International Journal of Banking, Accounting and Finance最新文献

{"title":"THE MODERATING ROLE OF FINANANCIAL INNOVATIONS ON THE RELATIONSHIP BETWEEN INTEREST RATE CAP AND ACCESS TO CREDIT BY MICRO, SMALL AND MEDIUM ENTERPRISES IN KISUMU COUNTY","authors":"O. Adhiambo","doi":"10.47604/ijfa.1497","DOIUrl":"https://doi.org/10.47604/ijfa.1497","url":null,"abstract":"Purpose: The purpose of this study was to investigate the moderating role of financial innovations on the effect of monetary interventions on access to credit by micro, small and medium enterprises in Kisumu County, Kenya. The specific objectives were to assess the effect of interest rate cap on access to credit by MSMEs and to investigate the moderating role of financial innovations on the effect of interest rate cap on access to credit by MSMEs in Kisumu. This study was guided by the Keynesian Liquidity Preference Theory. \u0000Methodology: The study adopted a descriptive research design with a target population of the 1,472 micro, small and medium enterprises registered at the Department of Social Services in Kisumu County, Kenya. At a confidence level of 95%, a representative sample of 420 MSMEs was obtained based on Yamane Taro’s formula. A closed ended questionnaire was administered to a stratified sample of the finance managers of the micro, small and medium enterprises. A Cronbach’s alpha of 0.801 confirmed the reliability of the instrument while its validity was assessed by expert opinion of finance professionals. Data was analyzed using regression analysis. \u0000Results: Results showed that interest rate cap had a statistically significant effect on access to credit by micro, small and medium enterprises. Further, financial innovations moderated the relationship between interest rate cap and access to credit.  The study concluded that MSMEs’ access to credit depended on the direct and the hierarchical effects of interest rate cap and also that financial innovations moderated these effects. \u0000Unique contribution to theory, practice and policy: The study recommends that the MSMEs could save with commercial banks to enable them access credit made available through lower interest rates unlike those charged by MFIs. Also, they should take advantage of financial innovations at their disposal to enable them access credit cheaply and fast. The policy makers ought to aim at enhancing access to credit by employing sector specific interventions as opposed to blanket interventions like cushioning MSMEs from high interest rates by providing such funds as funds for inclusion of the informal sector (FIIS) and should also derive policies targeting on improving the process and role of financial innovations in the relationship between interest rate cap and access to credit by MSMEs in Kenya. The study supported the Keynesian liquidity preference theory by positing that interest rates are controlled by the rise and fall of supply and demand for money and should be allowed to adjust freely. This theory could therefore be applied to similar studies.  ","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75385914","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 CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF SMALL TIERED DEPOSIT TAKING SAVINGS AND CREDIT COOPERATIVES SOCIETIES IN NAIROBI COUNTY","authors":"J. Maina, A. Jagongo","doi":"10.47604/ijfa.1486","DOIUrl":"https://doi.org/10.47604/ijfa.1486","url":null,"abstract":"Purpose: The study is focused to determine the effects of capital structure on financial performance of small tiered deposit taking savings and credit cooperatives societies (DTS) in Nairobi County. \u0000Methodology used:  systematic review research design. It involved the evaluation of relevant studies that address the dependent and independent variables using specific criteria. \u0000Major findings and conclusions: The reviewed studies indicated that a conceptual framework gap exists. Empirical literature does not offer conclusive results on the nature of relationship between capital structure and financial performance. In addition, the studies were conducted for other prior periods and in other markets presenting a contextual gap. \u0000Unique contribution to theory, practice and policy: The study used the pecking order theory to put forth the preference of external funds (debt) over internal funds (equity), in making capital structure decisions, in addition to the trade-off theory, which indicated to mutual exclusivity of debt and equity financing decisions. The study will be beneficial to deposit taking SACCOs in Kenya to adopt capital structure strategies to sustain consistent superior financial performance. The models developed from this study will aid the regulatory institutions that regulate DTS in Kenya to develop policies on Capital structure. The study will add new knowledge on capital structure and financial performance of DTS","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89656991","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":"FIRM FINANCING ON FINANCIAL PERFORMANCE OF UNIT TRUST FIRMS LISTED IN NAIROBI SECURITIES EXCHANGE, KENYA","authors":"D. Cheruiyot, A. Jagongo","doi":"10.47604/ijfa.1476","DOIUrl":"https://doi.org/10.47604/ijfa.1476","url":null,"abstract":"Purpose: The study seeks to establish the effect of firm financing on financial performance of Unit trust firms listed in Nairobi Securities Exchange in Kenya. \u0000Materials and Methods: Desktop methodology was adopted for the study. This refers to secondary data collection from existing data resources which include approved websites, online journals, and library. This technique is considered a low-cost in comparison to primary data collection which required field visit. Thus, the study relied on already published studies, audited financial reports and statistics. \u0000Results: The results revealed that the studies done had conceptual framework gap. The study also found out that the study had geographical gap because they were not conducted in Kenya and also had different periodic scope. \u0000Unique contribution to theory, practice, and policy: The findings from the study will be used by various regulators (CMA) in different jurisdictions to improve on their financial performance. The findings of this study will assist the Unit Trust firms to monitor the key financial variables and understand; the extent to which firm financing can affect performance. Information acquired from this study will help the investors and customers understand key variables that affect financial performance. This study sought to fill the gap that existed in the literature concerning the effect of firm financing on performance of Unit Trust firms in Kenya. The finding will add to already existing body of knowledge in the field of firm financing. The information acquired from the study will be useful to policymakers in the Investment services and especially Unit Trust Firms in Kenya","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90896691","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":"MACROECONOMIC VARIABLES, SECTORAL INDEX VOLATILITY, AND INVESTOR SENTIMENT AMONG LISTED FIRMS AT NAIROBI SECURITY EXCHANGE, KENYA","authors":"M. Baariu, A. Jagongo","doi":"10.47604/ijfa.1475","DOIUrl":"https://doi.org/10.47604/ijfa.1475","url":null,"abstract":"Purpose: From a broader perspective, it is generally accepted that every investor aims to maximize return on their investment. To achieve this, the security market has significantly attracted so much interest from numerous stakeholders around the globe. However, it is difficult to forecast the stock index volatility exhaustively since it is triggered by different factors, which erode the investors’ confidence. The impact of volatility in the stock market is not the same (Liu et al., 1998), and it is transmitted from one sector to the other. Therefore, this study seeks to establish the relationship between the selected macroeconomic variables sectoral index volatility after introducing the moderating effect of investor sentiment. \u0000Methodology: This review employed Systematic review research design to trace, gather and appraise relevant studies that address the relationship between the dependent and independent variables. \u0000Findings: The outcomes of the study review the existence of a conceptual framework gap as empirical literature does not offer conclusive results on the sectoral index volatility and how it is influence by macroeconomic variables and investor sentiment. Previous studies were majorly conducted at a different time period in other markets presenting a geographical gap, and without factoring sectoral perspective. \u0000Unique contribution to theory, practice and policy: The study will be beneficial to investors in portfolio formation for diversification purposes. The models developed from this study will aid the capital market authority and government to regulate listed firms in Kenya to develop policies that minimizes return volatility. The study will add new knowledge on sectoral index volatility to maximize market returns for listed firms in Kenya.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81778604","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 FISCAL POLICY ON FOREIGN DIRECT INVESTMENT INFLOWS IN KENYA","authors":"Pearl Evans, P. Kariuki, F. Wafula","doi":"10.47604/ijfa.1472","DOIUrl":"https://doi.org/10.47604/ijfa.1472","url":null,"abstract":"Purpose: The purpose of this study was to assess the impact of fiscal policies on Kenya's foreign direct investment inflows. The independent variable included fiscal policy with external public debt, domestic debt, infrastructure and tax. \u0000Materials and Methods: The research attempts to explain the FDI inflows in Kenya and was calculated quarterly on the basis of FDI inflows in the nation. For 20 years (January 1998-December 2017) secondary data were gathered annually. In order to investigate the association between the variables the study utilized a descriptive research methodology using a time series model. For data analysis objectives, Python software was utilized. \u0000Results: Regression of coefficients results shows that government expenditure on infrastructure and FDI are positively and significantly. It was also revealed that external debt and FDI are negatively and significantly related. Domestic debt and FDI are negatively and significantly related. The results regression results showed that taxation measured as tax revenues and FDI are positively and significantly related. \u0000Unique contribution to theory, practice and policy: The study findings validate the internalization theory. Findings indicate that the theory is applicable in the study of investments. In addition, the findings may in future serve as platform for additional studies in the same subject for other academics, students and researchers. Investors would benefit from the recommendations set out in this study to attract more FDI investment by implementing trade-balanced actions, limiting corruption, implementing income-collection tax policies and promoting international trade to ensure competitiveness in Kenyan products.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83522694","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 MORTGAGE RISK ON MARKET RETURNS OF LISTED COMMERCIAL BANKS IN KENYA","authors":"A. Jagongo, Ruth Mwaura","doi":"10.47604/ijfa.1469","DOIUrl":"https://doi.org/10.47604/ijfa.1469","url":null,"abstract":"Purpose: The study is focused to determine the effects of mortgage risk on market returns of listed commercial banks in Kenya \u0000Methodology: This study utilised Systematic review research design to locate, assemble and evaluate relevant studies that address the dependent and independent variables. \u0000Findings: The results indicated that the existing studies had a conceptual framework gap as empirical literature does not offer conclusive results on the applicability of the theories in managing mortgage risk and market returns. Previous studies were majorly conducted at a different time period in other markets presenting a geographical gap. \u0000Unique contribution to theory, practice and policy: The study will be beneficial to listed commercial banks in Kenya to adapt effective mortgage risk management strategies to sustain positive market returns. The models developed from this study will aid the government institutions that regulate listed commercial banks in Kenya to develop policies on sustainable mortgage risk management. The study will add new knowledge on mortgage risk management to maximise market returns for listed commercial banks in Kenya.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77100977","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":"LIQUIDITY RISK AND FINANCIAL PERFORMANCE OF DEPOSIT TAKING SAVINGS AND CREDIT COOPERATIVE SOCIETIES IN KENYA","authors":"P. Wanjiru, A. Jagongo","doi":"10.47604/ijfa.1465","DOIUrl":"https://doi.org/10.47604/ijfa.1465","url":null,"abstract":"Purpose: To investigate the effect of liquidity risk on financial performance of DT-SACCOs in Kenya \u0000Materials and Methods: The study will adopt descriptive research design with data comprising of secondary, panel data which will be collected from the 175 DT-SACCOs for the period of five years between the years 2016-2020. Census sampling will be adopted where all the 175 DT-SACCOs will be considered in the analysis. Data will be collected from audited financial statements and other relevant reports submitted by the DT-SACCOs to SASRA. \u0000Results: Financial performance of DT-SACCOs has been unstable and fluctuating over the years as measured by ROA. In 2016, ROA was 2.45 percent which rose to 2.69 percent in 2017. In 2018, it dropped to 2.40 percent before rising to 2.60 percent in 2019 and again rising to 2.65 percent in 2020. One the other hand, liquid assets to total assets ratio has been reducing. In 2016 it was 12.49 percent, 11.85 percent in 2017, 11.77 percent in 2018, and 11.62 in 2019 only to rise to 14.43 in 2020 (SASRA Report, 2020). This reflects the oscillation in liquidity thereby posing liquidity risk. As reflected by the existing empirical literature, there is an inconsistency and consensus on the research findings on whether liquidity risk affects financial performance of DT-SACCOs in Kenya. \u0000Unique contribution to theory, Practice and Policy: Scholars and other researchers interested in the SACCO sub-sector will benefit from the findings of this study. The findings will add to the body of knowledge existing in this field and provide opportunities for further research in this area. Results from the study will be useful to SASRA and other policy-makers in the SACCO sub-sector to strengthen their regulatory framework as well as in development of a more robust liquidity monitoring policy and enhancement of liquidity management practices. The results will be beneficial to SACCO managers and the board members as it will highlight how profitability is affected by liquidity risk thereby developing more robust liquidity monitoring policy as well as enhancement of oversight on liquidity management practices. SACCO members may get an impetus to continuously hold the management accountable on the level of the profitability. This is so because the members stand to benefit most if liquidity risk is low. In addition, it may lead to members’ satisfaction and trust in the societies and hence increased share contribution.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89016759","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":"Borrower characteristics and loan performance: evidence from micro and small Greek firms","authors":"Antonios Georgopoulos, Vasileios Giannopoulos, E. Aggelopoulos","doi":"10.1504/ijbaaf.2022.10045707","DOIUrl":"https://doi.org/10.1504/ijbaaf.2022.10045707","url":null,"abstract":"","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66782837","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":"Applying ESG-based arbitrage with ETFs","authors":"Gerasimos G. Rompotis","doi":"10.1504/ijaf.2022.131448","DOIUrl":"https://doi.org/10.1504/ijaf.2022.131448","url":null,"abstract":"","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83842261","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":"Goodwill impairment disclosure and integrated reporting: evidence on credit ratings and earnings manipulation","authors":"G. Iatridis, Athanasios Pavlopoulos","doi":"10.1504/ijbaaf.2022.10053127","DOIUrl":"https://doi.org/10.1504/ijbaaf.2022.10053127","url":null,"abstract":"","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66783047","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}