failure to accept study hypothesizes. Based on the H0 or Null Hypothesis “There is no significant influence of IFMIS planning, budgeting, and accounting IFMIS functions on the performance of public fund management in Nyamasheke District” the results show that the planning, budgeting, and accounting as IFMIS functions each contribute 68% to the implementation of public funds management in the local government, case of Nyamasheke District. Due to that, the conclusion relies on the rejection of the Null Hypothesis and considers the alternative hypothesis or its opposite. JEL: M10; M40; M41  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"66 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139282579","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}

{"title":"FOREIGN DIRECT INVESTMENT DETERMINANTS IN THE PHILIPPINES","authors":"Jesson Rey F. Sabado, Precious Grace Angelika T. Garcia, Jonica B. Formentera, Glydelyn S. Arcebal","doi":"10.46827/ejefr.v7i4.1594","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1594","url":null,"abstract":"Foreign direct investment (FDI) significantly boosts one country's economy and development, including the Philippines. The Philippines has continuously pursued policies to attract FDI inflows to promote economic growth, generate employment, and improve technical skills. This study is to determine the Foreign Direct Investment determinant of the Philippines, present the real GDP growth, industry value added, and real exchange rate of foreign direct investment in the Philippines from 1970 to 2020, and provide empirical evidence of foreign direct investment and the following determinants. Data on real GDP growth, industry value added, real exchange rate, and FDI of the Philippines from 1970 to 2020 are sourced from the World Bank data. The Ordinary Least Squares (OLS) regression analysis identify factors that significantly affect the FDI inflows in the Philippines. Results indicated that the real exchange rate affects the FDI inflows in the Philippines. These determinants have p-values that are lower than the 5% significance level. Thus, understanding these determinants can assist policymakers and investors in making sound choices to encourage and sustain FDI inflows, which can contribute to the Philippines' economic progress and prosperity. JEL: F20; F21; F30  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139284815","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}

{"title":"EFFECTS OF FINANCIAL SOURCES AND SOCIO-CULTURAL FACTORS ON PERFORMANCE OF WOMEN-OWNED MANUFACTURING ENTERPRISES IN KISUMU CITY COUNTY, KENYA","authors":"Julia Adongo Otieno, Nelson Wawire","doi":"10.46827/ejefr.v7i4.1592","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1592","url":null,"abstract":"Women-owned enterprises play a significant role in contributing to a country's Gross Domestic Product (GDP) by creating employment opportunities. However, the manufacturing sector in Kisumu City County, has witnessed poor performance, coupled with less than 10 percent of the women participating in this sector. Despite this poor performance and low participation rate, there has been limited exploration into the factors influencing the performance of women exclusively within this sector. Therefore, the study aimed to determine the effects of financial sources and socio-cultural factors on the performance of women-owned manufacturing enterprises. The study employed a descriptive research design. Data was gathered through a questionnaire administered to 48 women selected using a simple random sampling technique. Descriptive and inferential statistics were applied to analyze the data using Excel and STATA Software. The results of multiple regression analysis established that women who secured funding from banks during shortages and initial capital depicted high performance. Additionally, factors such as household size, spousal decision-making regarding property utilization, and spousal control over the enterprise earnings had a negative effect on the performance of women-owned manufacturing enterprises in this County. Top of FormThe study recommends that policies need to be formulated to finance informal sectors such as Chamas where the majority of women prefer to increase the amount of loan accessed. Additionally, women should acquire more advanced entrepreneurial skills that are instrumental in making independent decisions and having better control over productive resources without utterly relying on their spouses. JEL: L60; M10  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139308649","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}

{"title":"INFLUENCE OF FINANCIAL SUSTAINABILITY ON FINANCIAL GROWTH OF NON-GOVERNMENTAL ORGANIZATIONS IN LREB-KENYA","authors":"Eunice Achola, Benjamin Ombok, E. Kiganda","doi":"10.46827/ejefr.v7i3.1557","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1557","url":null,"abstract":"Literature reveals inconsistencies on factors influencing the financial sustainability of local NGOs, with some suggesting such factors as income diversification, incomes from local and external donors as well as own income-generating activities, while others opine that continued external donor funding is required for sustainability. Evidence also shows that for the period under review, the financial growth of the NGOs, as critical vehicles of welfare development in the region has been fluctuating since 2010, but with a declining trend from 2019 to 2022. The purpose of this paper is to establish influence of the financial sustainability on the financial growth of non-governmental organizations in the Lake Region Economic Block- Kenya. A cross-sectional research design is adopted on a sample size of 220 respondents from whom both primary and secondary data were obtained and analyzed using independent samples t-test, one-way ANOVA, correlation, and regression. Guided by the Resource Based View Theory, the results yielded a significant  change of 0.033; from 73.7% to 77% after moderation; implying that financial sustainability has a significant moderating effect of 3.3%. The findings of this study are invaluable for innovative and sustainable financial decisions by NGOs, and also scholars and policymakers on matters of revenue growth.  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"139 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139339457","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}

{"title":"EFFECT OF BANK LOAN FINANCING POLICIES ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN TURKANA COUNTY, KENYA","authors":"Julius Ewoi Lokopu, Irene Cherono, R. Simiyu","doi":"10.46827/ejefr.v7i3.1556","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1556","url":null,"abstract":"Loans are considered to be the basic source of financing Small and Medium Enterprises in developing countries like Kenya. However, the majority of SMEs continues to face challenges in obtaining loan facilities resulting in poor performance and closures. Hence, the study investigated the effect of bank loan financing policies on the performance of SMEs in Turkana County, Kenya. The study was guided by two research questions: In what ways do collateral requirements affect the performance of small and medium sized enterprises in Turkana County, Kenya? And how does financial information affect the performance of small and medium sized enterprises in Turkana County, Kenya? The study was anchored on correlation research design and targeted a population of 2037 licensed SMEs from different sectors in Turkana County. Stratified and simple random sampling techniques were employed to select a sample of 334 SMEs. A questionnaire for SMEs was used as the instrument of data collection that collected data on the independent and dependent variables. The research instrument was tested for validity and reliability before being taken to the field. Analysis of data was done through the quantitative method. Analysis of data to answer the research questions was done by using descriptive statistics; frequencies, percentages, means, and standard deviation. Data analysed was presented in the form of frequencies and percentages, mean, and standard deviation. The research result showed that there existed a significant negative effect of collateral requirements ( and performance of SMEs. However, the second null hypothesis was accepted (p>0.05) because leading to the acceptance that there was no significant effect  of financial information on the performance of SMEs. The study concludes that loan financial policies had a significant effect on the performance of SMEs in Turkana County. The study recommends that financial institutions need to revise their loan financing policies to make them attractive to SMEs as they have been found to be influencing their performance. JEL: L20; G21","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139340156","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}

{"title":"CORPORATE GOVERNANCE MECHANISM AND ACCOUNTING CONSERVATION OF LISTED MANUFACTURING COMPANIES IN NIGERIA","authors":"E. G. Ukpong, Hycienth C. Abuaja, E. A. Ukpe","doi":"10.46827/ejefr.v7i3.1525","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1525","url":null,"abstract":"This study assessed the relationship between Corporate Governance Mechanism (CGM) and Accounting conservation of selected listed companies in Nigeria. The study adopted an expo-facto research design. The population of the study was 57 companies listed on the Nigeria Exchange group. The sample was determined using Taro Yamane formula which gave a sample size of 25 companies. The study covered the period 2007 to 2021 financial year. The study used secondary data. The data were analyzed using descriptive statistics and linear regression analysis. The result of the analysis shows that the effect of Board Size on the accounting conservatism of listed manufacturing firms in Nigeria is statistically significant. Board independence has a significant influence on the accounting conservatism of listed manufacturing firms in Nigeria. It was recommended that companies should avoid small board sizes and target maintaining the optimal number of members on their boards consistent with governance codes of practice. Evidence from this study shows that large board size has significant positive trade-off on accounting quality and conservatism.JEL: M14, M40, M41, M42, M49  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"65 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139353961","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}

{"title":"EFFECT OF MORTGAGE FINANCING ON FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN KENYA","authors":"D. Dondi, R. Mule, B. Ombok","doi":"10.46827/ejefr.v7i3.1520","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1520","url":null,"abstract":"The financial performance of commercial banks has been unstable as evidenced in Annual Supervision Report of 2011 to 2020, where the Return on Assets (ROA) rose to 6.2% in 2012 from 3% in 2011; and to below 3% in the years 2016 to 2020. Literature reveals that commercial banks’ lending criteria are pro-cyclical, implying a less strict lending criteria during the real estate boom, and very strict during burst; resulting in likely underestimation of the default risk on loans during periods of high demand by the commercial banks. The objective of the study was to establish the effect of mortgage financing on the n financial performance of commercial banks in Kenya for the period 2015 to 2022. Using secondary balanced panel data from 27 mortgage-offering banks in Kenya, with 189 data points and employing moderated multiple regression to achieve the study objectives. The regression analysis revealed that the independent variables explained 86.69% (R2 = 0.8669, p-value = 0004) of variance in of financial performance of commercial banks in Kenya, the coefficient of mortgage financing is 0.004434, (p=0.0004); implying that a unit increase in mortgage loan would result to significant increase in the return on assets by 0.004434 units. Therefore, the null hypothesis was rejected. The study concluded that an increase in the amount of mortgage loans offered as well as other activities that augment the total value of mortgage loans extended by the commercial banks leads to a significant improvement in the financial performance of commercial banks in Kenya. The study recommends that commercial banks in Kenya should target to increase the amount of mortgage offered as well as other activities that augment the total value of mortgage loans extended in order to improve their financial performance. JEL: D10; D14; G21  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139357899","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}

{"title":"ANALYSIS OF FINANCIAL DISTRESS IN PLANTATION COMPANIES ON THE INDONESIA STOCK EXCHANGE FOR THE 2018-2021 PERIOD","authors":"Imam Ramadhan, I. Sadalia, S. Ayu","doi":"10.46827/ejefr.v7i2.1509","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1509","url":null,"abstract":"This study aims to predict and analyze how the financial distress of companies in the plantation sector are listed on the Indonesia Stock Exchange in 2018-2021 using the Altman modified Z-Score, Springate, Zmijewski and Grover methods and to test the accuracy of financial distress predictions by calculating the level of accuracy of each number of predictions and error rates from the Altman modified Z-Score, Springate, Zmijewski and Grover methods for plantation sector companies listed on the Indonesia Stock Exchange for 2018-2021. The data analysis method used was Altman's modified Z-Score, Springate, Zmijewski, Grover, and paired sample t-test. Based on the results of the assessment of financial distress, the most accurate method for predicting financial distress in plantation sector companies listed on the Indonesia Stock Exchange is the Springate method with the highest accuracy rate of 85.00%, then the Altman Z-Score method with an accuracy rate of 57. 50%, the Grover method with an accuracy rate of 38.75% and Zmijewski with an accuracy rate of 17.50% JEL: Q10; Q13; M10  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123474404","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}