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The Effects of Asset Management and Profitability on Stock Returns: A Comparative Study between Conventional and Islamic Stock Markets in Indonesia

Author(s): Shelly Midesia,Hasan Basri,M. Shabri Abd. Majid / Language(s): English Issue: 3/2016

This study aims at empirically examining whether there are differences in stock returns between conventional and Islamic stock returns In Indonesia for the period 2010-2013. This study also attempts to explore the effect of asset management and profitability both stock returns in Indonesia. Annual pooled data gathered from the annual financial reports of 100 conventional and Islamic stock returns, which were published by the Indonesian Stock Exchange from 2010 to 2013 were used and analyzed by using the independent t-test and panel multivariate regression analysis. The result shows that there was no difference in stock returns between the conventional and Islamic stock markets. Additionally, the study documents that only profitability, which is measured by market ratio, was found to have an influence on the conventional stock markets. Meanwhile, as for Islamic stock market, only management of assets was found to have a significant effect on the stock return. These findings imply that investors who are investing in both Islamic and conventional markets would gain similar returns. However, in predicting and stabilizing the stock markets, both investors and policy makers should focus on the profitability for the conventional and management of assets for the Islamic stock market.

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The Analysis of Factors Affecting Price Earnings Ratio on the Company Shares Registered in Jakarta Islamic Index

Author(s): Muslich Lutfi,Jessi Arsitha / Language(s): English Issue: 3/2016

The purpose of this research is to find out and analyze the effect of factors affecting price earning ratio on the shares registered in Jakarta Islamic Index. It is a causal research, a causality research which is based on the observation on the effects and the causing factors through some particular data. The data used were secondary data. This research used 48 observations as the research samples obtained based on certain criteria. The hypothesis was tested by using F-Test (Simultaneous Test), T-Test (Partial Test). The results showed that, partially, the Total Assets and Debt to Equity have significant effects to the Price Earning Ratio on the shares registered in Jakarta Islamic Index. Meanwhile, the Dividend Payout Ratio has no effect to Price Earning Ratio on the shares registered in Jakarta Islamic Index.

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Криптовалюта: сущность и тенденции развития в современных условиях

Author(s): Anton V. Kvitka,Ye. I. Zaitseva / Language(s): Russian Issue: 20/2015

The article is dedicated to the analysis of one of sub-types of digital currencies— a crypto currency. The authors consider the sense of the concept «crypto currency»and the main types of crypto currencies. Advantages and disadvantages of the types compared with paper and electronic currency were determined. The main tendencies of development of different crypto currencies were analyzed.

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Empirical test of Capital Asset Pricing Model on Selected Banking Shares from Borsa Istanbul

Author(s): Fuzuli Aliyev,Aysel Soltanli / Language(s): English Issue: 1/2018

In this paper we tested Capital Asset Pricing Model (shortly CAPM hereafter) on the selected banking stocks of Borsa Istanbul. Here we tried to explain how to price financial assets based on their risks in the case of BIST-100 index. CAPM is an important model in the portfolio management theory used by economic agents for the selection of financial assets. We used 12 random banking stocks’ monthly return data for 2001–2010 periods. To test the validity of the CAPM, we first derived the regression equation for the risk-free interest rate and risk premium relationship using January 2001–December 2009 data. Then, estimated January–December 2010 returns with the equation. Comparing forecasted return with the actual return, we concluded that the CAPM is valid for the portfolio consisting of the 12 banks traded in the ISE, i.e. The model could predict the overall outcome of portfolio of selected banking shares.

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Porównanie miar efektywności inwestycji na przykładzie wybranych giełd papierów wartościowych

Author(s): Marcin Potrykus / Language(s): English Issue: 2/2018

In this paper the main objective is to examine whether the selection of the performance measure influences the evaluation of individual investments and the performance rankings generated on that basis. This study presents the values of 16 performance indicators along with their detailed descriptions. All calculations were made using the R program, and the source code can be found at the end of the article. Nine selected stock indices were analysed during the period January 1997– December 2015, and the monthly logarithmic rates of return for these indices were calculated. For 14 out of the 16 measures analysed it was shown that the choice of effectiveness measure had no influence on the evaluation of individual investments; therefore it is not important whether the investor uses the Sharpe ratio or the Calmar ratio as an indicator of efficiency since both measures are almost identical in rank for a particular investment. This has not been confirmed for the Upside Potential ratio, which means that using this indicator may lead to different investment decisions in which the objective is to maximize efficiency. Moreover, based on the analysis it was found that the OMXC 20, DAX 30, and OMXS 30 indexes had the highest efficiency during the period January 1997–December 2015, while the AEX, WIG 20, and PSI 20 indexes were characterized with having the lowest levels of efficiency.

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Wpływ regulacji prawa bilansowego i podatkowego dotyczących kosztów finansowania zewnętrznego na ocenę efektu dźwigni finansowej

Author(s): Piotr Prewysz-Kwinto / Language(s): English Issue: 2/2018

The aim of this paper is to present the impact of accounting and tax law concerning borrowing costs on the assessment of financial leverage effect. Due to the fact that these legal regulations require, in some cases, the recognition of borrowing costs not in the profit and loss account but in the value of assets, previously used methods for the identification of financial leverage effect do not always allow to draw the correct conclusions. Therefore, the paper proposes the necessary modification.

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IS THERE A ROLE FOR MONETARY POLICY IN STABILIZING BANKING SECTOR SOUNDNESS AND LENDING?

Author(s): Tome Nenovski,Gligor Bishev,Milan Eliskovski / Language(s): English Issue: 19/2018

Monetary policy solely is not effective in stabilizing lending and banking sector soundness and therefore has to be complemented by the macro-prudential measures. By estimating augmented Taylor interest policy rule, with case study for the Republic of Macedonia, this paper analyses how the monetary policy reacts to standard varia bles such as: inflation rate, real GDP, real effective exchange rate, foreign exchange reserves and banking sector soundness, for which benchmark variables such as: loans to GDP gap, non-performing loans ratio, capital buffer and interest rate differentials, are taken as variables. This paper considers, as well, how banking sector soundness is affected by changes of Central bank interest rate and interest differentials.

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THE IMPACT OF CREDIT AND CAPITAL RISK ON THE BANKING PERFORMANCE: EVIDENCE FROM SYRIA

Author(s): Musaab Mousa,Judit Sági,Zoltan Zeman / Language(s): English Issue: 1/2018

Banks as financial institutions cannot make profits without dealing with different risks. This study aim at investigating the impact of credit risk and capital risk on the performance of Syrian private banks for a period of eight years (2009-2016) depending on a sample of 6 Syrian private banks. The results have been consistent with the ones of previous studies in term of a negative relationship between performance represented by the return of equity (ROE) and credit risk represented by non-performing loans to total loans, while have differed with previous studies in terms of the negative relationship between performance and capital risk represented by capital adequacy ratio. In order to enforce sustainability and soundness of private Syrian banks. Several recommendations have been presented by the end of the study.

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SECURITIES MARKET REGULATION ON GLOBAL LEVEL

Author(s): Aleksandra Stankovska,Savica Dimitrieska,Vasko Stamevski / Language(s): English Issue: 1/2018

The subject of this paper is the current capital market problem from the legislation aspect, especially the stock exchanges where long-term financial instruments are traded. A review of the capital market legal framework, the capital market function, the key institutions that act on global and national level, the way of their establishment and the processes of their interactions are given.In the paper, a comparative approach has been made regarding the characteristics and legal regulations of the stock exchanges in highly developed economies with regard to the Macedonian Stock Exchange legislation. The paper`s aim is to give a legal regulations overview regarding the capital market function, especially the stock exchanges operation with securities and the trading manner in the securities issue, as an actual long-term financing source.

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BUSINESS ANGELES – SOURCE OF FINANCE

Author(s): Aleksandra Stankovska,Elizabeta Stamevska,Savica Dimitrieska / Language(s): English Issue: 1/2018

Business angels have long been recognized as an important source of finance for entrepreneurial businesses, particularly in the start-up and early growth stages when the financial support required is too small to be economic for Venture Capital fund investment.The current study aims to provide an overall picture of the business angel market in Europe, USA, Canada and Japan. Angel investors play a key role in the development of economies, as many successful entrepreneurs decide to help up-and-coming startups with funding and mentorship.They invest partly for the returns, which can be exceptionally high, and talk about return of capital in multiples, not percentages. But equally importantly, many of them invest because they have something more to offer their investee companies such as skills and knowledge.

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The Profitability and Capital Adequacy in Central and Eastern European Countries in the Light of the Basel III Requirements – a Forecast Approach

Author(s): Magdalena Radulescu,Logica Banica / Language(s): English Issue: 05/2018

Previous studies have shown that the banking sector of the Central and Eastern European (CEE) countries performed better than other developed European sectors during the crisis, due to their sound capitalization and a high profitability before the crisis. That is why we consider that it is interesting to see how they will perform in terms of the profitability and capitalization ratios during 2016 – 2017 in the light of the new international capital adequacy regulations. We have used Combinatorial forecasting method and Artificial Neural Networks (ANN) forecasting method for the banking sectors of five Central and Eastern European countries, non-members of the Eurozone, in order to predict the further developments of capital adequacy ratio, return on assets (ROA) and net interest margin during 2016 – 2017. Our results show that the capital adequacy ratio will improve in all five analysed banking sectors. The bank net interest margin will increase in all five banking sectors (except in the Czech banking sector) and ROA will increase a lot in Hungary, but also in Bulgaria and Romania, while in Poland and in the Czech Republic it will slowly increase.

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Stock Market Correlations and the Business Sentiments: Evidence from the US and Germany

Author(s): Ruzhao Gao,Bing Zhang,Haifei Liu / Language(s): English Issue: 04/2018

We analyse the correlations between the US and German stock markets and study the influences of the US and German business sentiments on the correlations. On the whole, high US business sentiment increases the correlations, while low US business sentiment decreases the correlations. However, the German business sentiment has virtually no influence on the correlations. The correlations are joint positive-type asymmetric, although the asymmetry is not statistically significant. Both the asymmetry in the correlations and the influences of the business sentiments on the correlations had structural breaks caused by the advent of the Euro and the recent financial crisis.

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Фіскальна політика держави на різних фазах економічного циклу: сутність, види та принципи формування

Author(s): Olha Ogirko,Ivan Kurilin / Language(s): Ukrainian Issue: 07/2018

The purpose of the article is to present the essence and types of fiscal policy and to distinguish the basic principles of formation of the fiscal policy of the state at different phases of the economic cycle. It has been determined that the fiscal policy of the state should be understood as the policy in the field (sphere) of the state budget revenues, the policy for the establishment (determination) and receiving (accumulation) of its revenues (i.e. the state budget).It has been found out that depending on the phase of the economic cycle which the country’s economy is passing, taking into account the analysis of the factors (causes) of economic dynamics and instruments of influence, two types of fiscal policy of the state can be distinguished, namely: 1) stimulating; 2) restraining.It has been established that: 1) the main principles of the formation of stimulating fiscal policy include the following principles: the effectiveness of taxation; systemic and internal integrity of taxation; single tax; sufficiency; fiscal capacity; stress equilibrium; stability in taxation; 2) the basic principles of the formation of restraining fiscal policy are the following: the set of taxes; flexibility (elasticity) of taxation; the inevitability of the statutory liability; neutrality of taxation. The prospect of further research in this direction is the development of theoretical, methodological and practical recommendations for the improvement of Ukraine’s fiscal policy within the framework of anti-crisis measures.

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Kapitał relacyjny jako element kapitału intelektualnego szkoły wyższej w warunkach GOW

Author(s): Agnieszka Piasecka / Language(s): Polish Issue: 53/2018

The aim of this article is to present the concept and specificity of measuring relational capital in higher education. Relational capital is one of the components of intellectual capital and refers to university relations with stakeholders. It is an invisible resource. Metrics derived from the intellectual capital management models adapted in universities are used to measure relational capital. The article was based on a review of the literature and an analysis of the chosen university strategy developed using the Balanced Scorecard.

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Do Foreign Exchange Market Responses to Interest Rate Announcements Evolve over Time? Evidence from Poland

Author(s): Janusz Brzeszczyński,Jerzy Gajdka,Ali M. Kutan / Language(s): English Issue: 106/2018

Evidence from the international markets shows that the responsiveness of financial instruments’ prices to monetary policy announcements tends to weaken in a low level interest rate environment. The objective of our study is to verify if a similar effect existed in Poland when interest rate decreased from high to low levels over time. The focus of our paper is the currency market. We use GARCH class models with dummy variables as our main methodological tool. In the case of interest rate announcements, we distinguish between the nominal changes in interest rate and surprise changes. The surprise component is extracted by comparing the actual NBP announcements regarding the change of the interest rate with market expectations captured by the consensus forecasts from Reuters surveys of financial market participants in Poland. The results from our study demonstrate that in a lower interest rate environment, the foreign exchange market in Poland has become less responsive to interest rate decisions. We also find evidence that the reactions of foreign exchange rate returns tend to be stronger in case of interest rate changing upwards rather than downwards. Our results about the evolving nature of reactions of the foreign exchange market in Poland in both high and low interest rate environments may provide helpful information for policymakers about the impact of their policy decisions.

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Emancypacja kobiet jako kryterium oceny efektywności instrumentów mikrofinansowych

Author(s): Piotr Chmielewski / Language(s): Polish Issue: 106/2018

Microfinance programs are assumed to trigger economic, social and political empowerment of women. However, even in financially successful microfinance programs, the actual contribution to empowerment is often limited. Lending to women may benefit their households, but not necessarily the women concerned. This article cautions against the excessive focus on women’s financial outcomes as a measure of their empowerment and underlines the necessity of taking under consideration other measures of women’s emancipation – not only their ability to earn an income.

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Determinanty zastrzeżeń w opinii biegłego rewidenta z badania sprawozdania finansowego

Author(s): Anna Maria Włodarczyk,Anna Białek-Jaworska / Language(s): Polish Issue: 338/2018

The article aims to identify the determinants of obtaining other than qualified audit opinion by public companies listed on the Warsaw Stock Exchange, based on an analysis of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and determining signs of their impact on the probability of receiving such an opinion. The empirical research on the role of an audit opinion in the protection of funds provider’s interests was conducted with the use of logit model on panel data containing 980 observations of 245 companies in the period of 2010–2013. The results indicate that following factors have significant impact on firms obtaining audit opinion which is other than qualified: liquidity, debt, corporate governance approximated by share of major shareholders in company’s equity, viability, firm size and risk of a company’s default. The stronger the corporate governance (higher share of major shareholders in the company’s equity) the lower the probability for the company of obtaining the audit opinion which is other than qualified. The results obtained in the research may be considered as original contribution to the literature. The research does not confirm any significant linkage between the quality of service provided by auditors (approximated by the reputation and the size of the audit company belonging to the Big 4) and the probability of obtaining the audit opinion which is other than qualified. // Artykuł ma na celu zidentyfikowanie determinant otrzymania opinii innej niż bez zastrzeżeń przez spółki publiczne notowane na Giełdzie Papierów Wartościowych w Warszawie z badania sprawozdań finansowych sporządzonych zgodnie z Międzynarodowymi Standardami Sprawozdawczości Finansowej (MSSF) oraz określenie kierunków ich wpływu na prawdopodobieństwo otrzymania takiej opinii. Badanie empiryczne roli opinii audytora w ochronie interesów dostawców kapitału przeprowadzono z wykorzystaniem logitowego modelu panelowego na zbilansowanej próbie obejmującej 980 obserwacji 245 spółek za lata 2010–2013. Wyniki wykazały, że istotny wpływ na opinię inną niż bez zastrzeżeń mają: płynność, zadłużenie, nadzór korporacyjny przybliżany udziałem znaczącego akcjonariatu w kapitale akcyjnym, rentowność, wielkość przedsiębiorstwa oraz ryzyko bankructwa przedsiębiorstwa. Silniejszy nadzór korporacyjny (wyższy udział znaczących akcjonariuszy w kapitale akcyjnym) zmniejsza prawdopodobieństwo otrzymania przez przedsiębiorstwo opinii biegłego rewidenta innej niż bez zastrzeżeń. Uzyskany wynik można uznać za oryginalny wkład do dotychczasowej literatury. Badanie nie potwierdziło istotnej zależności między jakością świadczonych usług audytorskich (przybliżanych renomą i wielkością spółki audytorskiej przynależnej do „Wielkiej 4”) a prawdopodobieństwem otrzymania opinii z badania sprawozdania finansowego innej niż bez zastrzeżeń.

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Skutki obniżenia opłaty interchange na polskim rynku kart płatniczych

Author(s): Michał Polasik,Krzysztof Maciejewski / Language(s): Polish Issue: 6/2017

The aim of the article is to present the functioning model of the interchange fee and its regulatory reduction process as well as to assess the preliminary impact of this reduction on the Polish card market. The research showed a significant acceleration in the development of POS terminals network and a faster increase in the value of cashless transactions. Furthermore, there has been no significant increase in the fees for customers. Contrary to fears, the regulation has not hampered innovation in the Polish banking sector, but rather has contributed to the development of new payment solutions, including mobile payments. However, in order to assess the full effects of the regulation, a long-term perspective should be applied.

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Foreign Direct Investment Impact on Market Concentration in the Manufacturing Sector of Bosnia and Herzegovina1

Author(s): Radovan Kastratović / Language(s): English Issue: 2/2018

There is no consensus regarding the effect of foreign direct investment on market concentration in the literature of foreign direct investment and the theory of industrial organization. The aim of the research is to empirically investigate this impact in the context of the manufacturing sector of Bosnia and Herzegovina. To achieve this aim we estimate the econometric model by applying ordinary least square method. The sample of 21 industries comprising the manufacturing sector of Bosnia and Herzegovina was used for model estimation. Cross-sectional sample data was obtained from the Central Bank of Bosnia and Herzegovina and the financial reports of 4924 companies registered in the aforementioned industries for the year 2016. The results suggest that the impact of foreign direct investment on market concentration can best be described with a convex function.

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Human Resource Management and Banks’ Performance in Nigeria

Author(s): Julius Adebiyi Abosede,Benneth Uchenna Eze,Motunrayo Felicia Sowunmi / Language(s): English Issue: 2/2018

This study sought to examine the effect of human resource management (measured by: Reward management, Employee performance management and Employee resourcing) on non-financial performance of banks in Nigeria (measured by: market share, employees’ satisfaction, efficiency, productivity and service quality). The study employed survey research design, by administering structured questionnaire to three hundred and ninety seven (397) purposefully selected members of staff of human resources, finance and strategy departments of eight deposit money banks in Nigeria. Ordinary least square (OLS) was employed to estimate the model, with the aid of STATA version 14. The findings revealed that human resource management significantly affects banks’ non-financial performance (F-value= 19.22 * 0.0000 at 5% level of significance). The findings further revealed that Reward management and Employee performance management both have significant effect on the non-financial performance of banks in Nigeria, while Employee Resourcing does not have a significant effect on the non-financial performance of banks in Nigeria. Therefore, banks should enhance their Reward management and Employee performance management strategies to improve their non-financial performance.

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