scholarly journals The Impact of Assets Size and Profitability on Funded Status of Employee Retirement Benefits by Quoted Firms in Nigeria

2011 ◽  
Vol 2 (3) ◽  
pp. 125-132
Author(s):  
Sule Kehinde Oluwatoyin ◽  
Emerole Gideon Ahamuefula .
Keyword(s):  
Pension Reform ◽  
Stock Exchange ◽  
Time Frame ◽  
Secondary Source ◽  
Retirement Benefits ◽  
Net Worth ◽  
Pension Costs ◽  
The Government ◽  
Funded Status ◽  
The Impact

This study assesses the impact of quoted companies’ assets size and profitability on employee retirement benefits in Nigeria. In line with the objective, a hypothesis was formulated. The population of the study is 182 firms quoted on the first- tier market of the Nigerian Stock Exchange and ten (10) quoted firms selected as sample size based on judgmental sampling. The study utilized data from secondary source. Data were obtained from the annual accounts and reports of the (10) quoted firms that made up the sample of the study. The time frame for the study is ten years, covering the period of 1998 to 2007. The technique of analysis used in the study was Multiple Regression Analysis. The study established that the ability of quoted firms to fund their pension costs has direct relationship with their assets sizes and respective profitability. The study recommended an effective monitoring/supervision and enforcement of the provisions of the Pension Reform Act, 2004, in addition to effective implementation of the penalties provided by the Act on non-compliers regardless of their status or origin. The study calls the Government to create conducive and enabling environment for smooth implementation, compliance and application of the Pension Reform Act, 2004 by firms and other players in pension administration. While, regulatory authorities must encouraged research and activities geared towards developing not only accounting policies that would ensure full compliance with Statement of Accounting Standards 8 (SAS 8) but strategies that would ensure optimum investments that enhance net worth and earnings of firms.

The performance of the Broad Based Black Economic Empowerment compliant listed property firms in South Africa

2016 ◽  
Vol 34 (1) ◽  
pp. 3-26 ◽  
Author(s):  
Omokolade Akinsomi ◽  
Katlego Kola ◽  
Thembelihle Ndlovu ◽  
Millicent Motloung
Keyword(s):  
Stock Returns ◽  
Factor Model ◽  
Stock Exchange ◽  
Sharpe Ratio ◽  
Economic Empowerment ◽  
Content Type ◽  
Black Economic ◽  
Black Economic Empowerment ◽  
The Government ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of Broad-Based Black Economic Empowerment (BBBEE) on the risk and returns of listed and delisted property firms on the Johannesburg Stock Exchange (JSE). The study was investigated to understand the impact of Black Economic Empowerment (BEE) property sector charter and effect of government intervention on property listed markets. Design/methodology/approach – The study examines the performance trends of the listed and delisted property firms on the JSE from January 2006 to January 2012. The data were obtained from McGregor BFA database to compute the risk and return measures of the listed and delisted property firms. The study employs a capital asset pricing model (CAPM) to derive the alpha (outperformance) and beta (risk) to examine the trend amongst the BEE and non-BEE firms, Sharpe ratio was also employed as a measurement of performance. A comparative study is employed to analyse the risks and returns between listed property firms that are BEE compliant and BEE non-compliant. Findings – Results show that there exists differences in returns and risk between BEE-compliant firms and non-BEE-compliant firms. The study shows that BEE-compliant firms have higher returns than non-BEE firms and are less risky than non-BEE firms. By establishing this relationship, this possibly affects the investor’s decision to invest in BEE firms rather than non-BBBEE firms. This study can also assist the government in strategically adjusting the policy. Research limitations/implications – This study employs a CAPM which is a single-factor model. Further study could employ a multi-factor model. Practical implications – The results of this investigation, with the effects of BEE on returns, using annualized returns, the Sharpe ratio and alpha (outperformance), results show that BEE firms perform better than non-BEE firms. These results pose several implications for investors particularly when structuring their portfolios, further study would need to examine the role of BEE on stock returns in line with other factors that affect stock returns. The results in this study have several implications for government agencies, there may be the need to monitor the effect of the BEE policies on firm returns and re-calibrate policies accordingly. Originality/value – This study investigates the performance of listed property firms on the JSE which are BEE compliant. This is the first study to investigate listed property firms which are BEE compliant.

Stock Market Reaction on Green-Bond Issue: Evidence from Indian Green-Bond Issuers

2021 ◽  
pp. 097226292110225
Author(s):  
Rakesh Kumar Verma ◽  
Rohit Bansal
Keyword(s):  
Stock Returns ◽  
Financial Institutions ◽  
Stock Price ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Developed Countries ◽  
Low Carbon ◽  
Bond Issue ◽  
The Government ◽  
The Impact

Purpose: A green bond is a financial instrument issued by governments, financial institutions and corporations to fund green projects, such as those involving renewable energy, green buildings, low carbon transport, etc. This study analyses the effect of green-bond issue announcement on the issuer’s stock price movement. It shows the reaction of the stock price after the issue of green bonds. Methodology: This study is based on secondary data. Green-bond issue dates have been collected from newspaper articles from different online sources, such as Business Standard, The Economic Times, Moneycontrol, etc. The closing prices of stocks have been taken from the NSE (National Stock Exchange of India Limited) website. An event window of 21 days has been fixed for the study, including the 10 days before and after the issue date. Data analysis is carried out through the event study method using the R software. Calculation of abnormal returns is done using three models: mean-adjusted returns model, market-adjusted returns model and risk-adjusted returns model. Findings: The results show that the issue of green bonds has a significant positive effect on the stock price. Returns increase after the green-bond issue announcement. Although the announcement day shows a negative return for all the samples taken for the study, the 10-day cumulative abnormal return (CAR) is positive. Thus, green-bond issues lead to positive sentiments among investors. Research implications: This research article will help the government issue more green bonds so that the proceeds can be utilized for green projects. The government should motivate corporations and financial institutions to issue more green bonds to help the economy grow. In India, very few organizations have issued a green bond. It will be beneficial if these players issue green bonds, as it will increase the firms’ value and boost returns to the investors. Originality/value: The effect of green-bond issue on stock returns has been analysed in some studies in developed countries. This is the first study to examine the impact of green-bond issue on stock returns in the Indian context, to the best of our knowledge.

scholarly journals Corporate Governance Codes and Intellectual Capital: Evaluating the Performance Impacts among Government-Linked Companies in Malaysia and Singapore – A Panel Data Analysis

2021 ◽  
Vol 124 ◽  
pp. 08004
Author(s):  
Yen Wen Chang ◽  
Ng Ching Yat David ◽  
Suet Cheng Low ◽  
Peck Ling Tee
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Policy Makers ◽  
Corporate Governance Codes ◽  
The Government ◽  
The Impact

The objective of this study was to examine and compare the effects of corporate governance (CG) and intellectual capital (IC) between Malaysia Government-Linked Companies’ (M-GLCs) and Singapore Government-Linked Companies’ (S-GLCs) firm performance (FP). Panel data analysis was employed to analyse the impact of CG’s variables and IC’s variables on FP. FP was measured by Return on Total Assets (ROA), Tobin’s Q and Earnings Per Share (EPS). Data was gathered from the website of Bursa Malaysia and the Stock Exchange of Singapore from 2005 to 2018. The sample size of this research was 60 GLCs which comprised of 34 M-GLCs and 26 S-GLCs. There were a total 840 firm year observations. Results indicated that CGs of S-GLCs have greater impact on FP when compared to M-GLCs while the findings of the IC of M-GLCs have greater impact on FP compared to S-GLCs. This research was helpful in offering further insights of CG practices and IC efficiency to the Government, Board of Directors, policy makers, shareholders and stakeholders.

scholarly journals THE IMPACT OF TAXATION AS AN AID TO ECONOMIC DEVELOPMENT (APPLIED STUDY IN KURDISTAN REGIONAL GOVERNMENT)

2020 ◽  
Author(s):  
Amanj Mohamed Ahmed ◽  
Muhammad Nawzad Ali
Keyword(s):  
Economic Development ◽  
Primary Source ◽  
Educational Systems ◽  
Secondary Source ◽  
Probability Method ◽  
Regional Government ◽  
Chi Square ◽  
The Government ◽  
Taxation System ◽  
The Impact

<p><em>This research was carried out to determine the weight of taxation in economic development, the main purpose is to discover the level of impact of taxation on economic development or if it has any impact. Another key objective is to improve the level of understandability and find probable solutions toward issues in taxation within the Kurdistan region, as well as unveiling the Kurdistan Regional Government’s taxation system in compliance with the up to date old Iraqi tax laws. KRG is barely surviving this crisis, with the increase of unemployment and poverty could taxation work as an aid to support the piles of the region. The current corruption in the government that does not use tax money efficiently and lack of transparency has been evaluated. Primary and secondary research methods were used to be able to gather information in order to reach an understanding. The primary source of data includes personal interviews and questionnaires, meanwhile, the secondary source of data includes the use of textbooks, social media, internet, and newspapers. Non-probability method of sampling was used in selecting the respondents. The study used the standard deviation, chi-square formula, and tables for the method of the examination. The results clearly illustrates that the government should</em> <em>commence the critical pursuit of broadening regional economy in order to improve economic growth and expansion and to become meticulous to fight with real corruption. The limitation and resources should be expanded by the government and bring taxation back to life through educational systems and social awareness.</em></p>

scholarly journals Institutional Investors’ Corporate Site Visits and Firms’ Sustainable Development

2020 ◽  
Vol 12 (17) ◽  
pp. 7036
Author(s):  
Yize Hu ◽  
Jun Shan ◽  
Peixun Zhan
Keyword(s):  
Sustainable Development ◽  
Institutional Investors ◽  
Information Acquisition ◽  
Stock Exchange ◽  
Manufacturing Firms ◽  
Econometric Analysis ◽  
Environmental Investment ◽  
The Government ◽  
The Impact

Institutional investors are essential stakeholders of the firm, and they care about firms’ sustainable development. In this study, we focused on a prevalent and essential type of information acquisition activity of institutional investors: corporate site visits, which refers to their trip to the firms’ headquarters and factories. We investigated the impact of institutional investors’ corporate site visits on firms’ likelihood of environmental violation. Using Chinese listed manufacturing firms in the Shenzhen Stock Exchange from 2009 to 2017, the econometric analysis shows that institutional investors’ corporate site visits significantly decrease firms’ likelihood of environmental violation. Moreover, this effect is more pronounced for firms in heavily polluting industries, firms not owned by the government, and firms with less institutional shareholding. Furthermore, we show that institutional investors’ corporate site visits prevent environmental violations by increasing firms’ environmental investment. Our study highlights the importance of institutional investors’ corporate site visits by showing that they are beneficial to the firms visited.

scholarly journals You Win Some, You Lose Some: Pension Reform in Bachelet’s First and Second Administrations

2019 ◽  
Vol 11 (2) ◽  
pp. 204-230 ◽  
Author(s):  
Silvia Borzutzky
Keyword(s):  
Political Ideology ◽  
Pension System ◽  
Pension Reform ◽  
Presidential Power ◽  
Pension Policy ◽  
The Will ◽  
The Government ◽  
The Impact ◽  
Government Coalition

This article analyses and compares President Bachelet’s successful efforts to reform the Chilean pension system in 2008 and her failure to achieve the same objective in 2017. The article addresses the impact of electoral promises, policy legacies, policy ideology, presidential power, the role of the private sector, and the role that the government coalitions had in the process of pension reform during the Bachelet administrations. We argue that the 2008 reform was possible because of Bachelet’s personal commitment to reform and the presence of a stable governing coalition that had the will and capacity to legislate. In the second administration, although the policy legacies and ideology had remained the same, the reform did not materialise due to intense conflict within the administration and within the government coalition, as well as conflict between the administration and the coalition. These conflicts, in turn, generated a vicious cycle responsible for Bachelet’s declining popularity, limited political capital, and reduced support for reform. A stagnant economy further undermined these efforts. In brief, this article argues that when assessing success and failure in pension policy reform it is important to analyse not only policy legacies and political ideology but also the strength of the executive, the cohesion of the governing coalition, and the country’s economic performance.

scholarly journals The Impact of Government Emergency Ordinance No. 114/2018 on the Profitability of Companies Acting in Energy Domain, Listed on Bucharest Stock Exchange

2019 ◽  
Vol 24 (4) ◽  
pp. 308-316
Author(s):  
Diana Elena Vasiu
Keyword(s):  
Natural Gas ◽  
Stock Exchange ◽  
Direct Impact ◽  
Investment Projects ◽  
Energy Field ◽  
Production Activity ◽  
Energy Domain ◽  
The Government ◽  
The Impact ◽  
Monetary Contribution

Abstract On December 29, 2018, the Government Emergency Ordinance no. 114/2018 has been published. This Ordinance, among others, established a multitude of measures, both economic and fiscal that aimed companies acting in the energy field. The monetary contribution, received from the license holders in the field of energy, was set at the level of 2 %, which means an increase of 20 times of this duty. These companies also have the obligation to sell the natural gas quantities, resulting from the current domestic production activity, at the price of 68 lei / MWh to eligible suppliers and final customers. All these measures have had a direct impact on companies acting in the energy field, affecting their profitability and simultaneously their ability to carry out investment projects. This paper analyzes the way the e companies listed on Bucharest Stock Exchange, acting in energy field, were affected by Government Emergency Ordinance no. 114/2018 measures.

scholarly journals Offer Document Disclosures and its Impact on Equity Return in India

2012 ◽  
Vol 2 (1) ◽  
pp. 31-45
Author(s):  
Swinder Singh
Keyword(s):  
Stock Exchange ◽  
It Industry ◽  
Equity Issues ◽  
Net Worth ◽  
Book Value ◽  
Earnings Per Share ◽  
Initial Return ◽  
The Impact ◽  
Made In

Primary market investors deploy their surplus funds inequity issues on the basis of disclosures made by the issuer companies in their offer documents. An attempt has been made in the present study to measure the impact of offer document disclosures regarding turnover, total assets, net worth, earnings per share, book value, percentage of dividend paid, age, promoters stake in post-issue capital and issue size on equity return in India. Taking a sample of 97 equity issues of the size of Rs. 10 crore or more of closely held unlisted companies belonging to 5 different industries during a period of 12 years from 1992-93 to 2003-04 and after applying Linear Multiple Regression Analysis, the study finds that the offer document disclosures covered by the study explained significant amount of variation in equity return in case of issues of banking as well as finance and investment industry. Disclosure of turnover in case of issues of finance and investment industry and of net worth and earnings per share in case of issues ofpharmaceutical industry establishedits statistically significant impact on equity return during the period covered by the study. The industry-wise performancerevealed that the equity issues of banking industry proved more beneficial for long-term investors whereas the issues of IT industry remained more profitable for short-term investors. The study reported that the equity issuesof finance and investment industryprovided less initial return and highest negative return to the investors after three years from first trading day of the issues on Bombay Stock Exchange

scholarly journals Industrial business groups in a context of deindustrialization. The Uruguayan Case, 1980-2015

2020 ◽  
Vol 5 (2) ◽  
pp. 150-176
Author(s):  
Juan Ignacio Geymonat
Keyword(s):  
Stock Exchange ◽  
Manufacturing Sector ◽  
Business Groups ◽  
Family Control ◽  
Two Samples ◽  
New Business ◽  
The Government ◽  
Small Economy ◽  
Main Effects ◽  
The Impact

During the 1990s, a series of institutional transformations took place that strongly affected the national productive structure, as well as its agents. Among the main effects of the new openness and liberalization policies are: the loss of relevance of the manufacturing sector in the economy, the abandonment of the complex system of tariffs and subsidies and the accelerated growth of foreign direct investment. How have these transformations impacted the structure of national industrial business groups? This is the central question that guides the article.The paper takes two samples from large industrial business groups in the late 1980s and in 2015, comparing their evolution in both benchmark years. In the construction of both samples, information was taken from the Central Bank of Uruguay, the Montevideo Stock Exchange, Official Newspaper and press sources, in addition to previous work. The evidence presented shows that aspects such as size, level of diversification and the form of family control have not varied much in each period. In this sense, the groups have remained stable around certain attributes. On the other hand, there are notable variations in the formation of alliances, the sector distribution of the business portfolio and the links with the government in different modalities.These variations and permanence can be explained by the impact of the new institutional context in the framework of a small economy like Uruguay. Although similar reforms in other countries in the region have strengthened national business groups (promoting their internationalization and their internal expansion into new business areas), the Uruguayan case seems to represent the opposite. In this way, the paper contributes to the discussion about family groups and their adaptation to the context of the second globalization in peripheral economies.

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