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Yusuf Kaderli, Umut Tolga Gümüş, Emre Danışman
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 52-70; https://doi.org/10.20525/ijfbs.v5i5.635

Abstract:
Küreselleşme, mal ve hizmetlerin dünya ölçeğinde serbest dolaşımıdır. Günümüzde teknolojide yaşanan gelişmeler küreselleşmenin hızını arttırmıştır. Küreselleşmeyle birlikte,  ekonomik gelişmelerde yaşanan belirsizlik ve karmaşıklık, toplumların ve bireylerin sosyo- ekonomik yapılarını değiştirmiştir. Toplumların sosyo ekonomik yapıları bireylerin finansal kararlarıyla şekillenmektedir. Bireylerin almış olduğu finansal kararların doğruluğu, bireylerin finansal okuryazarlık düzeyi ile ilgilidir. Karmaşık ve belirsiz koşullar içindeki ekonomide toplumun en küçük yapısı olan ailelerin aldığı finansal kararlar sadece aileyi değil tüm toplumu etkilemektedir. Ailelerin değişimin hızlı ve sürekli olduğu ekonomik hayatta aldığı yanlış finansal kararlar nedeniyle birlik ve düzeni bozulmaktadır. Bunun için demografik özelliği farklı her bireyin sahip olduğu finansal okuryazarlık düzeyini yükseltecek finansal eğitim uygulamalarının önemi yüksektir. Birçok araştırmada, yaşlı ve eğitim düzeyi düşük bireylerin daha çok finansal risk içinde olduğu vurgulanmaktadır. Bu çalışmada, Türk Silahlı Kuvvetlerinde görev yapmış emekli askeri personelin finansal okuryazarlık seviyesi incelenmiştir. Ülkenin savunma hizmetlerinde çalışan Türk Silahlı Kuvvetleri personeli, görev sahası itibariyle finansal sistemlerde yaşanan gelişmelere uzak kalabilmektedir. Bu durum, bilgiye dayalı finansal kararlar alma becerisinin önemini artırmaktadır. Çalışma sonucunda, emekli askeri personelin finansal okuryazarlık seviyesi ve finansal bilgileri tespit edilmiştir. Bu tespitler doğrultusunda aktif olarak görev yapan askeri personelin geleceğe dönük finansal farkındalığını arttırmak amaçlanmıştır.
Thi Du Hoang
International Journal of Finance & Banking Studies (2147-4486), Volume 6, pp 69-84; https://doi.org/10.20525/ijfbs.v6i1.648

Abstract:
Using the stock index data of financial sector spanned from January 2, 2009 to December 31, 2014, this study examines the effects of some policies on stock returns and volatility in Vietnamese stock market. The empirical results of EGARCH model reveal that two policies, namely, M&A and VAMC have an significantly positive impact on stock returns but they do not represent any effects on stock volatility. The third policy, regulatory reform, does not show any affection on stock return but it has an impact on the stock volatility. It implies that investors should adjust and alter their portfolio accordingly when changing policies. Besides, policymaker needs to know when they should prioritize which policy to be issued because some policies sometimes can hurt the stock market if the stock market is efficient.
Charles Adusei
International Journal of Finance & Banking Studies (2147-4486), Volume 6, pp 101-112; https://doi.org/10.20525/ijfbs.v6i1.668

Abstract:
This paper studied how Zoomlion Company Limited manages its accounts receivables. Based on multiple linear regression analysis, Kendall coefficient of concordance and One sample t-test, the result shows effective credit control systems by the company. However, poor monitoring and lack of effective follow up measures were the key challenges to debt management. The paper recommend stricter adherence to the credit policy and vigorously pursued effective recovery strategies and further prescribed best practices in accounts receivables management.
Bakhita Hamdow Gad Elkreem
International Journal of Finance & Banking Studies (2147-4486), Volume 6, pp 85-100; https://doi.org/10.20525/ijfbs.v6i1.669

Abstract:
This study aims to investigate the relation between Islamic securitization representing in Sukuk, and the Islamic banks ‘liquidities in light of Basel 3 requirements. So that the study investigates three variables which include Islamic securitization as independent variable; net cash from financing activities and net noncore funding dependence ratio as dependent variables. The study follows quantitative method by employing cross sectional data context analysis. The data is collected from six banks over six countries through the period 2011-2013. Pearson regression is used to measure causal relation between Sukuk and Net Stable Fund Ratio (NSFR), hence the model is developed to describe the relation. The study uses net noncore funding dependence ratio as (NSFR) which was required by Basel III. The regression result finds that there is positive relation between Sukuk and NSFR for Islamic banks. Also the study uses loans / deposits ratio to discover the relation between Sukuk and Islamic banks ‘liquidity risk, so the regression test shows that there is positive relation between Sukuk and loans / deposit ratio.
Oluwaseyi Ebenezer Olalere, Wan Ahmad Bin Omar, Syahida Kamil
International Journal of Finance & Banking Studies (2147-4486), Volume 6; https://doi.org/10.20525/ijfbs.v6i1.627

Abstract:
The study examines the bank-specific and macroeconomic determinants of banks profitability in Nigeria analyzing audited financial reports of selected sixteen (16) commercial banks over the period of 2010 to 2015 making up to 96 observations. The study identified that existing studies are sketchy in developing economies even though many studies have emerge in developed economies. The bank profitability is measured by return on assets and return on equity as function of bank-specific and macroeconomic determinants. Using the balanced panel data set, the empirical results of the study shows that capital adequacy and liquidity have a positive and significant effect on bank profitability. However, efficiency ratio have a negative and significant effect on bank profitability. With regards to macroeconomic variable, GDP growth also have a positive and significant impact on banks profitability. The empirical results of the study suggested that banks can improve their profitability through increasing capital and liquidity, decreasing operating cost with conscious effort to maintain transparency in their operations. In addition, a good economic environment for financial institutions foster increase in bank profitability. Hence, the study recommends that further studies can expand the scope while extending to other industries as well.
Sardar Shaket Ibrahim
International Journal of Finance & Banking Studies (2147-4486), Volume 6, pp 113-121; https://doi.org/10.20525/ijfbs.v6i1.650

Abstract:
This study examines the influence of liquidity on the profitability of Iraqi commercial banks. Five banks based in Iraq namely: North bank, Iraqi Islamic bank, Sumer bank, Dar Es-Salam bank and Babylon bank randomly selected and analyzed for the current study over the period 2005 to 2013. Moreover, annual reports of these banks have studied and the main ratios of profitability and liquidity were calculated. These reports are available at Iraqi Stock Exchange site. The variables that were identified as independent for liquidity were, loan deposit ratio, deposit asset ratio and cash deposit ratio, while return on assets as dependent variable for profitability. The Ordinary Least Square (OLS) model used to examine the impact of liquidity on profitability. The study observes that any increase in liquidity ratios as above mentioned will lead return on asset to increase as well. Depending on this study it could be better for Iraqi banks to keep a balance between liquidity and profitability.
Funso T. Kolapo, Lawrence B. Ajayi, Olufemi Adewale Aluko
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 30-38; https://doi.org/10.20525/ijfbs.v5i4.592

Abstract:
It is theoretically believed that increase in firm size would result to increase in firm profitability. Therefore, this study examines the relationship between size and profitability of six banks in Nigeria after the 2005 consolidation exercise. The measure of profitability is return on assets. Employing the static panel data regression method, the study found that size has an insignificant negative relationship with bank profitability. This study concludes that the 2005 consolidation exercise did not enhance the profitability of the selected banks.
Kwangsoo Lim
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 09-14; https://doi.org/10.20525/ijfbs.v5i6.600

Abstract:
This paper investigates how firms shifted their dividend policies and leverage policies in response to the economic shock caused by the 2008 financial crisis. The sample countries are United States, Great Britain, France, Germany, Australia, Japan, China, and Korea. The empirical relationship of firms’ dividend policies with their capital structures and earnings was likely to undergo a major change around the 2008 financial crisis, as firms adjusted their capital structures and dividend policies in response to the extreme credit crunch caused by the financial crisis. The extent and the speed that firms deleverage themselves and reduce their dividends were likely to be influenced by countries’ cultural and social norms. This paper finds a significant reduction in dividends across sample countries except Great Britain and France after the 2008 crisis. This finding supports the free cash flow theory that dividends are paid to dissipate free cash flow to address agency conflicts between managers and shareholders. This paper finds a higher correlation between dividends and leverages before the 2008 crisis, and that it strengthened after the crisis except Great Britain and Korea. This finding is consistent more with the pecking order theory than with the trade-off theory of leverage.
Mavhungu Abel Mafukata
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 24-41; https://doi.org/10.20525/ijfbs.v5i6.596

Abstract:
The main objective of this paper is to predict the consequences of China's impending economic crisis on global economy – with reference to Sub-Saharan Africa (SSA) in particular. The specific objective of this paper is to investigate and explore the increasing dominance of economic practice of China in SSA. China is a critical principal player in the economy of SSA. China's influence and dominance of the SSA economy might have negative effect on SSA in case of any implosion of the Chinese economy. Data were collected from print and electronic sources extracted from the vast body of empirical scholarship of different disciplines on China in SSA.  The results of this paper revealed that China is indeed dominating the economy in SSA. Pointers are that China's economic implosion would have consequences for SSA in the same way as the 2008-2009 global economic recession had around the world. This  paper positively predicts that China's economic and financial implosion remains a possibility, and would impact on SSA.
Mohamed Aymen Ben Moussa, Wiem Majouj
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 103-116; https://doi.org/10.20525/ijfbs.v5i3.252

Abstract:
Net interest margin is a significant indicator of the efficiency of the banking financial intermediation. In general, the level of net interest margin is primarily a consequence of result of the level of development and competitiveness of the financial system of country.Therefore, It is important to determine their determinants. In this article, we analyze the determinants of net interest margin of 18 banks in Tunisia between ( 2000…2013). We found that among the internal factors, size, deposits, TLA, CEA, risk have an significant impact on net interest margin. In external factors, only inflation have a significant impact on net interest margin..
Özge Sezgin Alp
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 70-84; https://doi.org/10.20525/ijfbs.v5i3.285

Abstract:
In this study, the option pricing performance of the adjusted Black-Sholes model, which is proposed by of Corrado and Su (1996) and corrected by Brown and Robinson (2002), is investigtaed and compared with original Black Sholes prining model for the Turkish derivatives market. The data contain the European options written on ISE 30 index extends from January 02, 2015 to April 24, 2015 for given exercise prices with maturity April 30, 2015. In this period, the strike prices are ranging from 86 to 124. To compare the models, the implied parameters are derived by minimizing the sum of squared deviations between the observed and theoretical option prices. The implied distribution of ISE 30 doesnot significantly deviate from normal distribution. In adittion, pricing performance of Black Sholes model performs better in most of the time. 
Gatot Soepriyanto, Paulina Santoso
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 76-86; https://doi.org/10.20525/ijfbs.v2i2.147

Abstract:
The objective of this study is to assess the share price reactions to smoking ban fatwa on Indonesia tobacco’s company. We expect that the smoking ban fatwa in the world’s largest Muslim population will hit the tobaccos industry revenues, lower tobacco’s company profit and eventually affect the share price of those firms. We use event study methodology and standard market model to calculate abnormal returns of the tobacco’s firms related to the news of smoking ban fatwa. Our study failed to find a statistically significant effect of smoking ban fatwa on tobacco’s firm stock market return. It suggests that the investors do not see the fatwa as a factor that may control the tobacco consumption in Indonesia – thus it may not affect the tobacco’s firm revenues and profit in the future
Ben Jabeour Sami
International Journal of Finance & Banking Studies (2147-4486), Volume 2; https://doi.org/10.20525/.v2i3.157

Abstract:
A number of authors suggested that the impact of the macroeconomic factors on the incidence of the financial distress, and afterward in case of failure of companies. However, macroeconomic factors rarely, if ever, appear as variables in predictive models that seek to identify distress and failure; modellers generally suggest that the impact of macroeconomic factors has already been taken into account by financial ratio variables. This article presents a systematic study of this domain, by examining the link between the failure of companies and macroeconomic factors for the French companies to identify the most important variables and to estimate their utility in a predictive context. The results of the study suggest that several macroeconomic variables are strictly associated to the failure, and have a predictive value by specifying the relation between the financial distress and the failure.
Engin Oner
International Journal of Finance & Banking Studies (2147-4486), Volume 4, pp 11-20; https://doi.org/10.20525/ijfbs.v4i2.213

Abstract:
Adam Smith being its founder, in the Classical School, which gives prominence to supply and adopts an approach of unbiased finance, the economy is always in a state of full employment equilibrium. In this system of thought, the main philosophy of which is budget balance, that asserts that there is flexibility between prices and wages and regards public debt as an extraordinary instrument, the interference of the state with the economic and social life is frowned upon. In line with the views of the classical thought, the classical fiscal policy is based on three basic assumptions. These are the "Consumer State Assumption", the assumption accepting that "Public Expenditures are Always Ineffectual" and the assumption concerning the "Impartiality of the Taxes and Expenditure Policies Implemented by the State". On the other hand, the Keynesian School founded by John Maynard Keynes, gives prominence to demand, adopts the approach of functional finance, and asserts that cases of underemployment equilibrium and over-employment equilibrium exist in the economy as well as the full employment equilibrium, that problems cannot be solved through the invisible hand, that prices and wages are strict, the interference of the state is essential and at this point fiscal policies have to be utilized effectively.Keynesian fiscal policy depends on three primary assumptions. These are the assumption of "Filter State", the assumption that "public expenditures are sometimes effective and sometimes ineffective or neutral" and the assumption that "the tax, debt and expenditure policies of the state can never be impartial". 
Srinivasan Palamalai
International Journal of Finance & Banking Studies (2147-4486), Volume 3; https://doi.org/10.20525/.v3i3.187

Abstract:
The link between stock market development and economic activity has always been the subject of considerable debate in the field of economics and it raises empirical question whether stock market development influences economic activity or whether it is a consequence of increased economic activity. This study attempts to investigate the direction of causality between stock market development and economic growth in the Indian context. Using the cointegration and causality tests for the period June 1991 to June 2013, the study confirms a well defined long-run equilibrium relationship between the stock market development indicators and economic growth in India. The empirical results show bidirectional causality between market capitalisation and economic growth and unidirectional causality from turnover ratio to economic growth in the long-run and short-run. By and large, it can be inferred that the stock market development indicators viz. market capitalisation and turnover ratio have a positive influence on economic growth in India.
Bouri Abdelfettah, Bilel Jarraya
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 30-44; https://doi.org/10.20525/ijfbs.v2i4.161

Abstract:
In recent years the financial markets known a rapid development and become more and more complex. So, many regulatory requirements, focused on banks as well as insurance sector, have been developed. These regulatory are concentrated essentially on business risk control and required capital to cover risks. These requirements have influenced the asset allocation issue in insurance industry. These requirements have influenced the asset allocation issue in insurance industry. This section is interested by this issue. In first time it highlights some research works in this issue. Then we will investigate the relation between Solvency and optimal asset allocation. Finally we will explore the principal used methods in modeling asset and in choosing the optimal portfolio composition.
Anwar Hossain Repon, K.M Zahidul Islam
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 16-29; https://doi.org/10.20525/ijfbs.v5i1.44

Abstract:
The purpose of this paper is to investigate the market structure and degree of concentration of Bangladeshi banking industry. The study measured market concentration by using widely recognized measures like k-bank concentration ratio and Herfindahl-Hirchman Index (HHI). It evaluates market structure by applying Panzar-Rosse Model over 8 years period from 2006 to 2013. The result of concentration measures indicates a decreasing trend and low level of market concentration in Bangladeshi banking industry over the sample period. The panzer-Rosse “H-Statistic” suggests that banks in Bangladesh are operating under monopolistic competition. Present paper contributes to a burgeoning literature on banking competition that has evolved significantly over the past periods on a developing country perspective like Bangladesh.
Siti Balqis Noor, Rashidah Abdul Rahman, Tariq Ismai
International Journal of Finance & Banking Studies (2147-4486), Volume 2; https://doi.org/10.20525/.v2i3.152

Abstract:
The perceptions of Islamic banking professionals are surveyed through a questionnaire to explore whether the process of risk management mediates board involvement in risk management and risk management practices of Islamic banks in Malaysia and Egypt. The findings of this study identified that the Islamic banks in the selected countries are somewhat efficient in their riskmanagement process. It was noticed that board involvement in risk management, process of risk management and risk managementamong Islamic banks in Malaysia are significantly higher than their counterparts in Egypt. Furthermore, high involvement of boards in risk management significantly increases the risk management process, and in turn, leads to significantly higher risk management practices in Islamic banks. Hence, boards should take formal responsibility for setting, managing and periodicallyassessing the risk management culture of the banks. It is expected that the outcomes of this study would help policy setters in the selected countries to develop a well-structured and harmonized risk management process that enhance risk management practices, with emphasis on the effective involvements of the board of directors and Shari’ah supervisory boards in risk managementpractices.
Ilker Yilmaz
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 53-65; https://doi.org/10.20525/ijfbs.v2i2.146

Abstract:
In recent decades, it is gaining more and more dominance in both academic and business life that the company exists for and has responsibilities toward a wider group of stakeholders and it must have some objectives other than profitability. To achieve sustainable development and growth, the companies must assume more duties, which is called the term “corporate social responsibility (CSR).” In the literature, it is questioned whether CSR activities benefit the company or not; whether there is any relationship exists between CSR activities and the company’s financial performance and the direction of the relationship. We aimedto explore that whether there is any effect corporate social performance (CSP) on financial performance and position and vice versa. We performed content analysis through annual reports and derived a social score composed of the items included in disclosure guidelines and some criteria used in CSR ratings. We also used several financial position and financial performance indicators. In order to explore the relationship between CSP and financial indicators, we run panel data regressions. We found significant results for some of the indicators, where some of the indicators gave insignificant results. The reporting of CSR activities is in very low levels. The conscious toward CSR and sustainability must be promoted and the companies must assume more active roles. The reporting of those activities is also important.
Ali Görener, Hasan Dincer, Umit Hacioglu
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 41-52; https://doi.org/10.20525/.v2i2.145

Abstract:
Location selection problem in banking is an important issue for the commercial success in competitive environment. There is a strategic fit between the location selection decision and overall performance of a new branch. Providing physical service in requested location as well as alternative distribution channels to meet profitable client needs is the current problematic to achieve the competitive advantage over the rivalry in financial system. In this paper, an integrated model has been developed to support in the decision of branch location selection for a new bank branch. Analytic Hierarchy Process (AHP) technique has been conducted to prioritize of evaluation criteria, and multi-objective optimization on the basis of ratio analysis (MOORA) method has been applied to rank location alternatives of bank branch.
Akbar Heidary, Hashem Kozechian, Siavash Rashidi
International Journal of Finance & Banking Studies (2147-4486), Volume 1, pp 35-38; https://doi.org/10.20525/ijfbs.v1i1.135

Abstract:
Theories associated with job satisfaction are based on the principle that all environmental elements could shape entire career satisfaction. In literature, major studies illustrate that positive and negative emotions are largely associated with job satisfaction. Job satisfaction source is not only job position but also other factors such as the physical and social work environment, relationships with supervisors and colleagues, group culture and management style of the managers. In this study, it is aimed to evaluate and prioritize the five dimensions of job satisfaction in Zanjan Refah Bank employees: (i) the nature of the job (ii) supervisor, (iii) peer, (iv) promotion and (v) payment. In this study a field research was applied with a survey study. To testify the hypothesis, the Pearson parametric and Friedman test was conducted. The major findings of this study are (i) there is a negative correlation exists between level of education and nature of the job (ii) job promotion and payment, (iii) there is not any significant differences in job satisfaction between men and women.
Adam Zaremba
International Journal of Finance & Banking Studies (2147-4486), Volume 3; https://doi.org/10.20525/.v3i1.177

Abstract:
The paper concentrates on value and size effects in country portfolios. It contributes to academic literature threefold. First, I provide fresh evidence that the value and size effects may be useful in explaining the cross-sectional variation in country returns. The computations are based on a broad sample of 66 countries in years 2000-2013. Second, I document that the country-level value and size effects are indifferent to currency conversions. Finally, I introduce an alternative macro-level Fama-French model, which, contrary to its prototype, employs country-based factors. I show that applying this modification makes the model more successful in evaluation of funds with global investment mandate than the standard CAPM and FF models.
Ahmed Zemzem, Oumeїma Kacem
International Journal of Finance & Banking Studies (2147-4486), Volume 3, pp 186-200; https://doi.org/10.20525/ijfbs.v3i1.179

Abstract:
The aim of our research is to investigate the relationship between risk management, corporate governance and performance in lending institutions. Mainly, this research seeks to examine the effect of risk management and some board’s features on financial performance. Empirical analyses are conducted from a sample of 17 Tunisian lending institutions over the period 2002-2011 using an OLS regression. The study shows that board size affect performance significantly. Most importantly, the existence of a risk committee within the institution has a negative and significant effect on performance.
Hakan Bilir
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 58-72; https://doi.org/10.20525/ijfbs.v5i2.126

Abstract:
Yatırım fırsatlarının değerlendirilmesi süreci beklene getiri ve riskin ölçümüne bağlıdır. Finansal Varlıkları Fiyatlama Modeli (CAPM), çok uzun yıllardır modern finans teorisinin temel taşlarından bir tanesini oluşturmaktadır. Model, varlıkların beklenen getirisi ve sistematik riski arasındaki basit doğrusal ilişkiyi ortaya koymaktadır. Model halen, sermaye maliyetinin hesaplanması, portföy yönetiminin performansının ölçülmesi ve yatırımların değerlendirilmesi amacıyla kullanılmaktadır. CAPM’in çekiciliği, riskin ve beklenen getiri ve risk arasındaki ilişkinin ölçümlenmesi konusundaki güçlü tahmin yeteneğinden gelmektedir. Bununla birlikte modelin bu yeteneği 30 yılı aşkın bir süredir akademisyenler ve uygulamacılar tarafından sorgulanmaktadır. Tartışmalar büyük ölçüde ampirik düzeyde gerçekleştirilmektedir. CAPM’in ampirik düzeydeki problemleri, çok sayıda basitleştirilmiş varsayımı içermesi nedeniyle teorik hatalardır. Çok sayıdaki gerçekçi olmayan varsayımlar modeli pratik olarak kullanışsız hale getirmektedir. Model ile ilgili temel eleştiriler ise risksiz faiz oranı, pazar portföyü ve beta katsayı üzerinde yoğunlaşmaktadır. 
Clements Akinsoyinu
International Journal of Finance & Banking Studies (2147-4486), Volume 4, pp 1-10; https://doi.org/10.20525/ijfbs.v4i2.207

Abstract:
The Great Financial Crisis has been touted to be the worst crisis since the Great Depression of 1930; its effect has profound ramifications on the global economy. The nature and the severity of the crisis provoked an unprecedented policy response from policy makers at both global and domestic levels. To address the rampaging crisis, the Bank of England implemented a number of conventional and unconventional policy measures to curtail the economic rot and to stimulate economic growth. There is a broad consensus in the empirical literature and other evidence found in this paper that a number of the policies implemented in the United Kingdom played a significant role in re-directing and stimulating the economy. This paper reviews the various policy measures adopted by the Bank of England from the inception of the financial crisis in 2008 and assesses their effectiveness in bringing back the economy from the brink of collapse. Our review shows that quantitative easing (QE) policy and the expansionary fiscal policy adopted by the Bank of England were effective policy tools used in stimulating economic growth, stemming the effect and shortening the duration of the crisis in the United Kingdom
Vedat Akgiray, Seda Peksevim, Emrah Şener
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 01-20; https://doi.org/10.20525/ijfbs.v5i2.267

Abstract:
Emeklilik fonlar?, i) uzun vadeli yat?r?m perspektifine sahip olmas?, ii) finansal piyasalardaki oynakl??? uzun vadeye yayarak absorbe edebilmesi, ve iii) yat?r?mlar?n? hisse senedi ve altyap? fonlar? ile reel ekonomiye aktarmalar? sayesinde; finansal piyasalardaki oynakl???n azalmas?na katk?da bulunmaktad?r. Bu çal??ma, geli?mekte olan ülkelerde (GOÜ), emeklilik fonlar?n?n ekonomideki pay?n?n en dü?ük oldu?u ülkelerden Türkiye'de (%2) ve en yüksek oldu?u ülkelerden ?ili'de (%66) emeklilik sistemlerinin kar??la?t?rmal? analizini sunarak, emeklilik fonlar?n?n finansal piyasalardaki oynakl??a olan etkisini 2004-2014 dönemi için incelemektedir. Çal??ma ayn? zamanda, Türkiye’de uygulanmas? planlanan ‘otomatik kat?l?m sistemi’ ve bu sistemi tamamlay?c? ‘fon ürünleri’ üzerine politika önerilerini de kapsamaktad?r.
Serpil Kuzucu
International Journal of Finance & Banking Studies (2147-4486), Volume 4, pp 1-10; https://doi.org/10.20525/.v4i3.220

Abstract:
Banking industry worldwide has been transformed due to globalization, financial liberalization, technological developments, government policies, deregulation of financial services, financial crises and increase in mergers and acquisitions since 1980. With these changes, there is a trend towards decrease in the number of banks and increase in banking concentration. Increase in banking concentration might affect competition conditions in banking industry. The decrease in the number of banks and the increase in banking concentration dominate the Turkish banking industry after the banking crises in 2000 and 2001. This paper examines the relationship between concentration and competition in Turkish banking industry. I measure the size of banking concentration by concentration ratios and Herfindahl-Hirschman index with the data of commercial deposit banks in Turkey from 2000 to 2012. Competition degree is measured by using Panzar Rosse model. The results of the study suggest that there is no permanent relation between banking concentration and competition in Turkish banks.
Senol Emir
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 111-117; https://doi.org/10.20525/ijfbs.v2i3.158

Abstract:
The aim of this study to examine the performance of Support Vector Regression (SVR) which is a novel regression method based on Support Vector Machines (SVM) approach in predicting the Istanbul Stock Exchange (ISE) National 100 Index daily returns. For bechmarking, results given by SVR were compared to those given by classical Linear Regression (LR). Dataset contains 6 technical indicators which were selected as model inputs for 2005-2011 period. Grid search and cross valiadation is used for finding optimal model parameters and evaluating the models. Comparisons were made based on Root Mean Square (RMSE), Mean Absolute Error (MAE), Mean Absolute Percentage Error (MAPE), Theil Inequality Coefficient (TIC) and Mean Mixed Error (MME) metrics. Results indicate that SVR outperforms the LR for all metrics.
S Ayyappan, M SakthiVadivel
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 26-31; https://doi.org/10.20525/ijfbs.v2i2.143

Abstract:
The banks in India have over 67,000 branches located across the country. All these are classified into two major categories, nonscheduled banks and scheduled banks. Scheduled banks includes commercial banks and the co-operative banks. The public sector banks are accountable for more than 78 percent of total banking industry in India. Even though private sector banks came later into the market, due to their customer servicing and easy banking features they are also competing equally with already existing public sector banks. so it is very essential to analyze how their financial performance is influenced by number of factors which willfurther suggest them where they need to concentrate more. in this article we have analyzed the correlation between return on total assets and other financial variables of selected private and public banks in India.
Reza Zare
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 32-40; https://doi.org/10.20525/.v2i2.144

Abstract:
In the present study we try to examine the exchange rate changes and financial flexibility as the economic stable indexes on the financial leverage use in the companies so the main issue in this study is to define the financial leverage relation with exchange rate changes and financial flexibility. That is why 88 companies of the companies listed in Tehran stock exchange in 2005–2011. The study type is descriptive–correlative and the multivariable linear regression was used to analyze the data. The findings from the hypotheses test state there is a significant relation between financial leverage and financial flexibility while there isn't relation between financial leverage and exchange rate changes.
Baah Aye Kusi, Kwadjo Ansah-Adu, Rockson Sai
International Journal of Finance & Banking Studies (2147-4486), Volume 4; https://doi.org/10.20525/.v4i3.226

Abstract:
We investigate bank profitability in Ghana using periods before, during and after the globe financial crises with the five step du-pont model for the first time. We adapt the variable of the five step du-pont model to explain bank profitability with a panel data of twenty-five banks in Ghana from 2006 to 2012. To ensure meaningful generalization robust errors fixed and random effects models are used.Our empirical results suggests that bank operating activities (operating profit margin), bank efficiency (asset turnover), bank leverage (asset to equity) and financing cost (interest burden) were positive and significant determinants of bank profitability (ROE) during the period of study implying that bank in Ghana can boost return to equity holders through the above mentioned variables.. We further report that the five step du-pont model better explains the total variation (94%) in bank profitability in Ghana as compared to earlier findings suggesting that bank specific variables are keen in explaining ROE in banks in Ghana. We cited no empirical study that has employed five step du-pont model making our study unique and different from earlier studies as we assert that bank specific variables are core to explaining bank profitability.
Aysel Gündoğdu
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 37-45; https://doi.org/10.20525/ijfbs.v5i2.129

Abstract:
Bankac?l???n bir risk yönetme sanat? oldu?u genel kabul görmü? bir durumdur. Bu sanat? icra ederken belirli kurallar ve bir sürecin varl??? gereklidir. Risk denilince akla “kar??l???nda net bir zarar?n hesaplanabilece?i olumsuz bir durum” gelmektedir. Ne var ki, bankac?l???n ilk ça?lardan beri bankac?l?k faaliyetlerinin temelinde olan “güven” unsuru gibi daha soyut riskleri içerisinde bar?nd?rmaktad?r. Güvenin sars?lmas? ile h?zl? bir ?ekilde yay?labilecek zarar, bankalara öngörülemez sonuçlar haz?rlayabilir. Bu nedenle, bankalar?n risklerini hesap ederken sadece finansal, hesaplanabilir riskler için de?il finansal olmayan riskler için de gerekli önlemleri almalar? gerekmektedir. Türk bankac?l?k sisteminde finansal olmayan risklerin ba??nda önemi giderek artan “itibar riski” gelmektedir. Bankac?l?kta faaliyet alan? hesaplar ve rakamlar üzerine oldu?undan, itibar riski sorununun böyle bir alana oturtuldu?unda aç?klamas? ve hesaplamas? ne kadar zor bir sürecin ortaya ç?kt??? anla??lacakt?r. ?tibar riskinin yönetilmesi, süreci konusunda literatürde Türkiye’de bankac?l?k sistemine dair çal??malar yok denecek kadar azd?r. Bu çal??mada, itibar riskinin önlenmesi, yönetilmesi ve süreci için Türk bankac?l?k sistemindeki düzenlemeler irdelenecek olup yine Türk bankac?l?k sistemindeki itibar riskinin gerçekle?ti?i vakalar incelenecektir.
Jugnu Ansari
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 60-77; https://doi.org/10.20525/ijfbs.v2i4.163

Abstract:
This study examines bank competition in the loan markets in India using a new competitiveness index, the Augmented Relative Profit Difference (ARPD). The ARPD quantifies the impact of marginal costs on performance, measured in terms of market shares. The theoretical foundation of the ARPD is robust when compared to other conventional measures. Applying this unbiased competition indicator to loan markets shows that financial reform has contributed to significant improvements in competition. Public sector banks and private sector banks are more competitive than foreign banks too. In addition, we find that the Indian loanmarkets are monopolistic in nature.
Ali Kablan
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 21-30; https://doi.org/10.20525/ijfbs.v2i1.138

Abstract:
Nowadays the role of local governments is bigger than ever considering the central authority in Turkey. Especially, one can observe that the municipalities’ tasks are depended on their financial structures. In this study the financial resources of Turkish municipalities are evaluated. The obtained findings illustrate that the municipalities have three different financial resources and these resources might be sufficient to make their activities.
Lionel Artige,
International Journal of Finance & Banking Studies (2147-4486), Volume 4; https://doi.org/10.20525/.v4i1.201

Abstract:
This paper proposes an empirical analysis of the role of memory in determining the size of credits granted by the European Bank for Reconstruction and Development (EBRD) during 1991–2003. We first build an original database from information associated with the number and contract types granted by clients, after which we develop an empirical strategy for capturing the role of memory, namely by defining three different indicators to approximate each client’s reputation. These indicators rely on the client’s identity and, when available, information associated with previous EBRD-financed investment projects. With the fixed-effects estimation technique, our results unambiguously show that the value of the first investment project financed by the EBRD, as a proxy for reputation, is the most effective indicator for established clients to determine the size of the credits they receive to finance further investments.
Muhammad Abdur Rahim, Zahangin Alam
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 1-12; https://doi.org/10.20525/ijfbs.v2i4.159

Abstract:
This study is about foreign exchange reserves of Bangladesh. The main purpose of this study is to the influence of exchange rateson foreign exchange reserves to the Bangladesh context. Both the primary and secondary data has been used in this study. The primary data has been collected through a structured questionnaire from 50 respondents. The secondary data, namely Bangladesh foreign exchange reserves (FER), Bangladesh current account balance (CAB), Bangladesh capital and financial account balance (CFAB), and BDT/USD exchange rates (ER). This study covers yearly data from July 01, 1996 to June 30, 2005 and quarterly data from July 01, 2005 to June 30, 2012. Findings of this study shows that out of the selected 16 factors affecting foreign exchange reserves, exchange rates occupy the first position, weighted average score (WAS) being 4.56. Foreign exchange reserves (FER) and current account balance (CAB) have increased by 502.9087% and 1451.218%, whereas capital and financial account (CFAB) has decreased by -649.024% on June 30, 2012 compared to June 30, 1997. The influence of other factors held constant, as ER changes by 285.6894 units due to one unit change in FER, on average in the same direction which represents that ER has positive effect on the FER and this relationship is statistically significant. 62.1526 percent of the variation in FER is explained by ER. The outcomes of Breusch-Godfrey test (LM test), ARCH test, and the Normality test are that there is a serial correlation among residuals, the variance of residuals is not constant, and the residuals are not normally distributed.
Viyusani Moss
International Journal of Finance & Banking Studies (2147-4486), Volume 2, pp 45-59; https://doi.org/10.20525/ijfbs.v2i4.162

Abstract:
This article reflects on social welfare system and governance of housing markets from an end-user perspective. The article criticallyanalyses the way in which social welfare has correlated to unsustainable development and created self entitlement behaviours andattitudes in the South African low income housing market. The phenomenon was demonstrable by empirical research whosefindings confirmed an existence of an association between a fully subsidized social housing model (as underpinned by South Africa’s social welfare) and propensity to default on mortgages. The study found that the risk of default by homeowners in the low income housing market in South Africa is influenced by government’s housing grant model. In other words, the research established that the principle of servicing a mortgaged starter property (that is almost similar to a government free house by both structure and design) is not universally accepted by homeowners of these mortgaged houses. The unintended consequences are that the system has created indefinite expectations that potentially could; (i) erode the country’s balance sheet; (ii) add to non-payment behaviour; (iii) pressurize the economic and credit systems; (iv) propagate entitlement attitudes and mindsets; (v) create social instability and (v) widened the country’s balance of payment deficits.
Ceren Uzar
International Journal of Finance & Banking Studies (2147-4486), Volume 3; https://doi.org/10.20525/.v3i1.168

Abstract:
Data mining technology is one of the new technologies that have become increasingly popular. Data mining enables to form forecasts and models regarding future by making use of past data. It can be costly, risky and time consuming for enterprises to gain knowledge. Firms gain important competitive advantage by data mining methods. This study analyzes on the readiness to implement and the extent of utilization of data mining technologies in the Financial Information Systems (FIS) in Borsa Istanbul and also researches the level of understanding of, perceptions of and readiness to implement data mining technologies within the Borsa Istanbul. Analysis was undertaken using SPSS. Manufacturing and financial enterprises are the universal of this study. Primary data were obtained by using survey method and questionnaire technique and findings of the study were evaulated. Technological, organisational and human resources issues had a significant role in the decision to, or not to utilize data mining technology. The ability to use data mining technology was found to be increased the performance of the Financial Information System.
Jinghua Wang, John Bilson
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 73-80; https://doi.org/10.20525/ijfbs.v5i1.343

Abstract:
Over the past fifty years, economic growth in emerging markets has been supported by investments in capital and technology from the developed world. The benefit of this development for the emerging markets, as measured by growth in income, employment, and wealth, is immediately apparent. There have also been significant advantages for the developed world through opportunities for higher risk adjusted returns from investments in emerging markets. This study explores the benefits of the diversification of global government bond portfolio, and provides complete performance evaluations of DMs with or without South Africa emerging market (SAEM) bonds. The study examines the benefits of inclusion of SAEM bonds in DMs, the degrees of financial integration among the research markets, the relative bond returns of dynamic factor models with time-varying coefficients and the robust tests of bond portfolio performance between DMs with SAEM and bond index. The results of this study provide important implications for global investors by identifying diversification gains in SAEM. Keywords: African Bond Market, Portfolio Diversification
Wael Bakhit
International Journal of Finance & Banking Studies (2147-4486), Volume 5, pp 30-38; https://doi.org/10.20525/ijfbs.v5i1.119

Abstract:
Energy efficient technologies contributed substantially to reducing greenhouse gases emissions and contribute to economic growth. Lebanon is facing a serious problem in meeting the population’s excessive demand of electricity this fact urged consumers to lower electricity consumption and seriously rely on alternative energy sources. One of the mature technologies is the Solar Water Heater (SWH), which is considered a key element in shaping households’ demand for electricity and reducing electricity bills. In this paper, SWHs are considered as an environmental innovation. In the Lebanese market, SWH have received considerable attention through implementation of various national initiatives to boost the up-take of this type of micro-generation technology. Regardless of various initiatives, adoption of this technology still has low levels in several Lebanese regions. The aim of this study is to identify and analyze consumers’ resistance to green innovations; particularly studying SWH. The paper relies on the Innovation Resistance Theory to better identify the resistance process that consumers pass through. Data were collected from 150 households in the North region of Lebanon through self-administered questionnaire. The results were analyzed using Cronbach’s alpha for reliability and linear regression analysis. The current study indicated that value and tradition factors had significant impact on consumers’ resistance to innovations. Finally, the author calls for research on resistance of other kinds of green innovations in order to validate the ability of Innovation Resistance Theory to explain resistance of energy efficient technologies.
Victor Nilsson, Joakim Nordstrom, Krister Bredmar
International Journal of Finance & Banking Studies (2147-4486), Volume 3; https://doi.org/10.20525/.v3i2.181

Abstract:
Banks had a large part in the developments taking place in the years after the outbreak of the crisis in 2007, as many banks had an excessively low capital base, involving too much risk in its businesses. In this study, the largest four banks in Sweden have been investigated. The financial crisis affected the banks differently, depending on the markets of expansion. Excessive risk-taking has been found, where one bank expanded aggressively into new markets and did not appreciate the risks on these new markets. CEO compensation and risk seeking boards are factors that might have caused such behaviour. All of the banks have made noticeable changes to their capital structure, increasing it annually, accompanied by a risk-reduction movement in their assets to improve the stability in most of the banks. The new regulation’s focus on both quality and quantity is in accordance with the views that are expressed in the framework. The banks have altered their goals to levels several per cent above the regulations, in contrast to before the crisis when they were often as close as possible. The impact of the new liquidity regulations has been limited, as the banks continue to work with their internal measures. The banks have all changed their view of capital ratio and liquidity, where many of the banks have doubled the amount of these posts and now find these measures to be both beneficial and a way to gain trust and stability.
Nicholas Muthuma Mutua, Samuel Kilika
International Journal of Finance & Banking Studies (2147-4486), Volume 2; https://doi.org/10.20525/.v2i3.153

Abstract:
This study investigates the environmental conservation costs of the local authorities in Kenya by analyzing the data collected from 90 of these local authorities. The population of the study is the 175 local authorities in Kenya. A sample of 90 local authorities has been used. Both statistical package for social sciences (SPSS) version 17 and Excel have been used to determine the level of environmental conservation costs in the studied local authorities. The results indicated that there was a wide use of environmental conservation costs among the local authorities. The study provides preliminary evidence on environmental conservation costs used by local authorities in Kenya. Further research is suggested to explore the possible motivating factors among different local authorities’ degree of application and level of environmental costs in different activities.
Sboniso Mokoena, BoMi Nomlala
International Journal of Finance & Banking Studies (2147-4486), Volume 11, pp 25-33; https://doi.org/10.20525/ijfbs.v11i2.1477

Abstract:
The paper’s objective was to investigate the relationship between COVID-19 and South Africa financial stock markets. The pandemic worsened South Africa's unstable financial condition and societal problems: business was severely disrupted, as were the travel industry, hospitality, food security, small businesses, and many other sectors. The results show that the COVID-19 pandemic triggered high and longer-lasting financial volatility in the markets. The higher level of volatility persistence suggests a prolonged period of increased uncertainty. Overall, the uncertainty about the vaccine's effectiveness towards the pandemic provides low expectations about the future of the stock market, since there are variants that are still being discovered.
Norma Wijayanti, Anton Setyawan, Farid Wajdi, Imronudin Imronudin
International Journal of Finance & Banking Studies (2147-4486), Volume 11, pp 199-206; https://doi.org/10.20525/ijfbs.v11i1.1527

Abstract:
In 2021, Indonesia’s administration decides to conduct a merger among Islamic government bank. The emerge of syariah financial market is the reason of this policy. This study analyzes Islamic banks merger policy by assessing their financial performance. The purpose of this study is to analyze financial efficiency of Islamic Banks and Conventional Banks in Indonesia based on the 2019  financial reports by using the Data Envelopment Analysis (DEA) method. Practical contributions of this study for the banking industry was as a guidance for the management in measuring banking activities by analysing the efficiency level so that it can be used to compile business strategies. Basically, financial performance analysis is the result of evaluation of past performance. In this study, we use different analyses in order to obtain a company’s financial position that represents the company’s reality and potential for continuous performance. Business performance represents effectiveness and the efficiency of an organization or company. Company or organization assess their performance to understand their achivement and evaluate their business plans. In this study we developed business performance measurement based on input and output of Islamic and conventional banks in Indonesia. We employ Data Envelopment Analysis which calculate the ratio between output and input. In this study, we use deposits, fixed assets and labor costs as input, while credit or financing and operating income as output variables. In this study, we find that there are several conventional and Islamic banks that suffers inefficiency. This inefficiency occurs due to the ratio of inputs and outputs in conventional and Islamic banks are not optimum.
Diyah Pujiati, Supriyati, Riski Aprillia Nita
International Journal of Finance & Banking Studies (2147-4486), Volume 11, pp 177-189; https://doi.org/10.20525/ijfbs.v11i1.1520

Abstract:
The quality of earnings indicates the current or future capability of the company to support the decisions made by managing board and other stakeholders. This research have to goal to examine the determinant of earnings quality in Indonesia, including: IFRS convergence, accounting disclosures, and audit committees. Data were acquired from official website in period of 2016-2018 and number of data was 212 observation data. Method of analysis involved regression test and classical assumption test. Result of research showed that the audit committee had a positive effect on earnings quality, while the convergence of IFRS and accounting disclosure cannot affect earnings quality. Research model was tested using control variables, respectively leverage, liquidity and company size. The test found that leverage is the only control variable that affects earnings quality. Information in financial statements is not the most important information to investors. Audit committee and creditor contribution play more important role in decisions regarding earnings quality.
Ardhiani Fadila, Dewi Cahyani Pangestuti
International Journal of Finance & Banking Studies (2147-4486), Volume 11, pp 132-145; https://doi.org/10.20525/ijfbs.v11i1.1578

Abstract:
This study will examine the impact of economic collision on the non-performing financing in sharia bank in Indonesia. The current study adopts VAR/VECM method to examine inter variables correlation by testing an economic factors, including 1) Real GDP Growth, 2) Exchange Rate, 3) Inflation, 4) Interest Rate, and 5) IDX Composite. A total NPF of 14 Islamic Banks and 20 Sharia Business Units were selected as data samples from 2006 to 2020. The findings indicate that inflation positively impacts NPF in the short run and delivers the biggest shock to NPF. The result states that Inflation, Exchange rate, and Interest rate are the dominant factors to shock NPF in Islamic Banks. From the analysis results, the economic variables, i.e., GDP, exchange rates, inflation, interest rates, and the IDX Composite, provide a stable long-term relationship and, in the short term, adjust to each other to achieve a new balance in the long term.
Kimera Naradh, Retius Chifurira, Knowledge Chinhamu
International Journal of Finance & Banking Studies (2147-4486), Volume 11, pp 120-131; https://doi.org/10.20525/ijfbs.v11i1.1524

Abstract:
In the preceding decade, the South African economy has experienced challenges due to global disruptive events, hence, the implementation of risk mitigation strategies becomes a priority in volatile markets. Stable distributions account for skewness and heavy-tailed behaviour which are frequently observed in financial data. This study aims to investigate the fit of stable distributions for three FTSE/JSE indices and the USD/ZAR currency exchange rate. The maximum likelihood method was applied to fit Nolan’s -parameterization stable distribution. Value at Risk (VaR) is measure assessing market risk, therefore, VaR estimates and Kupiec likelihood test are applied to evaluate the extreme tail behaviour of the fitted stable model. Results show the robustness of stable distributions in the long and short position for each daily returns. This research validates the use of stable distributions aimed at capturing the characteristics financial data. Those concerned with curtailing losses and investigating alternatives for financial modeling in the South African financial industry may benefit the most by using stable distributions.
Robert Mayo
International Journal of Finance & Banking Studies (2147-4486), Volume 11, pp 98-106; https://doi.org/10.20525/ijfbs.v11i1.1550

Abstract:
Using self-reported data from banks in mainland China, I apply a technique used in forensic accounting based on Benford’s Law to detect fraudulent manipulation of non-performing loan (NPL) figures.  I find large data anomalies consistent with false reporting in mainland banks that do not appear in an identically structured survey of Hong Kong banks.  A comparison of different types of data from mainland banks shows no statistically significant anomalies in data for total deposits from customers, operating expenses, net interest income, or non-interest income.
Indrayati Indrayati
International Journal of Finance & Banking Studies (2147-4486), Volume 10, pp 167-175; https://doi.org/10.20525/ijfbs.v10i4.1493

Abstract:
This study aims to determine the application of Accounting Information Systems in micro, small and medium enterprises in Malang Raya. With a population of entrepreneurs of trade and services and industry in Malang with a sample of 200 respondents. The form of research is interpretive research with primary data, and data collection is a survey using a questionnaire. The study results indicate that many micro and small companies in Malang Raya have implemented accounting information systems but have not been able to perfectly compile complete financial reports that can be used for economic decision-making. However, medium-sized companies have started to make perfect records. Accounting information systems include purchasing systems, sales systems, production systems, cash disbursements, and cash receipts systems.
Simplice Gaël Tonmo, Melissa Grace Tchapda Woumkep, Pierre Ghislain Tchoffo Tioyem, Glwadys Pinta Mefenza
International Journal of Finance & Banking Studies (2147-4486), Volume 10, pp 115-126; https://doi.org/10.20525/ijfbs.v10i4.1449

Abstract:
The main objective of this study was to identify the specific characteristics of companies in Cameroon and to highlight the factors that explain their reluctance to be listed on the stock market. Thus, in order to build the state of the art appropriate to this objective, we had to follow three lines of investigation: the theories related to the listing of firms on the stock market, their specific characteristics, and the cross-fertilization of these two fields. On the basis of the literature, four explanatory hypotheses were deduced: they are related to the shareholding structure of firms, to the financial characteristics, to the size of the firm and to the socio-demographic characteristics of the managers. To test these hypotheses, a survey was conducted among 40 SAs in the city of Douala. The data was processed with the SPSS 20 software and we used flat sorting, cross-sorting, pearson correlation test as well as linear regression. This methodology allowed us to obtain the results according to which the family and filial character and the size of the company are mainly the factors of reluctance of the listing on the stock exchange on the one hand, and the behavioral factors of the company managers, in particular the level of education and the experience on the other hand.
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