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2021 ◽  
Vol 7 (2) ◽  
pp. 60
Author(s):  
Angelia Evelyn

Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 2Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAnastasia Kopaneli, University of Patras, GreeceDapeng Zhu, Shanghai Lixin University of Accounting and Finance, ChinaFabio Rizzato, University of Turin, ItalyHaitham Nobanee, Abu Dhabi University, UAEHajar Jahangard, Central Bank of Iran(CBI), IranHassan Rkein, Al Maaref University , LebanonJayendra S. Gokhale, Embry-Riddle Aeronautical University, USAMawih Kareem Alani, Dhofar University, OmanVolodymyr Vysochansky, Uzhhorod National University, UkraineZi-Yi Guo, Wells Fargo Bank, N.A., USA Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com


2021 ◽  
Vol 7 (2) ◽  
pp. 41
Author(s):  
Hongmei Xu

This paper examines the relation between share pledging and cash holdings of Chinese A-share listed-firms. We find that during the years 2005 through 2015, the level of share pledging is negatively associated with cash holdings. We establish causality through a variety of econometric techniques, including a difference-in-differences approach based on a regulatory change that permits security companies to lend money to borrowers pledging their shares as collaterals. In addition, we find that the main effect is more prominent for financial constrained firms, and share pledging is associated with lower cash/investment-cash flow sensitivities and more cash dividend payouts. Overall, our findings indicate that share pledging can alleviate financial constraints of listed firms and reduce their tendencies of holding cash for precautionary motives.


2021 ◽  
Vol 7 (2) ◽  
pp. 31
Author(s):  
Falade Abidemi Olufemi Olusegun

Manufacturing sector is a vibrant sector that spurs growth in every other sector of the economy. Despite this, macroeconomic environment in the country has not made this desire materialized. Therefore, the study examined the determinants and sustainability of manufacturing sector performance in Nigeria from 1994-2019. The data used include manufacturing sector output, interest rate, real exchange rate, tax rate, money supply and trade openness. Also, Error Correction Model (ECM) and Pairwise Granger Causality(PGC) techniques were used for the formulated objective. The unit root test confirmed stationarity of interest rate at level; while other were integrated of order one (D = 1). The Johansen co-integration established a long-run relationships. The ECM corrected the disequilibrium at an annual rate of 77.5%. Also, real exchange rate, tax rate and trade openness had a direct and significant effect on manufacturing sector output. While, interest rate and money supply were non-significance. The PGC result revealed a bi-directional causality between real exchange rate and manufacturing sector and tax rate and manufacturing sector output. It was concluded that increase in consumption tax, real exchange rate and liberation of the economy were the determinants of manufacturing sector performance, while appreciation of nigeria’s currency (naira) and increase in tax rate with proportional improvement in infrastructural facilities are needed to sustain it. Therefore, recommended that the financial institutions especially the apex bank should eliminate different bench-mark of exchange rate policy by allowing the market force of demand and supply to depict the real value of naira.


2021 ◽  
Vol 7 (2) ◽  
pp. 14
Author(s):  
David Trafimow

There is an increasing trend for researchers in the social sciences to draw causal conclusions from correlational data. Even researchers who use relatively causally neutral language in describing their findings, imply causation by including diagrams with arrows. Moreover, they typically make recommendations for intervention or other applications in their discussion sections, that would make no sense without an implicit assumption that the findings really do indicate causal pathways. The present manuscript commences with the generous assumption that regression-based procedures extract causation out of correlational data, with an exploration of the surprising effects of unreliability on causal conclusions. After discussing the pros and cons of correcting for unreliability, the generous assumption is questioned too. The conclusion is that researchers should be more cautious in interpreting findings based on correlational research paradigms.


2021 ◽  
Vol 7 (2) ◽  
pp. 9
Author(s):  
Abubakar Umar Farouk ◽  
Rabiu Saminu Jibril ◽  
Zaharaddeen Salisu Maigoshi ◽  
Tijjani Habibu Ahamad ◽  
Muktar Musa Bako

The study explores appropriate mechanism for diversifying Nigeria’s revenue to tap from the opportunities offered by the blue economy. The study conceptually reviewed extant literature as a basis for acquiring an in depth understanding of the phenomenon with a view to offer practical recommendations on the issue. The study discovered that blue economy has the potential of augmenting government revenue if the financial and environmental issues bedeviling the development of the sector are properly addressed. Thus, the study recommends political will and strong institutions for effective running and implementation of blue economy strategies in the nation based on the existing international standards. It also suggested that, to boost revenue from blue economy, Area-based Management needs to be established.


2021 ◽  
Vol 7 (2) ◽  
pp. 1
Author(s):  
Shahram Fattahi ◽  
Zainab Moridi ◽  
Rasoul Moridi

OPEC countries are heavily dependent on oil dollar revenues through which impact on exchange rates. The purpose of this study is to investigate the effect of oil shocks on the real exchange rates for selected OPEC countries for the period 1980-2018. The oil shocks are first obtained using the vector auto-regression model and then their effects on the exchange rates are estimated using a panel quantile regression model. The results show that effect of oil shocks on exchange rates varies across quantiles. The oil specific-demand shock and global demand shock have a negative and significant effect on the real exchange rates while the oil supply shock has a positive and significant effect on the real exchange rates in OPEC countries. Furthermore, oil specific-demand shock has the most impact on the real exchange rates.


2021 ◽  
Vol 7 (1) ◽  
pp. 58
Author(s):  
Angelia Evelyn

Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 1Aderaw Gashayie Ayaliew, Higher institution, EthiopiaAnastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelFahri ÖZSUNGUR, Adana Science and Technology University, TurkeyGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHaitham Nobanee, Abu Dhabi University, UAEHajar Jahangard , Central Bank of Iran(CBI), IranJayendra S. Gokhale, Embry-Riddle Aeronautical University, USAMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanShahram Fattahi, Razi University,, IranYu Peng Lin, University of Detroit Mercy, USA  Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com


2021 ◽  
Vol 7 (1) ◽  
pp. 44
Author(s):  
Diogo Machado ◽  
Rui Fernandes

The profitability set per customer of a given organization implies several challenges, from the calculation of the net pricing to the development of a cost allocation system within the company's processes. Thus, the work proposed aims at exploring the potential of a customer evaluation methodology, using pricing techniques as a supporting tool, where the analysis of the customer clusters profitability will be done, in order to identify profitability patterns, according to the characteristics of the relationship between the customer and the company, including the customer's supply chain role, the dimension and the potential of the business under study, the types of business relationships that are established, as well as the relative effects of each cluster own characteristics in the overall business relationship. After developing the methodology, the customer profitability will be analyzed and recommendations will be set, highlighting and quantifying the possible improvements in the contribution, under leveraging techniques by the average and sensitivity analysis simulations. These insights will support the companies in their pricing decisions also as shifting their focus towards attracting and retaining the customers from the more profitable clusters.


2021 ◽  
Vol 7 (1) ◽  
pp. 22
Author(s):  
Bello Lawal ◽  
Mohammed Nuhu

This exploratory paper examines the concept of diversity as a dynamic of board effectiveness. The study argues that diversity hardly works without putting in place systems and programmes that promote social inclusion, and, as such, research on board diversity must account for this element in building empirical frameworks and model specifications. The study finds that a great majority of previous studies have ignored this variable of significant importance and, in some instances, conflated it with diversity itself. This represents a material flaw that needs to be addressed. This paper offers guidance on how to measure and account for social inclusion and integration in board diversity research. Finally, a portfolio efficiency frontier model is proposed as a mechanism for differentiating between corporations with efficient board diversity and those that are tokenism based.


2021 ◽  
Vol 7 (1) ◽  
pp. 32
Author(s):  
Stephen Ebhodaghe Ughulu

The importance of the industrial sector output in enhancing sustainable economic growth has long been documented given that the sector is generally perceived as the engine of growth in an economy. This notwithstanding, Nigeria seems not to have put in place appropriate policies and programs that would engender the desired industrial output growth. The main aim of the paper, therefore, is to examine empirically the relationships between industrial sector output and the sustainable economic growth of Nigeria for the period 1981 to 2018. In doing this, descriptive statistics, unit root and co-integration tests as well as long run and short run analyses were conducted using the error correction model (ECM) of the econometrics. The empirical results from these estimation procedures were quite revealing. For instance, there existed a positive relationship between industrial sector output and economic growth though this was weak considering the magnitude of effects. Capital expenditure and lending rate exerted negative relationships on industrial output and these tended to have accounted for the current low level of industrial activities in the country. The stability test carried out in the paper showed a significant structural stability, which affirmed that these results have called for appropriate policy options that would bring about the desired industrial sector output growth patterns. Hence, strengthening the industrial sector activities in Nigeria as well as streamlining capital expenditure and lending rate to enhance the sector’s output has become imperative. This is typically true as it is the only path that would lead to the enhancement of the industrial sector output and, invariably, the sustainable economic development that Nigeria desperately desires.


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