scholarly journals Board Inclusion in Financial Reporting and Dividend Policy: Evidence from Static and Dynamic Panel VAR Models

2021 ◽  
Vol 5 (2) ◽  
pp. 55-71
Author(s):  
Yusuf Olatunji Oyedeko ◽  
Mohammed Zubairu ◽  
Aruna Ishola Mamidu
Keyword(s):  
Financial Reporting ◽  
Dividend Policy ◽  
Financial Statement ◽  
Panel Var ◽  
Var Models ◽  
Board Meeting ◽  
Dynamic Panel ◽  
Long Run ◽  
Negative Effect ◽  
Short Run

The study explored how board inclusion in financial reporting affects the dividend policy in Nigeria. The study was conducted within the context of deposit money banks (DMBs) and data were gathered from the financial statement of listed DMBs in Nigeria for ten years spanning from 2008 to 2017. The study employed static and dynamic panel VAR technique. The result showed that dividend per share can predicts frequency of the board meeting, the frequency of board meeting can predicts board compliance to banks' rules and regulation in the future and board compliance to banks' rules and regulation can predict dividend per share. The study concluded that board inclusion in financial reporting on dividend policy exerts long-run and short run negative effect on dividend policy. In view of this study recommended that the board inclusion in financial reporting should aim at discouraging manipulative accounting tendencies and enhance true fare of financial position of the banks with the goal of improving or maximising dividend policy represented by the amount of cash pay-out as dividend to shareholders as a form of reward for their investments.

scholarly journals Dynamic Integrated Model for Assessing Fisheries: Discard Bans as an Implicit Value-Added Tax

2021 ◽  
Author(s):  
Jose Maria Da Rocha ◽  
Javier García-Cutrín ◽  
Maria-Jose Gutiérrez ◽  
Raul Prellezo ◽  
Eduardo Sanchez
Keyword(s):  
Value Added ◽  
Point Of View ◽  
Value Added Tax ◽  
Biological Variables ◽  
A Value ◽  
Long Run ◽  
The Social ◽  
Negative Effect ◽  
Short Run ◽  
The Impact

AbstractIntegrated economic models have become popular for assessing climate change. In this paper we show how these methods can be used to assess the impact of a discard ban in a fishery. We state that a discard ban can be understood as a confiscatory tax equivalent to a value-added tax. Under this framework, we show that a discard ban improves the sustainability of the fishery in the short run and increases economic welfare in the long run. In particular, we show that consumption, capital and wages show an initial decrease just after the implementation of the discard ban then recover after some periods to reach their steady-sate values, which are 16–20% higher than the initial values, depending on the valuation of the landed discards. The discard ban also improves biological variables, increasing landings by 14% and reducing discards by 29% on the initial figures. These patterns highlight the two channels through which discard bans affect a fishery: the tax channel, which shows that the confiscation of landed discards reduces the incentive to invest in the fishery; and the productivity channel, which increases the abundance of the stock. Thus, during the first few years after the implementation of a discard ban, the negative effect from the tax channel dominates the positive effect from the productivity channel, because the stock needs time to recover. Once stock abundance improves, the productivity channel dominates the tax channel and the economic variables rise above their initial levels. Our results also show that a landed discards valorisation policy is optimal from the social welfare point of view provided that incentives to increase discards are not created.

scholarly journals INFLASI DARI SUDUT PANDANG MONETER DAN FISKAL (STUDI KASUS SUMATERA BARAT)

2019 ◽  
Vol 1 (1) ◽  
pp. 131
Author(s):  
Zul Azhar ◽  
Alpon Satrianto ◽  
Nofitasari Nofitasari
Keyword(s):  
Interest Rate ◽  
Money Supply ◽  
Government Spending ◽  
Descriptive Research ◽  
Distributed Lag ◽  
Long Run ◽  
Negative Effect ◽  
Short Run ◽  
The Interest Rate ◽  
Positive Effect

This study aims to analyze the effect of money supply M2, interest rate, government spending and local tax on the inflation in West Sumatera. This type of research is descriptive research and secondary datain the form of time-series from quartely 1 2007 to 2017 quartely 4 using the method of Autoregresive Distributed Lag analysis. The results of this study indicate that money supply in the long run have a significant and positive effect on inflation West Sumatera. In the short run  and long run the interest rate has a significant and positive effect on inflation in West Sumatera. Government spending in the Long run has a significant and negative effect on inflation in West Sumatera. Based on the result of this study can be concluded that there is inflation in West Sumatera is monetery of phenomenon in the long run. 

scholarly journals Pengaruh Kecurangan Laporan Keuangan terhadap Nilai Perusahaan: Ditinjau dari Perspektif Fraud Pentagon (Kasus di Indonesia)

2020 ◽  
Vol 20 (1) ◽  
pp. 121
Author(s):  
Desi Elviani ◽  
Syahril Ali ◽  
Rahmat Kurniawan
Keyword(s):  
Financial Reporting ◽  
Firm Value ◽  
Stock Exchange ◽  
Sample Selection ◽  
Financial Statement ◽  
Fraudulent Financial Reporting ◽  
Financial Statement Fraud ◽  
Company Value ◽  
Negative Effect ◽  
Five Elements

This study aims to examine how the influence of fraudulent financial reporting on firm value is viewed from the perspective of a pentagon fraud with a sample of 71 companies from the infrastructure, utilities and transportation sectors in the Indonesia Stock Exchange in 2014-2018. The sample selection used was purposive sampling method. Company value is measured by price book value, financial statement fraud is measured by fraud-score models. There are two variables that have a positive and significant influence, namely the opportunity and arrogance variables, the two variables present two of the five elements of pentagon fraud, where as the three variables, pressure, rasionalization, competence, do not affect the fraudulent financial reporting. The results of this study have proven that fraudulent financial reporting has a negative effect on firm value.

Population Growth and Urbanization in Africa

2016 ◽  
pp. 282-297 ◽  
Author(s):  
Samuel Adams ◽  
Eric Evans Osei Opoku
Keyword(s):  
Carbon Dioxide ◽  
Population Growth ◽  
Carbon Dioxide Emissions ◽  
Age Groups ◽  
African Countries ◽  
Pooled Mean Group ◽  
Long Run ◽  
Negative Effect ◽  
Short Run ◽  
Sub Saharan

This study examined the effect of population growth and urbanization on the environment (carbon dioxide emissions) for 37 sub Saharan African countries based on 1980-2010 annual data. Using the Pooled Mean Group estimation technique, the findings of the study show that affluence and industrialization have negative effect on the environment (increases carbon dioxide emissions) while urbanization does not have a significant effect on carbon dioxide emissions. The population variable is significant only in the long run but insignificant in the short run. Also, after controlling for the different age groups, the results show that the more active age group (15-59) is positive and significantly related to carbon dioxide emissions.

scholarly journals Effect of Institutional Quality and Wealth from Oil Revenue on Economic Growth in Oil-Exporting Developing Countries

2019 ◽  
Vol 11 (13) ◽  
pp. 3635 ◽  
Author(s):  
Adewale Samuel Hassan ◽  
Daniel Francois Meyer ◽  
Sebastian Kot
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Institutional Quality ◽  
Linear Interaction ◽  
Distributed Lag ◽  
Oil Revenue ◽  
Long Run ◽  
Negative Effect ◽  
Short Run ◽  
Oil Wealth

This article investigates the role of institutional quality in the oil wealth–economic growth nexus for 35 oil-exporting developing countries between 1984 and 2016. To achieve this objective, an empirical model was employed with linear interaction between oil wealth and institutional quality, and estimated by means of panel autoregressive distributed lag (ARDL) with a dynamic fixed effect estimator. From the results, a contingent effect of oil wealth on economic growth, both in the long run and in the short run, was established. Specifically, institutional quality was found to mitigate the negative effect of oil wealth on economic growth in the long run, while in the short run, institutional quality was found to enhance the positive effect of oil wealth on economic growth. Furthermore, the results provide the threshold levels of institutional quality, beyond which oil wealth enhances economic growth, both in the long run and in the short run, for the sampled countries. These results suggest that in order for oil-exporting developing countries to benefit from an increase in oil wealth, they must adopt appropriate policy measures to improve their levels of institutional quality and embed their entire oil wealth-generating mechanism in a sound institutional framework. Also of importance is that governments must ensure sustainable development through the benefits of wealth from oil.

scholarly journals ANALISIS HUBUNGAN PENDAPATAN WISATAWAN DAN HARGA PARIWISATA TERHADAP PERMINTAAN PARIWISATA DENGAN VECM

2016 ◽  
Vol 5 (2) ◽  
pp. 44
Author(s):  
MERARY SIANIPAR ◽  
NI LUH PUTU SUCIPTAWATI ◽  
KOMANG DHARMAWAN
Keyword(s):  
Unit Root ◽  
Unit Root Test ◽  
Cointegration Test ◽  
Tourism Demand ◽  
Long Run ◽  
Negative Effect ◽  
Short Run ◽  
The Relationship ◽  
Positive Effect

Tourism demand is focused on estimating variables which influence tourist visit. The tourism demand that we discuss on this research is the tourism demand to Bali of the major tourism-generating country was Australia. The aim of this research is to analyze the relationship between tourist income and tourism price to tourism demand using VECM. VECM requires that the variables in the model must be stationary and fulfilled a cointegration condition. In order to make it valid, the stationarity of variables in the model have to be checked using ADF unit root test. In additon, cointegration between these variables are examined using Johansen’s cointegration test. The results of ADF unit root test show that indicated the tourist income, the tourism price and the tourism demand for Australia data are stationary in first lag or I(1). Cointegration test shows that all variables are cointegrated, i.e. have a long-run relationship. In the long-run, the tourist income and tourism price give positive effect to the tourism demand. This means, the increase of tourist income and tourism price will contribute to the increase in tourism demand. In addition, in the short-run, the tourist income and the tourism price give negative effect to the tourism demand. This means, the increase of tourist income and tourism price will contribute to the decrease in tourism demand.

scholarly journals PENGARUH PROFITABILITAS, LIKUIDITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN SEKTOR INDUSTRI BARANG KONSUMSI DI BEI

2020 ◽  
Vol 9 (4) ◽  
pp. 1252
Author(s):  
Kadek Yuliana Dewi ◽  
Henny Rahyuda
Keyword(s):  
Firm Value ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Participant Observation ◽  
Financial Statement ◽  
Negative Effect ◽  
Observation Method ◽  
Positive Effect ◽  
Main Factor

The purpose of this study is to determine the significance of the effect of profitability, liquidity and dividend policy on firm value. This research was conducted at the consumer goods industry sector companies on the Indonesia Stock Exchange (BEI) 2016-2018 period. The number of samples in this study were 17 companies with a purposive sampling method. Data collection was carried out using a non-participant observation method, through financial statement data published on the IDX's official website, www.idx.co.id. The results of the analysis showed that profitability had a significant positive effect on firm value. Liquidity and dividend policy have a significant negative effect on firm value. This means that profitability is the main factor that most influences the value of the company and is considered by investors to invest. Keywords: firm value, profitability, liquidity, dividend policy

scholarly journals HIGHER EDUCATION SUBSIDY POLICY AND R&D-BASED GROWTH

2019 ◽  
Vol 24 (8) ◽  
pp. 2129-2168 ◽  
Author(s):  
Takaaki Morimoto ◽  
Ken Tabata
Keyword(s):  
Higher Education ◽  
Economic Growth ◽  
Market Structure ◽  
Overlapping Generations Model ◽  
Subsidy Policy ◽  
Mass Higher Education ◽  
Long Run ◽  
Negative Effect ◽  
Short Run ◽  
Education Subsidy

We examine how a subsidy policy for encouraging more individuals to pursue higher education affects economic growth in an overlapping generations model of R&D-based growth, including both product development and process innovation. We show that such a policy may have a negative effect on the long-run economic growth rate. When the market structure adjusts partially in the short run, the effect of an education subsidy on economic growth is ambiguous and depends on the values of the parameters. However, when the market structure adjusts fully in the long run, the education subsidy expands the number of firms but reduces economic growth. These unfavorable predictions of an education subsidy on economic growth are partly consistent with the empirical findings that mass higher education does not necessarily lead to higher economic growth.

scholarly journals Liquidity Risk and Financial Performance of Commercial Banks in Kenya

2017 ◽  
Vol 9 (3) ◽  
pp. 256 ◽  
Author(s):  
Jane Gathigia Muriithi ◽  
Kennedy Munyua Waweru
Keyword(s):  
Financial Performance ◽  
Commercial Banks ◽  
Generalized Method Of Moments ◽  
Liquidity Risk ◽  
Coefficient Of Determination ◽  
Return On Equity ◽  
Coverage Ratio ◽  
Long Run ◽  
Negative Effect ◽  
Short Run

The focus of this study was to examine the effect of liquidity risk on financial performance of commercial banks in Kenya. The period of interest was between year 2005 and 2014 for all the 43 registered commercial banks in Kenya. Liquidity risk was measured by liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) while financial performance by return on equity (ROE). Data was collected from commercial banks’ financial statements filed with the Central Bank of Kenya. Panel data techniques of random effects estimation and generalized method of moments (GMM) were used to purge time-invariant unobserved firm specific effects and to mitigate potential endogeneity problems. Pairwise correlations between the variables were carried out. Wald and F- tests were used to determine the significance of the regression while the coefficient of determination, within and between, was used to determine how much variation in dependent variable is explained by independent variables. Findings indicate that NSFR is negatively associated with bank profitability both in long run and short run while LCR does not significantly influence the financial performance of commercial banks in Kenya both in long run and short run. However, the overall effect was that liquidity risk has a negative effect on financial performance. It is therefore advisable for a bank’s management to pay the required attention to the liquidity management.

scholarly journals Currency depreciation and output nexus: Evidence from Pakistan

2018 ◽  
Vol 65 (2) ◽  
pp. 183-200
Author(s):  
Muhammad Nawaz ◽  
Ejaz Ghani
Keyword(s):  
Open Economy ◽  
Developing Economies ◽  
Strong Support ◽  
Annual Data ◽  
Bounds Testing ◽  
Policy Regime ◽  
Currency Depreciation ◽  
Long Run ◽  
Negative Effect ◽  
Short Run

Currency depreciation as a channel of output management has been a hot and controversial topic in both developed and developing economies. In Pakistan?s case, relevant research would require study of annual data available for the period 1972 to 2010. The stationarity of variables under consideration at different orders require the application of the bounds testing approach to cointegration. The findings based on open economy IS-LM framework induce a negative effect of currency depreciation on output levels. This is consistent with the long-run estimates of the autoregressive distributive lag (ARDL) model. The short-run estimates of error-correction model (ECM) may lead to significant increment in output levels because of the depreciation of Pakistan rupee. Government spending may cause to reduce the output in the short-run, as well as, in long-run which furnishes strong support to crowding out hypothesis. The terms of trade, positive in the short-run, are negatively related to output in the long-run. However, surprise money has been insignificant in both long-run and short-run ECM. The country would need a clear long-term policy regime that inspires trust of the international community and restores the exporters? confidence.

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