Finance

In this modernization era, Banking activities have been automated. Technology has brought banks and services to the doorsteps of the customers. ATM is one of the boons for the customers to withdraw their money or deposit their money on any day at any time. In this context the ATM cardholders should be well versed with ATM and its related matters. In this present study, which has been conducted among 100 ATM card holders of various banks in Srimushnam Taluk, an attempt has been made to assess whether the ATM card holders are aware of certain important matters and behaviour of them.

We evaluate monitory cost to explore the reasons and find that using venture capitalists as specialized investors with lower monitoring costs than other institutional investors, earnings management is less likely for low investor beliefs but more likely for high investor beliefs for VC-backed firms relative to non-VC-backed firms. Numerous studies conclude that firms manage earnings upward prior to issuing equity Securities in an effort to minimize the dilution effect on existing shareholders (Theo, Welch and Wong, 1998a and 1998b). Erickson and Wang (1999) extend this line of reasoning to corporate mergers in which the acquiring firms pay for the target with stock. Similar to an equity offering for cash, they suggest that acquirers inflate earnings prior to the merger in order to increase stock prices, and thereby reduce the number of shares they must exchange in the stock swap. We can also obtain the same results as former study that auditor’s quality negatively related with earnings management. Considering above consequence, we documents IPOs firms engaged in managing earnings with high investor beliefs have an influence on the long-run abnormal stock return performance. These findings have implications for investors, firms, and accounting standard setters. More prudential monitory is important during market booming periods. We founded that firms have incentives to engage in earnings management before the announcement date of private equity offerings. The manipulation direction may be upward or downward according to the types of placement. Our empirical results indicated that management tended to manage reported earnings upward when the private placement was subscribed by non-insiders; whereas management tended to downward manage earnings when the private placement was subscribed by insiders.

Most NGO’s in Kenya have shifted focus to budgetary control as a way of enhancing effectiveness in their services. Recognizing the role of budget and budgetary control has gained attention which has led some organizations to establish departments for implementation. The aim of this study was to investigate the role of budgetary control on the performance of NGO’s in Mombasa County. Specifically the study looked into the following objectives: effect of budget planning on the performance of Non-Governmental Organizations; effect of budget supervision on performance of Non-Governmental Organizations; effect of participative budgeting on performance of Non-Governmental Organizations; and effect of funds availability on performance of Non-Governmental Organizations. Chapter two gives theoretical review of the study by discussing capital budgeting theory, budgetary control theory and budget forecasting theoryand a conceptual study is introduced to inform and guide the study. Literature review and empirical review are also conducted. Chapter three discusses the study research methodology where descriptive survey study research design will be used. This study examined the role of budgetary control on the performance of Non-Governmental Organizations in Mombasa County. The research target population consisted of 115 Non-Governmental Organizations. Fifty two Non-Governmental Organizations were selected using stratified random sampling technique, both local and international organizations with operations in Mombasa County. A descriptive survey (questionnaires) was used in the data collection. The statistical package for social sciences version 21.0 was used to analyze the data using descriptive statistics, including means and standard deviation. The relationship between budgetary controls and performance of the NGOs was analyzed using correlation and regression analysis. The research findings established that there is a positive effect of budgetary control on performance of Non-Governmental Organizations in Kenya measured by R square at 0.776. Thus this study recommends other studies be undertaken that take into account other factors like the employee characteristics, NGO turnover and age of the organization on performance. It also recommends that a study should be carried out that underscores the contribution of these factors on financial performance since the current study limited to non-financial performance indicators only.

This study examined the factors driving economic growth in Nigeria from the period of 1981-2014 using Johansen co-integration and VECM analysis technique to test for the existence of co-integration between the variables of this study and causal impacts. The result found that there is no causal relationship between labour and economic growth in Nigeria and causality do not run from labour to economic growth. Also, there is a causal relationship between economic growth and capital in Nigeria, and capital is causing changes in economic growth in Nigeria. There is also a causal relationship between capita and labour, the granger causality result shows that there is a causal relationship between labour and capital. This study therefore recommend that the government should use expansionary monetary and fiscal policies that reposition the structure of Nigerian economy to revive economic activities in the economy which will help rise both labour and capital for increased growth rate.

The study focused on the effect of liberalization of banking industry. In the past three years Kenyan banking sector has progressed towards increasing retail banking and decreasing the corporate banking. This is evident in the efforts banks are putting to attract retail customers through advertisements and sales promotions. Retail banking in Kenya in the past years had been severely underdeveloped and marginalized, since the majority of Kenyans live below the poverty line and cannot afford the luxury life. The study therefore established the effect of retail banking on the performance of financial institutions in Kenya. The general objective of the study was to determine the effect of retail banking in the performance of financial institutions. The study was guided with the following specific objectives; lending portfolio, number of customers, branch network and deposit mobilization. The study relied on both primary sources and secondary sources. The primary sources were the operation Managers, retail managers and relationship managers of the financial institutions while the secondary sources included reviewing the literature on the banking sector in Kenya and the East Africa region, previous research carried out from the same field, annual reports regarding the industry and official company manuals. The data collection methods included questionnaires and interviews. The collected data was edited and then coded. Data was analyzed using descriptive and inferential statistics with the aid of Statistical Package for Social Sciences (SPSS) Version 22.0. Descriptive statistics included, frequencies, percentages, means and standard deviations. On the other hand, inferential statistics was in form of both Pearson’s correlation coefficient and multiple regression. Correlation facilitated drawing of infrences on relationship between each of the independent variables. Multiple regression enabled assessment of the effect of the independent variables on savings mobilization performance as a whole significance. The study findings concluded that Deposit Mobilisation, Lending Portfolio and Branch Network were found to have a significant and positive impact on financial performance; it would be wise to conclude that Deposit Mobilisation, Lending Portfolio and Branch Network were found to have a strong positive relationship. On the number of customers on financial performance, the study established that Number of Customers has an insignificant relationship with financial performance. It was recommended that commercial banks should design other innovative marketing strategies which can increase the level of low cost deposits such as use of mobile phone in collecting deposits. The Management of commercial banks should put in place strategies that focus on unbanked population since they represent a significant number of customers left out which can build trust on and sustain its performance once they are included in the financial sector. The study further recommends that in- order to enhance the performance in the whole financial sector, the same study can be carried out in micro finances.

In financial monitoring, instead of direct control of prices and conditions of the insurance company contracts, financial indexes and financial strength of these companies is evaluated. Solvency margin is a tool used by many advanced companies for financial monitoring that represents the excess of assets than liabilities. Or we can say the financial ability of the insurance company to cover its accepted risks. So far, the world's different systems using different methodologies are designed and implemented to evaluate solvency of insurance companies. In this paper, using the criteria identified in the literature, while comparing the insurance industry's financial monitoring system in Iran with other systems - solvency II and the united states RBC- we make recommendations to improve the solvency formula defects of insurance industry in Iran.

This study examines the responsiveness of inflation to monetary policy in Nigeria. The specific objective was to determine empirically the extent to which monetary policy had helped in achieving general price stability in Nigeria within the chosen scope. Data for the study were obtained from secondary sources. The ordinary least square, Augmented Dickey Fuller (ADF) unit root test, Johansen Co-integration test, as well as parsimonious Error Correction Mechanism method were adopted to analyse the data. The results revealed that the impact of regulatory instrument on inflation was relatively low indicating that monetary policy was not a good predictor of inflation rate in Nigeria. Results also revealed non-stationarity at level form rather stationary after first differencing; and integrated at order one 1(1). Further revelations indicated that a long-run relationship existed among the variables and showed the presence of one co-integrating vector in the model. The study offers some important policy implication: the government should compliment monetary policy with fiscal policy to attain macro-economic objectives, diversifying the economy and encourage local productivity to stabilize prices.

The purpose of this study was to find out the effect of strategic management practices on customer retention in Commercial Banks in Kenya. Specific objective formed the basis of the study namely: To establish the effect of, strategic corporate governance practice on customer retention in the commercial banks in Kenya and the theory used was Agency theory. The total number of banks registered with the Central Bank of Kenya is forty-three (43) hence a survey method was used. The questionnaires were distributed to all banks and the managers and the department heads were requested to fill in. The total numbers issued was 123 questionnaires and 117 were returned, giving a response rate of 86%. The questionnaires were coded and fed into the SPSS. The data was then analyzed using descriptive statistics such as mean and standard deviation. Inferential statistics was used including ANOVA, correlation, multiple regression method. Qualitative data was used to put into categories based on themes that would be aligned to research objectives and would be integrated in the discussion of the findings. The findings of the study show that strategic corporate governance practice were significant on Customer Retention. Therefore, it was concluded that to increase customers the strategic management practices must be adopted. Banks should ensure that strategic corporate governance practice become their watchword. This will enhance efficiency and profitability and encourage an environment for the cultivation of other attributes of corporate governance. It should also promote accountability, transparency, healthy ethics, integrity and participation of stakeholders. Internal discipline and a strong operational agenda rooted in corporate governance, strong leadership, strengthened by moral questions bordering on integrity to carry out functions as appropriate should be put in place. This study gave managers invaluable; insights on how to plan allocate and enhance capabilities in ways that allowed them to achieve commercial banks objectives in dynamic and competitive environment using strategic management practices and customer retention strategy. Therefore, since strategic management practice could be of value, they were well advised to pursue customer retention as well as at a suitable level of strategic management practices

Internet banking has made drastic changes in the banking system of India. The Indian banking with its large network provides various kinds of E-Banking services to the customer. Now a day’s most of the banking transaction happens through E-touch. E-Banking is modernizing the whole system of the bank with the aid of technology. Though the bankers as well as the customers were facing some initial hitch with the introduction of E-Banking, later stages the country has witnessed a wide spread acceptance of technology for banking. The SBI and ICICI banks plays very crucial role in banking industries. The paper attempts to give an insight on various E-banking services and the latest development in E-Banking for the period of 2010-11 to 2015-16. The paper also focuses on the challenges faced by banking industry in adopting the E-banking with the help of IT.

The role and importance of Mutual fund institutions is widely appreciated and acknowledged and the Kenyan government has increased emphasis on fund mobilization through legislations which gave birth to Mutual funds. Despite the significant role played by Mutual funds in Kenya, their growth is relatively low. This research seeks to assess the effect of financial innovation on growth of mutual fund institutions listed in NSE. The research adopted a descriptive survey research design. The study targeted 61 funds/ units operating under 18 listed fund institutions in 2016. The sampling technique used is stratified random sampling to ensure that each fund type is proportionately represented in the sample. Secondary and primary tools were used to supplement data collected. Reliability and validity tests were conducted to test the quality of data collected. Inferential statistics were done to identify the relationship between financial innovation and growth of mutual fund institutions listed in NSE. The study results indicate financial innovation has significant and positive influence on the growth mutual fund institutions listed in NSE. The study indicated that 17.8% explains the relationship between financial innovation and growth of mutual fund institutions linked with Return on investment while 46.3% explains financial innovation and growth of mutual fund institutions linked with assets under management