Journal of Economics and Trade
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DETERMINANTS OF STOCK RETURN REVISITED: EVIDENCE FROM NIGERIA
No full textThis study examines the macroeconomic determinants of stock returns in Nigeria over the period 1985-2016 using the ARDL approach to cointegration and error correction model. Our findings have shown that GDP is not significant both in the short and long run, while, Interest rate and money supply exert position positive and significant influence on stock market returns while inflation negatively affects stock market returns in Nigeria. Our findings have shown that GDP significant both in the short and long run, while, Interest rate and money supply positively influence stock market returns while inflation negatively affects stock market returns in Nigeria. It was also found that these macroeconomic variables significantly affect stock market returns in Nigeria. The results in general highlight the need government and monetary authorities to provide policies that will ensure sustained economic growth and development. CBN should continue its policy target on economic activities and investment. 
PERTINENCE OF SOCIAL CAPITAL IN THE ENHANCEMENT OF COCOA PRODUCTION IN SANTCHOU, CAMEROON
No full textThe importance of social capital is another new stylized fact in promoting agriculture. The study has as objective to examine the impact of social capital in the enhancement of cocoa production and to determine the challenges faced by cocoa producers in Santchou. Methodologically, we have constructed a social capital index through the application of Multiple Correspondence Analyses using primary data collected within the Santchou cocoa zone and the probit model is used for regression estimates. The result revealed a strong correlation between social capital and cocoa production, while the level of education, sex, marital status, financial status, experience in faming, household size and agricultural training are strongly corroborating with the determinants of social capital. In addition, farm size, level of education, application of farm inputs (pesticides and fertilizers), modern equipment, climate change, access to credit and land tenure system were observed to be the major challenges faced by cocoa farmers in Santchou. We suggest that cocoa farmer’s social network should be improved to enable them easily get assistant when necessary
THE IMPACT OF CORPORATE GOVERNANCE ON FIRM VALUE IN THE NIGERIAN BANKING SECTOR
No full textCorporate governance is very crucial to all listed firms, as it has been argued that listed firms are likely to get external finance, not only because of the reputation of the capital market and excessive investor optimism, but also due to assurances provided by their corporate governance systems.
This study aims to use a Corporate Governance Index (CGI) and assess whether good corporate governance practices/structures in the Nigerian banking sector enhances the market value of deposit money banks or otherwise. Using Tobin’s Q ratio as proxy for Firm Value, the study employed panel data regression method on extracted data from annual reports of listed (DMBs) deposit money banks in Nigeria for a period of twelve years, from 2006 to 2017.
The study finds that Firm value is positively associated with corporate governance and market capitalization. Hence DMBs with good corporate governance mechanisms in place and high profitability are valued more by investors in the capital market while those that are growing in size and age are likely to be valued less by investors in the market.
It is therefore recommended that DMBs in Nigeria should pay more attention to corporate governance practices in order to enhance their firm value and attract more investors in the capital market. Regulatory authorities such as as Central Bank of Nigeria (CBN), Nigeria Deposits Insurance Corporation (NDIC) and Securities and Exchange Commission (SEC) should develop and harmonize good corporate governance index for DMBs in Nigeria and ensure compliance by the DMBs so as to enhance the capital market and therefore assist in the growth and development of the economy in general.
 
EVALUATING THE EFFICACY OF HEALTH CARE FINANCING IN NIGERIA: EVIDENCE FROM OGUN STATE
No full textThe ways a country funds its health care delivery system could be an indicator of how much importance is placed on the commodity and its consumers. The aim of this paper is to evaluate the efficacy or otherwise of healthcare financing in Nigeria. To achieve the objective of the study, different questionnaires were designed and administered to the patients and health practitioners of a public hospital in Ogun State. The total number of questionnaire administered was 50 copies (25 copies for the patients; 25 copies for the health practitioners) and all the questionnaires were returned. A multiple regression analysis was adopted to justify the effectiveness of healthcare financing options on health services in Nigeria. The findings revealed that tax –based healthcare financing is effective inthe purchase of health services in Nigeria. Also, the result indicated that out-of-pocket healthcare financing has significant effect on health services in Nigeria. It is therefore recommended that while out –of-pocket may be necessary as means of purchasing health services, the government should intensify the use of tax-based healthcare financing to facilitate the provision of sustainable healthcare service in Nigeria
ANALYSIS OF INDIA’S TRADE RELATION WITH AFRICA
No full textThe paper applies basic and augmented gravity model to estimate India’s trade potential with different African countries. Panel data for the period 2010-2017 is employed in the analysis. The results obtained from the model are then used to predict trade potential between India and African Countries. Results reveal that India\u27s trade potential is tremendous in these countries. However, some important obstacles account for the low level of trade between India and African countries which specifically include negligible market access, trade facilitation issues and asymmetric information. To reap the trade potential and to enhance trade between India and African countries, India should put effort
CUSTOMER SERVICE DELIVERY AND SUSTAINABILITY OF COMMERCIAL BANKS IN CAMEROON
No full textThis study attempts to carry out a comprehensive analysis on the theme: Customer Service Delivery and the Sustainability of Commercial Banks in Cameroon: The case of Union Bank of Cameroon PLC. The objectives targeted were to: determine the socio-economic characteristics of UBC customers, analyze the nature of customer service delivery practice in Union Bank of Cameroon, examine the effect of customer service delivery on the sustainability of the bank, discuss the constraints faced by the Union Bank of Cameroon in customers service deliver and derive policy implication to improve the customer service – bank sustainability relationship. Methodologically, we used multiple correspondence analyses to create a customer service delivery indicator and a probit model for regression estimates. Primary data were collected using purposive sampling with 153 questionnaires administered amongst bank customers. The results show that customer service delivery strongly correlates with bank sustainability while results by nature of services reveal that customers of Union Bank of Cameroon appreciate more account operation services, security and confidentiality of customer’s information, staff attitude and location of the bank. As concerning bank’s constraints, we observed that policies related to loan, confidentiality, security, advertisement and networking are the major challenges of the bank. Therefore, we recommend that financial authorities operating in the banking sector and decision makers should create policies geared towards customer satisfaction. This is a major step towards financial stability and growth of financial institutions
ACHIEVING FOOD SECURITY THROUGH REGIONAL INTEGRATION: A CASE OF FOOD TRADE WITHIN ECOWAS REGION
No full textThis study analysed the impact of food trade dynamics on regional integration and food security among ECOWAS Member States. The study used secondary data covering a period of 43 years (1970 – 2012). Data used was sourced from FAOSTAT database. Analytical techniques employed include: Overall Openness Index (OPI); Intensity of Trade Index and Herfindahl index. The study revealed that smaller countries are more open to trade than the larger economies. The study concluded that regional intensity of trade (RIT) rose after the region became a free trade area (FTA), food trade diversification increased, while food insecurity significantly reduced in the region after the regional trade treaty. The study recommended that the region should speed up actions to implement all necessary measures needed to make the custom union fully operational as envisaged by the ECOWAS commission, to further boost trade and reduce food insecurity in the region.
 
CONTRIBUTION OF AGRICULTURAL EXPORT TO ECONOMIC GROWTH IN RWANDA: THE CASE OF COFFEE, TEA AND FLOWERS
No full textAgricultural Products export is seen as an engine that contributes to the growth of the overall economy of Rwanda, despite these efforts the sector is still characterized with low yields, low level of inputs and limited areas under cultivation due to government dependence on mono-cultural economy. This paper is an attempt to examine the contribution of the agricultural export to the growth of Rwandan economy. The panel of data used was sourced from the statistical bulletin of the Central Bank of Rwanda and National Agricultural Development Board (NAEB), multiple regression was used to analyze the data, the result indicated a positive relationship between agricultural export and Gross Domestic Product (GDP), (Domestic saving, government expenditure on agriculture and foreign direct investment) between the period ranging from 2013-2016. It was also revealed in the study that 81%, 62% and 41% of the Tea, coffee and flowers’ variation in GDP respectively could be explained by Domestic Savings, Government Expenditure and Foreign Direct Investment. In order to improve the agricultural sector it is recommended that government provides more funding for agricultural universities in Rwanda to carry out researches on all areas of agricultural production this will lead to more exports and improvement in the competitiveness of Rwandan agriculture production in international markets. The Central bank of Rwanda should also come up with a stable policy for loan disbursement to farmers at a reasonable interest payback
ASSESSMENT OF POVERTY AND INEQUALITY INTO SECTOR COMPONENTS IN CAMEROON
No full textThis study deals with the Assessment of Poverty and Inequality into Sector Components in Cameroon using the 1996 and 2001 household survey data. The research objectives to be address are: I) to examine the evolution of poverty and inequality between 1996 and 2001, 2) to assess the relative importance of the Within and Between sector effects to changes in aggregate poverty, 3) to evaluate the relative Contributions of the Within and Between sector effects to levels and changes in inequality and 4) to derive policy implications on the basis of the analysis. The empirical estimates were computed in the DAD 4.4 software using money-metric derived non-parametrically. The results of poverty show that the Within-zones effects account for much of monetary poverty changes than Between-zones effects. As for inequality, income highlights the dominant role of Within-group components in accounting for inequality trends. In terms of policy, we encourage growth-based labour intensive policies
CORPORATE GOVERNANCE AND VOLUNTARY DISCLOSURE: A STUDY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
No full textWhile reviewing financial information in the annual reports of firms, each of the internal and external users of financial information has a different objective in mind for the firm. In effect, the same set of annual reports of the firm is being reviewed by different types of users with a different objective in mind. This paper aims to measure the extent of voluntary disclosure provided in the annual reports of Deposit Money Banks (DMBs) in Nigeria over a period of twelve (12) years from 2006 to 2017. Using three panel data regression models (the pooled, the fixed effects and the random effects OLS) voluntary disclosure scores of the DMBs is estimated on selected DMBs’ corporate governance attributes (Board Composition, Audit Committee Composition, Board Size, frequency of audit committee meetings and presence of foreigner on board). The study finds that board composition, audit committee composition and frequency of audit committee meetings are positively correlated with voluntary information disclosure and that board size and presence of foreigner on board are negatively correlated with voluntary information disclosure. The study recommends that regulatory authorities in Nigeria should ensure standardization in reporting formats for DMBs to allow for comparability among different DMBs. It is also recommended that government should provide incentives for more voluntary disclosures to reduce information asymmetry in the Nigeria Stock Exchange market and attract more foreign investments into the market, and hence boost the economy. Based on the findings of this study, it is further recommended that board independence should be encouraged by the regulatory authorities as it fosters more voluntary disclosure. Moreover, based on the findings of this study, policies that restrict board size should be favoured as banks with a larger board size tend to disclose less voluntary information