| 1 |
Author(s):
Dr. Udoka Bernard Alajekwu, Prof. Vincent N. Ezeabasili, Dr. Pius V. C. Okoye, Prof. Steve N. Ibenta.
Page No : 1-18
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Dividend Policy and Shareholders’ Wealth among Financial and Non-Financial Firms
Abstract
Firms are at liberty to adopt a dividend policy that best supports the attitude of their investors. Shareholders however, seeks to look out for high paying investments with an acceptable risk. The peculiarities of financial services and non-financial services firms in Nigeria presumes that shareholders may react differently to dividend policies in both sectors. This study therefore investigated the effect of dividend policy on shareholders’ wealth among 19 financial and 41 non-financial, with eleven-year period spanning 2006 to 2016. The Chow and Hausman tests were relied on to adopt the Fixed Effect for the financial services sector model and Random Effect for the non-financial services sector model. The findings showed that dividend policy and its control variables accounted for 70% and 67% of the variation in shareholders’ wealth of the financial services and non-financial services sub-sector in Nigeria. For the financial services firms, none of the dividend policy variables (dividend payout and dividend yield) had a significant contribution to shareholders’ wealth; while dividend payout had a positive and significant effect on shareholders’ wealth in the non-financial services firms. The moderating variables of a dividend policy that can influence shareholders’ wealth in the financial services firms are positive effects of the firm size and growth opportunities while the positive effect of firm size and profitability drives dividend policy influence in the non-financial services sub-sector. The study thus posit that dividend policies drives shareholders wealth in non-financial firms, which implies that investors in non-financial services sector prefers dividend returns to other forms of investment returns like capital gains.
| 2 |
Author(s):
Lawal Kabiru Kehinde.
Page No : 19-31
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Impact of Microcredit on Access to Water and Sanitation in Rural Areas of Sub-Saharan Africa: Lessons from Kenya and Tanzania
Abstract
The focus of this paper is on the impact of microcredit system (a part of microfinance) on access to water and sanitation among the rural communities in the Sub-Saharan Africa (SSA). The introduction of microcredit in the region was expected to deepen access to basic water and sanitation infrastructure that would have been otherwise beyond the reach of many rural households. It was enthusiastically suggested as a sustainable alternative to government intervention, and a tool of bridging the gap in the sector. However, the reality of water and sanitation inadequacies are still feasible in many rural communities after the initial euphoria. We examined the challenges facing its use, as well as highlight areas where it had recorded some successes. It concluded by proffering way towards improving access to water and sanitation in SSA, especially in the rural and peri-urban areas.
| 3 |
Author(s):
Naftaly Mose.
Page No : 32-42
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Government Sectoral Expenditure and Economic Growth
Abstract
The major objective of this study is scrutinizing the impact of government sectoral expenditure on economic growth in East African countries over the period from 1985 to 2015. It focuses on sectoral expenditures on health, education, defence and agriculture segments. The main contribution of this research is examining expenditure components in line with current government categorization to establish these sectoral budget allocations that have impact on economic growth in order to provide a guide for policy formulation. This study uses secondary data which are obtained from Statistical Abstracts and World Bank reports. The growth impact of government expenditure is estimated by panel Ordinary Least Squares (OLS) technique and fixed effect estimation method to examine the relationship between the variables. The empirical results show that agriculture and education expenditure have an insignificant impact on economic growth and productivity. The regression results further show a significant positive impact on economic growth of expenditure on health and defence. To boost economic growth and productivity a well-defined expenditure strategy and efficient management of budgetary resources allocated to all sectors should be accentuated in East Africa.
| 4 |
Author(s):
Abib Sène.
Page No : 43-51
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A Re-Reading of Third Worldism in an Up-to-date International Economic Order
Abstract
In a context of Cold War, the world deglobalized itself to let appear a hierarchized and divided face from where one could localize a Western area, an Eastern zone, a Northern region and a Southern expanse. Mainly dominated by the West and the East antagonistic relationships, the world international interactions welcomed a third block that stood as a point of contact between the two ideological and political slabs to illustrate a philosophy of non-alignment. It is such a context of mutual suspicion and high distrust that has inspired this paper which, indeed, targets to pinpoint the moving and changing place of the Third-World in the worldwide economy and its relations with other areas in a current background of a global pandemic.
| 5 |
Author(s):
Abu Kalam, Monzurul Islam Utsho.
Page No : 52-66
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How Financial Development Affects Economic Growth: Evidence from some SAARC Countries
Abstract
According to Joseph Schumpeter (1911), services provided by financial intermediaries are essential for technical innovation and economic growth. Later, empirical work by Goldsmith (1969) and McKinnon (1973) supported that there were close ties between financial and economic development for a few countries. But numerous other economists, including Robinson (1952) believed that finance was not so important for economic growth; financial development simply follows economic growth. Despite this debate, Levine (1993), among others suggests a positive relationship between financial sector development and economic growth. Moreover, there remains further debate whether the country's financial structure exerts differential impact on economic growth. Empirical studies across the countries (Rajan and Zingales, 1999) suggest that banking sector plays a key role in some countries. In this paper, I intend to investigate whether higher levels of financial development are positively correlated with economic growth using empirical evidence from five South Asian countries namely Bangladesh, India, Nepal, Pakistan and Sri Lanka. I have used Panel data analysis, Linear regression model, Levin-Lin-Chu unit root test, Covariance, Correlation and VIF test based on aggregate annual data from 1993 to 2016. My analysis suggests that development in banking sector has a moderately strong tie to promoting economic growth. The result implies that the policy should focus on banking sector development by enhancing its quality of credit products and offers to private sector as it is the main stimulator for growth in these five South Asian countries.
| 6 |
Author(s):
Janifar Alam, Quazi Nur Alam, Md. Tanvirul Hoque.
Page No : 67-79
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Impact of GDP, Inflation, Population Growth and FDI on Unemployment: A study on Bangladesh Economy
Abstract
Unemployment is a major problem in almost all of the countries of south Asia. Unemployment has become the consistent crucial problem in Bangladesh. Economic conditions, demographic structure, women contribution, movement of rural to urban are the major causes of unemployment in Bangladesh. Economic growth and unemployment have a negative relation in Bangladesh. This study is performed to see the impact of some crucial macroeconomic factors on the increasing growth rate of unemployment in Bangladesh. For conducting the study, data set of GDPs, inflation, population growth, FDI during the period of 1995-2019 of Bangladesh has been used. To find out the impact of inflation, economic growth, population growth and FDI on unemployment rate this study used the Augmented Dickey Fuller test for Unit Root to check whether variables are stationary or non-stationary. Gross Domestic Product (GDP) and Inflation, FDI are stationary on level and intercept and unemployment is stationary on first difference. From the augmented dicky fuller test, co linearity and co integration test, least square method it is observed that there is long run relationship exists among the factors and unemployment in Bangladesh. Economic factors like GDP and, FDI have significant influence on unemployment problem in Bangladesh. Theoretically there has a positive relation between unemployment and economic growth. Granger causality test confirms the unidirectional influences come from the unemployment rate to the economic factors as well. This study will help policy makers to modify policy to reduce the unemployment rate in Bangladesh.
| 7 |
Author(s):
Naftaly Gisore.
Page No : 80-87
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Factors Affecting Growth of Small Business Enterprises
Abstract
The aim of this study was to establish the determinants that influence the growth of second-hand products enterprises. Small business enterprises (SBEs) are faced with threat of failure with past statistics indicating that three out of five fail within the first few months. The second-hand products enterprises studied were appraised with respect to the financial features and non-financial features that influence growth. The objective was achieved by employing descriptive research design. The data was analyzed using frequency tables, bar and pie charts and graphs. Estimation of the inferential statistics showing the regression coefficient results and the Pearson chi-square test of relationship was also conducted. The findings established that most of second hand products businesses were experiencing minimal expansion. Inadequate managerial skills, rise in trade competition and constraints in accessing finance were established as significant in influencing the slow growth of these small business enterprises. The study exclusively recommends that public policy makers and stakeholders should team up and provide business training programmes geared at improving management skills to the entrepreneurs and employees of these businesses, and help avail financial assistance which could be channeled through SBEs member groups.
| 8 |
Author(s):
Amao Olufunmilola, Adenegan Kemisola O..
Page No : 88-108
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Disaggregation and Determinants of Time Allocation Among Women in Rural Oyo State, Nigeria
Abstract
Women shoulder work shifts between paid and unpaid work hence their time is constrained. There is much within-group inequality in time allocation which masks high levels of inequality within each gender group and therefore, this study examined the determinants of time allocation among rural women in Oyo State. A Four-stage sampling procedure was used in the collection of primary data with purposive selection of two Agricultural Development Programme zones in Oyo state of Nigeria. Structured questionnaire and interview schedule were used to analyse data from 160 respondents using descriptive statistics and Tobit regression at α0.05. The result revealed that a unit increase in educational level increased time spent on paid job and being married increased time for paid job by while increase in age, number of infants and distance to the market reduced time spent on paid job. Primary occupation and age reduced time allocated to unpaid work. Primary occupation and age increased time for leisure while distance to work decreased time on leisure. Well-designed social programs such as training programs, gender equity in all levels of education and expanding education attainment, employment services, childcare facilities, and reform of discriminatory laws will boost their wellbeing.
