International Research Journal of Finance and Economics
 Issue 139
 September, 2015
Housing Microfinance: A Study on Quality, Cost and Default Rate with Respect to ‘Bhavanashree’ in Kerala
Manoj P K

Worldwide, housing micro finance (HMF) is fast gaining acceptance as an effective tool for solving the ever growing housing problem. In India too, the ‘real housing problem’ or the housing problem of the poorcould be addressed using the tremendous potential of HMF. As high as 99.84 percent of the total housing shortage in India relates to the poor viz. those in the Economically Weaker Section (EWS) and Low Income Group (LIG) segments. In spite of the vast potential of HMF in solving the ‘real housing problem’, it is yet to pick up momentum in India. In this context, this paper looks into the aspects like quality, transaction costs, and default rate of HMF loans, based on the feedback from the bankers of ‘Bhavanashree’ (BS)– theHMF initiative of the poverty alleviation programmeof the Government of Keralacalled ‘Kudumbashree’ (KS). Accordingly, the paper makes suggestions for more meaningful HMF administration.
Keywords: Real Housing Problem, Housing Micro Finance,Assets Quality, Transaction Cost, NPAs
The Relationship between Earnings and its Components with Stock Returns Emphasizing on Earnings Quality of Listed Firms in Tehran Stock Exchange (TSE)
Soghra Ghobadi and Reza Janjani

This paper examines the relationship between earnings and its components with stock returns emphasizing on the earnings quality of listed firms in Tehran Stock Exchange (TSE). In order to do this, a sample of 230 listed firms in Tehran Stock Exchange was selected over a seven-year period (2003 to 2010). The results of Panel data method showed that earnings components involved information content, but cash component of earnings included more information content than accrual one. Also, this paper indicated that information content of earnings was greater than the information content of cash flow. However, when earningswere of higher quality, no significant difference found between them in terms of information content. Also, it was found that information content and cash flow in high earnings quality firms were more than firms which had low earnings quality.The results also showed that firms with high earnings quality had high returns and firms with low earnings quality had negative returns as the firms that had the highest earnings quality could deliver 17% more returns compared to the firms produced the lowest rate of earnings quality within the period under study.
Keywords:Earnings, cash flows, accruals, stock return and earnings quality.
The Effect of Total Quality Management, Emotional Intelligence, Critical Sociology, Creativity and Mentality of Education Accounting
Anantawikrama Tungga Atmadja and Komang Adi Kurniawan Saputra

This study aimed to examine the influence of Total Quality Management, emotional intelligence, critical sociology, creativity and mentality to accounting education in Bali. The population was accounting students across universities in Bali. The sampling technique used is purposive sampling with the terms of undergraduate students who are already taking accounting courses of management accounting and business ethics. The research design used in this research is the survey by distributing questionnaires. Analysis of data using multiple linear regressions. Results of this study are variable Total Quality Management and creativity effect on accounting education, while variable emotional intelligence, critical sociology and mentality has no effect on accounting education in Bali.
Keywords: Total Quality Management, emotional intelligence, critical sociology, creativity, mentality and accounting education.
The Importance of Understanding Fund Fees for Determining Optimal Allocation of Savings for Retirement
Arthur L. Dryver

Everyone that wants to retire knows that an important aspect of preparing for retirement is how you invest. There are a lot of options for saving for retirement. In the past many companies offered pension plansbut now the more common option offered by companies are 401(k) plans. Presently, in terms of saving for retirement many individuals use 401(K) plans and individual retirement accounts, IRAs. Many people may not be able to save the entire maximum legally allowable limit on both their 401(k) plan and IRA, and it may not be a good idea to do so. This paper addresses how to optimize an individual’s savings for retirement between 401(k) plans, IRAs, their Roth equivalents and a regular account.The main assumption made in this paper is that mutual funds returns will not outperform in the long term theindex they were created to track. The factors considered are the fees in the company’s 401(k) plan being offered and the number of years until a person expects to leave his or her current place of employment or to withdraw the money.
Keywords:401(K) Plans, Investing, Retirement, Savings strategies
Nigerian Investment Environments and Economic Growth (1990 – 2013)
Duruechi Anthony H and Ojiegbe Joe N

The paper is centred on Nigerian Investment environments and economic growth (1990-2013). Inspite of policies and programmes geared towards the provision of enabling investment environment, there appears to be an absence of empirical literature with respect to the relationship and impact the investment environment have on economic growth of the country. The work used secondary data obtained from the Central Bank of Nigeria statistical bulletin. The sourced data were analyzed with e-view econometric statistical package. The Ordinary Least Square (OLS) Model of Multiple regressions was used to establish relationship and impacts. Time series data were subjected to stationarity test using the Augmented Dickey Fuller (ADF) Unit root test and were found to be stationary. Empirical findings from Johansen co-integration tests revealed a long-run relationship between the investment environments and economic growth. Granger Causality was uni-directional between the investment environment and economic growth, as well among the variables. Specifically it was found that the investment environments have significant positive impact on economic growth of Nigeria. Thus, it was recommended that adequate attention should be given to the investment environments via the provision of enabling environment through improved policy reforms.
Keywords: Investments, Environment, Economy, Growth
The Role of Ethics in Marketing Professional
Abolhassan Khodadadpoorbariki, Karim Mohammadzadeh, Mohammad Asghari Torkani and Maryam Hosseinzadeh

The purpose of this research is to study the role of ethics in marketing professional. Ethical rules are a set of written legal rules for right behavior and helps the formation and saving of professionalization. Today, the development of human/communities relations and the destruction of many commercial borders have caused the growth of commercial ethics; because, one of the duties of ethics system is to distinguish ethical and non ethical commercial working. Of course, it is not easy to decide in this respect, and it needs the specification of ethic concept and evaluation of ethical standards from ethics philosophy. Integration of life style, continuation of produced forms, and application of complicated marketing techniques in developing countries with in adequate experience and knowledge about these marketing forms are important ethical challenges which will be discussed more lately. The challenges on the way of marketing ethics growth are related to expanded studies about counter-relation of marketing descriptive and normative subjects. It is attempted to create a normative ethics by descriptive ethics which is realistic and can be used in real world situations.
Keywords: ethics, marketing, professional activity
The Phillips Curve and the Nigerian Economy
Jonathan D. DANLADI and OluwabunmiAtinuke AKINPELUMI

This paper examined the Phillips curve and the Nigerian economy through the application of the Augmented Dickey-Fuller (ADF) techniques to examine the stationarity property of the series and then the error correction model to test the short run relationship between the variables the make up the Phillips curve (inflation and unemployment). The result indicated that Phillips curve exist and stable in Nigeria. While unemployment, interest rate and Gross Domestic Product has significant impact on inflation in Nigeria. The study found out that there is an inverse relationship between inflation and unemployment, while there is a positive relationship between inflation and gross domestic product. This study recommends that the government should adopt a policy that will ensure a balance growth among inflation and unemployment, government should employ a policy that will tackle inflation and unemployment at the same time not putting inflation or unemployment at the expenses of another for rapid growth and development.
Keywords: Inflation, unemployment, Phillips Curve, Nigeria
The Study of Family and Nonfamily Firms' Financial Restatements: A Case Study of Listed Companies of Tehran Stock Exchange
Shokrollah Khajavi and Javad Hayati

The aim of this study is to investigate financial restatements of family and nonfamily firms in Tehran Stock Exchange. In order to fulfill objectives of research two hypotheses is designed. Research sample consisted of 37 family and 40 nonfamily firms in Tehran Stock Exchange that is studied during 2004 to 2013. Multivariate logistic regression analysis and t-test was used to test hypotheses. Results of the analysis showed that there is not any significant relationship between family ownership and financial restatement in listed firms in Tehran Stock Exchange also results show that there is not any significant relationship between magnitude of the restatement and nonfamily.
Keywords: family firms, nonfamily firms, financial restatement, magnitude of the restatement, Tehran Stock Exchange.
A Panel Data Analysis of Determinants of Executive Compensation: Evidence from India
I Sridhar and K Kiran Kumar

This paper examines the compensation of CEOs in India’s listed firms for the period 2005-06 to 2012-13. First, we discuss about the relevance of CEO compensation and then get on to the factors that may help explain variations across firms over time in CEO compensation. Indian corporate sector, traditionally different from developed countries, is dominated with family owned business group firms in which board chairman is also acts as CEO of firm and as well presence of public sector undertakings. We find that apart from firm performance factors, Tobin’s q, governance factors like Dual leadership has a significant positive impact in determining CEO compensation. Also we find that the CEOs of public sector undertakings receive far less compensation as compared to their private firms. However the presence of institutional ownership and board independence are ineffective in determining executive compensation and hence calls for critical evaluation of present corporate governance norms.
Keywords: CEO Compensation, Firm Performance, Corporate Governance.
JEL Classification: G35, J33