International Research Journal of Finance and Economics
|Economic Environment and the Development of Small-Scale Businesses in Calabar Metropolis of Crioss River State, Nigeria||8-16|
|Ajuluchukwu, E. Ngozi, Akeke, M. N. G. and Eleng, S.N.|
Abstract: The study determined the entrepreneurs/managers’ rating on the influence of economic conditions and economic policies all aspects of economic environment on the development of small-scale businesses in Calabar metropolis. To maximally achieve the purpose of this study, two research questions and two corresponding null hypotheses were posed and formulated respectively. Survey research design was used for the study. The population use was 325 entrepreneurs/managers in the registered small-scale businesses in Calabar metropolis. A total sample of 150 respondents were selected for the study using purposive and stratified random sampling techniques. A questionnaire titled “entrepreneurs’ rating of economic environment and development of small-scale businesses questionnaire” was the instrument used to collect data. The questionnaire contained 12 items and was validated by three experts, two from business education unit and one from measurement and evaluation in the department of educational foundation guidance and counseling. All the experts were from the University of Calabar. Data generated were analyzed using different statistical techniques. The research questions were answered using mean and standard deviation. All the hypotheses were testing at 0.05 level of significance using One Way Analysis of Variance statistics. The result of the analysis showed among others that economic conditions and economic policies greatly influence the development of small-scale businesses in Calabar. Based on the findings, the recommendations made included that both the state and federal government should endeavour to create an enabling environment that would be conducive for business organizations to prosper in without engaging in deceitful practices. < /br> Keywords: Entrepreneurs, managers, economic environment, economic conditions, economic policies and small-scale businesses
|Robust and Fragile Firm-Specific Determinates of Capital Structure Around the World: An Extreme Bounds Analysis||17-34|
Abstract: This paper investigates the determinants of capital structure and seeks to establish the degree to which cross-country differences affect capital structure. The theoretical foundations of this research derive from various theories of capital structure, including the trade-off theory, agency cost theory and pecking order theory. The problem encountered in this type of research, and the cross-sectional models associated with it, is that the theories are not sufficiently precise to produce a limited set of determining variables, which invariably leads to data mining. To overcome this problem, this study employs extreme bounds analysis (EBA) to distinguish between robust and fragile determinants of capital structure. Keywords: Capital structure, leverage, extreme bounds analysis, trade-off theory, pecking order theory, agency theory. Classification Codes: G30, G39
|Factors Influencing Financial Performance of Saudi Arabian Firms||35-43|
|Assaf Zaki Filfilan|
Abstract: The main objective of this research is to determine factors that could improve the financial performance of firms in Saudi Arabia. We examine the relationship between organizational culture, knowledge sharing and the use of technology on the one hand and the financial performance of Saudi firms on the other hand. Data were collected through online questionnaires and telephone interviews conducted with more than ten different companies in Saudi Arabia. First, factor analysis was used to select the questions that provided the most pertinent information about attitudes. Second, a bivariate analysis was performed to study the extent to which the financial performance of Saudi firms is driven by global factors. The results show that organizational culture, knowledge-sharing, and the use of technology are of great significance towards the improved financial performance in Saudi Arabia’s enterprise. Keywords: Financial performance, Organizational culture, Knowledge sharing, Technology, Firm, Saudi Arabia JEL Classification: M100, M150, M160,
|Comparative Study of Modelling and Forecasting Volatility: The Case of Egypt, and Japan||44-64|
|Nancy Youssef and Surraya Rowe|
Abstract: The purpose of this paper is to evaluate the forecasting performance of linear and non-linear (GARCH) models in terms of their in-sample and out-of-sample forecasting accuracy for EGX30 and Nikkei225 indices as an example of an emerging and developed markets respectively.
We employ GARCH, GARCH-IN-MEAN, EGARCH, GJR-GARCH, Multivariate GARCH, and Nelson's EGARCH for forecasting using daily price data of the indices for the period of 2001 to 2019. We find that the volatility shocks on the indices returns are quite persistent. Furthermore, our findings show that the indices have leverage effect, and the impact of shocks is asymmetric, and consequently it can be stated that the impact of negative shocks on volatility are higher than positive shocks.
The results suggest that the Nelson's EGARCH model is the most accurate model in the GARCH class for forecasting, as this model outperforms the other models. Additionally, we find that emerging stock markets have higher volatilities than those in developed markets. Further, these results imply that the EGARCH model might be more useful than other models when implementing risk management strategies and developing stock pricing model.
This paper contributes to the literature by comparing two significant global markets; one of the largest developed economies in the world, Japan, and one of Africa’s largest developing economies, Egypt. Keywords: GARCH Models, Leverage Effect, EGX30 & Nikkei225, Volatility, Out-of-Sample Forecast. JEL Classification: C5; C32; G15; G17