European Journal of Economic and Financial Research最新文献

{"title":"COVID-19 PANDEMIC EVENTS AND PHILIPPINE STOCK MARKET PERFORMANCE: TESTING FOR MULTIPLE BREAKPOINTS","authors":"Charisse Prince R. Pinili, John Vianne Murcia","doi":"10.46827/ejefr.v7i3.1543","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1543","url":null,"abstract":"<p>This study examined several PSEi breakpoints to determine if COVID-19-related headlines or events cause significant stock market breaks. From December 2, 2019 to May 5, 2022 (T=632), time-series data revealed that the stock market performed the worst during the first four months of 2020. Regression with ordinary least squares on PSEi values revealed the Philippine stock market has random walk characteristics for the same time period. The Breusch-Godfrey serial correlation LM test at two lags demonstrated serial correlation in the mean equation residuals. During COVID-19 pandemic events, the Chow test was applied to daily stock market data to identify structural breaks and PSEi shifts. The Bai-Perron test identified four noteworthy multi-breakpoints. On April 17, 2020, Leyte reported the first confirmed case of COVID-19, and Johns Hopkins University reported that the global death toll exceeded 50,000. This event is likely related to the cutoff dates of November 5 and 6, 2020, when the Philippines will have an average of 1,000 COVID-19 cases per day and the government will have identified specific sectors to receive free vaccines under the initial procurement. On March 23, 2021, 17 mayors of Metro Manila and neighbouring cities voted unanimously to close recreational establishments for two weeks, indicating a possible parallel to the breakpoints on September 3, 2021, when the Philippine Food and Drug Administration approved Moderna vaccines for 12–17-year-olds. Another breakpoint found was on October 11, 2021924,300 COVAX vaccines donated by the United States arrived at Ninoy Aquino International Airport. Breakpoint events and their implications for the study of financial economics were discussed. </p><p><strong>JEL</strong>: E32; G11; G14; G17</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0048/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136337319","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":"ACCESS TO MICROCREDIT AND ITS IMPACT ON THE PERFORMANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES: A LITERATURE REVIEW / ACCES AU MICROCREDIT ET A SES IMPACT SUR LA PERFORMANCE DES PETITES ET ENTREPRISES DE TAILLE MOYENNE : UNE REVUE DE LA LITTÉRATURE","authors":"Mohamed Ali Merroun, Mhamed Hamiche","doi":"10.46827/ejefr.v7i3.1535","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1535","url":null,"abstract":"<p>Les petites et moyennes entreprises (PME) jouent un rôle crucial dans la croissance économique en créant des emplois, en générant des revenus et en stimulant la croissance. Cependant, l'accès au financement des PME est inférieur à celui des grandes entreprises, ce qui entrave la croissance et le développement des PME. Les limites des institutions financières formelles à fournir des crédits aux groupes à faibles revenus tels que les PME ont donné naissance aux programmes de microfinance. Ainsi, l'accès au microcrédit reste le défi majeur pour la plupart des PME. Dans ce contexte, cette étude vise à examiner les théories et pratiques pertinentes concernant les marchés du crédit, l'accessibilité et l'impact du microcrédit. Les PME sont limitées dans l'accès au crédit formel car les institutions financières n'accordent pas de crédit en raison de l'asymétrie de l'information, des coûts de traitement élevés et de l'insuffisance de garanties de valeur. Cet article passe également en revue les méthodologies d'évaluation d'impact et le problème de l'évaluation d'impact. Des études empiriques aient documenté un impact positif des programmes de microcrédit, les résultats ne sont pas concluants car les études négligent les problèmes économétriques de l'évaluation d'impact, c'est-à-dire le biais de sélection et l'endogénéité. Il est donc nécessaire d'évaluer l'impact du crédit sur la performance des PME mesurée par la croissance des ventes et de l'emploi.</p><p>Small and medium-sized enterprises (SMEs) play a crucial role in economic growth by creating jobs, generating income, and stimulating growth. However, access to finance for SMEs is lower than for large enterprises, which hinders the growth and development of SMEs. The limitations of formal financial institutions in providing credit to low-income groups such as SMEs have given rise to microfinance programs. Thus, access to microcredit remains the major challenge for most SMEs. In this context, this study aims to examine relevant theories and practices regarding credit markets, accessibility and the impact of microcredit. SMEs are limited in accessing formal credit because financial institutions do not extend credit due to information asymmetry, high processing costs, and insufficient collateral value. This paper also reviews impact assessment methodologies and the problem of impact assessment. While empirical studies have documented a positive impact of microcredit programs, the results are inconclusive because the studies neglect the impact of econometric evaluation, i.e. selection bias and endogeneity. It is therefore necessary to evaluate the impact of credit on the performance of SMEs as measured by sales and employment growth.</p><p> </p><p><strong>JEL</strong>: G2, O1, L2, O5</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0001/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135596391","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":"A SCHOLARLY CONSIDERATION ON THE THEORIES AND LITERATURE OF TAX REFORMS IN SIERRA LEONE","authors":"Harry Samuels, Ezekiel K. Duramany-Lakkoh","doi":"10.46827/ejefr.v7i3.1531","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1531","url":null,"abstract":"<p>This study examines how tax reforms have been implemented and how it has influenced Sierra Leone's ability to streamline fiscal structures. The topic of tax revenue mobilization is becoming more and more popular and crucial for emerging nations. The fiscal arrangement that exists between taxpayers and the current political administration is a fiduciary relationship that binds both parties to the right and obligation to effectively and efficiently mobilize revenues. The tax system in use has had a significant impact on government revenue since it allows for loopholes, dishonest tax authorities, inadequate data, and many other issues. This study also applauds the government for strengthening corporate tax authority plans and putting local restrictions on large corporations and foreign governments who conduct business in Sierra Leone. By doing this, taxpayers and tax authorities will be encouraged to be accountable, transparent, and compliant. Additionally, Sierra Leone's tax administration underwent a number of modifications between 2014 and 2019, although nothing is known about how well those reforms fared in terms of raising tax revenue. In fact, reform as a factor affecting tax collection has received little attention in the research on what motivates domestic resource mobilization. The paper evaluates whether reforms are crucial for raising tax revenue by taking into account various aspects of reforms in the tax administration, including tax-related reforms and reforms related to institutions, and using various econometric methods based on ordinary least squares, instrumental variable two-stage least squares, and iteratively reweighted least squares. According to the findings, tax reforms, institutional reforms, and all other reforms put together have greatly improved tax revenue performance. The main takeaway is that greater institutional and tax-related reforms are essential for sustainingly increasing tax revenue collection.</p><p><strong> </strong></p><p><strong>JEL</strong>: E61, E62, P35</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":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136082420","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 LONG-TERM DEBT FINANCING ON PROFITABILITY OF COMMERCIAL AIRLINES IN KENYA","authors":"Patrick Malongo Lidovolo, Margaret Atieno","doi":"10.46827/ejefr.v7i3.1530","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1530","url":null,"abstract":"<p>The objective of this study was to assess the effect of long-term debt financing on the profitability of commercial airlines in Kenya. Pecking order theory directed the study. A cross-sectional research design was adopted in the study. The census sampling technique was. Secondary data was collected from audited financial statements. Panel data was analyzed using descriptive and inferential statistics. Descriptive statistics consisted of minimum values, maximum values, mean and standard deviation and inferential statistics consisted of correlational analysis, Hausman test for fixed and random effects and random effects models. Hausman test indicated that the random effect model was appropriate for the study. The study results showed that long-term debt financing has a negative and statistically significant effect on the profitability of commercial airlines in Kenya. This is supported by a regression coefficient of –0.2318 and a p-value of 0.038. The study recommends that executives of commercial airlines should aim to have a long-term debt that is manageable by the company and ensure that the long-term debt load is compatible with a favorable long-term debt ratio for the company to function without worrying about defaulting on loans.</p><p> </p><p><strong>JEL:</strong> R40; L20; G20</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0045/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135064789","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 CREDIT RISK MANAGEMENT ON THE FINANCIAL PERFORMANCE OF BANKING SECTOR OF BANGLADESH: A STUDY ON GENERATION-BASED SELECTED LISTED COMMERCIAL BANKS","authors":"Md. Kutub Uddin, H. M. Mosarof Hossain, Mushfiqur Rahman","doi":"10.46827/ejefr.v7i3.1527","DOIUrl":"https://doi.org/10.46827/ejefr.v7i3.1527","url":null,"abstract":"<p>The financial sector of the country is mostly comprised of banking institutions; those are leading the economy with great exposure with the contribution to the development process. However, the banking sector of Bangladesh is disturbed by the large-scale amount of non-performing loans while has become an essential part of the finance of the industries. As part of the measurement of credit risk and macro factors average lending rate, inflation, NPL size, capital adequacy ratio, liquidity ratio have been selected to test the influence on the financial performance found through the return on asset of the selected banks. To conduct the study 9 banks of three generations have been selected for the period of 2016 to 2022. Robust least square method of regression and error correction term have been run to oversee the real impact on financial performance while endogenity and random walk in the values are being considered to overcome through a dynamic regression model. NPL has a negative impact on the performance and average lending rate, inflation, liquidity ratio and capital adequacy ratio bring a positive impact on the financial performance of the banks. Breusch-Pagan LM test confirms that cross-sectional dependency exists and VAR serial correlation test finds autocorrelation in the data set. The policy implication of this study suggests that the high NPL ratio must be reduced and CAR and LR must be improved to get the desired results of the performance. Strong fiscal and banking regulation should implement so that governance can be ensured to create responsibility and financial strength.</p><p><strong>JEL:</strong> E4, D81, E33, E44</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src=\"/-counters-/soc/0045/a.php\" alt=\"Hit counter\" /></p>","PeriodicalId":491195,"journal":{"name":"European Journal of Economic and Financial Research","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134918920","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}