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The Causality Between Stock Market Development and Economic Growth: Evidence from Arab Countries
Issue:
Volume 7, Issue 1, March 2022
Pages:
1-10
Received:
13 December 2021
Accepted:
30 December 2021
Published:
12 January 2022
Abstract: The interaction between the stock market and the real economy is important in the various channels through which financial markets contribute to economic growth. This paper examines the nexus between stock market development and economic growth for tree Arab countries namely Egypt, Morocco and Tunisia. This study uses linear and nonlinear causality tests to investigate the relationship between stock market development and economic growth. The findings of the linear model show unidirectional causation between economic growth and market capitalization for Tunisia. Concerning Egypt and Morocco, there is a bidirectional causality between market capitalization and economic growth. The nonlinear causality test findings confirm the results of linear test. A significant bidirectional nonlinear causality between the two variables is detected for the three countries under investigation. This results indicates that stock market development improves economic growth in these countries. As a result, the governments of these countries should develop their stock markets by simplifying procedures and removing restrictions on the introduction of new firms to the stock exchange. Such a move might increase the size, liquidity, and activity of the stock market, so stimulating growth in the region.
Abstract: The interaction between the stock market and the real economy is important in the various channels through which financial markets contribute to economic growth. This paper examines the nexus between stock market development and economic growth for tree Arab countries namely Egypt, Morocco and Tunisia. This study uses linear and nonlinear causality...
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Impact of Several Factors on the Change Speed of Capital Structure of Listed Firms in Vietnam
Le Trung Thanh,
Tran Dinh Van
Issue:
Volume 7, Issue 1, March 2022
Pages:
11-17
Received:
2 January 2022
Accepted:
18 January 2022
Published:
24 January 2022
Abstract: Information of capital structure and changes in capital structure plays an important role in corporate financial management. Many researches have shown that the information about changes in capital structure is meaningful and reflects firms' financial position in many aspects. Therefore, studying factors that affect the fast or slow change of firms' capital structure is also meaningful. Based on results of previous researches on the capital structure of enterprises and some proposals for researching impact of some factors on firms’ capital structure change, a regression model including the dependent variable and the 8 independent variables were selected. Data of 174 listed firms in Vietnam and other related data for the period 2015 - 2020 were collected to conduct an empirical research. Our research's aim to clarify the impact of factors including firm size, revenue, asset turnover, ROA, ROE, debt ratio, firm age and GDP growth on the change speed of capital structure of listed firms in Vietnam. Results of the regression analysis show a positive relationship between firm size, asset turnover, debt ratio, ROE and firm age with rapid or slow change of firms’ capital structure, while firms’ revenue has a negative relationship with this change speed. Implications the research's results, limitations and future research directions are discussed.
Abstract: Information of capital structure and changes in capital structure plays an important role in corporate financial management. Many researches have shown that the information about changes in capital structure is meaningful and reflects firms' financial position in many aspects. Therefore, studying factors that affect the fast or slow change of firms...
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The Economic Impacts of Banana Export’s Decline in Marka District Somalia
Issue:
Volume 7, Issue 1, March 2022
Pages:
18-24
Received:
28 December 2021
Accepted:
25 January 2022
Published:
9 February 2022
Abstract: The objective of this study is to find out the economic impacts of banana export’s decline in Marka district, Somalia. Banana and its business is the backbone of the Somali economy. It is the second primary factor of Somali economy next to livestock and their production. For many reasons including Somali civil war and lack of security banana business exportation stopped, which caused very serious economic impacts to Somali society. Method: The study area was Marka district, which is the capital town of lower Shabelle region in Somalia. This study was descriptive research particularly cross-sectional survey used with planned questionnaire distributed to target respondents. The target population of the research was 60 persons consisting banana experts, farmers, Economists, and other banana exportation stakeholders. After calculation researcher received 52 persons through the use Slovene’s formula as a sample size. The sample procedure that researcher used for the study was non probability methods, specifically purposive sampling. The data analyzed method researcher used was descriptive statistics analysis, with mean and standard deviation, with SPSS version 16 application. Results of section two tables: This section comprises five factors that caused banana export’s decline in Marka, Somalia. They are Lack of security, Poor marketing; Lack of Infrastructure, Without Government facilities, and Land disputation Problems. As the table indicates majority (69.2%) of the respondents answered lack of security caused banana export’s decline. Such like that 48.1% of the respondents Agreed that Poor Marketing caused banana export’s decline in Marka, Somalia. And also 36.5% of the respondents were agreed that lack of Infrastructure caused banana export’s decline, while 42.3% of respondents were strongly agreed that Without Government facilities caused banana export’s decline in Marka, Somalia. Finally, 30.8% of the respondents refused or strongly disagreed that land disputation problems caused banana export’s decline in Marka, Somalia. Recommendations: Researcher of this study proposed the following recommendations to Somali Government, Somali people in general, particularly to banana farmers, Agronomists, Economists, and all banana stockholders. First to improve general security to Somali country, particularly banana farms area, Second to renew and improve previous banana markets, and search new markets for banana exportation, third to encourage banana farmers, in order to increase local production, Fourth to give investments to banana farmers, and fifth to enhance general infrastructure of the country, particularly to improve banana farms accessibility, such as roads between banana farms and their markets.
Abstract: The objective of this study is to find out the economic impacts of banana export’s decline in Marka district, Somalia. Banana and its business is the backbone of the Somali economy. It is the second primary factor of Somali economy next to livestock and their production. For many reasons including Somali civil war and lack of security banana busine...
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The Marketing Mix of Desert Tourism Applied in Islamic Economy
Issue:
Volume 7, Issue 1, March 2022
Pages:
25-30
Received:
8 December 2021
Accepted:
15 March 2022
Published:
29 March 2022
Abstract: Tourism is the concept of movement in order to change the place and the environment for knowledge and understanding and to improve the standard of life, while the marketing mix is the concept of the appropriate mixture for the exchange and transfer of goods and services between multiple parties. What was required in order to study the marketing mix was to identify the market and its environment and then study the limits of possible interactions between the elements as they are in the concept of the marketing mix when studying general marketing and marketing for services. The beginning will be the preoccupation with desert tourism, then engage in the exploitation of the resources of the desert as an environment that produces wealth and finally the development of desert tourism in whole, by pushing the desert to move from the waste land to an environment suitable for growth, and perhaps the most important area that can be adopted for this research is the Sahara region, which occupies an area of 9,200,00 km, Which is preparing to turn from sand dunes to an active market by transforming into an African transit area with the activity of cross-desert roads and linking with the Mediterranean Sea in a short crossing for goods towards Europe. After the completion of the 400-long trans-Saharan road, moreover Algeria will turn into the best destinations for travel and adventures, and the desert will be a field for trade, travel and investment in a marketing mix of the type of service mix, in the physical distribution of transportation, storage and handling It will be the start of an effective contribution to the second Silk Road that connects the continents. This is what prompted us to first pay attention to desert tourism in the Algerian desert in various regions Biskra state, Ghardaia state, Tamanrasset state, to be the nucleus for research in the exploitation of deserts, and for research to manage desert resources and then valuing them we were going to answer the question: What is the fate of developing desert tourism to turn the desert into an active environment instead of keeping the desert as it is? and search of the appropriate marketing mix for this.
Abstract: Tourism is the concept of movement in order to change the place and the environment for knowledge and understanding and to improve the standard of life, while the marketing mix is the concept of the appropriate mixture for the exchange and transfer of goods and services between multiple parties. What was required in order to study the marketing mix...
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Product Market Competition and Debt Choice: A Study on Cement Companies Enlisted in Capital Market in Bangladesh
Md. Sabuj Hossain,
Md. Nazmul Huda,
Md. Noman Siddik,
Md. Khaled,
Md. Jamsedul Islam,
Md. Majnur Rahman
Issue:
Volume 7, Issue 1, March 2022
Pages:
31-37
Received:
24 February 2022
Accepted:
21 March 2022
Published:
29 March 2022
Abstract: Purpose: This study aims to contribute to this body of knowledge by examining the effect of product market competitiveness on enterprises' dependence on bank loans. Design/methodology/approach: To examine the effect of product market rivalry on loan selection, we look at a sample of Bangladeshi firms from 2010 to 2020. We limit our research to publicly traded corporations since they often choose between public and private debt. The generalized least square (GLS) model is applied to identify the effect of product market competitiveness on enterprises' dependence on bank loans. Findings: Using a sample of 60 firms, between 2010 and 2020, we discovered that product market competition encouraged enterprises to rely less on bank loan funding. Additionally, we demonstrate that competitive pressure has a more significant impact on debt selection for firms that are more exposed to competition, face more significant financial constraints, and have less robust governance practices. Additionally, we observe a correlation between competition in the product market and long-term maturity debt. A critical insight we establish in our study is that external governance pressure from the product market can act as a replacement for the monitoring of bank debt. Research limitations/implications: Despite the DSE having 308 listed businesses, the study only considers the top 60 as market capitalization. As a result, the small sample size may limit the generalizations that can be derived from our findings. Another disadvantage is that the study only looked at cement businesses, even though the DSE has a variety of companies listed. Originality/value: Our research paper contributes to the existing literature on Product Market Competition and Debt Choice in an emerging market like Bangladesh. To the best of the authors' knowledge, no study has yet been conducted on the Product Market Competition and Debt Choice for taking five-year financial statements in Bangladesh.
Abstract: Purpose: This study aims to contribute to this body of knowledge by examining the effect of product market competitiveness on enterprises' dependence on bank loans. Design/methodology/approach: To examine the effect of product market rivalry on loan selection, we look at a sample of Bangladeshi firms from 2010 to 2020. We limit our research to publ...
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