{"title":"PUBLIC HOUSING RENT DEFAULT: A TRAJECTORY OF RATIONAL CHOICE AND BOUNDED RATIONALITY","authors":"Michael Elonge","doi":"10.18374/jifs-18-2.5","DOIUrl":"https://doi.org/10.18374/jifs-18-2.5","url":null,"abstract":"","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89348806","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":"ACCOUNTING DISCLOSURE OF ECONOMIC IMPACT OF THE UNITED STATES OF AMERICA FROM BANNING HAZARDOUS ELECTRONIC WASTE","authors":"Hassan Ahmed","doi":"10.18374/jifs-18-2.6","DOIUrl":"https://doi.org/10.18374/jifs-18-2.6","url":null,"abstract":"","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85223926","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}
Corporate governance is relevant in both developed and emerging economies. The study investigated the impact of corporate governance on organisational performance, using thirty (30) randomly selected listed companies in the Nigeria Stock Exchange (NSE) in the year 2016. The study focused on three corporate governance variables (i.e., Board Size, Board Independence, CEO Duality/Tenure); and two performance variables - i.e., Returns on Asset (ROA) and Returns on Equity (ROE). The study does not cover the market measure performance variable of Tobin’s Q. The study is an empirical research, with analytical research design. Secondary data, extracted from published annual reports of selected quoted companies and NSE website, is used for the study. The findings revealed a positive correlation between board size, independence directors, and performance variables; but, showed a negative correlation between CEO tenure and performance variables. The result showed that number of directors was not positively related to performance in selected quoted companies in terms of ROA; but, it revealed a positive correlation between board size and performance in terms of ROE. It also showed that the correlation between CEO tenure and performance variables was negative on the two performance variables (ROA and ROE). Regarding relationship between CEO Duality and performance variables (ROA and ROE), the result showed that CEO Duality has a positive correlation with ROA; but had a negative relationship with ROE. Generally, the study revealed that adoption of sound corporate governance practices by listed companies can improve their performance. Companies can benefit from this improved corporate governance practices by way of increased investment from investors and reduced capital cost. Shareholders confidence would be enhanced with attendant improvement in shareholders wealth. The nation’s economy would also benefit from sound corporate governance practices by way of improved GDP.
{"title":"Corporate Governance and Organisational Performance: Analysis of Nigeria Stock Exchange Listed Companies","authors":"Olajide Solomon Fadun","doi":"10.20525/IJFBS.V6I4.777","DOIUrl":"https://doi.org/10.20525/IJFBS.V6I4.777","url":null,"abstract":"Corporate governance is relevant in both developed and emerging economies. The study investigated the impact of corporate governance on organisational performance, using thirty (30) randomly selected listed companies in the Nigeria Stock Exchange (NSE) in the year 2016. The study focused on three corporate governance variables (i.e., Board Size, Board Independence, CEO Duality/Tenure); and two performance variables - i.e., Returns on Asset (ROA) and Returns on Equity (ROE). The study does not cover the market measure performance variable of Tobin’s Q. The study is an empirical research, with analytical research design. Secondary data, extracted from published annual reports of selected quoted companies and NSE website, is used for the study. The findings revealed a positive correlation between board size, independence directors, and performance variables; but, showed a negative correlation between CEO tenure and performance variables. The result showed that number of directors was not positively related to performance in selected quoted companies in terms of ROA; but, it revealed a positive correlation between board size and performance in terms of ROE. It also showed that the correlation between CEO tenure and performance variables was negative on the two performance variables (ROA and ROE). Regarding relationship between CEO Duality and performance variables (ROA and ROE), the result showed that CEO Duality has a positive correlation with ROA; but had a negative relationship with ROE. Generally, the study revealed that adoption of sound corporate governance practices by listed companies can improve their performance. Companies can benefit from this improved corporate governance practices by way of increased investment from investors and reduced capital cost. Shareholders confidence would be enhanced with attendant improvement in shareholders wealth. The nation’s economy would also benefit from sound corporate governance practices by way of improved GDP.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"6 1","pages":"12-27"},"PeriodicalIF":0.0,"publicationDate":"2018-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44312117","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 study focused on the factors influencing the use of agency banking by the residents of Makueni Sub-County, Kenya. The researcher was guided by four objectives; firstly, to determine the influence of agent characteristics on the use of agency banking by the residents of Makueni Sub-County, secondly, to determine the influence of the banking products offered by bank agents on the use of agency banking by the residents of Makueni Sub-County, thirdly, t o establish the influence of agents’ operating hours on the use of agency banking by the residents of Makueni Sub-County and fourthly, to determine the influence of the banks’ location on the use of agency banking by the residents of Makueni Sub-County. The study used descriptive survey design and the target population was 276 bank customers in Makueni Sub-County. The respondents were selected using stratified and convenience sampling. Data was collected 255 respondents using questionnaires. Data analysis was done using both descriptive and inferential statistics with the help of statistical package for social scientists (SPSS). Qualitative data was analyzed thematically according to the study objectives. The findings of the study revealed that there was a strong positive correlation and a significant relationship between the agency characteristics and use of agency banking, agency banking products and use of agency banking, operating hours and use of agency banking and location of mainstream bank and the use of agency banking. The multiple regression analysis results showed that the banking products had a significant prediction of the use of agency banking by the residents of Makueni Sub-County. This study recommends that diversification of the products and services provided by the banking agencies in the study area as well as further research in the area to find out other factors influencing the use of agency banking.
{"title":"Factors Influencing the use of Agency Banking by Bank Customers in Makueni Sub-Country","authors":"Eric Muendo Kilonzo, Jared Ariemba, Joash Migoshi","doi":"10.20525/IJFBS.V6I4.823","DOIUrl":"https://doi.org/10.20525/IJFBS.V6I4.823","url":null,"abstract":"This study focused on the factors influencing the use of agency banking by the residents of Makueni Sub-County, Kenya. The researcher was guided by four objectives; firstly, to determine the influence of agent characteristics on the use of agency banking by the residents of Makueni Sub-County, secondly, to determine the influence of the banking products offered by bank agents on the use of agency banking by the residents of Makueni Sub-County, thirdly, t o establish the influence of agents’ operating hours on the use of agency banking by the residents of Makueni Sub-County and fourthly, to determine the influence of the banks’ location on the use of agency banking by the residents of Makueni Sub-County. The study used descriptive survey design and the target population was 276 bank customers in Makueni Sub-County. The respondents were selected using stratified and convenience sampling. Data was collected 255 respondents using questionnaires. Data analysis was done using both descriptive and inferential statistics with the help of statistical package for social scientists (SPSS). Qualitative data was analyzed thematically according to the study objectives. The findings of the study revealed that there was a strong positive correlation and a significant relationship between the agency characteristics and use of agency banking, agency banking products and use of agency banking, operating hours and use of agency banking and location of mainstream bank and the use of agency banking. The multiple regression analysis results showed that the banking products had a significant prediction of the use of agency banking by the residents of Makueni Sub-County. This study recommends that diversification of the products and services provided by the banking agencies in the study area as well as further research in the area to find out other factors influencing the use of agency banking.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"6 1","pages":"28-43"},"PeriodicalIF":0.0,"publicationDate":"2018-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47897120","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}
Capital structure management is one of the most crucial corporate financial management functions in a firm since appropriate debt policy is reported to maximize the value of a firm. Kenya is ranked second in Africa after South Africa in regards to financial deepness. This means that the cost of debt should not have adverse effect financial performance. This observation raises fundamental question: does debt financing leads to poor financial performance in Kenya? This research sought to investigate the role of observed leverage on financial performance of listed non- financial firms in Kenya. The study tested capital structure theories and therefore adopted a positivists approach, guided by causal research design. The study population was 35 non-financial sub-sector firms out of the 65 firms listed at the NSE, Kenya. 18 firms were excluded in this study since they belong to banking and insurance sub-sectors, which have a highly regulated capital structure. Secondary data collection sheet was used to collect data for each of the variables from audited financial statements of the listed firms for a 10-year period (2006-2015). Panel regression analysis revealed that observed leverage measured by (LDR) had a significant positive coefficient with performance metrics. However, the leverage measure using TDR showed a negative and significant role on performance metrics. This study recommends that for listed firms to improve their financial performance, they should use more long-term debts than short-term debts.
{"title":"Observed leverage and financial performance of listed firms in Kenya","authors":"L. K. Maina, T. Olweny, K. Wanjau","doi":"10.20525/IJFBS.V7I2.872","DOIUrl":"https://doi.org/10.20525/IJFBS.V7I2.872","url":null,"abstract":"Capital structure management is one of the most crucial corporate financial management functions in a firm since appropriate debt policy is reported to maximize the value of a firm. Kenya is ranked second in Africa after South Africa in regards to financial deepness. This means that the cost of debt should not have adverse effect financial performance. This observation raises fundamental question: does debt financing leads to poor financial performance in Kenya? This research sought to investigate the role of observed leverage on financial performance of listed non- financial firms in Kenya. The study tested capital structure theories and therefore adopted a positivists approach, guided by causal research design. The study population was 35 non-financial sub-sector firms out of the 65 firms listed at the NSE, Kenya. 18 firms were excluded in this study since they belong to banking and insurance sub-sectors, which have a highly regulated capital structure. Secondary data collection sheet was used to collect data for each of the variables from audited financial statements of the listed firms for a 10-year period (2006-2015). Panel regression analysis revealed that observed leverage measured by (LDR) had a significant positive coefficient with performance metrics. However, the leverage measure using TDR showed a negative and significant role on performance metrics. This study recommends that for listed firms to improve their financial performance, they should use more long-term debts than short-term debts.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"7 1","pages":"19-39"},"PeriodicalIF":0.0,"publicationDate":"2018-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45192719","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}
Bu calismanin amaci, Turkiy e Cumhuriyet Merkez Bankasi’nin (TCMB) 2008 Kuresel Ekonomik Kriz sonrasi makro ihtiyati para politikasi uygulamalarini incelemek ve etkilerini degerlendirmektir. Kuresel krize karsi 2010 yilindan itibaren TCMB’nin eski politika cercevesinde kullanilan politika faizinin yani sira makro ihtiyati politikalar cercevesinde uyguladigi baslica para politikasi araclari; zorunlu karsiliklar, faiz koridoru, likidite yonetimi ve rezerv opsiyon mekanizmasi gibi araclardan olusmaktadir. Cok sayida politika aracinin varliginin yarattigi karmasikligin yani sira, bu araclarin etkinligine iliskin ampirik sonuclarin kisitli olmasi, uygulama gecmisinin kisa sureli olmasi ve politik mudahaleler dogru bir degerlendirmeyi guclestirmektedir.
{"title":"Makro İhtiyati Para Politikası Araçları ve Türkiye Uygulaması Üzerine Genel Bir Bakış","authors":"Nadir Eroğlu, Funda Kara","doi":"10.20525/IJFBS.V6I2.731","DOIUrl":"https://doi.org/10.20525/IJFBS.V6I2.731","url":null,"abstract":"Bu calismanin amaci, Turkiy e Cumhuriyet Merkez Bankasi’nin (TCMB) 2008 Kuresel Ekonomik Kriz sonrasi makro ihtiyati para politikasi uygulamalarini incelemek ve etkilerini degerlendirmektir. Kuresel krize karsi 2010 yilindan itibaren TCMB’nin eski politika cercevesinde kullanilan politika faizinin yani sira makro ihtiyati politikalar cercevesinde uyguladigi baslica para politikasi araclari; zorunlu karsiliklar, faiz koridoru, likidite yonetimi ve rezerv opsiyon mekanizmasi gibi araclardan olusmaktadir. Cok sayida politika aracinin varliginin yarattigi karmasikligin yani sira, bu araclarin etkinligine iliskin ampirik sonuclarin kisitli olmasi, uygulama gecmisinin kisa sureli olmasi ve politik mudahaleler dogru bir degerlendirmeyi guclestirmektedir.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"6 1","pages":"60-69"},"PeriodicalIF":0.0,"publicationDate":"2017-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44297500","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}
In this paper we analyse and show how price discovery process influence the volatility of stocks. Using a theoretical approach, our initial analysis revealed that stocks experience ‘normal’ volatility as the price move from one equilibrium price to another as part of the price discovery process. Our further analysis revealed that, due to the inefficiency of financial markets, stocks also experience transitionary volatility which occurs when the price transition from one equilibrium price to another. The implication of these analytical findings means that the price discovery volatility effects can only be reduced by improving the efficiency of financial markets. Thus, we recommended that the financial microstructure be designed in a manner that promotes the efficiency of financial markets.
{"title":"Price discovery and Volatility.A Theoretical Approach","authors":"Edson Kambeu, Olipha Mpofu, Drayton Muchochoma","doi":"10.20525/IJFBS.V6I2.685","DOIUrl":"https://doi.org/10.20525/IJFBS.V6I2.685","url":null,"abstract":"In this paper we analyse and show how price discovery process influence the volatility of stocks. Using a theoretical approach, our initial analysis revealed that stocks experience ‘normal’ volatility as the price move from one equilibrium price to another as part of the price discovery process. Our further analysis revealed that, due to the inefficiency of financial markets, stocks also experience transitionary volatility which occurs when the price transition from one equilibrium price to another. The implication of these analytical findings means that the price discovery volatility effects can only be reduced by improving the efficiency of financial markets. Thus, we recommended that the financial microstructure be designed in a manner that promotes the efficiency of financial markets.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"6 1","pages":"37-43"},"PeriodicalIF":0.0,"publicationDate":"2017-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46651919","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 main purpose of this study is to evaluate whether the bank lending channel exist or not. Within this context, quarterly data of for the periods between 2002q1 and 2016q4 was taken into the consideration. Additionally, VAR model was used to reach the objective. According to the result of impulse response function, it was reached that producer price index, real exchange rate and policy rate are effective determinants. Additionally, banks balance sheet has important and positive influence on total credits but industrial production index is regarded as partially effective. While considering this result, it was also found that both bank balance and macroeconomic variables used in this study is the main determinants of bank total credit.
{"title":"Monetary Policy And Bank Lending Chanel in Turkey","authors":"Zafer Adalı, Bilgin Bari","doi":"10.20525/IJFBS.V6I2.739","DOIUrl":"https://doi.org/10.20525/IJFBS.V6I2.739","url":null,"abstract":"The main purpose of this study is to evaluate whether the bank lending channel exist or not. Within this context, quarterly data of for the periods between 2002q1 and 2016q4 was taken into the consideration. Additionally, VAR model was used to reach the objective. According to the result of impulse response function, it was reached that producer price index, real exchange rate and policy rate are effective determinants. Additionally, banks balance sheet has important and positive influence on total credits but industrial production index is regarded as partially effective. While considering this result, it was also found that both bank balance and macroeconomic variables used in this study is the main determinants of bank total credit.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"6 1","pages":"24-36"},"PeriodicalIF":0.0,"publicationDate":"2017-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47073111","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}
In this study, we investigate factors affecting net interest margin (NIM) of commercial banks in Turkey. Especially, our results highlight the relation between unconventional monetary policy shocks and bank margins. To this end, first, we conduct an identification analysis about which parameters of asymmetric interest corridor framework are important in explaining variations in NIM. Using industry-level data, we show that there exists a pass through from BIST interbank overnight repo/reverse repo market rate and weighted average cost of funding (WACF) to bank loan and deposit rates. As a result of reduced-form Vector Autoregression (VAR) analysis we find the existence of a transmission mechanism from BIST rate and WACF to commercial loan rate, consumer loan rate and deposit rate. Same pass through to loan and deposit rates is also shown in individual bank level with the Panel Vector Autoregression (Panel VAR) analysis in the case of 16 commercial banks in Turkey during the period 2011Q1-2016Q1. After the identification analysis, we examine the relationship between NIM and policy rates through System Generalized Method of Moments (GMM) techniques by controlling bank specific, industry related and macroeconomic factors. We find that a change in the monetary policy rate has significant and positive impact on NIM. Among bank-specific factors, equity ratio and operating expenses are found to be significantly affecting NIM during the sample period. Our empirical findings also stress the significance of lag values of NIM. Estimations conducted with standardized variables indicate that economic significance of lag values and bank specific variables are larger than that of policy.
{"title":"Factors Impacting Bank Net Interest Margin and the Role of Monetary Policy: Evidence from Turkey","authors":"M. H. Yılmaz","doi":"10.20525/IJFBS.V6I2.715","DOIUrl":"https://doi.org/10.20525/IJFBS.V6I2.715","url":null,"abstract":"In this study, we investigate factors affecting net interest margin (NIM) of commercial banks in Turkey. Especially, our results highlight the relation between unconventional monetary policy shocks and bank margins. To this end, first, we conduct an identification analysis about which parameters of asymmetric interest corridor framework are important in explaining variations in NIM. Using industry-level data, we show that there exists a pass through from BIST interbank overnight repo/reverse repo market rate and weighted average cost of funding (WACF) to bank loan and deposit rates. As a result of reduced-form Vector Autoregression (VAR) analysis we find the existence of a transmission mechanism from BIST rate and WACF to commercial loan rate, consumer loan rate and deposit rate. Same pass through to loan and deposit rates is also shown in individual bank level with the Panel Vector Autoregression (Panel VAR) analysis in the case of 16 commercial banks in Turkey during the period 2011Q1-2016Q1. After the identification analysis, we examine the relationship between NIM and policy rates through System Generalized Method of Moments (GMM) techniques by controlling bank specific, industry related and macroeconomic factors. We find that a change in the monetary policy rate has significant and positive impact on NIM. Among bank-specific factors, equity ratio and operating expenses are found to be significantly affecting NIM during the sample period. Our empirical findings also stress the significance of lag values of NIM. Estimations conducted with standardized variables indicate that economic significance of lag values and bank specific variables are larger than that of policy.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"6 1","pages":"1-23"},"PeriodicalIF":0.0,"publicationDate":"2017-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44387427","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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