This study aims to analyze the effect of financial performance on firm value with profitability as an intervening variable. The population in this study are automotive companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The financial performance used in this study is the Dept to Equity (DER), Current Ratio (CR), and company size. The research data is secondary data with an observation period of 5 years. The sampling method used is purposive sampling, where from all automotive companies listed on the IDX selected based on certain criteria. Samples that meet the criteria are 8 companies. The data analysis method used is panel data regression. The results showed that Fixed Effect is the best model. The results of the partial test (t test) of the DER ratio have a negative and significant effect on profitability, CR and firm size have no effect on profitability, while profitability on firm value has no significant effect. Partially DER has a positive effect on firm value, CR and firm size have no significant effect on firm value. The role of profitability as an intervening variable is very important in increasing the effect of DER, CR, and firm size on firm value. The results of the Prob (F-statistic) are 0.000 < 0.005, meaning that together this study which consists of DER, CR, and firm size has a positive and significant effect on firm value.
本研究以盈利能力为中介变量，分析财务绩效对企业价值的影响。本研究中的人口是2015-2019年期间在印度尼西亚证券交易所上市的汽车公司。本研究中使用的财务绩效是Dept to Equity (DER)， Current Ratio (CR)和公司规模。研究数据为二次数据，观察期为5年。使用的抽样方法是有目的抽样，即根据一定的标准从IDX上列出的所有汽车公司中选择。符合标准的样本有8家。使用的数据分析方法是面板数据回归。结果表明，固定效应模型是最佳模型。DER比率的部分检验(t检验)结果对盈利能力有显著负向影响，CR和企业规模对盈利能力没有影响，而盈利能力对企业价值没有显著影响。DER对企业价值有部分正向影响，CR和企业规模对企业价值无显著影响。盈利能力作为一个中介变量的作用在增加DER、CR和企业规模对企业价值的影响中是非常重要的。Prob (f统计量)的结果为0.000 < 0.005，这意味着这个由DER、CR和企业规模组成的研究对企业价值有显著的正向影响。
{"title":"Analysis Determinant of Profitability and Their Effect on The Value of Automotive Companies Listed on IDX","authors":"S. Sulistiyani, Salim M Noor","doi":"10.47747/ijfr.v3i3.806","DOIUrl":"https://doi.org/10.47747/ijfr.v3i3.806","url":null,"abstract":"This study aims to analyze the effect of financial performance on firm value with profitability as an intervening variable. The population in this study are automotive companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The financial performance used in this study is the Dept to Equity (DER), Current Ratio (CR), and company size. The research data is secondary data with an observation period of 5 years. The sampling method used is purposive sampling, where from all automotive companies listed on the IDX selected based on certain criteria. Samples that meet the criteria are 8 companies. The data analysis method used is panel data regression. The results showed that Fixed Effect is the best model. The results of the partial test (t test) of the DER ratio have a negative and significant effect on profitability, CR and firm size have no effect on profitability, while profitability on firm value has no significant effect. Partially DER has a positive effect on firm value, CR and firm size have no significant effect on firm value. The role of profitability as an intervening variable is very important in increasing the effect of DER, CR, and firm size on firm value. The results of the Prob (F-statistic) are 0.000 < 0.005, meaning that together this study which consists of DER, CR, and firm size has a positive and significant effect on firm value.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121767233","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}
The study aimed to examine the technical and fundamental hypotheses in NYSE, NASDAQ and S&P 500 stock exchange markets. The main determinants (variables) that were examined were stock trading volumes, closing stock prices and stock information available in the stock exchange market. The 240 days, 197 days and 253 days data of closing stock prices and trading volumes at NYSE, S&P500 and NASDAQ stock exchange markets were systematically collected from June 2021 to June 2022. The data was analysed by using the Homo-Hetero Pairing (HHP) Regression Model. This model was developed to detect the linear and non-linear behaviour of data. The study evidenced that both the technical and fundamental hypotheses in NYSE, S&P500 and NASDAQ stock exchange markets are defined by the inverse and S-curved models in two distinctive pairing classes called the positive-positive pairing (PPP) class and the negative-positive pairing (NPP) class. The study concluded that the optimal prediction of the stock price or return is achieved by the fundamentalists in the stock exchange markets. The study recommends that stock investors should priorities the use of the fundamental hypothesis to make their portfolio investment decision. Moreover, the study recommends the application of the HHP regression model in financial markets, economics, psychology, sociology, and medicine studies. In addition, the HHP regression model is recommended for the prediction of water waves in the investigation of hydrodynamic and erosion-accretion processes
{"title":"Homo-Hetero Pairing Regression Model: An Econometric Predictive Model of Homo Paired Data","authors":"Ntogwa N. Bundala","doi":"10.47747/ijfr.v3i2.792","DOIUrl":"https://doi.org/10.47747/ijfr.v3i2.792","url":null,"abstract":"The study aimed to examine the technical and fundamental hypotheses in NYSE, NASDAQ and S&P 500 stock exchange markets. The main determinants (variables) that were examined were stock trading volumes, closing stock prices and stock information available in the stock exchange market. The 240 days, 197 days and 253 days data of closing stock prices and trading volumes at NYSE, S&P500 and NASDAQ stock exchange markets were systematically collected from June 2021 to June 2022. The data was analysed by using the Homo-Hetero Pairing (HHP) Regression Model. This model was developed to detect the linear and non-linear behaviour of data. The study evidenced that both the technical and fundamental hypotheses in NYSE, S&P500 and NASDAQ stock exchange markets are defined by the inverse and S-curved models in two distinctive pairing classes called the positive-positive pairing (PPP) class and the negative-positive pairing (NPP) class. The study concluded that the optimal prediction of the stock price or return is achieved by the fundamentalists in the stock exchange markets. The study recommends that stock investors should priorities the use of the fundamental hypothesis to make their portfolio investment decision. Moreover, the study recommends the application of the HHP regression model in financial markets, economics, psychology, sociology, and medicine studies. In addition, the HHP regression model is recommended for the prediction of water waves in the investigation of hydrodynamic and erosion-accretion processes","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121321616","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}
Stock price prediction has been a widely pursued topic by researchers in recent years due to the great impact that significant research can have on the economy. LSTM is commonly used for stock price prediction as it has strong time series predictive capabilities. However, it is limited by its loss function, which only takes one parameter (predicted stock price) into account. This paper proposes a multivariate multi-step, vector output predictive model using LSTM, with both the stock price and the relative return as inputs of the neural network. Furthermore, a novel loss function that combines both the standard mean squared error, and the relative return mean squared error to hone accuracy is introduced. The model’s predictive capabilities are demonstrated on the S&P 500 Index. This improved LSTM model reaches a test MSE of 0.0076, which is a result that is significantly stronger than results demonstrated by standard LSTM stock prediction networks, and which outperforms most of the LSTM models mentioned in the literature.
{"title":"Deep learning on SPY stock prices using improved multi-head LSTM","authors":"Yulong Lian","doi":"10.47747/ijfr.v3i2.785","DOIUrl":"https://doi.org/10.47747/ijfr.v3i2.785","url":null,"abstract":"Stock price prediction has been a widely pursued topic by researchers in recent years due to the great impact that significant research can have on the economy. LSTM is commonly used for stock price prediction as it has strong time series predictive capabilities. However, it is limited by its loss function, which only takes one parameter (predicted stock price) into account. This paper proposes a multivariate multi-step, vector output predictive model using LSTM, with both the stock price and the relative return as inputs of the neural network. Furthermore, a novel loss function that combines both the standard mean squared error, and the relative return mean squared error to hone accuracy is introduced. The model’s predictive capabilities are demonstrated on the S&P 500 Index. This improved LSTM model reaches a test MSE of 0.0076, which is a result that is significantly stronger than results demonstrated by standard LSTM stock prediction networks, and which outperforms most of the LSTM models mentioned in the literature.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122200792","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}
Trade is by far labour-intensive sector. The sector is dominated by unorganized activities. Though, post-1990s, the share of organized sector has been rising but at slow pace. Till 2003-04, the sector has grown well as a consequence, output has risen and concomitant increase in the share of employment has been noticed. From 2003-04 onwards a significant increase in capital intensity has been noticed which increased the productivity of the sector. Therefore, contribution of the sector in employment generation has decimated, despite the fact that there was no decline in output. Rise in capital intensity is attributed to formalisation of the sector and resultant increase in investment.
{"title":"Analysis of Output and Employment of Trade in India: A Case of rising Capital Intensity and Its Implications","authors":"D. Prakash","doi":"10.47747/ijfr.v3i2.759","DOIUrl":"https://doi.org/10.47747/ijfr.v3i2.759","url":null,"abstract":"Trade is by far labour-intensive sector. The sector is dominated by unorganized activities. Though, post-1990s, the share of organized sector has been rising but at slow pace. Till 2003-04, the sector has grown well as a consequence, output has risen and concomitant increase in the share of employment has been noticed. From 2003-04 onwards a significant increase in capital intensity has been noticed which increased the productivity of the sector. Therefore, contribution of the sector in employment generation has decimated, despite the fact that there was no decline in output. Rise in capital intensity is attributed to formalisation of the sector and resultant increase in investment.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127764022","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}
The study examines the impact of capital structure on return-on-assets (ROA) performance of non-financial firms in Sub-Sahara Africa for a period of nine (9) years (2012-2020). A total of forty (40) non-financial firms were studied using their capital structure variables of long term debt to equity (LTDQ), total debt (TD), total debt to equity (TDQ), and total debt to total assets (TDTA) as well as their ROA performance. The panel data analysis technique was employed. It was found that LTDQ, TD and TDQ have positive impact on ROA performance; while TDTA has a negative impact on ROA performance, and all variables were significant at 1 percent level. The study recommends that, since long term debt to equity strongly explain corporate performance in the Sub-Saharan African Countries, management should sustain their current policies and should also be very sensitive in determining the appropriate amount of long term debt that ought to be included in their capital structure build up.
{"title":"Capital Structure and Performance of Non-Financial Firms in Sub-Sahara Africa","authors":"E. I. Evbayiro-Osagie, Iyobo Best Enadeghe","doi":"10.47747/ijfr.v3i1.682","DOIUrl":"https://doi.org/10.47747/ijfr.v3i1.682","url":null,"abstract":"The study examines the impact of capital structure on return-on-assets (ROA) performance of non-financial firms in Sub-Sahara Africa for a period of nine (9) years (2012-2020). A total of forty (40) non-financial firms were studied using their capital structure variables of long term debt to equity (LTDQ), total debt (TD), total debt to equity (TDQ), and total debt to total assets (TDTA) as well as their ROA performance. The panel data analysis technique was employed. It was found that LTDQ, TD and TDQ have positive impact on ROA performance; while TDTA has a negative impact on ROA performance, and all variables were significant at 1 percent level. The study recommends that, since long term debt to equity strongly explain corporate performance in the Sub-Saharan African Countries, management should sustain their current policies and should also be very sensitive in determining the appropriate amount of long term debt that ought to be included in their capital structure build up.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125425377","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}
Finance is a vital aspect for companies, especially State-Owned Enterprise (BUMN). In Indonesia, the trend of financial markets determines the company’s profit. It oriented this study to get empirical evidence about the effect between intellectual capital and corporate social responsibility (CSR) on company performance, where the relationship is determined by good corporate governance (GCG) which acts as a moderator for BUMN companies. The sample includes 13 state-owned companies listed on the Indonesia Stock Exchange (IDX) through a purposive sampling stage. Interpreting the data using the model is the SEM structural equation method (SEM) for the period 2012-2020. The statistical software is supported by SmartPLS. The results of the analysis conclude that intellectual capital and CSR have a significant effect on company performance. Then, GCG has no significant effect on the relationship between intellectual capital and company performance. Interestingly, GCG also does not significantly moderate the relationship between CSR and company performance. The limitations of the study need to be discussed.
{"title":"Good Corporate Governance in Mediating the Effects of Intellectual Capital and CSR on Company Performance: Empirical on BUMN in Indonesia","authors":"Brian Salviantono, A. Paminto, Yana Ulfah","doi":"10.47747/ijfr.v3i1.683","DOIUrl":"https://doi.org/10.47747/ijfr.v3i1.683","url":null,"abstract":"Finance is a vital aspect for companies, especially State-Owned Enterprise (BUMN). In Indonesia, the trend of financial markets determines the company’s profit. It oriented this study to get empirical evidence about the effect between intellectual capital and corporate social responsibility (CSR) on company performance, where the relationship is determined by good corporate governance (GCG) which acts as a moderator for BUMN companies. The sample includes 13 state-owned companies listed on the Indonesia Stock Exchange (IDX) through a purposive sampling stage. Interpreting the data using the model is the SEM structural equation method (SEM) for the period 2012-2020. The statistical software is supported by SmartPLS. The results of the analysis conclude that intellectual capital and CSR have a significant effect on company performance. Then, GCG has no significant effect on the relationship between intellectual capital and company performance. Interestingly, GCG also does not significantly moderate the relationship between CSR and company performance. The limitations of the study need to be discussed.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121248397","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}
This research analyzes the existing bi-lateral trade patterns between India and China with a view to locate in the development context. It was essential to analyze the data since 2000 after implementing economic reforms in both countries. This research attempts to analyze the bilateral trade relation between these two countries, and also, focus on strategic frameworks. For determining the export performance, Revealed Symmetric Comparative Advantage (RSCA) method is applied. This study also recommends that trade balance is possible between India and China through making the right policies.
{"title":"Analysis of Bilateral Trade between India & China Since 2001","authors":"M. H. Ahmadi","doi":"10.47747/ijfr.v3i1.641","DOIUrl":"https://doi.org/10.47747/ijfr.v3i1.641","url":null,"abstract":"This research analyzes the existing bi-lateral trade patterns between India and China with a view to locate in the development context. It was essential to analyze the data since 2000 after implementing economic reforms in both countries. This research attempts to analyze the bilateral trade relation between these two countries, and also, focus on strategic frameworks. For determining the export performance, Revealed Symmetric Comparative Advantage (RSCA) method is applied. This study also recommends that trade balance is possible between India and China through making the right policies.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114226973","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}
The study examined the impact of dividend policy determinants on stock price volatility in Sub Sahara Africa. Three (3) economies (Nigeria, Kenya and South Africa) were selected from among the 51 economies in the region, and data spanning 9 years (2011-2019) were obtained and subjected to econometric analyses. The Generalized Autoregressive Conditional Heteroskedacity (GARCH) was used to ascertain and generate the volatility properties of the stock prices, while the panel Autoregressive Distributed Lag (ARDL) technique was used to capture the relationship between dividend policy determinants and stock price volatility. The independent variables analyzed in this study are leverage (LEV), firm size (FSIZE), dividend yield (DY), earnings per share (EPS) and dividend payout (DPO) while the dependent variable was the volatility in stock price (SPV). Findings show that all of the variables considered have varying degree of relationships with stock price volatility both in the long run and short run in the three countries. The pooled result indicated that DPO, LEV, FSIZE, DY and EPS had a significant relationship with stock price volatility within the study period in the long run but no short run relationship could be confirmed for the combined samples. The study concluded that dividend payout, dividend yield and earnings per share are significant factors that can be used for predicting the volatile movement in stock price in the African stock markets. The study recommended that dividend payment should be consistent and smoothed to disrupt volatility of stock prices since dividend payment is found to be significant determinant of stock price volatility.
{"title":"Dividend Policy Determinants and Stock Price Volatility in Selected African Stock Markets","authors":"Mayowa Gabriel Ajao, Fredrick Edosa Robinson","doi":"10.47747/ijfr.v3i1.659","DOIUrl":"https://doi.org/10.47747/ijfr.v3i1.659","url":null,"abstract":"The study examined the impact of dividend policy determinants on stock price volatility in Sub Sahara Africa. Three (3) economies (Nigeria, Kenya and South Africa) were selected from among the 51 economies in the region, and data spanning 9 years (2011-2019) were obtained and subjected to econometric analyses. The Generalized Autoregressive Conditional Heteroskedacity (GARCH) was used to ascertain and generate the volatility properties of the stock prices, while the panel Autoregressive Distributed Lag (ARDL) technique was used to capture the relationship between dividend policy determinants and stock price volatility. The independent variables analyzed in this study are leverage (LEV), firm size (FSIZE), dividend yield (DY), earnings per share (EPS) and dividend payout (DPO) while the dependent variable was the volatility in stock price (SPV). Findings show that all of the variables considered have varying degree of relationships with stock price volatility both in the long run and short run in the three countries. The pooled result indicated that DPO, LEV, FSIZE, DY and EPS had a significant relationship with stock price volatility within the study period in the long run but no short run relationship could be confirmed for the combined samples. The study concluded that dividend payout, dividend yield and earnings per share are significant factors that can be used for predicting the volatile movement in stock price in the African stock markets. The study recommended that dividend payment should be consistent and smoothed to disrupt volatility of stock prices since dividend payment is found to be significant determinant of stock price volatility.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123172616","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}
The over-reliance on oil export revenue with little attention to non-oil export has subjected the Nigerian economy to recurring adverse external shocks which further aggravate the problem of balance of payment deficit in Nigeria. Therefore, study set out to examine the impact of non-oil exports on balance of payment disequilibrium in Nigeria. The data used for this study is secondary in nature and it spans from 1970 to 2018. The study employed econometric tools of ARDL Cointegration analysis and ARDL Error Correction Model to explore the long run relationship and the impact of non-oil exports on balance of payment disequilibrium respectively. The result of Wald bound test revealed that there is existence of co-movement between non-oil exports and balance of payment while long run ARDL Error Correction Model results showed that non-oil export has significant negative impact on balance of payment disequilibrium. In the same vein, inflation and interest rate also have negative impact on balance of payment disequilibrium but interest rate is insignificant. Findings from the study also exhibited positive relationship between exchange rate, trade openness and balance of payment. However, the positive impact of exchange rate on balance of payment is significant while that of trade openness is not significant. The study, thus concluded based on the findings that the non-oil export has not been contributing positively to improve the balance of payment position in Nigeria. In line with these findings, the study recommended that government should devise plans and strategies of boost the non-oil export sectors such as agricultural, manufacturing, solid minerals and service sectors in order to build virile and strong non-oil export sectors that can achieve favourable balance of payment. Moreover, the citizens of Nigeria should be motivated by one way or the others to have a taste for locally produced goods.
{"title":"Impact of Non-Oil Exports on Balance of Payment Disequilibrium in Nigeria","authors":"P. Adeyemi, Aladesanmi Kayode Adewumi","doi":"10.47747/ijfr.v3i1.585","DOIUrl":"https://doi.org/10.47747/ijfr.v3i1.585","url":null,"abstract":"The over-reliance on oil export revenue with little attention to non-oil export has subjected the Nigerian economy to recurring adverse external shocks which further aggravate the problem of balance of payment deficit in Nigeria. Therefore, study set out to examine the impact of non-oil exports on balance of payment disequilibrium in Nigeria. The data used for this study is secondary in nature and it spans from 1970 to 2018. The study employed econometric tools of ARDL Cointegration analysis and ARDL Error Correction Model to explore the long run relationship and the impact of non-oil exports on balance of payment disequilibrium respectively. The result of Wald bound test revealed that there is existence of co-movement between non-oil exports and balance of payment while long run ARDL Error Correction Model results showed that non-oil export has significant negative impact on balance of payment disequilibrium. In the same vein, inflation and interest rate also have negative impact on balance of payment disequilibrium but interest rate is insignificant. Findings from the study also exhibited positive relationship between exchange rate, trade openness and balance of payment. However, the positive impact of exchange rate on balance of payment is significant while that of trade openness is not significant. The study, thus concluded based on the findings that the non-oil export has not been contributing positively to improve the balance of payment position in Nigeria. In line with these findings, the study recommended that government should devise plans and strategies of boost the non-oil export sectors such as agricultural, manufacturing, solid minerals and service sectors in order to build virile and strong non-oil export sectors that can achieve favourable balance of payment. Moreover, the citizens of Nigeria should be motivated by one way or the others to have a taste for locally produced goods.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"6 12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124604046","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}
Niranjan Devkota, Sharad Rajbhandari, U. Poudel, S. Parajuli
Industry 4.0 is buzzword in recent years and has become a topic of growing importance. It is a new technical framework that has been widely debated and studied and is likely to eventually constitute a fourth industrial revolution because it provides significant progress relevant to intelligent and potential industries in the market. As Nepal has introduced open policies for improving trade conditions in the mid-1980s, industries have to be competitive and capable enough to sustain themselves in such open policies. Such, dependencies can be minimize, and could only be possible, through the increasing the competitiveness of Nepalese industries with the help of use of new technologies. In such context, Nepalese industrial readiness for industry 4.0 is important topic to discuss. This study aims to identify the obstacles of implementing industry 4.0 in Nepalese Industries lies within 3 industrial estates of Kathmandu Valley i.e. Balaju, Patan and Bhaktapur industrial estates. Data has collected data from all 287 running industry from all three industrial estates with the help of questionnaire through respondent interview using KoBo Collect Toolbox. Our study finds that half of the industries (49%) face hurdles while adopting new technologies. Among them, the major hurdles are lack of infrastructure, lack of skilled manpower, lack of capital, poor implementation of policies. Among two third of the respondents think obstacles in implementing industry 4.0 is manageable. Political support, improvement in implementation mechanism and long term strategy are key factors that support industries to invest in new innovative technologies.
{"title":"Obstacles of Implementing Industry 4.0 in Nepalese Industries and Way-Forward","authors":"Niranjan Devkota, Sharad Rajbhandari, U. Poudel, S. Parajuli","doi":"10.47747/ijfr.v2i4.488","DOIUrl":"https://doi.org/10.47747/ijfr.v2i4.488","url":null,"abstract":"Industry 4.0 is buzzword in recent years and has become a topic of growing importance. It is a new technical framework that has been widely debated and studied and is likely to eventually constitute a fourth industrial revolution because it provides significant progress relevant to intelligent and potential industries in the market. As Nepal has introduced open policies for improving trade conditions in the mid-1980s, industries have to be competitive and capable enough to sustain themselves in such open policies. Such, dependencies can be minimize, and could only be possible, through the increasing the competitiveness of Nepalese industries with the help of use of new technologies. In such context, Nepalese industrial readiness for industry 4.0 is important topic to discuss. This study aims to identify the obstacles of implementing industry 4.0 in Nepalese Industries lies within 3 industrial estates of Kathmandu Valley i.e. Balaju, Patan and Bhaktapur industrial estates. Data has collected data from all 287 running industry from all three industrial estates with the help of questionnaire through respondent interview using KoBo Collect Toolbox. Our study finds that half of the industries (49%) face hurdles while adopting new technologies. Among them, the major hurdles are lack of infrastructure, lack of skilled manpower, lack of capital, poor implementation of policies. Among two third of the respondents think obstacles in implementing industry 4.0 is manageable. Political support, improvement in implementation mechanism and long term strategy are key factors that support industries to invest in new innovative technologies.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126275932","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}
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