Vidhi Agarwal and Anju Kalluvelil Janardhanan
Investors are considered to behave rationally and invest their money after analyzing the company’s fundamentals. Even then markets have infamous notoriety of acting rather unusually, thus making it difficult for the investors to invest and exit the stock market. It is believed that whatever happens in the financial markets of any country have a very strong economic reasoning but at the same time is largely influenced by the investor sentiment and trust in the company\'s performance. A lot of study has been undertaken to understand the sentimental reaction of a market towards the changes in the company profile. It is evident that profile changes in some companies have a larger impact on the share prices in contrast to other companies, largely due to the role of key managerial personnel in improving the profitability of the company. The reason behind the change in key managerial personnel also determines the extent of the impact on the share price of that company. This research quantifies such impact on IT, Pharma, and Banking Industry in India via Nifty indices of the said sectors.
Sani Abdul Rahman Bala* and Usman Mamuda Musa
DOI: 10.37421/2162-6359.2023.12.698
This study investigated the impact of infrastructures availability proxied by electricity power consumption and exchange rate on the inflows of Foreign Direct Investment (FDI) to Nigeria. The study used annual data from 1984 to 2018. Unit root test and ARDL (bound test) and granger causality test are the econometric tools used in investigating the relationship between the variables. The unit root test indicates that FDI inflows and infrastructure, were stationary at level value 1(0) while exchange rate was stationary after first difference 1(1). Furthermore, the bound test (ARDL) results revealed that infrastructure and exchange rate have positive and statistically significant influence on the flow of FDI. The long run elasticity coefficient reveals that the 1%change in infrastructure and exchange rate will change FDI inflows by 2.42% and 0.34%. While 1% increase or decrease in the independent variables will lead to a corresponding increase or decrease of 1.24% and 0.07% in FDI inflows in the short run. The results of ECM indicate that there is both short and long run equilibrium in the system. The coefficient of one period lag of ECM is less than one, negative (-0.75) and statistically significant at 1% level. This implies that the system correct itself from the disequilibrium at the speed of 75% annually. Granger causality result show that there is an evidence of bidirectional causality between FDI inflow and infrastructure availability. Similarly, there is unidirectional causality running from exchange rate to FDI flow in Nigeria. The study therefore recommends the need for the government and the private sector to improve on power, transmission and distribution. This will reduce the cost of doing business in the economy and in turn attract more investors to the economy. Similarly, policymaker should re-design the existing exchange rate policy so as to create investors’ confidence in the country’s currency.
Hassen Soltani* and Mohamed Ghandri
DOI: 10.37421/2162-6359.2024.13.739
Using the dynamic GMM method from a sample of 15 MENA countries during the period 2000-2017, we tried to examine the impact of governance quality on FDI and economic growth in these countries. The results show that, in general, governance variables are positively correlated with economic growth, since the quality of the institutional infrastructure is very important for the attractiveness of FDI and the promotion of a country's growth. Similarly, FDI is significant and positively related to economic growth.
Awol Hussien Aman* and Chalchissa Amentie
DOI: 10.37421/2162-6359.2023.12.684
The main purpose of this seminar was to review on theoretical foundation of Strategic Human Capital (SHC) and its’ applicability on the ground when practiced by different sectors (organizations). Both primary and secondary data sources were employed to review and analysis. The data obtained from both sources were discussed in detail and analyzed comparatively. This help to identify the status of strategic human capital practicing at sectors’ level and the association of theory. As the result of literature review indicated SHC is composed of three strategic elements (human capital, social capital and organizational capital) in which all are worked in integration to achieve any desire of organizational success. Similarly, the result of survey’s finding was revealed, there is direct relationship between all independent variables and dependent variable. The practice of human capital support for practicing social capital’s as well as organizational capital. As the results of linear regression analysis was indicated 65.7% variance in organizational success can be predicted from the combination of all independent dimensions. The result also shows that F=51.516 at p<0.05 statistically significant. On other hand, social capital theory implies that social resources have important direct and indirect effects. As survey analysis indicated the social capital is the most influential factor that significantly affect the organization success with a beta value (beta=0.334, t=2.287), at 95% confidence level (p<0.05). Furthermore, as data reviewed was indicated organizational capital is the institutionalized knowledge possessed by an organization that is stored in databases and manuals which retained with the help of information technology on readily accessible and easily extended databases. Therefore, organizations need to give special concern to all independent attributes. The little improvement they made to their employees in practices and the development of systems, the employees were started becoming hard worker and have gratified with their organizations’ and, similarly the organizations can able to achieve its desired success with the help of its employees.
DOI: 10.37421/2162-6359.2023.12.708
Unemployment is a term refers to folks who are enthusiastically in the hunt for a job but fails to get job due to some internal and external forces. Unemployment provide as one of the display of an economic status of the nation. The proportion of persons without a job is known as the unemployment rate; it fluctuates according to the state of economy once a nation’s economy is strong, budding and contributes a wide variety of job opportunity to general layperson in the country. The National Statistical Office (NSO) report stated that unemployment rate in urban drop off from 10.3% to 8.7% in May 2022 compare to December 2021. Government of India provides various schemes to eradicate the unemployment problem in India.
Poverty refers as the communities who are in lack of financial support or resources for their minimum standard of living to satisfy their basic needs like clean water, healthy food, shelter etc. Poverty is a complex cycle to rupture and frequently passes from generation to generation; it is specific by socioeconomic status, civilization, gender and topography. AS per NITI Aayog’s Multidimensional Poverty Index (MPI) 2021 stated that 25.01% of the population are laid in poverty which takes health, education and standard of living as three dimension factors to estimate poverty.
In India the biggest obstacle is eradication of poverty and unemployment where government measure are taken to solve it and motivate youth to become an entrepreneur “not a job seeker, become a job provider”.
DOI: 10.37421/2162-6359.2023.12.685
Purpose: The purpose of this study to investigate corporate tax avoidance behaviors which increase the company value in Pakistan. Few studies take over empirical conduct for tax avoidance represents wealth transfer from government to companies that enhance the company value. This empirical work argues that contrast to developed countries, tax avoidance does not necessarily add value to opaque Pakistan companies relevant to transparent counterparts due to high level of agency costs.
Design/methodology/approach: First, the author of the study investigates the complete effect of tax avoidance regarding listed companies of Pakistan stock exchange in which the value of the companies increased that is illegal activity. Second, the author examines the relative opaque counterparts in which tax avoidance increase the value of the transparent companies. It is increased the uncertainty for the revenue of the government and decreases the tax collection amount. Third, the author used different perspectives to measure the corporate tax avoidance which is creating burden for the government of Pakistan. The time period 2012 to 2021 with fixed effect regression model indicates that there is a relationship between tax avoidance and value of the listed companies.
Findings: This study found that corporate tax avoidance reduces the tax burden that maximizes the shareholder’s wealth. There is a relationship exist between tax avoidance and environmental uncertainty which does influence on reduction of tax payments to the government of the Pakistan.
Practical implications: The empirical work of Sikkas (2010, 2013) views that organized hypocrisy act that is committed by the listed companies in China in where companies are engaged for aggressive tax avoidance whose irresponsible and illegal activities for the avoidance of tax. Consequences indicted that listed companies of the Pakistan stock exchange and investors regarding financial tax conformity has effects on the avoidance of tax which is an illegal activity. It is reacting badly regarding financial considerations for the economy of Pakistan.
Originality/value: The consequences of the study indicate that tax avoidance is a crucial factor that influence the economy of Pakistan badly in which managers of the listed companies are gaining the encroached for their self-serving. Moreover, investors in Pakistan stock exchange are downplaying the significance regarding avoidance of tax with having the corporate information transparency that pertain the negative tone for the economy of Pakistan.
DOI: 10.37421/2162-6359.2023.12.674
Agriculture has been assumed to be a vital sector for achieving food security and alleviating poverty. Rice is crucial and most cultivated cereal has a good potential to food self-sufficiency and food security. The production of rice is low in the district due to low attention given to the rice production and low agricultural technology adoption decision to rice production. Therefore, this research attempts to evaluate the determinants that affecting rice yield in the district employing cross-sectional field survey data gathered in 2022. A cross-sectional field survey was collected among 384 rice cultivators in the Fogera district, Amhara region. For the data analysis descriptive statistics and binary logit regression model were conducted. The results of binary logit regression presented the rice production was significantly affected by size of family, educational status, available family labor, livestock owned, access to extension, credit use, access to information, distance to nearest market, and distance to nearest road. Among these key underlying determinants educational status, available family labor, livestock owned, access to extension, credit use, and access to information were positively associated with rice production, whereas size of family, distance to nearest market, and distance to nearest road were negatively associated. The results evaluated the role of rice production at farm level due to higher yield and income could translate in to improved food security and grower’s welfare. Therefore, concern bodies should give a vital attention to rice production which is a key to enhance rice grower’s income.
Victor Ushahemba Ijirshar*, Bridget Ngodoo Mile and Mlumun Queen Ijirshar
DOI: 10.37421/2162-6359.2023.12.684
SMEs remain a veritable tool that generates employment opportunities. This study examined the impact of SMEs on employment creation in the Makurdi metropolis of Benue state. A sample size of 340 entrepreneurs was chosen from the population of entrepreneurs (SMEs) in the Makurdi metropolis. The study used logistic regression to analyse the impact of SME activities on employment creation or generation in the state and found that SMEs contribute significantly to employment creation in the state but are often faced with the challenges of lack of capital, absence of business planning, lack of confidence in the face of competition, unfavorable environment for the development of SMEs, high government taxes and inadequate technical knowledge. The study therefore recommended that the government should implement capital or credit enhancing programmes and an enabling environment for smooth running of the SMEs. Tax incentives should also be granted to infant enterprises, and tax administration should be monitored to avoid excessive tax rates imposed by tax collectors.
DOI: 10.37421/2162-6359.2023.11.684
Unemployment means the number of jobless people in a country. Those people who have the energy and ability of a job and want to do the job, but he/she cannot find the job to meet their basic needs or it's the situation in which someone in the age of working but unable to get full time employment unfortunately, Afghanistan is one of those countries with the highest unemployment rate around the world. According to the World Bank research in 2019, the unemployment rate in Afghanistan was 11.12%. In 2020 and 2021, the unemployment rate got increased, which harms the purchasing power of civilians. People need a job if there is no job; they try to find other ways to survive; in Afghanistan, there are many terrorist groups like, Taliban, Al-Qaida, Dahesh (ISIS), Haqqani network, smugglers, etc. These groups welcoming the youths, and they pay money for them. It's an excellent opportunity for terrorism and smugglers to hire youth and teenagers to fight for them and their goals. From 2004 up to 2021, the unemployment rate is gradually increasing day by day, and the security situation also is getting worse; it shows unemployment and security interrelated; in villages, most people are jobless, which is why most of the villagers join these groups.
DOI: 10.37421/2162-6359.2023.12.687
The deterrent component of tort law is highlighted by the economic theory of tort law. It is predicated on the notion that responsibility for unintentional injury should be allocated. in order to reduce the predicted costs of accidents, such as those incurred by the victims, the expense of taking safeguards to prevent injuries and victims, and the administrative costs of determining fault. This research tries to examine tort liability from an economic perspective. This work does not consider each and every tort law idea, but rather focuses on a few that are more closely related to tort law than others and all of them work together harmoniously to produce a seamless body of study, which is the goal of this work.
It investigates the possible significance of risk-benefit analysis in determining the appropriateness of the COVID-19 vaccination. It is argued that a comprehensive flexible approach to determining defectiveness that embraces risk-benefit can take into account the enormous public interest derived from the continued supply and availability of vaccines, as well as the benefits of immunity for both the individual and the community. The immunity-granting advantages of the COVID-19 vaccinations for both the individual and the community should be significant in any assessment of defectiveness if situations involving the liability of the vaccine do arise. Such a comprehensive, adaptable approach to defects that considers risk and benefit can be used to assess a vaccine's safety and potentially lessen its risks decreasing public trust in the vaccine update.
DOI: 10.37421/2162-6359.2023.12.686
The paper critically examines the digital media and governance codes of ethics in light of the data protection bill 2019.
This research focuses on the government of India's recent proposal of personal data protection bill (yet to be drafted as law) and the information technology (intermediary guidelines and digital media ethics code) rules, 2021 (amendment to information technology act, 2000 and information technology (intermediaries’ guidelines) rules, 2011).
The emergence of digital media platforms has visibly delegated power to users, who can now engage with a mass audience and exert degrees of influence over democratic processes and governance practices. However, people are now having a dilemma about technological advancement and digitization due to increased concerns about personal data breach, its protection, and privacy policy. There is less credibility over the source of information been published on digital media?
In order to protect the right to privacy and to maintain authenticity, it is necessary to comprehend the concept of a digital media ethics code and intermediary norms. As a result, this paper will explore the perspectives on the frameworks put in place by the government in order to maintain due diligence over digital media platforms.
DOI: 10.37421/2162-6359.2022.11.654
Maheswari Dama* and Kannaji Rao
DOI: 10.37421.2162-6359.2023.12.684
Microfinance has grown as a tool for economic development. Microfinance serves to alleviate poverty in underdeveloped countries while also promoting women's empowerment. The research state and future prospects of micro finance were identified using a bibiliometric analysis based on the Scopus data source from 2000 to 2021. Microfinance has progressed from a promise to a reality during the last two decades, albeit with ups and downs. This article examines 161 papers that have been indexed by Scopus. In 2020, the highest papers were published, which is the highest number in the last 20 years. The evolution of the most important topics to scholars is revealed by bibiliometric analysis. The key word analysis identifies developing research subjects, demonstrates the application of sophisticated approaches, and recognizes a new trend in the micro finance industry.
Prachi Sharma Vijayvargiya
Purpose: The purpose of this paper is to identify the difference in the level of employability skills among Government and Private Institute Engineering Graduates. Methodology: A self-designed questionnaire with 5 point Likert scale to collect the data. Data is collected from both educational institutes (200) and industries (100) of Indore city and then it is analyzed using different tools in SPSS 20 version. Findings: It was found out that there is no difference in the level of employability skills among government and private institute engineering graduates. Research limitations: The city selected was Indore for students and Malwa region for employers, which may not represent the entire state and nation in some aspects. So, there is a scope of further research. Practical implications: It will be a useful for different institutes, organizations, professors, personal tutors, careers counsellors and any other practitioners involved in employability activities. It will also be used to develop employable graduates for industries. Value: This paper seeks to identify the difference in the level of employability skills of engineering students among genders and fill it, if it exists. It will be of value to anybody with an interest in employability issues
Muhammad Imran Hanif
For its role in enhancing service innovation performance, transformational leadership has often been studied by the various researchers; but further research is dire need to explore the procedure, by which transformational leadership has its effect on service innovation performance. This study as four main goal to explore transformational leadership at higher level of management like CEO level to highlight the significant of innovation performance in enhancing the global competiveness of service sector to clarify the process of transformational leadership affecting the service innovation performance by taking organizational factors as mediators and to empirically examined the proposed model explaining the relationships among CEO TFL, organizational factors, and service innovation performance through empirical examination. For analysis of proposed hypotheses, questionnaire was distributed among employees in banking sector. Principle findings of this study are CEO TFL has a positive impact on all three organizational variables including the exchange of expertise, organizational training and culture of innovation All the organizational factors including knowledge sharing, organizational learning, and innovation culture are positively related with service innovation performance Among organizational factors, organizational learning has most significant impact on service innovation performance positively and CEO transformational leadership is also directly related with service innovation performance positivel.
Pooja Singh* and Mohammad Shahid
DOI: 10.37421/2162-6359.2022.11.653
Over the past several years there have been intensive discussions about the importance of knowledge management within our society. The management of knowledge is promoted as an important and necessary factor for organizational survival and maintenance of competitive strength. To remain at the forefront organizations need a good capacity to retain, develop, organize and utilize their employees' capabilities. “knowledge” is at centre stage. KM and related strategy concepts are promoted as important and necessary components for organizations to survive and maintain their competitive keenness. It has become necessary for managers and executives to address “KM”. KM is considered a prerequisite for higher productivity and flexibility in both the private and the public sectors. The word Knowledge Management (KM) has grown remarkably during the past decade. The purpose of this study is to raise awareness of knowledge management and its potential to support organizations in achieving their business objectives. The research will also identify the concrete steps and cultural change required for government departments in order to more effectively use and share knowledge.
The purpose of this paper is to explain in greater detail what is meant by knowledge management and why it matters. This will be followed by consideration of some of the challenges with respect to its implementation in organizations. Finally, considerations in relation to its implementation in a corporate sector context are raised.The best four components of knowledge management are people, process, content/ IT, and strategy. Regardless of the industry, size, or knowledge needs of your organization, you always need people to lead, sponsor, and support knowledge sharing. You need defined processes to manage and measure knowledge flows.
Tresphory Othumary Mgeni
This study intended to assess the effect of merging of social security funds (SSFs) on the organizational survival and growth of Public Social Security Services Funds (PSSSF) in Tanzania. The study is based on 192 respondents sampled by non-profanity sampling method by convenient sampling technique from 516 staff from all 29 branches and its headquarters in Dar es salaam, Tanzania. Telephone interview was used to collect data from 30 respondents who constituted managers of PSSSF (at least one from each branch and headquarters) and questionnaires were administered to 162 sampled conveniently from all the 29 branches and headquarter. Data collected by telephone interview was analyzed by descriptive statistics by Excel and its output summarized in figures and tables while data collected by questionnaire were analyzed by descriptive statistics and Quirkois 2.4. The purpose of using more than one tool in data collection and analysis was to cross validate the data and findings so as to increase its accuracy, The findings indicated that, merging has high effect on survival and growth of PSSSF in Tanzania, This study recommend deliberate efforts of the Tanzanian government to ensure survival and sustainable growth of PSSSF after the merging to help the newly merged fund to overcome challenges that has resulted into failures elsewhere and reconcile conflicting elements of organizational environment that has brought along with the funds that were merged.
Hailu Sodana Teka
Waste is not itself a bad thing, rather it is a poor waste management system that is wasteful and dangerous. Proper solid waste management has to be undertaken to ensure that it does not affect the environment, health and people’s livelihood. The main aim of this study was analyzing the adverse effects of solid wastes on environment, health, and people’s livelihood in Sodo town. The urban poor, living in inadequate overcrowded shelters, are particularly vulnerable to diseases such as typhoid, diarrhea, cholera, malaria and intestinal worms from contaminated water and food, poor drainage and garbage collection.The urban poor, living in inadequate overcrowded shelters, are particularly vulnerable to diseases such as typhoid, diarrhea, cholera, malaria and intestinal worms from contaminated water and food, poor drainage and garbage collection.
Basha Bekele Barako
Currently, there has been a growing interest in small rural business development and entrepreneurship as conduits for accelerating job opportunities-for the youth and for poverty reduction. Despite the policy recognition, the economic performance of the rural entrepreneurs or enterprises is not ground-breaking. This might not be without any factors that daunting the development of the rural entrepreneurs to make their due contribution to the development of their community. Hence, this study was undertaken in order to assess common militating challenges of the development pace and fate of rural entrepreneurship, to trace out the opportunities open to start new businesses and expand the existing ones and to examine the prospects of rural entrepreneurship in order to achieve the desired objectives the study both qualitative as well as quantitative methods were employed. From the total of 503 entrepreneurs in the selected Kebeles, 125 samples were selected using multistage sampling technique. In order to gather data from the respondents, structured questionnaire and unstructured interview were employed as instruments of data collection. The data collected through questionnaire was analyzed quantitatively and to analyze the interview data qualitative approach was applied. After the data analyzed carefully, it was found that, the rural entrepreneurship in the study area conditioned by different business environment factors which are either internal or external to the businesses. Personal traits of business owners and managerial competences and skill related deficiencies are among internal factors affecting their success. Whereas market factors, economic factors, political factors and social factors were among the challenges external to the business setting. In order to make them a true catalysts of rural development, rural entrepreneurs themselves should be vigilant of the existing opportunities and make attempt to change opportunities into business, government should also play a primary role in solving its internal limitations that hinder the possibility of rural transformation through rural entrepreneurship and different bodies i.e. media, NGOs should take part in promoting rural entrepreneurship.
Madona Yunita Wijaya*
Panel data require an elaborate modeling of the random variability due to their complex structure. For continuous panel data, linear mixed model, which is flexible enough in modeling, has been developed. In this study, the impact of health factors including life expectancy, mortality, and fertility on economic growth among Asian countries is examined using panel data from period 1990-2018. The results show that economic growth depends on health factors and the impact on economic growth is different between developed and developing countries. Economic growth of developed countries would be negatively affected by health factors while the developing countries are positively affected with higher fertility and mortality rate.
Lubinda Mufalo Sakanga*, Erastus Mwanaumo and Wellington D Thwala
Transportation continues to be recognized as an essential sector contributing to the development of many economies. Railway Transport, in particular, due to its absolute advantage of transporting bulk and heavy cargo, is pronounced as a freight surface transport mode which can contribute to the sustainable development of the Southern African Development Community (SADC) of Africa. This regional economic community has economies primarily dependent on bulk exports and imports of freight influencing their balance of payments and this trade also serves as the basis for their economic growth. It is from this ideology that railway freight transport economic efficiency is desired. This paper gives a realization of the variables for inclusion in a Railway Economic Regulatory Framework for enabling sustainable regional economic development in SADC based on economic and competitiveness theories. A particular case of the SADC North South Corridor Railway Market is used as a sufficient and representative SADC railway corridor due to the multiple number countries (Botswana, Democratic Republic of Congo, South Africa, Zambia and Zimbabwe) involved defining this railway corridor. This North South Railway Corridor is argued to be representative because the railway networks of these countries are connected to most if not all the other ten railway corridors in SADC but all other corridor has a smaller number of countries.
DOI: 10.37421/2162- 6359.2022.11.646
Statistical mediation analysis can help to identify and explain the mechanisms behind the linkage between capital structure and corporate performance through the mediating effect of working capital management. We use a sample of 1149 Spanish firms in 2019. A path analysis shows that overinvesting in working capital management reduce the positive impact of internal funds on corporate performance. We show that efficient working capital management is value enhancing when a firm converges to a financial optimal level. As a robustness test, we check for the potential effect of working capital on firm’s solvency through cash and we find that holding cash has got a positive mediation effect. Thus, we prove the nonlinear relationship between working capital and firm performance and that efficient management technique through cash holding could improve the positive impact on firm’s solvency and consequently corporate performance.
Moga Tano Jilenga* and Seleman Abas Seleman
DOI: 10.37421/ 2162-6359.11.638
Studies on the relationship between unemployment and economic growth both in developed and developing countries is still debatable. This study investigates the impact of economic growth and inflation on unemployment rate in Tanzania. We use time-series data for the period spanning from 1991 to 2020 and the Dynamic Ordinary Least Square (DOLS) technique to analyse the relationship of unemployment and economic growth for the case of Tanzania. The DOLS technique is used due to its superiority in estimating the long-run and short-run coefficients of co-integrated series. The results from the empirical analysis found that there is significant negative long-run relationship between economic growth and inflation with respect to unemployment rate in Tanzania. Thus, both the real Gross Domestic Product and inflation rate are statistically significant in influencing unemployment rate in the long-run. The study recommends that; first, in order to reduce unemployment rate, industrialization is highly encouraged if the country is to promote economic growth. Secondly, monetary and fiscal policies should be used in controlling the flow of money in the economy which results in the control of inflationary negative outcomes.
Sonkey Louis Ntu* and Charlotte Nanyongo Wonganya
DOI: 10.37421/2162-6359.11.639
The aim of this research was to investigate the effectiveness of monetary and fiscal policy on economic growth in Cameroon. The Study make use of Error correction model and Johanson Cointegration using the St. Louis equation to examine the short run and long run effect of these policies on GDP in Cameroon. Data were collected from World Bank Development indicators from 1985 to 2018. Our findings reveal that fiscal policy has a positive and significant effect on economic growth in the short run while monetary policy has a positive and insignificant effect on economic growth in Cameroon in the short run. The result of cointegration using trace statistics shown a single cointegrating equation, meaning that there is a long run relationship. The error correction term estimation gave a negative and significant value of about 0.14 showing that about 14% of error deviation in the short run is corrected in the long run. The overall findings reveal that fiscal policy, monetary policy, and export has asymmetric effect on current GDP with fiscal policy having a greater short run effect on GDP while monetary policy have a greater long run effect on GDP. Since fiscal policy was found to be more effective than monetary policy in affecting real GDP growth in the short run, improving the quality of public spending should be part of the growthemployment strategy paper implemented in Cameroon through reduction of taxes and deviating government expenditures to productive activities rather than on buying of arms and other unproductive expenditures.
Sonkey Louis Ntu and Miracle Lobe*
DOI: 10.37421/2162-6359.2022.11.634
Multinational Enterprises (MNEs) transfer capital, technological knowledge and management to the local corporations, it was projected that their existence in Cameroon would advance the trade, economic growth and industry situation of the country. This study was therefore aimed at investigating the Economic Determinants of Foreign Direct Investment (FDI) inflow in Cameroon. The work therefore embarked on answering the question “What are the Economic Determinants of Foreign Direct Investment (FDI) inflow in Cameroon?” In achieving this, the Ordinary Least Square (OLS) estimation technique was employed to estimate the coefficients of the variable in the model, with data from world bank development indicator. On the basis of the OLS results obtained from the FDI model, gross fix capital formation, gross domestic product, and household consumption positively affect the inflow of foreign direct investment in Cameroon and were all statistically significant. By implication, an increase in these variables, would lead to an increase in foreign direct investment inflow in Cameroon ceteris paribus. Though Inflation, Openness to Trade and Government Expenditure also had a positive relationship in attracting the inflow of FDI in Cameroon, their coefficients were not statistically significant. Meanwhile taxes had a statistically insignificant result and a negative relationship with FDI inflow in Cameroon. We therefore reject the null hypotheses that Economic factors has no significant effect in influencing the inflow of Foreign Direct Investment (FDI) in Cameroon. It is therefore recommended that by attracting FDI, Cameroon government should ensure to develop policies that favours the stimulation of the various macro indicators. That is, the government should strive to maintain a favourable and stable rate of inflation and trade so as to easily attract FDI in the economy and regulate her tax policy.
DOI: 10.37421/2162-6359.2022.11.635.
The agenda of this study to investigate that “does China Belt and Road initiative project (Anti-poverty) will kick out to poverty and famine from African counties with is a big project of the world”? This study investigates with a qualitative research method and data collected from 6 books and several research articles. The finding of this study indicates that Belt and Road Initiative is one of the most popular and anti-poverty projects for the world future. The estimated cost of this project is one trillion dollars and it covers to 68 countries of three panel such as Asia, Africa, and Europe countries. Moreover, the finding indicates that one billion jobs will create direct and indirect with this project. BRI will kick out poverty and famines issue from African countries, and it will decrease the ration of poverty and unemployment at an economical level. This study declares that Belt and Road Initiative (Anti-poverty) project will help out from poverty and unemployment issue of African countries.
Peter Abelson
The standard evaluation of transport infrastructure focuses on transport user benefits. Wider economic benefits (WEBs) are claims, often large claims, for additional economic benefits over and above transport user benefits. This paper reviews the four main forms of WEB: agglomeration economies, the value of additional output in imperfectly competitive markets, labour supply effects, and various possible impacts of transport infrastructure on economic development, sometimes described as place making
Hundaol Abdissa
This study analyzed whether pattern of fuel use follow the fuel stacking hypothesis and factors that affect household fuel use in Woliso town by
using cross-sectional data of 2018 for different sources of energy using the Linear Approximation Almost Ideal Demand System (LAAIDS). An
estimate of the model is constrained to comply with neoclassical theoretical restrictions on demand, and the model is estimated using
Iterative Seemingly Unrelated Regression (ISUR). The result shows that households do not completely switch to consumption of new
energies as the energy ladder hypothesis suggests rather diversify their energy consumption in a process of fuel stacking (energy mix).
Additionally, the expenditure elasticities of demand for energies are expenditure elastic. Not only this, but also, the cross-price
elasticities of demand for energy sources indicate that there exist energy substitution and complementarity in the study area.
Furthermore, we identified prices of all energy sources (except kerosene), household total energy expenditure, years of education, family
size, and residence type as the main determinants of expenditure share of energy sources. We recommend making modern fuels easily
accessible, affecting significant factors of household fuel use, environmental related rules and regulations very essential
Vimal Shankar Singh
World is moving from socialist to capitalist’s mode of economy with an objective of fostering development with unabated pace for which
nations are searching alternative approach of development. New institutional economics (NIE) is one such approach that has emerged
recently which addresses issues of economic growth from a wide range of perspectives such as political, cultural, legal, behavioral and
social. The present-day NDA Government in India, led by Shri Narendra Modi is an epitome of this. This paper is exploratory and attempts
an in-depth analysis of how the Modi Government has positioned the Indian economy on the trajectory of institutional development. His
government has created both formal and informal institutional framework for creating, regulating, transforming markets and auguring the
economy. In fact, Modi government plank for institutional development is aimed at fostering the mission of sowing the seeds of
capitalism and India’s growth take-off.
Alexander Able*
Medicinal plant extracts and fractions square measure complicated mixture of numerous varieties of bioactive compounds with a vary of polarities. In this study, numerous chromatographically techniques, marker compounds, staining reagents and solvent systems were used for identification of crude extracts, pooled active fractions and sublimate compounds from these active pools. Paper natural process, high voltage paper electrolysis (HVPE), preceding skinny layer natural process (PTLC) and skinny layer natural process (TLC) were usedforprofiling of constituents of crude extracts, pooled fractions and/or sublimate compounds. Sephardi LH-20 and reversed section C18columnsfollowed by PTLC were consecutive used with the objective of isolation, purification and identification of constituents from active pooled fractions of C. ruspoliiand Aden asp. These successive applications of column natural process followed by preceding tender loving care developed in BAW (4:1:1 v/v/v) solvent system resulted within the isolation and purification of 3 compounds with RF-values of zero.13, 0.58, and 0.68 from CRPA; one from CRPB, with associate degree RF-value of zero.73; one from CRPC (a blue fluorescent compound underneath UV-light at 366 nm with associate degree RF-value of zero.53) and 2 compounds from ASPA, with RF-values of zero.23 and 0.27. The purities of those compounds were examined by tender loving care as they appeared as single spot. A number of these compounds conjointly showed vital EHI properties (P<0.05) at tested strengths. The level of yellow-stained constituent in the C. Ruspoliicrude extract with moly date chemical agent was semi-quantitatively calculable to be ~48 millimeter. The compound is negatively charged substance with similar ionic quality as inorganic phosphate underneath a similar condition in HVPE.
C Azhakar Raja
The performance of NREGS on Rural Development depends upon the awareness and participation of the respondents about the works
carried out and the funds allocated to the programme in the areas selected for the analysis of the study. In the fourth chapter an attempt has
been made to analyse the Social Upliftment and Economic Development of Impact of NREGS in Tamil Nadu for rural development on the
basis of the responses of the respondents about their awareness and participation. In this chapter an attempt has been made to the works
carried out and amount spent in Panchayat Union Councils of Tamil Nadu are analyzed.
Nilofer Hussaini
India is no doubt a growing economy and many consider it an attractive country to invest in, particularly in its rapidly growing and changing
insurance market. Indian insurance industry is one of the sunrise sectors with huge growth potential. Foreign direct investment plays an
important role in the economic development of the country. Insurance companies in India’s nascent insurance industry are eager to get more
foreign capital to grow their businesses. If they could raise fresh capital from overseas partners and use that to expand, they could
become profitable sooner. Foreign companies such as the U.K.’s Standard Life PLC and Prudential PLC, Germany’s Allianz SE and
MetLife Inc. of the U.S. are among the companies which operate in India. If they beefed up their Indian units, it could threaten the dominance of
state-run companies in India’s insurance sector.
This paper discusses the imperative enablers of private life insurance companies in Indian economy by analysing various
parameters like the insurance penetration and insurance density increased foreign capital inflow, job employment opportunities and level
playing field.
Bimpong Patrick
In the hospitality industry, service delivery has received a lot of attention due to the fact that the industry is becoming increasingly competitive.
This paper presents an empirical quantitative result on the effect of Total Quality Management on customer satisfaction and
retention. The descriptive research design was employed to conduct the whole study. The sample size for the study was 81 which consist
of the customers, management and non-management staff of selected hotels in Western Ghana. Quota sampling and purposive sampling were
employed to select the respondents. Logistic regression, ordinary least square, and relative performance index were the tools used to analyze
the data. The study reveals that total Quality Management positively affects customer satisfaction and retention. The results further indicate
that lack of resources, lack of evaluating procedure, benchmark indices, and lack of commitment from top-level management are the
moderate challenges of Total Quality Management in the hospitality industry in Western Ghana.
Tesfaye Leta Tufa
To address self-employment with entrepreneurship, there are various forms of capital and intentions that influences individual engagement
in self-employment. In consideration of this, the study investigates the influence of entrepreneurial intention and autonomy on selfemployment
under different levels of TVETs support. To meet this aim, the study employed both descriptive and explanatory research
design and analyzed the data collected from 124 sample respondents through questionnaire using descriptive and hierarchical
regression analysis. From this, the finding indicates that the entrepreneurial intention and autonomy were not at a good level, while
they significantly influence self-employment. Similarly, the presence of human capital development improves the influence of
psychological intentions on self-employment. Therefore, TVET colleges should focus more on the human capital development rather
than social capital in improving the self-employment. Moreover, the future research should test the influence of other variables such
as TVETS support flexibility and entrepreneurship training as a determinants of self-employment.
Gulshan Kumar, Som Prakash
India is a large country that ranks second in the world in terms of population and seventh in terms of geographical area. But India lagged behind economically and socially compared to the developed world. Government both at National Level and State Level are focusing to implement their projects through PPP Model. Government works with private sectors as a party to deliver fast and furious services under estimated time. India can enhance the expected economic growth through PPP Model. This paper focus on State wise, Sector wise, Authority wise and Year wise inflow of Public Private Partnership in India during December 2005 to December 2019 and Sector wise inflow of Public Private Partnership during 1st April 2020 to 31st March 2021.
Sherin George
Marriage is an important social institution. Nowadays, this sacred institution is being commercialised due to the changing trends in weddings.
On the one hand people spend lakhs/crores for a wedding, whereas, on the other side there are families who struggle to conduct their
daughter’s marriage.
Kerala is a state, known for its extravagant wedding especially the use of gold.
A daughter’s marriage is a costly event in the life of an Indian family, often driving parents into severe debt at interest rates of over 200
percentages. These expenses, which amount to more than six times a family’s annual income, can force a family in the destitution and bonded
labour especially when there are several daughters to be married. The economic burden of a daughter’s marriage has been identified as
a major cause of gender discrimination and domestic violence in the Indian subcontinent. Marriage a norm in most parts of the
country. Indian wedding have always been special occasions, celebrated with zest, enthusiasm, and in the case of the wealthy,
elaborate setting and food. But as a growing economy pumps new wealth in to the country, weddings have turned into veritable
showpieces. Times have changed the festive spirit, and have taken on a more ostentatious flavor as weddings become occasions for
India’s rapidly growing affluent classes to show off their wealth. There are many factors that contribute towards the system of dowry
O Saheed Olayiwola, Fuein Vera Kum,Tunde Abubakar Bakare-Aremu
Purpose: Wagner hypothesized a bi-causal relationship between public expenditure and economic growth. But, extension of this theory to
public health expenditure and economic growth remains unsettled. This study re-examined the connection between public health
expenditure and GDP in Nigeria within the context of Wagner’s theory of ever-increasing State activities.
Design/Methodology/Approach: The study used time series data from 2000-2016 sourced from World Development Indicators. Unit root tests
were used to test the stationarity of the data. Causality between public health expenditure and GDP was done with the granger causality test
while the co-integration test was used to examine the existence of a long-run relationship between public health expenditure and GDP.
Findings: The study found a long-run relationship between public health expenditure and GDP, but, neither uni-directional nor bi-directional
relationship between public health expenditure and GDP from the granger-causality test. Hence, it was concluded that Wagner’s theory does not
explain the relationship between public health expenditure and economic growth in Nigeria.
Research Limitation: The government’s capital expenditure on social community services was used for capital health expenditure
due to unavailability of data on the government’s capital health expenditure.
Practical Implication: Economic growth is beyond a mere increase in public health expenditure.
Social Implication: Increased public health expenditure improves health and life expectancy but does not automatically translate to increase
the productivity of labour.
Originality/value: The re-examination of the dynamics of public health expenditure and economic growth
Meseret Meskele Guja, Berhanu Moliso Ayemalo
This paper analyzes the role of off-farm income on 149 households’ food security in rural Ethiopia using an original panel data set.
Simultaneously, the study states out identifying types of off-farm activities and respective income levels, measuring households’
food security status and the potential determinants of the households’ participation on off-farm activities. In order to achieve the stated aims,
respondent rural households were selected randomly following a two stage sampling procedures. Primary and secondary data were also used.
The data regarding determinants of participation on off-farm activities were analyzed using binary logistic regression model. Inferential
statistics such as t-test and chi-square (X2) tests were also used to describe characteristics of participants and food security status.
This study followed a consumption based calorie deprivation indicator to measure the household food security status using seven days
recalling technique. Therefore, the survey result shows that major sources of off-farm incomes identified in the study area were daily labor,
petty trade, sale of charcoal, sale of firewood, donkey renting, and micro enterprises. About 109 (73.15%) and 40 (26.857%) of sample
respondents were participants and non-participants respectively. All the 60 households participated on off-farm activities were food secured
and no household was found food secure from non-participant groups. Among 89 food insecure households, about 49 and 40 were food
secured and insecure respectively. Out of 10 independent variables used in binary logistic regression model, age and household size in AE
were found significant at less than 1% probability level, credit utilization and frequency of extension contacts were found significant at less than
10% probability level and ownership of livestock resources by the household was significant at less than 5% probability level. The model
estimate correctly predicted 73.8% of the sample cases, 82% participants and 80% non-participants. Finally, there is a need to strengthen
the link between farm and off-farm activities, diversification of off-farm employment opportunities for rural households, give attention for old
aged and female headed households in rural development interventions, limit population size through integrated health and education
services, introduce appropriate livestock packages, promote and facilitate effective credit services, strengthening the role of DAs and
entrepreneurial skill development to enhance participation of the households in off-farm activities and protect natural forests and vegetation
cover of the District.
Siddharth Sharma, Goinklavanya Goinka
The report underlined the job and the significance of consumer loyalty and devotion. Clients are the connection to business
achievement. A business association should zero in on the countless client, for this consumer loyalty and faithfulness ought to be joined along
with the drawn-out objectives. This postulation was actualized to breaking down the connection between consumer loyalty and client
relationship. The goal of this exploration is to consider the idea of consumer loyalty, client faithfulness and its relationship. Besides, this
proposition contemplates the components that impact consumer loyalty and dedication. This proposition additionally breaks down the
components that have sway on consumer loyalty and result in client devotion. Different strategies that have been generally used to gauge
consumer loyalty and the resultant consequences of having steadfast clients are introduced.
Bimpong Patrick, Thomas hezkeal Khela Nan, Abel Obeng Amanfo Ofori, Arhin Ishmael, Danso Edward, Kwakye Sammuel, Arthur Benedict6, Tettey Grace
Capital structure is as yet a riddle among researchers especially in the finance literature. The capital structure puzzle has been evolving over the years and there are several theories that seems to provide ideal solution or explanations. These theories are grouped into traditional and modern theories of capital structure. The overarching purpose of this study is to review extensively from traditional to modern the existing theories of capital structure that have been suggested in finance research to serve as guide for practitioners in taking decision about capital structure mix.
Yohannes Kumie Mekuriaw
This study attempts to examine the impact of foreign direct investment on export growth in Ethiopia over the period 1991-2016. In order to achieve the stated objectives, we separate the effects of FDI into supply capacity-increasing effects and FDI specific effects and estimated by using Engle Granger two step procedures of cointegration and error correction model. Accordingly, the result shows that a FDI inflow has supply-increasing and positive FDI-specific effects on export growth in the long run. The error correction modeling approach found that the coefficient of error term has a correct sign (-0.67) and statistically significant at 5 percent level. This means that export converges to its long run equilibrium value at the speed of 67 percent per annum. The result also found a positive FDI-specific effect in the short run. This revealed that specific efforts aimed at attracting further FDI would be justified. Therefore, to increase export growth, government should attract inward FDI by providing special incentives to foreign firms and designing other appropriate polices and reforms, devaluated birr (on a real trade-weighted basis) against foreign currency, boosting potential output and expanding exports destinations.
Eyres Teo Siew Mui
This article compares the development process of the cultural and creative industries of Malaysia's overseas art management with the development process of the cultural and creative industries of Chinese museums in Beijing. The main research object of this article is "museum cultural and creative products", which means "sold in museum physical stores or e-commerce platforms, innovatively extract and use cultural and artistic elements of the collection of cultural relics to design, produce, ornamental, memorial, A special product with practicality." This article focuses on the main problems in the process of developing museum cultural and creative products, including authorization model, research and development design, marketing promotion, motivation mechanism and other aspects. Internationally, European and American museums first explored industrialized management and were the pioneers in the development of cultural and creative industries in the museum sector. They have a profound historical background and socio-economic motivations. In the 1970s, European and American countries led to a shift in government-led policies due to economic depression, and a series of new trends emerged in the social and cultural fields, which gave birth to three major trends.
Eslami Tehrani
n several parts of the world, from the tropics to the Arctic Circle, seagrass is found in shallow saline and brackish waters. Seagrasses are so-named because there is long green, grass-like leaves in most species. They are often confused with seaweeds, but the flowering plants you see on land are actually more closely related to them. Seagrasses have leaves, stems and roots, and grow seeds and flowers. Dense underwater meadows, some of which are large enough to be seen from space, can form seagrasses. They are one of the most active habitats in the world, even though they sometimes receive little recognition. Seagrasses provide an extremely diverse population of animals with shelter and food, from small invertebrates to big fish, crabs, turtles, marine mammals and birds.
Senouci Kouider* and Merad Boudia
The question of performance evaluation is of great importance for any economic or financial institution. Evaluating the performance of commercial banks remains a necessary process because of the changes in the banking sector that have had an impact on the performance, efficiency and profitability of commercial banks. The objective of this paper is to study the concept of banking performance, firstly: following the theoretical approaches to performance evaluation, and secondly: according to the empirical study that we conducted on the evaluation of the performance of BNA bank, while basing ourselves on financial performance indicators. Which leads us to situate the state of play of the Algerian banks, in other words, to arrive at determining; where are these performance banks
Elijah Ngang’a Njuguna*, Jedidah Vika Muli and Lawrence Wainaina
The aim of the study was to evaluate mediating influence of employees commitment on participatory management and employees’ performance in water service providers in Murang’a County. The study was guided by the following objectives; a) To evaluate mediating effect of employees commitment on relationship between participatory management and employees’ performance in selected water service providers in Murang’a County, (b) To assess the mediating effect of employee commitment on the relationship between Participatory Management; Predicting Employees’ Performance. The study embraced an exploratory research design. A sample of 206 employees was selected from five water service providers namely: Murang’a Water and Sanitation Company Limited, Murang’a South Water and Sanitation Company Limited, Gatanga Water and Sanitation Company Limited, Gatamathi Water and Sanitation Company Limited and Kahuti Water and Sanitation Company Limited. Random sampling was applied in picking the respondents for the study. Self-administered questionnaires aided in collecting primary data and analyzed using both descriptive and inferential statistics. A pilot study was steered on data collection tool to pre-test it’s validity prior to the main survey. Data reliability was measured using Cronbach’s alpha coefficient. Statistical Package for Social Sciences (SPSS) version 21.0 was used to aid in coding, entry and analysis of data. conclusions and recommendations based on the findings were finally outlined. The study concludes that participatory management through consultative management, quality circles, representative participation and delegation is vital and significantly affects performance of employees in water service providers in Murang’a County, Kenya. However, the study finally concludes that employees commitment failed to mediate the relationship between participatory management and employees’ performance. Employees commitment therefore played insignificant part in enhancing effectiveness of participatory management to enhance employees’ performance. Suggestion that employees commitment partially mediates the relationship between participatory management and employees’ performance is a call to the management of water service providers in Murang’a County, Kenya to institute programmes that will ensure employees are committed to the job and organization as this is vital in enhancing effectiveness of participatory management .
Avik Ghosh*
The study is aimed at finding relationship between crude oil price in international market and exchange rate of Indian currency. As Indian economy is import dependent with high degree of inclination to crude oil import, the forex outgo due to this impacts Indian economy. The depreciation of Indian currency due to higher demand of US Dollar and increasing trend of import dependency on crude oil aggravates the fiscal framework. The analysis is desired to find causality and autoregressive relationship between these two variables. The Real Exchange Rate return has been compared in the process with real Crude Oil price which is found after adjusting it with CPI inflation of US. The Vector Autoregressive (VAR) model was used to identify lag relationship and subsequently lag length criteria was performed. The lag exclusion test specified the significant lag order. The Granger Causality and Block Exogeneity test was subsequently performed and the parameters were found to be Block Exogenous and not Granger Causal. This outcome was re-established with the help of Variance Decomposition test. However, the Impulse test signifies impact of crude oil price shock on exchange rate of Indian currency and vice versa. The shock analysis also emphasizes the volatility of the parameters on its own shocks. The outcome concludes neither unidirectional nor bidirectional granger causality of the variables with no significant auto regression of the variances of the parameters. The analysis of impulse test confirms the short run impacts on exchange rate due to shock in the oil prices, henceforth which proves the fact about that demand of oil is elastic in short run, which is observed in most of the oil importing and emerging countries.
Lavanya G*
This thesis studies company loan credit risk control and seeks to define various methods to efficiently control the risk. The thesis involves credit risk management theories. A sample of 265 persons who were customers of banks and availed loans was chosen to collect opinions through a structured questionnaire in Bangalore. The factors under study were Credit Risk, Credit Score, Interest Rates, Insurance Charges, Default Loan, and Documentation. Using Descriptive and correlation analysis, the findings were found. Results showed that a connection exists between towards Insurance charges, credit score, interest rates and default loan while availing a business loan. Qualitative research is conducted through email interviews with customers of the target bank. Besides the primary data of the interviews. The study recommended that these private sector banks management should understand how they can edge themselves against the eminent dangers of over exposure to credit risk whose importance cannot be understated as can be realized from the findings that can impact negatively on their profitability. The results of the thesis highlight some issues that restrict the case bank's credit risk management as well as suggestions on the case bank further study is also given with the results.
Lalthanmawia Pemthang*
Entrepreneurs are playing an important role in the economic development of the underdeveloped country. Women’s skills and knowledge, their talents and abilities in business and a compelling desire of wanting to do something positive are some of the reasons for the women entrepreneurs to organize industries. According to World Bank, investing more in the business of women rather in men leads to the greater development of a nation. Empowering women in entrepreneurship lead to break the inequalities and reduces the poverty. Entrepreneurship plays an important role in developing a society of a fast developing country like India. Nowadays it has been realized that enterprising women have vast entrepreneurial talents which could be harnessed so as to convert them from the position of Jobseekers to Job givers.
Murugan Thangavelu
Migration of workers is a human phenomenon which has historical roots and wider economic implications. Large-scale population mobility, accompanying structural change, is one of the fundamental features of modern economic development. Yet, attention has only recently been focused on the causes and consequences of such change. While labour migration affects the development process in a number of crucial ways, it impacts first and foremost on the labour market in sending and receiving areas. Moreover, the extant labour market structure also affects the migration process. The migration of labor from rural to urban areas is an important part of the urbanization process in developing countries. In some regions of India, three out of four households include a migrant. The effects of migration on individuals, households and regions add up to a significant impact on the national economy and society. Generally, India’s poor have meager physical assets and human capital and belong largely to so cially deprived groups such as Scheduled Castes (SC) and Scheduled Tribes (ST). Women share an extraordinary burden of deprivation within households. The National Sample Survey Organization (NSSO) has released Report No. 533 titled “Migration in India, 2007-2008” shows that the rural urban migration is looked as ensuring livelihood security. This is due to the fact that in urban areas, it is fairly easy to get some employment in the informal sector. Besides this has social, economic, environmental and political implications, which may alter the community in the long run. Despite the increasing wage earnings from informal sector are not all that socially accepted. Due to various interconnected factors, workers in urban informal sector are looked down. In this scenario, it is important to study the patterns of migration and wage earnings in urban informal sector. Three major cities Chennai, Madurai and Coimbatore in Tamil Nadu will be selected for an in-depth exploration. Snowball sampling procedure will be employed. The secondary data will also be used for the study.
Mercy Ejovwokeoghene Ogbari, George Uzoma K. Chima and Favour O. Olarewaju
It is no hidden fact that profitability facilitates an organisation’s output, capacity and clientele satisfaction, while generally impacting an economy at large. However, this is not an easy feat to achieve given existent and evolving dynamism and international competition, which requires efficient and proper strategies as well as institutional policies to thrive successfully. Hence, this paper seeks to investigate what it entails to embark on profitable business ventures. General rules for doing business are reviewed alongside economic indicators that influence the success of entrepreneurial operations. Institutional theory and Resource Based View are combined in explaining essential requirements for attaining and sustaining profitable businesses. Qualitative approach is used to analyse this study as empirical evidence is explored using three case studies of countries at different development levels, namely Liberia, India and Singapore. This helps us to conclude the research by deriving lessons on a global scale moving forward, while looking out for signs to avoid and opportunities to leverage upon for enhancing business profits.
Bimpong Patrick, Thomas hezkeal Khela Nan, Abel Obeng Amanfo Ofori, Arhin Ishmael, Danso Edward, Kwakye Sammuel, Arthur Benedict, Tettey Grace
Capital structure is as yet a riddle among researchers especially in the finance literature. The capital structure puzzle has been evolving over the years and there are several theories that seems to provide ideal solution or explanations. These theories are grouped into traditional and modern theories of capital structure. The overarching purpose of this study is to review extensively from traditional to modern the existing theories of capital structure that have been suggested in finance research to serve as guide for practitioners in taking decision about capital structure mix. The traditional theory assumes three approaches which are Net Operating Income Approach, Net Income Approach, and Traditional Approach. Traditional Approach to capital structure assume that the value of the firm increases with debt to a definite point, then remains constant with judicious use of leverage and falls at last. Therefore, the main substance of Traditional Approach is that cost of capital rely on capital structure and hence there exists an optimum capital structure. Net Income Approach on the other hand, concluded that cost of utilizing equity and debt remains constant with variation of debt-equity ratio. This logically means the average cost of capital diminishes as debt-equity ratio increases with the value of the firm. Hence optimal capital structure under Net Income Approach would be 100% leverage financing. The substance of Net Operating Income Approach is that the capital structure decision of a firm is irrelevant. Thus, any fluctuation in leverage will not trigger any change in the total value of the firm and the market price of equity shares as well as the overall cost of capital is independent of the degree of leverage used. Starting from assumption of perfect capital market of capital structure, four major theories emerged over the years as modern theories of capital structure. Peaking order theory argued that there is no defined optimum capital structure rather firms will always resort to internal source of financing (retain profit) then debt (borrowed fund) and finally Equity financing (issuing of new shares). Trade-off theory argued that managers would prefer leverage financing because of the set-off between tax benefit, bankruptcy cost, and agency cost. Market timing theory also, argued that fluctuations in share price influence capital structure of a firm and consequently the financing decision of the firm. They further explain that firms issue shares when shares are overpriced and buyback when they are undervalued hence they concluded that the main determinant of capital structure is the stock returns. Credit Rating hypothesis which is believed to be an extension of trade-off theory concluded that any firm closer to the credit rate, will prefer less debt composition as compare to firms not closer to the credit rate change. Interestingly, there is no single theory that provides a decisive optimal capital structure that firms can utilized to enjoyed tax advantage. Hence, the question still remains ‘‘How do firms or Managers determine their capital structure.
Eyres Teo Siew Mui*
This article compares the development process of the cultural and creative industries of Malaysia's overseas art management with the development process of the cultural and creative industries of Chinese museums in Beijing. The main research object of this article is "museum cultural and creative products", which means "sold in museum physical stores or e-commerce platforms, innovatively extract and use cultural and artistic elements of the collection of cultural relics to design, produce, ornamental, memorial, A special product with practicality." This article focuses on the main problems in the process of developing museum cultural and creative products, including authorization model, research and development design, marketing promotion, motivation mechanism and other aspects. Internationally, European and American museums first explored industrialized management and were the pioneers in the development of cultural and creative industries in the museum sector. They have a profound historical background and socio-economic motivations. In the 1970s, European and American countries led to a shift in government-led policies due to economic depression, and a series of new trends emerged in the social and cultural fields, which gave birth to three major trends. One is that the cultural and creative industry has become an important strategy for the upgrading of the country’s industrial structure, and the other is self-financing. has become an urgent need for museums and other non-profit institutions. The third is the rise of the new museology movement, which has promoted major changes in the core functions of museums. Under the background of comprehensive economic structure transformation and profound social and cultural changes, the external driving force for museums to develop cultural and creative industries is not only a response to the social needs of the booming creative economy, but also the museum's own urgent need for financing. At the same time, the internal motivation for museums to develop cultural and creative industries is to better realize the core mission and goal of "education" under the background of the concept of "new museology" promoting the comprehensive transformation of museum functions.
Abera Fekadu Hailemariam
Monetary policy in a simplified analysis amounts to the determination of "optimal" quantity of money or in a dynamic sense the optimal growth rate of the money stock. Monetary policy also refers to how the central bank uses interest rates and the money supply to guide economic growth by controlling inflation and stabilizing currency (Islam, 2010). Central banks are the highest authority of the government who is responsible for formulation and implementation of monetary policy in a way to achieve certain economic objectives of a given country. National Bank of Ethiopia (NBE) is the government authority who is mandated to formulate monetary policy in Ethiopia (Monetary and Banking Proclamation of 1994). During the command economic era, monetary variables were under direct control of the government and banking sector is totally dominated by the public ownership. However, since the start of economic reform, the financial sector has undergone reforms and the private sector was allowed to invest in the sector (only for nationals). Consequently, private banks and insurances started to flourish soon after the enactment of a Monetary and Banking Proclamation of 1994. The reform enables the National Bank of Ethiopia to use indirect market based instruments along with direct instruments to control or influence the supply of and demand for money. In Ethiopia, a monetary policy frame work is set according to sequential set of action for designing and formulating monetary policy. The frame work is based on certain knowledge (assumption) of stable money demand function, transmission mechanisms and money supply process. The final targets of monetary policy in Ethiopia are to maintain price and exchange rate stability and support sustainable economic growth. In achieving these objectives, the NBE sets money supply as an intermediate target. The current target is to ensure that the money supply growth is in line with nominal GDP growth rate. The growth of base money/reserve money is being used as an operational target of the National Bank of Ethiopia. These intermediate and operational targets are connected with different policy instruments like Open Market Operation, A standing central bank credit facility, Reserve Requirement, setting of floor deposit interest rate (until interest rate is fully deregulated), Direct borrowing/lending in the inter-bank money market and introducing re-purchase agreement (repo/reverse repo operations), Use of selected credit control when necessary, and Moral Suasion. The recent history of Ethiopia provides abundant evidence on the role played by the monetary factors in the macro economy. It can demonstrate that changes in the money supply exert profound influence on inflation, output growth and other financial activities. Therefore, the success of monetary policy depends on the degree of predictability, measurability and controllability that the monetary authority has over money supply
Richika Rana
The phenomenon of demographic dividend signals transition of a country characterized by minimal use of technology, low level of education, and low economic growth having high birth and death rates to an industrialized nation with advanced technology, higher literacy level, and income growth having low birth rates and low death rates. The existing scientific literature confirms that now developed nations were able to successfully exploit their demographic dividend and translate it into sustained economic growth and improved standard of living. The birth rates and death rates are affiliated to and correlate with accompanying stages of manufacturing growth. The objective of this study is to review the experience of three countries in exploiting their demographic dividend and map out the lessons that India can implement to benefit from this window of opportunity. The countries selected for examination are the Republic of Korea, Brazil, and China. The nations selected had varied success in unlocking the demographic dividend. South Korea along with other Asian tiger economies has successfully utilized both first and second demographic dividend. With sustained investment in health and education along with increasing women's participation in the labor force and utilizing increased saving rates for capital accumulation, it was successful in leveraging its demographic dividend for economic development. China too greatly benefitted from its first demographic dividend becoming the 'factory of the world'. Comprehensive planning and its effective implementation along with an export-oriented growth strategy led to accelerated economic growth. With an aging population and the demographic effects of the one-child policy, China's ability to capitalize on the second demographic dividend in the future is not certain. Brazil on the other has failed to take advantage of its favorable demographic transition. With misplaced priorities and the absence of determined policy action to manage its demographic transition, Brazil has left itself vulnerable to demographic 'disaster' instead. The paper concludes that demographic dividend is not a guaranteed event for a country. To successfully benefit from demographic dividend a country needs conducive policy planning and investment in the development and utilization of the country's human capital. India also needs to correct the problem of 'missing women' in its labor force. It needs to empower local public administration to ensure efficient public services and fostering local opportunities. Also, India should have the foresight to formulate a comprehensive economic and social strategy to ensure a smooth demographic transition from a young country to a middle-aged one. A country's success with demographic dividend ultimately needs integrated demographic, political, economic and, social policies altered a country's requirements.
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