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Total Articles 64 - 72 of 6582 | Total Books 1 | Total Conference Proceeding 81

Corporate Board Diversity and Financial Performance of Insurance Companies in Nigeria: An Application of Panel Data Approach

Author(s):Tukur Garba -- Bilkisu Aliyu Abubakar
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 257-277
The major objective of this study is to investigate the relationship between board diversity and financial performance of insurance companies in Nigeria, with specific reference to how gender diversity, ethnic diversity, board size, board composition and foreign directorship affect  financial performance of insurance companies listed on the Nigerian Stock Exchange. This study selects 12 listed insurance companies using non-probability sampling method in the form of availability sampling technique for a period of 6 years i.e. 2004 to 2009. Using ROA, ROE and TOBIN’s Q as measures of firm performance and applying Feasible Generalised Least Squares (FGLS) and random effects estimators, the findings of this study reveal that gender diversity and foreign directors have a positive influence on insurance companies’ performance. But the findings indicate a negative and significant relationship between board composition and performance of insurance companies in Nigeria. These findings have the implications that an increase in the number of female directors and foreign directors on the boards of insurance companies in Nigeria will enhance their performance but an increase in the ratio of outside directors on the board will reduce the performance.

Is Protectionism Rational Under the Financial Crisis? Analysis from the Perspective of International Political Relations

Author(s):Jie Cai, Lian An
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 278-299
Protectionism against economic globalization (free trade and FDI) always surges in the financial crises as the pressure from unemployment mounts. This paper aims to assess the rationality of the protectionism. Instead of analyzing from the pure economic efficiency perspective, this paper assesses the rationality of protectionism from the political relation perspective. By building a costly signal model, we demonstrate that the financial crisis does not change the role of trade and FDI as a signal to reduce the international conflicts and foster cooperation among countries. By employing simultaneous equation models, it is empirically found that trade/FDI and cooperation exhibit significant positive reciprocity, even in the presence of the shock. Variance decompositions from generalized VAR indicate that trade and FDI work in complement to each other to increase the cooperation. It is therefore concluded that using protectionism as a measure to deal with financial crisis is not a well-grounded policy.

Foreign Direct Investment Decisions into China and India

Author(s):Ayse Yüce -- Mauricio Zelaya
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 300-316
We investigate the foreign direct investment projects of the multinational companies into the two major BRIC countries: India and China. Our results indicate that wage levels and country population and GDP growth are the major factors that affect company directors? decision to invest into these countries.

Monetary Uncertainty and Demand for Money in Korea

Author(s):Mohsen Bahmani-Oskooee --- Sahar Bahmani
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 317-324
Friedman’s volatility hypothesis asserts that increased volatility of money supply can lower the velocity of money or increase the demand for money. Previous studies have tested this hypothesis by using data from a few industrialized countries. In this paper, we estimate the demand for money in Korea after including a measure of volatility of nominal money supply. We provide support for Friedman’s hypothesis in the short run as well as in the long run.

Analysis of Farm Households Poverty Status in Ogun States, Nigeria

Author(s):ADEKOYA Olusoji Adetayo
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 325-340
The paper examined the poverty status of farm households in Ogun State, Nigeria using a descriptive statistics, Foster, Greer and Thorbecke poverty (FGT) indices and Logit regression model. The data used were generated from a survey involving 117 farm household’s randomly selected using multistage sampling technique. Results of analysis revealed that majority (70.9%) of the farm households do not have access to potable water; they live in mud buildings while the common toilet facility was the bush. The mean per capita consumption expenditure among the farm households was ₦9,103.85 with the FGT poverty incidence, poverty gap and severity of poverty estimated to be 78.1%, 55.8% and 43.0% respectively. Poverty incidence was found to be higher among male headed (60%) and farming (63.9%) households and those having over five members (66.1%).The logit regression further indicates that the likelihood of being poor were more with large households, non-educated farm households head and households without access to credit and other non-farm income. It is therefore recommended that government should strengthen the various government credit agencies in order for them to make enough credit available to farmers, strengthen the adult literacy education programmes and encourage farmers to expand their farm land for increased production.

Prospects of Crop Insurance as a Risk Management Tool among Arable Crop Farmers in Ghana

Author(s):Robert Aidoo --- James Osei Mensah --- Prosper Wie --- Dadson Awunyo-vitor
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 341-354
The aim of this study was to assess the willingness of farmers to adopt crop insurance and the critical factors that influence the premium they are willing to contribute towards such a scheme. Two out of the eleven (11) agricultural operational areas in the Sunyani Municipality were selected purposively due to their dominance in maize and cassava production. Four (4) communities were randomly selected from each operational area through balloting and fifteen farmers were then selected from each community through the use of random numbers. A total of 120 farmers were selected from the Municipality for personal interviews to elicit primary information with the help of a structured questionnaire. A binary logistic regression model was used to identify the factors that influence farmers’ willingness to adopt crop insurance as a risk mitigation strategy. A double logarithmic multiple regression model was employed to determine the factors that influence the premium farmers were willing to pay towards a crop insurance scheme. Evidence from the study indicates that majority (76%) of farmers were willing to adopt crop insurance; age of farmer, land tenure system practiced and educational level were found to be the key drivers of crop insurance uptake, ex ante. The study revealed that government subsidy would be required for such an insurance scheme since the premium farmers pledged to pay was quite low and likely to be uneconomical from the perspective of private insurers. It was revealed that on-farm income, farm size, land tenure, educational level and amount of savings by farmers significantly influenced the premium farmers pledged to pay towards a crop insurance scheme. The study recommended periodic training and education of farmers to improve their knowledge on crop insurance as a risk management tool and the need for farmers to save in order to enhance the uptake of crop insurance when it is introduced in the study area.

An Empirical Test of Income Distribution and Migration Relationship: A Case of Turkey

Author(s):Okyay UCAN --- F.Merve PARLAKYILDIZ --- M.Basaran OZTURK
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 355-360
The relationship between migration and income distribution is an important phenomena. There are two types of migration: internal (in migration) and external (out migration). Both of them are because of politic, economic and social reasons. Here both of them are considered inside Turkey. Data is chosen from 2008-2012 periods for the 12 statistically divided regions in Turkey. Following the Panel unit root test, panel least square methods is used for the empirical part. As to result, it is concluded that for the 2008-2012 periods, migration has an adjusting role for 12 statistical regions in Turkey.

Why South-South FDI is Booming: Case Study of China FDI in Nigeria

Author(s):Oji-Okoro Izuchukwu --- Daniel Ofori
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 361-376
As economic linkage between south-south countries especially China with Nigeria have grown in intensity, it is seen as an engine to Nigeria economic growth. Therefore the amplified presence of China investment in Nigeria is now widely noticed and has drawn scrutiny from the populace raising questions of whether collaboration with the Asian giant is beneficial to the country and it developmental goals. This paper investigates why south-south foreign direct investment (FDI) is booming in Nigeria from 1992-2010 through the application of three-step procedures (Autocorrelation Function, Unit-root test and Granger Causality test). The results of the analysis affirmed the existence of autocorrelation and Unit-root with Granger causality showing that China FDI inflow is bidirectional with Gross Domestic Product (GDP) indicating a significant contribution in the economy growth of the country. In line with the findings to boost more foreign investment from China to Nigeria the research recommends, among other things, the creation of enabling investment climate and adequate macroeconomic policies in the country to ensure better productivity and sustainability of investment.

Service Sector as an Engine of Growth: Empirical Analysis of Pakistan

Author(s):Hira Mujahid --- Shaista Alam
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 377-386
The objective of the present study is to examine the determinants of service sector growth such as external debt, population, gross domestic product per capita, foreign direct investment and government consumption and employed labour force in services. For this purpose the study employed co-integration technique and vector error correction model for investigating long run as well as short run relationship among variables respectively during the annual time period 1976-2010. Results proposed that there is significant effect of population, foreign direct investment, consumption and investment on service sector growth in Pakistan.
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