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The Determinants of Stock Prices in Pakistan


Pages: 276-291
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The Determinants of Stock Prices in Pakistan

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Mehr-un-Nisa,  Mohammad Nishat
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Mehr-un-Nisa,  Mohammad Nishat (2011). The Determinants of Stock Prices in Pakistan. Asian Economic and Financial Review, 1(4): 276-291. DOI:
Stock Investment is always a risky proposition and investors are reluctant to invest in Stock Market. If they came to know about the exact factors influencing the stock prices, they will invest in stocks confidently. This study examines the empirical relationship between the stock prices, financial fundamentals and macroeconomic factors in Karachi Stock Exchange. By applying the dynamic panel Generalized Method of Moments (GMM) technique on the data of 221 firms during 1995-2006, the analysis attempts to obtain efficient parameter estimates and to check the consistency of the link between stock price behavior, company fundamentals and macroeconomic factors. Several studies have been conducted to identify the factors of stock prices for a variety of countries, and the results have been mixed. It is found that previous behavior of stock prices, company size, previous earnings per share are the most important factors. In addition, macroeconomic indicators like, GDP growth, rate of interest and financial depth have significant relationship with the stock prices. Market to book value, share turnover ratio and inflation can also influence the stock price behavior. The corporate reforms of 2002 are responsible of increase in stock prices from 2002 to 2006. Investors in Pakistan have to decide which stock should be purchased. The results of this study will provide guideline to the investors in stock selection. While taking decisions they should take into account company informations as well as macroeconomic situation of the country simultaneously. The companies can set their policies and strategies in the light of relatively important factors, for business survival and success. The possible impact of macroeconomic factors may help the policy makers while setting monetary and fiscal policies.

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Foreign Direct Investment, Non-Oil Exports, and Economic Growth in Nigeria: A Causality Analysis


Pages: 1479-1496
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Foreign Direct Investment, Non-Oil Exports, and Economic Growth in Nigeria: A Causality Analysis

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Kolawole Olayiwola, Henry Okodua
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Kolawole Olayiwola, Henry Okodua (2013). Foreign Direct Investment, Non-Oil Exports, and Economic Growth in Nigeria: A Causality Analysis. Asian Economic and Financial Review, 3(11): 1479-1496. DOI:
The study examines the contribution of Foreign Direct Investment (FDI) to the performance of non-oil exports in Nigeria within the framework of the export-led growth (ELG) hypothesis. Available evidence in Nigeria supports that the bulk of FDI inflow into the country goes to the oil sector of the economy. From the perspective of efficiency-seeking FDI, foreign capital always aims at taking advantage of cost-efficient production condition. Given this fact, a causality analysis was undertaken in order to verify the relevance of the ELG hypothesis. Also, the dynamic interaction among FDI, non-oil exports, and economic growth is investigated using the concept of variance decomposition and impulse response analysis. The results obtained from the causality analysis revealed that a unidirectional causality runs from FDI to non-oil exports. Each of the three variables exhibited on the average and at the early stages of the out-of-sample forecast period, a dormant response to one standard deviation shock or innovation. However, they all demonstrated significant responses after some 7 years into the out-of-sample forecast period. The results also show that an encouragement of non-oil exports is a necessity for an effective FDI in Nigeria. Therefore, in designing policies towards this direction, policy response lag need to be taken into consideration. 

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Effects of Microfinance on Micro and Small Enterprises (MSEs) Growth in Nigeria


Pages: 463-477
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Effects of Microfinance on Micro and Small Enterprises (MSEs) Growth in Nigeria

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Abiola Babajide 
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Abiola Babajide  (2012). Effects of Microfinance on Micro and Small Enterprises (MSEs) Growth in Nigeria. Asian Economic and Financial Review, 2(3): 463-477. DOI:
This paper investigates the effects of microfinance on micro and small business growth in Nigeria. The objectives are: one, to examine the effects of different loan administration practices (in terms of loan size and tenor) on small business growth criteria. Second, to examine the ability of Microfinance-Banks (MFBs) (given its loan-size and rates of interest charged) towards transforming micro-businesses to formal small scale enterprises. The paper employed panel data and multiple regression analysis to analyze a survey of 502 randomly selected enterprises finance by microfinance banks in Nigeria. We find strong evidence that access to microfinance does not enhance growth of micro and small enterprises in Nigeria. However, other firm level characteristics such as business size and business location, are found to have positive effect on enterprise growth. The paper recommends a recapitalization of the Microfinance banks to enhance their capacity to support small business growth and expansion. 

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Relationship between Tourism and Economic Growth: A Panel Granger Causality Approach


Pages: 591-602
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Relationship between Tourism and Economic Growth: A Panel Granger Causality Approach

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E. caglayan N. sak, K. Karymshakov
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E. caglayan N. sak, K. Karymshakov (2012). Relationship between Tourism and Economic Growth: A Panel Granger Causality Approach. Asian Economic and Financial Review, 2(5): 591-602. DOI:
This paper investigated the causal relationship between tourism revenue and gross domestic product (GDP) using the panel data of 135 countries for the period 1995???2008. For this purpose, Panel Granger causality analysis was applied to 11 groups of countries. This classification was created as America (30 countries), Asia (34 countries), Europe (37 countries), East Asia (13 countries), South Asia (6 countries), Central Asia (5 countries), Latin America & Caribbean (28 countries), Oceania (7 countries), Middle East & North Africa (11 countries), Sub Saharan Africa (24 countries) and the world (135 countries). Results indicated bidirectional causality in Europe between tourism revenue (TR) and gross domestic product (GDP). Findings showed that there is a unidirectional causality in America, Latin America & Caribbean and World from GDP to tourism revenue. While in case of East Asia, South Asia and Oceania the reverse direction of causality was found from tourism revenue to GDP. No causal relationship was found in Asia, Middle East and North Africa, Central Asia and Sub Saharan Africa.

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Impact of Microfinance on Smallholder Farm Productivity in Tanzania: The Case of Iramba District


Pages: 227-242
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Impact of Microfinance on Smallholder Farm Productivity in Tanzania: The Case of Iramba District

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Frank Girabi, Agnes Elishadai Godfrey Mwakaje
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Frank Girabi, Agnes Elishadai Godfrey Mwakaje (2013). Impact of Microfinance on Smallholder Farm Productivity in Tanzania: The Case of Iramba District. Asian Economic and Financial Review, 3(2): 227-242. DOI:
Over the past two decades, there has been a high promotion of microfinance institutions (MFI) in Tanzania. In 1990s there was only 825 MFI which increased to 1,875 in 2005. Currently, the country is estimated to have more than 5000 MFI. The promise of MFI lies in the belief that microfinance could empower poor people to fight against poverty through easy access to credit. But what is the actual impact of MFI on the ground? Empirical evidence in this area is inconclusive. The objective of this study was to investigate the impact of microfinance on agricultural productivity by smallholder farmers in Tanzania with the case study of Iramba District.  A total of 98 respondents were selected randomly from credit beneficiaries (CB) and non-credit beneficiaries (NCB). The collected data were analyzed through descriptive statistics and multiple regression analysis. Findings revealed that, CB realized high agricultural productivity compared to the NCB respondents. This is partly because the CB were relatively better in accessing markets for agricultural commodities, use of inputs and adoption of improved farming  technologies. The major factors hindering smallholder farmers??? access to credit were reported to be lack of information, inadequate credit supply, high interest rates and defaulting.

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A Study on Factors Affecting Turnover Intention of Hotel Empolyees


Pages: 866-875
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A Study on Factors Affecting Turnover Intention of Hotel Empolyees

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Chun-Chang Lee, Sheng-Hsiung Huang, Chen- Yi Zhao 
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Chun-Chang Lee, Sheng-Hsiung Huang, Chen- Yi Zhao (2012). A Study on Factors Affecting Turnover Intention of Hotel Empolyees. Asian Economic and Financial Review, 2(7): 866-875. DOI:
This study used linear structural modeling to explore the factors affecting the turnover intention of hotel employees in Taiwan. A total of 400 questionnaires were distributed to hotel employees. Among these, 350 were valid samples, a valid return rate of 87.50%. The empirical results showed that (1) more harmonious coworker relationships between hotel employees and a higher level of satisfaction regarding their work environment have a significantly positive effect on job satisfaction; (2) a higher level of organizational commitment among hotel employees has a significantly negative effect on turnover intention; (3) the direct effect of employee job satisfaction and salary level on turnover intention has not reached a significant level. Nevertheless, the two factors have indirect negative effects on turnover intention.

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Macroeconomic Variables and Stock Market Returns in Ghana: Any Causal Link?


Pages: 1044-1062
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Macroeconomic Variables and Stock Market Returns in Ghana: Any Causal Link?

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Haruna Issahaku , Yazidu Ustarz, Paul Bata Domanban
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Haruna Issahaku , Yazidu Ustarz, Paul Bata Domanban (2013). Macroeconomic Variables and Stock Market Returns in Ghana: Any Causal Link?. Asian Economic and Financial Review, 3(8): 1044-1062. DOI:
The purpose of the study is to examine the existence of causality between macroeconomic variables and stock returns in Ghana. The study employs monthly time series data spanning the period January 1995 to December 2010.  Unit root test is performed using ADF, PP and KPSS tests. Then, Vector Error Correction (VECM) model is used to establish long-run and short-run relationship between stock performance and macroeconomic variables. In order to determine the existence or otherwise of causality, the Granger Causality tests is performed. Impulse response functions and forecast error variance decomposition are used to assess the stability of the relationship between stock returns and macroeconomic variables over time. The study reveals that a significant long run relationship exists between stock returns and inflation, money supply and Foreign Direct Investment (FDI). In the short-run, a significant relationship exists between stock returns and macroeconomic variables such as interest rate, inflation and money supply. In the short-run the relationship between stock returns and FDI is only imaginary. Our VECM coefficient shows that it takes approximately 20 months for the stock market to fully adjust to equilibrium position in case a macroeconomic shock occurs. Lastly, a causal relationship running from inflation and exchange rate to stock returns has been established. Then also, a causal relationship running from stock returns to money supply, interest rate and FDI has also been revealed. The findings imply that arbitrage profit opportunities exist in the Ghana stock market contrary to the dictates of the Efficient Market Hypothesis (EMH). In terms of original value,among the studies done on the topic in Ghana so far, this is the only study that incorporates dividend in the computation of returns on the Ghana Stock Exchange.

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Exports-Led Growth Hypothesis in Pakistan: Further Evidence


Pages: 182-197
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Exports-Led Growth Hypothesis in Pakistan: Further Evidence

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Muhammad Shahbaz, Pervaz Azim, Khalil Ahmad
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Muhammad Shahbaz, Pervaz Azim, Khalil Ahmad (2011). Exports-Led Growth Hypothesis in Pakistan: Further Evidence. Asian Economic and Financial Review, 1(3): 182-197. DOI:
The study considers the exports-led growth hypothesis using quarterly dataover the period 1990-2008 in case of Pakistan. For this purpose, Ng Perronunit root test, ARDL bounds testing approach to cointegration and errorcorrection method (ECM) for short run dynamics have been applied. Ourresults indicate that exports are positively correlated with economic growthconfirming the validity of exports-led growth hypothesis. Exchange ratedepreciation decreases and real capital stock improves economic growth.

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Does Monetary Policy Influence Economic Growth in Nigeria?


Pages: 635-646
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Ismail O. Fasanya, Adegbemi B.O Onakoya, Mariam A. Agboluaje
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Ismail O. Fasanya, Adegbemi B.O Onakoya, Mariam A. Agboluaje (2013). Does Monetary Policy Influence Economic Growth in Nigeria?. Asian Economic and Financial Review, 3(5): 635-646. DOI:
This study examines the impact of monetary policy on economic growth in Nigeria.The study uses time-series data covering the range of 1975 to 2010.The effects of stochastic shocks of each of the endogenous variables are explored using Error Correction Model (ECM). The study shows that Long run relationship exists among the variables. Also, the core finding of this study shows that inflation rate, exchange rate and external reserve are significant monetary policy instruments that drive growth in Nigeria .It is therefore recommended that the establishment of primary and secondary government bond markets that can also increase the efficiency of monetary policy and reduce the government???s need to rely on the central bank for direct financing.

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Human Capital Development and Economic Growth: Empirical Evidence from Nigeria


Pages: 813-827
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Human Capital Development and Economic Growth: Empirical Evidence from Nigeria

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Wakeel  A. Isola, R. A Alani  
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Wakeel  A. Isola, R. A Alani   (2012). Human Capital Development and Economic Growth: Empirical Evidence from Nigeria. Asian Economic and Financial Review, 2(7): 813-827. DOI:
The study examined the contribution of different measures of human capital development to economic growth in Nigeria. It used data from Nigeria and adopted the growth account model which specifies the growth of GDP as a function of labour and capital. The model also included a measure of policy reforms. Based on the estimated regression and a descriptive statistical analysis of trends of government commitment to human capital development, it was found that though little commitment had been accorded health compare to education, empirical analysis showed that both education and health components of human capital development are crucial to economic growth in Nigeria.

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Causality between Oil Consumption and Economic Growth in Iran: An Ardl Testing Approach


Pages: 678-686
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Causality between Oil Consumption and Economic Growth in Iran: An Ardl Testing Approach

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Gudarzi farahani, Yazdan, Sadr Seyed Mohammad Hossein 
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Gudarzi farahani, Yazdan, Sadr Seyed Mohammad Hossein  (2012). Causality between Oil Consumption and Economic Growth in Iran: An Ardl Testing Approach. Asian Economic and Financial Review, 2(6): 678-686. DOI:
Oil is also very important for the Iran???s economic growth. This paper studies the causal relationships between oil consumption and economic growth for Iran using cointegration and error correction model from annual data covering the period of 1980-2010. As economic growth and oil consumption variables used in empirical analysis was integrated of order one, employed Granger causality test. The results show that in the short-run, the Granger causality runs from economic growth to energy consumption In Iran. However, in the long run there is not any Granger causality relationship for this country. In other words, if unidirectional causality runs from energy consumption to income, reducing energy consumption could lead to a fall in economic growth.

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Export Led Growth or Growth Led Export Hypothesis in India: Evidence Based on Time-Frequency Approach


Pages: 869-880
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Export Led Growth or Growth Led Export Hypothesis in India: Evidence Based on Time-Frequency Approach

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Arif Billah Dar, Niyati Bhanja, Amaresh Samantaraya, Aviral Kumar Tiwari
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Arif Billah Dar, Niyati Bhanja, Amaresh Samantaraya, Aviral Kumar Tiwari (2013). Export Led Growth or Growth Led Export Hypothesis in India: Evidence Based on Time-Frequency Approach. Asian Economic and Financial Review, 3(7): 869-880. DOI:
A plethora of research activity on the relationship between a country???s export and economic growth has produced ambiguous and mixed results. We reinvestigate this relationship using the methodology of wavelets based correlation and cross correlation. Our results show that the relationship between export growth and output growth is not only positive in India but this relationship grows stronger as time horizons increases. Our results based on wavelet cross-correlation show that causal relationship is bi-directional at higher time scales.

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Financial Market Structure and Economic Growth: Evidence from Nigeria Data


Pages: 75-98
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Financial Market Structure and Economic Growth: Evidence from Nigeria Data

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Anne C Maduka, Kevin O. Onwuka 
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Anne C Maduka, Kevin O. Onwuka  (2013). Financial Market Structure and Economic Growth: Evidence from Nigeria Data. Asian Economic and Financial Review, 3(1): 75-98. DOI:
In this paper, we investigate both the long run and short run relationships between financial structure and economic growth using time series data. The presence of a unit root in the time series data was tested using Augmented Dickey ??? Fuller and Philips ??? Perron tests. The long run relationship among the variables is estimated using Johansen and Juselius (1990) maximum likelihood procedure. While the vector error correction model is used to estimate short run the dynamic coefficients. The main results reveal that financial market structure has a negative and significant effect on economic growth based on Nigeria data. This suggests a low level of development of the country???s financial sector. The paper therefore recommends that there is a need to put appropriate financial policies in place that will encourage the growth per capita GDP.

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The Effect of Interest Rate, Inflation Rate, GDP, on Real Economic Growth Rate in Jordan


Pages: 341-354
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Abdul Aziz Farid Saymeh, Marwan Mohammad Abu Orabi
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Abdul Aziz Farid Saymeh, Marwan Mohammad Abu Orabi (2013). The Effect of Interest Rate, Inflation Rate, GDP, on Real Economic Growth Rate in Jordan. Asian Economic and Financial Review, 3(3): 341-354. DOI:
The main objective of this study is to investigate the effect of interest rate, inflation rate, and GDP on real economic growth in Jordan over the period 2000-2010. Unit root test (Augmented Dickey-Fuller test) has been exploited to check the integration order of the variables. Acointegration analysis with four variables (economic growth, interest rate, GDP, and inflation level) is employed. Study adopted Johansen test. Findings indicated that both trace test and max eigenvalue static showed that the four equations have significant existent 1% or 5%. It means that all variables have long term equilibrium relationship. Study adopted the same four variables to discuss Granger Causality relationship; findings indicated that inflation causes interest rate. On the other hand all other variables are independent with each other. Regressionwas conducted to test growth rate with interest rate which showed that current interest rate has an influence power on growth rate. Also, regression used to test growth rate with inflation rate; it showed that inflation rate has influence power on growth rate. Finally regression used to test GDP, interest rate, and inflation rate together; results have shown that current GDP and one lag GDP have influence power to growth rate.

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Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse


Pages: 913-922
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Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse

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Zahiruddin Ghazali, Norlida Abdul Manab
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Zahiruddin Ghazali, Norlida Abdul Manab (2013). Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse. Asian Economic and Financial Review, 3(7): 913-922. DOI:
This study aims to highlight whether the implementation of Malaysian Code of Corporate Governance (MCCG) in 2000 and the revise version in 2007 gives impact to enterprise risk management (ERM) and creates value for companies listed in the Malaysian Bourse. Using a standard and reliable variables with acceptable testing methods provide justifiable methodology of testing. From test result, it is found that MCCG2000 produces more impact compares to MCCG2007. Nonetheless, caveat should be in place as these are only initial findings with a long road ahead for confirmation.

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Effects of Working Capital Management on Profitability: Evidence from the Topfive Beer Brewery Firms in the World


Pages: 966-982
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Effects of Working Capital Management on Profitability: Evidence from the Topfive Beer Brewery Firms in the World

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Ani, Wilson Uchenna, Okwo, Ifeoma Mary, Ugwunta, David Okelue 
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Ani, Wilson Uchenna, Okwo, Ifeoma Mary, Ugwunta, David Okelue  (2012). Effects of Working Capital Management on Profitability: Evidence from the Topfive Beer Brewery Firms in the World. Asian Economic and Financial Review, 2(8): 966-982. DOI:
The impact of working capital management on the profitability of manufacturing firms has attracted the attention of researchers in different countries of the world in recent times. This research expands the horizon of knowledge in this area by shedding more light on working capital management as measured by the cash conversion cycle (CCC), and how the individual components of the CCC influence the profitability of world leading beer brewery firms. Multiple regression equations were applied to a cross sectional time series data of five world leading beer brewery firms after ensuring that the data are stationary and co-integrated. The outcome of the analysis clearly pinpoint that working capital management as represented by the cash conversion cycle, sales growth and lesser debtors??? collection period impacts on beer brewery firms??? profitability.

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Oil Price Volatility and its Consequences on the Growth of the Nigerian Economy: An Examination (1970-2010)


Pages: 683-702
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Oil Price Volatility and its Consequences on the Growth of the Nigerian Economy: An Examination (1970-2010)

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Oriakhi D.E, Iyoha Daniel Osaze
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Oriakhi D.E, Iyoha Daniel Osaze (2013). Oil Price Volatility and its Consequences on the Growth of the Nigerian Economy: An Examination (1970-2010). Asian Economic and Financial Review, 3(5): 683-702. DOI:
This study examines the consequences of oil price volatility on the growth of the Nigerian economy within the period 1970 to 2010. Using quaterly data and employing the VAR methodology, the study finds that of the six variables employed, oil price volatility impacted directly on real government expenditure, real exchange rate and real import, while impacting on real GDP, real money supply and inflation through other variables, notably real government expenditure. This implies that oil price changes determines government expenditure level, which in turn determines the growth of the Nigerian economy. This result seems to reflect the dominant role of government in Nigeria. Considering the destabilizing effects of oil price fluctuations on economic activity and government spending in Nigeria, the study makes some recommendations. Some of these include; fiscal  prudence, reform in budgetary operations, export diversification, revival of the non-oil sector of the economy, accountability and corporate governance.

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Does Firm Profile Influence Financial Access among Small and Medium Enterprises in Kenya?


Pages: 714-723
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Does Firm Profile Influence Financial Access among Small and Medium Enterprises in Kenya?

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Martin M. Musamali, Daniel Kipkirong Tarus
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Martin M. Musamali, Daniel Kipkirong Tarus (2013). Does Firm Profile Influence Financial Access among Small and Medium Enterprises in Kenya?. Asian Economic and Financial Review, 3(6): 714-723. DOI:
The purpose of this research is to determine whether firm-specific factors influence Small and Medium Enterprises??? (SMEs) ability to access finance. To address the study objectives, data from a sample of 103 SMEs was used in the study. Using multiple regression analysis, we found that, firm profile such as ownership structure; size of the firm; business type; and age of the business indeed influence SMEs??? access to finance.

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An Analysis of Macroeconomic Determinants of Commercial Banks Profitability in Malaysia for the Period 1995-2011


Pages: 41-57
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An Analysis of Macroeconomic Determinants of Commercial Banks Profitability in Malaysia for the Period 1995-2011

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Mirza Vejzagic, Hashem Zarafat
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Mirza Vejzagic, Hashem Zarafat (2014). An Analysis of Macroeconomic Determinants of Commercial Banks Profitability in Malaysia for the Period 1995-2011. Asian Economic and Financial Review, 4(1): 41-57. DOI:
This paper investigates the macroeconomics factors that stimulate banks’ profitability. A standard regression model is used to identify macroeconomics determinants that significantly contribute to profitability, expressed through return on assets (ROA), of commercial banks in Malaysia. The determinant factors under consideration are real gross domestic product growth, inflation (expressed through consumer price index), and real interest rates. The paper incorporates seven banks, namely, CIMB, Public Bank, Maybank, Affin Bank, RHB Bank, Alliance Bank and Hong Leong Bank for the period 1995 to 2011. In order to present research in most accurate way, the paper looked into the relationship between profitability of all banks (expressed through mean of ROAs), as well as every single individual bank, with mentioned macroeconomic determinants. Model demonstrated overall significance for mean of all banks, and three individual banks, namely, Maybank, Public Bank and Hong Leong Bank. Findings show that for mean of all banks, as well as Maybank, Public Bank and Hong Leong Bank, real GDP is significant and have positive relationship with confidence level of 1% and 5%. This paper illustrated that in Malaysian case, inflation (CPI) is not significant for mean of all banks and Maybank. On the contrary, for Public Bank and Hong Leong Bank inflation (CPI) is significant, with negative relationship. Lastly, the outcomes of this paper exemplified that in Malaysia real interest rate has no relation with banks’ profitability. From the empirical estimation, it is suggested that for the banks’ profitability the growth of gross domestic product must be in place in order to stimulate lending and borrowing activities. In addition, it is proposed that for the banking sector in order to preserve on profitability, the anticipation of inflation must be in place to shelter revenue and reduce cost of the banks.

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Integration and Dynamic Linkages of the Indian Stock Market with Bric - An Empirical Study


Pages: 715-731
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Integration and Dynamic Linkages of the Indian Stock Market with Bric - An Empirical Study

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Ranjan Dasgupta
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Ranjan Dasgupta (2014). Integration and Dynamic Linkages of the Indian Stock Market with Bric - An Empirical Study. Asian Economic and Financial Review, 4(6): 715-731. DOI:
The interrelationships, interdependencies, integration, and dynamic linkages in between countries, regions including BRIC, country-region, and developing-developed stock markets had been thoroughly researched in the literature. This study aims at investigating above relationships both in short and long-run with special reference to India. It undertakes daily closing values of the BRIC indices from 1st January 2003 to 31st December 2012. This study has used Jarque-Bera test, and ADF and PP tests for judging the normality and stationarity of the data series. Based on the above results this study undertakes Johansen and Juselius’s and Engle and Granger’s cointegration tests, and pairwise Granger causality tests to investigate short and long-run interrelationships and integration of the BRIC stock markets. To make this study more reliable the Vector Autoregression in the form of Impulse response functions and Variance Decomposition analysis are also used. This study has found that they are non-normal and non-stationary at level, but integrated of order 1 [i.e., I(1)]. It has found only one cointegration, i.e., long-run relationships and also short-run bidirectional Granger relationships in between the Indian and Brazilian stock markets. Also, the Chinese stock market Granger causes the Brazilian stock market which in turn has a causal effect on the Russian stock market. Based on the above results, it is found that the Indian stock market has strong impact on Brazilian and Russian stock markets. The interdependencies (mainly on India and China) and dynamic linkages are also evident in the BRIC stock markets. Overall, this study has found that BRIC stock markets are the most favourable destination for global investors in the coming future and among the BRIC the Indian stock market has the dominance.
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A Dynamic Causality Study between Electricity Consumption and Economic Growth for Global Panel: Evidence from 76 Countries


Pages: 1-13
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A Dynamic Causality Study between Electricity Consumption and Economic Growth for Global Panel: Evidence from 76 Countries

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Md. Sharif Hossain, Chikayoshi Saeki
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Md. Sharif Hossain, Chikayoshi Saeki (2012). A Dynamic Causality Study between Electricity Consumption and Economic Growth for Global Panel: Evidence from 76 Countries. Asian Economic and Financial Review, 2(1): 1-13. DOI:

This paper empirically examines the dynamic causal relationships between electricity consumption and economic growth for five different panels (namely high income, upper middle income, lower middle income, low income based on World Bank income classification and global) using time series data from 1960 to 2008. Three panel unit root tests results support that both the variables are integrated of order 1 for all panels except low income panel. Only the variable economic growth is integrated of order 1 for low income panel. The Kao and Johansen Fisher panel conintegration tests results support that both the variables are cointegrated for high income, upper middle income and global panels but for lower middle income and low income panels are not cointegrated. Bidirectional causality between economic growth and electricity consumption both in the short-run and long-run is found for high income, upper middle income and global panels from the Granger causality test results. Unidirectional short-run causality is found from economic growth to electricity consumption for lower middle income panel and no causal relationship is found for low income panel. It is found that the long-run elasticity of economic growth with respect to electricity consumption is higher for high income, upper middle income and for global panels indicates that over times higher electricity consumption gives rise to more economic growth in these panels.


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Financial and Non Financial Determinants of Corporate Social Responsibility


Pages: 1001-1012
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Financial and Non Financial Determinants of Corporate Social Responsibility

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Faris Nasif AL- Shubiri, Abedalfattah Zuhair Al-abedallat, Marwan Mohammad Abu Orabi 
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Faris Nasif AL- Shubiri, Abedalfattah Zuhair Al-abedallat, Marwan Mohammad Abu Orabi  (2012). Financial and Non Financial Determinants of Corporate Social Responsibility. Asian Economic and Financial Review, 2(8): 1001-1012. DOI:
Accounting, economic, social and political, and slack resources theories provide different perspectives to addressing corporate social responsibility in relation to disclosure, corporate financial performance e.t.c. This paper aims to identify the determinants financial and non financial of corporate social responsibility (CSR) in Jordan .The annual reports determine a sample of 60 industrial companies listed on the Amman Stock Exchange for a period from 2006 to 2010 in Jordan were used as a basis for the study. The results of the analysis imply that companies that are expected to be large in size firm, age of firm, maintaining growth and are highly leveraged are more likely to voluntary disclose social responsibility information. The result lends partial support to agency and political economy theories

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Critical Discourse Analysis: Iranian Banks Advertisements


Pages: 124-145
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Soheila Tahmasbi, Sasan Ghorgani Kalkhajeh 
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Soheila Tahmasbi, Sasan Ghorgani Kalkhajeh  (2013). Critical Discourse Analysis: Iranian Banks Advertisements. Asian Economic and Financial Review, 3(1): 124-145. DOI:
The present study tried to analyze an array of banks advertisements in an Iranian socio-cultural context. The selected commercials are analyzed critically from a top-down as well as a bottom-up point of view. The framework is that of the Fairclough’s (1992) which embraces three aspects of discourse presenting some closely-related layers called 1) description of textual analysis 2) interpretation of production and reception and 3) explanation of social conditions which affect production and reception. The findings of the study revealed CDA can be an appropriate method to detect the manipulative language of advertised texts which invested on cultural, social and ideological values to in turn acknowledge some services and convince people to trust them.

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Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan


Pages: 270-282
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Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan

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Qazi Muhammad Adnan Hye, Shahida Wizarat 
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Qazi Muhammad Adnan Hye, Shahida Wizarat  (2013). Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan. Asian Economic and Financial Review, 3(2): 270-282. DOI:
We have tried to explore the link between financial liberalization index (FLI) and economic growth in Pakistan by using annual data for 1971- 2007.  The Phillips Perron unit root test is utilized to verify the level of integration and Auto-Regressive Distributed Lag (ARDL) technique for obtaining long run and short run coefficients. The empirical finding indicates that FLI and economic growth are positively linked in the short run.  On the other hand, FLI is statistically insignificant in the long run, while the impact of real interest rate (RIR) on economic growth is negative and significant. This means that one unit increase in the RIR causes GDP to decline by Rs. 1.03 million. Our investigation recommends that SBP and the GOP should pursue financial liberalization policies that are consistent with economic growth.

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The Effect of Corruption on Firm Growth: Evidence from Firms in Turkey


Pages: 607-624
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Hasan Ayaydın --- Pınar Hayaloglu
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Hasan Ayaydın --- Pınar Hayaloglu (2014). The Effect of Corruption on Firm Growth: Evidence from Firms in Turkey. Asian Economic and Financial Review, 4(5): 607-624. DOI:
To our knowledge, there is no micro-level study paying attention to the influence of corruption on firm growth. We aim to fill this gap in the literature. This paper therefore contributes to the limited literature on the link between corruption and firm growth in a single country, Turkey. To estimate the relationship between firm growth and corruption, we analyze a sample of 41 firms from manufacturing firms in Turkey, covering the period from 2008 to 2011 by using static panel techniques. The study find evidence that the effect of corruption level, profitability and financial leverage on the growth of the firms is significantly positive in all case, but financial risk rating is negative. We find specifically a significantly positive relation between the growth of private firms and corruption level. This leads that corruption could increase economic development, mainly because illegal practices and payments as ‘speed money’ could surpass bureaucratic delays; the acceptance of bribes in government employees could work as an incentive and increase their efficiency and because corruption is possibly the price people are forced to pay as a result of market failures. The results of this study provide managerial implications for industrial companies from Turkey: Company managers should increase profitability, should reach economies of scale, an optimal capital structure level and reach the optimal level of working capital level due to profitable firms grow faster than other companies. We also suggest that policy-makers improve in public governance quality and the leveling of the playing field for firms in all business sectors to reduce corruption level because firms tend to pay bribes and the time that is wasted on bureaucratic procedures and engage in corrupt practices in an attempt to promote their short-term growth by facilitating transactions in the bureaucratic process.

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Funding Crisis in Higher Education Institutions: Rationale for Change


Pages: 562-576
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Abd Rahman Ahmad, Alan Farley, Moonsamy Naidoo 
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Abd Rahman Ahmad, Alan Farley, Moonsamy Naidoo  (2012). Funding Crisis in Higher Education Institutions: Rationale for Change. Asian Economic and Financial Review, 2(4): 562-576. DOI:
An important priority of public policy is to ensure that higher education institutions contribute to economic growth and social progress as a whole, especially in the context of today???s globalised markets and knowledge economy. It is crucial for any nation to have a good education system and strategic planning to improve learning outcomes, access to facilities, and efficient use of resources. This paper explained the rationale for changein funding higher education with comparison made based on previous literature in developed and developing countries.

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Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies


Pages: 902-920
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Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies

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Hiroyuki Taguchi  (2012). Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies. Asian Economic and Financial Review, 2(8): 902-920. DOI:
This paper aims at providing empirical evidence on the relationship between capital inflows and asset prices, focusing on China, Hong Kong, Indonesia, Korea and Thailand. Main findings are: the positive responses of share prices to portfolio inflows shocks were verified in all the estimated economies, which implies the function of the direct channel into stock market; the indirect channel through domestic money supply appeared to work in the economies with peg regime like Hong Kong, whereas it did not in those with floating regime like Indonesia, Korea and Thailand, due to the sterilization of intervention in foreign exchange markets.

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Analysis of Farm Households Poverty Status in Ogun States, Nigeria


Pages: 325-340
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Analysis of Farm Households Poverty Status in Ogun States, Nigeria

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ADEKOYA Olusoji Adetayo
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ADEKOYA Olusoji Adetayo (2014). Analysis of Farm Households Poverty Status in Ogun States, Nigeria. Asian Economic and Financial Review, 4(3): 325-340. DOI:
The paper examined the poverty status of farm households in Ogun State, Nigeria using a descriptive statistics, Foster, Greer and Thorbecke poverty (FGT) indices and Logit regression model. The data used were generated from a survey involving 117 farm household’s randomly selected using multistage sampling technique. Results of analysis revealed that majority (70.9%) of the farm households do not have access to potable water; they live in mud buildings while the common toilet facility was the bush. The mean per capita consumption expenditure among the farm households was ₦9,103.85 with the FGT poverty incidence, poverty gap and severity of poverty estimated to be 78.1%, 55.8% and 43.0% respectively. Poverty incidence was found to be higher among male headed (60%) and farming (63.9%) households and those having over five members (66.1%).The logit regression further indicates that the likelihood of being poor were more with large households, non-educated farm households head and households without access to credit and other non-farm income. It is therefore recommended that government should strengthen the various government credit agencies in order for them to make enough credit available to farmers, strengthen the adult literacy education programmes and encourage farmers to expand their farm land for increased production.
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Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis


Pages: 49-56
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Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis

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Behrooz Shahmoradi, Mostafa Baghbanyan
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Behrooz Shahmoradi, Mostafa Baghbanyan(2011). Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis. Asian Economic and Financial Review, 1(2): 49-56. DOI:

The aim of this paper is to explore, by estimating a panel data econometric model, the determining factors of foreign direct investment (FDI) inflows in developing countries over the period of 1990-2007. The study is based on a sample of panel data on 25 developing countries. In the model, dependent variable is FDI inflows. Independent variables are FDI outflows, GDP, BOP, population, openness of the economy, mobile, internet, technology, ODA and labor. According to the econometric results, in the main model, openness of the economy, market size, availability of labour force, ODA, mobile, technology and internet have positive effects on FDI inflows in developing countries.


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Dimension of Globalization And Their Effects On Economic Growth


Pages: 1-13
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Dimension of Globalization And Their Effects On Economic Growth

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Utpal Kumar De, Manoranjan Pal
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Utpal Kumar De, Manoranjan Pal (2011). Dimension of Globalization And Their Effects On Economic Growth. Asian Economic and Financial Review, 1(1): 1-13. DOI:

The globalisation is supposed to reduce regional inequality, poverty and promote sustainability and improve overall human quality. Several studies have provided contradictory results in regard to the effect of globalisation, either in case of growth of GDP, or reduction in inequality and poverty or maintaining environmental sustainability and finally the human development. This paper attempts to examine the pattern of globalisation across the countries along with its effect on the growth of GDP as well as human development index. The term globalization is becoming more and more meaningful as can be seen from the interrelations of these variables. Also globalization has been seen to have effect on the contemporary and very recent future values only.


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Driving Forces of Globalization in Emerging Market Economies Developing Countries


Pages: 83-94
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Ghirmai T. Kefela
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Ghirmai T. Kefela(2011). Driving Forces of Globalization in Emerging Market Economies Developing Countries. Asian Economic and Financial Review, 1(2): 83-94. DOI:

The paper will deal mainly with the macroeconomics of globalization (trade and finance), but before proceeding, a final distinction needs to be drawn between globalization and liberalization. Developing countries themselves had to take some important steps before the full impact of globalization could be felt. Specifically, they had to open their own economies, to lower the barriers to trade and capital flows that had been an important component of the import-substitution industrialization model that almost all followed for some period. Without these policy shifts, globalization would be much less relevant than it is today, especially in the developing world. Liberalization, then, is the other side of globalization.


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The Impacts of Emotional Intelligence Competency on Job Satisfaction in the Service Sector: An Application on the Turkish Banking Sector


Pages: 617-634
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Nazife Orhan, Hasan Dincer 
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Nazife Orhan, Hasan Dincer  (2012). The Impacts of Emotional Intelligence Competency on Job Satisfaction in the Service Sector: An Application on the Turkish Banking Sector. Asian Economic and Financial Review, 2(5): 617-634. DOI:
Subject to the highly increased competition in almost all sectors especially in the service sector, the analysis of emotional intelligence competency and job satisfaction of employees has been one of the most crucial research subjects nowadays to get the highest productivity from employees in terms of almost all fields of the company. Since banking sector is one of the dynamic sectors that has been changed both negatively and positively due to economic crisis in different periods, this study has been applied on the banking sector.  In addition to the analysis of these two variables in terms of relationship between each other, it has been also aimed to see if the level of emotional intelligence and job satisfaction differ by state-owned and private banks. As a data collection tool in the study, questionnaire technique has been used, and findings have been obtained from 150 staff through the survey on emotional intelligence competency by Wong and Law, and the short form of Minnesota job satisfaction survey by Weiss, Davis, England, Lofquist. 

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The Fisher Effect in the Spanish Case: A Preliminary Study


Pages: 841-857
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Francisco Jareño, Marta Tolentino 
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Francisco Jareño, Marta Tolentino  (2012). The Fisher Effect in the Spanish Case: A Preliminary Study. Asian Economic and Financial Review, 2(7): 841-857. DOI:
We revise previous literature about Fisher Effect, in order to check if the majority of nominal interest rates movements are caused by inflation rate fluctuations, remaining constant the real interest rate. Finally, we analyse the Fisher Effect in the Spanish case with a preliminary analysis in order to validate future studies.

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Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan


Pages: 1072-1084
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Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan

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Mah Jabeen Zafar, Ghulam Yasin, Mariah Ijaz 
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Mah Jabeen Zafar, Ghulam Yasin, Mariah Ijaz  (2012). Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan. Asian Economic and Financial Review, 2(8): 1072-1084. DOI:
The present research aims at measuring how social networking is a source of developing entrepreneurial intentions among entrepreneurs. The study was designed with the intent to find the components of social networking which help in entrepreneurship. The universe for the present study consisted of all enterprises registered with Trade of Chamber and Commerce (Multan). A sample of 5 respondents was selected for interview through convenient sampling. Detailed interviews were conducted for data collection and analyzed by using critical analysis procedure. From the analysis it was found that social networking helps the entrepreneur in developing entrepreneurial intention through which peer group and family and educational institutions in general and universities in particular contribute a lot. Mass media found as a main source in providing the platform for entrepreneurship in the realm of networking. It is suggested that universities should create network nexus through old students (alumni) that might develop in to business. Government should facilitate the self-employed people while providing them opportunities of strengthen their social networks through its various means.

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Exchange Rate Volatility and Bank Performance in Nigeria


Pages: 178-185
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Exchange Rate Volatility and Bank Performance in Nigeria

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Owoeye Taiwo, Ogunmakin Adeduro Adesola
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Owoeye Taiwo, Ogunmakin Adeduro Adesola (2013). Exchange Rate Volatility and Bank Performance in Nigeria. Asian Economic and Financial Review, 3(2): 178-185. DOI:
This study investigated the impact of unstable exchange rate on bank performance in Nigeria using two proxies for bank performance, namely loan loss to total advances ratio and capital deposit ratio. Government expenditure, interest rate, real gross domestic product were added to exchange rate as independent variables. The two models specified show that the impact of exchange rate on bank performance is sensitive to the type of proxy used for bank performance. Loan loss to total advance ratio shows that fluctuating exchange rate may affect the ability of lenders to manage loans resulting into high level of bad loans while capital deposit ratio does not have significant relationship with exchange rate. A core recommendation of this study is that a stable exchange rate is needed to improve the ability of the banking sector to channel credit to the economy.

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Bank Size and Efficiency in Developing Countries: Intermediation Approach versus Value Added Approach and Impact of Non-Traditional Activities


Pages: 593-613
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Bank Size and Efficiency in Developing Countries: Intermediation Approach versus Value Added Approach and Impact of Non-Traditional Activities

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Sameh Charfeddine Karray, Jamel eddine Chichti
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Sameh Charfeddine Karray, Jamel eddine Chichti (2013). Bank Size and Efficiency in Developing Countries: Intermediation Approach versus Value Added Approach and Impact of Non-Traditional Activities. Asian Economic and Financial Review, 3(5): 593-613. DOI:
Following the using a panel of 402 commercial banks from 15 developing countries over the period between 2000-2003 period, we assess the effect of bank size on technical efficiency and its two components: pure technical and scale efficiencies. We use in this study data envelopment approach (DEA) under specifications that allow the examination of the impact on results of the choice to measure banking activities with an intermediation or a value added approach, and of course a test for the relevance of including non traditional activities. Results indicate that examined banks suffer from serious problems of technical inefficiency involving a total average waste of resources that exceeds 46% of their actually levels. This inefficiency is mainly due to pure technical inefficiency for all size of banks except the largest banks for which we found high levels of scale inefficiency. The conducted test results show that the models with and without non-traditional activities are equivalent in terms of overall technical efficiency for banks of all size classes except for those of the smallest size. However, it is proved by these tests that the choice of an intermediation or a value added approach for measuring banking activity can significantly influence the generated average levels of technical efficiency for all bank sizes, but scale efficiency estimates appeared to be less sensitive to this choice.

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The Effects of Board Size and CEO Duality on Firms’ Capital Structure: A Study of Selected Listed Firms in Nigeria


Pages: 1033-1043
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Uwuigbe Olubukunola Ranti
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Uwuigbe Olubukunola Ranti (2013). The Effects of Board Size and CEO Duality on Firms’ Capital Structure: A Study of Selected Listed Firms in Nigeria. Asian Economic and Financial Review, 3(8): 1033-1043. DOI:
This study examined the effects of board size and CEO Duality on the capital structure of listed firms in Nigeria. To achieve the objectives of this study, a total of 40 listed firms in the Nigerian stock exchange market were selected and analyzed for the study. The choice of the selected firms arises based on the capital structure and the equity ownership structure of the listed firms. Also, the corporate annual reports for the period 2006-2011 were used for the study. The paper was basically modeled to examine the effects of board size and CEO Duality on the capital structure of listed firms operating in the Nigerian stock exchange market using the regression analysis method. The study in its findings observed that there was a significant negative relationship between board size and the capital structure of the selected listed firms. In addition, the study observed that there was a significant positive relationship between CEO duality and the capital structure of the selected listed firmsin Nigeria. The paper therefore concludes that firms having smaller board size, due to weaker corporate governance tend to use more amount of debt to reduce agency problems.

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Value Measurement and Disclosures in Fair Value Accounting


Pages: 1170-1179
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Value Measurement and Disclosures in Fair Value Accounting

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John A. Enahoro, Jumoke Jayeoba
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John A. Enahoro, Jumoke Jayeoba (2013). Value Measurement and Disclosures in Fair Value Accounting. Asian Economic and Financial Review, 3(9): 1170-1179. DOI:
Value measurement and disclosures in accounting is further effort and method to objectively determine quality of financial reporting which have continued for many decades. Quality characteristics are the bedrock on which accounting theories are formulated, since it is important to prepare and present financial statement with a view to meeting its objectives. Although, this study is literature approach, having explored rationale for fair value accounting, IFRS 13 sets out a framework for measuring fair value; and requires disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, the IFRS 13 establishes a fair value hierarchy that categorizes into three levels the inputs to valuation techniques. The process of valuing an instrument to its fair value depends on how easy it is to determine a price for that instrument. Since fair value is the price at which a willing buyer and seller agree to trade, finding the right price is important to valuation.  

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The Effects of Firm Specific Factors and Macroeconomics on Profitability of Property-Liability Insurance Industry in Taiwan


Pages: 681-691
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Chen-Ying Lee
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Chen-Ying Lee (2014). The Effects of Firm Specific Factors and Macroeconomics on Profitability of Property-Liability Insurance Industry in Taiwan. Asian Economic and Financial Review, 4(5): 681-691. DOI:
This article investigates the relationship between firm specific factors and macroeconomics on profitability in Taiwanese property-liability insurance industry using the panel data over the1999 through 2009 time period. Using operating ratio and return on assets (ROA) for the two kinds of profitability indicators to measure insurers’ profitability. The results show that underwriting risk, reinsurance usage, input cost, return on investment (ROI) and financial holding group have significant influence on profitability in both operating ratio and ROA models. The insurance subsidiaries of financial holding group compared with other insurance companies, showing lower profitability. In addition, economic growth rate has significant influence on profitability in operating ratio model but insignificant influence on profitability in ROA model. The findings contribute to insurance operation in the property-liability insurance industry and should be of interest to regulators, investors and policyholders.
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Intellectual Capital and Firm Performance of Commercial Banks in Malaysia


Pages: 577-590
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Intellectual Capital and Firm Performance of Commercial Banks in Malaysia

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Malina Hanum Mohd Kamal, Rosfatihah Che Mat, Najihah Abdul Rahim, Norhusniyati Husin, Irwan Ismail 
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Malina Hanum Mohd Kamal, Rosfatihah Che Mat, Najihah Abdul Rahim, Norhusniyati Husin, Irwan Ismail  (2012). Intellectual Capital and Firm Performance of Commercial Banks in Malaysia. Asian Economic and Financial Review, 2(4): 577-590. DOI:
Intellectual capital is an important element of the theory explaining firm performance. The purpose of this paper is to determine the relationship between the level of intellectual capital efficiency in terms of Human Capital, Capital Employed and Structural Capital (VAIC) with the commercial banks performance in Malaysia from the traditional accounting based perspective that comprises of ROA and ROE. Overall results revealed the relationship between intellectual capitals with performance of 18 commercial banks in Malaysia. Additionally, the results showed significance impact of intellectual capital variables namely Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) towards bank performance. It is suggested that intellectual capital do matters and should be linked to firm productivity. The study implies that the importance of intellectual capital should be emphasized not only to the commercial banks but also to the emerging market of Islamic banks in Malaysia or any other industries for future research.

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Does The Loan Loss Provision Affect The Banking Profitability in Case of Pakistan?


Pages: 772-783
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Does The Loan Loss Provision Affect The Banking Profitability in Case of Pakistan?

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Ahmed Raza ul Mustafa, Riaz Hussain Ansari, Muhammad Umair Younis 
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Ahmed Raza ul Mustafa, Riaz Hussain Ansari, Muhammad Umair Younis  (2012). Does The Loan Loss Provision Affect The Banking Profitability in Case of Pakistan?. Asian Economic and Financial Review, 2(7): 772-783. DOI:
This paper examines the impact of loan loss provisions of the banks on the performance of the banks operating in Pakistan. Moreover the other factors that affect the banking profitability have been discussed in this study. Our results show that the loan loss provision of the banks is of paramount importance in affecting its profitability. A well-managed bank is perceived to be of lower loan loss provision and such an advantage will be translated into higher profitability. In addition, banks advances and deposits which represent the vital role for the determination of banking profitability. Finally, with regard to non financial variable, political instability in the previous period has more significant effect on the present banks profitability rather than the political instability at present period.

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Determination of the Impact of Working Capital Management on Profitability: An Empirical Study from the Cement Sector in Pakistan


Pages: 319-332
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Determination of the Impact of Working Capital Management on Profitability: An Empirical Study from the Cement Sector in Pakistan

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Mobeen Ur Rehman, Naveed Anjum
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Mobeen Ur Rehman, Naveed Anjum (2013). Determination of the Impact of Working Capital Management on Profitability: An Empirical Study from the Cement Sector in Pakistan. Asian Economic and Financial Review, 3(3): 319-332. DOI:
This paper examines the impact that the running assets management on the profitability of Pakistan cement sector. Moreover, the study outlines the main factors that basically determine the working capital in the financials of Pakistan cement sector. To manage firm??? sliquid assets which is working capital management and to reach a desire equilibrium level among profitability and risk, figures was collected from Annual Reports and sample consist of 10 Pakistani cement Companies listed at KSE from 2003-2008. The association between working capital management and profitability is examined with correlation; regression analysis the result proved that there is inverse and positive association between working capital management and profitability in cement industry of Pakistan.

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Effects of Sms on Writing Skills of the University Students in Pakistan (A Case Study of University of Gujrat)


Pages: 389-397
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Effects of Sms on Writing Skills of the University Students in Pakistan (A Case Study of University of Gujrat)

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Zahid Yousaf, Mehmood Ahmed
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Zahid Yousaf, Mehmood Ahmed (2013). Effects of Sms on Writing Skills of the University Students in Pakistan (A Case Study of University of Gujrat). Asian Economic and Financial Review, 3(3): 389-397. DOI:
The current study is intended to discover the effect of the SMS using habits on writing skills of the university students of Pakistan and to show how this novel medium of communication is affecting the writing skills of the university students. Survey research is used to collect data in quantitative form using multiphase method of sampling. Time period of the study was from October 2010 to December 2010. It is found that the higher the exposure to the SMS, more the negative effect on the writing skills of the university students. The excessive use of this medium is leading students towards writing wrong spellings and using SMS language???s short abbreviations that are not standard in examinations and daily academic work that is very harmful in academia.

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A Dynamic Panel Analysis of the Financial Determinants of CSR in Bangladeshi Banking Industry


Pages: 560-578
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A Dynamic Panel Analysis of the Financial Determinants of CSR in Bangladeshi Banking Industry

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Md. Al Mamun, Kazi Sohog, Ayesha Akhter
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Md. Al Mamun, Kazi Sohog, Ayesha Akhter (2013). A Dynamic Panel Analysis of the Financial Determinants of CSR in Bangladeshi Banking Industry. Asian Economic and Financial Review, 3(5): 560-578. DOI:
Studies on corporate social responsibility (CSR) across the world mainly focus on the impact of CSR on a firm???s financial performance. However, there are hardly enough empirical evidences on the firm???s financial determinants of CSR expenditure. Therefore working with panel data from Bangladeshi banking industry over a period of 2002-2011, this study aims at augmenting the financial determinants of CSR expenditures in Bangladeshi banking industry. Results from panel ARDL model for 30 private commercial banks confirm that several financial determinants including total investment, no. of branch, and no. of employees have significant long run impact on the level of bank???s CSR expenditure and thereupon fulfilling firm???s commitment towards the greater society as a corporate citizen.

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Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions


Pages: 1003-1017
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Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions

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George Kwadwo Anane, Patrick Brandful Cobbinah, Job Kwame Manu
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George Kwadwo Anane, Patrick Brandful Cobbinah, Job Kwame Manu (2013). Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions. Asian Economic and Financial Review, 3(8): 1003-1017. DOI:
This paper is based on a research work undertaken in 2012 on the dynamics of microfinance institutions (MFIs) and their contribution to the development of small and medium scale enterprises (SMEs) in Ghana. It investigates the effects and challenges of MFIs on the development of SMEs in rural Ghana. Using a case study approach, both theoretical and empirical data were sourced to explore the role and impact of MFIs on 93 SMEs in rural Ghana. Although there are challenges of untimely disbursement and repayment of loans, the paper suggests recipients of microfinance products and services are better off in terms of enhancing the activities of their SMEs, improving outputs and ensuring prudent financial management than those without microfinance services. The paper recommends timely disbursement of credit, flexible terms of credit repayment and awareness programmes to ensure the sustainability of SMEs.

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  17. Musamali, M.M. and D.K. Tarus, 2013. Does firm profile influence financial access among small and medium enterprises in kenya? . Asian Economic and Financial Review, 3(6): 714-723.
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Micro Credit and Promotion of Small and Medium Enterprises in Informal Sector of Ghana: Lessons from Experience


Pages: 768-780
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Kwaku D. Kessey
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Kwaku D. Kessey (2014). Micro Credit and Promotion of Small and Medium Enterprises in Informal Sector of Ghana: Lessons from Experience. Asian Economic and Financial Review, 4(6): 768-780. DOI:
SMEs in developing countries play significant role in the economic activities of those nations.   SMEs provide income for many low income households especially in the informal sector.  Notwithstanding their contributions, SME entrepreneurs face serious financial challenges which have led to poverty among them. For SMEs to overcome their financial challenges, Micro Finance Institutions have emerged with the view to providing micro credit and other financial products for SMEs. .Also, Public micro credit was given to SMEs as subsidized loans. Unfortunately, that  programme has collapsed. To revive public support for SMEs and low income households the government of Ghana introduced in 1993, Act 328, which established Non Bank Financial Institutions (NBFIs) to support SMEs and low income households. Donors, also, supported that programme, in 2003, under the Ghana Poverty Reduction Strategy (GPRS).Generally, SME activities in Ghana are dominated by women who constitute 75 per cent of total entrepreneurs. Notwithstanding their low earnings, SMEs have to repay borrowed funds with high interest of 3 per cent per month or 34 per cent per annum. The low income and high interest rate have led to high default rate among SMEs borrowers. The study showed that among SME entrepreneurs who repay credit on monthly basis there is a default rate of 2. 8 per cent where as those who repay annually have default rate of 6.5 per cent. It would be necessary for Micro Finance Institutions to extend other products such business advisory products and social products to SMEs to raise their productivity and improve upon their performance. An observation is that only Micro Credit would not take SMEs out of poverty in developing countries.
  1. Afrane, S. and G. Ahiable, 2011. The informal economy and micro finance in Kumasi in Kwasi Kwafo Adarkwa(eds) The future of the tree:Towords growth and development of Kumasi. Kumasi. University Printing Press.
  2. Kessey, K.D. and A. Felix, 2013. Urbanization and intensive use of space in central business district. Decongestion programme as city service response: An Appraisal Journal of Developing Country Studies. New York: IISTE Publication, 3(6): 89-96.

Insurance Market Activity and Economic Growth: Evidence from Nigeria


Pages: 245-253
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Philip Chimobi Omoke
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Philip Chimobi Omoke(2011). Insurance Market Activity and Economic Growth: Evidence from Nigeria. Asian Economic and Financial Review, 1(4): 245-253. DOI:

The focus of this study is to empirically assess insurance market activities in Nigeria with the view to determining its impact on economic growth. The period of study was 1970- 2008, the study made use of insurance density measures (premium per capita) as a measure for insurance market activity and real GDP for economic growth. It also employed control variables such as inflation and savings rate as other determinants of growth. The Johansen cointegration and vector error correction approach was used to estimate the relationship between the variables. All the variables used were stationary at first difference and the result showed a long term relationship existing among the variables. The hallmark finding of this study is that the insurance sector did not reveal any positively and significant affect on economic growth in Nigeria within the period of study. The result shows a low insurance market activity in Nigeria and that Nigerians have not fully embrace the insurance industry despite its importance to the growth of the economy.


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Cash Management Practices of Small Business Owners in the Cape Coast Metropolitan Area of Ghana


Pages: 40-58
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John K. Mbroh
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John K. Mbroh (2012). Cash Management Practices of Small Business Owners in the Cape Coast Metropolitan Area of Ghana. Asian Economic and Financial Review, 2(1): 40-58. DOI:

The burden of cash management has become a topical issue in small businesses. To gain information on current practice, this paper examines survey evidence on cash management practices of two hundred and two small business owners (SBOs) in the Cape Coast Metropolitan Area of Ghana. It is evident in the study that majority of the SBOs studied either do not understand the attributes or the importance of cash management and as a result did not practice any formal system of the concept. The informal systems of cash management mainly practiced were found to be susceptible to cash fraud and other business growth difficulties. Some associated cash management problems have been highlighted and solutions proffered for ameliorating the situation. The paper further suggests that future research and policy directions consider gender differences and attributes as well as some industry peculiarities to the present rear growth in this important business unit.


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Return-Volatility Interactions in the Nigerian Stock Market


Pages: 389-399
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Return-Volatility Interactions in the Nigerian Stock Market

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MARGARET N. OKOLI
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MARGARET N. OKOLI (2012). Return-Volatility Interactions in the Nigerian Stock Market. Asian Economic and Financial Review, 2(2): 389-399. DOI:
The study employed the GARCH (1, 1) and VAR models to ascertain the relationship between volatilities in the monetary policy variables and volatilities in the stock market returns in Nigeria between 1980 and 2010.The study showed that only exchange rate policy variable have an influence on the stock market volatility with a negative coefficient but statistically significant indicating that higher volatility in the exchange rate dampens stock market activities. This means that an increase in exchange volatility will lead to a fall in stock market volatility. Additionally, result showed that M1granger causes very significantly M2 and vice versa. Implicitly, it shows that there is ???bi-directional causality??? or a ???bi-directional feedback??? between M1 andM2.What this implies is that stabilizing interest rate will reduce the volatility in the stock market. The study also observed that there is no effect of international factor and influence on the stock market returns implying that international volatilities is not transmitted across national stock markets in Nigeria. Finally, there is the presence of volatility shocks. The study therefore suggested that government policy should focus on exchange rate to stabilize the stock market. Investors are also advised to consider the nature of volatility in exchange rate before making investment decisions.

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Information Technology and Accounting Information System in the Nigerian Banking Industry


Pages: 655-670
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Kabiru I. Dandago --- Abdullahi Sani Rufai
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Kabiru I. Dandago --- Abdullahi Sani Rufai (2014). Information Technology and Accounting Information System in the Nigerian Banking Industry. Asian Economic and Financial Review, 4(5): 655-670. DOI:
Information technology has tremendously stimulated expansion of the banking networks and range of the offered services during recent years. The information technology has become a critical business resource because its absence could result in poor decisions and ultimately business failure. This study intends to find out the information technology influence on accounting information production in the Nigerian banking industry. Both primary and secondary data were used and Analysis of Variance (ANOVA) was used to test the hypothesis. Judgmental sampling method was used to obtain a representative sample of the population. Although for all Nigerian banks the efficiency has increased, the improvement of cost of efficiency is relatively much smaller than in the case of profit efficiency. It is also observed that accounting information technology can improve banks performance by reducing operational cost and by facilitating transactions among customers within the same or different network.  It is, therefore, concludedthat accounting information technology is relevant in simplifying issues and in the provision of quality information in the Nigerian banking industry. That explains why the banks spend a greater part of their resources on information technology and consider its application as a comparative edge in the competitive banking industry. This paper recommends that the impact of the progress in accounting information technology on banking service should not lead to a very strong increase of cost of their processing, which put in question possibility to achieve economy of scale by Nigerian banks. Also all Nigerian banks should continue to utilize and upgrade their information technology for efficient service delivery and profitability.
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An Overview of the New Emerging Balance of Forces- ’the BRICS, G 20 and G 7’ Response to the Global Financial Crisis


Pages: 67-82
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Akhilesh Chandra Prabhakar
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Akhilesh Chandra Prabhakar(2011). An Overview of the New Emerging Balance of Forces- ’the BRICS, G 20 and G 7’ Response to the Global Financial Crisis. Asian Economic and Financial Review, 1(2): 67-82. DOI:

The USA and the EU economies have just been through a severe recession marked by financial turmoil, large-scale destruction of wealth, and declines in industrial production and global trade. As the result of reduction in the demand of products in the global market, continued falling prices due to lack of demand of their products. The USA economy is not competitive now. The current international financial crisis was an explosion that was the ultimate result of the accumulation of a number of unbalanced, inconsistent and unsustainable factors in the world economy. It is a reflection of the limitations of the liberal capitalist development concept of Western countries. It also shows the dangers of blindly copying the Western development model. The BRICS countries (Brazil, Russia, India, China and South Africa) and the G 20 replacing the G- 7 in the wake of the economic crisis, as the premier global forum to deal with the crisis, reflected a relative decline in the power of the US and other advanced capitalist countries. The BRICS can represent the interests of all the developing countries. The BRICS countries are not only the emerging largest economies but its growing strong economic and political relationship with the African, Latin American and Asian countries; it may change in the international economic order through using common currency in trade, sharing their own science and technology to improve and transform in agriculture, energy, and industrial sectors, and establishing a new military block so they can provide security from the imperialist aggression. Of course, China would be as backbone of the BRICS.


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Tourism Expansion and Economic Development: Var/Vecm Analysis and Forecasts for the Case of India


Pages: 464-482
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Tourism Expansion and Economic Development: Var/Vecm Analysis and Forecasts for the Case of India

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Andreas G. Georgantopoulos
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Andreas G. Georgantopoulos (2013). Tourism Expansion and Economic Development: Var/Vecm Analysis and Forecasts for the Case of India. Asian Economic and Financial Review, 3(4): 464-482. DOI:
This study tests for the existence and direction of causality between output growth and tourism expenditure using a trivariate model with real effective exchange rate (REER), analysed as a whole and in sub-categories (i.e. leisure travel and tourism expenditures, LTS and business travel and tourism expenditures, BTS) during the period 1988-2011 for India. For this purpose exhaustive empirical evidence are provided from the application of Phillips-Perron and KPSS unit root tests, Johansen cointegration tests, VAR models with an error-correction term, impulse responses, variance decompositions and forecasts generated from the VAR/VECM models. Results for the aggregated model indicate that all variables return to their long-run equilibrium relationships although this model failed to support the significance of causal links between total tourism expenditure and India???s real output. However, the application of the disaggregated model imply strong bidirectional causal links between growth and LTS in the long-run and unidirectional causal links from LTS and BTS to growth suggesting direct impact of tourism on the Indian real output. Finally, forecasts generated for the period 2012-2016 are promising; total tourism expenditure compared to the previous half-decade will grow at a similar pace and optimistic forecasts are generated for the case of LTS, BTS and GDP.   

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Agency Conflict and Corporate Dividend Policy Decisions in Nigeria


Pages: 1110-1121
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Agency Conflict and Corporate Dividend Policy Decisions in Nigeria

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Nwidobie Barine Michael
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Nwidobie Barine Michael (2013). Agency Conflict and Corporate Dividend Policy Decisions in Nigeria. Asian Economic and Financial Review, 3(8): 1110-1121. DOI:
Differences in management and shareholders priorities have been recognized and accepted to exist creating problems in the agency to which financial theorists opined that dividend payments is the best means of resolving the conflict. Results obtained using the multiple regression equation model to identify dividend policy determinants of quoted firms in Nigeria showed that solutions to agency problems past dissatisfactory behaviors of shareholders (complaints of shareholders) is not a determinant of current and future dividend decisions while there exists an inverse relationship between the needs and desires of shareholders and the naira dividend paid by the firms. Thus dividend policies of quoted firms in Nigeria are not aimed at solving the existing agency problems in these firms. To resolve the agency problems in quoted firms in Nigeria good corporate governance structure should be enthroned in quoted firms creating better decision structure for dividend; shareholders should be increasingly represented on the board of quoted firms in Nigeria improving on the chance of consideration of their interests in corporate dividend decisions; and the needs of shareholders should be considered in dividend policy design  giving them a sense of belonging, increasing satisfaction and reducing agency conflict.

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Exports and Imports in Qatar: Evidence from Cointegration and Error Correction Model


Pages: 1122-1133
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Exports and Imports in Qatar: Evidence from Cointegration and Error Correction Model

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Abdulla S. Al-Khulaifi
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Abdulla S. Al-Khulaifi (2013). Exports and Imports in Qatar: Evidence from