Authors:Md Ali Ashraf Abstract: A plethora of studies have investigated how Mobile Financial Services (MFS) induces financial inclusion around the world. However, research in the context of Bangladesh was rather limited. Hence, the primary objective of this paper was to investigate whether there was a statistically significant relationship between MFS and financial inclusion, measured by two time series variables – the number of MFS agents and number of registered MFS users per 100,000 of population, from 2017 to 2020. For analyzing the relationship between these two variables, multiple statistical methods were employed – including Vector Auto Regression, Cointegration and Granger Causality. The analysis revealed that both time series variables had an increasing trend with time. More importantly, the analysis specified that there was no statistically significant relationship between MFS, measured by the number of agents and the ‘usage’ dimension of financial inclusion, measured by number of registered MFS users in the context of Bangladesh. Moreover, the study was unable to find any significant changes in the trends of these variables that could be attributed to the COVID-19 pandemic in Bangladesh. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Simona Činčalová; Veronika Toporová Abstract: Corporate Social Responsibility (CSR) is a term that is being defined very diversely. The goal of this research is to show how corporate social responsibility (CSR) is actually implemented and managed in business practice by the Czech brewery. The special emphasis is placed on employees, because they are the key to the company. The method chosen for the research is the micro-level analysis of employee perceptions, reactions, and attitudes towards the company’s CSR together with their determinants. The Model of psychological micro-foundations of CSR is used and, furthermore, the level of administrative employee CSR engagement in the CSR of a Czech brewing company is analyzed. The results show the determinants of this engagement or disengagement, the respondents’ perceptions and evaluation of the company’s CSR and finally, what are the outcomes of their reactions to the CSR of the company. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Renu Isidore; C. Joe Arun Abstract: The risk taken by the investor depends on several independent variables like: personality, biological age, investment experience and income. The main aim of this article is to combine all these variables in order to build an exhaustive risk profile on the basis of the Big Five Personality dimensions. The research method applied is exploratory in nature and questionnaire survey method was employed to gather data from 436 secondary equity market investors residing in the Chennai city of India. ANOVA was employed to develop the risk profile. The outcome of the research was an exhaustive risk profile combining all the related variables and a regression model predicting the equity returns. The main conclusions of the study are that the investors with the more of the conscientiousness personality tend to take less risk. This finding was also consistent among the senior investors, high income investors and those with mediocre/ high investment experience. The study also concluded that the agreeable investors with high income/high investment experience, tend to take less risk. Only the young investors with more of the conscientiousness personality tend to take more risk and with more of the extraversion personality tend to take less risk. This study serves as a guidance for advisors to provide appropriate recommendations on the basis of the risk appetite and personality of the investors. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Patrycja Konieczna Abstract: Local currencies represent an alternative to fiat money. They contribute to the development of local communities, primarily by supporting small and medium-sized enterprises, which remain fundamental for the economy of every European country. The purpose of the study is to identify both ways and methods focused on supporting the implementation of the concept of sustainable development by the selected local currencies in the area of Europe, analysed in the years 1932–2020. The paper takes the form a descriptive analysis based on the studies covering Polish, Czech, Dutch, German and English source literature as well as the Community Currencies in Action (CCIA) publications, websites of the analysed local currencies and other studies in the field of financial law. The method of comparative analysis was used to examine the similarities and differences in supporting the implementation of the concept of sustainable development. The basic conclusion formulated after conducting the research is the fact that each local currency does support sustainable development in an indirect way. In addition, certain local currencies can be identified, in the case of which the support of sustainable development is the essence of their functioning. The effectiveness of the impact exerted by local currencies on sustainable development depends on the involvement of the creators of these currency systems and the specificity of the existing conditions. The ability to establish partnerships between non-governmental organisations, business entities and public administration may also play a significant role. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Adish Kumar; Kapil Gupta Abstract: The current study aims to examine the impact of structural breaks on price discovery efficiency of Indian equity futures market. Global financial crisis, change of Government, demonetization and COVID-19 are identified as significant events. Data is divided into sub-samples of pre and post event period to study the impact of these events on price discovery efficiency of the Indian equity futures market. Unit root test is used to check stationarity of data. Granger causality test, Johansen’s cointegration test and Vector error correction methodology (VECM) are used for analysis. During full sample period, it is observed that there is a significant bi-directional causality between cash and futures markets and cash market leads futures market in price discovery. In addition, global financial crisis triggered volatility in Indian equity futures market, which reduced its price discovery efficiency, whereas, after change in Government, bidirectional transmission of information restored between cash market and futures market. Furthermore, futures market played a leading role in absorbing volatility triggered by demonetization. COVID-19 did not significantly affect price discovery efficiency of Indian equity futures market. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Kamaldeen Ibraheem Nageri Abstract: This study examines how the Nigerian Stock Exchange (NSE) is responding to the COVID-19 pandemic in the form of risk-return relationship and volatility. Panel data analyses of GARCH-in-mean and Threshold GARCH were estimated on three error distributional assumptions. All Share Index (ASI) from January 2020 to December 2020 for ten stock market indices on the NSE. Findings indicate that the cross-section return of the ten stock market indices returns exhibit a positive risk-return relationship during COVID-19 and the impact of bad news was found to have no significant impact on return volatility on the NSE. This indicates that the policy response during the pandemic is adequate to cushion the negative impact of COVID-19, which should be sustained. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Avani Raval; Swati Saxena, Shashank Thanki Abstract: Growing concerns of climate change have necessitated a re-examination of business activities and their viability, not only from a financial viewpoint but also social as well as environmental dimension, popularly known as the ‘Triple Bottom Line approach’. The paper is an attempt to bring around the focus on Clean Development projects that deal with carbon credit in India. The sector is a niche in its numbers but huge in potential. This study mainly examines the CDM project risk associated with carbon credit in the organizations from energy sector that had registered and implemented CDM projects in Gujarat. The analysis is based on purposive data collected for larg-scale CDM projects. Statistical analysis was done through non-parametric tests named descriptive analysis, Spearman correlation analysis, and Mann-Whitney U test applied. Analysis of the result reveals that all the enlisted risk has a high degree of association with large scale projects. Correlation results indicated that all kinds of carbon risks have a meaningful positive relationship with each other irrespective of the phase of the CDM project. Type of organizations (public/private sector) also creates differences in CDM project risks. The findings of the research will assist managers in decision-making about carbon emission project risks. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Rihab Ben Slimen; Fethi Belhaj, Manel Hadriche Abstract: This research empirically assesses the contribution of Islamic finance to the financial stability of banks. The empirical analysis is based on the annual data related to 103 banks (51 Islamic banks and 52 conventional banks) operating in six countries of the Gulf Cooperation Council (GCC) region during the period 2006–2015. The LADR ratio was computed and used to measure banks stability in the short term, and the Z -score was used to assess long-term stability. The results show that, overall, Islamic banks are financially more stable in the short-term but less stable in the long term than conventional banks. The comparative analysis of the financial stability determinants in the two systems shows that these determinants contribute differently to the short- and long-term financial stability of Islamic and conventional banks. This is due to the dissimilarities in the two operating principles. PubDate: Sun, 27 Feb 2022 00:00:00 +010
Authors:Dominik Tschinkl; Nathalie Weikert, Dirk Kiesewetter Abstract: This paper uses experimental methods to analyze how different forms of taxation influence the decision between immediate consumption and saving. The parameters are chosen in such a way that the treatments No Tax, Immediate Taxation and Deferred Taxation have identical net payoffs, which should induce the same decisionmaking patterns. However, we find that these expectations only apply to the treatments No Tax and Immediate Taxation. The participants in the Deferred Taxation treatment show a significantly weaker preference for saving which hints at a misperception of this form of taxation. This result also has political implications as many OECD countries try to incentivize voluntary saving for retirement through deferred taxation. In the experiment, however, this type of taxation leads to less saving than an economically equivalent immediate taxation of savings. Furthermore, the paper shows that individuals only partially recognize the advantages of immediate or deferred taxation compared to a classic income tax. While the periodic yield is tax exempt in systems of immediate or deferred taxation, it is taxable under a classical income tax. The latter should have a negative effect on saving decisions. However, these theoretical predictions do not hold in our experiment. PubDate: Sun, 27 Feb 2022 00:00:00 +010
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