Current Issue : January - March Volume : 2019 Issue Number : 1 Articles : 5 Articles
The article explores the factors affecting companyâ??s dividend policy such as profitability, firm size, financial leverage and growth rate. Data is collected from enterprises listed on the Vietnam securities market in the period of 2006 - 2017 with 2,150 observations. Using the Generalized Least Squares (GLS), the authors have identified two factors that have a positive and significant effect: (i) return on total assets and (ii) firm size. At the same time, research results also show a negative impact of enterpriseâ??s revenue growth rate on the dividend payment ratio. In addition, financial leverage has no impact on companyâ??s dividend policy....
This study analyses how financial liberalisation affects the financial development in eight countries member of SADC for the year of 1980 to 2012. Financial liberalisation refers to the removal of the intervention a government imposes on key variables like interest rate. Therefore, it refers to the removal of various constraints in the financial sector. We will be examining the impact of some macroeconomic variables on the financial development of eight countries. We then will be using three measures for financial development which are bank credit to the private sector, bank deposits and stock market capitalization. Explanatory variables will be used to determine financial development and estimations are based on random-effect panel regressions. Random effect supposes that the difference across countries impact the level of financial development: for the banking development variable, inflation has a significant and negative impact on credit to private sectors and bank deposits. However, Portfolio investments and remittance have not impacted bank credit to private sector, bank deposit and stock market capitalization. Stock market capitalization appears not to be affected and do not improve by any other variable. Per-capita income has a positive impact on bank deposit, but a negatively impacted by stock market capitalization. The Trade variable is negatively correlated with credit to private sector. Net private investment has a positive impact on financial development through the banking deposits but negatively to the stock market capitalization....
This paper investigates whether there has been a structural shift in inflation\nsince a recovery began in the OECD economies. For policy purposes, it is\nimportant to be sure that such shifts are significant statistically, are likely to\nbe sustained over the near future and be evenly distributed over the member\neconomies so that no one of them is damaged by anti-inflation measures\ntaken to help others. We approach the problem in two steps: first we examine\nthe circumstantial and informal evidence, and then conduct formal statistical\ntests for structural changes in euro area inflation in 2015-2016. We find no\nevidence of a structural change. An even distribution of inflation criterion is\nthe closest to being satisfied, but the other two are far from satisfied in any\nformal sense. The question remains: why has there been no inflation in the\nrecovery since 2014? To answer that question, we demonstrate how low\ngrowth in real wages and self-reinforcing low productivity growth produces\nslow output growth and low inflation; and how low real wages and productivity\nin turn lead to low investment. This model fits the data well, down to the\nlack of labour and total factor productivity, and to the substitution of cheaper\nlabour for excess capital stock. It implies a fall in investment spending (also\nseen in the data) that extends the period for which the low productivity-low\ninflation outcomes apply....
The study aims to elaborate the management and allocation of village fund from the central\nand local governments and to formulate management model and documents of strategic plans\nin the implementation of the fund in the second year as a follow-up development.\nThe research involved village heads and officers in Regional Government of Bone Bolango\nregency, local public figures, and residents receiving financial support from the village fund.\nThe descriptive qualitative study employed Milles and Huberman analysis method and\nconducted focus group discussions to obtain the data.\nThe result shows that the implementation of the management model is successful to empower\nthe community, as overviewed from achievements by the Regional Government of Bone\nBolango regency. The governmentâ??s achievement inspires the central government to allocate\nmore fund to the village in the next year. The village fund of IDR 122,344,494,000 is\ndistributed as follows: 30% of the fund is allocated for the operational budget of the village\ngovernment and the Village Consultative Body (Badan Permusyawaratan Desa, BPD);\nmoreover, 70% of the fund is distributed for empowerment of the community and\nenhancement of the village governmentâ??s capacity. Henceforth, it is proven that the village\nfund is optimally conducted as economic leverage for the village to progress and as a helping\nhand to boost the communityâ??s welfare in Bone Bolango regency....
This paper discusses Volume-Price distribution of stock market. The normal\ndistribution-like structures spanning different time are studied, based on\nwhich we propose a predictive model of Volume-Price distribution in China\nstock market. The paper includes three parts: First, the hypothesis that the\nChinese stock market day trading volume-price distributions does not obey\nnormal distribution is verified. However, a â??fat tailâ? approximate normal distribution\npattern is founded. After smoothing the distribution of volume and\nprice, approximate normal distributions of trading volume and price distributions\nfor different time spans are discovered. On the basis of two previous\nstudies, state transition model of volume-price distributions is proposed. State\ntransition probability table is created based on clustering analysis. The mode\ncan appropriately account for the transition Chinese stock market trading volume-\nprice distribution network transitions between states, and can be used to\npredict possible future distribution, to provide a quantitative indicator in the\nstock market investment....
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