1,720,961 research outputs found
The Rand, Interest Rate and Intervention by the South African Reserve Bank
Full text linkPurpose
The study has a twofold aim. The first is to assess whether the interventions explain the short-term fluctuations of the exchange rate of the rand and interest rate in South Africa. The second is to confirm whether intervention shocks transmit to the exchange rate and interest rate settings.
Methodology
Data from 1975 to 2020 was collected from the World Bank\u27s website. The research used the Vector Autoregression (VAR) model to investigate the relationship between interventions, the exchange rate of the rand, and interest rates. FEVD was also employed to examine whether intervention shocks have discernible effects on both the interest rate and the exchange rate of the rand.
Findings
The evidence identifies that reserve growth positively and significantly influences the exchange rate, indicating that intervention causes the depreciation of the rand. However, the reserve growth has a negative and insignificant impact on the interest rate, indicating that intervention was unable to explain the interest rate set by SARB. The significance of the cumulative effects on the exchange rate is evidence that the interventions explain the short-run stabilization of the exchange rate.
Conclusion
In conclusion, the findings of this analysis highlight a clear impact of interventions on exchange rates, while concurrently revealing a lack of statistically significant influence on interest rates. This research offers a policy that can inform future policy decisions related to interventions and the broader monetary framework governing the rand exchange rate
Asymmetric Effects of Pension Fund Asset Allocation on Financial Performance: Evidence from Nigeria
Full text linkPurposeThis study investigates the asymmetric effects of pension fund asset allocation on the returns on investment (ROI) of pension fund administrators in Nigeria, to understand how different asset classes influence fund performance in an emerging market context.
MethodologyThe study employs the Nonlinear Autoregressive Distributed Lag (NARDL) model using monthly data spanning 2007–2023. The analysis covers pension fund investments in federal government securities, equities, corporate bonds, money market instruments, mortgage funds, and real estate assets to assess both short- and long-run effects on ROI.
FindingsThe results show that government securities dominate pension fund portfolios; however, their long-term returns are constrained by inflation and interest rate volatility. Investments in equities, corporate bonds, and real estate exhibit positive but statistically insignificant effects on ROI in both the short and long run. Symmetry tests indicate no significant differences between positive and negative asset allocation shocks, suggesting that diversification strategies perform consistently across market conditions.
ConclusionThe study concludes that achieving a balance between investment safety and diversification is crucial for enhancing pension fund performance. It recommends gradual regulatory liberalization, market deepening, and innovative portfolio management approaches to improve returns, safeguard retirees’ welfare, and support Nigeria’s broader economic development
Monetary Policy and Inflation Control in Nigeria
Full text linkThis paper examines the effectiveness monetary policy as an anti-inflationary measure in Nigeria. in order to explore the relationship between inflation and monetary impulses, the cointegration and error correction methods approach were employed on quarterly time series data spanning from 1980Q1 to 2012Q4. The unit roots test shows that all the variables are differenced stationary. The cointegration test indicates a long-run relationship between inflation and the vector of regressors employed. The estimated result reveals that for the period covered, interest rate, exchange rate, money supply and oil-price are the major causes of inflation in Nigeria. It was also observed that although in the short-run increased in income encourages inflation, proper utilization of the growth would reduce inflation. The Money supply variable shows a significant positive impact on inflation both in short and long runs. This means that Nigerian inflationary situation is driven by monetary impulses. As such, anti-inflationary monetary policy measures, backed-up by some necessary fiscal policies are incumbent for structural and economic stabilization. Keywords: Monetary policy, Inflation and Cointegratio
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Exploring the Reluctance of Female Entrepreneurs in Securing Formal Financial Credit: A Quantitative Analysis in Pakistan\u27s Tourism Sector
Full text linkPurpose
This paper aims to elucidate the misconception regarding the reluctance of female entrepreneurs in Pakistan to seek formal financial credit for business growth.
Methodology
Data was collected through a five-point Likert scale questionnaire using snowball sampling, targeting female entrepreneurs in Pakistan\u27s tourism industry. With a response rate of 84%, the majority of respondents were from urban areas. Structural equation modeling (SEM) was conducted using SMART PLS for data analysis.
Findings
The study shows that subjective perception factors, such as fear of failure, perceived difficulties, and lack of confidence, significantly influence female entrepreneurs\u27 reduced focus on formal financial credit. Using PLS-SEM, the research confirms that these factors not only directly impact financial decision-making, but also serve as mediators between personal challenges and financial behaviors. Constructs like lack of fit and risk aversion also affect financial decisions, underscoring the importance of addressing these perceptions to enhance access to formal credit for female entrepreneurs.
Conclusion
This study challenges the myth about the personality traits of female entrepreneurs and highlights the factors contributing to their hesitation in seeking formal financial credit. The findings are significant for both academic research and practical applications, offering valuable insights for female entrepreneurs in the tourism industry.
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
DETERMINANTS OF CORPORATE LEVERAGE IN EMERGING ECONOMIES: THE ROLE OF FIRM CHARACTERISTICS, MACROECONOMIC CONDITIONS, AND INSTITUTIONAL QUALITY
No full textThis study investigates the determinants of corporate leverage among firms in emerging economies, motivated by the need to understand how firm-specific characteristics and macro-institutional factors shape financing decisions.Usinga comprehensivepaneldataset offirmsacrossvariousindustries,theanalysisemploysordinary least squares (OLS), quantile regression, and sensitivity tests with interaction terms to capture heterogeneity in leverage behaviour. The empirical findings indicate that profitability, tangibility, inflation, and institutional quality are positively associated with leverage, while firm size, GDP growth, and interest rates exhibit negative relationships. Notably, the quantile regression results reveal that the strength of these associations varies across the leverage distribution, with profitability and institutional quality exerting stronger effects at lower quantiles. These insights underscore the importance of designing policies that enhance institutional frameworks, stabilise macroeconomic conditions, and promote access to diverse financing options. It is recommended that policymakers strengthen creditor rights, support alternative finance mechanisms, and implement macro- prudential measures to ensure sustainable corporate borrowing practices in emerging markets
REGULATORY STRINGENCY, CORPORATE GOVERNANCE AND FIRM PROFITABILITY: STATIC PANEL ANALYSIS OF INSURANCE COMPANIESIN NIGERIA USING RANDOM EFFECTS APPROACH
No full textThis study investigates the influence of corporate board characteristics on the profitability of listed insurance firms inNigeria, witha particular focus on the moderatingeffect ofregulatorystringency. Usingbalanced panel data covering10 firms from2014 to2023, the researchapplies a randomeffectsregression model to explore the relationshipsamong board size, board composition, gender diversity, meeting frequency, and financial expertise in relation to return on assets (ROA). The analysis also incorporates firm-specific controls and regulatory stringency indices to examine conditional effects. Descriptive statistics reveal moderate variability across governance attributes, while correlationand multicollinearitydiagnostics confirmstatistical validity. The results indicate that board gender diversity and financial expertise significantly influence firm profitability, with regulatory stringency negatively moderating the relationship. Findings align with agency and resource dependence theories,emphasizingthedualroleofgovernance qualityand externalinstitutionalconstraints.This research contributes to the evolving discourse on corporate governance in emerging markets by offering evidence-based insights into board dynamics under varying regulatory intensities. The study recommends targeted reforms to improve board capacity while recognizing the need for adaptive regulatory frameworks that support firm performance
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