Showing papers in "Journal of Investment Management in 2018"
TL;DR: In this paper, determinants of adoption and intensity of adoption of improved highland maize varieties were investigated by using descriptive statistics and econometric model (Tobit), two stage sampling procedure was followed in order to draw 150 sample respondents.
Abstract: Improved highland Maize is a new and promising crop gradually becoming important in Ethiopian highlands. Its production is rapidly increasing where it has been a minor crop in the past. The empirical evidences on the determinants of agricultural technology adoption and their intensity of adoption are very limited. In this paper, determinants of adoption and intensity of adoption of improved highland maize varieties were investigated by using descriptive statistics and econometric model (Tobit). Two stage sampling procedure was followed in order to draw 150 sample respondents. The model result revealed that variables such as farm size, household income, access to credit, contact with extension agents, participation in training, and field day were positively and significantly influenced whereas, age of household and market distance negatively influenced adoption and intensity of use of improved highland maize varieties in the study area. Therefore, government policies and intervention on adoption and intensity use of agricultural technology should pay attention and move along with those variables significantly influencing adoption and intensity of use of new agricultural technology.
19 citations
TL;DR: A study on the economic analysis of broiler production was carried out in Lagos State Ministry of Agriculture and Cooperative Poultry Estates, Nigeria as discussed by the authors, where a two-stage sampling technique was employed for the selection of 100 out of 193 broiler farmers.
Abstract: The study on the economic analysis of broiler production was carried out in Lagos State Ministry of Agriculture and Cooperative’ Poultry Estates, Nigeria. A two-stage sampling technique was employed for the selection of 100 out of 193 broiler farmers. The research findings revealed a male dominance (73%) in broiler production and an average age of 45 years within the range of 40 and 49. Also, majority of the broiler farmers (90%) were fully involved in broiler production, married (80%) and literate (90%), with an average farming experience of less than 9 years (81%), average household size of 4 persons (78%) and an average flock size of about 400 birds. It was found that over 80% of the cost of production was on the variable inputs while feeds constituted the highest percentage of the variable costs. This accounted for 54.86% of variable costs and 44.8% of the total costs. The result of the findings showed that a single broiler bird nurtured to maturity had a total cost of ₦1509.8 made up of ₦274.2 as fixed cost and ₦1235.6 as variable cost. The gross revenue per bird was ₦2169.99. The Net profit of ₦660.11 per bird was estimated and this gives a net margin-to-cost ratio of 0.44 which implies that a ₦1 investment in broiler production, all things being equal, would yield 44kobo in return. This indicates that the broiler in poultry estate were profitable. The maximum likelihood estimate of the stochastic frontier production function reveals that quantity of feeds and flock size were highly significant at 5% and 1% risk level respectively. Educational level of farmers and years of experience were the factors positively influencing the technical efficiency of broiler production in the study area. The estimated technical efficiency of the broiler farmers ranged from 57% to 96% with a mean technical efficiency of 74%. Disease outbreak, inadequate finance and high cost of feed were the serious problems faced by the farmers. It was therefore recommended that broiler farmers should increase their flock size, develop the skills of record keeping and feed formulation to reduce feed cost.
18 citations
TL;DR: A concurrent mixed method comprising survey, regression analysis, and correlation analysis were adopted to probe into how the effects of interconnections among firms in the wood cluster, the successes chalked and the challenges firms face in the cluster as mentioned in this paper.
Abstract: This study examined some successes and challenges of a wood cluster in Kumasi, Ghana. A concurrent mixed method comprising survey, regression analysis, and correlation analysis were adopted to probe into how the effects of interconnections among firms in the cluster, the successes chalked and the challenges firms face in the cluster. Results showed significant (p < 0.001) interconnections among actors contributed to significant increase in productivity, sales and profit margins of the firms. Majority (93.4%) of respondents affirmed appreciable increases in sales and profit margins demonstrating that the cluster has been a major driver of economic growth. Permanent site for the artisans and other actors was the major benefit, provided by the cluster. However, lack of access to bank loans, timber, and waste management facility, promoting and marketing of products are some challenges associated with the cluster. Interventions from government and other agencies are required to create the enabling environment to attract investors that can help in addressing the challenges so as to stimulate growth of the wood and furniture enterprises in the cluster as they have greater potential for Ghana’s economic development.
6 citations
TL;DR: In this paper, the authors investigate factors that influencing the performance of micro and small enterprises in North Shewa Zone town, Ethiopia using OLS regression analysis Pearson correlation coefficient (PCC).
Abstract: Research has shown that there are factors that contribute to success or failure in small enterprises in the government departments in the world. An environment conducive for the growth of MSEs is required, and this has necessitated an investigation into the factors affecting the performance of SMEs in North Shewa Zone, Ethiopia. The general objective of the study is to investigate factors that influencing the performance of micro and small enterprises in North Shewa Zone town, Ethiopia. The research used probability; strata sampling techniques. The researcher selected 386 respondents out of 11,244 populations. For data analysis, we have used OLS regression analysis Pearson correlation Coefficient. Based on the data collected from 386 MSEs in North Shewa Zone, Ethiopia, the results showed that there is a significant positive relationship between entrepreneurship, labour skill, infrastructure, finance, leadership skill and the performance of SMEs. This study recommends that the MSE businesses and government should effectively address the infrastructure especially in terms of electricity, work place, market place and roads in order to increase their performance.
6 citations
TL;DR: In this article, the authors systematically review scholarly articles on CSR engagement to find out best practice, determinants and challenges in the context of CSR practices in developing countries, and the results indicated that firm characteristics, corporate governance characteristics, institutional characteristics, socio economic and socio cultural context are identified as determinants.
Abstract: In recent times, there has been an increasing interest in understanding the concept of corporate social responsibility in developing countries. However, many of the studies fails to investigate the contextual factors that influence CSR Practices, preferring to rely on theories and hypothesis developed from studies undertaken in the west. Very little is known of the practice of CSR in developing countries. The purpose of this article review is to systematically review scholarly articles on CSR engagement to find out best practice, determinants and challenges. And the result indicates that; firm characteristics, corporate governance characteristics, institutional characteristics, socio economic and socio cultural context are identified as determinants and selectively use western approaches that can be useful or use hybrid approach is keyed out as best practice for effective CSR engagement. However, lack of community participation in CSR activities, non-availability of well-organized NGOs, narrow perception towards CSR initiatives due to early stage of its evolution, non-availability of clear CSR guidelines, lack of consensus on implementing CSR issues, lack of enough attention in terms of societal context in the CSR literature, lack of direct involvement in terms of providing instruction and exerting pressure from the parent companies of the MNCs on the local CSR initiatives which coupled with challenges impeding CSR practices or engagements. Furthermore, it was concluded that establish CSR center in order to foster CSR in the country and promote academic research in this field, encouraging the private sector participation together with NGOs within the frame work of responsible business practice, strengthen and develop CSR institutions in Ethiopia to create more awareness of the potential of CSR and integration of local values with the international standardization are recommended as suggestions to bring better implementation of CSR practice in the country.
5 citations
TL;DR: The notion of smart solution is globally perceived as the process of enduring values in terms of its characteristics and meanings that are economically viable, environmentally friendly, socially acceptable, and humanly beneficial as discussed by the authors.
Abstract: The notion of smart solution is globally perceived as the process of enduring values in terms of its characteristics and meanings that are economically viable, environmentally friendly, socially acceptable, and humanly beneficial. The social, economic, environmental, and human sustainability is the best integrated approach in the poverty reduction. Though poverty remains global challenge, there is a need for sustainable approach reflected in the requisite capabilities, partnership features, and indispensible capitals for its reduction. In Rwanda, several challenges still retard all initiatives to fight poverty. These include shortage of household capabilities and indispensable as well as more private sector centered partnership for poverty reduction. But an integrated approach which treats environmental, economic, social, and technical aspects as one component is crucial for shared responsibilities of different parties in poverty reduction.
5 citations
TL;DR: Wang et al. as mentioned in this paper improve the suspension procedures for the dispute settlement in the Public Procurement contract awarding phase, which can enable China's public procurement system to better meet the needs of the GPA and enable Chinese companies to participate in international competition fairly and effectively.
Abstract: Government procurement regulations require efficient implementation and remedy systems to achieve the goals of public procurement and protect the suppliers’ business opportunities. In the phase of awarding public procurement contracts, the establishment of a more independent and professional organization will increase the authority, credibility, and efficiency of dispute resolution in complaint processing. In order to protect the rights and interests of the participants, the public procurement suspension procedures should be further improved; the application of the Alternative Dispute Resolution (ADR) system such as mediation, arbitration, etc, should be encouraged. When a supplier claims damages for losses due to illegal activities, it should use a more diversified dispute resolution mechanism. The remedy system in the awarding phase of public procurement contracts can enable China’s public procurement system to better meet the needs of the Government Procurement Agreement (GPA) and enable Chinese companies to participate in international competition fairly and effectively. China should establish professional and independent complaints resolving institutions. Improve the suspension procedures for the dispute settlement in the Public Procurement contract awarding phase.
5 citations
TL;DR: In this article, the authors investigate the role of financial institutions on the growth of small and medium enterprises and give recommendations based on the problems, and identify size of loan, lower borrowing cost and saving account has positive relationship with growth of SMEs.
Abstract: The objective of this study was to investigate the role of financial institutions on the growth of small and medium enterprises and to give recommendations based on the problems. Despite the tremendous increase in number of SMEs, little research exists that examines role of financial institutions; banks and microfinance institutions; on the growth of small and medium enterprises in developing countries, especially in Ethiopia specifically in north shewa zone of Amhara region. SMEs occupy a prominent position in the development agenda of many developing countries like us. Primary data were collected from 102SMEs in north shewa zone. Data from the respondents was tabulated for descriptive purpose and analyzed and translated into useful information using the statistical package for social sciences (SPSS). Therefore the study identifies size of loan, lower borrowing cost and saving account has positive relationship with growth of small and medium enterprise and the influence of these variables was significant. On the other hand there was positive relationship between duration of loan, simplicity of criteria, follow up & supervision and growth of SMEs. But the influence is relatively insignificance. The study recommends that the government and financial intuitions to make credit available and affordable to SMEs reducing the traditional barriers to SMEs financing, make financial intuitions products & services without unattainable criteria and at lower borrowing cost, setup mechanisms of training for SMEs before and after the loan. The study also recommends that make saving account easily accessible facilitated with technology for their growth.
4 citations
TL;DR: A new stock selection model combining Decision Tree C5.0 Algorithm and factor analysis, which can effectively help investors to avoid risks and make rational investment but has little effect on obtaining excess return.
Abstract: Due to the disordered characteristic and strong randomness of China's stock market, the typical data mining algorithms currently used to analyze and forecast the stock have imprecise prediction outcomes. In order to solve this problem, based on the industry rotation cycle theory, this paper constructs a new stock selection model combining Decision Tree C5.0 Algorithm and factor analysis. Industry rotation cycle theory aims to analyze the development trend of various industries to find promising industries as initial stock pool. According to this principle, this paper selects four industries and the A-share stocks of these industries are used as initial stock pool. This paper builds a stock index system consisting of six effective factors based on the factor analysis of stocks financial indicators and technical indicators. Then Decision Tree C5.0 Algorithm is presented to realize the prediction of stock returns and the classification of stocks. The empirical test of the proposed stock selection model, using the data from the second and the third quarter of 2017 in China A-share stock market, demonstrates that this model has significant difference in the classification accuracy between low-yielding stocks and high-yielding stocks in that case classification accuracy shows a trend opposite against stock return rate. In a conclusion, this model can effectively help investors to avoid risks and make rational investment but has little effect on obtaining excess return.
4 citations
TL;DR: In this paper, the authors tried to identify the key facets contributing to employees' satisfaction in banks and to make a comparative analysis of employees satisfaction in different ownership structures such as government banks and non-government banks of a small town in Bangladesh, and the sample size of the study was 102 employees from these two sectors of banks situated in Tangail city.
Abstract: Employees' satisfaction is directly related to their dedication and performance, and customers' satisfaction. Satisfied employees’ put their best effort into building and maintaining successful relationship between the bank and its customers. The present study attempts to identify the key facets contributing to employees' satisfaction in banks and to make a comparative analysis of employees' satisfaction in different ownership structures such as government banks and non-government banks of a small town in Bangladesh. Primary data was used in the study and the sample size of the study was 102 employees from these two sectors of banks situated in Tangail city. Factors including salary of employees, performance appraisal system, promotional strategies, employee’s relationship with management and other co- employees, training and development program, influence of higher authority and working hours are found important for improving job satisfaction of bank employees in Tangail. By the analysis we have found that association between employees’ job satisfaction and their Opportunity to take part in training, courses & workshops, involvement in decision making, company’s behavior as well as company’s well treatment and opinion on Career appointments are significant. Increase in level of these factors improves overall satisfaction of employees which is identified by using statistical techniques.
2 citations
TL;DR: There is a need for rigorous evaluative research on the cost effectiveness of each option prior to widespread implementation in order to improve health workforce distribution in the remote and rural areas of Ethiopia.
Abstract: Human Resources for Health (HRH) constitute the most vital component of health systems. However, the HRH picture of Ethiopia has remained critically low and characterized by geographic mal-distribution. This brief aimed to show the major causes for poor health workforce distribution and to suggest possible policy options. We reviewed relevant evidence describing the problem and feasible options to address the problem, the barriers to implement those options, and implementation strategies to address these barriers. We searched electronic databases of systematic reviews and supplemented with local evidences. In our review, we found different options that help to improve health workforce distribution in the remote and rural areas of the country. Systematic reviews on impact of task shifting, clinical rotations in rural areas during studies and financial incentives have shown favourable results that may lead to increase the number of health workforce working in rural and underserved areas. But none of the studies assessed the costs and cost effectiveness of the suggested options. Therefore, given the limitations of the currently available evidence, there is a need for rigorous evaluative research on the cost effectiveness of each option prior to widespread implementation.
TL;DR: In this paper, the authors investigate the impact of customer brand equity in Pakistan in embryonic areas and mature areas because in immature area customer preference change and in mature areas customer demands may also be differ so for checking the retailer base customer's brand equity [RBCBE].
Abstract: Customer brand equity become the major concept in last decades due to increase the competition and also rise in demands of the customer. This study investigate the impact of customer brand equity in Pakistan in embryonic areas and mature areas because in immature area customer preference change and in mature areas customer demands may also be differ so for checking the retailer base customer’s brand equity [RBCBE]. We select the two markets of Pakistan Hakim hyper Market [HHM] and Metro cash and carry [MCC]. Sample was selected 100 respondents in both Regression analyses; Pearson’s correlation and Cronbach alpha used for the purpose of the investigation and results reveal that market loyalty have positive impact on retail brand equity in backward areas while market association have strong positive impact on retail brand equity in advance areas.
TL;DR: In this article, the authors analyzed 400 questionnaires were distributed to respondents and 300 were received back and results revealed that if good environment is provided at waiting area of restaurant lobbies, then waiting customer behavior can be managed and consequently customer satisfaction.
Abstract: Wait management is very important subject in service sectors because people are moving towards services due to globalization and now it has become common phenomena. Dining at restaurants has become a trend in today’s world due to increasing demand of family’s as well as time constraints. In developed countries, there is much focus on service sectors and it is producing half revenues ($1.258 trillion) of countries like USA, UK, and Japan. However, in developing countries, a service sector has not yet generated much revenue because it seems difficult for developing countries to handle it due to different demands and niche of customers. In current study, 400 questionnaires were distributed to respondents and 300 were received back. Data was analyzed using SPSS version 17 and results revealed that if good environment is provided at waiting area of restaurant lobbies, then waiting customer behavior can be managed and consequently customer satisfaction. Our results also revealed that physical environment has a positive relationship with customer satisfaction and when this relationship is checked through mediating variable (customer behavior during wait), it also shows positive relationship. On the contrary, social environment has a negative relationship with customer satisfaction and when this relationship is checked through mediating variable (customer behavior during wait), it also shows negative relationship.
TL;DR: In this article, the authors proposed a Bayesian method to deal with the uncertainty of value estimation in project portfolio selection, and utilizes Monte Carlo method to simulate the model as a linear integer programming problem.
Abstract: The value of risk project is usually uncertain, so venture investor must make investment decision based on prior estimation of future value of risk projects. This paper constructs a portfolio optimization model of risk projects considering the psychological characteristics of venture investors, and proposes a Bayesian method to deal with the uncertainty of value estimation in project portfolio selection, and utilizes Monte Carlo method to simulate the model as a linear integer programming problem. The study finds that, compared with portfolio selection based directly on ex ante value estimation, Bayesian modeling of project estimates of project value uncertainty can provide more accurate value estimates and use the resulting revised estimates to make portfolio decisions can help to select a project portfolio with a higher expected utility, eliminate the expected interval between the expected pre-expected utility and the expected utility of post-implementation, and reduce the degree of disappointment of venture investor's expected decision-making.
TL;DR: The research concluded that the private health has significant contribution to the overall performance of the health sector, and the study makes the following recommendations.
Abstract: Economic development can generally refer to an ikncrease in a country's ability to produce goods and services identified by factors such as production, income and spending. Investment in health in this way becomes a significant variable for economic growth or development since investments in different components of health can lead to improved human capital. Kenya has low investment in the health sector which may adversely affect economic development. The purpose of this study was to explore the effect of investment in health on the economic development in Kenya. The specific objectives were to investigate the effect of public investment in health, private investment and investment in health by international non-governmental organizations on the development of the economy of Kenya. A descriptive research design was used in this study. Secondary time series data for 32 years (1985-2016) was collected from Kenya National Bureau of Statistics (KNBS), Institute of Economic Affairs (EIA), World Bank, Ministry of Finance and Ministry of Devolution and Planning. Data analysis was conducted using Stata statistical software. VECM time series model was fitted to the data. Augmented Dickey Fuller unit root test and Johansen test of cointegration were conducted to ensure stationarity of the data. The study results suggested that both public investment in health (β = 0.1149; p 0.05). The study makes the following recommendations. First, the government should channel more funding to the health sector as the current funding of 3.4% of GDP falls below the 7% set by the Abuja Declaration in 2001. Secondly, private entities should be encouraged to increase their investment in the health sector in the country. Lastly, the ministry of health and other government stakeholders should partner with private health service providers and come up with a framework to ensure that private health sector increases its funding to fill up financial deficit health sector. This is because the research concluded that the private health has significant contribution to the overall performance of the health sector.
TL;DR: Wang et al. as mentioned in this paper defined the concept and scope of local government implicit debt, analyzes the tool characteristics of PPPs, the necessary and sufficient conditions for debt governance function of PPs, and the formation mechanism, manifestation and evolution path of LG implicit debt.
Abstract: Public-Private Partnerships (PPPs), as an important mean to establish a standardized local government debt financing mechanism, relieve the pressure of local government debt, resolve the fund shortage of urbanization and promote supply-side structural reform, has increasingly become the main mode and source of China's infrastructure investment and financing. It has made an important contribution to the increase of supply scale, quality and efficiency in public services and infrastructures. But with the rapid promotion and widespread, local government provided illegal guarantees of fixed income and repurchase, or beared the loss of principal, issued Local Government Financing Vehicles(LGFVs) debts, and even disguised government purchasing services, which have make the PPPs alienated into a new financing vehicles. This paper defines the concept and scope of local government implicit debt, analyzes the tool characteristics of PPPs, the necessary and sufficient conditions for debt governance function of PPPs, and the formation mechanism, manifestation and evolution path of local government implicit debt. Then several countermeasures of implicit debt governance and risk prevention strategies under PPPs are put forward, including clarifying the relationship between the government and the market, promoting PPPs debt governance through win-win cooperation, improving PPPs laws and regulations, strengthening PPPs performance management, and improving PPPs risk sharing mechanism.
TL;DR: In this paper, nonconventional types and the basic problems of development of youth travel are considered, and the problem of working out of the adaptive approach to the organization of tourist service of youth in Republic Uzbekistan thereupon is.
Abstract: In the article, nonconventional types and the basic problems of development of youth travel are considered. Thus, authors treat youth travel as an innovative direction of development of recreational sphere. Except for the presence of various tourist-recreational resources of the country allows developing almost all kinds of youth travel. The decision of this problem along with spiritual improvement of the nation is one of strategic problems, both on republican, and at regional level. Actual the problem of working out of the adaptive approach to the organization of tourist service of youth in Republic Uzbekistan thereupon is. The satisfaction of these requirements in the conditions of realization of social control should become priority from the state and accessible to youth. Participation in tourist campaigns, walks, country excursions, tourist meetings and competitions promotes spiritual and physical development, give skills of self-organizing, expand an outlook of the person and promote its improvement. It is necessary to notice also that amateur and sports tourism is as much as possible accessible to youth. Besides, tourism can be rather profitable branch of economy.
TL;DR: In this paper, an overview of the peculiarities of the use of innovations in tourism and their role in improving the investment attractiveness of the tourism industry of the Republic of Uzbekistan is presented.
Abstract: This article gives an overview of the peculiarities of the use of innovations in tourism and their role in improving the investment attractiveness of the tourism industry of the Republic of Uzbekistan. And also the article highlights different approaches of creating favorable investment conditions for the creation of innovative tourism products. In the article the role of tourism has been demonstrated in the development of regional economies and the current condition of tourism in the region is analyzed with different approaches and methods. Thus, the distinctive feature of the development of innovative activities in tourism from classical tourist activities is the creation of a new or improvement of the existing tourist product, the improvement of transport, hotel and other services, the development of new markets, the introduction of advanced information and telecommunications technologies and modern forms of organizational and managerial activity.
TL;DR: In this article, the impact of GST on Indian Tax Scenario is analyzed and a light on the possible challenges, threats, and opportunities that GST brings to strengthen the free market economy.
Abstract: This paper is an analysis of the impact of GST (Goods and Services Tax) on Indian Tax Scenario. The Good and services tax (GST) is the biggest and substantial indirect tax reform since the year 1947. The main idea of GST is to take over existing taxes like value-added tax, excise duty, service tax and sales tax. GST will be levied on manufacturing of sales and consumption of goods and services and is expected to address the tumble effect of the existing tax structure and result in uniting the country economically. Its main objective is to maintain a plebeian between the basic structure and design of the CGST, SGST and SGST between states. GST is a new story of VAT which gives a widespread setoff for input tax credit and contains many indirect taxes from state and national level. The main aim of GST is to create a single, unified market which will benefit in the development of country’s economy. India is a democratic country and therefore the GST will be implemented parallel by the central and state governments respectively. In this article, I have discussed GST and highlighted on the objectives of it. Consequently, I also put a light on the possible challenges, threats, and opportunities that GST brings to strengthen the free market economy. Finally, the paper examines and draws out a conclusion.