bluuebunny/crossref_metadata_2025 huggingface dataset:
How Will COViD-19 Affect Long-Term Care?
Authors: Baldwin Paul
Published: April 2020

The decision of the Centers for Medicare & Medicaid Services to suspend routine surveys in favor of focused inspections targeted at infection control is the first signal that long-term care will be at the epicenter of federal oversight.
Дзета-детерминанты оператора Штурма-Лиувилля
Authors: Spreafico Mauros
Published: April 2020

Дана новая формула для дзета-детерминанта оператора Штурма-Лиувилля на отрезке числовой прямой.
Существенный спектр одномерных операторов Дирака с дельта-взаимодействиями
Authors: Rabinovich Vladimir Samuilovich
Published: April 2020

В заметке дается описание существенного спектра одномерных операторов Дирака с сингулярными потенциалами, имеющими носители на
дискретных множествах в $\mathbb{R}$, в терминах предельных операторов.
Temporal Distribution of Gastropods In Rocky Intertidal Area In North Manokwari, West Papua
Authors: Saleky Dandi , Leatemia Simon P.O , Yuanike Yuanike , Rumengan Irman , Putra I Nyoman Giri
Published: April 2020

Gastropods is an important organism that commonly found inhabiting the rocky intertidal area. Distribution pattern of this species is influenced by various factors such as population history, microhabitat, predation and a complex interactions between oceanographic dynamics and ecological features. This study aims to compare the temporal distribution pattern of gastropods at two different rocky intertidal area. This research was conducted at the rocky intertidal area of Amban and Nuni, North Manokwari District, West Papua. Data collection was performed during the daylight and night in April and June 2012 using systematic sampling method. The results showed that both physical and chemical factors are suite for supporting gastropods life. Furthermore, these factors seem to have an impact on gastropod zoning patterns observed in the study area. The similarity index values ​​indicate that the similarity of gastropod species between the two locations is low, which means that the species of gastropods found in each location is quite different. The community structure of gastropod at the study area is stable. In addition, we found that the gastropods diversity were higher during the night than the daylight because gastropods are classified as a nocturnal animals.

Key Words: Gastropod; Rocky Intertidal; Community Structure; Nocturnal
DINAMIKA PARAMETER OSEANOGRAFI TERHADAP HASIL TANGKAPAN IKAN TERI PADA BAGAN PERAHU DI TELUK DODINGA, KABUPATEN HALMAHERA BARAT
Authors: Karuwal Jhon
Published: April 2020

Ikan teri (Stolephorus spp) merupakan hasil tangkapan utama perikanan bagan perahu di Teluk Dodinga. Kehidupan ikan teri seperti ikan pelagis kecil lainnya juga membutuhkan parameter kondisi lingkungan perairan yang sesuai. Penelitian ini bertujuan mengetahui dinamika parameter oseanografi terhadap hasil tangkapan Bagan Perahu di Teluk Dodingga Kabupaten Halmahera Barat. Data parameter oseanografi perairan berupa suhu permukaan laut, salinitas, kecerahan, kecepatan arus, kecepatan angin dan hasil tangkapan ikan teri dikumpulkan secara in situ. Analisis data dilakukan secara deskriptif dan statistik untuk menerangkan hubungan antar faktor menggunakan regresi linear berganda. Hasil uji F menunjukan bahwa secara bersama-sama semua faktor oseanografi berpengaruh nyata terhadap hasil tangkapan ikan teri dengan nilai Fhitung sebesar 9.058 dan nilai signifikansi kurang dari 0.004 sedangkan hasil uji t menunjukan bahwa secara individu hanya kecepatan angin yang berpengaruh nyata terhadap hasil tangkapan ikan teri dengan nilai signifikasi sebesar -3.010 dengan nilai signifikansi 0.004 (a = (0.05). Model persamaan regresi untuk menjelaskan hubungan kecepatan angin dan hasil tangkapan teri adalah = 26.666 - 72.513 X1 + e. Selanjutnya didapat pula bahwa hasil tangkapan ikan teri (Stolephorus spp) yang optimal pada teluk Dodinga pada rentang suhu permukaan laut 24 – 28 oC, Salinitas sebesar 25 – 30 ppt, kecepatan angin sebesar 0 – 2,5 meter/detik, kecepatan arus sebesar 0,1 – 0,7 meter/detik dan kecerahan perairan sebesar 8-11 meter.
Potensi Ekstrak Etanol Seledri (Apium graveolens) untuk Maskulinisasi Ikan Cupang (Betta sp)
Authors: Awaludin Awaludin , Maulianawati Diana , Adriansyah Muhammad
Published: April 2020

Ikan cupang salah satu ikan hias primadona karena memiliki nilai ekonomis yang tinggi. Ikan cupang yang bernilai ekonomis yaitu ikan cupang jantan, karena memiliki bentuk yang indah. Untuk meningkatkan produksi ikan jantan, langkah yang dapat dilakukan dengan cara maskulinisasi. Penelitian ini bertujuan untuk untuk mengetahui pengaruh ekstrak seledri terhadap persentase ikan cupang jantan dengan cara maskulinisasi. Penelitian ini menggunakan Rancangan Acak Lengkap (RAL) dengan 6 perlakuan dan 3 ulangan. Perlakuan dalam penelitian ini adalah larva ikan cupang umur 7 hari yang direndam dalam media ekstrak seledri dengan konsentrasi berbeda selama 8 jam. Perlakuannya adalah penambahan ekstrak seledri sebanyak 5 mg / L (P1), 10 mg / L (P2), 20 mg / L (P3), 40 mg / L (P4), 80 mg / L (P5) dan tanpa penambahan ekstrak seledri sebagai kontrol (P0). Berdasarkan uji fitokimia, ekstrak etanol seledri mengandung steroid, flavonoid, tannin dan fenol. Hasil penelitian menunjukkan bahwa penambahan ekstrak seledri dengan perbedaan konsentrasi berpengaruh signifikan terhadap persentase ikan cupang jantan, tetapi tidak ada pengaruh yang signifikan terhadap tingkat kelangsungan hidup.
Telescopium telescopium Shells Waste As Fe (II) Adsorbent
Authors: Hutapea Tri Paus Hasiholan , Paramitha Ayu , Rachmawani Dori
Published: April 2020

The decrease in water quality is caused by the presence of pollutants in the form of organic and inorganic components. Inorganic components, including heavy metals, one of which is iron (Fe). Adsorption is one of the technologies that can be used to absorb heavy metals where the adsorbent used in this study is a shell of a shell (Telescopium telescopium) to absorb iron (Fe2+). This research aims to utilize the waste of the mussel shells (Telescopium telescopium) as an adsorbent for heavy metal iron (Fe2+). The study was divided into three stages, namely the adsorbent surface characterization, determining the optimum time and determining the adsorption capacity. All stages of the study were carried out on adsorbents that were not activated and NaOH. The results showed the largest pore size after activation was 1,398 µm, while the adsorbent before activation, the largest pore size was 844.8 nm. The surface acidity of the adsorbent before activation is 5.28 mmol / g and after activation has a value of 6.74 mmol / g. The optimum time of absorption of ferrous metal ions (Fe2+) before and after activation is 60 and 30 minutes. The adsorption capacity of the adsorbents before and after activation was 11,07899 mg / g and 459,3038 mg / g, respectively. It was concluded that the shell of a temberungun shell (Telescopium telescopium) can be used as an adsorbent for heavy metal ions (Fe2+)
Ecological Parameters as the Basis of Bivalvia Management in the Peace Ecosystem in Ponelo District, Islands North Gorontalo District
Authors: Nento Riskawati , Hasim Hasim , Ramli Ramli
Published: April 2020

Ponelo Islands is an important area to be developed with the economic potential of fisheries and marine resources. This research was conducted in May-September 2019 aimed to find out Ecological Parameters as the Basis of Bivalvia Management in Seagrass Ecosystems. The sampling method is done by using the method used in determining the observation point is the linear quadratic transect method with sampling bivalves determined intentionally with a systematic perpendicular direction using a transect measuring 1x1 m. All bivalves contained in transects / quadrants are counted and identified. The sampling locations were divided into 4 (four) stations, namely Station I (Otiola Village), Station II (Ponelo Village), Station III (Malambe Village), and Station IV (Tihengo Village). Observations at the study site found several types of seagrass ecosystems including Enhalus acoroides, Halodule pinifolia, Thalassia hemprichii, and Cymodocea raotundata. Furthermore, 8 (eight) types of bivalves were found which were divided into 4 (four) stations in Ponelo Islands, namely Isognomon isognomum, Pinna muricata, Semele crenulata, Tellina virgata, Trachycardium subrugosum, Spondylus tenellus, Tapes sulcarius, Anadara pilula. The highest abundance index value is Tellina virgata found in Otiola Village with a value of 77.78%. The dominance index value for the highest is in Ponelo Village with a value of 0.88 in the high category. diversity index (D') with a value of 0.63 found in the medium category Malambe village.

Keywords: Bivalvia, Seagrass, Abundance, Dominance, Diversity
Stock Market Activities and Economic Growth in Nigeria: A Cointegration Approach
Authors: O. Ashamu Sikiru , A. Soyebo Yusuf
Published: April 2020

Stock markets have been the main catalyst of economic growth in most economies. However, there are mix results on the exact nature of the influence of key stock market variables on economic growth in developing economies. Thus, this study examined the effect of stock market measures on economic growth in Nigeria. This paper employed an ex-post facto research design using annualized data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin and Stock Exchange Fact books for the period 1985 to 2017 and they were analysed using the error correction estimate regression technique at 5% level of significance. The result ecm (-1) is statistically sign and significant, stock market activities such as market capitalization (  = 0.0386, p > 0.05), number of deals (  = 0.0487, p < 0.05) and All share Index ( = 0.0921, p < 0.05) have positive influence on economic growth, while volume of trading (  = -0.6110, p < 0.05) has a negative effect on economic growth. These results suggested that all the specified variables except market capitalization have significant effect on economic growth in Nigeria. The study concluded that stock market activities influence the economic growth in Nigeria. Therefore, it is recommended that investors should take the advantage of the numerous opportunities offered by the stock market while market makers and regulators should continue to operate according to best market practices in order to ensure confidence and continuous patronage by various economic agents.
Micro Determinants of Dividend Policy in Quoted Manufacturing Companies in Nigeria
Authors: Iheduru Ngozi G. , Okoro Charles U.
Published: April 2020

This study examined the factors that determine dividend policy of quoted manufacturing firms in Nigeria. The general purpose is to examine factors that affect dividend policy of the quoted firms. After exhaustive literature review, cross sectional data was sourced from financial statement of twenty quoted manufacturing firms.  Dividend payout rate was proxy for dividend policy while growth opportunities, liquidity, management efficiency, profit level, cost of capital, company size and debt equity ratio were proxy for independent variables. The study applied the Pooled Ordinary Least Square (OLS), fixed effect, and random effect regression models using the e-view statistical package.  Findings reveal that growth opportunities, profit level, management efficiency and debt equity ratio have negative effect on dividend payout ratio while liquidity, cost of capital and company size have positive effect on dividend payout ratio of the manufacturing firms. We conclude that liquidity cost of capital and company size significantly determine dividend policy while growth opportunities, management efficiency, profit level and debt equity ratio have no significant effect on dividend policy. The study recommends among others, that managers/consultants should carefully examine the economic factors within a firm’s operating environment when carrying out the functions of developing or designing dividend policy for the firm.
Sustainable Reporting and Profitability of Quoted Firms in Nigeria: A Multi-Dimensional Panel Data Study
Authors: Iheduru Ngozi G. , Okoro Charles U.
Published: April 2020

This paper used cross sectional data to examine the effect of sustainable reporting on the profitability indicators of Nigeria quoted firms between 2008-2017. Data was sourced from financial statement of the firms. Twenty firms were selected from the population of quoted firms in Nigeria. Return on equity, earnings per share and return on investment were  proxy for profitability while sustainable reporting was proxied  by economic, social, environmental and corporate governance disclosure. The panel data model was tested using the Hausman test. Model one and two validated the fixed effect while model three validated the random effect. The results found that economic disclosure and social disclosure have positive but insignificant effect on return on equity of the selected firms while environmental and corporate governance disclosure have negative and insignificant effect on return on equity, all the predictor variables have positive and insignificant effect on earnings per share of the firms and that economic, social and environmental disclosure have positive effect on return on investment while  corporate governance disclosure have negative effect on return on investment of the selected firms in Nigeria. We recommend that operating environment of the firms should be well examined and policies should be advanced to manage factors such as economic, social, environmental and corporate governance disclosures  to leverage the environmental challenges and enhance profitability, companies should ensure strict compliance to all forms of sustainability reporting.
Triangular Causality and Controlling Parallel Exchange Market
Authors: Bidabad Bijan
Published: April 2020

In this paper, the triangular relationship of money, price, and foreign exchange in a causality context are studied. It is concluded that regulating the exchange rate by volume of liquidity in a period of less than a year is not possible, but in annual and biannual analyses we can regulate the exchange rate through controlling the liquidity. In other words, in the long run, the exchange rate is affected by liquidity and price level, but in the short run, the price level has only temporary effects on the exchange rate. The results of the study show that: liquidity affects the exchange rate in the long run; price affects the liquidity in the long run; in the long run, liquidity and exchange rate affect prices.

 Our results show that injection of foreign exchange into the parallel exchange market with different lags has little effects with different directions on the exchange rate. The same result is true for the relationship between liquidity and dollar rate. In other words, in spite of the long run relationship between exchange rate and liquidity, we cannot justify this relationship in the short run. The same is true with the balance of payments position and exchange rate in the short run.

By simulating the relationship between injecting (selling) foreign exchange in the parallel exchange market, liquidity and the cumulative balance of payments all with exchange rate, we can conclude that in the short run, regulating exchange rate by instruments such as selling exchange in the parallel market or controlling the liquidity is not possible, but in the long run, conducting foreign exchange sale policy and controlling the liquidity and the balance of payments position can control the exchange market.
Money-Transaction-Income Process: Quantification of Quantity Theory of Money
Authors: Bidabad Bijan
Published: April 2020

In this paper, we try to establish the relationship between money and income via transaction. In this regard, we use different processes of value-added production in the economy to find this lost chain in literature. According to our findings, we reformulate and generalize the quantity theory of money. Our empirical investigations confirm our model formulations.
Dividend Policy and Value of Quoted Firms in Nigeria: A Test of Miller and Modigliani Irrelevant Hypothesis
Authors: Lucky Lucky Anyike , Onyinyechi Uzokwe Grace
Published: April 2020

This study tested Miller and Modigliani dividend policy irrelevant hypothesis in Nigeria. The objective was to examine the validity of the irrelevant hypothesis. Tobins Q measure of market value was modeled as the function of dividend payout ratio, retention ratio, dividend per share and dividend yield. 20 firms  were selected on the basis of availability of information necessary for conducting the study and the readiness of annual financial reports for the period of 10 years from 2008-2017.  Cross sectional data was sourced from financial statement and annual reports of the firms. Based on the analysis of fixed and random effect results, random effect was used. The study revealed that 75 percent variation on the market value can be predicted by variation on independent variables in the regression model. The beta coefficient of the variables found that all the independent variables have positive and significant relationship with market value of the selected quoted firms. The study concludes that dividend policy is relevant as oppose to the irrelevant hypothesis of Miller and Modigliani. Its therefore recommend that managers should manage their dividend policies effectively since it is relevant and has significant effect on market value and optimal dividend policy which implies policy of trade-off between dividend payout and retain earnings should be well managed and investors should have adequate knowledge of dividend policy of quoted firms that will correspond with their investment objectives of avoid conflict in dividend policy.
Effect of Liquidity Risk, Premium Growth on the Performance of Quoted Insurance Firms in Nigeria: A Panel Data Analysis
Authors: Olalekan Lasisi Isiaka
Published: April 2020

This study assesses the effect of liquidity risk on firm performance of listed insurance companies in Nigeria for the period of 2011-2015. The listed insurance firms are twenty Five (25) in numbers out of which a sample of twelve (12) were used for the study. Liquidity risk as the independent variable was proxy with leverage, claim loss ratio and premium growth, while the return on asset was used to proxy firm performance. The study adopts a panel multiple regression techniques and data were collected from secondary source through the annual reports of the firms after controlling for fixed/random effects.The findings of random effect reveal that leverage has significant negative effect on return on assets. The claim loss ratio has insignificant negative influence on return on assets while premium growth has positive and insignificant effect on firm performance of listed insurance companies in Nigeria. It is recommended among others that the managers, shareholders and other stake holders to checkmate and control liquidity risk as it have been found empirically to enhance the quality of the firm’s financial performance.
Money Supply and Inflation: Disaggregated Time Series Evidence from Nigeria
Authors: Ikezam Nwonodi Daniel
Published: April 2020

This paper examined money supply and inflation in Nigeria. The objective was to examine the extent to which components of money supply affect Nigerian inflation rate. Time series data was sourced from Central Bank of Nigeria (CBN) statistical bulletin and Stock Exchange Factbook. Nigerian Real Inflation Rate was proxy for dependent (INFR) variables while Currency in Circulation (CR), Demand Deposit (DD), Time Deposit (TD), Savings Deposit (SD) and Net Foreign Asset (NFA) were used as independent variables. The Ordinary Least Square (OLS) method of cointegration, Augmented Dickey Fuller Unit Root, Granger Causality was used as data analysis techniques. Regression result in the study shows that Currency in Circulation, Demand Deposit and Savings Deposit has negative relationship while Net Foreign Asset and Time Deposit have positive relationship with inflation. The Augmented Dickey Fuller Test proved non stationarity of the variables at level except Net Foreign Asset but stationary at first difference. The Granger Causality Test reveals no casual relationship running through the variables. The cointegration proved no long run relationship between the dependent and independent variables. The study conclude that Money Supply have significant relationship with Nigerian Inflation Rate. It therefore recommends effective management of money supply by the monetary authorities to achieve the monetary policy objectives of price stability.
A Test of Miller and Modigliani Dividend Policy Irrelevance Theory in Nigerian Stock Market
Authors: Philomina I Udobi, , Wilfred I. Iyiegbuniwe,
Published: April 2020

This study empirically tests for the validity of Miller and Modigliani’s dividend irrelevance proposition in the Nigerian Stock Exchange (NSE). Secondary data were obtained from the Nigerian Stock Exchange fact book and firms’ annual audited financial statements for fifteen years (2001-2015). Mediation Analyses, was used to measure the direct and indirect effects of dividend on stock price. Correction of the anomalous use of current dividend and current earnings by the use of naive expectation of dividend and earnings revealed that the direct effect of expected dividend on share price is significant but the indirect effect of expected dividend on share price through earnings is not significant.  The implication of these results is that expected dividend has its unique (direct) effect on share price beyond the effect on share price which it shares with expected earnings (indirect effect). This conclusion suggests that dividend policy is relevant in valuation of shares in NSE. It was therefore recommended that company management should treat dividend as an active corporate finance decision-making variable and should employ dividend in information signalling to capital market investors.
United States and the Middle East after the Cold War
Authors: Gamawa Yusuf Ibrahim
Published: April 2020

The United States emerged as the most powerful country after World War II and as such found itself in an influential position to be involved in the future and destinies of many countries across the globe. The U.S. played a major role in the post War economic reconstruction in Europe and rendered assistance to many European states. American power at this time was seen to have extended to other parts of the globe, including the Middle East, which has been a region of interest to outside powers. This short paper tries to look at U.S. ambitions in the region and how far the U.S. has gone in achieving these ambitions. The paper argues that U.S. policies in the Middle East were in the long run, a failure, despite whatever successes achieved, following certain developments in the region, beginning with the 1979 revolution in Iran.
Factors that Influence the Adoptions of Internet Banking Among Customers
Authors: Bin Haji Saman Muhammad Azimulhakim
Published: April 2020

Internet banking is the latest technology that has revolutionized the changes of banking and business systems around the world. However, arrival of technology has an impact on Internet banking and transforms from a traditional banking system to a very useful innovation technology. The purpose of this study is to analyze factors that have influenced users to use Internet banking in doing financial transaction. This study uses content analysis on the previous literatures. The findings showed that there were 10 main different factors which influence the adoption of internet banking by the users. This study also proved that the highest factors which consist of 2 main factors are generated from technology acceptance model (TAM). Contribution of this research are significantly helps bank to have a better understanding on factors that influence the adoption of internet banking as well as help to develop a strategy to improved internet banking services.
Sovereign Wealth Fund Asset and Liability Management by Rastin Banking Financial Instruments (Rastin Certificates and Rastin Swap Bonds)
Authors: Bidabad Bijan
Published: April 2020

Low rate of return of National Development Fund (NDFI) resources and the concern regarding Sovereign Wealth Funds (SWFs) motivations and incentives to distort financing toward those investments and companies that are influenced by different political pressure groups and other types of corruptions are important problems with these funds.We try to propose a different financing procedure by using Rastin Banking mechanism and standards to fulfill both non-usury financial operations and fruitful supervised investments. This goal is achieved through Rastin Profit and Loss Sharing (PLS) system through Rastin Certificates financial instruments. Moreover, the governments operationally construct SWFs to use their surplus resources of the prosperity period in recession and crises years. We also show that Asset and Liability Management (ALM) of SWFs can be done by using Rastin Swap Bonds (RSBs) that are other Rastin Banking financial instruments.The proposed procedures positively improve NDFI regarding corruption reduction, supervision, preventing usury, availability of resources, funds stability, transactable instruments, operational ALM, rate of return, risk of bad loans, outstanding claims and transparency.
Insurance and Chain Bankruptcy Theory
Authors: Bidabad Bijan
Published: April 2020

Abstract

Purpose: This paper aims to explain the effects of the bankruptcy of one firm in other interrelated companies which are in connection with the bankrupted firm, and shows how the insurance breaks the chain of serial bankruptcy.

Design: By economic analysis of insurance, the “chain bankruptcy” theory is put forward as a new theory.

Findings: Through a mathematical-behavioral model, we will show how insurance breaks the chain bankruptcy in the economy.

Research limitations: We have developed the case with simple modeling based on specific assumptions. In the next step, it would be extended to a more complicated and real set of assumptions.

Practical implications: We show how insurance products can break serial bankruptcy in the economy.

Social implications: It is shown that how insurance stabilizes the economy and make the business cycle oscillation range narrow.

Originality/value: This approach is entirely different and new.

Article Type: Research paper
Accounting Information and Market Value of Quoted Manufacturing Firms: Panel Data Evidence from Nigeria
Authors: Innocent Okoro , Ibanichuka E.A.L. , Micah L.C.
Published: April 2020

This study the relationship between accounting information and the market value of quoted firms in Nigeria. The general objective was to examine if accounting information have any effect on market value of quoted firms.  Cross sectional data was sourced from financial statement of 23 manufacturing firm from 2008-2017. Market value of the firms was modeled as a function of earnings per share, return on equity and dividend per share. Ordinary least square method of cointgration, unit root and granger causality test was used to determine the extent to which human resource cost affect quality of financial report. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model.  The study found that the independent variables explained 79 percent variation on the market value of the quoted firms. The beta coefficient of the variables indicates return on equity; earnings per share, dividend per share have positive effect on the market value of the quoted firms. From the regression summary, the study concludes that there is significant relationship between accounting information and market value of the quoted firms. The study recommends that management of the firms should formulate dividend policy that enhances the market value of the firms. Corporate strategies should be directed toward internal and external factors that affect earnings per share.
Nigeria’s Fiscal Performance: Exploring the Role of Exchange Rate
Authors: Fagbemi Fisayo , Olatunde Olufemi Solomon
Published: April 2020

The paper offers empirical justifications for the instrumentality of external sector in influencing the fiscal position of a country through the exchange rate. In the study, ARDL bounds test approach to cointegration analysis is adopted to examine the long run and short run relationship between exchange rate and fiscal performance in Nigeria. The validity of the findings is based on time series data between 1981 and 2017. The emerging evidence reveals that the exchange rate movement has a substantial influence on the fiscal performance, as there exists a significant adverse relationship between exchange rate and fiscal deficit in the long run as well as in the short run, while the association between exchange rate and public debt is found to be significantly positive in both periods. Empirical elucidations posit that an appreciation of the exchange rate could lead to decreasing fiscal deficits. However, the exchange rate appreciation might not induce a reduction in public debt, as it could stimulate demand for loanable funds by the government, although such effect could be mitigated through strategic investment policy and subsidized funding schemes to aid domestic production. Given that fiscal performance is considerably driven or constrained by the exchange rate movement, the study suggests that developing a strategic framework for ensuring a realistic exchange rate and the mitigation of regular fluctuations or correcting inappropriate exchange rate is crucial.
Macroeconomic Aggregates and Retention Ratio of Quoted Firms in Nigeria
Authors: Waleru Akani Henry , Sweneme Yellowe
Published: April 2020

This study examined the effects of macroeconomic aggregate on retention ratio of selected quoted manufacturing firms in Nigeria for the period 1981 to 2014. The study used secondary data. The technique adopted is the Ordinary Least Squares, Error correction mechanism and Autoregressive Distributed Lag (ARDL) Bounds approach to cointegration. The dynamic short-run estimate revealed that interest rate exerts a negative influence on retention ratio. The study also found that oil price exerts a positive and significant impact on retention ratio. Further, it revealed that capital market development exerts a positive influence on retention ratio, but financial sector's development showed a positive relationship with retention ratio, inflation rate appeared with an expected negative sign. Foreign exchange rate showed a positive relationship with retention ratio; money supply exhibited a positive influence on retention ratio of quoted firms in Nigeria. The error correction coefficients were significant with the expected sign. A long run relationship among the variables was established. Thus, the study concludes that macroeconomic variables have a significant influence on dividend policy. We recommend the need for firms to consider the operating macroeconomic framework in formulating dividend policy.
Small and Medium Scale Enterprises, Employment and Income Generation in Nigeria: A Focus on Professional Sports Viewing and Betting Centers
Authors: O. Okon Emmanuel
Published: April 2020

Given Nigeria’s high unemployment and poverty figures and the expected roles from SMEs, the Nigerian government had in the past devised policies and incentives for the development of small and medium scale Enterprises. In spite of all these efforts by the government, both at federal, state, and local government levels, to ensure the growth of SMEs in Nigeria, some key factors have been claimed to be responsible for their perceived failure in Nigeria. However, this paper focuses on new SMEs that have emerged in the form of professional sports and betting centers which are creating jobs and generated income in Nigeria and Africa in general. The sport and betting center businesses like any SME require serious attention so that their developmental role and sustainability will provide the much needed sustainable development of Nigeria with regard to job and wealth creation. This paper examines the challenges and way forward for sport viewing and betting centre businesses in Nigeria.
The Impact of Exchange Rate on Foreign Private Investment in Nigeria
Authors: Aisien Leonard Nosa
Published: April 2020

The study examined the impact of exchange rate on foreign private investment using quarterly time series date from Nigeria for the period 2007 to 2017. Foreign private investment in the study was disaggregated into foreign direct investment and foreign portfolio investment in order to ascertain their separate reactions to changes in the exchange rate of the naira against the US dollars. The empirical analysis was based on the VAR estimation procedure using three lagged periods adopted on the basis of various lag order selection criteria. The empirical result revealed that devaluation/depreciation of the naira adversely affects foreign direct investment and foreign portfolio investment in Nigeria. Increased in the size of the domestic market and development of the financial sector were found to stimulate foreign private investment while high inflation rate in the domestic economy discourages foreign private investment in Nigeria. The study, therefore, recommended among others that the Central Bank of Nigeria should continue to initiate more proactive policy intervention policies to stabilize the exchange rate of the naira in order to stimulate more foreign private investment in Nigeria.
Inflation Targeting in Iran
Authors: Bidabad Bijan , Anaraki Nahid Kalbasi
Published: April 2020

Inflation targeting in various forms has been adopted by a number of countries as a framework for making monetary policy more coherent and transparent and for increasing the credibility of monetary policy. Despite the language, referring to inflation target as the primary objective of monetary policy, central bankers always make room for short-run stabilization objectives, particularly with respect to output and exchange rate. Inflation targeting, in most cases, reduces the role of intermediate targets, such as exchange rate or money growth rate.

Experience of other countries that have adopted inflation targeting as a monetary framework reveals that the success of the policy depends on not only the transparency of the operation but also on the budgetary discipline. Indeed, the central banks that have become more transparent, more independent, more coherent, and more accountable and more credible have been more successful.

The controversy among economists on the expenses of inflation targeting has attained particular attention during the past decades .While opponents believe that inflation targeting takes place at the expense of output shortfalls (Cechetti and Ehrmann 1999), proponents (Mishkin 2000, Jonas and Mishkin 2003) believe that inflation targeting promotes investment and economic growth. This paper tries to address the question of whether the performance of inflation targeting in Iran has been successful. Based on a  monetary model, using exogenous variables such as official exchange rate, budget deficit, foreign exchange obligation account, and balance of payments, the results suggest that the effects of inflation targeting on the real output is trivial, supporting the natural rate hypothesis.
Earnings Predictability of Quoted Firms in Nigeria
Authors: Olaniyi Taiwo Azeez , Abogun Segun , Salam Mudathir Olanrewaju
Published: April 2020

The inability of investors to predict future earnings of firms exposes them to further risk such that potential investors may be scared away while existing ones may be prompted to withdraw their investment. Thus, it becomes imperative to evaluate the earnings predictability of Nigerian quoted firms with a view to establish the ability or inability of earnings to predict itself. Also, the study examined the impact of volatility on earnings predictability of Nigerian quoted firms. The total number of seventy three (73) quoted Nigerian firms constitutes the population of this study and the entire 73 firms were studied. The causal relationship research design was adopted. The secondary data used were collected from the financial statements of the quoted firms for the period 1996 to 2015. The system generalized method of moment (GMM) was used to estimate the dynamic panel regression models of the study. The study found that earnings of firms are predictable. The study also found that volatility has adverse effect on earnings predictability. It was therefore recommended more interest/investment in Nigerian firms since earnings information is available and is predictable while managements of firms should reduce instability in reported earnings.
An Assessment of the Contribution of Company Income Tax on the Nigerian Economic Development
Authors: Gololo Ibrahim Aliyu
Published: April 2020

This study examined the contribution of company’s income tax on Nigerian economic development. The study utilized secondary data sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and Federal Inland Revenue Service (FIRS). The study employed Statistical packages for social science (SPSS) technique for the analysis collected data, where Natural logarithm of Gross Domestic Product (GDP), the dependent variable stands as a proxy for economic development, and Company Income Tax (CIT), stands as the independent variables. The results of the analysis showed that company income tax does not have significant and positive contribution on the Nigeria economic development from the period of 2011 to 2015. In accordance with the findings, the study recommended that government should improve the level of supervision and regulating the activities of all agencies vested with responsibility of tax collections and administration, so that same amount realized as tax to be remitted to federation. Government officials or leaders need to be transparent and accountable in public monies. Monies collected from companies inform of company income tax (CIT) should be properly channeled to developmental project to benefit the citizens. And tax authorities should design penalties for defaulting companies. And finally, Tax clearance should also be presented when an individual company’s wants to transact with government agencies.
Hedge Accounting and Market Value of Quoted Manufacturing Firms in Nigeria: Panel Data Evidence
Authors: Captain Briggs Alasin
Published: April 2020

In a developing economy such as Nigeria, the business environment is characterized with risk that affects the operational efficiency and the performance of quoted firms. There is needed to make policies that will hedge against risk in the operating environment. This study examined the effect of hedge accounting on the market value of quoted oil and gas firms. A sample of 10 oil and gas firms was selected based on data quality and availability to address the requirements of the variables in the regression model. The study modeled market value as linear function of cash flow hedging, investment hedging and fair value hedging. Cross sectional data was sources from financial statement of the selected firms from 2011 to 2016. From the panel data result, (Fixed Effect Model) the study found that cash flow hedging have positive and significant relationship with market value while fair value hedging and investment hedging have positive but not significant relationship with market value of the quoted oil and gas firms.   We therefore recommend that hedge accounting policies should be properly integrated to the operational objectives of the firms.
Changing Tax Policy Impacts on the Risk Level of Viet Nam Wholesale and Retail Firms after the Global Crisis 2007-2011
Authors: Ngoc Huy Dinh Tran
Published: April 2020

Many financial markets including but not limit to, the emerging stock market in Viet Nam, have been affected by the financial crisis 2007-2011. This study analyzes the impacts of tax policy on market risk for the listed firms in the wholesale and retail industry during this period as it becomes necessary. First, by using quantitative and analytical methods to estimate asset and equity beta of total 9 listed companies in Viet Nam wholesale and retail industry with a proper traditional model, we found out that the beta values, in general, for many companies are acceptable.Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0,646, 0,653 and 0,657.These values are much lower than those of the listed VN construction firms.Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and asset beta mean values have positive relationship with the increasing levels of tax rate.Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.
International Financial Reporting Standards and Value Relevance of Accounting Information: A Mult-Institutional Perspectives from Nigeria Quoted Firms
Authors: Diepiriye Davies Stanley
Published: April 2020

This study examined the effect of International Financial Reporting Standards on value relevance of accounting information of quoted firms in Nigeria. The objective is to examine if International Financial Reporting Standards affect value relevance of accounting information. The study focus on the commercial banks, manufacturing firms, insurance, government agencies and the oil and gas firms, questionnaires were structured and administered to accountants and finance managers. The data analyses adopted was the simple percentages and correlation coefficient. The results found a coefficient of 85.1 %, R2   and adjusted R2   of 60.3% and 51.4 %. We conclude that there is significant relationship between International Financial Reporting Standard and value relevance of accounting information   of quoted firms in Nigeria. We therefore recommend full compliance to the International Financial Reporting Standard, audit firms should adopt fully the International Financial Reporting Standard and Nigerian accounting bodies such as Institute of Chartered Accountants of Nigeria and Association of National Accountants of Nigeria should endeavor to encourage the auditing firms on the relevance of adopting International Financial Reporting Standard.
Effect of Environmental and Social Cost on Performance of Manufacturing Companies in Nigeria
Authors: Iheduru Ngozi. G , Chukwuma Ike Romanus
Published: April 2020

This study examines the effect of environmental and social costs on performance of manufacturing companies in Nigeria. The objectives of this study are to examine the relationship between environmental and social costs and performance of manufacturing companies in Nigeria. The data for the study were collected from annual reports and accounts of fourteen (14) randomly selected manufacturing companies in Nigeria. The data were analyzed using multiple regression models. The key findings of the study shows that there is significant negative relationship between Environmental and social costs and Return on Capital Employed (ROCE) and Earnings per share (EPS) and a significant positive relationship between environmental and social costs and Net Profit Margin (NPM) and Dividend per Share (DPS). Based on this it was recommended that government should give tax credit to organizations that comply with its environmental laws in order to reduce their environmental costs and that environmental reporting should be made compulsory in Nigeria so as to improve the performance of organizations and the nation as a whole.
The Theoretical Linkages between the Shariah Supervisory Board (SSB) and Stakeholder Theory in the Islamic Financial Institutes: An Empirical Review
Authors: Islam K. M. Anwarul , Bhuiyan Abul Bashar
Published: April 2020

As part the Corporate Governance, the Shariah Supervisory Board has a significant role in the Islamic Financial Institutes for ensuring its conformity with the Shariah standards. In general, the Corporate governance should be played essential roles to design and promote principles of fairness, accountability, and transparency to meet of all the stakeholder’s rights such as shareholders, the workers, the depositors, and the customers, etc. however, there are still struggling for convincing arguments to justify stakeholders’ participation in governance in the traditional conventional systems rather, the Stakeholder theory has become one of the most important developments in the field of business ethics, which is widely regarded as being a key element in Islamic banking, making it of extreme relevance in Islam’s principles of property rights, commitment. Therefore, this study aims to justify the theoretical linkages or relationship between the role of the Shariah Supervisory Board of Islamic banking and stakeholders’ model from the existing empirical literature review. The summary of empirical review findings revealed that the stakeholder concept in a way that overcomes many of the existing limitations and provides a different understanding of the identity and meaning of Islamic banking, specifically in terms of its relationship to stakeholder groups, such as Islamic banks are a connected body, they should have control over the external environment and should implement hierarchies. Moreover, the developed a conceptual framework to do empirical research by applying real data to test the significance of the above relationships for further policy explorations.
Transfer Pricing and the Regulations in Nigerian Milieu
Authors: Kurfi Shafi’u Abubakar , Udin Noraza Mat , Kasuwa Usman Muhtari Tsohuwar
Published: April 2020

The main objective of this paper is to provide an overview of the transfer pricing practices and highlight the newly adopted regulations on transfer pricing in Nigeria. Due to the increase numbers of multinational corporations in the country, reports show that the transfer pricing activities by these entities has resulted in economics lost and a large amount of net resources being carried way from the region. These unethical exercises had signal clearly of the serious need to amend the massive leakages of economic resources. Over decades, Nigeria has worked tirelessly to develop its own transfer pricing formulae and finally the Income Tax (Transfer Pricing) Regulations No. 1, 2012 (or known as TP Regulations) has been published on 21 September 2012. Specifically, the TP Regulations in Nigeria served as the mechanisms that the Government through the tax authority can use to combat the misused of transfer pricing practices. This paper also highlights some issues that need to be strengthen and future challenges in implementing the regulations. Some recommendations are also provided at the end of the paper to the tax authority and policy makers to enhance and improve the governance of transfer pricing matters in the country.