Finance

This study was undertaken for analyzing the impact of dividend payout on the stock prices, profitability, liquidity and risk of the company. Stock price and dividend payout ratio are the dependent variables of this study. It was qualitative research in which primary data was used. Data was collected with the help of questionnaire from 30 respondents. Several statistical tools and different types of techniques such as regression analysis, T-tests, correlation and covariance were applied for getting accurate and useful results. In this research one framework model was designed, that were tested with the help of five hypotheses. Rejection of null hypothesis revealed the positive impact of profitability, leverage and liquidity on the dividend payout. It was also observed that dividend payout has significant impact on the variation of stock price.

Migration is caused by a push from behind and/or a pull from an appealing prospect in front. The combination of push and pull factors and research into which specific determinants play a significant role in migration patterns has received a lot of attention in the empirical literature. Immigration is the main demographic factor and the government is supposed to have the ability to control its size and skill composition. In high income countries natural population growth nowadays is low (or negative) and overall population growth is mostly driven by immigration. A statistically significant role of migration in affecting the tax rate is found after controlling for income inequality and for several social and demographic variables that would be expected to reflect the government’s revenue needs and thus determine the tax rate. The aim of the present study is to examine if and how much the amount of public expenditures on social services has been affected by the migration among some Middle East countries over 1990-2007. JEL classification: H24, H75, J4.

Information Technology has achieved rapid changes with high influence in development of mankind. Information and communication technology (ICT) is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. In this competitive fast globalized world, Indian banking industry has been consistently working towards the development of technological changes in usage of banking operation for improvement of their efficiency and customer’s satisfaction. The major services like ATMs, on-line banking, Telephone banking, Mobile banking etc are the recent forms ICT enabled services in banking sector. Therefore, taking an advantage of information technologies (IT) is an increasing challenge for developing countries like India, banking operation in India are now offering attractive technology based services & products such as e-banking and core banking. Hence, the present research paper has made an attempt to study the role of Information and communication Technology (ICT) in decision making process of Indian banking domain among customers in Pollachi region.

This paper attempts to study the determining factors of Wadiah Saving Deposits in Malaysia. It intends to examine the relationship between Gross Domestic Product (GDP), Inflation Rate (INF), and Rate of Return (ROR) and Wadiah Savings Deposits in Malaysia. Analysis was done by using the Statistical Package for Social Science (SPSS). Some of the techniques used to measure the factors were Pearson Correlation, coefficient of determination (R2), ANOVAs, Multiple regression analysis, and T-statistics. Using the data from Monthly Statistical Bulletin, Bank Negara Malaysia from 2003 until 2010, and this study found that Rate of Return (ROR) influenced the changes of Wadiah Saving Deposits in Malaysia. By using T-statistics, the results showed that only one independent variables namely Rate of Return (ROR) had significant influence with Wadiah Saving Deposits while Gross Domestic Product (GDP) and Inflation Rate (INF) had no significant influence with Wadiah Saving Deposits.

The inefficaciousness and ethical deficiency of the current “Islamic” financial industry is well known. Taking a diachronic approach whilst resorting to scriptural reasoning, historical evidence and inductive rationale, the author suggests two prerequisites for Islamic financing. The paper is concluded with five scenarios that are in the author’s view, sine qua nons as far as Islamic financing is concerned.

The purpose of this paper is to investigate the intellectual capital (IC) efficiency of Indian banking sector in utilizing intellectual capital and capital employed to run the organization by using the data envelopment analysis methodology. The authors use three individual components of value added intellectual coefficient as the input variables, and Tobin’s Q and return on equity as the output variables. Examining a sample of 35 banks in financial years 2009-2013, findings of this study show that banks listed on the Mumbai stock exchange invest most of their resources in Structural Capital as compared to Human Capital and Physical Capital, and The Jammu & Kashmir Bank Limited, Indian Overseas Bank, HDFC Bank Ltd., State Bank of India, Federal Bank Ltd. and Yes Bank Limited are the most efficient company of all the sample banks, since they have the highest coefficient of intellectual capital super efficiency based on Anderson and Peterson model. The benchmarking analysis of this study may shed light for the managers in banks to benchmark and improve their efficiency in intellectual capital management. The overall average values of Technical efficiency 0.756, Pure technical efficiency 0.984 and Scale efficiency 0.766 suggest that managers of banks are inefficient in scale efficiency intellectual capital due to the technical problem and not managing intellectual capital.

The recently introduced Market Dynamics method presents a new approach towards measuring security price movements and related indicators. The approach leads to a new formulation for measuring P/E ratio changes, and indicates clear linkages between the expected change in P/E ratio for a security and the corresponding changes in earnings and money flow. As such, money flow appears to play a key role in determining valuations of traded securities.

The paper briefly described the operational mechanism innovation of key Microfinance Service Providers (MSPs) in Bangladesh. Grameen Bank has chosen to examine the approaches of microfinance. Grameen Bank is dominating microfinance market in Bangladesh in outreach, outstanding loans, savings, and efficient selected delivery mechanism. They offer micro-credit, savings and social services to the poor who were deprived from such access offered by conventional banks. Grameen Bank of Bangladesh is known worldwide for its innovative credit delivery to the rural poor. The bank offers loans to poor particularly the women in groups of five in order to create peer social pressure and solidarity which seems to work well in a society where social networks are often of vital Importance. Grameen Bank has been able to demonstrate the effectiveness of microfinance programs towards sustainable development for the rural poor in Bangladesh. The present study contributes to the literature on diverse microfinance approaches. The study may lead to further methodological improvement of the microfinance institutions in Bangladesh and elsewhere. Finally, microfinance practitioners and policy makers might gain better understanding on existing microfinance approaches in Bangladesh and can think or re-think for adaptation.

Since the discovery of oil in the country, the attention of Nigeria's public revenue has gradually shifted from tax revenue to non-tax revenue. This has several consequences on economic growth and development in the country. This study examines the effects of tax revenue on selected macroeconomic indicators in Nigeria. It employed annual time series data from 1986 to 2015 for personal income tax (PIT), company income tax (CIT), petroleum profit tax (PPT), value added tax (VAT) as independent variables while the dependent variables are employment rate (ER) and price stability (PT). 2 (two) equations were developed to interrogate the relationships between the dependent and independent variables. An autoregressive distributive lag (ARDL) model was adopted to examine the effect of tax revenue on the designated macroeconomic indicators. The results of the analysis for the 2 equations were mixed. With the overall significant effect of tax revenue on price stability, and the mixed (significant/insignificant) effect on employment rate, it is clear that the use of taxes seem to favour price stability rather than employment generation in Nigeria. Though insignificant, the speed of adjustment to equilibrium was very high for price stability while it became very slow for employment level. This study therefore recommends that Government should avoid multiple tax, but rather grant reasonable tax holidays and reduce taxation to encourage new investments and boost employment. A good part of tax should be allocated to upgrade social and economic infrastructures to reduce cost of doing business and improve profits for businesses that could be re-invested in the economy. Finally, government should strive to balance-off the incidences between income tax and service taxes in order to reduce the tax burden on civil/public workers, who have been observed to be the only segment that pay accurate tax to cushion the overall effect on the disposable incomes of these category.

This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. It describes the role of financial system development in economic growth at the macro level, both theoretically and empirically. It also describes briefly the relationship of corporate finance and firm performance. It finally concludes the review and presents some policy implications in view of the reviewed literature. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research.