{"title":"The Nexus Between Working Capital Management Practices and the Financial Performance of Service Sector Small and Medium-sized Enterprises (SMEs) in Nairobi City County, Kenya","authors":"","doi":"10.53819/81018102t2258","DOIUrl":"https://doi.org/10.53819/81018102t2258","url":null,"abstract":"","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135540065","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 aimed to analyze the impact of financial management on performance reports in Borrower Multisupplier consultancy (BMSC Ltd, Kigali Rwanda). The research uses a descriptive survey design and quantitative method, with 133 employees and 121 sellers as a sample size. Data was collected using structured questionnaires and analyzed using SPSS software version 21. The Cronbach alpha coefficient formula was used for reliability and validity. The results show that quality financial reporting contributes significantly to performance reports, with a high positive correlation between these two factors. The use of ratio analysis is also important, with a high positive correlation between ratio analysis and performance reports. Internal control is also crucial, with a high positive correlation between internal control and performance reports. The ANOVA results show a significant relationship between financial management and performance reports in Borrower Multisupplier and Consultancy Ltd, Kigali Rwanda. The researcher concludes that financial management contributes to performance reports and recommends that companies develop financial management techniques that contribute successfully to their company's performance reports. The findings are presented and interpreted using frequencies and tables. The findings suggest that financial management plays a crucial role in enhancing performance reports and should be considered in the development of financial management strategies for borrower and multisupplier companies. Keywords: Financial management, Performance reports, Borrower Multisupplier, Consultancy, Rwanda
{"title":"Financial Management Impact on Performance Reports in Borrower Multisupplier and Consultancy LTD, Kigali Rwanda","authors":"Seraphin Dusabeyezu","doi":"10.53819/81018102t4219","DOIUrl":"https://doi.org/10.53819/81018102t4219","url":null,"abstract":"This study aimed to analyze the impact of financial management on performance reports in Borrower Multisupplier consultancy (BMSC Ltd, Kigali Rwanda). The research uses a descriptive survey design and quantitative method, with 133 employees and 121 sellers as a sample size. Data was collected using structured questionnaires and analyzed using SPSS software version 21. The Cronbach alpha coefficient formula was used for reliability and validity. The results show that quality financial reporting contributes significantly to performance reports, with a high positive correlation between these two factors. The use of ratio analysis is also important, with a high positive correlation between ratio analysis and performance reports. Internal control is also crucial, with a high positive correlation between internal control and performance reports. The ANOVA results show a significant relationship between financial management and performance reports in Borrower Multisupplier and Consultancy Ltd, Kigali Rwanda. The researcher concludes that financial management contributes to performance reports and recommends that companies develop financial management techniques that contribute successfully to their company's performance reports. The findings are presented and interpreted using frequencies and tables. The findings suggest that financial management plays a crucial role in enhancing performance reports and should be considered in the development of financial management strategies for borrower and multisupplier companies. Keywords: Financial management, Performance reports, Borrower Multisupplier, Consultancy, Rwanda","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135637255","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}
Accounting ethics is an important element for enhancing the quality of financial reporting in financial institutions because it requires bank staffs to exercise integrity, objectivity and professional competence and due care. This research examined the effect of accounting ethics on quality of financial reporting among listed commercial banks in Rwanda stock exchange. The objectives of the study were to investigate the effect of accounting integrity on the quality of financial reporting among listed commercial banks in Rwanda, to determine the effect of accounting objectivity on the quality of financial reporting among listed commercial banks in Rwanda and to examine the effect of accountants’ professional competence and due care on the quality of financial reporting among listed commercial banks in Rwanda stock exchange .Theories underpinning the study are business entity theory, going concern theory and agency theories. The study used correlation design with a quantitative approach. The sample size was 363 respondents who included accounting, finance and auditing staff, heads of departments and members of the boards of directors of the four selected commercial banks. However, only 203 (56% response rate) completed the survey. Stratified simple random and purposive sampling techniques were used to select this sample. Data was analyzed through descriptive analysis. Findings for the first hypothesis (H01) show that accounting integrity has a statistically significant effect on the quality of financial reporting among selected commercial banks in Rwanda (β=.196; p<.05). This suggests that holding other factors constant, accounting integrity contributes up to 19.6% of the variation in the quality of financial reporting. For the second hypothesis (H02), it is observed that accounting objectivity has a statistically significant effect on the quality of financial reporting among selected commercial banks in Rwanda (β=.591; p<.05). Regarding the third hypothesis (H03), findings show that professional competence and due care have no statistically significant effect on the quality of financial reporting among selected commercial banks in Rwanda (β=.140; p>.05). The study recommends strengthening professional knowledge and training by investing in continuous training and development programs. Promotion of ethical practices, enhancement of staff and management collaboration and learning culture across the surveyed commercial banks are also recommended. It is hoped that the study will enable the listed commercial banks to improve ethical practices and competences among staffs so as to enhance quality of reporting. Other academicians may also find the study valuable in benchmarking their studies on the same subject. Keywords: Accounting Ethics, Quality of Financial Reporting, Commercial Banks, Rwanda Stock Exchange
{"title":"Effect of Accounting Ethics on Quality of Financial Reporting among Listed Commercial Banks in Rwanda Stock Exchange","authors":"","doi":"10.53819/81018102t2248","DOIUrl":"https://doi.org/10.53819/81018102t2248","url":null,"abstract":"Accounting ethics is an important element for enhancing the quality of financial reporting in financial institutions because it requires bank staffs to exercise integrity, objectivity and professional competence and due care. This research examined the effect of accounting ethics on quality of financial reporting among listed commercial banks in Rwanda stock exchange. The objectives of the study were to investigate the effect of accounting integrity on the quality of financial reporting among listed commercial banks in Rwanda, to determine the effect of accounting objectivity on the quality of financial reporting among listed commercial banks in Rwanda and to examine the effect of accountants’ professional competence and due care on the quality of financial reporting among listed commercial banks in Rwanda stock exchange .Theories underpinning the study are business entity theory, going concern theory and agency theories. The study used correlation design with a quantitative approach. The sample size was 363 respondents who included accounting, finance and auditing staff, heads of departments and members of the boards of directors of the four selected commercial banks. However, only 203 (56% response rate) completed the survey. Stratified simple random and purposive sampling techniques were used to select this sample. Data was analyzed through descriptive analysis. Findings for the first hypothesis (H01) show that accounting integrity has a statistically significant effect on the quality of financial reporting among selected commercial banks in Rwanda (β=.196; p<.05). This suggests that holding other factors constant, accounting integrity contributes up to 19.6% of the variation in the quality of financial reporting. For the second hypothesis (H02), it is observed that accounting objectivity has a statistically significant effect on the quality of financial reporting among selected commercial banks in Rwanda (β=.591; p<.05). Regarding the third hypothesis (H03), findings show that professional competence and due care have no statistically significant effect on the quality of financial reporting among selected commercial banks in Rwanda (β=.140; p>.05). The study recommends strengthening professional knowledge and training by investing in continuous training and development programs. Promotion of ethical practices, enhancement of staff and management collaboration and learning culture across the surveyed commercial banks are also recommended. It is hoped that the study will enable the listed commercial banks to improve ethical practices and competences among staffs so as to enhance quality of reporting. Other academicians may also find the study valuable in benchmarking their studies on the same subject. Keywords: Accounting Ethics, Quality of Financial Reporting, Commercial Banks, Rwanda Stock Exchange","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135774264","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 the research was to assess the role of regional integration in political cooperation among EAC member states. The specific goals were to examine the effect of economic initiatives on political cooperation, to assess the effect of policy harmonization on EAC political cooperation in the case of Rwanda, and to investigate the relationship between diplomatic efforts and EAC political cooperation in the case of Rwanda. The study's insights on Rwanda-EAC dynamics foster stronger political collaboration, guiding EAC policy decisions. It informs Rwanda's diplomatic strategy, enhances cross-border cooperation within the EAC, and serves as a foundational resource for future research and policy recommendations. The study employs Institutional Liberalism Theory, Neo-Functionalism Theory, and Intergovernmentalism Theory to examine how international institutions, spill over effects, and intergovernmental decision-making shape regional integration and political cooperation within the EAC. The interview guide and questionnaire were used to collect quantitative and qualitative data from the field using a descriptive research design. Interviews were conducted with 30 respondents crossing the Gatuna Border using the convenient sampling technique. 68 respondents were selected from the ministry of foreign affairs based on a purposive sampling method to fill out the questionnaire from their respective offices, making 98 respondents out of 274 people in the target population. The results revealed that the evaluation of economic initiatives revealed strong support for their positive impact on EAC's political cooperation, reflected in high mean scores (4.886 to 4.989) and significant Pearson correlation coefficients (0.322 to 0.674, p < 0.01). Similarly, policy harmonization demonstrated positive effects on political cooperation, evident in high mean scores (4.896 to 4.969) and strong Pearson correlation coefficients (0.452 to 0.702, p < 0.01). Effective diplomatic efforts were found to significantly foster political cooperation, indicated by high mean scores (4.824 to 4.958) and moderate to strong Pearson correlation coefficients (0.245 to 0.914). In conclusion, these results underscore the pivotal roles of economic initiatives, policy harmonization, and diplomatic efforts in strengthening political collaboration within the EAC. The study suggests prioritizing continuous dialogue and mutual understanding among EAC diplomats, emphasizing policy harmonization and regional integration. Rwanda, as an EAC member state, should actively engage in integration efforts, while all member states should strive for collaborative decision-making and standardized policies. Citizens and leadership should support initiatives for economic growth and regional cooperation. Keywords: Regional Integration Efforts, Political Cooperation, East African Community, Rwanda
{"title":"Regional Integration Efforts and Political Cooperation of East African Community: A Case of Rwanda","authors":"","doi":"10.53819/81018102t2243","DOIUrl":"https://doi.org/10.53819/81018102t2243","url":null,"abstract":"The main purpose of the research was to assess the role of regional integration in political cooperation among EAC member states. The specific goals were to examine the effect of economic initiatives on political cooperation, to assess the effect of policy harmonization on EAC political cooperation in the case of Rwanda, and to investigate the relationship between diplomatic efforts and EAC political cooperation in the case of Rwanda. The study's insights on Rwanda-EAC dynamics foster stronger political collaboration, guiding EAC policy decisions. It informs Rwanda's diplomatic strategy, enhances cross-border cooperation within the EAC, and serves as a foundational resource for future research and policy recommendations. The study employs Institutional Liberalism Theory, Neo-Functionalism Theory, and Intergovernmentalism Theory to examine how international institutions, spill over effects, and intergovernmental decision-making shape regional integration and political cooperation within the EAC. The interview guide and questionnaire were used to collect quantitative and qualitative data from the field using a descriptive research design. Interviews were conducted with 30 respondents crossing the Gatuna Border using the convenient sampling technique. 68 respondents were selected from the ministry of foreign affairs based on a purposive sampling method to fill out the questionnaire from their respective offices, making 98 respondents out of 274 people in the target population. The results revealed that the evaluation of economic initiatives revealed strong support for their positive impact on EAC's political cooperation, reflected in high mean scores (4.886 to 4.989) and significant Pearson correlation coefficients (0.322 to 0.674, p < 0.01). Similarly, policy harmonization demonstrated positive effects on political cooperation, evident in high mean scores (4.896 to 4.969) and strong Pearson correlation coefficients (0.452 to 0.702, p < 0.01). Effective diplomatic efforts were found to significantly foster political cooperation, indicated by high mean scores (4.824 to 4.958) and moderate to strong Pearson correlation coefficients (0.245 to 0.914). In conclusion, these results underscore the pivotal roles of economic initiatives, policy harmonization, and diplomatic efforts in strengthening political collaboration within the EAC. The study suggests prioritizing continuous dialogue and mutual understanding among EAC diplomats, emphasizing policy harmonization and regional integration. Rwanda, as an EAC member state, should actively engage in integration efforts, while all member states should strive for collaborative decision-making and standardized policies. Citizens and leadership should support initiatives for economic growth and regional cooperation. Keywords: Regional Integration Efforts, Political Cooperation, East African Community, Rwanda","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135777415","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}
Leverage, debt maturity, and corporate financial performance are integral aspects of corporate finance for non-financial firms. The choice of leverage, which measures the use of debt in a company's capital structure, can impact profitability and financial risk. Debt maturity decisions, whether opting for short-term or long-term debt, affect liquidity management and interest rate risk. The strategic balance between leverage and debt maturity plays a pivotal role in shaping a company's overall financial health and competitiveness, making these factors essential considerations for firms listed at stock exchanges like the Pakistan Stock Exchange. The study adopted the descriptive research design. The target population was 30 Non-Financial Firms Listed at Pakistan Stock Exchange. The study did sampling of 22 respondents that were chosen from the target population of 30 Non-Financial Firms Listed at Pakistan Stock Exchange. Questionnaires were used to gather the data. In conclusion, the intricate relationships between leverage, debt maturity, and corporate financial performance among non-financial firms listed at the Pakistan Stock Exchange highlight the importance of striking a careful balance between risk and return. Effective management of leverage and debt maturity choices is crucial for optimizing financial performance, ensuring stability, and enhancing competitiveness in the dynamic landscape of the stock exchange. The study recommended that Non-financial firms listed at the Pakistan Stock Exchange should adopt a strategic approach to balance leverage and debt maturity decisions, considering industry-specific dynamics and conducting regular risk assessments. Furthermore, maintaining a proactive dialogue with regulatory bodies and staying compliant with evolving financial regulations is essential to ensure that financial practices align with regulatory expectations and maintain investor confidence in PSX-listed companies. Keywords: Leverage, Debt Maturity, Financial Performance, Pakistan
{"title":"Leverage, Debt Maturity and Corporate Financial Performance: Evidence from Non-Financial Firms Listed at Pakistan Stock Exchange","authors":"","doi":"10.53819/81018102t5268","DOIUrl":"https://doi.org/10.53819/81018102t5268","url":null,"abstract":"Leverage, debt maturity, and corporate financial performance are integral aspects of corporate finance for non-financial firms. The choice of leverage, which measures the use of debt in a company's capital structure, can impact profitability and financial risk. Debt maturity decisions, whether opting for short-term or long-term debt, affect liquidity management and interest rate risk. The strategic balance between leverage and debt maturity plays a pivotal role in shaping a company's overall financial health and competitiveness, making these factors essential considerations for firms listed at stock exchanges like the Pakistan Stock Exchange. The study adopted the descriptive research design. The target population was 30 Non-Financial Firms Listed at Pakistan Stock Exchange. The study did sampling of 22 respondents that were chosen from the target population of 30 Non-Financial Firms Listed at Pakistan Stock Exchange. Questionnaires were used to gather the data. In conclusion, the intricate relationships between leverage, debt maturity, and corporate financial performance among non-financial firms listed at the Pakistan Stock Exchange highlight the importance of striking a careful balance between risk and return. Effective management of leverage and debt maturity choices is crucial for optimizing financial performance, ensuring stability, and enhancing competitiveness in the dynamic landscape of the stock exchange. The study recommended that Non-financial firms listed at the Pakistan Stock Exchange should adopt a strategic approach to balance leverage and debt maturity decisions, considering industry-specific dynamics and conducting regular risk assessments. Furthermore, maintaining a proactive dialogue with regulatory bodies and staying compliant with evolving financial regulations is essential to ensure that financial practices align with regulatory expectations and maintain investor confidence in PSX-listed companies. Keywords: Leverage, Debt Maturity, Financial Performance, Pakistan","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135868586","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 general objective of this study was to determine the effects of accounts receivable management practices on financial performance of manufacturing companies in Rwanda. The specific objectives were to: analyze the effect of Credit policy on financial performance of manufacturing companies in Rwanda, examine the effect of Collection policy on financial performance of manufacturing companies in Rwanda, establish the effect of Credit analysis on financial performance of manufacturing companies in Rwanda and assess the effect of Billing and invoicing on financial performance of manufacturing companies in Rwanda. The study adopted a descriptive cross-sectional survey research design which allowed the collection of primary quantitative data through structured questionnaires. The target population was 61 employees from Cimerwa Plc. Census approach was used in this study. Both primary and secondary data was used for the study. Primary data was collected using a well-structured questionnaire. The study utilized questionnaires as an instrument for data collection. Data was analyzed for descriptive and inferential statistics using SPSS version 21. Descriptive statistics such as mean, standard deviation was used to test the data. Ordinary Least Square method was utilized to establish the cause-effect relationship between variables while hypotheses were tested at 5% significance level. The findings reveal that Credit Policy and Credit Analysis have a statistically significant positive impact on Financial Performance (B = 0.502, Beta = 0.274, p = 0.033 and B = 0.595, Beta = 0.548, p = 0.004, respectively), suggesting that a more favorable credit policy and more robust credit analysis positively affect financial performance. In contrast, the results suggest that Collection Policy and Billing and Invoicing do not have a significant influence on Financial Performance (B = -0.007, Beta = -0.008, p = 0.942 and B = -0.377, Beta = -0.327, p = 0.069, respectively). This study in Rwanda emphasizes the significant impact of effective accounts receivable management on manufacturing companies' financial performance. It advocates for prudent credit policies, streamlined billing processes, and comprehensive credit analysis to enhance liquidity, profitability, and overall financial health. The recommendation for CIMERWA PLC includes implementing efficient credit policies and collection procedures for improved financial outcomes. Future research addressing Rwanda's specific economic context is suggested for tailored insights. Keywords: Accounts Receivable Management Practices, Financial Performance, Manufacturing Companies, Cimerwa Plc, Rwanda
本研究的总目标是确定应收账款管理做法对卢旺达制造公司财务业绩的影响。具体目标是:分析信贷政策对卢旺达制造公司财务绩效的影响，检查收款政策对卢旺达制造公司财务绩效的影响，建立信贷分析对卢旺达制造公司财务绩效的影响，评估开票和发票对卢旺达制造公司财务绩效的影响。本研究采用描述性横断面调查研究设计，通过结构化问卷收集初步定量数据。目标人群是来自Cimerwa Plc的61名员工。本研究采用人口普查方法。本研究采用了第一手资料和第二手资料。使用结构良好的问卷收集原始数据。该研究使用问卷作为数据收集的工具。使用SPSS version 21对数据进行描述性和推断性统计分析。采用均值、标准差等描述性统计方法对数据进行检验。采用普通最小二乘法建立变量间的因果关系，在5%显著性水平下检验假设。研究发现，信用政策和信用分析对财务绩效有显著的正向影响(B = 0.502, Beta = 0.274, p = 0.033; B = 0.595, Beta = 0.548, p = 0.004)，表明更有利的信用政策和更稳健的信用分析对财务绩效有正向影响。相反，结果表明，收款政策和开票对财务绩效没有显著影响(B = -0.007, Beta = -0.008, p = 0.942和B = -0.377, Beta = -0.327, p = 0.069)。这项在卢旺达进行的研究强调了有效的应收账款管理对制造公司财务业绩的重大影响。它提倡谨慎的信用政策、简化的计费流程和全面的信用分析，以增强流动性、盈利能力和整体财务健康。对CIMERWA PLC的建议包括实施有效的信贷政策和收款程序，以改善财务结果。建议针对卢旺达的具体经济背景进行未来研究，以获得量身定制的见解。关键词:应收账款管理实践，财务绩效，制造公司，Cimerwa Plc，卢旺达
{"title":"Accounts Receivable Management Practices and Financial Performance of Manufacturing Companies in Rwanda; A Case Study of CIMERWA Plc","authors":"","doi":"10.53819/81018102t2247","DOIUrl":"https://doi.org/10.53819/81018102t2247","url":null,"abstract":"The general objective of this study was to determine the effects of accounts receivable management practices on financial performance of manufacturing companies in Rwanda. The specific objectives were to: analyze the effect of Credit policy on financial performance of manufacturing companies in Rwanda, examine the effect of Collection policy on financial performance of manufacturing companies in Rwanda, establish the effect of Credit analysis on financial performance of manufacturing companies in Rwanda and assess the effect of Billing and invoicing on financial performance of manufacturing companies in Rwanda. The study adopted a descriptive cross-sectional survey research design which allowed the collection of primary quantitative data through structured questionnaires. The target population was 61 employees from Cimerwa Plc. Census approach was used in this study. Both primary and secondary data was used for the study. Primary data was collected using a well-structured questionnaire. The study utilized questionnaires as an instrument for data collection. Data was analyzed for descriptive and inferential statistics using SPSS version 21. Descriptive statistics such as mean, standard deviation was used to test the data. Ordinary Least Square method was utilized to establish the cause-effect relationship between variables while hypotheses were tested at 5% significance level. The findings reveal that Credit Policy and Credit Analysis have a statistically significant positive impact on Financial Performance (B = 0.502, Beta = 0.274, p = 0.033 and B = 0.595, Beta = 0.548, p = 0.004, respectively), suggesting that a more favorable credit policy and more robust credit analysis positively affect financial performance. In contrast, the results suggest that Collection Policy and Billing and Invoicing do not have a significant influence on Financial Performance (B = -0.007, Beta = -0.008, p = 0.942 and B = -0.377, Beta = -0.327, p = 0.069, respectively). This study in Rwanda emphasizes the significant impact of effective accounts receivable management on manufacturing companies' financial performance. It advocates for prudent credit policies, streamlined billing processes, and comprehensive credit analysis to enhance liquidity, profitability, and overall financial health. The recommendation for CIMERWA PLC includes implementing efficient credit policies and collection procedures for improved financial outcomes. Future research addressing Rwanda's specific economic context is suggested for tailored insights. Keywords: Accounts Receivable Management Practices, Financial Performance, Manufacturing Companies, Cimerwa Plc, Rwanda","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135818234","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}
Financial market development plays a crucial role in fostering economic growth by providing an efficient platform for the allocation of funds. As financial markets become more sophisticated and inclusive, they enable businesses to access capital more readily for investments in productive assets and innovative projects. Additionally, well-functioning financial markets encourage savings, promote risk-sharing, and enhance liquidity, facilitating economic expansion. Governments and policymakers play a pivotal role in nurturing financial market development through prudent regulations and incentives to drive economic growth and stability. Findings from studies on financial market development and economic growth in Sweden indicate a strong positive relationship between the two variables. Sweden's well-developed financial markets, characterized by a robust banking sector and capital markets, have been instrumental in promoting economic growth and stability. This is particularly evident in Sweden's ability to efficiently allocate capital, encourage innovation, and facilitate a high level of savings, contributing to its strong economic performance. In conclusion, the relationship between financial market development and economic growth in Sweden is robust and mutually reinforcing. Sweden's well-established financial markets, including a strong banking sector and capital markets, have been instrumental in driving the nation's sustained economic growth. These findings underscore the importance of nurturing financial market development as a vital component of fostering economic expansion and stability in Sweden. The study recommended that to further enhance the synergy between financial market development and economic growth in Sweden, policymakers should focus on maintaining regulatory stability and fostering innovation in the financial sector. Promoting financial inclusion to ensure that a broader section of the population can access and benefit from the opportunities offered by well-developed financial markets can be a valuable strategy for driving economic growth. Keywords: Financial Market Development, Economic Growth, Sweden
{"title":"Financial Market Development and Economic Growth in Sweden","authors":"","doi":"10.53819/81018102t5269","DOIUrl":"https://doi.org/10.53819/81018102t5269","url":null,"abstract":"Financial market development plays a crucial role in fostering economic growth by providing an efficient platform for the allocation of funds. As financial markets become more sophisticated and inclusive, they enable businesses to access capital more readily for investments in productive assets and innovative projects. Additionally, well-functioning financial markets encourage savings, promote risk-sharing, and enhance liquidity, facilitating economic expansion. Governments and policymakers play a pivotal role in nurturing financial market development through prudent regulations and incentives to drive economic growth and stability. Findings from studies on financial market development and economic growth in Sweden indicate a strong positive relationship between the two variables. Sweden's well-developed financial markets, characterized by a robust banking sector and capital markets, have been instrumental in promoting economic growth and stability. This is particularly evident in Sweden's ability to efficiently allocate capital, encourage innovation, and facilitate a high level of savings, contributing to its strong economic performance. In conclusion, the relationship between financial market development and economic growth in Sweden is robust and mutually reinforcing. Sweden's well-established financial markets, including a strong banking sector and capital markets, have been instrumental in driving the nation's sustained economic growth. These findings underscore the importance of nurturing financial market development as a vital component of fostering economic expansion and stability in Sweden. The study recommended that to further enhance the synergy between financial market development and economic growth in Sweden, policymakers should focus on maintaining regulatory stability and fostering innovation in the financial sector. Promoting financial inclusion to ensure that a broader section of the population can access and benefit from the opportunities offered by well-developed financial markets can be a valuable strategy for driving economic growth. Keywords: Financial Market Development, Economic Growth, Sweden","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135867965","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 general objective of this research was to assess the effect of microfinance services on financial performance of small and medium enterprises in Rwanda. This study had the following specific objectives; to find out effect of financial literacy on financial performance of small medium enterprises in Gisagara District, examine the effect of saving services on financial performance of small and medium enterprises in Gisagara District and determine the effect of access to credit services on financial performance of small and medium enterprises in Gisagara District. For this study 6984 Small and Medium Enterprises as members of SACCOs in Gisagara District made up the study’s population. The sample size determined by the help of Solvin’s formula. Respondents selected from the clusters using a basic random sampling method for the study. As all 378 respondents are members of SACCOs in Gisagara District, random sampling used to choose a representative sample from each division. Each study goal probed with detailed inquiries to guarantee its fruitful conclusion. The study employed descriptive and inferential statistics. The findings indicate the coefficients between financial literacy, saving services, credit services, and financial performance of the respondents. There is significant effect of financial literacy on financial performance of SMEs (β=0.335, p<0.05). There is a significant effect of saving services on financial performance of SMEs (β = 0.273, p < 0.05). This indicates that individuals who utilize saving services tend to have better financial performance in their businesses. There is a significant effect of credit services on financial performance of SMEs (β=0.337, p<0.05). These findings highlight the importance of financial literacy, access to saving and credit services in promoting better financial outcomes for entrepreneurs and small and medium enterprises in Gisagara District. To enhance the financial performance of small and medium enterprises (SMEs) in Gisagara District, it is recommended to implement targeted financial literacy programs that address the specific needs of SMEs and collaborate with local stakeholders to ensure widespread adoption of financial best practices.
这项研究的总体目标是评估小额信贷服务对卢旺达中小企业财务业绩的影响。这项研究有以下具体目标:为了解金融素养对吉萨加拉区中小企业财务绩效的影响，考察储蓄服务对吉萨加拉区中小企业财务绩效的影响，确定信贷服务获取对吉萨加拉区中小企业财务绩效的影响。在这项研究中，吉萨加拉区作为sacco成员的6984家中小企业组成了研究人口。借助索尔文公式确定的样本量。受访者选择从集群使用基本随机抽样方法进行研究。由于所有378名回答者都是吉萨加拉区sacco的成员，因此采用随机抽样的方法从每个部门中选择一个有代表性的样本。每个研究目标都进行了详细的探讨，以保证其成果丰硕。该研究采用了描述性和推断性统计。研究结果显示了金融素养、储蓄服务、信贷服务和受访者财务绩效之间的系数。财务素养对中小企业财务绩效有显著影响(β=0.335, p<0.05)。储蓄服务对中小企业财务绩效有显著影响(β = 0.273, p <0.05)。这表明使用储蓄服务的个人在他们的企业中往往有更好的财务表现。信贷服务对中小企业财务绩效有显著影响(β=0.337, p<0.05)。这些发现突出了金融知识、获得储蓄和信贷服务在促进吉加拉区企业家和中小企业改善财务结果方面的重要性。为提高吉萨加拉区中小企业的财务绩效，建议实施有针对性的金融知识普及计划，以满足中小企业的具体需求，并与当地利益相关者合作，确保广泛采用金融最佳做法。
{"title":"Effect of Microfinance Services on Financial Performance of Selected Small and Medium Enterprises in Gisagara District, Rwanda","authors":"","doi":"10.53819/81018102t2239","DOIUrl":"https://doi.org/10.53819/81018102t2239","url":null,"abstract":"The general objective of this research was to assess the effect of microfinance services on financial performance of small and medium enterprises in Rwanda. This study had the following specific objectives; to find out effect of financial literacy on financial performance of small medium enterprises in Gisagara District, examine the effect of saving services on financial performance of small and medium enterprises in Gisagara District and determine the effect of access to credit services on financial performance of small and medium enterprises in Gisagara District. For this study 6984 Small and Medium Enterprises as members of SACCOs in Gisagara District made up the study’s population. The sample size determined by the help of Solvin’s formula. Respondents selected from the clusters using a basic random sampling method for the study. As all 378 respondents are members of SACCOs in Gisagara District, random sampling used to choose a representative sample from each division. Each study goal probed with detailed inquiries to guarantee its fruitful conclusion. The study employed descriptive and inferential statistics. The findings indicate the coefficients between financial literacy, saving services, credit services, and financial performance of the respondents. There is significant effect of financial literacy on financial performance of SMEs (β=0.335, p<0.05). There is a significant effect of saving services on financial performance of SMEs (β = 0.273, p < 0.05). This indicates that individuals who utilize saving services tend to have better financial performance in their businesses. There is a significant effect of credit services on financial performance of SMEs (β=0.337, p<0.05). These findings highlight the importance of financial literacy, access to saving and credit services in promoting better financial outcomes for entrepreneurs and small and medium enterprises in Gisagara District. To enhance the financial performance of small and medium enterprises (SMEs) in Gisagara District, it is recommended to implement targeted financial literacy programs that address the specific needs of SMEs and collaborate with local stakeholders to ensure widespread adoption of financial best practices.","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135935492","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}
Leverage, debt maturity, and corporate financial performance are integral aspects of corporate finance for non-financial firms. The choice of leverage, which measures the use of debt in a company's capital structure, can impact profitability and financial risk. Debt maturity decisions, whether opting for short-term or long-term debt, affect liquidity management and interest rate risk. The strategic balance between leverage and debt maturity plays a pivotal role in shaping a company's overall financial health and competitiveness, making these factors essential considerations for firms listed at stock exchanges like the Pakistan Stock Exchange. The study adopted the descriptive research design. The target population was 30 Non-Financial Firms Listed at Pakistan Stock Exchange. The study did sampling of 22 respondents that were chosen from the target population of 30 Non-Financial Firms Listed at Pakistan Stock Exchange. Questionnaires were used to gather the data. In conclusion, the intricate relationships between leverage, debt maturity, and corporate financial performance among non-financial firms listed at the Pakistan Stock Exchange highlight the importance of striking a careful balance between risk and return. Effective management of leverage and debt maturity choices is crucial for optimizing financial performance, ensuring stability, and enhancing competitiveness in the dynamic landscape of the stock exchange. The study recommended that Non-financial firms listed at the Pakistan Stock Exchange should adopt a strategic approach to balance leverage and debt maturity decisions, considering industry-specific dynamics and conducting regular risk assessments. Furthermore, maintaining a proactive dialogue with regulatory bodies and staying compliant with evolving financial regulations is essential to ensure that financial practices align with regulatory expectations and maintain investor confidence in PSX-listed companies. Keywords: Leverage, Debt Maturity, Financial Performance, Pakistan
{"title":"Leverage, Debt Maturity and Corporate Financial Performance: Evidence from Non-Financial Firms Listed at Pakistan Stock Exchange","authors":"","doi":"10.53819/81018102t5266","DOIUrl":"https://doi.org/10.53819/81018102t5266","url":null,"abstract":"Leverage, debt maturity, and corporate financial performance are integral aspects of corporate finance for non-financial firms. The choice of leverage, which measures the use of debt in a company's capital structure, can impact profitability and financial risk. Debt maturity decisions, whether opting for short-term or long-term debt, affect liquidity management and interest rate risk. The strategic balance between leverage and debt maturity plays a pivotal role in shaping a company's overall financial health and competitiveness, making these factors essential considerations for firms listed at stock exchanges like the Pakistan Stock Exchange. The study adopted the descriptive research design. The target population was 30 Non-Financial Firms Listed at Pakistan Stock Exchange. The study did sampling of 22 respondents that were chosen from the target population of 30 Non-Financial Firms Listed at Pakistan Stock Exchange. Questionnaires were used to gather the data. In conclusion, the intricate relationships between leverage, debt maturity, and corporate financial performance among non-financial firms listed at the Pakistan Stock Exchange highlight the importance of striking a careful balance between risk and return. Effective management of leverage and debt maturity choices is crucial for optimizing financial performance, ensuring stability, and enhancing competitiveness in the dynamic landscape of the stock exchange. The study recommended that Non-financial firms listed at the Pakistan Stock Exchange should adopt a strategic approach to balance leverage and debt maturity decisions, considering industry-specific dynamics and conducting regular risk assessments. Furthermore, maintaining a proactive dialogue with regulatory bodies and staying compliant with evolving financial regulations is essential to ensure that financial practices align with regulatory expectations and maintain investor confidence in PSX-listed companies. Keywords: Leverage, Debt Maturity, Financial Performance, Pakistan","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135876187","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}
Financial market development plays a crucial role in fostering economic growth by providing an efficient platform for the allocation of funds. As financial markets become more sophisticated and inclusive, they enable businesses to access capital more readily for investments in productive assets and innovative projects. Additionally, well-functioning financial markets encourage savings, promote risk-sharing, and enhance liquidity, facilitating economic expansion. Governments and policymakers play a pivotal role in nurturing financial market development through prudent regulations and incentives to drive economic growth and stability. Findings from studies on financial market development and economic growth in Sweden indicate a strong positive relationship between the two variables. Sweden's well-developed financial markets, characterized by a robust banking sector and capital markets, have been instrumental in promoting economic growth and stability. This is particularly evident in Sweden's ability to efficiently allocate capital, encourage innovation, and facilitate a high level of savings, contributing to its strong economic performance. In conclusion, the relationship between financial market development and economic growth in Sweden is robust and mutually reinforcing. Sweden's well-established financial markets, including a strong banking sector and capital markets, have been instrumental in driving the nation's sustained economic growth. These findings underscore the importance of nurturing financial market development as a vital component of fostering economic expansion and stability in Sweden. The study recommended that to further enhance the synergy between financial market development and economic growth in Sweden, policymakers should focus on maintaining regulatory stability and fostering innovation in the financial sector. Promoting financial inclusion to ensure that a broader section of the population can access and benefit from the opportunities offered by well-developed financial markets can be a valuable strategy for driving economic growth. Keywords: Financial Market Development, Economic Growth, Sweden
{"title":"Financial Market Development and Economic Growth in Sweden","authors":"","doi":"10.53819/81018102t5267","DOIUrl":"https://doi.org/10.53819/81018102t5267","url":null,"abstract":"Financial market development plays a crucial role in fostering economic growth by providing an efficient platform for the allocation of funds. As financial markets become more sophisticated and inclusive, they enable businesses to access capital more readily for investments in productive assets and innovative projects. Additionally, well-functioning financial markets encourage savings, promote risk-sharing, and enhance liquidity, facilitating economic expansion. Governments and policymakers play a pivotal role in nurturing financial market development through prudent regulations and incentives to drive economic growth and stability. Findings from studies on financial market development and economic growth in Sweden indicate a strong positive relationship between the two variables. Sweden's well-developed financial markets, characterized by a robust banking sector and capital markets, have been instrumental in promoting economic growth and stability. This is particularly evident in Sweden's ability to efficiently allocate capital, encourage innovation, and facilitate a high level of savings, contributing to its strong economic performance. In conclusion, the relationship between financial market development and economic growth in Sweden is robust and mutually reinforcing. Sweden's well-established financial markets, including a strong banking sector and capital markets, have been instrumental in driving the nation's sustained economic growth. These findings underscore the importance of nurturing financial market development as a vital component of fostering economic expansion and stability in Sweden. The study recommended that to further enhance the synergy between financial market development and economic growth in Sweden, policymakers should focus on maintaining regulatory stability and fostering innovation in the financial sector. Promoting financial inclusion to ensure that a broader section of the population can access and benefit from the opportunities offered by well-developed financial markets can be a valuable strategy for driving economic growth. Keywords: Financial Market Development, Economic Growth, Sweden","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135933301","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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