International Journal of Finance Research
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.
Articles
132 Documents
<![CDATA[Relationship between Commercial Banks Credit and Per capita net state domestic product of India: A Regional Panel data analysis ]]>
<![CDATA[Datta, Kanchan]]>
<![CDATA[ International Journal of Finance Research Vol. 2 No. 2 (2021): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v2i2.324
<![CDATA[In general, bank credit plays a pivotal role in economic growth. Because bank credit may stimulate the capital accumulation and rate of saving that further induce the economic growth. However there are no unanimous opinion on the relationship between bank credit and economic growth. Under these circumstances, an attempt has been taken in this paper to investigate the role of bank credit, capital outlay and government’s social sector spending on per capita net state domestic product of India . this study finds that random effect model is better than fixed effect model and expansion of bank credit significantly affecting the per capita net state domestic product, capital outlay also positively and significantly affecting the per capita net state domestic product]]>
<![CDATA[Co-Integration Approach to Analysing The Impact of External Debt Management on Economic Growth of Nigeria ]]>
<![CDATA[Kayadi, Biradawa]]>;
<![CDATA[Opara, Confidence Chinwe]]>;
<![CDATA[Zwingina , Christy Twaliwi]]>;
<![CDATA[Efanga, Udeme Okon]]>
<![CDATA[ International Journal of Finance Research Vol. 2 No. 2 (2021): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v2i2.336
<![CDATA[This study examined the impact of External debt management on economic growth of Nigeria. Using annual time series data collected over the period of 33 years (1986 – 2018). The data for the study were collected from the CBN statistical bulletin annual report. The variables on which data are collected include: Real Gross Domestic Product, External Debt, External Debt service, Balance of Payment and Exchange Rate. Data were analyzed using the Ordinary least squares (OLS) multiple regression analysis. It proceeded with Descriptive statistics; Augmented Dickey Fuller (ADF) unit root test, Co-integration test and Auto-Regressive Distributed Lag (ARDL). The study revealed that impact of external debt management on economic growth of Nigeria over the period under review was statistically significant with external debt, external debt service payment and balance of payment but statistically insignificant with exchange rate. The study recommended that governments should establish and adopt an optimal balance between external debt acquisition and application /allocation of the acquired funds to productive projects for the purpose of making a high output and a steady economic growth. The management should live up to expectation by encouraging efficient commitment of borrowed funds to productive projects so as to comply with debt serving agreement and outright payments, measures such as improving exports should be implemented to ensure that local currencies are stable.]]>
<![CDATA[Description of Colombian Electricity Pricing Derivatives ]]>
<![CDATA[Prabakaran, Sellamuthu]]>
<![CDATA[ International Journal of Finance Research Vol. 2 No. 3 (2021): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v2i3.394
<![CDATA[Electricity markets are becoming a popular field of research amongst academics because of the lack of appropriate models for describing electricity price behavior and pricing derivatives instruments. Models for price dynamics must consider seasonality and spiky behavior of jumps which seem hard to model by standard jump process. Without good models for electricity price dynamics, it is difficult to think about good models for futures, forward, swaps and option pricing. In this paper we attempt to introduce an algorithm for pricing derivatives to intuition from Colombian electricity market. The main ambition of this study is fourfold: 1) First we begin our approach through to simple stochastic models for electricity pricing. 2) Next, we derive analytical formulas for prices of electricity derivatives with different derivatives tools. 3) Then we extent short of the model for price risk in the electricity spot market 4) Finally we construct the model estimation under the physical measures for Colombian electricity market. And this paper end with conclusion.]]>
<![CDATA[An Analysis of Bilateral Trade between India & China Since 2001 ]]>
<![CDATA[Ahmadi, Mohammad Haroon]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 1 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i1.641
<![CDATA[This research analyzes the existing bi-lateral trade patterns between India and China with a view to locate in the development context. It was essential to analyze the data since 2000 after implementing economic reforms in both countries. This research attempts to analyze the bilateral trade relation between these two countries, and also, focus on strategic frameworks. For determining the export performance, Revealed Symmetric Comparative Advantage (RSCA) method is applied. This study also recommends that trade balance is possible between India and China through making the right policies.]]>
<![CDATA[Dividend Policy Determinants and Stock Price Volatility in Selected African Stock Markets ]]>
<![CDATA[Ajao, Mayowa Gabriel]]>;
<![CDATA[Robinson, Fredrick Edosa]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 1 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i1.659
<![CDATA[The study examined the impact of dividend policy determinants on stock price volatility in Sub Sahara Africa. Three (3) economies (Nigeria, Kenya and South Africa) were selected from among the 51 economies in the region, and data spanning 9 years (2011-2019) were obtained and subjected to econometric analyses. The Generalized Autoregressive Conditional Heteroskedacity (GARCH) was used to ascertain and generate the volatility properties of the stock prices, while the panel Autoregressive Distributed Lag (ARDL) technique was used to capture the relationship between dividend policy determinants and stock price volatility. The independent variables analyzed in this study are leverage (LEV), firm size (FSIZE), dividend yield (DY), earnings per share (EPS) and dividend payout (DPO) while the dependent variable was the volatility in stock price (SPV). Findings show that all of the variables considered have varying degree of relationships with stock price volatility both in the long run and short run in the three countries. The pooled result indicated that DPO, LEV, FSIZE, DY and EPS had a significant relationship with stock price volatility within the study period in the long run but no short run relationship could be confirmed for the combined samples. The study concluded that dividend payout, dividend yield and earnings per share are significant factors that can be used for predicting the volatile movement in stock price in the African stock markets. The study recommended that dividend payment should be consistent and smoothed to disrupt volatility of stock prices since dividend payment is found to be significant determinant of stock price volatility.]]>
<![CDATA[The Influence of Asset Structure, Firm Size, Profitability and Business Risk on Capital Structure in Companies Listed on the IDX ]]>
<![CDATA[Kartika]]>;
<![CDATA[Fatimah]]>;
<![CDATA[Ladewi, Yuhanis]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 2 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i2.745
<![CDATA[This study aims to determine the effect of asset structure, firm size, profitability and business risk on capital structure in companies listed on the Indonesian Stock Exchange (IDX). The object of research is property, real estate and building construction employee. The type of research used is asosiatif research with secondary data. The population was 91 companies; the research sample used purposive sampling method that collected 20 samples of the companies with 2016-2020 of the study period. The technical analyses used were multiple linear regression analysis. The result showed that the variables of asset structure did not have a significant influence on capital structure, while the firm size, profitability and businesse risk variable gave a significant influence on capital structure. ]]>
<![CDATA[Company's Financial Performance Before and During the Covid-19 Pandemic on the Indonesia Stock Exchange ]]>
<![CDATA[Setiawan, Budi]]>;
<![CDATA[Basyith, Abdul]]>;
<![CDATA[Hidayat, Randy]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 3 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i3.725
<![CDATA[This study at determine financial performance before and during the Covid-19 pandemic on the Indonesia Stock Exchange. In this study, 29 samples of companies in the health sub-sector, telecommunication services sub-sector, hotel and restaurant tourism sub-sector. This analysis includes company financial analysis, manova test, and research results show that financial performance before and during the Covid-19 pandemic as measured by using CR, DER, TATO, ROE shows no difference in the health sector and for companies in the telecommunication service subsector while in the telecommunication service subsector. Hotel and restaurant tourism shows differences in financial performance before and during the Cobid-19 pandemic. Financial performance such as the Current ratio, DER, TATO and ROE show that younger companies have different financial performances from older companies. the size of the company does not show any difference for the ratio of CR and ROE and shows a difference in the ratio of DER and TATO when it is below 5 trillion]]>
<![CDATA[Factorial Exploratory Model of Risk Perception ]]>
<![CDATA[Verstap, Arger]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 3 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i3.767
<![CDATA[The exploration of the dimensions of digital activism was the objective of this work. A non-experimental study was carried out with a non-probabilistic selection of 150 students, considering their affiliation with student organizations. A four-dimensional structure was established; technological habitus, computational self-efficacy, diffusion of innovations and Internet mobilization that explained 48% of the total variance, although the design limited the results to the research scenario, suggesting the extension of the study and the inclusion of variables such as; training, socialization and intention to use the devices and networks.]]>
<![CDATA[Analysis Determinant of Profitability and Their Effect on The Value of Automotive Companies Listed on IDX ]]>
<![CDATA[Sulistiyani, Sulistiyani]]>;
<![CDATA[Noor, Salim M]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 3 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i3.806
<![CDATA[This study aims to analyze the effect of financial performance on firm value with profitability as an intervening variable. The population in this study are automotive companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The financial performance used in this study is the Dept to Equity (DER), Current Ratio (CR), and company size. The research data is secondary data with an observation period of 5 years. The sampling method used is purposive sampling, where from all automotive companies listed on the IDX selected based on certain criteria. Samples that meet the criteria are 8 companies. The data analysis method used is panel data regression. The results showed that Fixed Effect is the best model. The results of the partial test (t test) of the DER ratio have a negative and significant effect on profitability, CR and firm size have no effect on profitability, while profitability on firm value has no significant effect. Partially DER has a positive effect on firm value, CR and firm size have no significant effect on firm value. The role of profitability as an intervening variable is very important in increasing the effect of DER, CR, and firm size on firm value. The results of the Prob (F-statistic) are 0.000 < 0.005, meaning that together this study which consists of DER, CR, and firm size has a positive and significant effect on firm value.]]>
<![CDATA[Impacts of Firm Internationalization, Corporate Governance, and Financial Performance on Dividend Policy — A Case Study of Taiwan Listed Firms ]]>
<![CDATA[Lin, Tse-Mao]]>;
<![CDATA[Yu, Jing-Long]]>;
<![CDATA[Yang, Meng-Ying]]>;
<![CDATA[Huang, Chin-Sheng]]>
<![CDATA[ International Journal of Finance Research Vol. 3 No. 3 (2022): International Journal of Finance Research ]]>
Publisher : <![CDATA[Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS) ]]>
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DOI: 10.47747/ijfr.v3i3.814
<![CDATA[The capital market considers the corporate governance system when evaluating and investing in firms to cope with changes and challenges from firm internationalization. In response to the need for global economic development, Taiwan firms have enhanced their competitiveness to meet international standards and link with the world economy. A good corporate governance mechanism can bring good operating performance to a firm. The cash dividends declared each year reflects the operating status of the firm and explains its profitability and value each year, providing relevant and significant information for institutional and ordinary investors to make investment decisions. This study took Taiwan listed firms as the research object. Based on the annual data from 2005 to 2019 in the enterprise business database of the Taiwan Economic Journal, constructed a panel data regression model combining time-series and cross-sectional data. The aim was to empirically investigate and analyze the correlation of firm internationalization, corporate governance, and financial performance indicators with corporate cash dividend payouts. The findings showed that after the variables of firm internationalization, financial performance, and corporate governance were combined, the export ratio (a variable representing firm internationalization) positively impacted corporate dividend payouts. In other words, the higher degree of internationalization, the more cash dividends paid by the firm. In corporate governance, a firm with a higher shareholding ratio of financial institutions showed significantly more cash dividends. Regarding financial performance indicators, a firm with higher recurring earnings per share showed significantly fewer cash dividends]]>
