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Corporate governance reform and risk management disclosures: Evidence from Nigeria 公司治理改革与风险管理披露:来自尼日利亚的证据
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.26
M. Kakanda, B. Salim, Sitraselvi Chandren
{"title":"Corporate governance reform and risk management disclosures: Evidence from Nigeria","authors":"M. Kakanda, B. Salim, Sitraselvi Chandren","doi":"10.15208/BEH.2017.26","DOIUrl":"https://doi.org/10.15208/BEH.2017.26","url":null,"abstract":"The purpose of this study is to examine the disclosure intensity of risk management practices of listed financial service firms in Nigeria after the Corporate Governance (CG) reform in the year 2011. In the quest to achieve the objective of this study, content analysis of the annual reports of 45 sampled firms spanning from the year 2012 to 2015 was carried out. The study finds that there is a significant disclosure of risk management practices of the sampled firms, especially in relation to their risk management committee structure and its responsibility, risk management policies, audit committee availability and function, and capital/market risks. The sample firms remain reluctant in the disclosure of their environmental risk and operational risks. Moreover, there is no significant difference between banks and nonbanks in the disclosure of their risk management practices, signifying a strong adherence to the 2011 reformed CG code in Nigeria.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"357-367"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083002","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}
引用次数: 8
Exchange rate volatility and financial performance of agriculture firms in Malaysia: An empirical analysis using GARCH, wavelet and system GMM 汇率波动与马来西亚农业企业财务绩效:基于GARCH、小波和系统GMM的实证分析
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.29
Reaz, Fauziah Mahat, Ahmed Mohamed Dahir, Mohammad Sahabuddin, Abu Saad Md Masnun Al Mahi
{"title":"Exchange rate volatility and financial performance of agriculture firms in Malaysia: An empirical analysis using GARCH, wavelet and system GMM","authors":"Reaz, Fauziah Mahat, Ahmed Mohamed Dahir, Mohammad Sahabuddin, Abu Saad Md Masnun Al Mahi","doi":"10.15208/BEH.2017.29","DOIUrl":"https://doi.org/10.15208/BEH.2017.29","url":null,"abstract":"The insurgence of exchange rate volatility over the years has gained the attention of not only scholars but also policy makers around the world. This paper investigates the influence of exchange rate volatility to the financial performance of agriculture firms in Malaysia. Authors use the system GMM dynamic panel techniques, wavelet coherence technique and GARCH (1, 1) for the period of 2001 and 2015. The findings show that the volatility of exchange rate of Malaysian Ringgit (RM) has a negative impact on the financial performance of agriculture firms in Malaysia. The ARME and AVA demonstrate a positive impact on the financial performance at 1% significance level for the full sample. The findings also reveal that financial performance, exchange rate, consumer price index, and interest rate comove while using the wavelet coherence.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"409-427"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083034","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}
引用次数: 4
Corruption, governance and tax revenues in Africa 非洲的腐败、治理和税收
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.31
Manamba Epaphra, J. Massawe
{"title":"Corruption, governance and tax revenues in Africa","authors":"Manamba Epaphra, J. Massawe","doi":"10.15208/BEH.2017.31","DOIUrl":"https://doi.org/10.15208/BEH.2017.31","url":null,"abstract":"In this paper we analyze the effects of institutional variables (corruption and governance), structural variables (per capita income, trade openness, inflation and share of agriculture in GDP), and policy variables (tax rate and tariff rate) on total tax revenues, direct taxes, indirect taxes and trade taxes using panel data set for 30 African countries over the 1996-2016 period. All estimates are based on fixed effects (FE) and random effects (RE) models. Using Hausman test, RE is earmarked to be the more preferred model in this paper. The RE regression results show that corruption and governance are two main determinants of tax revenues in Africa. While corruption has a significant negative effect on tax revenues, good governance measured in terms of government effectiveness, regulatory quality, rule of law and voice and accountability tends to raise tax revenue generation and in particular, indirect taxes. In the same vein, governance in form of political stability tends to have a very significant effect on direct taxes and international trade taxes. The basic intuition behind these results is that higher institutional capacity and lower corruption enhance tax revenue generation in the economy. Intriguingly, empirical results show that tariff rates tend to have a strong negative effect on total tax revenue but at the same time they have a strong positive effect on trade tax revenue. Moreover, trade openness tends to have a strong positive relationship with tax revenue. Overall, results suggest that to raise more tax revenue, governments should reduce corruption, improve tax and customs administration and raise revenues from tax categories that are less susceptible to corruption. They should as well enhance trade openness.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"439-467"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083039","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}
引用次数: 25
Analysis of the impact of select macroeconomic variables on the Indian Stock Market: A heteroscedastic cointegration approach 选择宏观经济变量对印度股市的影响分析:异方差协整方法
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.09
Naushad Alam
{"title":"Analysis of the impact of select macroeconomic variables on the Indian Stock Market: A heteroscedastic cointegration approach","authors":"Naushad Alam","doi":"10.15208/BEH.2017.09","DOIUrl":"https://doi.org/10.15208/BEH.2017.09","url":null,"abstract":"The present study examines the impact of the macroeconomic variables on the stock prices in India. To fulfil the objective of the study monthly data of inflation, short-term interest rate, long-term interest rate, index of industrial production, exchange rate, money supply, and the stock indices of CNX Nifty and BSE SENSEX were collected from March 2005 to April 2013. Heteroscedastic cointegration approach was employed using a Johansen test of cointegration, OLS and GARCH (1, 1) model to find out the long-term relationship between the selected macroeconomic variables and the stock prices. It is evident from the study that there exist the long-term heteroscedastic relationships between the stock prices and the macroeconomic variables chosen for the study. Further, it is also evident from the study that while INF, MSE and the IIP are positively related to the stock prices, the SIR, LIR and the EXR are negatively related to the stock prices.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"119-127"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67081822","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}
引用次数: 14
Financial literacy and financial planning: Implication for financial well-being of retirees 财务知识和财务规划:对退休人员财务福利的影响
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.17
A. Adam, S. Frimpong, M. Boadu
{"title":"Financial literacy and financial planning: Implication for financial well-being of retirees","authors":"A. Adam, S. Frimpong, M. Boadu","doi":"10.15208/BEH.2017.17","DOIUrl":"https://doi.org/10.15208/BEH.2017.17","url":null,"abstract":"This study examines how financial literacy, financial behaviour, family support (as another source of income), number of dependents, and retirement planning influence on the financial well-being of retirees in Cape Coast Metropolis of Ghana. A cross-sectional survey strategy was employed on 400 respondents randomly selected from 1500 members of the association to analyze the effect of financial literacy, financial behaviour, family support, number of dependents and retirement planning on financial wellbeing. It then tests their hypothesized relationships with the use of Partial Least Squares (PLS), a structural equation modelling technique. The results reveal that financial literacy, retirement planning and family support significantly impact the financial well-being of retirees. More importantly, the effect of family support and retirement planning on retirees’ financial well-being is stronger than the one of financial literacy. The findings imply that finance literacy and retirement planning should be promoted. In addition to policies aimed at bridging social cohesion and promoting family values should not be ignored the maximizing of financial well-being of retirees. The study contributes to the extant literature on financial literacy and provides evidence on the effect of financial literacy and financial planning on the financial well-being of retirees in a developing country. It has also provided support for the need of social cohesion.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"224-236"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67082550","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}
引用次数: 48
A social breakthrough and an economic slowdown in Ukraine 乌克兰的社会突破和经济放缓
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.41
A. Mostepaniuk
{"title":"A social breakthrough and an economic slowdown in Ukraine","authors":"A. Mostepaniuk","doi":"10.15208/BEH.2017.41","DOIUrl":"https://doi.org/10.15208/BEH.2017.41","url":null,"abstract":"Recent revolutions were either successful as in Georgia, where the living standards were improved or a great fault as in Yemen, Libya and Syria, where a civil war started. What are the underneath reasons of a successful revolution? Why in some countries anti-governmental protests brought prosperity while in others continuous military conflicts and social deprivation? This paper provides a multi approach analysis of the Revolution of Dignity in Ukraine, shows visible and hidden preconditions as well as key social and economic outcomes. It concludes that despite a fundamental shift in the social identity and ideology of the nation, there are number of negative economic results, which slow down economic development and further social improvement. Key words: Ukraine, social capital, economic growth, post-revolution performance, corruption.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"604-618"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67082597","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}
引用次数: 0
Antecedents of Thai Select restaurant brand loyalty in the United Kingdom 英国泰式精选餐厅品牌忠诚度的前因后果
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.33
Puris Sornsaruht, S. Sawmong
{"title":"Antecedents of Thai Select restaurant brand loyalty in the United Kingdom","authors":"Puris Sornsaruht, S. Sawmong","doi":"10.15208/BEH.2017.33","DOIUrl":"https://doi.org/10.15208/BEH.2017.33","url":null,"abstract":"This study examined the determinants of Thai Select restaurant brand loyalty which included restaurant brand image, staff service quality, perceived quality, brand awareness, and brand association on brand loyalty. Of the estimated 1,600 Thai restaurants within the United Kingdom, only 57 have been certified as having the authenticity and quality of \"Thai Select\", which functions as a global branding effort for Thai restaurants by the Thai government. LISREL 9.1 was used to conduct a confirmatory factor analysis, and structural equation modelling to test the 12 hypothesized interrelationships affecting overall brand loyalty. Questionnaires were administered to 550 patrons at 13 London metropolitan restaurants. Results showed that the latent variables staff service quality, brand awareness, restaurant brand image, brand awareness, and perceived quality had a total value of 0.88, 0.54, 0.47, 0.42, and 0.26, respectively. Specifically, dining patrons felt that the most important aspect of staff service quality was that the staff could communicate effectively, were knowledgeable about the food they served, and could deliver the food on time.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"100 1","pages":"478-495"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083042","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}
引用次数: 5
Do board characteristics and risk management disclosure have any effect on firm performance? Empirical evidence from Deposit Money Banks (DMBs) in Nigeria 董事会特征和风险管理披露对公司业绩有影响吗?来自尼日利亚存款银行(dmb)的经验证据
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.35
M. Kakanda, B. Salim, Sitraselvi Chandren
{"title":"Do board characteristics and risk management disclosure have any effect on firm performance? Empirical evidence from Deposit Money Banks (DMBs) in Nigeria","authors":"M. Kakanda, B. Salim, Sitraselvi Chandren","doi":"10.15208/BEH.2017.35","DOIUrl":"https://doi.org/10.15208/BEH.2017.35","url":null,"abstract":"This study examines the relationship between board characteristics, risk management disclosure and performance of Deposit Money Banks (DMBs) in Nigeria. Data were obtained from the annual accounts and reports of the 15 DMBs listed on the Nigerian Stock Exchange (NSE) covering 2012 to 2016. For the purpose of testing the relationship between the dependent variable (return on asset [ROA]) and the explanatory variables in this study, Random Effect (RE) regression model was employed. The study finds that board size, board composition, and risk management disclosure have a significant positive effect on ROA, whereas, board meeting has a significant negative influence on ROA. Moreover, the study documents that board expertise has a negative, but an insignificant association with ROA. The finding of this study is essential to both corporate authorities and other corporate stakeholders in Nigeria. The study concludes by providing an agenda for future research in a similar domain.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"506-521"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083047","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}
引用次数: 4
Impact of Green Innovation on the Sustainable Performance of Food Industrial Firms Applying Green Industry Initiatives Under the Green Industry Project of the Ministry of Industry of Thailand 绿色创新对泰国工业部绿色产业项目下实施绿色产业举措的食品工业企业可持续绩效的影响
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.15
Monika Tantayanubutr, Vinai Panjakajornsak
{"title":"Impact of Green Innovation on the Sustainable Performance of Food Industrial Firms Applying Green Industry Initiatives Under the Green Industry Project of the Ministry of Industry of Thailand","authors":"Monika Tantayanubutr, Vinai Panjakajornsak","doi":"10.15208/BEH.2017.15","DOIUrl":"https://doi.org/10.15208/BEH.2017.15","url":null,"abstract":"This research examines the impact of green innovation on the sustainable performance of Thai food industry implementing green industry initiatives in compliance with the national Green Industry Project. The correlation analysis was conducted on green supply chain integration (GSCI) and corporate social responsibility (CSR) as key influencing variables, while the green innovation was a moderator. A total of 441 samples were received from the total population of 8,520 accredited Green Industry Mark enterprises (GIM) (2016). Structural equation modeling (SEM) was employed to test the empirical data derived from surveys, which were collected from entrepreneurs and chief executive officers involved in the Thai food industry. The model indicated the absolute fit indices, confirming the validity and reliability of the SEM analysis. The findings confirmed the positive relationship of the selected key factors and their effect on the sustainable performance.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"192-209"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67082294","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}
引用次数: 10
Is the price-cost margin affected by the market concentration? Evidence from the Czech food and beverages industry 价格成本边际是否受到市场集中度的影响?来自捷克食品和饮料行业的证据
Business and Economic Horizons Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.19
I. Blažková, O. Dvouletý
{"title":"Is the price-cost margin affected by the market concentration? Evidence from the Czech food and beverages industry","authors":"I. Blažková, O. Dvouletý","doi":"10.15208/BEH.2017.19","DOIUrl":"https://doi.org/10.15208/BEH.2017.19","url":null,"abstract":"The paper investigates the relationship between the market concentration and the price-cost margin in the Czech food processing industry during 2003-2014. Estimated econometric models with Fixed Effects supported hypothesis assuming the positive impact of the market concentration on the price-cost margin controlling for productivity. The increase in the productivity was associated with the increase of the pricecost margins. Based on the results, policy makers should promote market competition in the food processing industry, for example through the reduction of entry barriers. Another option worth consideration is to support R&D activities potentially leading to market transformation and increase in efficiency.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"256-269"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67082572","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}
引用次数: 8
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