Current Issue : April - June Volume : 2016 Issue Number : 2 Articles : 9 Articles
The purpose of this study is to determine the financial impacts of applying low-carbon projects stemming from the\nKyoto Protocols on a sample of firms in the People�s Republic of China (PRC). By financial impacts we refer to the\nusual impacts on firms reflected in the financial reports of firms. The projects referred to as CDM aimed at reducing the\ndemand and use of inefficient methods or producing and operating power generation resulting in high carbon emissions\nhaving negative effects on the ecology of the planet. We studied financial aspects of the projects to determine whether\nthe sampled firms were harmed in a financial way by the implementation and results of the Kyoto sponsored projects.\nWe do not cover all projects but a sample of those started and implemented in the PRC....
Accounting regulators have, for many years, had concerns about the possible lack of Independence between\nauditors and their clients, which arises from a long-standing professional relationship between the two parties. The\nreservation stems from a widely-held belief that the risk of audit failure increases when an auditor and a client remain\ntogether for a long period of time. The possibility exists that auditors might get too familiar with their clients and in\nconsequence loses professional scepticism and objectivity when the relationship goes on for too long. Stakeholders\nare therefore interested in if long-term relationship between companies and their auditors gives rise to closeness that\nimpairs auditors� independence and reduces quality of audit work. With these in view, an attempt was made by the\nresearch to examine the link between audit tenure, rotation, and accounting conservatism using empirical data from\nNigeria. Secondary data were randomly gathered by drawing 100 observations from the published financial statements\nof sample companies operating in the financial and non-financial sectors. Quantitative methods such as descriptive\nstatistics, correlation, and multiple- regression analysis were used for data analyses. Findings were that; the tenure of\nauditor has a significant positive influence on firms accounting conservatism; the rotation of audit firms also significantly\ninfluences accounting conservatism. The study recommends the mandatory rotation of audit firms� lead engagement\npartner and the review partner on an engagement for publicly listed companies, and the strict prohibition of providing\nnon-audit services by auditors to their clients to enhance auditors� independence and the quality of audit services....
Service quality has become crucial to the banking institutions due to fierce competition. Banks may have their own\nenvironment specific barriers in procuring it. This study was the first-ever attempt to compare these barriers between\nIslamic and conventional banks. Primary data was collected through pretested adopted questionnaire, from the higher\nranked banker. Through the technique of Cronbach Alpha the data validity was ascertained. One sample states that\nbiggest barrier to service quality in banking industry is Human Resources (HR) environment. While independent sample\ntest results that Islamic financial institutions are fortunate to face expressively less barriers than Interest bearing\ncounterparts. Except in the case of personnel hiring, Islamic banks are having less meritocracy conventional banks.\nIt was recommended that Islamic financial institutions must hire the staff with dual intellect of finance and Sharia to\nserve better quality. In Pakistan the Islamic banks are having an advantage and a disadvantage as compared to those\nin the Arab world. Advantage is the better empowerment of its employees and the experience sharing culture in the\nbanks while the low level of economic development in Pakistan is responsible to bring about the financial constraints to\naugment the barriers in their way to deliver quality of service....
Accounting Ratio is a way of expressing the relationship between one accounting result and another, which is\nintended to provide a useful comparison. Accounting ratios assist in measuring the efficiency and profitability of a\ncompany based on its financial reports. Accounting ratios are important for financial decision making irrespective of the\nsize of the institution. The Bank of Ghana has the constitutional mandate to oversee the activities of all financial institutions\nin Ghana including the Microfinance institutions. This core mandate of Bank of Ghana is basically guided by the use of\naccounting ratios. The ratios per their style have the power to determine the risk exposure of financial institutions. Over\nthe past five years the Ghanaian economy has witnessed the collapse of certain microfinance institutions that the public\nassumed to be highly visible in the financial market. The study therefore provided a logistic regression model with 117\nobservations to determine whether accounting ratios have the power to predict the fortunes of microfinance institutions\nin Ghana. An increase in the current ratio reduces the log-odds of a firm's survival by -1.461987. An increase in the acid\ntest ratio improves the log-odds of survival by 6.847345. An increase in the debt equity ratio increases the chances of\nsurvival of a firm by 1.055941. Current ratio and acid test ratio were statistically significant at 10 percent whilst debt\nequity ratio was statistically significant at 5 percent. The study implies that microfinance institutions should be mindful of\nthe current ratio, acid test ratio and the debt to equity ratio....
In this paper we have studied that impact of macro variables on Karachi stock exchange. Karachi stock exchange is\nvery interesting topic for the discussion. Karachi stock exchange is known as one of the oldest stock exchange of Asia.\nKarachi stock exchange is the largest stock exchange of Pakistan. Karachi stock exchange is the dependent variables\nand inflation, interest rate and exchange rate and GDP are the independent variables. We have taken the data from\nperiod 1992 to 2012. We have found that there is 80 %variation. Therefore we can say there is a strong relationship\namong the variables. While other variables have shown that GDP, interest rate and inflation has strong relationship with\nkse stock index while interest rate have negative relationship with Karachi stock exchange. The increase and decrease\nthe stock prices will affect the performance of the economy. In this paper researcher want to found out the fundamental\nmarc variables which have impact on stock exchange and also want to found out that what are the impact of these\nvariables on the government policies like monetary and facial policy. Fundamental macro variables are export, money,\nsupply, interest rate....
Microfinance-providing affordable financial services to the poor- has been identified as an important tool in increasing\nthe productivity of the poor and in enhancing economic development. Although conventional microfinance products have\nbeen very successful in Muslim countries the traditional microfinance contract which involves the payment of interest\n(riba) is strictly prohibited with the principles set forth in the Sharia of Islam. Sharia-compliant microfinance is one among\nmany interventions designed to bring poor people into the formal financial mainstream. Islamic microfinance leaders\nhave taken the initiatives to meet the increasing needs of the poor Muslim customers with the aim of alleviating poverty\namong poor Muslim people. While conventional microfinance institutions (MFIs) have expanded their operations in the\nlast two decades, Islamic microfinance products are still quite small relative to the conventional microfinance sector.\nSudan emerges as the most prominent market for Islamic banking in terms of number of Islamic banking providers. This\nis driven by the fact that the country requires full compliance with Sharia principles for the entire financial system. In this\nrespect, the aim of this paper is to shed light on Islamic microfinance in Sudan....
The research study evaluated pension fund management of Ethiopian social security agency. To attain these\nobjectives, eleven years� financial statements were used as a secondary data and different ratio analysis was carried out\nto examine the status of fund management of Ethiopian social security agency. Those ratios shows that the organization\ncurrent assets is very much large when compared with its current liabilities which shows the organization is in the best\nposition to pay off all of its current liability. Again, the finding displays the asset turnover has been decreasing from time\nto time which shows under utilization of companies asset. In addition to this, large percentage of the asset of social\nsecurity is financed by equity and small percentage is financed by debt. Lastly, the analysis puts that the organization is\nabsorbent up to 50% of its income. That means up to 50% of them is consumed by its expenses....
The author deconstructs the prevailing conceptualization of nonprofit marketing and concludes it rests on three\nprinciples: voluntary exchange, an open system organization, and self-interest motivation. A review of the genesis of\nthese principles revealed that alternative principles were ignored in the social science literature. Based on a qualitative\nanalysis and critical hermeneutic approach a revised conceptualization of nonprofit marketing was suggested which\nincorporated the principles of reciprocity, the features of a contingency-choice system model of formal organizations,\nand collectivistic interest motivation. A revised definition of nonprofit marketing is offered based on these principles....
This work assumed that an insurer’s and a reinsurer’s surplus processes were approximated by Brownian motion with drift and the insurer could purchase proportional reinsurance from the reinsurer and tackled their optimal portfolio selection problem. It was further assumed that the risk reserves of the insurer and the reinsurer followed Brownian motion with drift. Both the insurer and the reinsurer were allowed to invest in one risky and one risk-free, assets. We obtained by solving the corresponding Hamilton-Jacobi-Bellman (HJB) equations, the optimized values of the insurer and the reinsurer wealth, their optimal investments in the risky asset and the probability of survival of both of them. The conditions that would warrant reinsurance, according to the optimal reinsurance proportion chosen by the insurer were calculated....
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