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American Journal of Finance and Accounting
Number of Followers: 25

Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1752-7767 - ISSN (Online) 1752-7775
Published by Inderscience Publishers

[450 journals]

Dynamic panel estimation models and foreign direct investment in
developing countries
- Authors: Musa Essayyad, Banamber Mishra, Omar Ahmad Al-Titi
  Pages: 119 - 134
  Abstract: This paper employs the dynamic panel estimation models to provide an empirical update for the investigation of globalisation, corruption, economic freedom and foreign direct investment (FDI). Previous research examined the relationships between FDI and gross domestic product, economic freedom index, corruption perception index, social globalisation index, and political globalisation index. Our current research contributes to the existing literature by employing dynamic panel estimation models to investigate the relationships, using data for 1996-2016, and generating more solid research outcomes on the determinants of FDI for developing countries.
  Keywords: foreign direct investment; dynamic panel estimation models; stationarity; generalised method of moments estimators
  Citation: American J. of Finance and Accounting, Vol. 6, No. 2 (2020) pp. 119 - 134
  PubDate: 2020-10-14T23:20:50-05:00
  DOI: 10.1504/AJFA.2020.110319
  Issue No: Vol. 6, No. 2 (2020)
Do stress tests reduce liquidity risk opacity?
- Authors: Ines Khammassi, Talel Boufateh, Kamel Naoui
  Pages: 135 - 158
  Abstract: This paper examines the contribution of stress tests to reducing banking opacity and ensuring the financial resilience of liquidity risk in the face of adverse shocks. To this end, we survey a sample of conventional and Islamic banks operating in Middle East and North Africa (MENA) countries and observed between 2005 and 2015. The scope of this study bears on annual data collected from Bankscope and the World Bank. The sample includes 72 listed banks (48 conventional banks and 26 Islamic banks) in 7 MENA countries, during the 2005-2015 period. Moreover, like Abrigo and Love (2015), we used the generalised method of moments (GMM) to conduct two estimations of the panel-VAR approach. We run a liquidity risk stress test in response to macroeconomic and specific shocks for the 75 listed banks. In addition to these tests, we run impulse response functions (IRFs) to describe the response of liquidity risk to these shocks. We concluded that stress tests could play a fundamental role in reducing banking opacity by producing relevant information about banks' risk exposure, their current circumstances and their ability to resist adverse events.
  Keywords: stress tests; panel-VAR approach; liquidity risk; macroeconomic and specific shocks; Middle East and North Africa; MENA
  Citation: American J. of Finance and Accounting, Vol. 6, No. 2 (2020) pp. 135 - 158
  PubDate: 2020-10-14T23:20:50-05:00
  DOI: 10.1504/AJFA.2020.110322
  Issue No: Vol. 6, No. 2 (2020)
Implement CSR to improve firm performance: a reality or a legend
evidence from France
- Authors: Karima Lajnef, Siwar Ellouz
  Pages: 159 - 170
  Abstract: The investigation of sustainable schema to align economic, ecologic and social targets has been and it stays to be a key issue of multiple studies from various disciplines. It captures both shareholders and stakeholders' interests. CSR is in line with the objectives of the Europe 2020 strategy for sustainable, smart and inclusive growth. In France, the law is becoming more and more exigent about the CSR application and disclosure in order to protect all stakeholders' interest. The fundamental aim of this work is to answer the question: does the company's engagement in CSR approaches have a real effect on their financial performance? We investigate the effect of CSR measured by ESG score on firm performance in France. Our findings provide an important insight and recommendations for different stakeholders including investors, financial analysts and regulators.
  Keywords: corporate social responsibility; CSR; firm performance; France
  Citation: American J. of Finance and Accounting, Vol. 6, No. 2 (2020) pp. 159 - 170
  PubDate: 2020-10-14T23:20:50-05:00
  DOI: 10.1504/AJFA.2020.110325
  Issue No: Vol. 6, No. 2 (2020)
Efficiency of Ethiopian commercial banks: using data envelopment
analysis
- Authors: Tafa Mosisa Ijara, Dhiraj Sharma
  Pages: 171 - 189
  Abstract: This study investigates the overall technical, pure technical and scale efficiencies of Ethiopian commercial banks from 2014 to 2018 using data envelopment analysis (DEA). The intermediation approach applied to select variables, both CCR (Charnes, Cooper and Rhodes) model and BCC (Banker, Charnes and Cooper) model used to identify the main causes of inefficiency. The study found that only two banks were consistently efficient in all measurements types and the average of overall technical, pure technical and scale efficiencies reveals that Ethiopian commercial banks were inefficient during the period. This result would have negative implications on Ethiopian economy. Moreover, their inefficiency was caused mostly by management related problems than scale related factors. Therefore, the bank managers are suggested to take appropriate action based on their respective causes of inefficiency and National Bank of Ethiopia and other regulatory bodies should enforce the policy to enhance the overall efficiency of the sector.
  Keywords: efficiency; commercial banks; data envelopment analysis; DEA
  Citation: American J. of Finance and Accounting, Vol. 6, No. 2 (2020) pp. 171 - 189
  PubDate: 2020-10-14T23:20:50-05:00
  DOI: 10.1504/AJFA.2020.110326
  Issue No: Vol. 6, No. 2 (2020)
VAT exemption and capital market transactions
- Authors: Jerry Danjuma Kwarbai, Samuel Adebayo Olaoye, Dasauki Caleb Musa
  Pages: 190 - 200
  Abstract: In this paper, we modelled the impact of VAT exemption policy on capital market transactions using the Garch model. We implored the use of Garch 1.1 and Assymetric T-Garch model to examine the effect of the introduction of the VAT policy on the Nigerian stock exchange activities. The result of the study suggests that the implementation of VAT exemption has caused volatility in the volume of shared traded by informed and uninformed investors, also the policy has moderately impacted on the volume of transactions. The study recommends that government should evaluate the period of the VAT exemption policy from 2014 to the year of re-introduction of value added tax charges on transactions for proper alignment and possible re-introduction of the VAT exemption.
  Keywords: value added tax; VAT; capital market; taxation; tax incentive; tax system
  Citation: American J. of Finance and Accounting, Vol. 6, No. 2 (2020) pp. 190 - 200
  PubDate: 2020-10-14T23:20:50-05:00
  DOI: 10.1504/AJFA.2020.110327
  Issue No: Vol. 6, No. 2 (2020)

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