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Women Empowerment Through Microfinance: Empirical Evidence from Ghana
Issue:
Volume 5, Issue 1, January 2017
Pages:
1-11
Received:
4 September 2016
Accepted:
21 November 2016
Published:
13 January 2017
Abstract: Microfinance programmes are currently promoted as a key strategy for simultaneously addressing both women empowerment and poverty alleviation in Ghana. However, there has been a hot debate on the potency of microfinance in empowering the Ghanaian women. Apparently, this research was conducted to analyse the impact of microfinance services on the economic and social empowerment of women in Ghana. A purposive non-probability sampling technique was utilized in a 500 sample-size selection of female microfinance customers from Ashanti, Greater Accra, Central, Eastern and Western Regions of Ghana (100 from each region). For this study, SPSS and STATA Statistical tools were used to analyze the data and the ordered probit model was used as the estimation model. Glaring in this study is a statistically significant positive relationship between microfinance and women empowerment, for both economic and social but such relationship is dependent on marital status and educational level of the women with age having no controlling effect. Nevertheless, it is also evident in this study that women encounter myriad problems in accessing microfinance services of which high interest rate is paramount. Recommendations have been given on how microfinance outreach programmes could be enriched especially among the rural women since enhanced microfinance accessibility could be a perfect tool to accelerate economic and social empowerment of women in Ghana.
Abstract: Microfinance programmes are currently promoted as a key strategy for simultaneously addressing both women empowerment and poverty alleviation in Ghana. However, there has been a hot debate on the potency of microfinance in empowering the Ghanaian women. Apparently, this research was conducted to analyse the impact of microfinance services on the ec...
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The Ex-ante/Ex-post Perspectives of the Determinants of Capital Structure: An Integrated Analysis Approach
Tibuhinda Ngonzi,
Andrew Jisaba
Issue:
Volume 5, Issue 1, January 2017
Pages:
12-23
Received:
20 December 2016
Accepted:
28 December 2016
Published:
21 January 2017
Abstract: The implementation of capital structure decisions may take place at a point in time, while their effects are realized over time. The predisposition of the capital structure modifying factors as its ‘determining variables’ has an implication of posing the variables as drivers of capital structure decisions. However, the evidence research in corporate finance centres on determining variables ex-post at the influence of positive accounting theory and the presumptions of the tradeoff and pecking order theories. The impact of this perspective is realized in theoretical and operational controversies. This study uses ordinal regression to handle an integrated analysis of lagged variables on debt and investment opportunity financing and managerial subjective data to investigate their impact on capital structure. The outcome is such that there is no emergent pattern to suggest that there is any pecking order or capital structure monitoring, which drives decisions on capital structure a prior. The study suggests an understanding of the ‘determinants of capital structure’ as factors that operate in-situ to modify the proportions of capital and debt in assets through market driven financial transactions.
Abstract: The implementation of capital structure decisions may take place at a point in time, while their effects are realized over time. The predisposition of the capital structure modifying factors as its ‘determining variables’ has an implication of posing the variables as drivers of capital structure decisions. However, the evidence research in corporat...
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The Relationship Between Board of Directors’ Characteristics and Bank Risk-Taking: Evidence from Egyptian Banking Sector
Mohamed Galal Abobakr,
Khairy Elgiziry
Issue:
Volume 5, Issue 1, January 2017
Pages:
24-33
Received:
18 December 2016
Accepted:
3 January 2017
Published:
24 January 2017
Abstract: There is argument that the main reason behind the corporate failure is the engagement of banks in excessive risk taking. However, the existence literature provides conflicting evidence in this concern. The main objectives of this study is to investigate the influence of board characteristics on bank risk taking, by using Pooled Ordinary Least Squares regression techniques to test a sample of 27 Egyptian banks covering the period from 2006 to 2011. Measures of bank risk employed are the insolvency risk, credit risk and liquidity risk. The explanatory variables of board characteristics are board size, non-executive directors, CEO duality, female presence and, board qualifications. The control variables are bank size, debt ratio, and crisis. The results show that Board size is positively significant with the three measures of risks. Non-executive directors are negatively significant correlated with both insolvency and liquidity risk. CEO’s duality is found positively significant with credit risk. Board female is negatively significant with insolvency and liquidity risk, while it is positively significant with credit risk. Board qualifications have no effect on the three measures of risks. The findings support the idea that board of director's characteristics is a determinant factor for bank risk taking.
Abstract: There is argument that the main reason behind the corporate failure is the engagement of banks in excessive risk taking. However, the existence literature provides conflicting evidence in this concern. The main objectives of this study is to investigate the influence of board characteristics on bank risk taking, by using Pooled Ordinary Least Squar...
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Petroleum Business Strategies for Maintaining Positive Cash Flow and Corporate Liquidity Under Volatile Oil and Gas Prices as the Sustainable Energy Transition Unfolds
Maria do Socorro Cirilo Agostinho,
Ruud Weijermars
Issue:
Volume 5, Issue 1, January 2017
Pages:
34-55
Received:
5 November 2016
Accepted:
1 December 2016
Published:
10 February 2017
Abstract: To determine how the financing strategies and tactics of petroleum companies are affected by volatile market conditions, a cash-flow analysis was conducted of 30 oil companies with market capitalization ranging from USD 95 million (juniors) to USD 360 billion (majors). Our focus is on two critical recovery periods: 2004-2008 and 2009-2014. These intervals of market recovery are separated by the Great Recession of 2008-2009. The companies are divided into six traditional peer groups, classified by market capitalization and credit rating: oil majors, public private partnerships (PPP oils), independents, unconventionals, small caps, and juniors. Our analysis indicates that a high impact commodity price shock such as occurred during the global recession of 2008/2009 is more damaging to smaller companies than to bigger companies. However, post-recession data indicates that several of these smaller companies were able to recover and modify their practices to better protect themselves against future recessions. Smaller companies reduced dependence on external financing (from 35% to 15%), and of 16 companies in the “smaller” classification, 5 completely eliminated the need for long-term borrowing due to significant improvement in retained earnings. Success factors identified in this study include balancing capital expenditure with cash flow from operations, diversifying investments, divestiture of some assets, and focused efforts to reduce cash operating costs.
Abstract: To determine how the financing strategies and tactics of petroleum companies are affected by volatile market conditions, a cash-flow analysis was conducted of 30 oil companies with market capitalization ranging from USD 95 million (juniors) to USD 360 billion (majors). Our focus is on two critical recovery periods: 2004-2008 and 2009-2014. These in...
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Econometric Analysis of Local Government Investment Efficiency and the Debt Risk Based on the DSGE Model
Zhi-qi Zhu,
Ke Gao,
Tao Wang,
Nan Bai
Issue:
Volume 5, Issue 1, January 2017
Pages:
56-60
Received:
9 February 2017
Published:
1 March 2017
Abstract: This paper examines the relationship between the efficiency of government investment and the debt risk from a theoretical perspective. By building a DSGE model, we introduced the impact of government financial investment, and investigated the change of debt risk under different government investment efficiency. From the model, we observed a obvious reverse effect bwteen the the government investment efficiency and debt risk. Finally, according to research conclusions, we put forward some Suggestions.
Abstract: This paper examines the relationship between the efficiency of government investment and the debt risk from a theoretical perspective. By building a DSGE model, we introduced the impact of government financial investment, and investigated the change of debt risk under different government investment efficiency. From the model, we observed a obvious...
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Impact of Effective Internal Control in the Management of Mother and Child Hospital Akure, Ondo State
Issue:
Volume 5, Issue 1, January 2017
Pages:
61-73
Received:
27 November 2016
Accepted:
7 December 2016
Published:
6 March 2017
Abstract: The research reviewed and evaluated the activities of Mother and Child Hospital, Akure in Ondo State using a sample size of 50 respondents, randomly selected via questionnaire for data collection and the data was analyzed with the use of chi-square test statistics. The result showed that internal control had significant effect on the management of government parastatals. It was concluded that adequate internal control should be maintained as well as strict adherence to management policies ensured so as to achieve the set objectives for the parastatals.
Abstract: The research reviewed and evaluated the activities of Mother and Child Hospital, Akure in Ondo State using a sample size of 50 respondents, randomly selected via questionnaire for data collection and the data was analyzed with the use of chi-square test statistics. The result showed that internal control had significant effect on the management of ...
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