European Journal of Economic and Financial Research最新文献

{"title":"KENYAN SACCO SOCIETIES IN LIQUIDITY CRUNCH; EVIDENCE FROM CORONAVIRUS PANDEMIC SHOCK","authors":"Oseno Ben, M. Atieno","doi":"10.46827/ejefr.v6i3.1345","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1345","url":null,"abstract":"The coronavirus pandemic shock has attenuated economic activity decline in various sectors of the economy across the globe. Financial service providers such as; banks, insurance firms and Sacco societies among others have been impacted by the pandemic shock as livelihoods of the people have been disrupted by the first spreading virus leading to job losses as well as weak demand and supply forces in the market. The unique model of Sacco societies’ business puts them in an even more complex situation which threatens their going concern concept. The uniqueness of the Sacco societies is that they depend on their members’ cumulated savings deposits and shares for financing rather than external borrowings from other financial institutions to conduct their business. Therefore, the study investigated the impact of the coronavirus pandemic shock on the liquidity of Sacco societies in Kenya and specifically, the study examined the covid-19 pandemic shock causal factors, institutional organizations` gaps, exclusion of Sacco societies by the national government in its mitigation measures against covid-19 pandemic shock as well as determining the response strategic interventions by the Sacco societies to stay afloat. The study found out that the majority of the Sacco societies are facing liquidity challenges more especially community, farmer and private-based Sacco societies. The loan demand has declined with long-term loans significantly impacted on by the pandemic shock. In addition, loan default has increased and non-remittance of Sacco deductions as well as withdrawal notices have also spiked up in some Sacco societies. The study discovered that the government has categorically excluded Sacco societies in its mitigation strategies to protect businesses across different sectors and in particular exclusion of Sacco societies from the credit guarantee scheme and non-classification of Sacco societies as essential service providers were cited as some of the evidence towards the exclusion concern. Besides, the Tax Laws (Amendment) Act, 2020 and Finance Bill, 2020 had very little if any touching on the plight of the Sacco societies in the wake of covid-19 pandemic shock. The response strategies instituted by Sacco societies are restructuring of loans, loan rationing, developing of new Sacco packages and recapitalization of returns as well as restricted external borrowings. An exploratory study covering four months from March to June 2020 was conducted among 120 Sacco societies from 11 counties across the country with interview schedules guiding the collection of primary data via telephone calls to the Chief Executive Officers of the targeted Sacco societies. Secondary data was obtained through document analysis of the financial reports of those societies. Judgmental techniques were employed in picking on the Sacco societies which constituted a sample size of 120 Sacco societies although only 75 responded. Data was analysed descriptively with the study findings b","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115939900","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":"CHARACTERIZING INVESTMENT BEHAVIOR AMONG BUSINESS STUDENTS IN SOUTHERN MINDANAO, PHILIPPINES","authors":"Laarni Jane Estrada, Stella Meneses, Mae Valencia, J. V. Murcia","doi":"10.46827/ejefr.v6i3.1337","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1337","url":null,"abstract":"The purpose of this study is to characterize the investment behaviors of college students taking Business-related programs in Mindanao, Philippines. This includes determining their awareness of investing and whether the identified measures of investment behavior would pose a likelihood of appropriate investment decisions. The study is a sequential-exploratory mixed method research design, implemented in three phases: qualitative approach in the first phase and quantitative approaches in the second (data reduction procedure) and third (regression procedure) phases. A total of 300 college students taking Business programs in the College of Business Administration Education and College of Accounting Education of the largest university in Mindanao, Philippines participated in the survey, where they were asked to respond to the 35-item financial behavior scale developed in the first phase. Exploratory factor analysis was able to trim the 35-item scale into 29 items which loaded in ten dimensions: information/random walk, negative investor mindset, expert influence, investor’s awareness, publicity, financial capacity, stock market orientation/literacy, risk appetite, interest, and venture capital. Regressing these ten dimensions with students’ demographic variables revealed that Business students are cautious in investments and rely on expert advice before proceeding to invest but at a later time. Implications are discussed. JEL: E22; F21  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129125844","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 CREDIT REFERENCING ON LOAN PERFORMANCE IN THE KENYAN BANKING SECTOR","authors":"Robert Gitau Muigai, Gideon M. Mwangi","doi":"10.46827/ejefr.v6i3.1328","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1328","url":null,"abstract":"Despite the decade-long existence of Credit Reference Bureaus in Kenya, lenders continue to grapple with a high prevalence of non-performing loans. However, available studies associate credit referencing with a reduction in bad loans among financial institutions. This is however doubtful considering the consistent rise in non-performing loans within the banking sector over the same period. It is this contrast that has motivated a follow-up study to establish an accurate empirical position. The study sought to investigate how credit referencing influences loan performance among Kenyan lenders. The study was anchored upon the Information asymmetry theory. The study adopted the descriptive survey research design and targeted 39 commercial banks and 14 registered microfinance banks operating in Kenya as of 31st December 2020. The study selected 21 commercial banks using a stratified sampling plan based on the 3 tiers as defined by the Central Bank of Kenya. It also included four microfinance banks. Structured questionnaires were used to collect primary data on the independent variable and a data collection sheet was used to collect secondary data on the dependent variable over a 10-year period. Respondents comprised the branch managers and credit officers. Both descriptive and inferential statistical analysis techniques were employed to obtain the findings of the study. The findings of the study showed that all the credit referencing parameters were negatively but insignificantly related to loan performance among Kenyan lenders. Consequently, the study recommended that the management of the banking institutions should pay close attention to the adverse credit information relating to borrowers. Further, banking institutions should operationalize a differentiated credit pricing model as a mechanism to reward borrowers with good credit history. The Central Bank of Kenya should also strengthen the banking supervision function so as to negate the growing trend in non-performing loans among the lenders by instituting appropriate sanctions.JEL: O15; J24; L20  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"290 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134241656","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":"DETERMINANTS OF ENERGY CONSUMPTION: A REVIEW OF THE PHILIPPINE ENERGY SECTOR","authors":"Jesson Rey F. Sabado, Juan Miguel B. Albutra, Shella Mae P. Centino, Wilmer Brian C. Yap","doi":"10.46827/ejefr.v6i3.1323","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1323","url":null,"abstract":"Energy is considered a vital component of economic growth and human development. When its availability is disrupted, several economic sectors could not function fully to its extent. Energy consumption is influenced by several variables that affect it directly or indirectly. This study was conducted to evaluate the impact of GDP, industrialization, urbanization, trade openness, financial development, and FDI on the energy consumption of the Philippines; and to present the trend of each variable from 1971 to 2014. Data on energy consumption, GDP, industrialization, urbanization, trade openness, financial development, and FDI of the Philippines from 1971 to 2014 were sourced from the World Development Indicators published by the World Bank. The Ordinary Least Squares (OLS) regression analysis was used to analyze and identify those factors that significantly affect the energy consumption of the Philippines. Results indicated that GDP, industrialization, urbanization, and financial development significantly affect the energy consumption of the Philippines. These determinants have p-values that are lower than the 5% significance level. Thus, this study provides the policy and decision-makers with ample information for decisive decision-making in the Philippine energy sector.  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130067814","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":"PROCEDURE EASY ANALYSIS, EFFECTIVE VERIFICATION, GOOD SERVICE ON TAXPAYER AWARENESS AND COMPLIANCE","authors":"Y. Rahayu","doi":"10.46827/ejefr.v6i3.1315","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1315","url":null,"abstract":"<p>The reason for this study was once to decide the attention of taxpayers in mediating accurate service relationships, simple and easy procedures and high-quality verification of compliance with land and building taxpayers in the Rural and Urban sectors. A complete of 123 person taxpayers who own land and or buildings. who took the Land and Building Tax Payable Tax Return for 2022 at the Malang City Regional Revenue Agency, the records analysis used WarpPLS to evaluate the mannequin starting from the outer model and the internal model. The effects showed that taxpayer cognizance used to be in a position to mediate a high-quality verification relationship on taxpayer compliance. Effective consciousness and verification without delay have an effect on taxpayer compliance, whilst appropriate service, easy and handy methods are no longer in a position to make bigger taxpayer recognition and compliance.</p><p> </p><p><strong>JEL</strong>: H20; H25; H24</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/edu_01/0946/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126980489","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":"MEASURING EFFICIENCY USING DATA ENVELOPMENT ANALYSIS: APPLICATION ON 12 POLICE PRECINCTS IN DAVAO CITY, PHILIPPINES","authors":"Jesson Rey F. Sabado, Vince Clark R. Deveza, Gabriel A. Bausing, Jibril G. Mohamad","doi":"10.46827/ejefr.v6i3.1309","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1309","url":null,"abstract":"Public security plays a vital role in a developing country. It brings positive externalities. This means that it is the function of government to ensure the protection of citizens, persons in their territory, organization, and institutions against threats. The main purpose of this study is to determine the efficiency of 12 Police Precincts in Davao City, Philippines. The inputs and outputs for police performance measurement were first identified. Data Envelopment Analysis and Multiple Regression Analysis were used to measure efficiency and changes to overall services between 2015-2017. We use window analysis and output-oriented DEA models to sharpen our efficiency estimates with both constant and variable returns to scale. The problem of the presence of non-discretionary input variables is explicitly treated in the models used. Potential improvements in the technical efficiency of police precincts are examined by readjusting the output/input indicators. The analysis indicates that some differences in operating environments, especially socioeconomic factors such as residents and young people's population, significantly influence the efficiency of police precincts. JEL: H11; H50; H76  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131225537","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 FINANCIAL AUTONOMY OF GREEK UNIVERSITIES: AN ATTEMPT AT QUANTIFICATION","authors":"Haris Lambropoulos, G. Stamelos, Ourania Bousiou","doi":"10.46827/ejefr.v6i3.1305","DOIUrl":"https://doi.org/10.46827/ejefr.v6i3.1305","url":null,"abstract":"This study aims to assess the degree of financial autonomy of Greek universities, from a qualitative and quantitative perspective. The recent European University Association (EUA) research relating to University Autonomy did not include Greece since no input was provided for a series of years. Therefore, a thorough attempt to produce the necessary data, with special reference to the implementation period of Law 4009/11, will contribute to filling in the gap and provide useful country-specific outcomes. The methodology to be employed in our study complies with the one used by the EUA complemented with our own produced outcomes by studying the relevant literature together with the applicable legislation for the period in question. Thereby, the relevant outcomes produced (as numerical scores) allow for the ranking of Greek Universities as compared with their European counterparts. In specific, they level at a medium position in terms of financial autonomy. Having achieved that, proposals are offered for both the improvement of the EUA methodology for measuring financial autonomy as well as for changes in the Greek legislation and Greek University practices in order to increase their performance and competitiveness in a continually changing and dynamic environment.JEL: H52; H83; I22; I23; I28; P43  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124694266","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":"RELIABLE ENTERPRISE VALUATION METHODS: A CASE STUDY ON ROMANIA’S INVESTMENT FUNDS","authors":"Vlad Bulău","doi":"10.46827/ejefr.v6i2.1298","DOIUrl":"https://doi.org/10.46827/ejefr.v6i2.1298","url":null,"abstract":"Professionals in enterprise valuation can use multiple methods and approaches for the valuation mission. To support them, the standards in the matter use the market approach, income approach, and cost approach. The market approach or comparison approach refers to determining the value of an entity or the common equity of an entity using direct comparison with other enterprises or similar shares traded on the free market (the price of which is public). The sources of information concerning such data are mainly the stock exchanges and the M&A (mergers and acquisitions) operations and preceding transactions with similar companies. The most common multiples in the market-based approach are PER (Price Earnings Ratio), PEG (Price Earnings to Growth), and EV/EBITDA. Within this study, we highlighted the extent to which these multiples reflect or not the market value of the companies analysed, as defined by the stock exchange mechanism. Furthermore, to achieve this goal we set out to establish the validity of three hypotheses regarding the ability of multiple-based methods to highlight a stock’s market price. Using a quantitative approach and historical data we demonstrated that market-based multiples are a safe way to obtain an enterprise’s fair value, pointing out that results vary slightly depending on the variables used. JEL: M40, M41, M49  Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115698382","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 EFFECT OF SOCIALIZATION AND SANCTIONS ON TAXPAYER'S WILL FOLLOWING VOLUNTARY DISCLOSURE PROGRAM","authors":"Y. Rahayu","doi":"10.46827/ejefr.v6i2.1292","DOIUrl":"https://doi.org/10.46827/ejefr.v6i2.1292","url":null,"abstract":"<p>The Voluntary Disclosure Program is a continuation of the tax amnesty software to grant tax amnesty or write-offs. The purpose of this find out about was once to determine the impact of sanctions and socialization of Tax Amnesty on the willingness of taxpayers to participate in the Voluntary Disclosure Program. A whole of 133 individual taxpayers who participate in the voluntary disclosure program, information analysis uses WarpPLS to evaluate models starting from the outer model and inner model. The results showed that the willingness of taxpayers to take part in the voluntary disclosure application or quantity II tax amnesty was greater involved with being a concern to sanctions or fines if later there were findings from the Tax Service Office, but the socialization of the tax amnesty volume II used to be unable to make bigger taxpayers' willingness to pay taxes. participate in a voluntary disclosure program.</p><p> </p><p><strong>JEL</strong>: D31; H21; H27</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/edu_01/0949/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124330918","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":"BLOCKCHAIN, CRYPTOCURRENCY AND THE STATE OF FINANCIAL INCLUSION IN MOROCCO","authors":"Moghar Adil, Oukili Asraoui Fadi","doi":"10.46827/ejefr.v6i2.1287","DOIUrl":"https://doi.org/10.46827/ejefr.v6i2.1287","url":null,"abstract":"<p>The immense potential of Blockchain and crypto-currencies is no longer a matter of doubt. These technologies have the power to revolutionize and change the landscape of many sectors, primarily finance. The advent of blockchain technologies provides a potential solution to the first three challenges of financial inclusion. In a few years, blockchain and its applications have the potential to become the \"beating heart\" of the global financial system as predicted by the WEF (World Economic Forum) in its report \"The Future of Financial Infrastructure\". All over the world, these technologies are currently considered as the new great technological revolution that could change our lifestyles and impact our economy as the internet did in the 80s and 90s and ideally give birth to a direct economy without intermediation. In Morocco, crypto-currencies are erasing borders and gaining popularity. However, the general opinion on this new innovation is not clear.</p><p> </p><p><strong>JEL</strong>: F65; G21; O32</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/edu_01/0968/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126613574","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}