European Journal of Economic and Financial Research最新文献

{"title":"EFFECTS OF COLLECTIVE ACTION ON PERFORMANCE OF WOMEN-ONED MANUFACTURING ENTERPRISES IN SELECTED COUNTIES IN KENYA","authors":"Faith Achungo Tsuma, N. Wawire","doi":"10.46827/ejefr.v7i2.1510","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1510","url":null,"abstract":"Micro, Small, and Medium Enterprises (MSMEs) are imperative in boosting manufacturing in Kenya. Stakeholders including the government have advanced initiatives to promote MSMEs by providing affordable loans and developing policies to help them thrive. Despite these efforts, there is sluggishness in the way manufacturing enterprises owned by women perform. Collective action could be employed to reverse this situation considering that most women are good at networking. This study’s objective is to determine the effect of collective action on the performance of women-owned manufacturing enterprises. The study uses the primary data collected by interviewing 55 women who owned enterprises. The women were selected through a simple random sampling technique and a structured questionnaire administered. This data was complemented by published data from government policy documents. Descriptive statistics, correlation, and regression analyses were done to establish the degree to which collective action influenced how women-owned manufacturing enterprises performed in Kenya. Spearman’s Rank correlation analysis established that collective action was strongly and positively correlated with the performance of women-owned manufacturing enterprises. This was further investigated through regression analysis and it was found that collective action positively affected those enterprises' performance. The study recommends that women who own enterprises in the manufacturing sector should embrace networking through belonging to a group(s) or business organization(s) in order to improve the performance of their enterprises.JEL: L25; J16; D70  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"103 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131692014","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 ACCOUNTING INFORMATION SYSTEM ON FINANCIAL PERFORMANCE OF TEA MANUFACTURING COMPANIES IN KENYA - CASE OF MUDETE TEA FACTORY","authors":"Patrick Malongo Lidovolo, M. Atieno","doi":"10.46827/ejefr.v7i2.1506","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1506","url":null,"abstract":"The main objective of this study was to evaluate the influence of the accounting information system on the financial performance of tea manufacturing firms in Kenya, a case study of Mudete Tea Factory. The specific objectives were; to examine the influence of accounting information recording on financial performance, and to determine the influence of financial reporting on the financial performance of tea manufacturing firms in Kenya. The study was carried out in Mudete Tea Factory. The study was guided by a technology acceptance model. The study used a case study research design. The study employed a census sampling technique where all the target population was used in the study. Primary data was collected by the use of questionnaires, while secondary data from the firm’s audited financial statements for previous financial years. The reliability of the research instruments was tested through Cronbach’s Alpha. Validity was tested through expert analysis of the questionnaires. The data was analyzed through inferential statistics. Inferential statistics were represented through regression analysis and correlation analysis to determine the quality of the relationship between the dependent and independent variables. The findings of the study were presented using tables. The study showed that there exists a positive and significant relationship between the components of AIS and firm’s financial performance with an average R2 of 0.508. The study results also indicated that accounting information recording and financial reporting have a positive and significant effect on the financial performance of tea factories in Kenya. The research recommended that tea manufacturing firms should ensure they use accounting information systems in their daily activities which results in improved financial performance.JEL: M10; M41; O14  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130780698","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":"CAPITAL STRUCTURE AND PROFITABILITY OF LARGE-SCALE RETAIL SUPERMARKETS IN KENYA","authors":"Andrew Nyongesa, Margaret Otieno Omondi","doi":"10.46827/ejefr.v7i2.1504","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1504","url":null,"abstract":"Capital structure decisions ensure that supermarket managers stipulate optimum capital structure for the organization. Despite the implementation of capital structure decisions, poor financial performance has plagued most of large-scale retailers for the past 20 years, forcing some to close some of its outlets. Uchumi supermarket, Tuskys supermarkets among other supermarkets have been making heavy losses leading to the closure of some of their branches. Uchumi has closed 3 5(95%) branches, Tuskys 61(95.3%) branches, and Choppies 13(87%) branches. According to an external audit report in 2020, Nakumatt owed creditors Ksh.38 billion yet the company gave over Ksh. 1 billion as interest-free soft loans to its directors. The objective of this study is to assess the effect of capital structure decisions on the profitability of large-scale retail supermarkets in Kenya. The study was anchored on the pecking order theory. The study employed a cross-sectional research design. A census sampling technique was employed where all the selected supermarkets were considered. Secondary data was collected from audited financial statements. Panel data was analyzed using descriptive and inferential statistics. Descriptive statistics comprised of minimum values, maximum values, mean and standard deviation and inferential statistics consisted of correlational analysis and random effects models. The study findings indicated that capital structure decisions have a negative and statistically significant effect on the profitability of large-scale retail supermarkets in Kenya. This is supported by a regression coefficient of –0.3479 and a p-value of 0.000. The study suggested that the management of retail stores should balance between debt and equity financing to ensure an optimum capital structure that maximizes profitability. JEL: O10; O12; L81  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121120107","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":"MONETARY POLICY AND MISERY INDEX IN NIGERIA","authors":"C. George-Anokwuru","doi":"10.46827/ejefr.v7i2.1494","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1494","url":null,"abstract":"This study investigated the influence of monetary policy on the misery index in Nigeria. The data for the study were collected from the numerical bulletin of Nigeria’s apex bank spanning 1985 to 2019. The misery index was measured by the sum of unemployment, inflation, and lending rates minus the percentage change in Real Gross Domestic Product per capita. The Augmented Dickey-Fuller test and Autoregressive Distributed Lag - ARDL model were the main tools of analysis. The outcome of the unit root test indicated that the variables were stationary at order zero and one, which fulfilled the requirement to employ the ARDL Bounds testing method. The ARDL Bounds test revealed the presence of long-run association among the variables. The results revealed that monetary policy rate and exchange rate have a significant relationship with the misery index in Nigeria during the period of study. However, there is no significant relationship between the broad money supply and the misery index in Nigeria during the period of study. The study concluded that though monetary policy has the potential of reducing the misery index in Nigeria but it has not been well managed to reduce the misery index in Nigeria during the period of study. That is, monetary policy has not been effective in reducing the misery index in Nigeria during the period of study. Based on these findings, the study recommended that monetary authority should adopt the monetarists’ ‘monetary rule’ whereby the money supply is increased at a rate equal to the potential annual growth rate of the Gross Domestic Product. The monetary authority should also evaluate her interest rate policies to stimulate investment, increase output of goods and services, employment opportunities and reduce the poverty and misery index in the country. That is, make the financial sector to be strong to provide credit at lower interest rates which in turn will increase investment, output of goods and services, employment opportunities and reduce the poverty and misery index in Nigeria. The authority should maintain a managed floating exchange rate system to redress the problem of exchange rate variation in order to reduce the misery index in Nigeria.JEL: E42; E50; E52  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"134 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139368931","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":"EXTENT OF THE ADOPTION OF MANAGEMENT ACCOUNTING PRACTICES AS TOOLS FOR DECISION MAKING IN MANUFACTURING FIRMS IN ANAMBRA STATE, NIGERIA","authors":"C. Okolocha, Eucharia Chinwemma Nwagu","doi":"10.46827/ejefr.v7i2.1497","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1497","url":null,"abstract":"This study determined the extent of the adoption of management accounting practices as tools for decision-making in manufacturing firms in Anambra State, Nigeria. Two research questions were answered in the study and four null hypotheses were formulated and tested at 0.05 level of significance. The study adopted a descriptive survey design. The population of the study comprised of 292 owners and managers of registered manufacturing firms with the Ministry of Commerce and Industry, Corporate Affairs Commission, Awka, Anambra State. A purposive sampling technique was used to select a sample size of 228 registered manufacturing firms in Onitsha, Nnewi and Awka. Data for this study was collected using a structured questionnaire titled Questionnaire on Adoption of Management Accounting Practices by Manufacturing Firms (QOAOMAPBMF)’ developed by the researchers based on the insight gained from the literature review and the research questions guiding the study. The reliability of the instrument was determined using the Cronbach Alpha co-efficient which yielded a reliability value of 0.95 and 0.81 respectively for the two clusters with an overall reliability value of 0.88. Descriptive statistics of mean and standard deviation were used to answer the research questions to determine the homogeneity or otherwise of the respondents’ views, while the ANOVA was used to test the null hypotheses at a 0.05 level of significance. The findings revealed that costing systems and budgeting systems are adopted as tools for decision-making by manufacturing firms in Anambra State, Nigeria to a great extent. Owners and managers do not significantly differ in their academic qualifications in this regard, but they differ significantly in their years of working experience. The researchers concluded that manufacturing firms in Anambra State, Nigeria would benefit immensely from the effective and efficient adoption of management accounting practices which will enhance and boost their decision-making so as to increase their competitive advantage in the long run. Based on the findings, it was recommended among others that the management of manufacturing firms should update themselves on management accounting practices through training and workshops organized by relevant research institutes and set a benchmark for the adoption of management accounting practices with the aim to improve the adoption of these practices. JEL: O12; O14; O20  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139368945","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 AND GROWTH: A LITERATURE REVIEW FROM 1990 TO DATE","authors":"Dimitrios Kostoulis","doi":"10.46827/ejefr.v7i2.1485","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1485","url":null,"abstract":"The aim of this paper is to study the concepts of foreign direct investment (FDI) and economic growth as well as the relationship between them through a literature review of papers published from 1990 until today. In order for better results to be achieved, the review is divided into three phases, each of them reviewing a different decade. In particular, the first phase reviews the period from 1990 to 2000, the second phase the period from 2001 to 2012, while the third phase the period from 2013 up to date. Prior to reviewing each period separately, we will elaborate on the two main concepts of the present paper. Finally, the conclusions of this paper will be recorded, which are very interesting, since there is obviously a significant correlation between Foreign Direct Investment and Growth over at least the last 30 years. Based on the literature, the scientific community seems to be particularly interested in the concepts discussed in the present paper.      JEL: F21, F43, F63, O40  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129305451","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 CORPORATE SOCIAL RESPONSIBILITY COSTS ON THE FINANCIAL PERFORMANCE OF SUGAR MANUFACTURING COMPANIES IN KENYA","authors":"Frankline Anzane Isanya, M. Atieno","doi":"10.46827/ejefr.v7i2.1476","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1476","url":null,"abstract":"The impact of CSR costs on financial performance is becoming increasingly important to a wide variety of corporate stakeholders. It is considered to be one of the instruments that businesses need to use to establish and maintain a calm working atmosphere. Engaging in corporate social responsibility and their disclosures are common in the recent business setting around the globe. Corporate social responsibility has become more significant over the past decades, and the validity of research on how it is associated with firm performance remains uncertain and incomplete. Many public and private Sugar manufacturing firms in Kenya have been facing poor financial performance, and some are closing up, even after receiving funding from the government. Consequently, this study aimed to establish the effects of corporate social responsibility cost on the financial performance of sugar manufacturing companies in Kenya. The specific objectives of this study were; to assess the effect of community development costs on the financial performance of sugar manufacturing companies in Kenya, to examine the effect of environmental responsibility costs on the financial performance of public and private sugar manufacturing companies in Kenya, and to evaluate the effect of economic responsibility costs on the financial performance of sugar manufacturing companies in Kenya. The study was guided by the stakeholder theory, legitimacy theory and theory of the firm. The study adopted a correlation research design. The study's target population was 12 sugar manufacturing companies in Kenya. A census sampling technique was used to select all 12 sugar manufacturing companies in Kenya. A secondary data collection sheet was used to document information from audited financial statements of the companies downloaded from the website from 2012 to 2021. Panel Data was analyzed using descriptive and inferential statistics. Panel regression analysis indicated that community development costs, economic responsibility costs and environmental responsibility costs had a significant effect on financial performance with a coefficient of 0.2146, 0.2896, 0.2728 and p-value of 0.006, 0.000, and 0.000. The study depicted that corporate social responsibility costs had a significant effect on financial performance with an R2 of 0.29 which implied that corporate social responsibility costs explain 29% of the financial performance of sugar companies in Kenya. Therefore, the study concluded that corporate social responsibility costs improve financial performance. The study recommended that the management of sugar companies should provide more funds to community development costs, policymakers should develop strategic policies that would enhance the practice of economic social responsibility, and respond to environmental demands for a cleaner environment. JEL: Q10; L60; L66","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130760227","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":"INDIRECT TAX AND INCLUSIVE GROWTH IN NIGERIA","authors":"C. George-Anokwuru","doi":"10.46827/ejefr.v7i2.1460","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1460","url":null,"abstract":"This study carefully investigated the effect of indirect tax on inclusive growth in Nigeria from 1994-2019. To achieve the above objective, secondary data on the human development index, value-added tax, as well as customs and excise duties were sourced from the statistical bulletin of Nigeria’s apex bank. Co-integration and ECM techniques were used as the main analytical tools. The regression result revealed that value-added tax has a positive and insignificant relationship with inclusive growth (human development index) in Nigeria during the period of study. At the same time, customs and excise duties have a negative and significant relationship with inclusive growth (human development index) in Nigeria during the studied period. Based on the findings, the study recommended that revenue from the various forms of indirect tax – value-added tax and customs and excise duties should be invested in social and community services - health, education, etc., economic services - agriculture, construction, transport and communication among others that will help the various sectors of the economy to function very well thereby improving the quality of life of people as measured by human development index. Government should boost indirect tax revenue. To achieve this, the government should identify and eradicate all administrative loopholes for indirect tax revenue to contribute meaningfully to the improvement of the quality of life of the inhabitants of Nigeria.           JEL: H20; H21; H71  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125461698","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":"PRICE FORECASTING OF FULLY DRESSED CHICKEN IN THE PHILIPPINES","authors":"Leomar M. Sabroso, Joeteddy B. Bugarin","doi":"10.46827/ejefr.v7i2.1459","DOIUrl":"https://doi.org/10.46827/ejefr.v7i2.1459","url":null,"abstract":"<p>The Philippine chicken industry has been dominated by backyard farmers. This study was conducted to determine the market trend and forecast the price of fully dressed chicken in Davao City. A monthly time series of secondary data was used in the study obtained from the Philippine Statistics Authority (PSA) from January 1990 to January 2021, analyzed using an ARMA/ARIMA model to forecast the price and analyze the trend. The result revealed that the best-fit model was ARIMA (3, 1, 1), which indicated high price volatility throughout the analysis (p-value = 0.000) and the model indicates that the forecasted price from 2021-2024 is consistent.<br /> <br /><strong>JEL:</strong> Q10; Q12; Q13</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0097/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126649242","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":"MODELLING THE LEVERAGE EFFECT AND VOLATILITY PERSISTENCE IN THE EAST AFRICAN SECURITIES EXCHANGES DURING GLOBAL SHOCKS","authors":"Herman Angwenyi Kengere","doi":"10.46827/ejefr.v7i1.1454","DOIUrl":"https://doi.org/10.46827/ejefr.v7i1.1454","url":null,"abstract":"The study examines volatility dynamics during the 2007/09 global financial crisis in three main East African Exchanges; Nairobi Securities Exchange, Kenya, Uganda Securities Exchange, Uganda and Dar-es-Salaam Stock Exchange, Tanzania. A modified Asymmetric Generalized Autoregressive Conditional Heteroscedastic (E-GARCH 4,1) model was used to test leverage effects and volatility persistence in the markets and the USA as the ground zero market. The data consisted of daily closing indices covering 2006-2010. The period was divided into three phases before the crisis, during and after the crisis. The study found that the leverage effect was eminent in the Ugandan and Tanzania markets. The effect is more prevalent in the Ugandan market in all three phases of the crisis, and the pre-crisis phase for the Tanzania market but absent in the Kenyan market in all the phases. Explosive volatility was observed in the Kenyan and Ugandan markets meaning that volatility takes a longer period to decay off in these markets.JEL: E44; G10; G18","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124339233","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}