Revisiting the growth effects of government bonds in the emerging capital market.

We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.

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Responsiveness of Capital Market on the Output of Manufacturing Firms in Nigeria

International Finance and Banking ◽

10.5296/ifb.v6i1.14693 ◽

2019 ◽

Vol 6 (1) ◽

pp. 17

Author(s):

Madubuko Cyril Ubesie ◽

Matthew Emeziem Ude

Keyword(s):

Capital Market ◽

Time Series Data ◽

Stock Exchange ◽

Manufacturing Firms ◽

Series Data ◽

Fair Trading ◽

Distributed Lag ◽

Ex Post ◽

The Impact ◽

Bound Test

Capital market provides the necessary lubricant that keeps turning the wheel of the economy. It does not only provide the funds required for investment but also efficiently allocates these funds to projects of best returns to investors. This study empirically examined the responsiveness of capital market on productivity (Output) of manufacturing firms in Nigeria (1990 – 2016). Specifically, the study examined the impact of Market capitalization, Total listed equities and All Share Index on the productivity (Output) of manufacturing firms in Nigeria. Annual time series data obtained from the Central Bank of Nigeria (CBN) statistical bulletin, 2016 edition was utilized. The study adopted the ex-post facto research design and employed the Autoregressive Distributed Lag (ARDL) bound test approach. The findings revealed that capital market indices of the Nigerian Stock Exchange (proxy by MCAP, TLE, and ASI) have long-run significant influence on the productivity of manufacturing firms in Nigeria. Based on these findings, it was recommended among others that there is need to restore confidence to the market by regulatory authorities through ensuring transparency and fair trading transaction and dealings in the stock exchange which in turn will help to improve economic growth in Nigeria; also that the private sector should be encouraged to invest in capital market to boost productivity (Output) and improve the growth of Nigerian economy.

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CORPORATE GOVERNANCE AND BANK PERFORMANCE IN NIGERIA: AN EMPIRICAL INVESTIGATION

10.36108/unizikjb/0202.30.0220 ◽

2020 ◽

Vol 3 (2) ◽

Author(s):

Jude Jisike Okonkwo ◽

Bernard Chukwuebuka Azolibe

Keyword(s):

Corporate Governance ◽

Time Series Data ◽

Stock Exchange ◽

Annual Reports ◽

Series Data ◽

Outside Directors ◽

Causality Test ◽

Effective Governance ◽

Optimum Proportion ◽

Independent Variable

The prevalent issue of manipulation and abuse among Nigerian banks necessitated this study. Thus, this research study extensively the effectiveness of corporate governance in Nigerian banks for the period 2006-2018. The study adopted secondary time series data obtained from annual reports of banks, publications of the Central Bank of Nigeria and Nigeria Stock Exchange annual reports and factbook. A diagnostic test was conducted to ensure that the models are in line with basic econometric assumptions. The granger causality test was applied to examine the effect of the independent variable on the dependent variable. The findings show that corporate governance has a significant effect on performance. It recommends an optimum proportion of outside directors for effective governance impacting performance positively

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The Impact of Audit Committee Characteristics on the Creative Accounting Practices Reduction in Jordanian Commercial Banks

Modern Applied Science ◽

10.5539/mas.v13n6p113 ◽

2019 ◽

Vol 13 (6) ◽

pp. 113

Author(s):

Khalil Suleiman Abu Saleem

Keyword(s):

Commercial Banks ◽

Audit Committee ◽

Degrees Of Freedom ◽

Time Series Data ◽

Stock Exchange ◽

Hypothesis Test ◽

Annual Reports ◽

Series Data ◽

Creative Accounting ◽

The Impact

This study aimed at determining the impact of the characteristics of the Audit Committee (The effect of Activity of the Audit Committee, the size of the Audit Committee, and Independence of the Audit Committee) in reducing creative accounting practicesin Jordanian commercial banks.The study population is composed of all Jordanian banks listed on the Amman Stock Exchange (16), during the period from 2011 to 2017. The study sample is represented by all Jordanian commercial banks. The current study is based on panel data since the data combine one-time and cross-section data for a period of time. The data was composed of a set of indicators for 13 Jordanian commercial banks for the period from 2011 to 2017, and data have been collected from the banks' annual reports. The adoption of the study on the analysis of time-series data comes from the increase in degrees of freedom. The results of the hypothesis test indicate that there is a significant effect of Audit Committee characteristics on the reduction of creative accounting practices in Jordanian banks at a level of significance of 0.05 except for variable (size of the Audit Committee).

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Impact of exchange rate and oil price on the yield of sovereign bond and sukuk: Evidence from Malaysian capital market

Journal of Emerging Economies and Islamic Research ◽

10.24191/jeeir.v5i4.8834 ◽

2017 ◽

Vol 5 (4) ◽

pp. 27

Author(s):

Huda Arshad ◽

Ruhaini Muda ◽

Ismah Osman

Keyword(s):

Exchange Rate ◽

Capital Market ◽

Time Series Data ◽

Oil Prices ◽

Oil Price ◽

Series Data ◽

Sovereign Bond ◽

Long Run ◽

Short Run ◽

The Impact

This study analyses the impact of exchange rate and oil prices on the yield of sovereign bond and sukuk for Malaysian capital market. This study aims to ascertain the effect of weakening Malaysian Ringgit and declining of crude oil price on the fixed income investors in the emerging capital market. This study utilises daily time series data of Malaysian exchange rate, oil price and the yield of Malaysian sovereign bond and sukuk from year 2006 until 2015. The findings show that the weakening of exchange rate and oil prices contribute different impacts in the short and long run. In the short run, the exchange rate and oil prices does not have a direct relation with the yield of sovereign bond and sukuk. However, in the long run, the result reveals that there is a significant relationship between exchange rate and oil prices on the yield of sovereign bond and sukuk. It is evident that only a unidirectional causality relation is present between exchange rate and oil price towards selected yield of Malaysian sovereign bond and sukuk. This study provides numerical and empirical insights on issues relating to capital market that supports public authorities and private institutions on their decision and policymaking process.

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ANALISA PREDIKSI INDEKS HARGA SAHAM GABUNGAN MENGGUNAKAN METODE ARIMA

Cakrawala Management Business Journal ◽

10.30862/cm-bj.v2i2.51 ◽

2020 ◽

Vol 2 (2) ◽

pp. 454

Author(s):

Julkifli Purnama ◽

Ahmad Juliana

Keyword(s):

Capital Market ◽

Stock Price ◽

Time Series Data ◽

Arima Model ◽

Secondary Data ◽

Actual Data ◽

Series Data ◽

Analysis Technique ◽

The Right ◽

The Capital Market

Investment in the capital market every manager needs to analyze to make decisions so that the right target to produce profits in accordance with what is expected. For that, we need a way to predict the decisions that will be taken in the future. The research objective is to find the best model and forecasting of the composite stock price index (CSPI). Data analysis technique The ARIMA Model time series data from historical data is the basis for forecasting. Secondary data is the closing price of the JCI on July 16 2018 to July 16 2019 to see how accurate the forecasting is done on the actual data at that time. The results of the study that the best Arima model is Arima 2.1.2 with an R-squared value of 0.014500, Schwarz criterion 10.83497 and Akaike info criterion of 10.77973. Results of forecasting actual data are 6394,609, dynamic forecast 6387,551 selisish -7,05799, statistics forecas 6400,653 difference of 6,043909. For investors or the public can use the ARIMA method to be able to predict or predict the capital market that will occur in the next period.

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The Innovation of Government Bonds in the Growth of an Emergent Capital Market

Journal of Open Innovation Technology Market and Complexity ◽

10.3390/joitmc7010103 ◽

2021 ◽

Vol 7 (1) ◽

pp. 103

Author(s):

Cordelia Onyinyechi Omodero ◽

Philip Olasupo Alege

Keyword(s):

Capital Market ◽

Research Work ◽

Government Bonds ◽

Market Capitalization ◽

Market Growth ◽

Explanatory Variables ◽

The Government ◽

The Impact ◽

Total Market ◽

The Capital Market

The growth of an emerging capital market is necessary and requires all available resources and inputs from various sources to realize this objective. Several debates on government bonds’ contribution to Nigeria’s capital market developmental growth have ensued but have not triggered comprehensive studies in this area. The present research work seeks to close the breach by probing the impact of government bonds on developing the capital market in Nigeria from 2003–2019. We employ total market capitalization as the response variable to proxy the capital market, while various government bonds serve as the independent variables. The inflation rate moderates the predictor components. The research uses multiple regression technique to assess the explanatory variables’ impact on the total market capitalization. At the same time, diagnostic tests help guarantee the normality of the regression model’s data distribution and appropriateness. The findings reveal that the Federal Government of Nigeria’s (FGN) bond is statistically significant and positive in influencing Nigeria’s capital market growth. The other predictor variables are not found significant in this study. The study suggests that the Government should improve on the government bonds’ coupon, while still upholding the none default norm in paying interest and refunding principal to investors when due.

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PENGARUH KORUPSI, DEMOKRASI DAN POLITIK TERHADAP KEMISKINAN DI DELAPAN NEGARA ASEAN DENGAN PERTUMBUHAN EKONOMI SEBAGAI VARIABEL MODERASI

Jurnal Kajian Ekonomi dan Pembangunan ◽

10.24036/jkep.v1i3.7711 ◽

2019 ◽

Vol 1 (3) ◽

pp. 845

Author(s):

Yolanda Yolanda

Keyword(s):

Economic Growth ◽

Time Series Data ◽

Predictor Variable ◽

Combination Method ◽

Annual Reports ◽

Series Data ◽

Transparency International ◽

Negative Effect ◽

Asean Countries ◽

The Relationship

This study aims the influence of corruption, democracy and politics on poverty in ASEAN countries with economic growth as a moderating variable. The method used is using the panel regression model. This data uses a combination method between time series data from 2013 - 2016 and a cross section consisting of 8 countries. Data obtained from World Bank annual reports, Transparency International and Freedom House. The results of this study indicate that (1) Corruption Perception Index (CPI) has a significant and negative effect on poverty, meaning that if the CPI increases then poverty will decrease (2) Democracy has no significant and negative effect on poverty. This means that if democracy increases, poverty will decrease (3) Politics has a significant and negative effect on poverty, meaning that if politics increases, poverty will decrease (4) Economic growth has a significant and positive effect on poverty, meaning if economic growth increases then poverty will decline (3) Economic growth unable to moderate the relationship between corruption, democracy and politics towards poverty in 8 ASEAN countries. Economic growth as an interaction variable is a predictor variable (Predictor Moderate Variable), which means that economic growth is only an independent variable.

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Analysis of Budget Imbalance Dynamics in Kenya

Journal of Economics and Public Finance ◽

10.22158/jepf.v4n4p352 ◽

2018 ◽

Vol 4 (4) ◽

pp. 352

Author(s):

Alex Oguso ◽

Francis M. Mwega ◽

Nelson H. Wawire ◽

Purna Samanta

Keyword(s):

Public Sector ◽

Time Series Data ◽

Supply And Demand ◽

Series Data ◽

Fiscal Consolidation ◽

The Public ◽

Distributed Lag ◽

Seeking Behavior ◽

Development Goals ◽

The Government

Kenya needs substantial and sustained fiscal consolidation to create fiscal space for financing the government’s election pledges, the Vision 2030 development projects, and sustainable development goals. However, the government has found it hard to sustain its fiscal consolidation attempts. This study investigates the fiscal consolidation constraints that act through the budget imbalance dynamics in Kenya using the Olivera-Tanzi effect approach. The study covers the period 2000-2015 using time series data and employs three Auto-regressive Distributed Lag (ARDL) error correction models in the analysis. The study showed that a rise in the general price levels in the economy, adjustment of minimum wages, rise in perceived levels of corruption in the public sector and the political budget cycles (occurrence of a general election) worsen the budget imbalances (deficits) thus constrain fiscal consolidation efforts in Kenya. The study also demonstrated that budget imbalance dynamics in Kenya could partly be explained by the Olivera-Tanzi proposition. The study recommends measures to reduce the fiscal imbalance gap in Kenya, which include controlling both supply and demand side inflationary pressure and dealing with rent seeking behavior in the public sector.

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Factors affecting beta in manufacturing companies in Indonesia Stock Exchange

Journal of Business Management Review ◽

10.47153/jbmr14.512020 ◽

2020 ◽

Vol 1 (4) ◽

pp. 259-268

Author(s):

Retnoning Ambarwati

Keyword(s):

Time Series Data ◽

Stock Exchange ◽

Least Square ◽

Series Data ◽

Manufacturing Companies ◽

Financial Leverage ◽

Online Data ◽

Dividend Payout ◽

Asset Growth ◽

Asset Size

This research has want to know and prove the effect of dividend payout, asset growth, asset size, liquidity, financial leverage, earning variability and accounting beta to beta of stock simultaneously and partially in manufacturing companies at Jakarta Stock Exchange. This research use secondary data which is collected based on time series data and cross section include 12 manufacturing company stocks as the sample. The data is collected from the online data of Jakarta Stock Exchange in YPKP, Indonesia Capital Market Directory, JSX Statistic, and Business News. The model of this research is estimated by Generalized Least Square (GLS) with Fixed Effect Model and Dummy Variable to estimate the effect of some financial variables specifically towards Beta of Stock. The result show that all of the variables in this research consistent with the theory as expected. The coefficient direction of asset growth, financial leverage, earning variability and accounting beta shows positive, while the coefficient direction of dividend payout, asset size, liquidity shows oppositely. Simultaneously all variables influence beta of stock, in the other side partially shows that asset growth, earning variability, asset size, and liquidity, have significant effect to beta, whereas dividend payout ratio, financial leverage and accounting beta do not have significant effect. One of the implications of this research is that the study of beta of stock should be more comprehensively, not only contains micro variables but also the macro variables as well include dimension of social economy and politic

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The long-Run and Short-Run Analysis between Stock Market Index and Macroeconomic Variables in Jordan: Bounds Tests Approach

International Business Research ◽

10.5539/ibr.v12n4p50 ◽

2019 ◽

Vol 12 (4) ◽

pp. 50

Author(s):

Raed Walid Al-Smadi ◽

Muthana Mohammad Omoush

Keyword(s):

Stock Market ◽

Time Series Data ◽

Stock Exchange ◽

Series Data ◽

Stock Market Index ◽

Macroeconomic Variables ◽

Market Index ◽

Long Run ◽

Equilibrium Relationship ◽

Short Run

This paper investigates the long-run and short-run relationship between stock market index and the macroeconomic variables in Jordan. Annual time series data for the 1978–2017 periods and the ARDL bounding test are used. The results identify long-run equilibrium relationship between stock market index and the macroeconomic variables in Jordan. Jordanian policy makers have to pay more attention to the current regulation in the Amman Stock Exchange(ASE) and manage it well, thus ultimately helping financial development.

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