Fianancial Management

Regardless of its plentiful normal assets, Sub-Saharan Africa is ordinarily seen as
a brutal and dangerous spot to do business. However, the mainland whose majority of the general
population is caught in destitution is in urgent need of investment to touch off monetary development
to decrease poverty. Least developed West African nations specifically have been getting one
of the world's most astounding FDI inflows in respect to GDP; in any case, these nations have
a fairly little financial development in spite of such high FDI inflows in the course of the most recent
25 years. FDI plays the crucial roles of supporting development, bridging the interchange gap
and filling government revenue gaps. This paper aims to examine the linkages between Foreign
Direct Investment (FDI), inflation, exchange rate and financial development in the least develop
West Africa economies. The study used secondary data from 195 observations of the thirteen (13)
least developed countries from this region between the period of 2000 to 2014 and employed panel
data regression models to estimate the observed relationships. The study results show that inflation,
exchange rate, financial sector development and market size have a negative and a statistical
significant relationship with FDI. Infrastructure development on the other hand had a positive
and significant relationship with FDI. The study recommended the reduction of money supply within
an economy by increasing interest rate and decreasing bond prices. Also, policy makers in these
countries should follow the exchange rate and macroeconomic stability sectors of the economy
which will boost the attraction of investors. Governments of these nations should manipulate interest
rates which will impact on inflation and exchange rates. Countries should also resist from high public
debts.

This study aims to better understand the role of centralized and decentralized ledgers in the money supply process. The aim is to highlight the strengths, weaknesses, opportunities, and threats of these tools in the context of finance and banking. A thorough investigation of the prior literature was carried out using sources extracted from various academic databases. A SWOT analysis based on an integrative literature review methodology was conducted to synthesize various research contributions and analyze relevant information related to centralized and decentralized ledgers. The findings reveal that centralized ledgers are still critical in the record-keeping of financial transactions, despite the strengths and opportunities of decentralized ledgers outweighing those of centralized ledgers. This study helps to increase the understanding of financial and banking sector managers concerning the importance of decentralized ledgers in delivering more value to customers.

My thesis focuses on addressing the legal issue of enforcement raised by the process of entering into a transaction using electronic means. In particular, I explore the enforcement of electronic transactions under the Rwandan law, the laws of selected countries and regions, international laws and instruments and it is limited to those transactions that are conducted and enabled by Internet and computer communication utilizing either an open or a closed network. To this end, I examine the enforcement of electronic transactions from both the domestic and international perspective, as it constitutes a comparison in two-folds of describing and analyzing the enforcement of electronic transaction elements in accordance with the legal framework, as well as taking into account the enforcement of electronic transactions according to the regulatory and decision - making bodies by referring to case law and legal doctrine. Finally, it speaks and offers scholars, government legislators, investors, business owners, company owners, consumers who often engage in electronic transactions on a large scale (multi - jurisdictional transactions, international transactions or cross - border transactions) or on a small scale (domestic transactions or national transactions) novel approaches to dealing with identified deficiencies. It also recommends improving the legislation relating to the enforcement of electronic transactions and any other related legislation in order to close the gaps in the enforcement of electronic transactions. http://dr.ur.ac.rw/handle/123456789/1060

The Present study is an attempt to research dilemma of different set of investors and mitigating risk involved in investment through knowing right investor risk profile and risk taking appetite. Investor’s investments need to adapt to their changing circumstances. Hence, investor may re-assess his investment risk profile prior to the expiry of his current profile, if there is any change in his financial or personal circumstances. 
Investment Risk Profiling is the initial step in the investment process and building an investment portfolio in line with Investor’s goals and requirements. To be able to take an informed decision, it is important for investors to know and understand their investment risk profile.
Currently some financial firms in South-Asia using the risk profiling through questionnaires is not giving accurate results and typically explains less than 15-25 % of the variation in risky assets between investors—mostly because the questionnaires focus on socio-economic variables and hypothetical scenario
In the wake of digital advancement, the variation can be brought down near 2-5% through use of apt Artificial intelligence

For investing in profitable ventures, the firms intend to recover the investment made in them. Thus, the determination of the respective cost of capital of a venture can provide a base for making decisions on whether to accept the project profitably. In this context, this paper provides some basic explanations to facilitate the learners of the cost of capital with appropriate exhibits for their easy understanding. This paper primarily attempts to explain and illustrate how the determination of the cost of capital for the investment of equity and debt capitals can be made. Relatively, the use of dividend-price and earnings-price measures, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), Weighted Marginal Cost of Capital (WMCC), and breaking points of financing sources are also explained meaningfully. Further, in determining the optimum capital budget considering various projects, the use of the investment opportunity curve (IOC) and WMCC is also explained and illustrated. Finally, some of the major problems in determining the cost of capital are presented in brief.

An insecure environment constitutes threat not only to lives and property of individuals but also to corporate citizens. It hinders business activities. Oil and gas companies operating in Nigeria's Niger Delta incur huge operational costs due to lack of effective policing and these have significantly impacted on their operations and profit margins. This study examined the influence of effective policing on profitability of oil and gas companies in Niger Delta, South-south Nigeria. Data collected through the questionnaire and other secondary data sources (companies' financial statements) were analyzed by means of descriptive statistics and the Pearson product moment correlation. The statistical values of coefficient of correlation indicate 0.572 and 0.453 for the relationships between effective policing and return on total assets on one hand; and effective policing and operating profit margin on the other hand. The study therefore concludes that effective community policing influenced profitability of oil and gas companies positively. It was recommended that government should not merely pay lip service to security issues, but to ensure concrete steps are taken to curb insecurity, for businesses to thrive.

This study is to assess the operations of internal audit unit in financial administration of some selected MDAs in Volta region with the aim of improving efficiency in the performance of the MDAs. This was achieved by identifying the operations of the internal audit unit (IAU), examining the challenges facing the IAU and assessing the extent to which the IAU of the MDAs conform to the best practices. This study was based on only qualitative paradigm. Words were used in identifying the operations, the extent to which internal audit conforms to the best auditing practices and the challenges facing the internal audit unit. Well-structured questionnaire (closed ended question and open ended questions) were used to solicit for data. Purposive sampling technique was employed especially in selecting the five (5) Heads of the internal audit unit. Major findings emanating from the study are: inadequate audit staff, inadequate logistics in undertaken the internal audit process, slow implementation of audit recommendations and restricted access to records. It was recommended that Internal Audit Agency should recruit more personnel for MDAs audit staff, Audit Report Implementation Committee (ARIC) should attach sense of urgency to all report issue and provide the logistics needed to enhance best audit practices in the region.

This study aims to determine the results of financial analysis distress in Islamic sharia banking in Indonesia using the 2016-2018 Zmijewski X-Score model. This study uses a quantitative descriptive research design, which is a form of research based on data collected systematically about the facts and properties of the object under study by combining the relationships between the variables involved in it. The data used in the form of secondary data. The sampling technique is using saturated samples so that 14 Islamic banks are obtained as research samples. The results of this study indicate that there are as many as 10 Islamic banks that are in a healthy position in the third year and there are 4 Islamic banks that are in GrayArea even though only one third-year bank is in the gray area of Mega Syariah Bank. all banks that have a result of 0 are included in the Gray area category but if it is smaller than 0 then the bank is in the healthy category while greater than 0 then is in the category of financial distress in this study there are no Islamic banks that experience financial distress.

My thesis focuses on addressing the legal issue of enforcement raised by the process of entering into a transaction using electronic means. In particular, I explore the enforcement of electronic transactions under the Rwandan law, the laws of selected countries and regions, international laws and instruments and it is limited to those transactions that are conducted and enabled by Internet and computer communication utilizing either an open or a closed network. To this end, I examine the enforcement of electronic transactions from both the domestic and international perspective, as it constitutes a comparison in two-folds of describing and analyzing the enforcement of electronic transaction elements in accordance with the legal framework, as well as taking into account the enforcement of electronic transactions according to the regulatory and decision - making bodies by referring to case law and legal doctrine. Finally, it speaks and offers scholars, government legislators, investors, business owners, company owners, consumers who often engage in electronic transactions on a large scale (multi - jurisdictional transactions, international transactions or cross - border transactions) or on a small scale (domestic transactions or national transactions) novel approaches to dealing with identified deficiencies. It also recommends improving the legislation relating to the enforcement of electronic transactions and any other related legislation in order to close the gaps in the enforcement of electronic transactions.
http://dr.ur.ac.rw/handle/123456789/1060

The main purpose of this study is investigate of the effect of financial structure, financial leverage and profitability on company’s value among the firms listed on Tehran's stock exchange between 2010 and 2014. In this study, the data were collected by using of various sources based the official documents on Tehran's stock exchange, including the Tadbirpardaz and Rahavard Novin software have been used for calculation of dependent research variables have been used for calculation of dependent research variables. Nonetheless, data belonging to firms have been reviewed through investigation of journals, disks that are provided by the stock exchange organization and the website of Tehran stock services and also reports published by Tehran's organization of stock exchange. Which was processed after moving to the EXCEL spreadsheet, and using was of data analysis by combined data method. Results have shown that the variable of financial structure has no statistically significant effects on company’s value. Results of the study regarding, there is a positive relationship between financial leverage and profitability on company’s value.

JEL: G32, O16, D53

This study aims to test and analyse the determinants of internal stock returns with annual data observation used from 2014–2015. Following are the types of quantitative research employed in this study. The population of 41 companies with their capitalisation is listed on the Indonesia Stock Exchange (IDX), and their capitalisations report have been consistent for two years. The non-probability sampling technique is purposive sampling. A data analysis using a regression regarding the fixed-panel effect has an R-squared value of 71.6% compared with other models. The results showed that the return on assets, return on equity, debt-to-equity ratio, firm size and growth simultaneously and significantly influence stock returns. Partially, all independent variables have a positive and significant effect on stock returns. Hence, it is advisable to add external factor variables, using sample companies within other industries. Keywords: Return on Asset (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), firm size, growth

Nonperforming loans posed a great threat to the performance of banks in emerging economies. This study seeks to examine the effect of nonperforming loans on the banks' performance in sub-Saharan Africa region. A total of fifty (50) listed banks were drawn across six sub-Saharan African countries that include Nigeria, Ghana, South Africa, Zambia, Kenya, and Tanzania within 9 years period (2010-2018). The study employs a two-step system generalized method of moment as the technique of analysis and inference. Findings from the study revealed a significant negative association between NPLs and bank performance within the region. Bank management and regulators are advised to work hard toward ensuring that banks keep minimum NPLs in order not to threaten the liquidity position of the banks.

Corporate governance has become a topic or issue in the business world that is being hotly discussed throughout the world in the late 20th and early 21st century. No less than the world organizational bodies such as the World Bank and The Organization for Economic Cooperation and Development (OECD) took part in pioneering corporate governance concepts. However, the essence of corporate governance itself is not yet well known by most people and businessman in Indonesia. This study aims to analyze the effect of the implementation of customer governance on the value of BUMN companies and financial performance on the value of BUMN companies, both partially and simultaneously. This research was conducted at state-owned enterprises managed by the State of 139 companies. This study uses the econometrics method with panel data analysis techniques. The results of testing the model selection with the criteria of goodness of fit model, it was concluded that the panel data regression model with the pooled least square method was chosen as a method for estimating all research models. In general, it has been concluded that the application of good corporate governance can improve financial performance and company value. Then it was also found that the company's financial performance determines the condition of the company's value. Other variables such as debt to equity ratio (DER), company size (size), dividends, and profit growth also affect the performance and value of the company. Another finding is that not all variables affect at the same time but require a time lag.

This study aims to test and analyse the determinants of internal stock returns with annual data observation used from 2014–2015. Following are the types of quantitative research employed in this study. The population of 41 companies with their capitalisation is listed on the Indonesia Stock Exchange (IDX), and their capitalisations report have been consistent for two years. The non-probability sampling technique is purposive sampling. A data analysis using a regression regarding the fixed-panel effect has an R-squared value of 71.6% compared with other models. The results showed that the return on assets, return on equity, debt-to-equity ratio, firm size and growth simultaneously and significantly influence stock returns. Partially, all independent variables have a positive and significant effect on stock returns. Hence, it is advisable to add external factor variables, using sample companies within other industries.

The transportation sector is significant for development purpose. Over the past decade, there has been a con-
siderable growth in passenger traffic, which has in turn uplifted the aircraft movements across destinations. Our study aims
to analyze the growth in aircraft movements across top five country pairs in the ASEAN region. The literature review indi-
cated that gross domestic product plays a significant role in determining the air traffic. Hence, a simple econometric model
using real GDP, modified to include time dummies, was used to forecast the air traffic across chosen origin-destination
country pairs. The results of the study supported the increasing aircraft movements and the positive effect of economic
output on air traffic. The forecasts in this paper can be helpful in long-term airway capacity planning, while simulation and
modeling offer an understanding of flight movements across countries in ASEAN.