Finance

With the influential and remarkable progress through promoting local currency (for de-dollarization), regional foreign direct investment, and regional trade, BRICS economies have emerged, and took a new space in the 21st century. In this paper, the main objective/purpose was to focus on the influence of trade and investment on their economic growth and prosperous development; based on comparative analysis. Moreover, the identification of three steps of upward evolution shows that BRICS role is growing both in trade, investment and service, but replacing also the G-7. For empirical investigation, this study used panel data approach, where the empirical results reveal that the impacts of investment and trade on economic growth in BRICS are positive and statistically significant.

The present paper aims at discovering and analysing risk in the emerging security in the stock market i.e Gold ETFs. The basic aim of the study is to study the financial performance, variations and analyse the risk behaviour of the selected Gold ETFs in comparison of NSE. The data for this has been taken from the NSE website. The period taken for the study is March 2008 to November 2010. Analysis is made by using financial tools like Sharpe’s index, Treynor’s ratio by calculating alpha, beta and standard deviation of the selected funds. The study will be beneficial for the investigators and investors who seek the best opportunities in the Gold ETFs.

In the area of accounting jurisprudence, several attempts have been made to develop accounting and accounting information, The most prominent of these were the calls for linking accounting and law, and the judiciary's need for accounting information to cover the demand for forensic accounting services. The outcomes of forensic accounting are reports that guide judges in passing judgment on the conflicting parties on financial issues, Judicial, settlement, and settlement of disputes, Forensic accounting acts as science and applications in the field of accounting, finance, taxes with the use of Civil law and criminal law in order for making the right decision by Forensic accountant. This science can be applied through the availability of various techniques which help in detecting fraud and support the juridical cases. One of the main tasks of Forensic accountant is to detect fraud as fraud was a widespread phenomena in large number of companies. This phenomena occurs as a result of depending the certified public accountant on samples when reviewing financial statements without having any responsibilities toward detecting fraud. Here comes the role of Forensic accounting in detecting fraud through using of different techniques such as Benford law, and detection tools such as data mining and analysis

The general aim of this study is to investigate the effect of exchange rate on financial performance of small and middle-sized companies in Mogadishu.Specifically, this study investigated the effects of Balance of payments, the effect of foreign direct investment, the degree of Inflation and the effect of Taxation. The related theories of exchange rate are Purchasing power Theory, Interest Rate Theory and Product Cycle Theory. This study was conducted through a descriptive study. In addition the study employed a survey research design in data collection. The sampling procedure of this study used non-probability sampling procedure particularly purposive sampling or judgmental sampling, this research employed quantitative data collection method whereby data was gathered by the use of closed ended questionnaires which are self-administered. The data collected was analyzed using the software called Statistical Package for the Social Sciences (SPSS) version 22 and results shown in terms of frequency distribution and percentages, the target population of the study is 160 employees of some merchandising companies in Mogadishu. A sample of 48 respondents was selected using Mugenda and Mugenda?s formula. The study used primary data. Data collection methods used included use of questionnaires. The selection sample technique was purposive or judgmental approach. A regression model was applied to determine the relationship between Balance of payments, foreign direct investment, inflation and Taxation as the independent variables and financial performance for small and medium sized enterprises as the dependent variable. The key findings of this study were: Most of the respondents agreed that International trade has a direct effect on the financial performance of the company. Most of the respondents also agreed to the fact that Company owners think they can create high profit for the company if they gain investment income. Company managers are always responsible when companies fail to implement financial transactions. The researchers recommended that: Somali merchants should try to increase domestic productions so as to add value to their money. The researcher?s second recommendation is that Somali government should control all import-export activities and try to increase exportations rather than importation Also top management of small and medium sized enterprises should motivate their employees to increase the performance.

State Transport Undertakings (STUs) are established with the major objective of providing economic, coordinated, efficient and adequate bus services to the society. The STUs are also bound to carry on their operations on business principles due to the recent Government policy of self sustain in the Public Sector Undertakings (PSUs). Due to this duality in its objectives the STUs are swinging on both sides (i.e.) social objectives on one side and the commercial objectives on the other side. In this process of conflicting goals the profitability and the public services were unsolved. In this paper an attempt has been made to simulate the profitability of STUs in terms of Total Cost/Bus (on Road)/Day and Total Revenue/Bus (Held)/Day using Artificial Neural Network (ANN). For this study as many as 29 performance indicators of 37 STUs with 11 years data were used to train the network. The results and statistical tests are very much encouraging. Therefore ANN is a better tool to map an unexplainable relationship between the input and the output variables. And this can also be used for future predictions and optimization.

Banks often drive their cost lower through investments in efficient-scale facilities and operation, tight cost and overhead control, and cost minimizations in such areas as service, selling and advertising. They often sell no-frills, standardized services and products to the most typical customers in the industry. Thus, banks seek a competitively valuable way to reduce cost by concentrating and maintaining efficiency through all activities in order to effectively control every expense and find new sources of potential cost reduction. This study limited itself to the variables of interest. The secondary data was derived from Equity Bank data for a period of 2008 to 2016. The study was conducted in Equity Bank, Homa Bay Branch. This study employed a descriptive research design. The study was conducted at Equity bank and targeted 75 respondents. The researcher used a questionnaire as research tool to collect data. The researcher with the help of supervisor and research expert was able to use the Content Valid Index (CVI). Data was analyzed using descriptive and inferential statistics specifically frequencies, percentages, likert scale analysis and multiple regression. The data was presented using frequency tables, figures and Charts and then findings were interpreted. The findings of this study reveal Competitive strategies affect the performance of Equity Bank. The study recommends that the bank should encourage integration of competitive strategies in the bank operation system to enable employees to feel integrated in the workplace and this will boost performance. This will create sustainable competitive edge hence sustainable and superior performance by the bank. Further the study recommends a further study be conducted on the same area in different banks on the effect of competitive strategies on Banks’ performance.

The Government reform agenda, was to try and address how GoEs can attain self-sufficiency to ease the burden of overreliance on subsidies, through introduction of new government guidelines, policies and strategies designed at improving their financial sustainability. However reviews have shown that despites all these improvements, the GoEs often do not operate optimally for sustainability, attributing to either internal or external factors. Even though various studies have been done on financial sustainability, limited research have been carried out on financial sustainability of GoEs hence there is limited information on GoEs in the MOALF. This study sought to identify financial sustainability basics. The study focused on resource utilization as a determinant. A causal research design was adopted and with 27 organizations responding positively, giving a sample size of 134. The study used both primary and secondary sources of data. Primary data was collected using structured questionnaires and interview guides. The secondary data involved review of published information on Financial Statements of GoEs in MOALF. Data was obtained for a period of 7 years from 2009/2010 to 2014/15 financial years and analyzed using SPPS version 21 statistical software, fitted into a multi linear regression model and t-statistic. From the study it was evident that, management of working capital was key factor that influenced financial sustainability of the GoEs. Working capital had a positive correlated to financial sustainability with investment opportunities being inversely related to financial suitability hence lack of proper policies on Investment and strategies affects financial sustainability. The study recommends that prioritized resource utilization should be given more emphasis as a means to ensure that institutional goals are set in line with the availability of funds. There should be proper projects evaluation and prioritization before allocation of resources is done to the most profitable project, bottom up resource management should be adopted, thereby keeping expenditure within the approved levels is also key. GoEs should endeavour to adopt hybrid model of management that incorporates both public and private interface. Policies on investment should be developed, Investment in green finance and adoption of climatic finance that significantly reduce effects on the environment enhancing sustainability. They should also adopt a holistic evaluation model not limited to financial evaluation through innovative accounting that encompassing the key goals and objectives of their existence and adoption of risk assessment framework. The Ministry should set limits with the set frameworks for the Key ratios used to measure Financial Sustainability.

Indian banking sector faced the many challenges due to enlarging NPAs in the banks. The profitability of the banks is not only adversely affected due to these NPAs’ but also enhanced the carrying cost. The net worth of the banks is also adversely affected. Due to the enlarging NPAs in banks, the RBI made stringent rules to curb the alarming situation. But in 2009, the RBI has to liberalised the norms in January 2009 due to the slowdown of Indian Economy. The private sector banks and the foreign banks exhibited the good show in bringing down the NPAs as most of the private and foreign banks brought down the NPA level up to 2 percent. Their sub-standard assets, doubtful assets and loss assets have decreased considerably over the time. The present paper is an attempt to study NPA problem in Private Sector and Foreign Banks in India.

The main propose of this research is the analyses of value added rule as an intellectual index on the financial ,economical and stock market performance of corporations .at this research the effect of value added (intellectual capital and used capital)on the financial ,economical and stock market of corporation in Tehran exchange commission through the 2006 until 2012with the method of regression has survived .results show that the coefficient of intellectual capital value added is effective at corporation performance .although among the coefficient of intellectual capital and financial and economical performance is meaningful relationship .but there is not meaningful relation among used capital corporation performance .that is arising from not being relation among value added coefficient and financial ,economical and market performance of corporations .So we can conclude that intellectual capital value added in comparison with used capital value added has more and important effect on corporation performance especially at financial and economical performance.

It is the primary responsibility of all parents to fulfill the child’s dreams and aspirations. With mounting inflation and hence a higher cost of living, parents have to ensure that their child is able to lead a life of respect and self-esteem with a financially secured future. Children’s plans offered by life insurers have emerged as a smart way to propose financial security to the children. The study examines the children’s plans offered by selected life insurers in India. It is found that plans floated by insurers are unique in providing financial means to children to pursue their goals, and these plans are the best available alternative to save and invest for the safe and bright future of the child. However, it is problematic for an individual to comprehend the trick of inherent and latent charges in these plans. The study observed that children’s plan SMART Steps Plus of Max New York Life and Young Star Plus II of HDFC SL are worth considering to save for child’s better future. On the basis of study it can be inferred that Young Star Plus II of HDFC SL is better in terms of inherent features and diverse charges as compared to SMART Steps Plus of Max New York Life.