European Journal of Economic and Financial Research最新文献

{"title":"THE ROLE OF THE STATE IN THE ECONOMIC RECOVERY AND ENVIRONMENTAL DEVELOPMENT AFTER COVID-19","authors":"A. Boulaksili, M’hamed Hamiche, Ouail El Imrani, Najoua Chaouche, Yousra El Hajel","doi":"10.46827/ejefr.v6i4.1369","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1369","url":null,"abstract":"The COVID-19 lead to huge changes in the world economy: destabilization of economies, degradation of the structure of world finance, unemployment and fragility, disruption of logistics chains, near-stop of activities and travel, etc. States are called upon to be below invigilate and flexible in order to put in place adequate policies to adapt to this new unstable context and revive economic activity. At a time when the first signs of an improvement in health are appearing, several countries are beginning to reflect on the next phase of economic recovery and on the role of strong public action to stimulate demand, ensure replacement incomes and promote new investments. This remains a key issue as States have decided to stop a large number of activities during the containment phase. All this pushed us to reflect on the cost of this crisis and mainly on the role of the State after the pandemic to stimulate the economy and promote new investments to return to global equilibrium. An analysis of the different studies reveals a taxonomy of trends and scenarios. While the role of the state is crucial according to experts and officials, the only problem is that they do not completely agree. Through this paper, we try to analyze and decipher the economic impacts of COVID-19 in order to see what the different policies are to be considered by the States to minimize the impact of this pandemic, first of all, and then to revive the economic fabric to return to general equilibrium. JEL: A11, O11, O40, P11, P24  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132541162","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 CUSTOM DUTY INCENTIVES ON FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES IN KENYA","authors":"Gideon M. Mwangi, Robert Gitau","doi":"10.46827/ejefr.v6i4.1366","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1366","url":null,"abstract":"Background: The purpose of the study was to assess the effect of custom duty incentives on the financial performance of manufacturing firms in Kenya. The study focused on the manufacturing companies registered by Kenya Association of Manufacturers. Materials and Methods: The population of the study was the 447 manufacturing companies in the register of Kenya Association of Manufacturers in 2019. The study applied a stratified random sampling technique in the determination of the sample size, where 211 manufacturing companies were selected for the study. Primary data was collected by the use of questionnaires targeting accountants and other senior management officers in manufacturing companies. Secondary data was collected from audited financial statements covering a period of 10 years from 2009 to 2018. The response rate on the questionnaires was 73.5 %. Data analysis was performed by use of SPSS version 25. The study performed both descriptive and inferential statistics, diagnostic tests involving multi-collinearity tests, auto-correlation, heteroscedasticity and test of normality were carried out. Results: The data did not suffer from multi-collinearity neither was there auto-correlation; however, the data violated the assumption of normality. The study applied ordinal regression analysis so as to determine the predictive model. Pseudo-R square was computed which showed that custom duty incentives explain 4% of the change in financial performance meaning there are other factors that contribute to the change in financial performance. The results of the study also showed that custom duty incentive has a statistically significant relationship with the financial performance of manufacturing companies. Conclusion: The conclusion of the study was custom duty contributes positively to the financial performance of manufacturing companies in Kenya. The study recommended that manufacturing companies should embrace the aspects of custom duty incentives offered by the government. JEL: L10; L20; L60  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130306505","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 INTERNAL ACCOUNTING MONITORING AND CONTROL ACTIVITIES ON FINANCIAL PERFORMANCE OF SACCOS IN KENYA","authors":"Mackline Wamukota, Maniagi G. Musiega, B. Alala","doi":"10.46827/ejefr.v6i4.1361","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1361","url":null,"abstract":"Internal accounting monitoring and control activities are important tools for enhancing the management of resources in any financial institution. That is monitoring and control activities enhance the prudent use of resources, and accountability and improve institutional efficiency. However, there are numerous cases of poor management, fraud and poor governance of Savings and Credit Cooperative Organizations (SACCOs) as reported by SACCO Societies Regulatory Authority (SASRA) despite the existence of internal accounting control systems required by SASRA. The study sought to examine the effect of monitoring and control activities on the financial performance of SACCOs in Kenya. The study employed a mixed research design targeting 175 SACCOs with 875 respondents. A purposive sampling technique was used. The participants were chosen based on the purpose, hence the chief executive officers, finance managers, risk managers, information communication technology managers and internal auditors. Data was collected by the use of both primary and secondary techniques. A pilot study was conducted to establish the validity and reliability of research instruments. Primary data collection was by use of questionnaires, while secondary data involved documentary analysis to capture information on financial performance. A pilot study was conducted in Nairobi County. Validity was achieved using content and construct validity, where monitoring and control activities yielded an average factor loading of 0.606 and financial performance yielded 0.838. Cronbach's Alpha was applied to establish reliability, which had a range between 0.896 for monitoring and control activities to 0.916 for financial performance. Data was analyzed by use of descriptive and inferential statistics. Descriptive analysis included; frequencies, mean, standard deviation and percentage while inferential analysis involved regression analysis. From the results, there was a significant positive relationship between monitoring and control activities and financial performance (r=0.656, P=0.000), monitoring and control activities explain 43.0% (R2 =0.430) of variance in financial performance, the beta value for monitoring and control activities from the regression model was 0.526 at p< 0.05.  The study concluded that monitoring and control activities have a significant positive effect on financial performance. This study recommends that SACCOs should constantly monitor their financial performance by implementing audit reviews as well as performance reviews to make sure that SACCO objectives are achieved accordingly.  JEL: M40; M41; G20  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"130 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127587009","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":"FAMILY SAVINGS OF THE WORKING POPULATION IN MINDANAO, PHILIPPINES","authors":"Adriane John P. Luncido, A. Tan-Cruz","doi":"10.46827/ejefr.v6i4.1359","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1359","url":null,"abstract":"The study was conducted to understand the saving behavior of the working population in Mindanao using the Family Income and Expenditure Survey (FIES) datasets covering the periods 2003 to 2015. The study determined the factors which influence the families to save using Tobit regression and compared the levels of family income, expenditures, and savings of the regions of Mindanao. The study revealed that the real value of family savings increases as the family head gets older, but it eventually declines as the head nears retirement age. Tobit estimates revealed that in Mindanao, the age of the family head, household tenure, wages from agricultural and non-agricultural activities, income from entrepreneurial activities and cash assistance from abroad positively influence families to save; while sex of the family head, educational attainment, and the number of young dependents negatively influence the families to save. Moreover, the family size, marital status and geospatial location of the family heads have shown both positive and negative influences on family savings for different years. Meanwhile, the ANOVA results revealed that in 2015 there were significant variations between and among the income, expenditure, and savings of families in all regions of Mindanao. However, the Tukey-Kramer HSD test revealed that family savings in some regions in Mindanao have statistically the same means such as the Zamboanga Peninsula and CARAGA, Northern Mindanao and Davao Region, and SOCCKSARGEN and ARMM, while other regions vary significantly from each other. Overall, the ANOVA results revealed that for 2015 the Davao Region has the highest mean family income and expenditure, while Northern Mindanao recorded the highest mean family savings. The ARMM region showed the least value of mean income, mean savings and mean expenditures of families among the regions of Mindanao. JEL: C34, D14, D15, E21  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123155785","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":"VIABLE INVESTMENT DECISIONS - THE SOLUTION TO THE AILING LARGE-SCALE RETAIL SUPERMARKETS IN KENYA","authors":"Musyoka Mulemba, Denis Ouma, M. Atieno","doi":"10.46827/ejefr.v6i4.1358","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1358","url":null,"abstract":"<p>Proper investment decisions ensure that supermarket managers invest in viable projects, stipulate optimum capital structure and adequately compensate shareholders. The aim of the study was to evaluate the effect of investment decisions on the profitability of large-scale retail supermarkets in Kenya. The study was guided by portfolio, pecking order, and agency theories. The study was anchored on positivism philosophy. A cross-sectional research design was adopted. The target population was nine large-scale retail supermarkets in Kenya. A positive and statistically significant was found to exist between investment decisions and profitability. This is backed up by a regression coefficient of 0.3930 and a p-value of 0.008, a regression coefficient of 0.4180 and a p-value of 0.016. The study concluded that financial decisions significantly affect the profitability of large-scale retail supermarkets in Kenya. The study recommended implementing viable investment decisions based on customer preferences, expert directions, market forces, and business elements.</p><p> </p><p><strong>JEL</strong>: L80; L81</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/edu_01/0975/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131068089","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":"RELATIONSHIP BETWEEN PROPERTY TYPE-LOCATION DIVERSIFICATION AND PERFORMANCE OF REAL ESTATE INVESTMENT TRUSTS IN KENYA","authors":"Daniel Thuo Ndung'u, S. Onyuma","doi":"10.46827/ejefr.v6i4.1357","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1357","url":null,"abstract":"The listed REITs have not performed as well as anticipated, and efforts by REIT management to issue further real estate securities have been delayed. This raised the question of whether the unexpected performance of REITs in Kenya was caused by external variables, including property diversification, which is out of the control of the investment market. Thus, the study sought to examine the relationship between property type-location diversification and the performance of REITs in Kenya. The target group included fund managers, stock brokers, investment banks, and property developers. A predictive correlational research design was used. At a 5% significance level, regression analysis was used to test the hypothesized relationship between variables. The results indicate that property type-location diversification has a significant relationship with the performance of REITs in Kenya. The findings also show that the location of properties is a very important aspect for REIT investors when it comes to property diversification. There was agreement among most respondents that diversifying REITs across location attributes reduces market risks. It can be concluded diversification of the REITs underlying property majorly in terms of geographic and economic influence performance of REITs in Kenya. Further, property diversification through the type of property is a key determinant in influencing the performance of REITs in Kenya. Thus, continued property-type location will enhance the uptake of REITs by investors. It is recommended that REITs issuers ensure that there is diversification of the properties to include multiple property types such as students’ hostels, retail stores, hotels, and warehouses. Such a type of diversification is likely to attract potential investors who could be interested in properties with such diversification characteristics.  JEL: G40, R30, C12, C51, L21  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125607969","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 FOREIGN EXCHANGE RATE ON FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANIES IN KENYA","authors":"Emmanuel Mate, M. Atieno, E. Kiganda","doi":"10.46827/ejefr.v6i4.1356","DOIUrl":"https://doi.org/10.46827/ejefr.v6i4.1356","url":null,"abstract":"The government of Kenya’s broad target for enhancing manufacturing is to increase the manufacturing share of gross domestic product from 8.4% to 15% to create more jobs but the target remains a mirage owing to the poor performance of the manufacturing sector over the years where for instance, sector performance declined to 3.5% in 2019 compared to 4.4% in 2018. Studies globally, regionally and locally have been conducted to establish how macroeconomic variables affect the profitability of companies. However, mixed results have been reported pointing to positive, negative, significant and insignificant effects making it unknown how economic growth, inflation and exchange rates influence the performance of manufacturing firms. The purpose of this study was to establish the influence of Interest rates on the financial performance of listed manufacturing companies in Kenya. The study was guided by; the efficient market hypothesis and arbitrage pricing theory. This study adopted a descriptive correlational research design grounded on panel data spanning 6 years from 2015 to 2020 with a target of 8 listed manufacturing firms. The exchange rate showed a negative influence on performance with coefficients 0.358, 2.764 and -1.532 respectively such that a 1% increase in economic growth and inflation increased performance by 0.358% and 2.764% respectively while a 1% increase in exchange rate decreased performance by 1.532%. The study recommends the formulation of prudent macroeconomic policies including bailouts during pandemics geared towards enhancing the performance of manufacturing firms as envisaged under the Big four agenda and Vision 2030 blueprint. JEL: L60; O24; F31","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127729179","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":"USE OF IFMIS IN BUDGETARY CONTROLS AND FINANCIAL ACCOUNTABILITY IN COUNTY GOVERNMENTS IN WESTERN KENYA","authors":"Dinah Majani, Sylvester Mackton, M. Atieno","doi":"10.46827/ejefr.v6i3.1348","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1348","url":null,"abstract":"The purpose of this study was to determine the influence of the use of IFMIS in budgetary controls on the financial accountability of county Governments in Western Kenya. The study adopted a correlational research design. Primary data was collected using questionnaires. The study target population was 1110 county staff comprising Cabinet executive officers, IFMIS directors, finance staff, revenue officers, and planning and procurement staff. Simple random sampling was used to select 294 respondents. Reliability was tested through Cronbach Alpha, validity was tested through expert analysis and principal component factor analysis. SPSS was used to analyze descriptive and inferential statistics. Descriptive statistics consisted of frequencies. Inferential statistics consisted of Binary logistic regression analysis. Cox & Snell R Square was established as 0.699. Wald statistic was significant with p values of 0.19. Correlation analysis showed r = of 0.814. The binary logistic regression coefficient was β = 2.049, p-value .019 and Exp (β)= 7.76 for budgetary controls. It was recommended that the implementation of IFMIS should be strengthened and regularly reviewed to identify loopholes that still exist that reduce effectiveness. This would improve fiscal discipline by a very high percentage as shown by the odds ratio of budgetary controls which is greater than one. The government should enforce the use of IFMIS in budgetary controls. This will lead to minimal budget variance and budget deficits. Better ways that can make IFMIS adhered to in budgeting should therefore be enforced this will improve financial accountability as evidenced by the odd ratio of budgetary controls.JEL: G21; G29; G38  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131491064","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":"ASSET QUALITY AND FINANCIAL PERFORMANCE OF TIER IV COMMERCIAL BANKS IN KENYA","authors":"A. Roselyne, W. Mackton, E. Kiganda","doi":"10.46827/ejefr.v6i3.1347","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1347","url":null,"abstract":"<p>The main objective of the study was to assess the influence of asset quality on the financial performance of tier IV commercial banks in Kenya. The study was guided by the scientific theory of management, Transaction Cost theory and Contingency theory. This study employed a longitudinal research design. The target population was 13 tier IV commercial banks in Kenya as at 2022 from the Central Bank of Kenya’s website. Panel data was analyzed using STATA. Pearson’s product-moment correlation coefficient depicted r = -0.4306, a p-value of 0.0000 which is significant for asset quality. The regression coefficient was -0.14, a p-value of 0.013, for asset quality (AQ) and financial performance (ROE) at a 5% level of significance. These results indicate that Asset Quality had a significant influence on financial performance. It was recommended that commercial banks should use their assets efficiently and effectively to yield optimum results.</p><p><strong>JEL:</strong> G21; G29; G38</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/edu_01/0567/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"191 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124247424","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":"PAYABLES MANAGEMENT AND FINANCIAL VALUE OF COMMERCIAL BANKS IN KENYA","authors":"Calystus Ayodi, J. Otsyulah, E. Kiganda","doi":"10.46827/ejefr.v6i3.1346","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1346","url":null,"abstract":"The concept of firm value has become a great concern to shareholders, managers, potential investors, creditors and other stakeholders globally since it measures the firm’s worth and posits a positive public image. The main objective of the study is to evaluate the effect of payables management on the financial value of commercial banks in Kenya. The study employed a correlation research design on the panel data collected over a span of 10 years. The target population was 38 commercial banks in Kenya. Secondary data was collected from audited financial statements downloaded from the Nairobi Stock Exchange and Central Bank of Kenya websites. Normality was tested through Shapiro Wilk and confirmed. Stationarity was tested using Levin-Lin-Chu test and the results confirm stationarity. The overall descriptive statistics show high variation between the dependent and independent variables among different commercial banks. Inferential statistics comprised of Pearson’s correlation analysis and Random Effects Model. The Pearson’s correlation coefficient depicts r = - 0.15 with a p-value of 0.0037. The regression coefficient was established as 4.34 with p-values < 0.05 confirming that all payables management had a significant positive influence on the financial value of commercial Banks. It was recommended that commercial banks should properly manage short-term liabilities, pending bills and accrued expenses should be minimal as this reduces the liquidity of the firm and further reduces the value of the commercial banks as potential investors see a bank with so many liabilities as risky to invest in. All receivables particularly outstanding loans issued to customers should be closely monitored. JEL: G21; G29; G38  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114610051","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}