Current Issue : July - September Volume : 2017 Issue Number : 3 Articles : 5 Articles
In view of collapse of the Nigeria educational system, weak leadership and negative cultural\nvalues and mass illiteracy levels; more specifically inadequate skilled human capital within the\nfinancial services industry and poor infrastructure, this study aims at evaluating investment in\nhuman capital development costs (wages, training cost and other costs) on the performance of\nmicrofinance banks in Nigeria. Investment by firms in human resources by acquisition and\ntraining will lead to anticipating a future generation of profits and services that will be produced\nby these assets. The study adopted a purposive sample and Sixteen (16) Micro finance banks out\nof the thirty four (34) existing in Ogun state was investigated. Random sampling technique was\nused to select respondents in each Micro Finance Banks cutting across directors, employees and\nshareholders of the Micro Finance Banks. A total of 320 collected questionnaires were used for\ndata analysis. The data were analyzed using appropriate (parametric and non-parametric\ntechniques) descriptive and inferential statistical techniques. A total of 313 of the sample\nrepresenting (98.4% of the sample) agreed that the efficiency and effectiveness of management\nis a major determinant of the performance of Micro Finance Banks in Nigeria. The study also\nfinds that human capital development has positive impact on overall performance of\nMicrofinance banks. The study recommends that training and retraining of employees should be\ngiven top priority for the sustainability micro finance banks in Nigeria....
By inspection, observation and government records there are too many poor in Southwest\nNigeria who require micro/small financial services such as credit, insurance, money transfer\netcetera in order to engage actively in productive activities and improve their standard of living.\nParadoxically, governments across the world, particularly in Nigeria over the years, have not\nbeen able to adequately help the poor in spite of all the rhetorics and several failed povertyalleviation\nprojects. The objective study examines the roles of microfinance towards the\ndispersion of credit among the working poor and also helped to improve the standard of living\nin Nigeria. The study draws from the data collected from the field survey and these were\nreported using tables, frequency counts and cross-tabulations to draw inferences. In addition, a\nloan demand model was specified and estimated using the Ordinary Least Squares (OLS)\neconometric technique.The study used cross-sectional data collected from selected respondents\nin selected areas of both the Lagos and Ogun States of Nigeria respectively. The study confirmed\nthat most of the Microfinance banks in Nigeria are tailored after the Grameen Bank which\nfocuses on the poor and people with basic, little or no education and that loan demand is\ninterest rate insensitive to loan demand. The study recommended that MFIs should design\nappropriate products that are flexible enough to meet the different needs of the poor for both\nproduction and consumption purposes. Government should urgently tackle the infrastructural\ngaps such as electricity, water and efficient transportation system which impact greatly on the\nstandard of living of the people.\nJEL Classification: G21, G33...
Muhoza sector, Musanze District in Northern Province of Rwanda was taken under the study to analyze the role of\naccess to finance for small and medium enterprises (SMEs) performance within a period from 2012-2015. The sample size\nof the study was 133 SMEs from the total population of 2128 SMEs. In order to achieve the objectives, this study employed a\ndescriptive case study design and the data were collected using questionnaires and interview techniques. Data was analyzed\nusing descriptive statistics and linear multiple regression analysis and then presented in statistical tables. The results show\nthat the factor influencing access to external finance was Simple application procedures for loan with 84%. Also the results\nconfirmed the role of access finance such as improve profitability (91%) improve firm efficiency (87%), prevent liquidity\nproblems (72%), improve firm solvency (69%) and increase of assets quality (64%). Other role of access to finance by SMEs\nis to meet expenditures which accounted for 39 percent of the responses. The results confirm the hypothesis because the\nlinear regressions are significant at p<0.05. The study conducted a multiple regression analysis from which means all the\nindependent variables have a significant contribution to SMEs. There is therefore the need to design short courses in the area\nof financial management practices for entrepreneurs, particularly those with lower educational background as education is\nan important factor in accessing finance. Size of the firm was also found to be a significant factor affecting access to finance\nand therefore small firms should come together to form bigger firms in order to attract sources of finance. Banks and other\nfinancial providers should have a department solely devoted to the financing needs of SMEs and develop products purposely\nfor SMEs which contribute to economic development of Rwandans society....
This study examined the various sources of public funds and their resultant effect on economic growth in Nigeria\nfrom 1986-2014. The sources of public funds considered in this study were tax revenue, oil revenue, external debt\nand national savings. Two models were used in this study; one analyzed the effect of these individual sources of\npublic funds on economic growth, while the other model explained the effect of aggregate government revenue on\neconomic growth. The times series data sourced from Central Bank of Nigeria Statistical Bulletin were analyzed using\nunit root tests, cointegration tests and vector error correction mechanism (VECM). The unit root test revealed that all\nthe variables were stationary at first difference except tax revenue which was significant at level. The cointegration tests\n(both Johansen and Engle-Granger) showed that a long run relationship existed between the individual sources of public\nfunds and economic growth, as well as aggregate government revenue and economic growth. The results obtained for\nmodel one revealed that tax revenue and oil revenue had a positive effect on economic growth, while national savings\nand external debt exerted a negative effect on economic growth. With respect to total government revenue, economic\ngrowth depleted as a result of changes in total government revenue. Finally, it was recommended among other things\nthat government should fulfil her obligations of social and economic welfare to her citizens, so that anyone who enjoys\nsuch services will be conscious of tax payment in Nigeria....
The main target of this paper is to discuss a short-term trading strategy for ETF instruments (as technical\nmarket inefficiencies; \"momentum effects\") and for this purpose, temporal warning dynamics and triggering trading\nfunctionalities (TTF) for the daily time-domain (short-term trading) are introduced. The proposed trading strategy is not a\nfully documented trading system, because it is derived, as well as it has been back-tested on USA Markets sample data\n(2000-2016) with an initial formal definition and documentation. According to the back-tested sample data, leveraged\nETF short-term trading, with a strategy based on these TTF functionalities, offer great profit opportunities. The current\npaper contributes to corporate finance literature by examining, analyzing and defining these TTF functionalities. For this\npurpose, four categories of shareholders are regarded: The long-term investors, the short-term swing traders, the short-term\nmomentary speculators, and the intraday speculators. Paper concludes that, in daily and intraday leveraged ETF trading, the\nshort-term swing traders -if they apply the proposed TTF in their trading plans and strategies- are benefit at the expense of\nmomentary and intraday speculators, while the long-term investors in leveraged ETFs are always the big losers...
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