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International Journal of Finance Research
Published by Training & Research Institute Jeramba Ilmu Sukses
ISSN : -     EISSN : 2746136X     DOI : 10.47747
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
International Journal of Finance Research (IJFR) is a peer-reviewed journal which publishes original research papers. IJFR has been published since 2020. It is currently published quarterly (March, June, September & December). Areas of research include, but are not limited to Finance and Investment, capital markets, financial institutions, corporate finance & corporate governance. e-ISSN: 2746-136X. The Digital Object Identifier (DOI) is assigned to each published article and the journal is indexed by Crossref, Neliti.Com, Dimensions and Google Scholar.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 131 Documents
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The Relationship Between Exchange Rate and Stock Market Volatilities in India: ARCH-GARCH Estimation of the Causal Effects` T., Lakshmanasamy
International Journal of Finance Research Vol. 2 No. 4 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i4.443

Abstract

With increasing globalisation and integration of national stock exchanges, for the global investor, the portfolio risk increases not only from the local stock market volatility but also in the exchange rate risk. This paper examines the exchange rate volatility effect on volatility in stock market return from India’s perspective for the period January 2010 to December 2015, applying ARCH and GARCH estimation. The daily data of the BSE SENSEX returns, exchange rates of US dollar/rupee, British pound/rupee, Euros/rupee are used. It is estimated that the Euro/rupee exchange rate volatility has a significant positive effect on the BSE SENSEX return volatility, while the effect of the US dollar/rupee and British pound/rupee exchange rate the volatilities are insignificantly negative. The larger GARCH parameter over the ARCH term indicates that the own lagged values of the stock return cause more volatility in stock returns than the innovations. There exists a highly persistent effect of shocks to the BSE SENSEX return and the volatility effect wanes only slowly
International Trade and Economic Misery in African Countries with Low Human Development Nwogwugwu, Uchechukwu C.; Umeghalu, Collins C.
International Journal of Finance Research Vol. 2 No. 4 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i4.446

Abstract

Puzzled by the demeaning level of poverty most African countries continue to grapple with despite their extensive participation in international trade, the study attempts to examine the encumbrances that tend to impede African countries from optimally reaping the developmental gains inherent in partaking in international trade, which seems to also worsen the economic misery the inhabitants endlessly contend with. The System Generalized Method of Moments (System-GMM) estimation technique was used in the study which involves 17 African countries and spans from 1995 - 2018. While misery index is used to measure economic misery, the impact of international trade on economic misery is captured by means of its effect via economic misery, economic growth rate, balance of payment, total export, manufacture export and exchange rate. The results of the study reveal that balance of payments, total export, manufacture export, per capita GDP growth rate, exchange rate and lagged form of economic misery all have positive effect on economic misery. While the effects of total export, manufacture export, per capita GDP growth rate, and exchange rate on economic misery are significant, those of balance of payments and lagged form of economic misery are insignificant. While the study recommends that international trade be engaged strategically such that it results in favourable balance of payments, it also encourages the discarding of obsolete trade policies such as outright bans on importation of certain commodities. Bilateral trade agreements are recommended over multilateral trade agreements, since they are more mutually beneficial and binding on the parties involved
External Debt, Public Investment and Economic Growth in Cameroon Ngangnchi, Forbe Hodu; Joefendeh, Roland
International Journal of Finance Research Vol. 2 No. 4 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i4.461

Abstract

This study investigates the extent to which external debt and public investment contributes to economic growth in Cameroon - emphasising on how public investment modulates the effect of external debt on economic growth. Time series data spanning the period 1980-2018 obtained from the World Bank’s world development indicators are used, together with the Dynamic Ordinary Least Squares (OLS) approach to ascertain the nature of the long-run relationship between external debt, public investment and economic growth. Consistent with the debt-overhang and crowding-out literature, the study reveals a negative significant influence of external debt on economic growth in Cameroon. Results also reveal that there is a positive and significant direct effect of public investment on economic growth in the long run. Further results indicate that public investment and external debt positively and significantly engender economic growth. This is evidence that public investment is modulating the effect of external debt on economic growth in Cameroon. These findings suggest the need for developing country governments to create an enabling environment for private sector development, while accompanying external debt resources with domestic revenue mobilization by broadening the tax base - taxes on landed property being potential candidates
Obstacles of Implementing Industry 4.0 in Nepalese Industries and Way-Forward Devkota, Niranjan; Rajbhandari, Sharad; Poudel, Udaya Raj; Parajuli, Seeprata
International Journal of Finance Research Vol. 2 No. 4 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i4.488

Abstract

Industry 4.0 is buzzword in recent years and has become a topic of growing importance. It is a new technical framework that has been widely debated and studied and is likely to eventually constitute a fourth industrial revolution because it provides significant progress relevant to intelligent and potential industries in the market. As Nepal has introduced open policies for improving trade conditions in the mid-1980s, industries have to be competitive and capable enough to sustain themselves in such open policies. Such, dependencies can be minimize, and could only be possible, through the increasing the competitiveness of Nepalese industries with the help of use of new technologies. In such context, Nepalese industrial readiness for industry 4.0 is important topic to discuss. This study aims to identify the obstacles of implementing industry 4.0 in Nepalese Industries lies within 3 industrial estates of Kathmandu Valley i.e. Balaju, Patan and Bhaktapur industrial estates. Data has collected data from all 287 running industry from all three industrial estates with the help of questionnaire through respondent interview using KoBo Collect Toolbox. Our study finds that half of the industries (49%) face hurdles while adopting new technologies. Among them, the major hurdles are lack of infrastructure, lack of skilled manpower, lack of capital, poor implementation of policies. Among two third of the respondents think obstacles in implementing industry 4.0 is manageable. Political support, improvement in implementation mechanism and long term strategy are key factors that support industries to invest in new innovative technologies.
Implementation of GASING Stock Gamification to Increase Financial Literacy for High School Students Kurniasari, Florentina
International Journal of Finance Research Vol. 2 No. 4 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i4.507

Abstract

Financial inclusion played an essential role in increasing the nation's welfare. Therefore, it is crucial to increase financial literacy since the literacy index in Indonesia is still 38,03%. Stock market investment had the lowest contribution toward the level of literacy index. The advancement of ICT and the penetration of internet users support the spreading of financial information among the young generation. Due to its low literacy rate, Indonesians are still vulnerable to false financial information, leading to investment fraud. Gamification is chosen as an alternative method in taking advantage of interactive game development that can easily download via smartphone. The gamification system design, which is named GASING, gives the younger generation adequate information related to secure financial investment. The target game user of GASING is high-school students. The feature of the GASING that offer attractive UI/UX design was expected to increase the knowledge of high-school students in learning stock investment. The usage of GASING gamification was also expected to increase more young generation participation in the Indonesian capital market while simultaneously increasing their knowledge, skills, and confidence in the stock market.
The Impact of Non-Oil Exports on Balance of Payment Disequilibrium in Nigeria Adeyemi, Paul Adeniyi; Adewumi , Aladesanmi Kayode
International Journal of Finance Research Vol. 3 No. 1 (2022): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v3i1.585

Abstract

The over-reliance on oil export revenue with little attention to non-oil export has subjected the Nigerian economy to recurring adverse external shocks which further aggravate the problem of balance of payment deficit in Nigeria. Therefore, study set out to examine the impact of non-oil exports on balance of payment disequilibrium in Nigeria. The data used for this study is secondary in nature and it spans from 1970 to 2018. The study employed econometric tools of ARDL Cointegration analysis and ARDL Error Correction Model to explore the long run relationship and the impact of non-oil exports on balance of payment disequilibrium respectively. The result of Wald bound test revealed that there is existence of co-movement between non-oil exports and balance of payment while long run ARDL Error Correction Model results showed that non-oil export has significant negative impact on balance of payment disequilibrium. In the same vein, inflation and interest rate also have negative impact on balance of payment disequilibrium but interest rate is insignificant.  Findings from the study also exhibited positive relationship between exchange rate, trade openness and balance of payment. However, the positive impact of exchange rate on balance of payment is significant while that of trade openness is not significant. The study, thus concluded based on the findings that the non-oil export has not been contributing positively to improve the balance of payment position in Nigeria. In line with these findings, the study recommended that government should devise plans and strategies of boost the non-oil export sectors such as agricultural, manufacturing, solid minerals and service sectors in order to build virile and strong non-oil export sectors that can achieve favourable balance of payment. Moreover, the citizens of Nigeria should be motivated by one way or the others to have a taste for locally produced goods.
Capital Structure and Performance of Non-Financial Firms in Sub-Sahara Africa Evbayiro-Osagie, Esther Ikavbo; Enadeghe, Iyobo Best
International Journal of Finance Research Vol. 3 No. 1 (2022): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v3i1.682

Abstract

The study examines the impact of capital structure on return-on-assets (ROA) performance of non-financial firms in Sub-Sahara Africa for a period of nine (9) years (2012-2020). A total of forty (40) non-financial firms were studied using their capital structure variables of long term debt to equity (LTDQ), total debt (TD), total debt to equity (TDQ), and total debt to total assets (TDTA) as well as their ROA performance. The panel data analysis technique was employed. It was found that LTDQ, TD and TDQ have positive impact on ROA performance; while TDTA has a negative impact on ROA performance, and all variables were significant at 1 percent level. The study recommends that, since long term debt to equity strongly explain corporate performance in the Sub-Saharan African Countries, management should sustain their current policies and should also be very sensitive in determining the appropriate amount of long term debt that ought to be included in their capital structure build up.
Good Corporate Governance in Mediating the Effects of Intellectual Capital and CSR on Company Performance: Empirical on BUMN in Indonesia Salviantono, Brian; Paminto, Ardi; Ulfah, Yana
International Journal of Finance Research Vol. 3 No. 1 (2022): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v3i1.683

Abstract

Finance is a vital aspect for companies, especially State-Owned Enterprise (BUMN). In Indonesia, the trend of financial markets determines the company’s profit. It oriented this study to get empirical evidence about the effect between intellectual capital and corporate social responsibility (CSR) on company performance, where the relationship is determined by good corporate governance (GCG) which acts as a moderator for BUMN companies. The sample includes 13 state-owned companies listed on the Indonesia Stock Exchange (IDX) through a purposive sampling stage. Interpreting the data using the model is the SEM structural equation method (SEM) for the period 2012-2020. The statistical software is supported by SmartPLS. The results of the analysis conclude that intellectual capital and CSR have a significant effect on company performance. Then, GCG has no significant effect on the relationship between intellectual capital and company performance. Interestingly, GCG also does not significantly moderate the relationship between CSR and company performance. The limitations of the study need to be discussed.
Use of Force Account Procurement Method for Development of Small and Medium Contracting Firms in Mbeya Stephen, Kaula
International Journal of Finance Research Vol. 2 No. 2 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i2.311

Abstract

The study investigates on the value of using force account procurement method in development of small and medium contracting firms. To explicitly reveal what is behind the scene three objectives were formulated which were:-to examine the features of force account in procurement undertakings; to determine the value behind force account procurement method in procurement process towards development of SME and; to assess the bottleneck over effective enforcement of force account policy. The target population being (30) contractors, engineers and technicians employed with TANROADs, TARURA, TANESCO, and REA and those self employed (37) in Mbeya. Snow ball sampling technique was used to obtain a total of 67 respondents deduced. The semi-structured intereview and checklists schedules being used to gather the facts then descriptively and through the use of simple frequencies and percentage the reality was revealed:- force accounts involves local contractors by 100% executing contracts defined under force account policy to its end. Moreover force account is 100% local community participation procurement regularities; force account increases competence (70%); experience (66%) and financial capacitating (59%) of local contractors. Furthermore it was revealed that though projects assigned under force account are to be executed by indigenous contractors by 100% but from the field area it was found only 50% to be sustained. This gap of >50% of contracts under force account none executed was revealed to be caused by technical deficiency given the wilks’ lambda, λ<0.9; management incompetence given -X<5.0 and δ2>0.05; cases over (unethical practices reported >60%; financial difficulties >54.7%; and tax burden >60%).
Monetary Policy and Long Run Economic Growth in Nigeria: An Application of the Vector Error Correction Mechanism GISAOR, Vincent Iorja
International Journal of Finance Research Vol. 2 No. 2 (2021): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v2i2.319

Abstract

The inability of most developing economies to use monetary policy to engender real economic growth in their countries prompted the researchers to empirically assess the impact of monetary policy on economic growth in Nigeria between 1980 and 2014. The study employed an econometrics approach making use of the ADF unit root test, Johansen cointegration, Vector error correction model, Pairwise granger causality test and variance decomposition. The Vector Error Correction Mechanism result shows a positive short and long run relationship between both narrow money supply and broad money supply and economic growth in Nigeria with model strength of 75%. The Pairwise granger causality test shows a bi-directional causality between broad money supply and economic growth in Nigeria and was statistically significant at 5% level of confidence. Recommendations were for the government to use her contractionary monetary efforts and implement relevant policies to curtail the inverse effect of the persistent variation in the value of exchange rate, price level and interest rate in Nigeria and adequate regulation of the quantity of money in circulation to avoid hyperinflation and other unpredictable monetary volatilities.

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