Finance

The aim of this investigation is examination relationship between financial ratios changes and stock returns changes in accepted companies in stock security exchange of Tehran. The statistical community of this investigation are accepted company in stock market of Tehran and the statistical sample is consist of 53 active company of different industries during 2007 until 2011. Hypothesizes/ theories are experimented by Smirnoff – calmogorof tests, independent and parsons cohesiveness. The findings indicate that there is significant and weak cohesiveness between cash ratios changes (current and quick ratios) and profitability ratios changes (grass profit/sail and profit/sail) with stock output in stock exchange. Finally, with attention to variable, the regression model is effective.

Identification of influential factors of firms has always been one of the main concerns for both academics and practitioners in the realm of finance. The aim of this study is to identify the role of managers of the firms on this issue. Statistical society of this research is all the public equity firms of Tehran which are registered in Tehran Stock Exchange. The sample is 61 of those firms in different industries. Results show that those registered firms who have board of managers with more independency have reported more profit at the end of their financial year. Managerial implications are presented and directions for future studies are shown at the end of this research.

The present study examines the risk model comparison, the conventional wisdom predicting bankruptcy, the Tehran Stock Exchange, with the curve and the ROC, is paid. In this study, the performance model risk, in the face of conventional wisdom predicting bankruptcy, with a comprehensive exam, and using a full database of companies listed on the main Tehran Stock Exchange between 2011 to 2014, with curve and the ROC, we tested. In this study, risk models are of two types. 1. The risk model based on accounting information, and (2) risk model based on market information. And traditional bankruptcy prediction models, as well as two types, 1. Z concession model, only the use of accounting information, and (2) provided that the claim based model, in equity, as an option to decide on assets looks. The population of this research, companies listed on the Tehran Stock Exchange. The population of this study, which is now number 342, 95 of them are bankrupt and the sample number, company number is 246, 67 of them are bankrupt. In this study, the software brings new 3, Excel and SPSS (spss) is used. The individual results of each test curve ROC (receiver operating characteristics), and the ROC suggests that the ability to predict bankruptcy risk models better than the traditional approach.

This paper explains the process of measuring and analyzing Bank Total Productivity (BTP) and the productivity changes in bank braches using Data Envelopment Analysis (DEA), Slack Based Measure (SBM) and Malmquiest Productivity Index (MPI) in Export Development Bank of Iran (EDBI). For this purpose, we have measured and analyzed the productivity growth in EDBI branches using MPI in the period of 1994-2005. The trend of efficiency scores’ moving averages confirms improvement in BTP over the period of study. Moreover, the results show %1 and %2 on average improvement in the productivity of EDBI branches in period 2004 and 2005, respectively.

With the influential and remarkable progress through promoting local currency (for de-dollarization), regional foreign direct investment, and regional trade, BRICS economies have emerged, and took a new space in the 21st century. In this paper, the main objective/purpose was to focus on the influence of trade and investment on their economic growth and prosperous development; based on comparative analysis. Moreover, the identification of three steps of upward evolution shows that BRICS role is growing both in trade, investment and service, but replacing also the G-7. For empirical investigation, this study used panel data approach, where the empirical results reveal that the impacts of investment and trade on economic growth in BRICS are positive and statistically significant.

The main purpose of the current research is evaluating the effect of successful implementation of information systems on firms’ performance; case study is Bojnourd Cement Company during 2001 to 2004. Productivity, managers’ decision-making process, information quality, and human resources are considered as variables of the study. Research method is of questionnaire type, using general and professional questions in Likert scale. Research type, in terms of aim, is considered as applied research type. For data analysis, descriptive and inferential statistics is used. In inferential statistics-part of the study, to answer and to make decisions regarding study hypothesis as well as generalization of them to the statistical population under investigation, various tests such as one-tailed Student's t-test, one-tailed variance analysis test and Duncan Compare Means Test is used after converting study variables from ordinal scale to interval scale. The results of the study indicate that implementation of a successful accounting information system is effective on all performance components except productivity.

Property tax is gradually becoming a major source of revenue for local councils in Nigeria. However, in generating revenue through property tax there is the need for local councils to consider the attitude of the residents within their jurisdiction to payment of the property tax in order to encourage public participation in the usage and the collection of the property tax. The methodology of study therefore is based on the questionaire distribution of 0.00035% of the population of the study and analysed with multivariate analysis. The multivariate analysis examined the payment of property tax as an independent variable against three dependent variables which are Awareness of Property tax, willingness to pay if property tax is splited into forms and willingness to reside or shift location if the property tax is reviewed upward. The result of the study suggest that with a calculated alpha level of 0.024 which is less than 0.05, commercial property occupants in this local government will shift location if the property tax is reviewed upward. It is the recommendation of the study therefore, that there will be the need for local government to set up a machinery to monitor the attitude of the residents as this findings may be different in other local government areas.

Working capital management is considered to be a crucial element in determining the financial performance of an organization. In this study, the purpose was to investigate working capital management and their effect on financial performance of the remittance companies in Mogadishu Somalia. Using descriptive research design, a total of 81 managerial and staff members from the two out-grower companies were targeted by way of completing a standardized and semi-structured questionnaire. The study adopted a regression and descriptive research design which attempted to explore the relationship between working capital management and financial performance. The performance was measures in terms of profitability by return on total assets, and return on investment capital as dependent financial performance (profitability) variables. The working capital is used three objectives which account receivable management second objective were cash flow management and last account payable management on the financial. In order to plane research finding the researcher used descriptive design and the data instrument used the study was questionnaire. The data analyze was SPSS (version 16).data was presented using by both descriptive and regression with anova and lastly the finding as the following.WCM practices were comparatively more effect on the financial performance. Specifically, it was observed that the companies’ receivables were mostly effect on the financial performance. Second cash flow management have passively effect on the financial performance and account payable like so finding to study became a number increased to account receivable in greases financial performance and also a number increased to cash flow management also to account payable add value or positively effect on the financial performance of the remittance companies in Mogadishu Somalia. Finally, there was need for the remittance companies to allow and increase their working capital management.

This Study examines the effect of inflation targeting policy on inflation tax in selected countries of the world. For this purpose panel data model was used in 36 selected countries during 2003-2009. Also by using mean difference test, the inflation tax for three years before and after inflation targeting was examined. Results suggested an inverse relationship between inflation targeting and the inflation tax by Friedman method. In addition, results of mean difference test for all countries and for each country separately, unexpectedly suggested an increase in inflation tax in the most countries after implementation of inflation targeting policies. In addition results of mean difference test for all countries and for each country separately suggested after implementation of inflation targeting policies, inflation tax is rising. In other words we can say that inflation targeting policies has not been granted to reduce the inflation tax.

This discourse is directed at highlighting the importance of financial accountability in school management. Budgeting is a managerial function that enables every administrator to efficiently utilize all financial resources available to the organisation. Financial accountability will be difficult to achieve in the absence of good budgeting. The role of the school administrator in effective budgeting, as well as the challenges to effective budgeting in the face of a negatively skewed national budgetary allocations are also highlighted. It concludes that effective budgeting will be difficult to achieve in the existence of financial uncertainties, policy inconsistency in educational development and increasing pressure on education facilities arising from growing demand for formal education in the public school system. It recommends the development of an education policy that will have a minimum life span of twenty years; and the development of a body of school system personnel that is compliant to the digital system of information management. A reliable information base and efficient information management system will go a long way in facilitating good budgeting practice and effective accountability.