ORIGINAL RESEARCH ARTICLE | Feb. 28, 2017
Test of Weak form Stock Market Efficiency in Selected African Stock Markets (2013 - 2015)
Adigwe, P. K, Ugbomhe, O. Ugbomhe, Alajekwu, Udoka Bernard
Page no 60-69 |
10.21276/sjbms.2017.2.2.1
This study examined whether a selected African stock exchanges provide evidence of weak form efficiency in
the recent time period January 2013 to December 2015. Two objectives examined were the normality of distribution of
stock prices in African stock markets; and to ascertain whether current values of the stock prices are related to various
lags of the past stock prices in African stock markets. The study covered 13 out of the 28 stock exchanges in Africa,
representing 38 nations' capital markets. The Jarque-bera statistics test of normal distribution and Augmented Dicker
Fuller test of stationarity for stock market efficiency were employed. The data obtained from the monthly All Share
Index data of the markets are log transformed to arrive at stock market returns used for the data analyses. Findings from
the result indicate that (1) African stock market follows normal distribution; (2) succeeding price changes are not
independent and move randomly in African stock markets. The study concluded that African stock markets are weak
form inefficient within the period under study. The study therefore recommended that addressing trading frictions;
promoting timely disclosure and dissemination of information to investors on the performance of listed companies; and
strengthening regulatory oversight are key elements of a strategy aimed at improving the efficiency of the capital market.
REVIEW ARTICLE | Feb. 28, 2017
Foreign Direct Investment: Catalyst for Sustainable Economic Development in Nigeria
Taiwo JN, Achugamonu BU, Okoye O, Agwu, M.E.
Page no 70-81 |
10.21276/sjbms.2017.2.2.2
This is a conceptual review (content analysis) of the effect of foreign direct investment as a catalyst for
sustainable economic development in Nigeria. The major objective is a comparative analysis of 87 developing countries
with the capacity to attract FDI and proffer possible solutions that will catapult Nigeria as a globally acceptable haven for
foreign investment. The secondary data were sourced from Investing Across Borders (IAB) 2010 report where 87
developing countries across the globe were assessed using the IAB indicators. The major conclusion drawn from the
survey is that Nigeria as a country is yet to maximize its potentials (given available resources and market size) at
attracting foreign investment. It also concludes that the process of foreign business establishment/ownership in Nigeria
need to be improved upon to encourage high patronage of foreigners in economic activities. This study therefore
recommends that Government should make policies that will encourage equity ownership of investments in Nigeria by
foreigners. The authorities should put in place machineries that will ensure a transparent and simple business registration
and ownership process.
ORIGINAL RESEARCH ARTICLE | Feb. 28, 2017
Knowledge Management, Employee Satisfaction and Performance: Empirical Evidence from Nepal
Lekhanath Khanal, Dr. Santosh Raj Poudel
Page no 82-91 |
10.21276/sjbms.2017.2.2.3
Knowledge Management (KM) is the process that deals with obtaining, processing, storing, disseminating and
applying of information and knowledge within an organization to support and enhance its business performance and
employee satisfaction. Financial institutions are realizing knowledge as a crucial resource in organization and should be
managed judiciously. Despite the claims for positive relation between KM process and employee satisfaction in banking
sector, few researchers have actually proved it. Therefore, the main objective of this study was to measure the effect of
knowledge management practices on employee satisfaction of banking sector in Nepal. In this study, a sample of 385
respondents was selected randomly from four different types of financial institutions of Kathmandu, Nepal. Statistical
analysis was done to draw the conclusion. The results clearly showed that components of KM process (KM obtaining,
KM organizing & KM applying) had positive relation with the organizational performance measured in terms of
employee satisfaction.
ORIGINAL RESEARCH ARTICLE | Feb. 28, 2017
Study on Transmigration Program for Community Empowerment Model Group Weak Economy (Studies in District West Pamenang Merangin, Jambi Province)
Dr. Endang Solichin
Page no 92-95 |
10.21276/sjbms.2017.2.2.4
Empowering the economically disadvantaged is to enable businesses and society's independence.
Transmigration is a model of population distribution in addition to an effort to improve the welfare of the economically
disadvantaged agricultural sector. The purpose of this study was to examine the transmigration program of empowerment
the economically disadvantaged in the village of Seven Island, Villages and Village Mampun Rasau District of West
Pamenang Merangin district. The focus of this research is the income of migrants oil palm farmers in the village of
Seven Island, Villages and Countryside Mampun Rasau Pamenang districts of West County Merangin. The method used
in this study were interviews, observation and discussions with migrants oil palm farmers in the village. The results
showed that the level of income tansmigran oil palm farmers in the village of Island of the Seven, village atmospheres
and Rasau village district subdistrict West Pamenang Merangin above-average per capita income of the Indonesian
population, thus an increase in the welfare of the migrants palm farmers in three villages.
REVIEW ARTICLE | Feb. 28, 2017
Linear Programming Problems in Fuzzy Decision Space
Padmabati Gahan, Monalisha Pattnaik, Sourav Dhal
Page no 96-101 |
10.21276/sjbms.2017.2.2.5
In this paper the optimal solution for linear programming is derived where some parameters are fuzzy in
numbers. In practice, there are many problems arise if the decision parameters are crisp in nature, and such problems are
usually solved by introducing either probabilistic programming or multi objective programming methods. Unfortunately
all these methods have shortcomings. In this note, the concept of fuzzy numbers is introduced, which is a very effective
method for solving these problems. With the problem assumptions, the optimal solution can still be theoretically solved
using the simplex based method. Fuzzy decision variables can be initially generated and then solved and improved
sequentially using the fuzzy decision approach by introducing robust ranking technique. The proposed procedure was
programmed through MATLAB (R2009a) version software for representing four dimensional slice diagrams to its
application. The model is illustrated with an application which incorporates all concepts of a fuzzy arithmetic approach to
draw managerial insights.
REVIEW ARTICLE | Feb. 28, 2017
Complimentary Rooms in the Hospitality Sector. Theoretical Issues and Business Practices
Aurelio G. Mauri, Roberta Minazzi
Page no 102-111 |
10.21276/sjbms.2017.2.2.6
Product sampling and free trials are a common practice in many industries. The present article aims to analyze
the offer of complimentary rooms within the hospitality business. Despite the widespread use of this marketing tool, the
phenomenon appears to be understudied within academic contributions and not comprehensively tracked by corporations
specialized in hotel market data and benchmarking. The article aims giving a comprehensive view of the topic,
combining both existing literature and sectorial applications. Theoretical contributions, concrete practices and practical
implications are discussed and further research directions are identified.