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Results in Journal International Finance and Banking: 76

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International Finance and Banking, Volume 5; doi:10.5296/ifb.v5i1.13000

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John Mylonakis
International Finance and Banking, Volume 7; doi:10.5296/ifb.v7i2.17943

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Niccolo Caldararo
International Finance and Banking, Volume 3; doi:10.5296/ifb.v3i2.9682

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Ly Phuong Tran, Binh Thi Thanh Dao
International Finance and Banking, Volume 7; doi:10.5296/ifb.v7i1.16436

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Yaser Ahmad Arabyat
International Finance and Banking, Volume 4; doi:10.5296/ifb.v4i2.11987

Abstract:
The aim of this study is to choose and estimate the effect of foreign investments in engine for economic growth and hence poverty reduction in the developing countries. The study concluded that there is a weak effect of non-moral of foreign investments on decreasing unemployment in the developing countries, regardless of the existence or absence of development. In addition, the study concluded with a negative effect for the total local production on unemployment and poverty. Finally, we concluded that this may be a result of profit repatriation of foreign firms, crowding out of domestic investment because of FDI or low level of human capital in the country.Consequently, the study recommended to despite how desirable the inflow of FDI is to developing countries, care should be taken when attracting foreign investments and they should be directed to the productive sectors of the economy. Also government should create a competitive environment so as to maximize the benefits of FDI because by exposing foreign investors to an even playing field with indigenous investors.
Ngoc Hung Dang, Thi Viet Ha Hoang, Manh Dung Tran
International Finance and Banking, Volume 4; doi:10.5296/ifb.v4i2.12030

Abstract:
This study is conducted for investigating the impact of cost control on business efficiency of small and medium-sized enterprises (SMEs) in the area of Thai Binh, Vietnam for the period from 2012 to 2014. Impacting factors were built and verified on business efficiency of SMEs including (i) Cost of goods sold ratio, (ii) Financial expense ratio, (iii) Administration expense ratio, (iv) Firm size, (v) Financial leverage, (vi) Assets structure, and on Pre-tax return on sales ratio and Pre-tax return on assets ratio. The study employed regression models of OLS, FEM, REM and GLS with multi-year dataset of SMEs in Thai Binh province. The results show that the ratios of cost of goods sold, financial leverage, and administration expenses have negative relation with business efficiency, but affecting Return on sales (ROS) and Return on assets (ROA). In addition, financial leverage, assets structure and firm size have small impacts on ROS and ROA. Also, basing on the findings, SMEs operating in the form of joint stock company have higher business efficiency than those operating in the form of limited liability company.
Federica Ielasi, Lorenzo Gai, Cornelia Ilie
International Finance and Banking, Volume 4; doi:10.5296/ifb.v4i2.12065

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International Finance and Banking, Volume 6; doi:10.5296/ifb.v6i2.14928

Abstract:
This paper investigate whether macroeconomics indicators influences stock price behavior in Nigerian stock market, using an annual time series data spanning from 1985-2015. The study employed some econometric tools such as Augmented Dicker Fuller (ADF) Unit Root test, Johansen’s co integration test, Vector Error Correction Model (VECM) to analyze the variables of interest. The study found out that Money Supply (MS) has an inverse but statistically significant influence on stock prices in Nigerian stock market also Treasury Bill Rate (TBR) has an inverse and statistically insignificant influence on stock market prices. While on the other hand, Market Capitalization (MCAP) has a positive and statistically significant influence on stock prices while Exchange Rate (EXR) has positive but statistically insignificant relationship with stock prices in the Nigerian Stock Market. In view of the above, the study recommends amongst others that monetary authorities should try as much as possible to implement sound macroeconomic policies that would enhance stock market growth and development in Nigeria.
International Finance and Banking, Volume 3; doi:10.5296/ifb.v3i2.10351

Abstract:
The aim of this paper is to examine the determinants of capital structure (profitability, size, risk and growth). The sample is composed of 39 Bahraini firms listed in Bahrain Stock Market. The study covered the period 2011-2015. Correlation and regression analysis have been used to identify the relationship between the capital structure determinants and debt leverages (book leverage and market leverage). Correlation analysis aims to identify this relationship at market level and at sectorial level. Regression analysis objective is to anticipate the models characterizing the relationships between determinants and capital leverages. Results of the analysis shows negative significant relationship between profitability and dependent variables, with more significance relationship with market leverage. This relationship is demonstrated in market level and in insurance and services sectors between profitability and book leverage. When the market leverage is the dependent variable this relationship is valid in market level and in banking, hotels, insurance and services sectors. Positive significant relationship has been found between size and both leverages in market level. Similar result is detected on sectorial level in banking, industrial, investment and services when the dependent variable is book leverage. Size-market leverage relationship is positive and significant also in insurance, investment and services sectors. The relationship risk—book leverage is significant only on sectorial level in Industrial, insurance and investment sectors. In term of market leverage—risk relationship, significant relationship is detected in market level and in investment and services sectors. Regression analysis results present a significant linear model reflecting the relationship between determinants of capital structure and leverages.
International Finance and Banking, Volume 3; doi:10.5296/ifb.v3i2.9821

Abstract:
This study investigates the dynamic interrelationships among stock prices and selected macroeconomic indicators namely; economic activity, global commodity price index, inflation and interest rates in Ghana. By employing a Vector Autoregression (VAR) Model, the empirical results reveal that stock prices depreciate with an increase in global commodity prices and interest rates indicating a negative relationship. On the other hand, stock prices appreciate with an increase in inflation and economic activity indicating a positive relationship. Examining stock market variability on the selected macroeconomic variables also showed that inflation and interest rates respond negatively to changes in asset prices while the stock market itself is not found to be a leading indicator for economic activity. The evidence suggests that the listed equities on the GSE are a hedge against inflation in Ghana. Increasing economic activity over time is advantageous for the Ghanaian stock market.
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