ORIGINAL RESEARCH ARTICLE | July 30, 2018
Effect of Commercial Bank Credits on the Performance of Agricultural and Manufacturing Sectors in Nigeria; 1986-2016
Mike Anyanwaokoro, Ogbu, Emenike Gerald
Page no 122-128 |
10.36348/sjef
Nigerian economy is a multi-sector economy with agricultural and
manufacturing sectors as the prime sectors. This study focused on the effect of
commercial bank credits on the output of agricultural and manufacturing sectors in
Nigeria. It spanned for the period of 31years (1986-2016) and made use of secondary data
extracted from the Central Bank of Nigeria Statistical (CBN) Bulletin for various years.
The study adopted ex-post facto research design and employed the Autoregressive
Distributed Lag (ARDL) bound test and Ordinary least squares multiple regression
analysis considering necessary diagnostic tests such as unit root test, test of normality,
heteroskedasticity test, and cointegration test. The findings revealed that commercial bank
credits have significant positive effect on the productivity of agricultural and
manufacturing sectors in Nigeria. The implication of the findings is that more credits to
agriculture and manufacturing sectors in Nigeria will increase output in the respective
sectors. Hence, the researcher recommended among others more lending to agricultural
and manufacturing sectors so as to boost productivity of these sectors.
ORIGINAL RESEARCH ARTICLE | July 30, 2018
Relationship between Performance Appraisal System and Staff Retention in Enugu Electricity Distribution Company
Mbah Paulinus Chigozie, Ekechukwu Chijioke, Chukwudi Gabriel F
Page no 129-135 |
10.36348/sjef
The studywas to evaluate the relationshipbetween performance appraisal
system and staff retention in Enugu Electricity Distribution Company of Nigeria. The
specific objectives include to; examine the relationship between employee’s rate of output
produced and employee training. Examine the relationship between employee recognition
and achievement of organizational goals. The population consists of 983 staff of Enugu
Electricity Distribution Company of Nigeria (EEDC).The study used the survey approach.
The primary sources used were the administration of questionnaire to staff. The 274
sample size of the study, the study used the Freund and Williams’s formula. 261 staff
returned the questionnaire and accurately filled. The validity of the instrument was tested
using content analysis and the result was good. The reliability was tested using the
Pearson correlation coefficient (r). It gave a reliability co-efficient of 0.82 which was also
good. The hypotheses were analyzed using f-statistics (ANOVA) tool. The findings
indicated that there is positive effect relationship between employee’s rates of output
produced and employee training F(95,n= 274)= 827.372,P<0.05;This indicates that there
is positive effect relationship between employee recognition and achievement of
organizational goals F(95,n=274)= 367.439,P<0.05.The study concluded that appropriate
training and development programmes would be designed to correct deficiencies through
performance appraisal. The study recommended that Performance appraisal should be
encouraged in organizations to assists workers and management meets their expected
target and Recognition of employees by the management should be a top issue in
organization to enable workers gives out their best.
REVIEW ARTICLE | Aug. 30, 2018
Achievement of Sustainable Development Goals in Nigeria: Importance of Partnerships
Victor A. Malaolu, Jonathan E. Ogbuabor
Page no 136-143 |
10.36348/sjef
The need to consolidate and complete the development progress driven by the
Millenium Development Goals (MDGs) and ensure that no one is left behind led world
leaders to gather at the UN Headquarters in New York in September 2015 to adopt a new
program on sustainable development. The SDGs provide a more ambitious international
framework for driving progress between 2016 and 2030. A review of the MDGs
implementation in Nigeria reveals that the country registered mixed results across the
goals, geographic areas and gender groups. Even though, there are some progresses on
some indicators, many of the goals and targets were not met. This is in view of the fact
that the Nigerian Government did so many things in order to achieve the set goals. The
debates surrounding the SDGs have mainly concerned with the setting of goals and
indicators while less attention has been paid to discussing the roles and responsibilities of
different stakeholders towards achieving these goals, and how to best implement this
universal framework at the local level. Given the scope and ambition of the SDGs, it is
clear that governments alone cannot achieve the agenda. Therefore, building vibrant and
systematic partnerships with other stakeholders is a vital prerequisite for the successful
implementation of a transformative agenda to accelerate poverty reduction and
sustainable development goals. The objective of this paper is to explore the role of CSOs,
VOPEs, private sector and the media towards achieving the SDGs in Nigeria.
REVIEW ARTICLE | Aug. 30, 2018
Exchange Rate Volatility and Foreign Direct Investment in Nigeria: An E-Garch Approach
Chinedu Miracle Nevo, Jonathan E. Ogbuabor
Page no 144-156 |
10.36348/sjef
This study seeks to examine the relationship between Foreign Direct
Investment (FDI) and Real Effective Exchange Rate (REER) volatility in Nigeria. Using
annual time series data from 1980 to 2016, the study adopted the Exponential GARCH
model, Ordinary Least Squares (OLS) estimation technique and the Error Correction
Mechanism. The major findings of the study reveal that there is a negative correlation
between Nigeria’s past and future REER, which further implies that negative shock has
less effects on exchange rate volatility when compared with a positive shock. It also
found that exchange rate has a very significant effect on FDI in Nigeria while there also
exists a long-run relationship between them. The study therefore advocates for a strong
foreign exchange policies by the CBN to attract FDI. It also suggests that CBN should be
keen on monitoring the financial news in the economy as it could heighten exchange rate
and financial market volatilities; which may not be good for the economy’s overall
growth and development in the long-run.
ORIGINAL RESEARCH ARTICLE | Aug. 30, 2018
Effect of Youth Enterprise Development Fund Services on the Growth of Micro and Small Enterprises in Nyando Constituency, Kenya
Allan Ochieng Osir
Page no 157-168 |
10.36348/sjef
The Kenyan government is currently supporting the start-up as well as the
growth of youth enterprises, in line with the Medium Term Plan of Vision 2030, by
creating a conducive environment and support programmes in order to develop the sector.
Despite these efforts, the performance of youth enterprises in Kenya has been miserable.
The breadth to which this huge amount of money has influenced the growth and profit
margins of these many youth enterprises remains unexplored. Furthermore, there is a lack
of enough literature as far as the effect of youth enterprise development fund on the
growth of MSEs. This research, therefore, sought to establish the effect of Youth
Enterprise Development Fund services on the growth of MSEs in Nyando Constituency.
The objectives that guided this study include: to determine the effect of YEDF lending
financing services on growth of youth MSEs in Nyando Constituency; to determine the
effect of YEDF linkage services with large enterprises on growth of youth MSEs in
Nyando Constituency; to establish the effect of YEDF marketing services on growth of
youth MSEs locally and internationally in Nyando Constituency and to determine the
extent to which YEDF provides Business Development Services to Youth MSEs in
Nyando Constituency. A descriptive survey research design was employed.
ORIGINAL RESEARCH ARTICLE | Aug. 30, 2018
Future Contracts – Future of Financial Derivatives in India
Abdul Hameed A
Page no 169-174 |
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Derivatives have been around in the global market for a very long time. The
evidence of characteristics of derivative contracts can even be found in the incidents that
date back to the ages before Jesus Christ and in India in epic as old as Mahabharata. The
first recorded instance of futures trading appears to have been occurred with Yodoya rice
market in Osaka, Japan around 1650. Futures are one of the most popular derivative
contracts in India as compared to traditional securities market. The stock exchanges in
India have been in existence for more than a century now. Bombay Stock Exchange
(BSE) is a stock exchange located in Mumbai, Maharashtra and was established in 1875.
Subsequently, the National Stock Exchange (NSE) was set up in November 1992. The
road for stock exchange traded derivatives contracts was cleared with the removal of
prohibition of options on securities by way of amendment to Securities Laws through
Securities Laws (Amendment) Ordinance, 1995. A Bill was introduced on October 28,
1999 and was converted into an Act on December 16, 1999 making way for derivatives
trading in India. This study focus on the understanding the price movements and
behaviours of futures market in India with special reference selected futures. The study
also reveals the relationship among various future contracts of different companies.
ORIGINAL RESEARCH ARTICLE | Aug. 30, 2018
The Relationship between Monetary Aggregates and Economic Growth: Evidence from Nigeria
Joseph, I. Onyema
Page no 175-186 |
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This study examines the relationship between monetary aggregates and
economic growth with evidence from Nigeria. It examines the extent to which narrow and
broad money supply relate to Nigerian Real Gross Domestic Product. Data collected were
analyzed using multiple regression. The result of the study shows though broad money
supply (M2) has a salutary effect on the performance of the economy as shown by the
positive relationship it exhibits, the relationship is not such that monetary aggregates can
significantly contribute to the performance of the economy. The paper recommends that
since monetary aggregates are weak in achieving growth in the Nigerian economy, a
combination of monetary and fiscal policy measures , perhaps will achieve the desired
objective of growing the economy.
REVIEW ARTICLE | Aug. 30, 2018
The Effect of Financial Fragility on the Capital Allocation Efficiency of China's Real Economy
Qingqing Sun, Yanqing Jiang
Page no 187-193 |
10.36348/sjef
In this paper, based on WuZhiWen's 2002 construction method on
comprehensive index of financial fragility, respectively from the fragility of the financial
market subsystem, the fragility of the banking subsystem, the fragility of the financial
supervision subsystem and the fragility of the macro-economic environment subsystem,
to measure the degree of China's financial fragility during the period of 1997 to 2016.
Then taking the four subsystem indicators and comprehensive indicators into the
Wurgler's 2000 model of capital allocation efficiency. The result shows that, firstly,
China's financial fragility generally declined in 1997 to 2016, and the fragility of the
financial supervision subsystem was the highest. Secondly, the financial fragility has an
inhibitory effect on the capital allocation of China's real economic capital, which the
financial supervision subsystem has a particularly obvious suppression on it.
ORIGINAL RESEARCH ARTICLE | Aug. 30, 2018
Determinants of Stock Returns of Telecommunications Companies Listed on the Indonesia Stock Exchange
Marlina Junantri A Bowens, Endri
Page no 194-203 |
10.36348/sjef
This study aims to examine and analyze the effect of DER, ROA, EPS and MS
on stock returns on telecommunications sector companies listed on the Indonesia Stock
Exchange. This study uses annual data for the observation period from 2012 to 2016. The
type of research is descriptive causality. The data used is panel data which is a
combination of annual time series data and cross section processed using panel data
regression analysis. The population is telecommunications companies listed on the
Indonesia Stock Exchange in 2012 up to 2016 a number of 5 companies. The sampling
technique used purposive sampling, found a sample of 4 companies with a 5-year
observation to obtain a total observation of 20. Data were obtained from Sahamok. Data
analysis in this study is panel data regression. The model used is Fixed Effect Model. The
results of the analysis show that the DER variable has a significant positive effect, ROA
has a significant positive effect, while EPS and MS have no significant negative effect on
stock returns, namus simultaneously to the four variables DER, ROA, EPS and MS
together can affect the stock return shown by data processing results that get R2 value of
82.44% of the telecommunications sector stock returns on the Indonesia Stock Exchange
for the period 2012-2016.