This study investigates the impact of economic policy uncertainty (EPU) on the performance of African banks, utilising a panel of 35 publicly listed commercial banks from seven African countries over the period from 2000 to 2022. A fixed-effect estimation model was employed to analyse the data, revealing that EPU has a detrimental effect on bank performance in Africa. Additionally, a significant increase in non-performing loans was observed during periods of heightened EPU. The findings also indicate that bank size negatively impacts performance, whereas adequate capital buffers enhance bank performance during stress periods. These results underscore the importance of management efficiency, risk assessment, and capital adequacy in ensuring the robust performance of African banks. It is recommended that policymakers and regulators bolster the capital levels of African banks to fortify the sector. Moreover, the formulation of stable and non-disruptive economic policies is crucial to mitigate the adverse effects of EPU on the African banking sector.
To maintain competitiveness and ensure long-term sustainability in the automotive sector, understanding the determinants of profit growth is crucial. This study empirically examines the impact of the Current Ratio (CR) and Net Profit Margin (NPM) on profit growth from 2018 to 2022, focusing on ten automotive companies listed on the Indonesia Stock Exchange. A quantitative methodology, utilizing panel data regression analysis and specifically the Fixed Effects Model (FEM), was employed to uncover significant insights. It was found that the CR positively influences profit growth, whereas the NPM exhibits a negative effect. These empirical findings offer valuable insights into financial management practices within the automotive industry. By understanding the impact of key financial metrics on profitability, investors, managers, and policymakers are better equipped to make informed decisions to optimize financial strategies for profit growth. This study contributes to the existing literature by addressing the relationship between the CR and NPM within the context of the automotive sector, an area where comprehensive analysis has been lacking. These insights are vital for informing strategic financial decisions and supporting the long-term health of the industry in a fiercely competitive global market.
This study critically evaluates Board Effectiveness (BE) within Maltese Public Sector Entities (MPSEs), with a focus on five key aspects: board selection and appointment, board role, board composition, board remuneration, and board performance evaluation. Semi-structured interviews were conducted with twenty-two participants, including eighteen MPSE board members (BMs), a representative from the Malta Institute of Directors, two corporate lawyers, and one corporate advisor. The findings indicate significant deficiencies in BE, particularly due to a lack of transparency in the selection and appointment process. This process is often influenced by political loyalties, which exclude new talent and discourage competent individuals. The identification of BMs as Politically Exposed Persons (PEPs) further restricts the inclusion of diverse talent, particularly among entrepreneurs. Additionally, insufficient training for BMs and persistent political pressures have been found to hinder the fulfilment of fiduciary duties. Female representation on MPSE boards is notably low, and foreign appointments are rare, thereby weakening the overall board composition. Moreover, the remuneration for MPSE BMs is significantly lower than that in the private sector, adversely impacting the quality of BMs. Resistance to implementing performance evaluations, which could potentially reduce political protection, has also been observed to impede BE. This study underscores the necessity of strengthening corporate governance (CG) practices to enhance BE in MPSEs, which is crucial for fostering a thriving economy and creating a positive legacy for future generations.
The study aims to examine the current state of property tax administration in Zimbabwean local authorities under the conditions of digitalization. Property taxes within the Zimbabwean local tax system are significantly under-collected, necessitating an urgent enhancement of their contribution to local authority budgets. A quantitative research approach was adopted, collecting data through questionnaires from a target population of 60 staff members within an urban local authority. Purposive sampling was employed to select Chief Executive Officers, Heads of Departments, and staff directly involved with Information and Communication Technology (ICT) and Property Tax Administration, including ICT departments, accounting and finance staff, and engineering departments. Additionally, residential and commercial property owners were conveniently sampled based on availability and willingness to participate, resulting in a total sample size of 46 respondents. The findings reveal a significant positive relationship between Information Technology and property tax administration, suggesting that policymakers should prioritize digitization to enhance effective tax administration. Furthermore, control variables such as population, trade, and GDP were found to have significant relationships with tax administration in Zimbabwe. The introduction of ICTs has been shown to improve the efficiency and effectiveness of property tax administration, underscoring its critical role in the fiscal decentralization of local governments.
In Indonesian manufacturing, the evasion of tax obligations presents a formidable challenge, diminishing the potential tax revenues accruing to the state. Rooted in agency theory, this investigation seeks to empirically elucidate the interrelations between corporate social responsibility (CSR), profitability, leverage, capital intensity, and corporate tax aggressiveness, with an emphasis on the moderating influence of firm size. Through a causal design and quantitative analysis, this examination scrutinizes data from 66 manufacturing entities listed on the Indonesia Stock Exchange over the period 2018 to 2022. The analysis, employing panel data regression techniques, demonstrates that CSR exerts a negative influence on tax aggressiveness, whereas profitability and capital intensity are positively associated with such behavior. Leverage, however, is not found to significantly affect tax aggressiveness. Furthermore, firm size is observed to negatively moderate the relationship between CSR and tax aggressiveness while positively moderating the relationship between both profitability and capital intensity with tax aggressiveness. The moderating effect of firm size on the leverage-tax aggressiveness nexus, however, remains non-significant. These findings underscore the complex dynamics influencing tax aggressiveness and suggest a need for stringent regulatory oversight and enforcement against aggressive tax avoidance tactics deployed by manufacturing firms. Recommendations include the establishment of clearer definitions of unauthorized tax avoidance practices, the imposition of severe penalties for non-compliance, and the enhancement of international collaboration to combat tax avoidance. This study not only contributes to the scholarly discourse on tax aggressiveness but also offers pragmatic insights for policymakers aimed at curtailing practices that undermine state revenue.
In recent years, many researchers have studied some complex phenomena in the world from a new angle, and the subject of complexity science was born. In the field of complexity research, the study of social economics is very common. Because of the characteristics of financial market and its position in social economy, it is very important in complexity research. Based on complex network theory and vector autoregressive model (VAR) study of the stock market fluctuation and discusses the conduction effect between stock volatility in the industry on the influence of the correlation of share price volatility, aims to better understand the operating mechanism of the stock market, the more effective controlling the market development direction, to promote the healthy development of China's financial markets. In this paper, the rise and fall of stocks in 11 industries in the CSI 300 industry index are selected as variables, and the data from January 1, 2024, to March 1, 2024, are selected as research samples. Granger test and vector autoregressive model are used to calculate the conduction benefits between different industries. The complex network is constructed with industry as node and stock conduction direction as edge. Based on the analysis, we can find that in the CSI 300 industry index, there are several industries as the influence center of volatility, and their stock price fluctuations will affect the market of related industries, thus affecting the whole body. Based on the market situation of related industries in recent years, the correlation of fluctuations of different stocks in the stock market can be explained, and the influence of industry factors on stock price fluctuations can be deeply explored.
This study investigates the deployment of Robo-Advisors (RAs), a form of Artificial Intelligence (AI), in offering investment advice aimed at maximizing investor returns. As the prevalence of platform investments incorporating RAs grows, a critical analysis is undertaken to assess the legal safeguards for users of RAs in making investment choices and in navigating the risk landscape of mutual funds. The focus is particularly on the legal mechanisms in place to protect investors from the inherent risks associated with mutual fund investments advised by RAs. Employing a qualitative research methodology alongside an empirical juridical approach, this analysis is underpinned by descriptive analytical techniques. The investigation draws upon regulatory frameworks pertaining to AI, complemented by observations and interviews conducted on the Bibit investment platform. The findings reveal that the RA functionality on the Bibit Investment platform is limited to processing risk mappings based on user inputs. It lacks the capability to predict future price fluctuations. Consequently, investors bear the profits and losses of their investments, contingent on the risks outlined at the outset. The RA merely provides recommendations based on responses from users, leaving final investment decisions to the discretion of the investors. This underscores the necessity for investors to be well-informed about the legal statutes governing their rights and obligations. The paper argues for a comprehensive understanding among investors about the extent of legal protection against the risks of mutual fund investments advised by RAs, highlighting the importance of investor education in navigating these legal frameworks.
This study investigates the effects of corporate governance (CG) and financial leverage (FL) on the valuation of firms listed in Vietnam. An analysis was conducted on a sample set containing 325 companies from the Ha Noi Stock Exchange over a three-year period (2018-2020), employing a correlational and non-experimental research design. It was found that an increase in board size negatively influences the value of these companies. In contrast, the phenomena of CEO duality, the presence of audit committees, larger firm size, greater FL, higher insider holdings, and improved return on assets were observed to positively affect firm valuation. Notably, the study delineates sector-specific impacts of CG and firm leverage, identifying divergent effects in the service and manufacturing sectors. For manufacturing firms, a larger board size adversely impacts value, whereas CEO duality, FL, the existence of audit committees, insider holdings, and firm size contribute positively. Within the service sector, a similar negative correlation was noted with board size, but FL and return on assets positively influenced firm value. The findings of this research provide valuable insights into the dynamics of firm valuation, offering guidance to investors, financial managers, and consultants. This investigation enriches the existing literature by highlighting the complex interplay between CG, FL, and firm valuation in the Vietnamese context. The discovery of the negative impact of larger board sizes on firm value challenges established beliefs and underscores the criticality of board composition for optimal firm performance.
The exploration of stakeholder perceptions concerning the elements and values underpinning the cooperative concept in Malta forms the core objective of this investigation. Employing semi-structured interviews, primary data was gathered from a diverse group of participants, including thirteen representatives from cooperatives, four from cooperative institutional bodies, and five experts within the cooperative field. The analysis reveals a notable deficiency among Maltese cooperative stakeholders in comprehending the foundational elements and values of the cooperative model. This lack of understanding is attributed to ongoing challenges such as persistent misconceptions regarding the adaptability of cooperatives to social objectives, gaps in pertinent education and training, and inadequate promotion of the cooperative paradigm. The findings suggest a critical need for stakeholders to accord greater priority to the socially relevant components of cooperatives—those designed to be integral to the concept—beyond the mere generation of annual financial surpluses. Such a shift in focus is posited as essential for fostering a deeper appreciation and application of cooperative values, benefiting not only individual entities but the broader cooperative movement. Moreover, the insights gleaned from the Maltese context offer valuable lessons for cooperative movements in other small European states, highlighting the universal applicability and potential of cooperative principles for economic development and social cohesion. This study contributes to the dialogue on cooperative development by elucidating the gaps in understanding and application of cooperative values among stakeholders, thereby offering a foundation for targeted educational and promotional strategies to enhance the cooperative model's implementation and perception.
This research explores the influence of enterprise resource planning (ERP) system implementation on the quality of accounting information in Vietnamese small and medium-sized enterprises (SMEs). ERP systems, designed to unify and streamline information across various business processes such as accounting, finance, supply chain, and human resources, are critical in integrating internal and cross-business information. Given their complexity and cost, the effective implementation of ERP systems necessitates proficient users. This study, employing the Ordinary least squares (OLS) method for analysis, gathered data through purposive sampling from 145 users across 117 Vietnamese SMEs. The analysis, based on regression and complemented by t-tests, examined the hypothesized relationship between ERP implementation and accounting information quality enhancement. The findings reveal a significant positive correlation between ERP system implementation and improved accounting information quality, underscoring the importance of ERP systems in elevating the standard of accounting practices in SMEs. These insights are crucial for understanding the broader implications of ERP systems in business management and financial reporting.
Since Nigeria's independence, concerted efforts have been made to fortify the healthcare system, aiming to safeguard millions of lives through enhanced primary, secondary, and tertiary healthcare services, and to progress towards universal healthcare coverage, as envisaged by the National Health Act (NHA). Despite the successful adoption of numerous initiatives, they have encountered substantial challenges in implementation and sustainability, influenced by factors such as importation dynamics, price fluctuations from both private and public sources, the impact of subsidy removal, and taxation policies. This study investigates the macroeconomic consequences of potential healthcare financing reforms in Nigeria, particularly focusing on aspects of pricing, taxation, and the import-export balance. Utilizing a Computable general equilibrium (CGE) approach, this analysis draws upon the 2011 Nigeria Input-Output Table to construct a Social Accounting Matrix (SAM). The data is subsequently integrated into the GAMS software, as detailed in the appendix. Findings indicate a disparity between domestic healthcare demand and supply, potentially inciting increased healthcare importation. Crucially, it is observed that escalated taxation on corporations and households exacerbates healthcare accessibility challenges, primarily due to diminished affordability. This research underscores the imperative of recalibrating healthcare financing strategies to mitigate inequalities and enhance service availability, thereby fostering a more robust healthcare system in Nigeria.
This investigation evaluates the effectiveness of budgeting as a mechanism for internal controls within manufacturing firms, with a specific focus on Pepukai Plastics Industries. The impetus for this research derived from the observed inability of Pepukai Plastics Industries to meet its organizational objectives and goals in recent years, particularly in terms of revenue generation and profit maximization. The study utilized a descriptive research design, employing a mixed-method approach to cater to the qualitative and quantitative nature of the research. The research encompassed a target population of 28, utilizing a census methodology. Data collection was executed through questionnaires and one-on-one interviews, with the results presented via tables and graphs. Key findings indicate that Pepukai Plastics Industries lacks the implementation of variance analysis, forecasting, and coordinated planning in its production processes, adversely affecting profit control. The study reveals that the firm's budgeting practices are predominantly based on estimates, proving to be time-consuming and costly. Furthermore, these practices primarily focus on financial outcomes, overlooking other critical aspects of organizational performance. Notably, the firm does not employ incremental budgeting techniques, a factor that could potentially enhance the efficacy of its budgeting process and, by extension, its internal controls. The study concludes that the absence of comprehensive budgeting strategies, including incremental budgeting, impairs the overall effectiveness of internal controls within Pepukai Plastics Industries. This conclusion underscores the vital role that a robust budgeting system plays in reinforcing internal controls, thereby contributing to the attainment of organizational objectives within the manufacturing sector.
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