Finance

The prolonged slump in crude oil prices and the exchange rate uncertainty can adversely impact global stock market. Malaysia also feel the pinch where in August 2015, its stock market index has plunged to its lowest level in more than three years since June 2012. Thus, this study is conducted to discover the relationship between crude oil prices and exchange rate to the Malaysia stock market index. Crude oil price, exchange rate and Dow Jones Industrial Average (DJIA) are chosen as independent variables while Malaysia stock market index as the dependent variable is proxy by FBMKLCI. This study used monthly time series data covering 74 observations from July 2009 to August 2015. Employing correlation matrix test, our result shows that all independent variables have significant relationship with FBMKLCI. On the other hand, regression analysis indicates that only exchange rate and DJIA is significant in determining the movement of FBMKLCI while crude oil price is not significant. The finding further indicates that changes in DJIA will positively affecting FBMKLCI while changes in exchange rate have negative influence on FBMKLCI.

Today, due to the effects of tourism activities in the economy of the tourist receptive areas on leaves, Great attention to this field of activity is focused. West of Islamabad city with great tourist potential and the potential remains for tourists unfamiliar, Therefore, tourist attractions in this city And planning with special geographical conditions appear to be necessary. For this purpose the paper uses a descriptive method and analytical and strategic models of SWOT, and field studies to determine the strengths, weaknesses, to provide a strategy to develop tourism opportunities and threats are discussed. After reviewing data collected barriers such as lack of facilities along with other attractions, Weak advertising, the neglect of infrastructure to attract tourists in this city and to provide guidelines for tourism development Use of modern methods of advertising west has been building facilities in the city of Islamabad. According to obtained results, strategies city near Islamabad, the West is aggressive strategies the authorities should try to take advantage of the strengths and opportunities and to take steps towards these strategies.

Governments all over the world rely on revenues majorly generated from variety of taxes in order to meet their numerous fiscal expenditures. The practice of tax evasion and tax avoidance has bedeviled the tax system of Pakistan since 1947. So this research is conducted in order to identify the nature, causes and magnitude of tax evasion and tax avoidance along with their social, economic and political impacts especially in context of economy of Pakistan. The integrated approach has been used in order to answer the objectives of this study. Study reveals that tax evasion and avoidance both leading to fiscal deficit and foreign debt in Pakistan; however, tax evasion is most important. The estimations of tax evasion and tax avoidance are not reliable on account of different assumptions and ambiguous methodologies. Our research deals only with the conditions prevailing in Pakistan so results cannot be generalized. Moreover, instead of using estimates of tax evasion or avoidance we have used indicators of tax evasion an avoidance to determine their magnitude.

The purpose of the study is to examine the relationship among developed and emerging stock markets of different countries. In developed countries there are four stock markets (Australia stock exchange, London Stock exchange, U.S Stock exchange and Tokyo Stock Exchange) where in developing countries (Bombay Stock Exchange, Colombo Stock Exchange and Chinghai Stock Exchange). Ten year data has been taken for the period from 2003 to 2012. Monthly data was taken and total numbers of observation are 120. Using the co-integration analysis we find out the long run relationship among these stock exchanges. Further for stationarity of data we use unit root test and then used Descriptive analysis, correlation analysis, vector error correction model, granger causality test, variance decomposition test and impulse response test is used to examine the existence of long run relationships. Data was stationary at first difference then we used co-integration technique. Analysis shows that KSE has long run association with developing as well as developed countries. There is a unidirectional causality between KSE, Colombo and BSE30 among the developing countries. This means that movement in KSE leads toward movement in Colombo and BSE30. On the other hand, variance decomposition of KSE shows that mostly variation in the return of KSE is due to its internal factors.

Earnings management is a kind of management which uses accounting techniques to meet the executives needs for earnings; it is a widely debated topic, hence it is worth looking at. Experts and professionals in this area found many approaches to detect the earnings management; within these approaches are the accrual-based models which include the modified Jones model, which currently is a favourite model to many researchers. The issue of earnings management has always been an anxiety for the reliability of published accounting reports. In emerging markets, like India due to their relatively weak legal enforcement capabilities, earnings management issue is more universally practiced. The objective of this study is to investigate whether Indian companies adopting international standards (i.e., International Financial Reporting Standards or IFRS) have higher earnings quality compared to non-adopting companies and are less likely to smooth earnings and engage in earnings management with an improvement of reporting quality. Our results clearly indicate that the firms adopting IFRS are unable to control the earnings management and thereby improve Earnings Quality in emerging market of India.

The real sector of any economy is very critical to its growth and development and the beneficial effect of foreign private capital on a host country has remained an issue of discussion. The general notion is that it helps to accelerate growth and development in such a country impacting positively and significantly in those sectors they are channelled into. It is against this background that this paper empirically examined the impact of foreign private capital on three important subsectors of the Nigeria economy (Agriculture, Industry and Building and Construction) from 1987 to 2008. Findings from the study revealed that foreign private capital have not had a significant positive impact on the Nigerian economy vis-à-vis the agricultural, industrial and building and construction sectors and even when it existed, the impact had been non-significant. Therefore, the study recommends re-evaluations of government policies on foreign direct investment in Nigeria. This requires an appropriate mix of proactive government policies to direct foreign private capital inflows to priority sectors of the economy such as agriculture, industrial and building and construction as there are crucial to its sustained growth and development.

The main objective of this research is to determine the impact of corporate social responsibility on financial performance of the company, considering the role of mediation of corporate governance in companies admitted to the Tehran Stock Exchange. This research is an applied research in terms of purpose and also is a descriptive survey in terms of data collection. The statistical population of the research is the managers and experts of the companies accepted in the Tehran Stock Exchange who were members of the Stock Exchange during the years 2014 and 2015. By systematic deletion, 120 individuals are selected as samples. The collected data were analyzed using SPSS and PPL software. The hypotheses were analyzed using structural equation modeling. The results of the research showed corporate governance in relation to social responsibility on the financial performance of companies admitted to the Tehran Stock Exchange plays a mediating role.

This purpose of this paper is to study the impact of macroeconomics variables to Mudharabah Investment Deposits in Malaysia. It intends to examine the relationship and the significance influence between Gross Domestic Product (GDP), Rate of Return (ROR), Inflation Rate (INF) and Investment Deposits in Malaysia. Analysis was done using the Statistical Package for Social Science (SPSS). Pearson Correlation used in determining the relationship between the variables while three difference regression model (enter, forward, backward) used to determine the significance influence between the variables. The data gathered from Monthly Statistical Bulletin, Bank Negara Malaysia from 2003 until 2011. ROR showed there is significant strong positive relationship with Mudharabah Investment Deposit in Malaysia. It was found that by using three difference regression models, only one predictor namely Rate of Return (ROR) had significant influence with Mudharabah Investment Deposits while Gross Domestic Product (GDP) and Inflation Rate (INF) had no significant influence with Mudharabah Investment Deposits.

External debt is one of the main sources of financing for some ECOWAS countries, which plays an important role in filling up the gap of scare resources as a result of low domestic savings and high current account deficit. The impact of external debt stock and debt servicing has become a significant area of study. The main focus of this thesis is to investigate the impact of external debt and debt servicing on some ECOWAS countries? economic growth over the period 1970 to 2008 by using annual times series data. The variables of the econometric model used in the study include the Gross Domestic Product as the dependent variable and external debt stock and debt servicing as the independent variables. Using annual time series data, ADF (Augmented Dickey- Fuller) and PP (Phillips-Perron) unit root tests are employed to test stationarity. Following the stationarity check of the time series data of some ECOWAS country, the cointegration test is applied to analyze the long-run relationship between the variables. Then the Error Correction Models are estimated, which provide a useful link between the long-run equilibrium and short-run disequilibrium dynamics.The results illustrate that the economic impact of external debt stock and its servicing varied for different countries among the ECOWAS countries. External debt contributes to economic growth in Benin and Niger while the impact of external debt stock adversely affect the economic growth of Burkina Faso, Cote d?Ivoire, Gambia, Guinea- Bissau, Nigeria, Sierra-Leone and Togo.

Based on Hodrick-Prescott filter for non-performing loan ratio of commercial banks and economic growth ratio, this paper set up VAR model, also analyze the impact from economic growth to the fluctuation of non-performing loan ratio of commercial banks. The result shows that the attack from economic growth to non-performing loan ratio achieves maximum after three quarters. From the conclusion, some measures for preventing and controlling banks’ systemic risk should be implemented, such as implementing counter-cyclical mechanism for the central bank, improving the export competitiveness for government, strengthening internal credit mechanism for commercial banks.