European Journal of Economic and Financial Research最新文献

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EFFECTS OF CAPITAL STRUCTURE ON AGENCY COSTS IN COMMERCIAL AND SERVICES COMPANIES LISTED AT THE NAIROBI SECURITIES EXCHANGE IN KENYA 资本结构对在肯尼亚内罗毕证券交易所上市的商业和服务公司代理成本的影响
European Journal of Economic and Financial Research Pub Date : 2023-12-01 DOI: 10.46827/ejefr.v7i4.1602
Patrick Kinyua Mukoma, James N. Kung’u, David M. Gichuhi
{"title":"EFFECTS OF CAPITAL STRUCTURE ON AGENCY COSTS IN COMMERCIAL AND SERVICES COMPANIES LISTED AT THE NAIROBI SECURITIES EXCHANGE IN KENYA","authors":"Patrick Kinyua Mukoma, James N. Kung’u, David M. Gichuhi","doi":"10.46827/ejefr.v7i4.1602","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1602","url":null,"abstract":"Academic and business research has focused on the competing interests of shareholders and managers, as well as the resulting agency fees. It is well known that managers have a strong desire to advance their own interests, such as their pay, the size of their companies, and the value of their securities. According to agency theory, shareholders will pay agency costs in order to reduce these conflicts. According to the free cash flow principle, when a company creates considerable free cash flow, there are significant agency conflicts between stockholders and executives. A number of empirical studies have proposed solutions to this problem, one of which is the use of a capital structure. Numerous studies on the effect of capital structures on agency costs have been conducted, with varying degrees of success. However, the majority of these studies took place in industrialized nations. The primary goal of this study, which lasted from 2012 to 2018, was to determine how capital configuration affected agency expenses in Kenyan commercial and service firms that were listed on the Nairobi Securities Exchange. The study's specific goals included investigating the effects of equity on agency costs, retained earnings on agency costs, long-term debt on agency costs, and firm size as a moderator of the effects of investment configuration on agency costs. A descriptive research method was used in this study to provide a thorough examination of the relationship between capital structure and agency costs. To collect the required seven-year panel data from the entire population of firms, the Nairobi Securities Exchange, the Capital Market Authority's data banks, and the firms' websites were used. These data were then examined at two levels of statistics: descriptive statistics and inferential statistics. In Kenyan commercial and service firms, variations in equity capital, retained earnings, and long-term debts jointly accounted for 65.9% of the variations in agency costs, according to the regression results.JEL: E22; G31; L10  Article visualizations:","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"11 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138626808","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
INITIAL PUBLIC OFFERINGS IN INDIA – A STRUCTURAL REVIEW 印度首次公开发行(ipo)——结构性回顾
European Journal of Economic and Financial Research Pub Date : 2023-10-13 DOI: 10.46827/ejefr.v7i4.1581
Jyothi Seepani, K. V. R. Murthy
{"title":"INITIAL PUBLIC OFFERINGS IN INDIA – A STRUCTURAL REVIEW","authors":"Jyothi Seepani, K. V. R. Murthy","doi":"10.46827/ejefr.v7i4.1581","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1581","url":null,"abstract":"<p>This research offers a comprehensive analysis of the structural aspects of Initial Public Offerings (IPOs) in India, covering the period from the pre-liberalization era to the current time. The research paper examines the IPO landscape in India, a vibrant economy in Asia, by gathering a comprehensive dataset from various sources, including the Securities and Exchange Board of India (SEBI) archives, financial reports, and other pertinent sources. It analyzes the evolutionary patterns, regulatory changes, and significant events that have influenced the development of IPOs in the country. The primary findings indicate that regulatory changes, economic growth trajectories, and global financial conditions have significantly influenced initial public offerings (IPOs) volume and valuation. The research methodology involved meticulous data collection from reputable academic databases, primarily Mendeley and Scopus, spanning over five decades. This extensive dataset forms the foundation for our robust and insightful analysis. The study additionally emphasizes the significance of India's distinctive socio-economic structure, which has enabled and restricted the advancement of the capital market. By conducting a comparative analysis between India's framework and worldwide best practices, this study aims to identify areas of convergence and divergence. The paper finishes by providing policy proposals that enhance the resilience and inclusiveness of the Indian Initial Public Offering (IPO) market for a diverse range of issuers and investors.</p><p><strong> </strong></p><p><strong>JEL</strong>: O10, O16</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0016/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135923043","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
RISK PERCEPTION AND INVESTMENT INTENTION IN ISLAMIC BANKS' TERM DEPOSITS: AN EMPIRICAL STUDY IN MOROCCO 伊斯兰银行定期存款的风险认知与投资意愿:摩洛哥的实证研究
European Journal of Economic and Financial Research Pub Date : 2023-10-01 DOI: 10.46827/ejefr.v7i4.1571
Daoudi Jawad, Touhami Larbi
{"title":"RISK PERCEPTION AND INVESTMENT INTENTION IN ISLAMIC BANKS' TERM DEPOSITS: AN EMPIRICAL STUDY IN MOROCCO","authors":"Daoudi Jawad, Touhami Larbi","doi":"10.46827/ejefr.v7i4.1571","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1571","url":null,"abstract":"<p>This study focuses on the impact of risk perception on the intention to invest in Islamic banks' term deposits in Morocco. Using quantitative methodologies, including statistical analysis, Cronbach's reliability tests, and structural equation modelling, the study assesses the influence of various factors, including perceived quality and perceived value, on the intention to invest. Contrary to expectations and the existing literature, the results suggest that risk perception has no statistically significant effect on the intention to invest in these financial products. However, perceived value shows a significant relationship with intention to invest, indicating its crucial role in financial decision-making within this specific context. These results have important implications for Islamic banks, policymakers, and researchers, as they challenge the conventional emphasis on risk perception in the Islamic finance literature. The results suggest that other factors, such as perceived quality and value, may play a more influential role in the intention to invest in Islamic term deposits.</p><p><strong> </strong></p><p><strong>JEL</strong>: G11, G 21, Z12, D81</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0101/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135849539","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
THE IMPACT OF OIL SPILLS ON THE ECONOMY AND THE ENVIRONMENT 石油泄漏对经济和环境的影响
European Journal of Economic and Financial Research Pub Date : 2023-09-30 DOI: 10.46827/ejefr.v7i4.1570
Nada El Moussaoui, Brahim Idelhakkar
{"title":"THE IMPACT OF OIL SPILLS ON THE ECONOMY AND THE ENVIRONMENT","authors":"Nada El Moussaoui, Brahim Idelhakkar","doi":"10.46827/ejefr.v7i4.1570","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1570","url":null,"abstract":"<p>This paper critically assesses the multifaceted consequences of oil spills, particularly emphasizing their ramifications on the environment and the economy. With globalization intensifying reliance on maritime transport—accounting for nearly 90% of global trade—the potential for oil spills and their subsequent repercussions have become an alarming concern. Such spills can inflict enduring damage on marine ecosystems and lead to substantial economic setbacks in industries like fishing, tourism, and maritime operations. The enormity of the challenge extends beyond immediate environmental and economic impacts; it necessitates an interdisciplinary comprehension spanning environmental science, economics, legislation, and technology. Furthermore, oil spills underscore the need for international collaboration, as their consequences can breach national boundaries. This systematic literature review methodically analyzes existing research on the topic, employing databases like PubMed, Scopus, ScienceDirect, and Google Scholar. Through a rigorous filtering process, the review synthesizes empirical studies, theoretical analyses, government reports, and field assessments. The endeavor is to delineate prevailing themes, methodologies, conclusions, and lacunae in the extant literature, aiming to bridge the gap between economic growth imperatives and environmental sustainability challenges.</p><p><strong> </strong></p><p><strong>JEL</strong>: Q53, Q57, L91, Q35, F18, Q58, O13, Q22</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0039/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135083301","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
TECHNOLOGICAL TOOLS AND THE IMPACT OF DIGITALISATION ON THE SUPPLY CHAIN 技术工具和数字化对供应链的影响
European Journal of Economic and Financial Research Pub Date : 2023-09-30 DOI: 10.46827/ejefr.v7i4.1569
Souhayla Aarasse, Brahim Idelhakkar
{"title":"TECHNOLOGICAL TOOLS AND THE IMPACT OF DIGITALISATION ON THE SUPPLY CHAIN","authors":"Souhayla Aarasse, Brahim Idelhakkar","doi":"10.46827/ejefr.v7i4.1569","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1569","url":null,"abstract":"<p>The supply chain has undergone a significant and innovative transformation in recent years with the introduction of new intelligent and digital technologies aimed at streamlining various supply chain activities from demand forecasting, manufacturing of goods, inventory management, and transport planning to delivery to customers. The digitisation of the transport and shipping industry incorporates advanced technologies such as cloud computing, the Internet of Things (IoT), artificial intelligence (AI), blockchain, and big data. These digital innovations are streamlining routes, forecasting demand, tracking shipments, and above all reacting quickly to changes, resulting in overall supply chain efficiency. This paper provides a comprehensive review of the issues that highlight the birth and construction of this transformation, as well as identifying the technological tools impacting the supply chain, in order to analyse the real impact of digitalisation on the development of relative supply chain strategies</p><p><strong> </strong></p><p><strong>JEL</strong>: L91, O33, L23, C88, M11, L81</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0089/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135083300","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
THE FACTORS THAT HAVE INFLUENCED THE ADOPTION OF MALAYSIAN PRIVATE ENTITIES REPORTING STANDARDS (MPERS) FOR SMEs IN MALAYSIA 影响马来西亚中小型企业采用马来西亚私人实体报告标准(MPERS)的因素
European Journal of Economic and Financial Research Pub Date : 2023-09-29 DOI: 10.46827/ejefr.v7i4.1567
Emmanuel G. Kapizionis, Stephen Day
{"title":"THE FACTORS THAT HAVE INFLUENCED THE ADOPTION OF MALAYSIAN PRIVATE ENTITIES REPORTING STANDARDS (MPERS) FOR SMEs IN MALAYSIA","authors":"Emmanuel G. Kapizionis, Stephen Day","doi":"10.46827/ejefr.v7i4.1567","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1567","url":null,"abstract":"<p>This study aims to explore the factors that have influenced the adoption of Malaysian Private Entities Reporting Standards (MPERS) in Malaysia since 2016, to explore the costs and benefits to Malaysian SMEs of adopting the MPERS, and also to explore challenges and expectations exploring the perception of 15 accounting professionals representing SMEs in Malaysia. Findings indicate that education and professional training are influential factors in the way participants perceive the MPERS but tensions between education and training did come to the fore in the interviews. Legal and tax factors are also influential. However, participants did not discuss the role of tax or legal factors relating to the implementation of the standard in any depth. Further, findings also indicate that cultural factors play a significant role equal to external economic factors, which heavily influenced the Malaysian standard setter to adopt MPERS. Participants suggested that the initial (short-term) costs for the adoption of the standard outweigh the benefits, but that over the long term, the benefits outweighed the costs of the adoption of the MPERS. The findings also suggest that adoption increased the reliability of financial information to users while adoption of the MPERS provides confidence to foreign investors by providing a comparable accounting framework with other countries, which was seen by participants as one of the most prominent macro effects. This thesis is the first to explore factors that drove the Malaysian authorities to adopt the MPERS and contribute to the existing body of accounting literature. We argue that this study’s findings might be used as a solid basis for other similar contexts in Southeast Asia with similar cultural characteristics to Malaysia.</p><p><strong> </strong></p><p><strong>JEL</strong>: M10, M14, M20, M40, M41</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0011/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135296616","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
CONTROL ACTIVITIES AND FINANCIAL ACCOUNTABILITY LESSONS FROM THE NATIONAL GOVERNMENT CONSTITUENCIES DEVELOPMENT FUND IN KENYA 肯尼亚国家政府选区发展基金的管制活动和财政问责制经验教训
European Journal of Economic and Financial Research Pub Date : 2023-09-26 DOI: 10.46827/ejefr.v7i3.1566
Patrick Malongo Lidovolo, Joseph Otsyulah, Margaret Atieno Omondi
{"title":"CONTROL ACTIVITIES AND FINANCIAL ACCOUNTABILITY LESSONS FROM THE NATIONAL GOVERNMENT CONSTITUENCIES DEVELOPMENT FUND IN KENYA","authors":"Patrick Malongo Lidovolo, Joseph Otsyulah, Margaret Atieno Omondi","doi":"10.46827/ejefr.v7i3.1566","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1566","url":null,"abstract":"<p>The objective of NG-CDF is to promote human and infrastructural development at the community and constituency levels. The aim of the study was to examine the effect of control activities on the financial accountability of NG-CDF funds in Kenya. The study was structured on; agency theory, fraud triangle theory, and accountability theory. Positivism research philosophy guided the study. A correlation research design was adopted. The target population of the study was 1160 respondents while the sample population was 288 respondents consisting of; 72 committee members, 72 sub-county accountants, 72 fund account managers, and 72 internal auditors. It was established that there exists a strong and positive association exists between control activities and financial accountability evidenced by; r = 0.718. Control activities were further established to have a significant effect on unsupported expenditure which was confirmed by β = 2.157, P-value 0.005. It was recommended that the NG-CDF management committee should strengthen the separation of duties and ensure that the stipulated guidelines for approval are followed at all times.</p><p><strong><br /></strong></p><p><strong>JEL:</strong> G10, G20, G32</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0057/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135721958","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
EFFECTS OF RISK ASSESSMENT ON FINANCIAL ACCOUNTABILITY AS EVIDENCED IN NATIONAL GOVERNMENT CONSTITUENCIES DEVELOPMENT FUND IN KENYA 风险评估对财务问责制的影响——以肯尼亚国家政府选区发展基金为例
European Journal of Economic and Financial Research Pub Date : 2023-09-26 DOI: 10.46827/ejefr.v7i3.1565
Patrick Malongo Lidovolo, Margaret Atieno Omondi
{"title":"EFFECTS OF RISK ASSESSMENT ON FINANCIAL ACCOUNTABILITY AS EVIDENCED IN NATIONAL GOVERNMENT CONSTITUENCIES DEVELOPMENT FUND IN KENYA","authors":"Patrick Malongo Lidovolo, Margaret Atieno Omondi","doi":"10.46827/ejefr.v7i3.1565","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1565","url":null,"abstract":"<p>The objective of National Government Constituencies Development Fund is to promote human and infrastructural development at the community and constituency levels. The fund is expected to be operated with the highest level of transparency, probity, propriety, and accountability. Despite the elaborate measures put in place by the government to ensure transparency, financial accountability in many constituencies is still not as expected. Studies done on internal controls and financial accountability have been in other sectors such as public Universities, the ones done in constituencies have concentrated on the performance of county projects and have looked at only specific constructs of internal controls. The aim of the study was to examine the effect of risk assessment on financial accountability of national Government Constituencies development fund in Kenya. The study was structured on; agency theory and accountability theory. A correlation research design was adopted. The target population of the study was 1160 respondents while the sample population was 288 respondents consisting of; 72 committee members, 72 sub-county accountants, 72 fund account managers, and 72 internal auditors. Primary data was obtained by use of a questionnaire while secondary data was obtained from Auditor General’s Reports and financial statements of the NG-CDF’s. Cronbach Alpha was used to test reliability. Expert analysis and confirmatory factor analysis were used to assess Validity. Data was analyzed using both descriptive and inferential statistics Inferential statistics consisted of correlation analysis and simple linear regression analysis. A pilot test was carried out using 29 respondents. Cronbach Alpha was used to test the internal consistency of the questionnaire. All the constructs had indicators of above 0.7 confirming reliability. KMO and Bartlett’s tests were carried out to test validity. All constructs loaded values of above 0.4 thus confirming validity. It was established that there exists a strong and positive association exists between risk assessment and financial accountability evidenced by an r of 0.707 for risk assessment. It was recommended that their close scrutiny of all risk-prone activities should be analyzed.</p><p> </p><p><strong>JEL</strong>: G10, G20, G32</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0071/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135721957","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
MERGERS AND ACQUISITIONS. A CREDIT RISK EVALUATION IN THE GREEK BANKING INDUSTRY SHORT- AND LONG-TERM TIME PERIOD AFTER THE EVENT 兼并和收购。对希腊银行业的短期和长期信用风险进行事后评估
European Journal of Economic and Financial Research Pub Date : 2023-09-19 DOI: 10.46827/ejefr.v7i4.1560
Georgios Kyriazopoulos, Eleonora Blachava
{"title":"MERGERS AND ACQUISITIONS. A CREDIT RISK EVALUATION IN THE GREEK BANKING INDUSTRY SHORT- AND LONG-TERM TIME PERIOD AFTER THE EVENT","authors":"Georgios Kyriazopoulos, Eleonora Blachava","doi":"10.46827/ejefr.v7i4.1560","DOIUrl":"https://doi.org/10.46827/ejefr.v7i4.1560","url":null,"abstract":"<p>The Greek banking system was greatly affected by the financial crisis that began to plague Greece in 2010. Therefore, in order to have competitive Greek banks, a rally of acquisitions and mergers of Greek banks began in 2010 and ended mainly in 2015. So, in essence, the Greek economy was left with only four large Greek systemic banks, which took over the other large and small distressed Greek banks under the specter of bankruptcy. This wave of acquisitions and mergers in the Greek banking system created strength in Greek banks mainly in terms of assets and at the same time protected the interests of Greek depositors. This paper deals with the assessment and calculation of the credit risk that led to the bankruptcy of the four Greek systemically important banks with Z-Score models. These banks are Piraeus Bank, National Bank, Eurobank, and Alpha Bank. The time period for conducting our study is limited from 2015 to 2020. The year 2015 is essentially the last year in which all the important and large mergers and acquisitions of Greek systemic banks that occurred immediately after the onset of the financial crisis in Greece in the year 2010, were completed. The last year of our study is the year 2020 when the pandemic started in Greece. In our paper, extensive reference is made to the credit risk models that we apply in our study, namely the Z-Score, the Z-Score for banks, and the Zeta model. The analysis of our findings is accompanied by tables, diagrams, and comments on them. The final comparative results obtained are forecasts for imminent possible or non-bankruptcy of the Greek systemic banks we examined. At the end of our paper, we present some conclusions about the Greek banking system and its future.</p><p><strong>JEL:</strong> G21, G33, G34</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0021/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"241 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135110601","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
EFFECT OF PORTFOLIO MANAGEMENT ON THE FINANCIAL PERFORMANCE OF LISTED INSURANCE FIRMS IN THE NAIROBI SECURITIES EXCHANGE, KENYA 投资组合管理对肯尼亚内罗毕证券交易所上市保险公司财务绩效的影响
European Journal of Economic and Financial Research Pub Date : 2023-08-23 DOI: 10.46827/ejefr.v7i3.1545
Celestine Wandabusi, Benjamin O. Ombok, Micah O. Nyamita
{"title":"EFFECT OF PORTFOLIO MANAGEMENT ON THE FINANCIAL PERFORMANCE OF LISTED INSURANCE FIRMS IN THE NAIROBI SECURITIES EXCHANGE, KENYA","authors":"Celestine Wandabusi, Benjamin O. Ombok, Micah O. Nyamita","doi":"10.46827/ejefr.v7i3.1545","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1545","url":null,"abstract":"<p>The performance of listed insurance companies in Kenya has over time been unstable, despite its contribution to Kenya’s GDP. Whereas the firms have diversified investment asset portfolios, the financial performance of these companies has generally remained low; as evidenced by inconsistent revenues. The purpose of this paper is to establish the relationship between portfolio management and the financial performance of the listed insurance firms in Nairobi Securities Exchange (NSE), Kenya. The study has been guided by Modern Portfolio Theory, allowing for the integration of mixed securities. correlational research design has been employed on a target population of six (6) listed insurance companies at the Nairobi Securities Exchange. census technique of data collection to obtain secondary data through the document review method was used. Analyzing data through descriptive and inferential statistics, the following results were obtained; showing a positive significant effect of both portfolio size (β = 0.4859, p = 0.002) and portfolio asset allocation (β = 0.4031, p = 0.000) on the financial performance of listed insurance firms at NSE. However, the results yielded a negative but significant effect of portfolio risk (β = - 0.02546, p = 0.002) on financial performance; implying that a unit increase in portfolio size and portfolio asset allocation leads to 48.59% and 40.31% increase in financial performance of listed insurance firms, respectively. However, Portfolio risk has a negative effect, implying that a unit increase in portfolio risk leads to a 2.55% reduction in financial performance. It can therefore be concluded that portfolio management influences the financial performance of insurance firms listed at the NSE, thereby recommending that listed insurance firms in the NSE should increase the level of portfolio management by giving attention to such elements as portfolio size, portfolio asset allocation, and portfolio risk; which are important predictors of the firms’ financial performance, alongside determining the specific mix of investments generating the highest return for a given level of risk, which will lead to increased profitability. </p><p><br /><strong>JEL:</strong> G10; G20; G22</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0069/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135619442","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
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