European Journal of Economic and Financial Research最新文献

{"title":"DYNAMICS OF EXPORTS, INFRASTRUCTURE, AND GROWTH IN GCC: VARS AND CAUSALITY TESTING","authors":"S. Mohamed","doi":"10.46827/ejefr.v5i2.1143","DOIUrl":"https://doi.org/10.46827/ejefr.v5i2.1143","url":null,"abstract":"The paper is concerned with analyzing the dynamic effects of exports and infrastructure on GCC economic growth. Panel cointegration methodology is used to test for the existence of a long relationship between the variable. Two tests, Kao (1999) and Johansen cointegration tests are applied to check for cointegration. The results of the two tests reveal that there exists a long run co-integrating relationship between export and infrastructure proxies and economic growth in GCC countries. Additionally, fully modified least square (FMOLS) and dynamic ordinary least square (DOLS) were used to test the magnitude of the long relationship among variables. The results show that export and infrastructure variables are positive and have significant impact on the long run growth of the GCC economy. Further, fixed –effects method is selected as random effect model is rejected based on Hausman test result. The results of fixed effect show that export and infrastructure variables ate positive and statistically significant. With regard to policy, variable mixed results were obtained. As a policy recommendation the study, suggest that proper absorptive capacity such as deep financial institution, good infrastructure quality and supplementing public expenditures should be met in order to maximize the benefits of exports. \u0000 \u0000JEL: C33; O11; F10; O19; O47 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127282057","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":"CRUDE OIL PRICE, STOCK PRICE AND SOME SELECTED MACROECONOMIC INDICATORS: AN IMPLICATION ON THE GROWTH OF NIGERIAN ECONOMY","authors":"Idowu Paul Olanitori, Olaiya Hawley Ademulegun, O. Adeparubi","doi":"10.46827/ejefr.v5i2.1134","DOIUrl":"https://doi.org/10.46827/ejefr.v5i2.1134","url":null,"abstract":"Since the first oil price oscillation in 1973s, macroeconomists have viewed sharp measures in the price of oil are generally as an important source of economic vacillations. The go-slow of economic activities has important implications for economic agents and markets. Therefore, this paper models and forecasts the crude oil price, stock price and selected macroeconomic variables in Nigeria. A model predicated on the Keynesian model using yearly data between 1986 and 2016 and analysed using VECM and GARCH approaches. The findings showed that there is long run relationship through Vector Error Correction Model which was achieved well in forecasting the selected macroeconomic variables while the volatility in crude oil price and stock price causes by external and internal forces also captured by General Autoregressive Conditional Heteroskadasticity. The long run negative effect of macroeconomic variable on economy growth can be controlled by making strong fiscal and monetary policies. The 2016 recession was reinforced by all share index and exchange rate as the path of growth declined over the forecast horizon. Further checks carried out using normality test validated the choice of this work. The paper concludes that monetary and exchange rate policy consistency are decisive for smoothening business rotation vacillations and promoting market stability. \u0000 \u0000JEL: L10; E30 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123014963","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":"LA FINANCE ISLAMIQUE : CADRE CONCEPTUEL, PRINCIPES ET MÉTHODES / ISLAMIC FINANCE: CONCEPTUAL FRAMEWORK, PRINCIPLES AND METHODS","authors":"Fadi Oukili Asraoui, M. Hamich, Abdelfattah Lahiala","doi":"10.46827/ejefr.v5i2.1125","DOIUrl":"https://doi.org/10.46827/ejefr.v5i2.1125","url":null,"abstract":"Le présent article vise, dans un premier temps, à exposer l’ensemble des fondements religieux et sociaux de la finance islamique et à les relier aux principes et aux méthodes des produits islamiques contemporains. Dans un deuxième temps, il présente et expose les différents produits, instruments et institutions de cette finance qui se veut porteuse de l’identité islamique. L'article peut donc servir de feuille de route (encadrement et conseils) au profit de ceux qui mènent des recherches empiriques sur la finance islamique ainsi qu'une aide pour les décideurs, les gestionnaires et les praticiens en matière d’interprétation des résultats des études sur ce sujet. \u0000 \u0000This article aims, as a first step, to expose all the religious and social foundations of Islamic finance and to relate them to the principles and methods of contemporary Islamic products. Secondly, it presents and exposes the various products, instruments and institutions of this finance which aims to be the bearer of the Islamic identity. The article can therefore serve as a roadmap (guidance and advice) for the benefit of those carrying out empirical research on Islamic finance as well as an aid for decision-makers, managers and practitioners in interpreting the results of financial statements. Studies on this topic. \u0000 \u0000JEL: G21; G24; G10 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126104668","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":"SPECIFIC OF LOCAL GOVERNMENT PROCUREMENT MANAGEMENT IN GEORGIA","authors":"Nana Shonia, Z. Mushkudiani, Sulkhan Makhatadze","doi":"10.46827/EJEFR.V5I2.1122","DOIUrl":"https://doi.org/10.46827/EJEFR.V5I2.1122","url":null,"abstract":"Procurement at the local self-government level in Georgia is carried out in accordance with the rules established by the Law of Georgia on State Procurement. In this case, the difference between local and state procurement is not observed at the concept level, the specifics of the municipalities are not considered anywhere. The main objectives of the Law on Public Procurement are to rationalize the funds allocated for procurement, as well as to ensure a fair and non-discriminatory approach to procurement during procurement. However, violations of the principle of justice still occur at the municipal level. Due to the fact that procurement procedures take quite a long time and also, our research has revealed a number of shortcomings related to administration, hindering the effective functioning of municipalities. \u0000 \u0000JEL: H11; H70 \u0000 \u0000<p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/edu_01/0845/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125004168","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 CONCESSIONAL DEBT ON ECONOMIC DEVELOPMENT: A MULTILATERAL AND BILATERAL PERSPECTIVE ON THE WEST AFRICAN MONETARY ZONE","authors":"I. Nwakoby, H. Ezeaku","doi":"10.46827/EJEFR.V5I2.1104","DOIUrl":"https://doi.org/10.46827/EJEFR.V5I2.1104","url":null,"abstract":"Studies on the contribution of concessional debt to economic development are sketchy. The paucity of empirical studies on this subject is even more glaring in the context of the English-speaking West African countries. Bilateral and multilateral aid donors have intensified the flow of official assistance to the developing countries of the world with the aim to bridge the developmental gap between the less developed countries and the industrialized countries of the world. The question that often arises is whether such aids have yielded the desired results among the recipient countries. Against this backdrop, we examined the effect of concessional debt on the economic development in the West African Monetary Zone (WAMZ) using cross-sectional data from 1975-2014. The panel cointegration and panel unit root tests were employed to test for long-run relationship and stationarity of the series respectively. Our model was analysed with both fixed and random effect panel regression while the Hausman test be used to determine the best and appropriate choice between the two. Our findings reveal that multilateral and bilateral concessional debts have significant positive effect on standard of living in the West African Monetary Zone. The panel cointegration test also indicates that there is no long-run relationship between concessional debt and per capita income. We conclude that inflow of concessional aid from multilateral and bilateral donors has had remarkable influence on the standard of living in the region. We recommend that concessional aid to the less developed countries be intensified. However, recipient countries should have a credible external borrowing guideline scribed in their legislation to check against excessive borrowing and also ensure that aid received is used for the intended (developmental) purposes. External institutions and aid agencies should also be involved in the entire aid administration with aim of ensuring that aid is extended based on need, not political ties. \u0000 \u0000JEL: A10; B20; C01 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123221059","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":"RELATIONS ET CONDITIONS DE TRAVAIL ET ENGAGEMENT ORGANISATIONNEL DANS LES ENTREPRISES INDUSTRIELLES DU TOGO / LABOR RELATIONS AND WORKING CONDITIONS AND ORGANIZATIONAL COMMITMENT IN TOGO'S INDUSTRIAL COMPANIES","authors":"Bodjona Essot’na Héyou, Kazimna Pazambadi, Pari Paboussoum","doi":"10.46827/ejefr.v5i2.1103","DOIUrl":"https://doi.org/10.46827/ejefr.v5i2.1103","url":null,"abstract":"Les ressources humaines constituent une richesse indéniable pour toute entreprise. Aussi, le capital humain se trouve t-il au cœur de toute organisation. L’objectif de l’étude est de vérifier l’existence d’un lien entre les relations et conditions de travail et l’engagement organisationnel du personnel des entreprises industrielles du Togo. Les données ont été collectées auprès de 261 participants issus de 16 entreprises industrielles de la place. Elles ont été traitées avec le logiciel SPSS 21. Les résultats obtenus montrent l’existence d’un lien positif entre les composantes du pilier des relations et conditions de travail et les sous-dimensions de l’engagement organisationnel. Il ressort donc que l’amélioration des relations et conditions de travail est indispensable pour un bon engagement du personnel. \u0000 \u0000Human resources are an undeniable asset for any company. Also, human capital is at the heart of any organization. The objective of the study is to verify the existence of a link between the relations and working conditions and the organizational commitment of the personnel of industrial companies in Togo. The data were collected from 261 participants from 16 industrial companies in Togo. They were processed with SPSS 21 software. The results obtained show the existence of a positive link between the components of the pillar of work relations and conditions and the sub-dimensions of organizational commitment. It thus emerges that the improvement of the relations and working conditions is essential for a good commitment of the personnel. \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116889301","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":"LA BANQUE ISLAMIQUE ; NATURE SPECIFIQUE ET EVOLUTION / THE ISLAMIC BANK; SPECIFIC NATURE AND EVOLUTION","authors":"Fadi Oukili Asraoui, M. Hamich, Abdelfattah Lahiala","doi":"10.46827/ejefr.v5i2.1099","DOIUrl":"https://doi.org/10.46827/ejefr.v5i2.1099","url":null,"abstract":"La finance islamique est désormais une composante essentielle de la finance mondiale. Elle connait une croissance vertigineuse dans plusieurs pays musulmans à l’instar des pays de Golfe et de l’Asie Sud – Est. Elle a fait preuve d’innovation et a pu s’implanter dans plusieurs pays où elle cohabite avec la finance conventionnelle La finance participative, en se basant sur les percepts islamiques, peut présenter des opportunités qu’elle offrirait par sa contribution au financement des secteurs prioritaires. La finance islamique est une finance éthique qui s’inspire sur des valeurs morales et des enseignements de la Charia. Elle repose essentiellement sur l’interdiction des taux d’intérêt dans les opérations d’endettement (plus connu sous le nom de « riba »), et sur le principe de partage des pertes et des profits ; ce qui constitue les éléments distinctifs à l’égard de la finance conventionnelle. \u0000 \u0000Islamic finance is now an essential component of the global finance. It is experiencing dizzying growth in several Muslim countries such as the Gulf countries and Southeast Asia. It has demonstrated innovation and has been able to establish itself in several countries where it coexists with conventional finance \u0000Crowdfunding, based on Islamic precepts, can present opportunities that it would offer through its contribution to funding priority sectors. Islamic finance is ethical finance that draws on moral values and the teachings of Sharia. It is essentially based on the prohibition of interest rates in debt transactions (better known as \"riba\"), and on the principle of profit and loss sharing; which constitutes the distinguishing elements with regard to conventional finance. \u0000 \u0000JEL: G21, G29 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121704655","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 INFLUENCE OF ELECTRONIC MARKETING STRATEGIES ON THE PERFORMANCE OF EQUITY BANK LIMITED IN KENYA","authors":"Rose Ndegwa","doi":"10.46827/ejefr.v5i1.1094","DOIUrl":"https://doi.org/10.46827/ejefr.v5i1.1094","url":null,"abstract":"The evolution and direction of any marketing strategy in local and international environments has forced firms to adopt electronic marketing strategies to gain competitive edge and viability in the market arena (Bui & Jones, 2006). Fast development of technologies, economic globalization and many other external circumstances stimulate changes in marketing environment. For the company to gain competitive edge in today's market, especially in the electronic market, it must have a good knowledge of the external environment, especially in technological environment that affects business operations. It is important for the company to know and predict environmental conditions that influence marketing activities. Some of the external factors that influence marketing activities of modern companies include; political, economic, social-cultural, and technological factors (Adam, Mulye,Deans & Palihawadana, 2002). The study used descriptive cross sectional census survey. The design is appropriate since all the units of interest were investigated. Comparative analysis amongst all the units was done and the phenomenon under the study described as they appear to be satisfactory. From the findings, it was established that the performance of commercial banks is affected by the electronic marketing strategies selected by the bank. There is a rapid development in technology and hence banks are not being left behind in the adoption of new technology, due to either pressure from customers, stiff competition or change in technology. The banks performance is affected by electronic marketing strategies selected. The banks which have adopted the electronic marketing strategies, the performance is improved, banks which have not yet adopted the electronic marketing strategies are struggling in the performance. The banking sector should embrace electronic marketing strategy in order to survive in the rapidly changing markets. \u0000 \u0000JEL: G21; D20; D83 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121121431","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 FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH IN KOSOVO","authors":"Isuf Qabrati","doi":"10.46827/ejefr.v5i1.1091","DOIUrl":"https://doi.org/10.46827/ejefr.v5i1.1091","url":null,"abstract":"Foreign direct investment plays a very important role in the economic development of countries, especially in countries in transition. Foreign direct investment is defined as any investment where the investor invests in a foreign country the factors of production including labor, financial capital, technology and professional management knowledge. FDI can ensure financial stability, promote economic development and improve social welfare. The purpose of this paper is to investigate the impact of FDI on Kosovo's economic growth, for the years 2007-2017. In particular, the paper aims to measure the effect that FDI has had on GDP over the years, examining the impact of FDI by economic activities on economic growth, expressed in GDP. Two basic variables were used: the independent variable (FDI) and the dependent variable (GDP). To measure the effect of the independent variable on the dependent variable, the data realized for these two variables were collected by the relevant public institutions. From the derived data, the results of the regression analysis show that FDI has a significant effect on economic growth. The change in economic growth depends almost entirely on the change in FDI by sectors of economic activity. \u0000 \u0000JEL: E20, E22 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116357532","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":"WORKING CAPITAL MANAGEMENT AND FINANCIAL DISTRESS OF NON-FINANCIAL COMPANIES LISTED AT THE NAIROBI SECURITIES EXCHANGE","authors":"Robert Gitau Muigai, T. Nasieku","doi":"10.46827/ejefr.v5i1.1073","DOIUrl":"https://doi.org/10.46827/ejefr.v5i1.1073","url":null,"abstract":"Financial distress is a common global phenomenon among the corporate entities. Locally, there is overwhelming evidence of firms that have undertaken financial restructuring, delisted from the exchange market, gone into receivership and subsequently liquidated on account of financial distress. This study therefore set out to examine the way in which management of working capital affects financial distress of non-financial firms listed at the Nairobi Securities exchange. In fulfilling this objective, the study sought to establish how cash management, inventory management and accounts receivables management effects financial distress of non-financial firms listed at Nairobi Securities Exchange. The free cash flows theory, Precautionary motive theory, financing advantage theory and liquidity theory formed the theoretical basis of the study. The study adopted longitudinal research design and collected secondary data over ten years period (2009-2018) from a census of the 40 non-financial firms listed in Nairobi Securities exchange. Descriptive statistical analysis was used to obtain the initial overview of the data collected. Inferential statistical analysis was undertaken using the F and t-tests at 95% confidence level. The study found that cash management had a positive and significant effect on the firms’ distress index. Further, the study revealed that inventory holding period was negatively and significantly related to the firms’ financial distress index. The study also showed that suppliers’ payment period had a positive and significant effect on financial distress indicator. The study however depicted a negative but insignificant relationship between receivables period and financial distress. The study recommended that the management of non-financial listed firms should ensure appropriate management of working capital components in order to guard against instances of corporate financial distress \u0000 \u0000JEL: O15; J24; L20 \u0000 \u0000 Article visualizations:","PeriodicalId":376871,"journal":{"name":"European Journal of Economic and Financial Research","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134068820","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}