Finance

The aim of this investigation is examination relationship between financial ratios changes and stock returns changes in accepted companies in stock security exchange of Tehran. The statistical community of this investigation are accepted company in stock market of Tehran and the statistical sample is consist of 53 active company of different industries during 2007 until 2011. Hypothesizes/ theories are experimented by Smirnoff – calmogorof tests, independent and parsons cohesiveness. The findings indicate that there is significant and weak cohesiveness between cash ratios changes (current and quick ratios) and profitability ratios changes (grass profit/sail and profit/sail) with stock output in stock exchange. Finally, with attention to variable, the regression model is effective.

This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. It describes the role of financial system development in economic growth at the macro level, both theoretically and empirically. It also describes briefly the relationship of corporate finance and firm performance. It finally concludes the review and presents some policy implications in view of the reviewed literature. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research.

This research paper is examined to find out the relationship between customer loyalty, service quality, Bank reputation and customer satisfaction in the Pakistan banking industry. This research paper uses administrative questionnaire. The variable include in this paper are customer loyalty as dependent variable and customer satisfaction, bank reputation and service quality as independent variable. The questionnaire includes 9 items of service quality, 5 items of bank reputation, 5 items of customer satisfaction and 5 items of customer loyalty. A sample size of 50 respondents is conducted in Narowal cities, Pakistan. A regression analysis is performed to study the impact of banking service quality on customer satisfaction in Pakistan banking industry. The findings from regression analysis suggest that banking services quality significantly influenced by customer loyalty. . In addition, the results from linear regressions analysis show that the Tangible dimension has the largest influence on customer loyalty.

Today's environmental performance is one very important factor in evaluating the success and the processes and products comply with environmental requirements, creates an important competitive advantage for companies. Environmental accounting can help companies large and small, industrial, manufacturing and service sectors and in large or small, based on a systematic basis according to requirement in the development of methods based on activities such as water costs, activity-based management, total quality management and process re-engineering to be used. Environmental accounting, the tool equips the traditional accounting system has been revised that environmental information processing and properly report and will give managers. Environmental accounting system, based on the classic ideas of accounting change is complete. In this respect, the benefits and elimination of pollution is calculated as a function of the product or service. Environmental accounting and accountants can make the link between environmental management and to encourage the two groups to work together to move to the next hand, the company's financial performance and improved environmental performance. In this paper, environmental accounting, of its usefulness and cost-sharing process has been studied.

Abstract The recent past ongoing string of financial crisis across the globe resulted in rising inflation, slowdown in industrial productivity, layoff of industrial units and job cuttings leading to being shaken the financial markets; both equity and debt markets. The prevailing volatility in different financial markets all over the world lead to dent in the capital market performance, challenging mutual fund industries to show consistent performance against the prevailing adverse situation. Mutual Fund Industry was able to go ahead of the market trend. The increasing trend of Indian Mutual Fund Industry bears witness to the fact that it is attracting more and more investors and winning the confidence of the investors. The fund houses are coming with innovative and low-cost products to attract the common masses, so as to contribute towards financial inclusion. The present paper is divided into three parts; the first part highlights the financial inclusion in India, second parts explains the role of mutual funds towards achieving the financial inclusion and third part contains the challenges faced by mutual funds and the action plan necessary to be taken by mutual fund industry to bring financial inclusiveness. Keywords: Financial Crisis, Mutual Fund, Financial Inclusion, Layoff, Volatility.

This is a humble attempt to conduct literature review on Fundamental and Technical Analysis.Fundamental analysis is used in stock selection for equity portfolio management. To find out the intrinsic value on the basis of fundamentals and compares value with the current market price to determine if the security is under priced or overpriced fundamental analysis is done. Technical analysis, which comes in the form of different charts so also known as “charting,” has been a part of financial studies for many decades. Initial Technical analysis has not received the same level of acceptance as fundamental analysis.One of the greatest challenge between academic finance and industry practice is the separation that exists between technical analysts and their academic critics. Investors would like to categorize the stocks into value and growth. Value investors invest for the stocks that are trading at less than their apparent worth, but on the other hand growth investors focus on the future potential of the firm and buy companies that are trading higher than their current intrinsic worth with the belief that the companies’ intrinsic worth will grow and go beyond their current valuation. Keyword: Stocks, Fundamental Analysis, Technical Analysis

Materials management is a tool to optimize performance in meeting customer service requirements at the same time adding to profitability by minimizing costs and making the best use of available resources. The main objective of the study was to assess the role of materials management on organizational performance. Specifically, the study intended to assess how inventory control systems and lead time affect organizational performance. The empirical analysis of the study focused mainly on the New Kenya Cooperative Creameries, Eldoret, Kenya, being one of the largest and the oldestdairy company in East and Central Africa. The target population of the study was 56 employees of New KCC Ltd. Eldoret. A sample of 49 respondents was selected from this population using the stratified random sampling technique, where 7 departments, which directly deal with materials, were selected which include: production, Purchasing, quality Control, Warehouse/store, Human Resource Development, Finance and audit and physical Distribution departments. Data was collected through a structured questionnaire, consisting mainly of closed ended and open-ended questions. The data was analyzed through descriptive statistics such as mean, standard deviation, median and percentages. Results showed that there was significant increase in organizational performance as a result of inventory control system involvement. Further, results showed that lead time was highly significant to organizational performance through acquiring and delivering the needed materials within the shortest time possible. The study advocated that a lot of emphasis need to be directed to materials management in dairy companies in order to achieve significant cost savings, reduction in wastes and production costs and to achieve increase in profitability and product quality, consequently improving the organizational performance. The study recommended that dairy companies adopt the use of Information Communication Technology (ICT), use of proper codes in all materials, and the employees be trained on the use of inventory control systems.

The aim of this research is to create the portfolio of efficient companies using Data Envelopment Analysis (DEA) technique to gain a return beyond the average return of market. For this purpose, input-oriented and output-oriented models were used under constant returns to scale (CCR) and variable returns to scale (BCC). Also, in this research the hypothesis “the portfolio composed of small companies has a better performance than the average of industry” was discussed. The results of the research indicate that in case of using CCR method, it is not possible to gain a return beyond the average return of market; however, it is possible to do so if BCC method is used. The performance of the portfolio created using this method was also appropriate. In the end, the portfolio composed of small companies had the return beyond the average return of market and had an appropriate performance.

The purpose of this research was to find out the actual reasons behind turnover in commercial banks in the county of Mombasa and its damaging effects on the productivity of banks in Kenya. Commercial Banks play a very big key role in controlling the economic activity of a country, as the Central Bank of Kenya implements monetary policy with the help of commercial banks. Collectively, Kenya?s banks contribute more than Ksh.1.2 billion every year through their social investment programmes (corporate social responsibility). Moreover, as one of the largest contributors to tax revenue in Kenya, the banking industry directly impacts the country?s economic development, including the key sectors of education, health, transport, energy, communications and agriculture. The industry is most certainly a force for good that strikes the balance between growth and positive impact. Commercial banks in Kenya today are facing a high employee turnover which can prove costly in this sector. Due to this turnover the organization results in loss of production and an increase in the recruitment costs. Literature review looked into two theories that informed the study i.e. Maslow Hierarchy of Needs and System Theory. Empirical review highlighted Factors Determining Staff Turnover in Organization, Effects of Employee Turnover and Banking Industry in Kenya a conceptual framework was proposed to guide the study. The primary objective of this study is to determine the factors that determine staff turnover within the commercial banks and how it affects staff performance.

This paper proposes a research framework involving two indicators of national competitiveness namely quality of governance and financial sophistication. Specifically, it proposes to examine the role of governance in influencing the level of financial sophistication among emerging economies in Asia. Good governance is needed to increase the wealth of people in a country as this will create positive influences at the regional and international scopes. On the other hand, a sophisticated financial markets is required to ensure the availability of capital especially from banking and capital market. The proposed framework is an important area of research as it will highlight the significance of governance practices as a major element in determining the level of financial sophistication in which suitable policies are implemented through good governance are expected to ensure a better access to financing that could improve the country’s economic growth.