ISJFA Current Issue

International SAMANM Journal of Finance & Accounting (ISJFA)
Online ISSN 2308-2356                                             Print ISSN 2309-3439​​


January 2018
Volume 6, Issue 1  

Title: Relationship between Education and Economic Growth: Case Study of Pakistan​
Abstract: The important part of a human’s life is education. The purpose of this study is that to determine the relationship among the expenditure of education and augmentation of economy in Pakistan. The data which is used for the period 1973-2011 is time series data. For estimation used co- integration technique in the long run relationship into the education and growth of economy. This study analyses the educational policies and activities and the work of education in improvement of economy in Pakistan. This article also estimates the rules for education zone and expands the economic growth of Pakistan. This article shows that education bear long term relation along economic augmentation.

Author/s: Hina Ali &Ayesha Mahmud                                                                                            
 Pages: 01-08

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Title: Determine How Capital Budgeting Affects Profitability of Women Owned Medium Enterprises in Siaya County​
Abstract: The objective of this study was to determine how capital budgeting affects profitability of women owned medium enterprises in Siaya county. This study used theories that support the independent variables which included; Resource – Based Theory of entrepreneurship, goal setting theory and joint liability theory. This research was conducted in Siaya County, where a target population of 105managers of women owned medium enterprises was used and from which a sample size of 83 managers of women owned medium enterprises was selected through purposive sampling technique to represent the entire population. Primary data was collected by use of self- administered structured questionnaires which were distributed to the respondents in Bondo and Rarieda Sub – Counties. Data collected was organized in tables so as to be analyzed easily using Statistical Package for Social Sciences (SPSS). Reliability of the research instrument was tested using Cronbach’s Alpha and the coefficient was found to be 0.967, which was accepted. The study employed both descriptive and inferential statistics and there was use of multiple linear regression model, Karl Pearson’s correlation, and ANOVA to analyze data. The results and findings were presented in form of frequency distribution tables and pie charts. Under descriptive statistics, percentages of responses were computed. The study revealed that capital budgeting has positive and significant relationship with profitability. The study concluded that short- and long-term targets help achieve the objectives of the business. The study recommended that a business should not only raise capital from owner’s savings, but also from debt so as to expand the capital base for profit maximization. The study further recommended that businesses should keep track of all credit sales so as to avoid bad debt. Women owned enterprises should therefore employ the financial management practices in this study, especially capital budgeting for profit maximization.

Author/s: Ouya Joyce Obiero, Dr. Ofwa Joanes Otieno Wu’Adongo, Dr. Dr.Mukanzi Clive & Mr. Malenya Abraham                      Pages: ​09-15

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Title:  A Comparative Study of  Personality Traits of Students Belonging to ICSE and CBSE Board 
Abstract: Every individual is said to have a personality of his own which is unique and distinct from every other personality. The present study intends to investigate and compare the personality traits of the students belonging to ICSE and CBSE. The study was conducted on Stratified Random Sample of 100 students (50 from ICSE School and 50 from CBSE School). Subjects were administered the Multidimensional Personality Inventory, constructed and standardized by Km. Manju Aggarwal, in a group to collect data. Results show that there was significant difference between students belonging to ICSE and CBSE Board on Extraversion – Introversion trait, self-concept, Dependence – Independence, Adjustment, and Anxiety. But they were similar in regard to Temperament.

Author/s: Manoranjan Tripathy                                                                                    
 Pages: 
​16-20

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Title: Volatility of Stock Market and Capital Flow
Abstract: The study examines the relationship between capital flow, the return of stock indices and exchange rate. This paper documents a significant relationship between capital flow and market volatility but returns of the stock exchange and exchange rate are found to be insignificant. The study will be helpful for policymakers so that they will be able to decide by considering the impact of capital flow.

Author/s:      Shafaq Sherazi and Habib Ahmad                                                                                     
 Pages: 
21-28​

Title: The Effect of Market Capitalization Variables Reviewed From South Asia Archipelago Country against Company Stock Return in the Jakarta Islamic Index (JII) in 2015-2017 Period

Abstract: This study aims to find out and prove how the influence of market capitalization variables in terms of Southeast Asian island countries to the company’s stock returns are in the Jakarta Islamic Index (JII) for the period 2015-2017. The independent variables used are market capitalization (Malaysia, Philippines, and Singapore) and the dependent variable used is stock returns. The populations in this study are all companies that are in the Jakarta Islamic Index (JII) which are recorded in the report in the financial services authority by taking purposive sampling. The data analysis method used is a quantitative analysis method which is a requirement that must be met to use classic assumption testing and hypothesis testing. The results of the t-test are that there are effects of market capitalization variables (Malaysia and Philippines) on stock return variables and F test there is a variable effect of market capitalization in terms of Southeast Asian island countries (Malaysia, Philippines, and Singapore) to stock return variables.

Author/s:  Yuwita Ariessa Pravasanti and Yudi Siyamto                                                                                     
Pages: 
29-35​