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International Journal of Finance Research
ISSN : -     EISSN : 2746136X     DOI : 10.47747
Core Subject : Economy, Social,
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 131 Documents
Analyzing the Impact of Covid-19 on Indian Airline Stocks: An Empirical Analysis using Event Study Methodology sheikh, jabir yousuf sheikh; Kanungo, Ranjana
International Journal of Finance Research Vol. 4 No. 2 (2023): 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.v4i2.1213

Abstract

The outburst of Covid-19 pandemic has slowed down the economic progress both in developed and developing nations. Since its outburst, the stock markets have declined all around the globe. However, some industries become profoundly weak while others proceed to perform well even in the crisis period. Given this new phenomena we try to study the short-term effects of the outburst of new contagious disease COVID-19, on four BSE listed aviation companies in India by employing event study methodology. The outcomes reveal that Indian aviation stock returns drop more significantly than the BSE stock market returns in response to the four main COVID-19 press statements that were made during first half of year 2020. Generally, stockholders respond contrarily in the four selected events. The strong over response shown by the investors is noted during the on-event period of the announcements made by World Health Organization and the Indian government. Besides, the results endorses that investors of Indigo and Spicejet were more reactive to the announcements made related to Covid-19 outbreak. The findings demand for instant policy framework in order to lighten the bad effects of the pandemic in the airline sector in India
Human capital development and economic growth in Nigeria: a structural break perspective Adebayo, Moses; Oloke, Olufunnso O; Usman, Owolabi A
International Journal of Finance Research Vol. 4 No. 2 (2023): 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.v4i2.1214

Abstract

The study examined human capital development and economic growth in Nigeria using secondary data obtained from CBN statistical bulletin for the period of forty years between 1981-2020. Agriculture (AGR), Civil-Service (CIVSER), Education (EDU), Health (HLTH), Manufacturing (MANU) and Transportation (TRANSP) sectors of Nigerian economy were used from 1981 to 2020 as proxies for expenditure on human capital development and independent variables for the studies while Gross Domestic Product (GDP) was used as proxy for economic growth and the dependent variable. Structural break analysis was used which shows no structural break occurrence in Nigeria within the period of study. It could also be seen that expenditure on human capital development on civil servants, education, manufacturing and health were found significant with exception of agriculture and transportation that were not significant in the least square results generated with the structural break analysis. Generally, with the R-squared and Adjusted R-squared of 96% and 95% respectively, it could be submitted that for forty years under consideration, there is smooth correlation between human capital development and economic growth in Nigeria. The Structural Adjustment Program (SAP) that was introduced in July 1986 and lasted till June 1998 was not strong enough to influence human capital development and economic growth. This was supported by the structural break graph and cusum graph.
An Integrated Financial Management Information System and the Quality of Financial Reports Among Government Institutions in Kenya Tum, Patrick Cheruiyot; Ondabu, Ibrahim Tirimba
International Journal of Finance Research Vol. 4 No. 3 (2023): 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.v4i3.1340

Abstract

The use of Integrated Financial Management Information System among the Government institutions in Kenya is crucial in improving the management of accounting and financial reporting data so as to enhance efficiency and effectiveness in government institutions financial reporting processes. This research study was set to establish the effect of integrated financial management information system on quality financial reporting. The research targets a population of 68 government institutions (47 county government and 21 ministries) in Kenya who were purposively selected as the Integrated Financial Management Information System users and also forming the unit of analysis for the study. The primary data was collected through the use of questionnaires and then the data was analyzed using multiple regression model and descriptive statistics where the study made use of STATA software version 12 application to examine the relationship of the predictor and response variables. The study established that electronic budgeting and automated cash management positively and significantly influence the quality of financial reporting among the government institutions in Kenya. The study further establishes that electronic procurement and automated financial reporting positively and insignificantly influences the quality of financial reporting among the government institutions in Kenya.
The Influence of Firm Size, Capital Structure and Profitability on Firm Value in Food and Beverage Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange Nurhandari, R.A. Lutfiah; Fatimah, Fatimah; Choiriyah, Choiriyah
International Journal of Finance Research Vol. 4 No. 3 (2023): 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.v4i3.1372

Abstract

This study aims to determine the effect of company size, capital structure and profitability on company value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX). The samples used were 14 from 27 populations using a purposive sampling technique with a research period of 8 years, 2015-2022. The analysis technique used is multiple linear regression. The study results show that company size, capital structure and profitability significantly affect firm value in food and beverage companies on the Indonesia Stock Exchange. Partially, capital structure impacts a firm value; profitability significantly affects firm value, while firm size has no significant impact on firm value
Factors Influencing Financial Management of Village Fund Allocation: Study in Lubai Ulu District Periansya, Periansya; Muamar, M.; Aryani, Yuli Antina
International Journal of Finance Research Vol. 4 No. 3 (2023): 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.v4i3.1420

Abstract

This research examines the impact of accountability, openness, and involvement on the financial management of village budget allocations in the Muara Enim district's Lubai ulu subdistrict. The sample included nine members of the village consultative committee from eleven communities within the subdistrict of Lubai Ulu. This study was conducted to assess how public accountability, transparency, and participation affect the administration of village budget allocations in the Muara Enim subdistrict of Lubai Ulu. The sample for this research consisted of 99 respondents from 11 villages in the Lubai ulu subdistrict. Respondents were chosen based on their direct involvement in reporting, decision-making, accountability, and administration in the financial management of local budget allocations. The result of this research was found accountability, transparency transparency, and participation partially have a positive and significant effect on the management of fund village allocations
The Effect of Stock Market Capitalization on Economic Growth in Kenya Evan, Okisa
International Journal of Finance Research Vol. 3 No. 4 (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.v3i4.989

Abstract

This study examined the effect of stock market capitalization on economic growth in Kenya. The study adopted explanatory research design that is quantitative. The study was guided by neoclassical endogenous growth theory. The major sources of data were national accounts data from the Kenya National Bureau of Statistics (KNBS) Economic Surveys, Statistical Abstracts and International Financial Statistics (IFS) site for the period 1990-2021. The study used a vector error correction model. The variables were first tested for unit root thereafter Johansen cointegration Technique was used to test the long run relationship of the variables. The study found that there were unit roots at levels but became stationary after first difference. Results showed that stock market capitalization had a negative and significant long run relationship on economic growth in Kenya (β= -0.148, p<0.05). The capital market authority may relax the listing requirements to enable more firms get listed in Nairobi Securities Exchange to strengthen growth stock markets capitalization and therefore spur economic growth
Parameters of Governing Boards and the Goodwill of Listed Firms Heraniah, Nicholas Ojiambo; Ondabu, Ibrahim Tirimba
International Journal of Finance Research Vol. 3 No. 4 (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.v3i4.1030

Abstract

Board characteristics are a key aspect of corporate governance practice and copious literature is available on the relationship between parameters of a governing board and the goodwill of listed firms. However, in spite of the abundant literature about this association and the progress in the day-to-day area of corporate governance, inconclusive results on the relationship still abound in previous studies. Thus, a study on the nexus between board characteristics and firm value is useful in understanding corporate governance practices especially in Kenya. This study is conducted with the main aim of establishing the effect of board characteristics (specifically the board meetings, board size and board gender diversity) on firm value of listed banks in Kenya. The study employed a correlational research design to attain its objective and with the target population of ten banks that were listed at the Nairobi Securities Exchange during the financial years between 2008 and 2021 using panel data. Multilinear regression is used for data analysis with the findings revealing that board gender had a positive but insignificant effect with firm value as proxied by Tobin’s Q, while board size had a positive and significant effect with firm value. On the other hand, board meetings had a negative and insignificant effect with firm value
Nexus Between Monetary Policy & Liquidity Creation; Study From The Perspective Of Pakistan Ali, Asad; Mughal , Riffat; Minhas , Asad Ali; Abbas , Qaiser
International Journal of Finance Research Vol. 4 No. 1 (2023): 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.v4i1.1212

Abstract

The study investigates whether Pakistan's conventional banks create liquidity in response to monetary policy. The secondary data is gathered from the Thomson Reuter financial data streams. The annual time series data is collected from 2000 to 2021. Conventional banks create liquidity by using liquid liabilities to finance illiquid assets. Ali & Ahmad (2022) estimated the quantity of liquidity created by conventional banks in Pakistan over the past 21 years using the Catfat model developed by Berger and Bouwman (2009). The current study used the estimated amount to examine the impact of monetary policy on liquidity creation by using the simple linear regression econometric model. The outcomes of the study indicate that monetary policy has a significant positive impact on liquidity creation in Pakistan. By regulating the monetary policy rate, the State Bank of Pakistan manages the amount of liquidity that conventional banks create. The decisions made by the State Bank of Pakistan are crucial for the economic development of a country. The future implication of the study is that several bank-specific and industry-specific factors affect liquidity creation, so there is a need to explore the same in different regions of the world.
Exploring the General Knowledge of Islamic Finance Principles: A Factor Analysis Study Among College Students Lelis, Christhoffer; Muega, Neil Patrick S.; Caballero II, Jose Karlo T.
International Journal of Finance Research Vol. 4 No. 3 (2023): 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.v4i3.1409

Abstract

This study explored the foundational constructs of general knowledge concerning the principles of Islamic Finance, with a specific focus on college students majoring in Business, Finance, and Accountancy. Employing a combination of exploratory factor analysis (EFA) and confirmatory factor analysis (CFA), the research identified and validated three distinct factors shaping this knowledge domain. The first factor, named "Risk Tolerance and Permissible Transactions," looks at how well students understand financial risk and which transactions are allowed in Islamic finance. The second, "Shari'ah Foundation and Transparency," highlights the importance of Shari'ah principles and transparency in financial dealings. The third, "Riba Prohibition and Ethical Finance," strongly emphasizes the ban on Riba (interest) and unethical financial practices in Islamic finance. These factor names were chosen carefully to represent the main ideas in each category. Overall, this research contributes by creating a validated objective knowledge scale for Islamic Finance knowledge among students in Business, Finance, and Accountancy programs. Keywords: Islamic Finance, Knowledge Assessment, Factor Analysis, College Students, Financial Literacy
Factors Affecting Stock Prices With Dividend Policy As An Intervening Variable In Mining Companies Listed On The Idx Lina, Nur Mey; Fatimah, Fatimah; Ladewi, Yuhanis
International Journal of Finance Research Vol. 4 No. 3 (2023): 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.v4i3.1437

Abstract

This study aims to determine and analyze the factors influencing stock prices with dividend policy as an intervening variable in mining companies listed on the Indonesia Stock Exchange. The objects in this study are stock prices, dividend policy, current ratio, debt-to-asset ratio and net profit margin. This research was conducted at Mining Companies listed on the Indonesia Stock Exchange. The research method used in this research is associative. The data used in this research is secondary data. The population in this study were 63 companies, samples obtained through purposive sampling method, namely 21 companies for a period of 5 years with 5 research variables. The data analysis technique used in this study is path analysis by testing direct and indirect effects. The results of the direct effect research show that the current ratio has no significant effect on dividend policy, the debt to asset ratio has a significant effect on dividend policy, the net profit margin has a significant effect on dividend policy, the current ratio has no significant effect on stock prices, debt to asset ratio has no significant effect on stock prices, the net profit margin has a significant effect on stock prices, dividend policy has a significant effect on stock prices. The results of the study show that the current ratio has no significant effect on stock prices with dividend policy as an intervening variable, debt to asset ratio has a significant effect on stock prices with dividend policy as an intervening variable, and net profit margin has a significant effect on stock prices with dividend policy as an intervening variable

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