ISJFA Archives

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


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


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                                                                                    


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                                                                                     

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                                                                                     
29-35​ PDF

January 2017   Volume 5, Issue 1  
Title: Fiscal Decentralization and Macroeconomic Stability: Theory and Evidence from Pakistan

Abstract: The exploration on the relationship between fiscal decentralization and macroeconomic security has been no results about the advantages of monetary decentralization. The present paper is investigated the impact of Financial decentralization on macroeconomic strength by using the misery indicator at the country level of Pakistan . This study used secondary data covering the period of 1974 to 2013 . Ordinary least square technique is used to estimate the impact of fiscal decentralization on macroeconomic stability . This study used the variables like GDP , Unemployment rate , Investment , Adjusted provincial revenue , Adjusted provincial expenditure .Macroeconomic stability is the dependent variable . This study shows that the importance and positive impact of financial decentralization on macroeconomic stability .

Author/s: Hina Ali, Malik Ayaz Mehmood & Mehvish Batool                                                                                                   
01-09   Download File

Title: A Contextual Analysis of Gender on Social and Emotional Maturity of Senior School Adolescents of Bhawanipatna

​Abstract:The present research study was undertaken to assess and compare the social and emotional maturity of 277 randomly drawn class XI students of Bhawanipatna, Odisha across gender. A self-designed questionnaire was used to study the socio-demographic characteristics of the respondents. Social and Emotional maturity of the respondents were assessed employing Rao’s Social Maturity Scale and Emotional Maturity Scale, respectively. The study revealed that girls scored significantly higher on the social adequacy component of social maturity whereas boys were observed score higher on the social adjustment component of emotional maturity. However, no gender differences were observed on the composite social maturity and emotional maturity scores. Social and emotional maturity was found to be significantly positively correlated under both genders.

Author/s: Manoranjan Tripathy                                                                                                  
10-16   Download File

Title: To What Extent Changing Tax Policy and External Financing Influence The Risk Level of Viet Nam Airlines and Tourism Industry During and After The Global Crisis

Over past few years, the global financial crisis shows certain influence on emerging financial markets including Viet nam. Therefore, this study chooses an analytical approach to give some systematic opinions on how much certain determinants such as income tax and leverage, affect the level of market risk in listed tourism companies. First, it calculates equity and asset beta values in three (3) different scenarios of changing tax rates and changing the level of financial leverage. Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0,753 for current leverage situation. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and asset beta mean values have positive relationship with the increasing level of tax rate. Last but not least, this paper covers some ideas and policy suggestions.   

Author/s: Dinh Tran Ngoc Huy                                                                                                
17-23    Download File

Title: Customer Satisfaction of Bkash Mobile Banking in The 21st Century: The Context of Bangladesh

Abstract: Mobile banking is now a global phenomenon. It is an invaluable and powerful tool driving development, supporting growth, promoting innovation and enhancing competitiveness. Technological innovations have been identified to contribute to the distribution channels of banks and these electronic delivery channels are collectively referred to as mobile banking. The developing country Bangladesh as a part and parcel of their economy is now using    bKash mobile banking service. The purpose of this study was to find the bKash mobile banking dimensions of BRAC bank that will have the impact on customer satisfaction. Questionnaires were used to collect data from 40 respondents by using random Sampling method. The major findings of this study show that customer satisfaction is influenced by five factors namely transactions efficiency, customer support, service security, ease of use, performance. This study is quite useful for understanding and comprehending the changes in customer bKash mobile banking behavior. BKash mobile banking applications offer wide benefits to customers and banks and it is now no longer a “nice to have”   but   an “impossible to survive without” in Bangladesh.    

Author/s: Samira Islam Resmi, Md. Masudul  Hassan, Jakia Nusrat Mithila & Golam Rafsan Jani                                                                                        
24-35   Download File

Title: Selecting Various Industrial Competitors Affect The Risk Level of Viet Nam Natural Gas and Oil Industry  

Using a one factor model, this paperwork estimates the impacts of the size of firms’ competitors in the natural gas and oil industry on the market risk level, measured by equity and asset beta, of 15 listed companies in this category. This study identified that the risk dispersion level in this sample study could be minimized in case the competitor size kept as current approximate size (measured by equity beta var of 0,129). Beside, the empirical research findings show us that asset beta min value decreases from 0,107 to 0,034 when the size of competitor doubles. Last but not least, most of beta values are acceptable except a few exceptional cases. Ultimately, this paper illustrates calculated results that might give proper recommendations to relevant governments and institutions in re-evaluating their policies during and after the financial crisis 2007-2011.  

Author/s: Dinh Tran Ngoc Huy                                                                                                
36-45     Download File

Vol. 4, No. 1, January 2016

Table of Contents

Survey of Drinking Water and Sanitation in Local Government Semarang, Salatiga, Kendal and Pekalongan District
Tri Joko¹ & Nikie Astorina Yunita
Keywords: Drinking water, Sanitation, Awareness, Willingness and healthy life.  
[Full Text PDF]  [01-12]
Comparing the Anomalies Between Pakistan, India and UK
Muhammad Saleh¹
Keywords: Efficient Market Hypothesis, Stock Exchanges, “Day-of-the-Week” Effect, “Week-of-the-Month” Effect, “Month-of-the-Year” Effect, Dummy Variables and OLS. 
 [Full Text PDF]  [13-30]
Taxing The Informal Sector In Developing Countries:An Empirical Investigation From Rivers State Of Nigeria
Obara, Lawyer Chukwuma¹ & Nangih, Efeeloo²
Keywords: Taxation, Informal Sector, Tax, Economic Development, Tax avoidance.                                             
[Full Text PDF]  [31-41]
Omprakash Kajipet¹ & Sridhar Ryakala²Keywords: Foreign Institutional Investors (FIIs), Domestic Institutional Investors (DIIs), Indian Stock Market, Vector Error Correction Model (VECM).  
[Full Text PDF]  [42-53]

Vol. 3 No. 1 , January 2015

Table of Contents

Does Fiscal Deficit Dampen Down Economic Growth in Pakistan? An ARDL Bound Testing Approach
Muhammad Ramzan Sheikh¹, Kashif Saeed² & Shaista Qammer³
[Full Text PDF]   [1-17]
Evaluation of the performance of listed companies in Tehran Stock Exchange on the implementation of accrual accounting system using consolidated approaches of ANP and TOPSIS
Hajar falah & Hamid Reza Shammakhi
 [Full Text PDF]  [18-35]

Vol. 2 No. 4 , October 2014

Table of Contents

Branding for Competitive Advantage: An Assessment of Branding Strategies within the Maize Seed Sector in Mashonaland, Zimbabwe
Maceline Nyatsambo & Willard Gwarimbo
The Role of Corporate Governance in Jordanian Banking Sector
Dr. Bader Alqaid                                                                                                                                                                                                                   [23-34][PDF]
Impact of Monetary and Fiscal Policies on Pakistan’s Economy using Vector Autoregressive Model
Pervaiz A. Memon & Niaz Hussain Ghumro                                                                                                                                                                   [35-50][PDF]
Fair Value Accounting Standard (IAS 39) Versus the Historical Costs Principle
Dr. Waleed Masa’deh                                                                                                                                                                                                            [51-63][PDF]
Politicians Opinion to the Survey Institute Credibility about their Electability in Legislative Parliament Elections of South Sulawesi, 2014
Andi Muhammad Abdi & M. Iqbal Sultan                                                                                                                                                                       [64-75][PDF]

Vol. 2, No. 3 July 2014

Table of Contents

Modern Banking and Customer Satisfaction
Muhammad Rizwan, Atif Rehman, Attia Rizivi, Rubab Khan, Sunia Ayuub, Uzma Baloch & Bilal Sardar   
Does Investor Attention Matter’s?
Habib Ahmad & Rashid Amin
Overconfidence and Loss Aversion in Investment Decisions: A Study of the Impact of Gender and Age in Pakistani Perspective
Tahira R. Hassan, Wajiha Khalid & Abirah Habib
The Assessment of Corporate Social Responsibility (CSR) and Business Ethics in The First Bank of Nigeria Plc
Daramola, Gloria C, Iyiegbuniwe, Joy C & Okafor, Linus I
The Challenges & Profitability of e-banking in Fidelity Bank Nigeria Plc
Daramola, Gloria Chiadika, Okolie, Joseph Obi & Ogunlowore, John Akindele
Identifying Dimensions of Social Responsibility of Listed Companies in Tehran Stock Exchange Using Exploratory Factor Analysis
Mahmoud Moeinadin, PhD, Shahnaz Nayebzadeh. PhD & Bibi Reihane Mirhosseini, MA
The Influence of E-government Practices on the Public Trust in Lebanon
Hassan Alaaraj & Fatimah Wati Ibrahim

Vol. 2 No. 2 , April 2014

Table of Contents

Impediments to Corporate Social Responsibility Reporting in Iran
Behzad Latifian, Sadegh Feizollahi, Alireza Shirmohammadi                                                                                                                              [01-12] [PDF]
Investigating Ways of Financing in Islamic Azad Universities
Behzad Latifian, Farhad Kheirollahi,Fateme Seyedi                                                                                                                                                    [13-22] [PDF]
Study the Impact of the Determinants of Intellectual Capital in the Companies Accepted on Tehran’s Stock Exchange in Different Industries
Taghi Mohammadi, Reza Abdollahzadeh, Naghi Mohamadi                                                                                                                                     [23-34] [PDF]
The Impact of Corporate Governance and Ownership Structure on Agency Cost in Listed Companies of Tehran Stock Exchange
Yahya Kamyabi, Hoda Majbouri Yazdi, Ali Ashae                                                                                                                                                         [35-47] [PDF]
Accounting for Culture in Terms of Hofstede and Gray
Hamedeh Sadeghian, Habib Reza Kakaei                                                                                                                                                                       [48-60] [PDF]
Conservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran
Hamedeh Sadeghian, Hamid Reza Shammakhi                                                                                                                                                             [61-71] [PDF]
Modeling and Forecasting Trade Volume in Tehran Stock Exchange: An Application of ARCH Family Models
Navid Khalil Paktinat                                                                                                                                                                                                          [72-83] [PDF]
The Role of Fair Value Standard in Global Financial Crisis
Dr.Osama Shaddad, Dr.Nawwaf Al-Fawaerah, Dr.Bader AlQaied, Dr.Mustafa  Alshokry                                                                                  [84-98] [PDF]
Determining Criteria in Performance Auditing
Ghodratolah Haidari Nejad                                                                                                                                                                                             [99-108] [PDF]
The Effect of Disclosure Level of Corporate Social Responsibility (CSR) on Corporate Financial Performance (CFP) in Tehran Stock Exchange
Yahya Hasas Yeganeh, Maghsud Amiri, Farrokh Barzideh, Ghodratollah Barzegar                                                                                          [109-121] [PDF]
Investigating the Effects of Demographic Factors on Well-Being of Professional Accountants
Mahmoud Moeinaddin,  Shahnaz Nayebzadeh, Fatemeh Dinpajouh                                                                                                                  [122-132] [PDF]
Studying New, Innovative Finance Methods
Seyed Amin Seyed Mohseni, Zahra Esmaiili                                                                                                                                                              [133-146] [PDF]
Investigation of the Relationship between Dimensions of Knowledge Management on Employee Performance at Saderat Bank in Ardabil Province
Sarboland KH, Nakhostin R                                                                                                                                                                                          [147-157] [PDF]
Strategic Management of Ecotourism Using AHP Method (Study Case: Qeshm Island)
Fatemeh Rashidi Nejad, Hussein Rashidi Nejad, Maria Koohpayehc, Mohsen Dehghani, Maryam Ghafari, Mohammad Reza Mirzadi                                                                                                                                                                                                                                                                              [158-166][PDF]
Assessment of The Linear Relationship Between Intellectual Capital and Indexes Including Profitability, Growth and Revenue of Production Companies Recognized By Tehran Stock Exchange Market
Adel Shirali, Khosrow Faghani Makerani, Alireza Jorjorzadeh & Alireza Bakhshizadeh                                                                                  [167-182][PDF]
Evaluating the revolutionary process of performance management based on balanced score cards (BSC)
Dr Hassan Soltani, Maryam Mohebbi & Fateme Kowsari                                                                                                                                     [183-191][PDF]
Stock Market Anomalies across Various Stock Market Indices of Pakistan
Bilal Hafeez, Tahira R. Hassan, Abirah Habib &Naazish Sabir                                                                                                                             [192-208][PDF]

                                                                                                        vol. 2  No. 1 , January 2014  

Table of Contents

Explaining Analysis of the Relationship between Capital Structure, Cost of Capital and Yield Base Value
Meysam Kaviani, Seyed Reza Seyednezhad Fahim, Maryam Batebi, Mohammadali Kheyrkar Keshavarz
Administrative Corruption: The Contexts and Strategies (A Comparative Study of the Muslim and the West Perspectives)
Siavash Rashidi & Mohammadbager Babaei                                                                                                                                                                   [16-24][PDF]
Cost Implications of Upstream Activities on the Financial Performance of Oil and Gas Companies in Nigeria
Davies, Stanley Diepiriye, Nangih, Efeeloo, Egbai, Emmanuel Otei                                                                                                                        [25-38][PDF]
Identify Bank Customer’s Expectations and Compliance Services with their Expectations
Majid Esmaeilpour, Effat Haji Hoseini                                                                                                                                                                            [39-54][PDF]
Effects Of Working Capital Management On Firm’s Bankruptcy Probability
ImanJoneidi Jafari, Maryam Salahinezhad & Arezu Jalili                                                                                                                                           [55-70][PDF]
Dynamic portfolio Value at Risk estimation using DCC-MGARCH model
Kiumars Shahbazi 1& Ahmad Molabahrami                                                                                                                                                                    [71-85][PDF]
Productivity Growth and Complementary Assets: An Empirical Analysis of Pakistan
Tariq Javed & Maqbool Ahmed Gondal                                                                                                                                                                     [86-100][PDF]
On the Analysis of the Effects of E-banking on the Profitability of Bank Mellat Iran
AkramTorki, Saeed Daee-Karim Zadeh                                                                                                                                                                         [101-114][PDF]
Use of Clustering Approach For Portfolio Management
Saeid Fallahpour , Mohammad Hendijani Zadeh & Eisa Norouzian Lakvan                                                                                                        [115-136][PDF]
Relationship of Cash Conversion Cycle (CCC) and Profitability of the Firm: Evidence from Tehran Stock Exchange
Mohammad Khodaei Valahzaghard (Ph.D.),  Tayebeh Falahati Ghalhari                                                                                                            [137-148][PDF]
An examination of stock categories; growth stocks and value stocks in Tehran Stock Exchange approved companies
Ali FazelYazdi  & Ali Sarafraz Ardekani                                                                                                                                                                   [149-174][PDF]

                                                                                                        Vol. 1  No. 3 , October 2013

Table of Contents

Effects of Duality, Board Size and Board Composition on Corporate Governance Disclosure in Pakistan
Nauman Zaheer                                                                                                                                                                                                                     [01-16][PDF]
Challenges Faced by the Model of Islamic Microfinance for the Development of Micro Entrepreneurs and SMEs in Rural Pakistan
Aasmaan Anam Najeeb Jamal  & Muhammad Azhar Sheikh                                                                                                                                [17-38][PDF]
The Risk Level of Viet Nam Water Industry under Financial Leverage during and After the Global Crisis 2007-2011
Dinh Tran Ngoc Huy                                                                                                                                                                                                             [39-51][PDF]
Effect of Governmental Ownership on the Intellectual Capital Index in Accepted Corporation in Tehran Stock Exchange
Seyyed Hossein Noorhosseini-Niyaki, Mehdi Meshki, Gholamreza Mahfouzi                                                                                                       [52-63][PDF]  
Vol. 1 No. 2 , July 2013 
Table of Contents

How to Organize a Communal Banking Set-up
Dr. Amos Avny                                                                                                                                                                                                                     [01-10] [PDF]
Empirical Investigation of the Factors Affecting Firm’s Performance: a Study Based on Food Sector of Pakistan
Zahid Bashir, Ali Abbas & Muhammad Nadeem Akram                                                                                                                                            [11-23][PDF]
A Comparative Analysis between Asset Based and Asset Backed Sukuk: Which One is More Shariah Compliant?
Sutan Emir Hidayat, PhD                                                                                                                                                                                                    [24-31][PDF]
Analysis of the Difference between before and after the Issuance of Sovereign Ṣukūk to the Financial of State and Well-Being of Society in Bahrain, Malaysia, and Indonesia
Khairunnisa Musari                                                                                                                                                                                                             [32-46] [PDF]

    Vol. 1 No. 1 , May 2013 
Table of Contents

Evaluation and Countermeasures of Science-And-Technology Finance Development of Liaoning Province in China
XU Xiaofei ZHAO Xia CUI Yanjuan                                                                                                                                                                                     [1-11] [PDF]
Social Aspects of the Banking System
Amos Avny                                                                                                                                                                                                                              [12-19] [PDF]
The Stock Market and Macroeconomic Factors in Japan and Policy Implications
Yu Hsing                                                                                                                                                                                                                                 [20-31] [PDF]
Suggested Mechanism for Producing Quality Research at Higher Educational Institutes in Pakistan System, Structure, Culture and Leadership Issues
Naveed Hasan, Shahid Mahmood, Hammad Hassan Mirza and Shahzad Hassan                                                                                                [32-45] [PDF]