REVIEW ARTICLE | Nov. 5, 2023
Theoretical Foundations and Implications of Neural Ordinary Differential Equations (Nodes) For Real-Time Portfolio Optimization
Abdulgaffar Muhammad, John Nma Aliyu, Adedokun Lateef Adetunji, Anthony Kolade Adesugba, Micah Ezekiel Elton Mike, Mohammed Abdulmalik
Page no 475-483 |
DOI: 10.36348/sjef.2023.v07i11.001
This paper embarks on a comprehensive exploration of the theoretical landscape surrounding the integration of Neural Ordinary Differential Equations (NODEs) into the domain of real-time portfolio optimization. The study commences by establishing the background and motivation for this research, shedding light on the challenges encountered in real-time portfolio management and the potential transformative role NODEs can play in addressing these challenges. The theoretical framework unfolds in a structured manner, encompassing critical facets of portfolio optimization theory. It delves into classical portfolio optimization methodologies, including the mean- variance framework and continuous-time stochastic control techniques. This solid theoretical foundation provides the basis for understanding the nuances of optimizing portfolio weights, expected returns, and risk measures. The heart of the research lies in the integration of NODEs, an innovative fusion of deep learning and differential equations, into the fabric of portfolio optimization. NODEs, with their adaptability and ability to model continuous- time dynamics, emerge as a potent tool for real-time portfolio rebalancing and decision-making. The study provides an in-depth overview of NODEs, elucidating their architecture and their application in modeling financial time series data. This theoretical journey leads to the exploration of practical implications. The study highlights the potential benefits of incorporating NODEs into portfolio management, including improved risk management, enhanced returns, and the capacity for adaptive asset allocation strategies. However, it also addresses the limitations and challenges associated with this integration, such as data quality issues and computational requirements. In conclusion, this research presents a theoretical framework that bridges the gap between deep learning and continuous-time financial models, offering a promising avenue for real-time portfolio optimization. The insights derived from this study serve as a foundation for future research and practical applications in navigating the intricate landscape of financial markets.
REVIEW ARTICLE | Nov. 5, 2023
Fractal Geometry in High-Frequency Trading: Modeling Market Microstructure and Price Dynamics
Abdulgaffar Muhammad, John Nma Aliyu, Adedokun Lateef Adetunji, Anthony Kolade Adesugba, Micah Ezekiel Elton Mike, Mohammed Abdulmalik
Page no 484-488 |
DOI: 10.36348/sjef.2023.v07i11.002
This theoretical article delves into the intricate world of high-frequency trading (HFT) without empirical testing of real-world data, focusing on the incorporation of fractal geometry principles to enhance our understanding of market microstructure and price dynamics. In the introduction, we outline the significance of this research in the context of modern financial markets and lay out the objectives of our theoretical analysis. The article then takes an in-depth dive into fractal geometry fundamentals, illuminating its core concepts and its relevance within financial markets. Subsequently, the article explores the landscape of high-frequency trading, offering an overview of this dynamic domain and how fractal geometry can be incorporated into trading models. The section on modeling market microstructure presents theoretical approaches to understanding order flow dynamics, including novel derivations and equations. It then transitions into fractal-based approaches for analyzing the complexities of market microstructure, providing both an original perspective and numbered equations. Moreover, this article investigates the theoretical modeling of price dynamics, underscoring the pivotal role of fractal geometry in enriching these models. The discussion revolves around the fundamental autoregressive models and multifractal models, and it elucidates how fractal geometry principles, such as the Hurst exponent, come into play. We explore the self- similarity of price dynamics, fractal dimensions, and how these aspects can be integrated into high-frequency trading strategies. Overall, this article offers a comprehensive theoretical exploration of fractal geometry's implications in the realm of high-frequency trading, providing valuable insights for both researchers and practitioners seeking to fathom the complexities of market microstructure and price dynamics. The incorporation of fractal principles into financial models fosters a deeper understanding of self-similarity and complexity within financial markets, even in the absence of empirical data.
ORIGINAL RESEARCH ARTICLE | Nov. 6, 2023
Long-Term and Short-Term Impact of External Debt on Economic Growth in Laos: An ARDL Model Analysis
Keoudone Keothephar, Vilayvanh Srithilat, Khammai Bounphone
Page no 489-497 |
DOI: 10.36348/sjef.2023.v07i11.003
This study investigates the impact of external debt on the economic growth of Laos, with a specific focus on the evolving structure of external debt in the country spanning 1995 to 2020. It employs an Autoregressive Distributed Lag (ARDL) model to establish long-term cointegration among key economic variables. The variables under scrutiny include human capital, labor force participation, external debt, inflation, and exchange rates, which are analyzed for their roles in shaping economic growth in Laos. In the long term, the study identifies robust and statistically significant relationships. Notably, human capital and the labor force emerge as influential drivers of economic growth, with coefficients of 2.0594 and 0.0591, respectively. Conversely, there is a substantial negative correlation between the external debt ratio per GDP and inflation rate with economic growth. This indicates that increases in these variables are associated with diminished economic expansion over time. In the short term, the study reveals that human capital and labor force participation positively impact Laos' economic growth. In contrast, the short-term effects of the external debt ratio, inflation rate, and exchange rate are adverse, indicating potential economic challenges that need to be addressed promptly. Based on findings, this study provides valuable insights into the determinants of economic growth in Laos, both in the long and short terms. These findings can inform policymakers and researchers in the development of more effective economic strategies, taking into account Laos' unique economic context.
ORIGINAL RESEARCH ARTICLE | Nov. 6, 2023
A Comprehensive Literature Analysis on the Modern Perspective of Management Accounting, Focusing on its Origins and Evolutionary Trajectory
Salma Shaheen Shaik
Page no 498-507 |
DOI: 10.36348/sjef.2023.v07i11.004
This paper conducts a comprehensive analysis of the literature to provide a thorough understanding of the origins and development of management accounting, which has experienced increased popularity, particularly in the past twenty years. This paper undertakes a critical examination of the extensive criticism around the perceived decline in the relevance of management accounting in effectively improving performance within the context of a contemporary, dynamic company environment. This paper aims to enhance understanding of the simultaneous utilization of both classic and contemporary management accounting procedures. The study conducted a comprehensive analysis of the prevailing degree of interest in the adoption of management accounting methods in both developed and emerging nations. The examination of relevant literature has yielded a critical analysis that indicates the origins of management accounting may be traced back to the industrial revolution that occurred in the 1900s. The study also indicated that management accounting is subject to ongoing development as organizations encounter novel challenges requiring resolution. Furthermore, it was found that management accounting approaches employed in the early 1900s remain relevant and useful in contemporary contexts. The school of thinking that argues for the diminished significance of management accounting has been refuted on the basis that classic management accounting practices employed in the 1900s continue to hold relevance in contemporary times. The study proposes the use of management accounting practices as they enhance the organization's competitive advantage and generate value.
ORIGINAL RESEARCH ARTICLE | Nov. 7, 2023
A Study of Influencing Leadership Styles on Financial Performance in Saudi Arabian Commercial Banks
Dr. Said Jaouadi, Dr. Rachida Ben Jazia, Dr. Nahed Khabbouchi, Dr. Hayat Haqawi
Page no 508-514 |
DOI: 10.36348/sjef.2023.v07i11.005
This study examined the relationships between different leadership styles and bank performance in Saudi Arabia. The partial least squared was conducted to assess the impacts of autocratic, democratic, laissez-faire, and transformational leaderships on financial performance of banks using data from 199 responses collected from 7 Saudi banks. The findings revealed that autocratic leadership had a significant positive effect on performance, while democratic leadership's influence was insignificant. Transformational leadership did not significantly impact outcomes despite correlating strongly with democratic leadership. Laissez-faire leadership was found to negatively influence transformational leadership. These findings provide useful insights yet also merit deeper examination of moderating factors. Autocratic leadership appears suitable given local preferences for hierarchy, but risks stifling creativity long-term. Democratic leadership fosters innovation but still be unable to affect positively the decision-making efficiency. Transformational leadership unexpectedly doesn’t positively affect the financial performance of banks in Saudi Arabia.
ORIGINAL RESEARCH ARTICLE | Nov. 16, 2023
Devolved Governance System and its Economic Development Impact to Rural Counties in Kenya: Case Study Kakamega County, Kenya
Ali Keya Anami
Page no 515-524 |
DOI: 10.36348/sjef.2023.v07i11.006
This study aims at discussing how devolved governance system has an economic impact to rural counties in Kenya with Kakamega rural county as the case study. The Devolution is one of the most transformative changes to Kenya’s governance system brought about by the Kenya Constitution, 2010. Article 174 of the Constitution provides that one of the key objectives of devolution is to promote social and economic development and provide proximate, easily accessible services throughout Kenya. Many rural Counties including Kakamega County faced with a myriad of challenges such as poverty, unemployment, disease, low agricultural productivity among others. Kakamega County through its short, medium and long term plans came up with an Integrated Development Plan (CIDP). The CIDP helps the county in identification of the projects and programmes through various consultative forums at the sub-county level vide Focused Ward Groups, community dialogues, County Stakeholders, such as the County Budget and Economic Forum, Kenya National Chamber of Commerce, Public Benefit Organizations such as GROOTS Kenya, ADS, and International development partners such as UNICEF, UNDP and USAID. Kakamega county has achieved much in terms of developments in various sectors such as education, health, infrastructure and urbanization. This study contributes in highlighting how devolved governance system has a positive impact to rural areas in kenya. The study provides crucial insights on devolution as a tool to economic development changes in rural Kenya especially in Kakamega County.
REVIEW ARTICLE | Nov. 18, 2023
Role of Accounting in Human Resources Management: A Co Authorship Network Study
Zertaj Fatima, Bilquis Banu
Page no 525-532 |
DOI: 10.36348/sjef.2023.v07i11.007
Accounting for human resources is a relatively recent field. The organization may gain a direct or indirect advantage from the accountant's labor. In order to give users of financial information the ability to make rational, global decisions, accounting is the process of recognizing, quantifying, classifying, and reporting financial data. A company's HRA demonstrates the commitment it makes to its employees and the evolution of their values throughout time. Accounting for human resources gives management accounting more significance and aids in determining the capital worth of human resources and management development. About the value of a human asset, HRA offers quantifiable information. The current study's goals are to outline the function of accounting in HRM and identify coauthors whose works have received more than 500 citations in the field. The goal of the current study is to look up studies on the function of accounting in human resource management in the literature database. Research articles and their co-authors have been chosen based on inclusion and exclusion criteria in order to meet the research purpose. Lastly, VosViewer has been used to present the chosen research publications authored by coauthors that received more than 500 citations.
The financial problems of small and medium-sized enterprises have the representative role of the mainstay, and the financial problems have a common character. It is of practical significance to analyze the financial problems and give countermeasures. The author selects an enterprise engaged in, through in-depth participation in the work, gives an analysis from the global perspective from their own perspective, and gives countermeasures. The overall financial level of Z sanitation company is higher, and the level of financial personnel is higher, is a group of service enterprises, I hope to take this as a real case, to give some inspiration to the work of financial personnel.
ORIGINAL RESEARCH ARTICLE | Nov. 22, 2023
A Corpus-based Critical Discourse Analysis of CEO Statements in CSR Reports——A Comparative Study of Huawei and Apple
Han Jun
Page no 540-547 |
DOI: 10.36348/sjef.2023.v07i11.009
Corporate Social Responsibility (CSR) report is an effective way to promote the management of social responsibility and strengthen internal and external communication. CEO Statement, as the initial and prominent section in CSR reports, can give readers an overview of the whole reports. This paper selects Huawei and Apple as the data source and downloads the CEO statements in CSR reports from the official websites between 2017 and 2021 and build two corpora. The author uses Fairclough’s three-dimensional critical discourse analysis (CDA) mode as framework to analyze text, discourse practice and social practice of the CEO statements. By comparative analysis of CEO statements in Huawei and Apple CSR reports, we can find different features caused by different cultures. The study will provide practical suggestions for Chinese companies when compiling overseas CSR reports.
ORIGINAL RESEARCH ARTICLE | Nov. 25, 2023
Drivers of Manufacturing Export Performance in Nigeria: An Application of the GMM Estimation Approach
Bashir Adelowo Wahab
Page no 548-560 |
DOI: 10.36348/sjef.2023.v07i11.010
Manufacturing is an industrial component that is widely regarded as the cornerstone of both social and economic development. This study investigates the drivers of manufacturing export performance in Nigeria for the period 1981-2019. Given the existence of endogeneity problem in the model, the study under a dynamic time series estimation employed GMM estimator. Manufacturing exports performance was measured using growth rate of manufactured exports, percentage of manufacturing export in GDP and manufactured export as percentage of total export. The results show that improvement in the degree of trade openness, increasing manufacturing value added, access to financial services, relative prices and increasing investment level through FDI were found to be the determinant factors that have tendency to enhance manufacturing exports performance in Nigeria. Based on these findings, policy implications include providing adequate financing and increasing credit allocation to the manufacturing sector, as well as implementing policies aimed at promoting access to financial services in order to ensure efficient distribution to the preferred sector. The Nigerian government should implement trade barriers-removal policies while also promoting policies that lead to the country's exceptional advancement. Other policy recommendations derived from the empirical findings are thoroughly discussed in the concluding part of the paper.
ORIGINAL RESEARCH ARTICLE | Nov. 29, 2023
The Influence of Career Development and Compensation through Motivation on the Performance of Healthcare Workers in Buaran and Kedungwuni Sub-District Community Health Center
Novita Margie, Noor Endah Artati, Agustina Rusmawati, Gita Sugiyarti
Page no 561-569 |
DOI: 10.36348/sjef.2023.v07i11.011
This research aims to determine the influence of career development on motivation, the influence of compensation on motivation, the influence of career development on performance, the influence of compensation on performance, the influence of motivation on performance. This research used a sample of 109 which was distributed to midwives and nurses at each community health center in Buaran and Kedungwuni sub district. Analysis of this research data uses Structural Equation Modeling (SEM). The results of this research state that career development has a positive and significant effect on motivation, compensation has a positive and significant effect on motivation, career development has a positive and significant effect on performance, compensation has a positive and significant effect on performance, motivation has a positive and significant effect on performance. This research provides Suggestions to leaders at each Community Health Center so that the career development process and compensation are maintained and improved.