IOSR Journal of Economics and Finance (IOSR-JEF)

Volume 1 - Issue 4

Paper Type : Research Paper
Title : The Impact Of Information Asymetry Towards The Quality Of Accrual Earnings With Good Corporate Governance (GCG) As Moderating Variabel
Country : Indonesia
Authors : Mediaty
: 10.9790/5933-0140105      logo

Abstract: Asymmetry of information is the information gap between management and owners of the company can be reduced in order to improve the quality of the profit generated by the company. This study aims to examine 1) the effect of information asymmetry on the quality of accrual earnings, 2) the effect of managerial ownership as a moderating variable between information asymmetry with accrual earnings quality, 3) the influence of the composition of the independent board directors as a moderating variable between information asymmetry with accrual earnings quality. Object of study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) for 3 years (2009-2011). Study sample as many as 72 companies.The sampling technique used was purposive sampling. Data were analyzed using SPSS 17.0 for Windows that consists of two types of analysis is multiple regression analysis and analysis of different test t-test. Results of this study indicate that information asymmetry variables significantly influence the quality of accruals and earnings moderating variable of managerial ownership and the variable composition of independen board directorst can be a moderating variable between information asymmetry with accrual earnings quality.

Keywords: asymmetry information, quality of earnings accruals, managerial ownership and independent directors.

[1] Haris Wibisono. (2004). Pengaruh Earnings Management Terhadap Kinerja Di Seputar SEO. Tesis S2. Magister Sains Akuntansi UNDIP. Tidak dipublikasikan Ball Ray. dan Philip Brown. 1968. An Empirical Evaluation of Accounting Number. Journal of Accounting Research, Autumn.

[2] Dechow, Patricia, Richard Sloan dan Amy Sweeney.1996. Detecting Earnings Management The Accounting Review, 70: 193-225.

[3] Feltham, Gerald dan J.Ohlson.1996. Model of Earnings. Journal of Accounting and Economic. September 17 No. 3.

[4] Gabrielsen, Gorm. Jeffrey D. Gramlich dan Thomas Plenborg.1997. Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non-US Setting. Journal of Business Finance and Accounting, Vol.29. No.7 & 8. September/ Oktober.

[5] Penman, Stephen.H. dan X-J Zhang. 2002. Accounting Conservatism, Quality of earnings,Stock returns.The Accounting Review, 77(2). [6] Schipper, L. Vincent. 2003. Earnings Quality. Accounting Horizon, Supplement.

[7] Boediono, Gideon S. B. 2005. "Kualitas Laba : Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan menggunakan Analisis Jalur". Simposium Nasional Akuntansi VIII: Solo.

[8] Fala, Dwi Yana Amalia, 2007. "Pengaruh Konservatisme akuntansi Terhadap Penilaian Ekuitas Perusahaan dimoderasi oleh Good Corporate Governance", Simposium Nasional Akuntansi X: Makassar. [9] Richardson, V. J. (1998). Information Asymmetry and Earnings Management :Some Evidence. http /

[10] Basu, Sudipta. 1997. The Conservatism Principle m The Asymmetric Timeliness of Earnings, Journal of Accounting and Economics, 24:3-37.

Paper Type : Research Paper
Title : The Effect of Dividend Policy on Share Price: An Evaluative Study
Country : Bangladesh
Authors : Md. Abdullah Al- Hasan, Md. Asaduzzaman, Rashed al Karim
: 10.9790/5933-0140611      logo

Abstract: The most debated issue in the field of finance is over the effect of dividend policy on market price per share. There are huge literatures for and against this wisdom. The current study has been undertaken aiming at evaluating the effect of dividend policy on market price of share in the context of Bangladesh. The study has covered secondary data and analyzed the data by employing descriptive statistics, correlation and multiple regression models. It has tested hypothesis by using F test. The study has found that the effect of dividend payout is more on market price than retention. This dependency is significant at 1%. Finally, the paper concludes that the findings over the effect of dividend policy on market price supports the relevant theory of dividend policy i.e. Walter's model and Gordon's model.

Key words: Dividend policy, Market price per share, Earning per share

[1]. Amihud, Y. & Li, K. (2002). The Declining Information Content of Dividend Announcement and the Effect of Institutional Holding. Working Paper, Stern School of Business, New York University.
[2]. Ali, F. & Recep, B. (2012). Yes, dividends are disappearing: Worldwide evidence. Journal of Banking & Finance. 36(3), pp. 662-667
[3]. Adelegan, O.J. (2008). Can a Regional Approach Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa. IMF Working Paper 08/281, Washington: International Monitory Fund.
[4]. Adelegan, O.J. (2009). Price Reactions to Dividend Announcements on the Nigerian Stock Market. AERC Research Paper 188, African Economic Research Consortium, Nairobi.
[5]. Al-Hares, O., Abu-Ghazaleh, N. & Haddad, A. (2012). Value relevance of earnings, book value and dividends in an emerging capital market: Kuwait evidence. 23(3), 221-234
[6]. Asem, E. (2009). Dividends and Price Momentum. Journal of Banking & Finance. 33(3), pp. 486-494.
[7]. Asem, E. & Tian, G. Y. (2010). Market Dynamics and Momentum Profits. Journal of Financial and Quantitative Analysis, 45(6), 1549-62.
[8]. Braouezec, Y. & Lehalle, A. (2010). Corporate Liquidity, Dividend Policy and Default Risk: Optimal Financial Policy and Agency Costs. International Journal of Theoretical and Applied Finance. 13(4), 537-576.

Paper Type : Research Paper
Title : Effects of Macroeconomic Variables on Foreign Direct Investment in a Liberalized Economy: The Case of Nigeria
Country : Nigeria.
Authors : P. C. Obidike & K. E.Uma
: 10.9790/5933-0141220      logo

Abstract: The study investigated the impact of some selected macroeconomic variables on the attraction of foreign direct investment (FDI) in Nigeria between 1975 and 2009. Augmented Dickey-Fuller test was used to examine the time series property of the data and Johansen co-integration test was employed to ascertain the long-run relationship between the dependent variable (FDI) and the independent macroeconomic variables. Ordinary least technique also was employed in the study. Error correction coefficient was high, rightly signed and significant which reveals a long run relationship between the selected macroeconomic variables and FDI for the period of study. The explanatory variables included in the model showed statistical significant impact on FDI. The overall regression was significant as denoted by the probability of the F-statistic at 5% significant level. On this note, among the recommendations made include: the Nigerian government should promote non-oil exports and discourage over dependence on imports of goods and raw materials; diversification of the economy should be paramount in the minds of the resource managers of our economy and it is imperative that the country has to promote private sector led growth and the creation of enabling environment, especially infrastructure. Key words: effects, foreign direct investment, liberalized economy, macroeconomic variables

[1] Montiel, P, "Capital Mobility in Developing Countries", Paper 1103, World Bank, Washington D.C. 1993.

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[4] Mckinnon, R.I, The Order of Economic Liberalization 2nd Edition, Baltimore MD. The John Hopkins University Press, 1993.

[5] Frenkel, J, "The Order of Economic Liberalization" In K Brunner and A. Meltzer (Eds), Economic Policy in a World of Change. Rochester Conference Series on Public Policy, Amsterdam North Holland, 99- 102, 1982.

[6] Edwards, S, The Order of Liberalization of the External Sector in Developing Countries, Prince Essays in International Finance no 156, Princeton: Princeton University, 1984.

[7] Fisher, S, Capital Account Liberalization and the Role of the IMF In: Should the IMF Pursue Capital Account Convertibility? Princeton University, Essays in International Finance, 1998..

[8] Fischer, S, "Capital Account Liberalization and the Role of the IMF" In: Should the IMF pursue Capital Account Convertibility? Princeton University, Essays in International Finance 207, 1-10, 1999.

[9] Kose, et al, Financial Globalization: A Reappraisal IMF Working Paper WP/06/186, 2006.

[10] Essen E.A. and E.A. Onwioduokit, "Capital Flows to Nigerian: Issues and Determinants" CBN Economic and Financial Review,37( 1), 1999

Paper Type : Research Paper
Title : The Factor Model for Determining the Individual Investment behavior in India.
Country : Ethiopia
Authors : Dr. S. Jayaraj
: 10.9790/5933-0142132      logo

Abstract: Globalization of financial markets has been increasing the retail investors' community over the past two decades by providing a wide variety of market and investment options. However, it makes much more complex in their investment decisions process. Expected utility theory views the individual investment decision as a tradeoff between immediate consumption and differed consumption. But individuals do not always prefer according to the classical theory of economics. Recent studies on individual investor behavior have shown that they do not act in a rational manner, rather several factors influence their investment decisions in stockmarket.It will be useful to examine whether some psychological and contextual factors affect individual investor behavior .Based on the previous literature on economics, finance and psychology ,individual investors were surveyed to find what and to what extent affects their investment behahiourIt is widely believed that investment behavior of individual investors influence the prices of stocks rarely. Therefore majority of the trading strategies and stock market policies are formulated with a focus only on institutional investors. This paper aims at identifying the factors influencing the retail investor's attitude.In this study principal component analysis is used to find out the determinants of individual investment behavior The psychological factors that may drive the individual investors are identified by using Principal Component Analysis. The present study provides five major factors that can influence investor behavior in Indian stock market. The findings may be helpful to design relevant investment strategies according to their personal characteristics so as to realize optimum return on their investment.

Keywords: Behavior Finance, Factor analysis, investors' attitude, riskJEL: GO2.

[1]. Odeon. , "Do Investors Trade too much?" American Economic Review, 89:1279-1298. (1999).
[2]. Choe, Hyuk, Bong-Chan Kho, and Rene M. Stulz, "Do foreign investors destabilize stock returns: Theory and Evidence, Journal of Financial Economics, 72, 485-518. (1999),
[3]. Barber, Brad M., and Terrance Odeon, "Trading is hazardous to your wealth: The common stock investment performance of individual investors", Journal of Finance 55, 773-806. (2000)
[4]. Barber, Brad M. and Terrance Odeon, "Boys will be Boys: Gender, Overconfidence, and Common Stock Investment", Quarterly Journal of Economics, Vol.116, 261-292. (2001),
[5]. Barber, Brad M., Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odeon, Who loses from trade? Evidence from Taiwan, University of California, Davis working paper. (2005)
[6]. Grinblatt, Mark, and Matti Keloharju, "The investment behavior and performance of various investor types: A study of Frequency, and Home Bias" Management Science 55:1094-1106, (2000)
[7]. Coval, J.D., D.A. Hirshleifer, and T. Shumway , "Can Individual Investors Beat the Market" Working paper, Harvard University(2005),
[8]. Goetzmann, W. and A. Kumar, "Equity Portfolio Diversification," Review of Finance 12:433-463. (2008)
[9]. Griffin, John M., Jeffery H. Harris, and SelimTopaloglu, The dynamics of institutional and individual trading, Journal of Finance, 58, 2285-2320(2003)
[10]. Jackson, Andrew (2003),"The aggregate behavior of individual investors", London Business School Working paper. (2003).

Paper Type : Research Paper
Title : An Appraisal of the Extent of Market Maturity in Nigeria Property Market
Country : Nigeria
Authors : Esther Oromidayo Thontteh
: 10.9790/5933-0143338      logo

Abstract: With increasing globalization of investments in recent years, it is becoming more important for investors to have better understanding of the Nigerian Property Markets. This paper aims to explore perceptions of market maturity and issues of importance for investment in the property markets. Maturity is a key concept in investors' decision making as it takes into account the nature and evolution of the markets as well as their economic, social and institutional condition. Interview guide and questionnaire was used to elicit information from Estate Surveyors and Valuers, real estate financiers and real estate investors. The information collated shows that Nigeria Property Market is highly immature due to unsound financial and economic structure, strength and stability of the economy, market openness, low level of professionalism, lack of information availability and standardization and culture. The paper therefore recommends that government should develop a workable framework and environment to improve on existing data.

Keywords - Globalization; Investments; Market Maturity; Nigeria; Property Market

[1]. Arnot, B. And Meadows, J (.2006): 'Reforming the land Registration Process in Nigeria' Promoting Land administration and Good Governance, 5th FIG Regional conference, Accra, Ghana, March 8-11
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[4]. Dale, P., Mahonry, R. and Mclaren, R (2002) land Market and the Modern Economy, RICS Leading Edge series http www.mattpowell.typepad,com/taretvietnam/files/rics_land_markets_papers.pdf
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[8]. Olayiwola, L.M. and Adeleye, O. (2006): 'Land Reform- Experience from Nigeria' Promoting Land administration and Good Governance, 5th FIG Regional conference, Accra, Ghana, March 8-11
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Paper Type : Research Paper
Title : Perception of SC/ST students participating in higher education with special reference to Mysore, Karnataka
Country : India
Authors : Mahadevaswamy M., Dr. Sajan C. P., Dr. G. Kotreshwar
: 10.9790/5933-0143942      logo

Abstract: In the present dynamic world, higher education is so very important for handling the crucial/competitive business activities. It helps in sound decision making in terms of business concern and management program which directly impact the economic development of a nation. The study aims to know the perception of SC/ST students participating towards higher education. SC/ST students are not able to enroll to higher education in Mysore district up to the mark as compared to other section of the society which is due to the social factors which are affecting them within our society. In order to know the root cause for fewer enrollments of students for higher education in Mysore city, survey was conducted in Mysore city colleges (Maharaj's college, Yuvaraja's collge, university evening college) and the collection of data was carried out through simple random sampling unit and structured questionnaire from prospective respondents. The analysis of data was done using statistical tools.

Keywords: perception, higher education, prospective, respondent.

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Paper Type : Research Paper
Title : Agro Based Industries Loan Operation and Contribution in GDP of Bangladesh: A Case Study on Rajshahi Krishi Unnayan Bank (RAKUB)
Country : Bangladesh
Authors : Md. Ashfaqur Rahman, Md. Moyazzem Hossain
: 10.9790/5933-0144348      logo

Abstract: Agro based industries are highly potential in the development of Bangladesh through government support with the financial aids along with training facilities for development in this sector. The aim of this paper is to identify the relations of Agro based industries loan to other loans. Also this paper identifies the contribution of the loans on different agricultural sectors in Gross Domestic Product (GDP) of Bangladesh. The study is confined only to the specific areas like the loans on different agricultural sectors and the contribution to GDP by the agriculture sector by the Rajshahi Krishi Unnayan Bank for the twelve years period starting from 1998-1999 to 2009-2010. This paper investigate that all the variables considered in this study are positively correlated to each other. The coefficient of the regression line showed that there was a significant positive association between the contribution in GDP by agriculture and the loans on Crops, Livestock, Fishery, Irrigation equipment & farm machinery and Agro based industries.

Keywords : Rajshahi Krishi Unnayan Bank, Agro based industries loan, GDP, Bangladesh

[1] Md. Rashidul Alam Mahumud, Md. Golam Hossian, and Syeda Zabin Nessa Sultana, An Empirical Analysis of the Impact of
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Paper Type : Research Paper
Title : U- Banking: The Next Generation E-Banking
Country : India
Authors : Peter John
: 10.9790/5933-0144951      logo

Abstract:The convergence of technology, business and communication brings several changes in the way of doing banking business. The development in the field of ubiquitous computing adds another dimension to traditional E-Banking in the form of U- Banking. It stands for a world in which customers can approach to any net work from any place and in any time by using various technology devices in order to get unique and personalized service. It includes banking transactions in all directions in a ubiquitous environment. The emergence of U- Banking could be viewed as an extension of E-Banking and M-Banking. This paper aims to clarify the concept of U-Banking as well as to identify its components and major challenges.

Key words: Ubiquitous, Ubiquitous computing, U-Banking, Unison

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[4]. Mathew ,J.Sarkar, varshney, "M-Commerce Services: Promises and Challenges" Communications of AIS, Vol.2004 Issue-14, PP 1-11
[5]. 5 George S. Oreku, "Mobile technology interaction to e-Commerce in promising of u-Commerce"
[6]. Atiya Parveen, Sobia Habib & Saoud Sarwar "Mobile Commerce - New Way to Business" International Journal of Research and Development - A Management Review (IJRDMR ) 2012Volume-1, Issue – 1, PP 37-40
[7]. Galanxhi-Janaqy, H., Nah, F.F-H.: "Privacy issues in the era of ubiquitous commerce", Electronic markets, Vol. 16, No. 3, 2006, pp.222-232.

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