Afro-Asian Journal of Finance and Accounting最新文献

{"title":"Microfinance Credit and Financial Performance of Small and Medium Enterprises in Nairobi City County","authors":"Nelson Kaboka","doi":"10.53819/81018102t4195","DOIUrl":"https://doi.org/10.53819/81018102t4195","url":null,"abstract":"The study examined the impact of microfinance credit the financial performance of SMEs situated in Nairobi CBD. The research employed a cross-sectional descriptive survey methodology and focused on business owners and managers of SMEs located in the Nairobi CBD. The licensing department of Nairobi City County in 2017’s data informed the sample selection process. The researchers utilized a stratified random sampling methodology in order to include 70 individuals in the investigation. The primary instrument employed for data collection was a semi-structured questionnaire. The research was carried out utilizing SPSS 25.0, which encompassed the application of both descriptive and inferential statistical methods. The researchers employed a multivariate linear regression model to assess the variable’s statistical significance. The findings of the analysis were graphically represented through the utilization of tables and bar charts. The study’s coefficient was 0.631, accompanied by an adjusted R-squared value of 0.606. Both of these values were determined to have statistical significance with 95% CI. The findings of this research indicate that several factors, such as collateral security, loan-income ratio, branch penetration, and credit rating, collectively account for 63.1% of the variability SMEs performance in the Nairobi CBD. The findings of the study indicate that the inclusion of collateral security has a significant impact on performance (β = 0.251, p = 0.014 < 0.05). In a similar manner, it was found that the ratio of loans to income and the level of branch penetration had a statistically significant positive effect on financial performance (β = 0.238, p = 0.024 < 0.05; β = 0.382, p = 0.004 < 0.05, respectively). However, the study indicated that there was a positive trend in association between credit rating and SME performance. However, this trend was not statistically significant (β = 0.022, p = 0.844 > 0.05). This study draws a conclusion based on the empirical evidence provided, suggesting that collateral security has a significant and beneficial influence on SMEs performance in Nairobi CBD. Furthermore, the sustainability of small and medium companies (SMEs) inside the Central Business District of Nairobi is contingent upon some essential aspects pertaining to microfinance funding. Additionally, they should engage in thorough pre-loan planning and steadfastly adhere to their initial strategies in order to augment their financial performance. Keywords: Microfinance, Credit, Financial Performance, Small and Medium Enterprises (SMEs), Nairobi City County","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136113439","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":"Techniques Applied in Tacit Knowledge Creation for Competitive Advantage in Selected Classified Hotels within Mombasa City County, Kenya","authors":"","doi":"10.53819/81018102t5232","DOIUrl":"https://doi.org/10.53819/81018102t5232","url":null,"abstract":"","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136077744","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":"Examining ESG Factors and Theoretical Frameworks Under the Corporate Fraud Context","authors":"Chimonaki Christianna, Papadakis Stelios, Lemonakis Christos","doi":"10.11648/j.jfa.20231105.13","DOIUrl":"https://doi.org/10.11648/j.jfa.20231105.13","url":null,"abstract":"","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"2012 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135805402","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 Earnings Management Practices: Empirical Analysis in Sub-Sahara Africa","authors":"Saheed Akande Shittu, Hakeem Olayinka Onifade","doi":"10.11648/j.jfa.20231105.12","DOIUrl":"https://doi.org/10.11648/j.jfa.20231105.12","url":null,"abstract":"This study assesses the impact of capital structure (CS) on Earnings Management Practices (EMP) in selected firms in sub-Sahara Africa. EMP was proxied by real EMP using Rowchodhury's (2006) model and accrual EMP measured by Khothari <i>et al</i>. (2005) model. The study applied the Generalized Method of Moments (GMM) estimator to data collected from the financial statements of two hundred and seventy-six (276) firms purposively selected from Nigeria, Ghana, Kenya, Tanzania, South Africa, and Zimbabwe from 2010 to 2020, given 3,069 observations firm-years. The results show that firms in Kenya, Nigeria, and Tanzania partake in real EMP through the structure of their capital. However, firms in Ghana, South Africa, and Zimbabwe do not partake in real EMP through the structure of their capital. Furthermore, the findings reveal that firms in Ghana and South Africa use their capital structure to embark on accrual EMP, while firms in Nigeria, Kenya, and Zimbabwe do not. The study concludes that firms in selected countries in sub-Saharan Africa substitute real and accrual forms of EMP. Therefore, the study recommends that capital providers in Nigeria, Ghana, Kenya, Tanzania, South Africa, and Zimbabwe should maintain sufficient attention to both real and accrual EMP for sustainable leveraging and the management of opportunistic selections of accounting choices, but increase the use of real EMP.","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135579161","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 Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Excha","authors":"Maxwell Onyango","doi":"10.53819/81018102t2192","DOIUrl":"https://doi.org/10.53819/81018102t2192","url":null,"abstract":"How to cite this article : Onyango M., Nyamute W, & Wanjare J. (2023). Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Exchange","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135395365","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 Debt Repayment Outflow and Securities Market Volatility in Nairobi Securities Exchange, Kenya","authors":"Pasilisa Namikoye","doi":"10.53819/81018102t4193","DOIUrl":"https://doi.org/10.53819/81018102t4193","url":null,"abstract":"The study was undertaken to assess the effects of foreign debt repayment outflow on the securities market Volatility at NSE, Kenya. The connection between foreign loan repayment outflow and stocks market volatility has not been fully examined, despite being the subject of financial studies. Regarding how foreign debt repayment influences the volatility of the securities market, global empirical research has yielded inconsistent conclusions. The findings are contradictory, which calls for additional research to be done in the current study to determine how international capital outflow affects the volatility of securities traded at Kenya's NSE. The study utilized an explanatory research methodology and used secondary data to focus on the listed institution at the Nairobi Securities Exchange in Kenya. The impact of outflows of foreign debt repayment on the volatility of the securities market over the research period was evaluated using the census technique. Nairobi All Share Index, a gauge of securities market volatility, was negatively and significantly impacted by the outflow of foreign debt repayments. It was determined that less foreign debt repayment causes the NSE equities market to be more volatile. The study recommends that Policy makers may need to consider whether to intervene in the foreign exchange market to prevent excessive currency appreciation, adjusting interest rates, implementing fiscal stimulus or introduce financial regulations to stabilize the securities market. Keywords: Foreign debt repayment outflow, Nairobi Securities exchange security market volatility.","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"145 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134912254","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 Outflow and Securities Market Volatility in Nairobi Securities Exchange, Kenya","authors":"Pasilisa Namikoye","doi":"10.53819/81018102t4192","DOIUrl":"https://doi.org/10.53819/81018102t4192","url":null,"abstract":"The study was undertaken to assess the effects of foreign direct investment on the securities market Volatility at NSE, Kenya. Although this topic has been the focus of financial studies, the relationship between foreign direct investment outflow and securities market volatility has not been completely analyzed. Global empirical research has produced conflicting results regarding how foreign direct investment affects the volatility of the securities market. The findings are contradictory, which calls for additional research to be done in the current study to determine how international capital outflow affects the volatility of securities traded at Kenya's NSE. The study utilized an explanatory research methodology and used secondary data to focus on the listed institution at the Nairobi Securities Exchange in Kenya. The impact of outflows of foreign direct investment on the volatility of the securities market over the research period was evaluated using the census technique. The analysis discovered a statistically significant positive link between foreign direct investment and GDP. According to the study's findings, the FDIO and SMV as represented by the NSE all share index had a favourable association. It means that adjustments to FDIO are probably going to have a noticeable impact on the volatility of the stock market. The study recommends that regulators should keep a close eye on the flow of FDIO leaving the Nairobi securities exchange market and to take precautions to prevent an excessive outflow from destabilizing the market and posing a risk to the stability of the capital market. Keywords: Foreign direct investment Cash flow, Nairobi Securities exchange security market volatility","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134912627","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 Employee’s Perception of Internal Control on Output Delivery in the Public Sector: A Case Study of Wiawso College of Education","authors":"Opoku Pious, Amonoo Clement, Arthur Benedict, Patience Akosua Dzigbordi Korsorku, Samuel Frimpong Nti","doi":"10.11648/j.jfa.20231105.11","DOIUrl":"https://doi.org/10.11648/j.jfa.20231105.11","url":null,"abstract":"Internal control is required to present some confidence to all stakeholders so their wealth will not be diverted away from basic concerns. The underlying principle is that, stakeholders are responsible for providing structures that preserve resources, stimulate reliable information, boost the observance of proposed regulations and effectively meet the modus operandi of institutions. The study's main objective was to assess the effect of employees’ perception of internal control on output delivery in the public sector institution. The research applied a survey of employees at Wiawso College of Education. The study covered a random sample of 40 employees in the College; the response rate was 100%. Multiple regression models were used to test whether Internal control activities (Risk management, Monitoring, Corporate governance) have any relation with output delivery. It was found that employees’ perception of the internal control system had a significant relationship with output delivery. The study's findings suggested that internal control systems, especially corporate governance and control activity, are essential areas that the management of Wiawso College of Education should give attention to improve output delivery of public sector institutions in Ghana.","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136363018","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":"Feasibility Study Through Financial Perspective Towards Mental Health-Based Business: Case Study of Ashwa","authors":"","doi":"10.55057/ajafin.2023.5.3.1","DOIUrl":"https://doi.org/10.55057/ajafin.2023.5.3.1","url":null,"abstract":"During the pandemic Covid-19 outbreak, mental health conditions have gotten worse, and it is even worse for adolescents (Hill et al., 2021). One of the biggest causes of mental health issues is depression. Ashwa, a mental health care provider, is here to solve this problem by providing early screening for depression and tele-counseling with expert psychologists. McConnell (2022) found that the majority of start-ups failed, which aligns with Ashwa’s exposure to high risk as an early-stage start-up. Previous studies said that cash flow plays a big role in start-up failure which leads to business unsustainability. The feasibility study can help to determine what is the best strategy for further business development. Taking Ashwa as a case study, this research analyzes the internal and external conditions of the company's financial feasibility. Therefore, the five years financial projections show that the Payback Period, Net Present Value (NPV), and Internal Rate of Return (IRR) criteria are acceptable. This project is then considered as financially feasible and the implementation plan is provided at the end of this paper.","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135347349","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":"Stock Returns Predictability Using Financial Ratios in Malaysia","authors":"","doi":"10.55057/ajafin.2023.5.3.3","DOIUrl":"https://doi.org/10.55057/ajafin.2023.5.3.3","url":null,"abstract":"Stock return predictability is important to maintain confidence and liquidity in a stock market. The conventional theory on stock price behaviour, the Efficient Market Hypothesis, posits that stock return predictability is not possible. This study considers the Adaptive Market Hypothesis to explain the predictability of stock returns in Malaysia using financial ratios as predictor variables. The Adaptive Market Hypothesis is gaining prominence to explain stock behaviour. However, studies have been mixed and limited. This study contributes to the empirical evidence on the relationship of financial ratios to return of stock in emerging markets, specifically Malaysia. Purposive sampling is employed to select the listed companies from the Malaysia Stock Exchange, which are then filtered based on three criteria to arrive at a sample of 392 companies. For predictor variables, seven financial ratios have been identified for their predictive strength to stock returns. This study employs panel data to formulate the multiple predictive regression. The regression model determined is the fixed effects regression with robust standard error. Results show that the relationship to stock returns is significant for the predictor variables of earnings yield, dividend yield, book-to-market ratio, return on assets, current ratio and assets turnover. The relationship between debt-to-equity ratio and stock returns is not significant. The findings show that financial ratios have predictive strength to stock returns in the Malaysia market. To improve on the explanatory strength, it is suggested for future research to incorporate external factors such as GDP, inflation or other economic factors such as interest and exchange rates.","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135346799","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}