व्यवसाय और वित्तीय मामलों का जर्नल

Management of bakery industry is under pressure of stakeholders to increase equity value. Consumers of bread in Abakaliki Metropolis regret the soaring unit price of the product which managers attribute to increasing cost of outsourcing which result from inflationary economic system. The major objective of this study is to determine the general impact of labour outsourcing on productivity of bakery industries in the area. Three hypotheses were formulated to measure the relationship between outsourcing and operational labour cost, reject bread manufacture and operational time of production. This study was based on Transaction Cost Economics theory propounded by Oliver Williamson (1975). The theory stresses the need for decisions to be made such that it generates economically efficient outcomes. Research instrument adopted was questionnaire. Spearman’s correlation was used in data analysis. Results indicate that outsourcing increases the level of efficient production by reducing the operational labour cost and labour time while minimizing the quantity of bread rejects. It is therefore recommended that management of bread industry in the city should intensify outsourcing as a means of reducing unit price of bread and promote Transaction Cost Economics decision for greater productivity.

This consultancy report was prepared as a strategic consultant for Green Valley Hyper Market to make a change through organizational transformation by using the performance gap analysis and to propose the implementation plan to implement the transformational change. The customers are not satisfied with the long queues and wasting lots of time for checkout. The company is losing its daily sale targets, as customers are frustrated to wait long for them to get to the cashier checkout. Using European Foundation for Quality Management excellence model key area were discussed to find the gap and make the proposal for the Green Valley Hyper Market to make their company position better in front of their competitors. The proposal has been made for the Green Valley Hyper Market to retain their existing customers and develop competitive advantages over other retailer in the market. The proposal implementation is totally based on transforming the current practice and give company gaining the strategic objectives they are looking for. The massive gap will be created with the valued customers, if they will not implement the transformational change that will shed away the company name and repute.

Mutual fund is an investment vehicle that pools in the monies of many investors, and collectively invests this amount in either the equity market or the debt and money market, or both, depending upon the objective of the scheme. This means one can access either the equity or the debt market, or both, with investing directly now mutual do innovation into objective of fund by introducing liquid fund by putting some amount in this fund money slowly move to desired fund without losing any benefit. My study is conducted in Delhi and Meerut areas in different public sector and private banks. By asking close ended and open-ended questioners. We observed that despite being a lot of bombarding of continuous advertising by Mutual fund houses still investors of tier two cities are not believing on private mutual fund but in case of metro like Delhi are more aware and eager to invest in private and PSU mutual funds. In our study we touch student’s business man and working people of middle class. And found that people are hungry to invest in Good Avenue, but they are not getting proper counseling in their own language or in simple way. I meet during the data collecting process many ordinary and less educated person who knows a lot about mutual funds but at end of the day they are not ready to put their hard earn money in any private funds and private equity.

This study was out to examine the extent to which bank-specific factors affect the performance of Afriland First Bank. The key internal drivers of Afriland First Bank’s profitability identified in this research were: capital adequacy, liquidity management, management efficiency and asset quality. Afriland First Bank was selected out of fourteen commercial banks because during the period of study, it was the only local bank among the top commercial banks in terms of market shares in Cameroon. The researcher extracted data from the consolidated financial statements of Afriland First Bank from the period 2009 to 2016 inclusive. With the help of Generalised Methods of Moments, the result showed that capital adequacy, liquidity management and Asset Quality were found to have a significant negative effect on Return on Assets, meanwhile Management Efficiency was found to have significant positive effect on Return on Asset of Afriland First Bank during the period of study. The humble recommendation made to Afriland First Bank is to avoid very risky investments in the future.

The purpose of this study is to examine the impact of sovereign credit rating changes on financial markets using database of two countries (Greece, Ireland) in the European union over the period March 2008-Dec 2015. By analyzing the influence of sovereign credit rating on bond market yield, we also examine the correlation between sovereign credit rating and bond market yield of each country during crisis period. Quarterly basis data of all variables is used in the research. By using regression analysis with Durbin Watson test and Pearson correlation for each country financial markets the findings indicated that sovereign credit rating has a significant impact on bond markets. Sovereign ratings are negatively correlated with Bond yield in both countries. The finding summarized that credit rating has a major influence on financial markets during crisis period.

The objective of the study was to assess the solvency and sustainability of the SSNIT Pension Scheme. For this, secondary data were obtained from the Financial Statement of SSNIT spanning the period 2005-2016 was analyzed using Microsoft Excel 2013. A number of management staff were also interviewed. The results concluded that against the objectives set in the National Pensions Act, 2008 (Act 766) pensions in Ghana have still not been unified seven years into the coming into force of the Act. It was also established that benefits and administrative cost are increasing faster than increase in contribution inflows. It was also established that the scheme is close to reaching its equilibrium and may not be sustainable into the future. The study suggested that SSNIT should make recommendations to government to implement the provisions of the Act fully. Also, there is the need for stakeholder consultations for a review of the scheme to either increase the contribution rate, or increase the compulsory retirement age or both. Finally, currents provision in the law where a cap is placed on the contributions allowed from a member should be reviewed in favour of rather capping benefits paid to member on their retirement.

Studies indicates that the capital structure of Microfinance Institutions have significant impact on the sustainability and outreach of these organizations. Hence, studying the factors that determine the capital structure of these organizations is imperative. Although the capital structure of financial firms have been studied by some scholars, such types of studies are rare in the MFI sector. Thus the purpose of this study is to investigate the determinants of capital structure in the Ethiopia MFI industry. To accomplish the objective of the study the quantitative research design is employed. The researcher used secondary data of 15 sample MFIs that fulfill the criteria of data availability from the MIX market database covering the period of 2003-2009. A panel data using Random Effect Multiple Regression model is used to analyze the standard determinants of capital structure. A sequential regression approach with two alternative specifications of model was employed. The research results show a negative and significant relationship between the MFI profitability, positive and significant relationship between MFI size, a negative and significant relationship between MFI tangibility and the leverage was found. On the other hand, the results show mixed results for the impacts of both age and growth rate on the leverage of Ethiopian MFIs. However, a negative but insignificant impact of business risk on leverage was found. The results of this study have delivered some insights on the capital structure theory. There could also be policies intended to encourage and creating conducive environment for MFIs to utilize debt as a viable source of finance in the era of increased commercialization of microfinance to meet their noble objective.

This study is about The Dynamic Linkages among Selected South Asian Countries Stock Markets for the period of five years from 2010-2014. This study aims to analyze the linkages among Pakistan, India, Bangladesh and Sri Lanka Stock Market by using Augmented Duky Fuller unit root test, Co-integration, and Vector Errors Correction Model. For such purpose daily prices of indices were collected from selected South Asian countries’ stock exchanges websites. The result of these tested model indicate that the model is valid and applicable in selected Stock Markets. The findings of this study show that all the variables are stationary at first difference. The result of Co-integration shows that Karachi Stock Exchange is Co-integrated. Error correction mechanism has been applied in this study to capture the short run dynamics among concerned variables within the context of long run relationship. Coefficients of Co-integrating equations show the speed of adjustment in case of short run disequilibrium.

Problems associated with financial reporting of intellectual property rights (IPR) and similar intangible assets are not reported in the same manner as those assets are tangible. Although accounting uses the principle of “conservatism” to evaluate the economic value of all assets, the present rules specified by the Financial Accountants Standards Board (FASB) do not follow the development of accounting principles associated with timing of financial events. This study refers to and utilizes the established methodology in financial reporting literature to develop better methods for estimating the monetary value of IPR and other intangible assets. The estimation methodology, also, will not be a detrimental factor in determining the value of these intangible assets during mergers, acquisitions and the development of new IPR and intangibles.

Purpose: The purpose of the study is to examine and evaluate the current status of adopting and implementing the accounting system and practices of Small and Medium Enterprises (SMEs) in Rangpur region as well as to analyze the extent to which accounting information is being used in measuring financial performance by SMEs with limitations.
Approach: This empirical study is based on the primary (face to face interview and interview over the phone using questionnaire) and secondary (Various book, published research papers, websites, statistical report of BBS and annual report of BB) sources of data where total selected sample 30 enterprises out of sample population 66 enterprises. Different statistical tools (hypothesis testing, co-relation analysis and Chi-Square test) are used to analyze and find the result of the study. The designated measures of accounting system are records of document, financial statement, audited financial statement, accounting methods, accounting basis, quality of accounting information and entrepreneur having accounting knowledge.
Findings: The findings of the study reveal that only 20% of enterprises follow the accounting system directly and the other 80% of the enterprises follow the accounting system indirectly. Correlation analysis signposted that among the seven selected independent variables keep accounting records, prepare financial statement, quality information and basis of accounting had significant positive relationships with the accounting system. Null hypothesis is rejected and alternative hypothesis is accepted. So the result showed that SMEs of Rangpur follow accounting system directly or indirectly. The study found that out of 30 enterprises, 10 SMEs enterprises prepared income statement, 14 SMEs prepared cash flow statement and 6 SMEs prepared all statements.
Originality/Value: This paper provides useful information to the concerned authority (Bangladesh Bank, Bangladesh Bureau of Statistics, SME foundation of Bangladesh) as well as other stakeholders including SMEs owners, researchers and accounting practitioners who are directly or indirectly involved in SMEs.

The purpose of this study is to analyse the direct and indirect effect of asset structure and firm size on the firm value. The samples of this study are thirty four property and real estate firms registered in Indonesia Stock Exchange in the period 2010-2014. The result of this study shows that (1) there is a direct effect of asset structure on the firm value, (2) there is no indirect effect of asset structure on the firm value with capital structure as intervening variable, (3) there is no direct effect of firm size on the firm value, (4) there is no indirect effect of firm size on the firm value with capital structure as intervening variable. Thus, it can be concluded thatcapital structure as intervening variable cannot mediate the relationship betweenasset structure and firm size on the firm value.

Purpose: The purpose of this study is to determine the factors that influence individual investor behavior in the Pakistani financial markets.
Design/methodology/approach: Cronbach's Alpha, Chi square test, Descriptive statistic and Frequency distribution have been used to find the extent of influence of these 30 variables on the investor's behavior of Pakistan financial market.
Findings: The most influencing factors in terms of order are expected corporate earnings, dividends paid, stock marketability, condition of financial statements, expected dividends, current economic indicators, past performance of the firm stock, broker recommendations, firm status in industry and get rich quick. The least influencing factors by order are religious reasons, political party affiliation, environmental record, perceived ethics of the firm and family member opinions. Two factors are such that they unexpectedly have least influence on the Pakistani investor's behavior that is religious reasons and family member opinions. One factor that is broker recommendation is unexpectedly highly influence Pakistani investors behavior in making their investment decision.
Practical implications: Pakistan is a developing country and due to the volatile nature of market most of the time investors rely on these factors which have been observed in this study. The results of this research are mostly consistent with the evidences in previous studies. This study, hopefully, will help investors to be aware of the impact of these factors in their decision making in the stock market, thus increasing the rationality of investment decisions for enhanced market efficiency.
Originality/value: Behavioral finance is relatively a new subject in Pakistan. The study examines the factors influencing individual investor's behavior in Pakistan's financial market. The paper is based on a modified questionnaire administered to 102 investors and their response was measured for five groups of thirty variables. The groups are accounting information, firm image/self-image coincidence, neutral information, advocate recommendations and personal financial needs.

Bitcoin, as a cryptocurrency and an alternative payment solution has gained popularity in certain circles. Existing literature offers discussions that are very specific, oftentimes about Bitcoin-related technical issues, but few takes the perspective of an overview that offers an understanding of how Bitcoin may work to the potential user. Though some level of technical understanding is required to appreciate the workings of Bitcoin, it is not necessary to fully understand Bitcoin’s computational system. The goal of this paper is to provide a working overview to Bitcoin, while highlighting current issues and possible advantages. Published literature is reviewed, along with current developments published on reliable Bitcoin-related websites and news reports, to ensure relevancy and timeliness as far as possible. The research conducted revealed that Bitcoin has many issues to be resolved before it can be taken as a mainstream payment option and currency, but has defined advantages that may only be developed with the advancement of time and consequently technology.

In this article examine that conditions of financial and credit institutions in Iran, Credit institutions; non-governmental and public economic institutions in Iran agreed in principle with the central bank are established and engaged in banking operations. Credit union institution that by attracting deposits allowed the bank (excluding deposit interest-free loan current), obtaining loans and other financial instruments to mobilize resources. Venture and the resources to grant credit facilities assigned or in any other manner to recognition of the central bank, intermediary between suppliers and applicants have the financial resources. We will check, now condition of financial and credit institutions is possible or not, and the result will be institutions offering appropriate solutions.

Purpose: Poverty is a plague that impact developing countries worldwide, but its impact can be heavily felt in Muslim Majority countries where poor health, education, infrastructure problem is rising at alarming rate. The purpose of this paper is to integrate religious and corporate charities in microfinance institutes that will alleviate poverty.
Design/methodology/approach: In this research, qualitative research method is used by relying on secondary data from previous scholarly works, working papers, case studies and relevant internet sources.
Findings: This paper justifies the integrated model for religious and non-religious sources of funds in Islamic finance that will help poverty reduction.
Research limitations/implication: The gap left behind by this paper is for future researcher to carry out empirical investigation of viability of this model.
Originality/value: The theoretical research is a contribution to theory and practice of CSR and Islamic economies.

Management of short-term assets and liabilities play vital role in generating profit in business sector. In the light of that, textile sector from all over the world is also emphasizing on to maintain optimal working capital to generate more profit. Researchers and practitioners around the world have done lot of work on how to maintain working capital in optimal level. Similarly, in Bangladesh, textile sector has concentrated to ensure efficient working capital management. But inadequate research work has been done on working capital management in textile companies of Bangladesh. On this background, the objective of this study is to examine the impact of different components of working capital management on profitability of the Bangladeshi textile companies. To examine that authors have used 8 (eight) years data from the time period of 2007-2014 of 22 textile companies listed in Dhaka Stock Exchange (DSE) and logistic regression has used to analyze the data. The findings of the study showed that, there is statistically significant relationship between working capital management and profitability of the Bangladeshi textile companies. More specifically, this study revealed that Current ratio and Current liabilities to total asset has most significant impact on profitability of textile companies in Bangladesh.

Consumers develop brand knowledge based on their opinion of brand or information to infer meanings to the company and its products and services. Studies showed that associations that are deep-seated in the memory affect consumer behavior toward the company or its brand. Switching behavior has become quite unprecedented among consumers in retail banking sector of The Gambia and several reasons accounts for this practice. Results of Pearson correlation statistics showed that there is a significant negative relation between customer brand perception (price perception, corporate image, customer satisfaction, quality of services and trust) and intention to switch banks.