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Journal of Applied Management and Investments



ISSN 2225-3467



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 Volume 4 Issue 2 2015                                  Abstracts







Analysis of Technical Efficiency and Its Sources in Non-Contract Cotton Production in Nigeria

H. D. Adamu, A. S. S. Umar, S. A. Yakubu, Y. A. Kabiru   

The study examines the technical efficiency and source of inefficiency in non-contract cotton production in Katsina State, Nigeria. Multi-stage sampling technique was used to select 184 contract cotton farmers. Research primary data was collected with the aid of structured questionnaire. The data collected were analysed using descriptive statistics and stochastic frontier function. The result revealed a mean technical efficiency of 85%, with a minimum and maximum of 52% and 98%, respectively. The main factors of efficiency were education, years of experience and access to extension. The study recommended that there should be an increasing access to formal education and extension facilities. Also the farmers should be mobilized to form cooperative society to enable them procure inputs at least cost possible.

Keywords: cotton, technical efficiency, stochastic, frontier, Nigeria


 How Does Government Policy Affect Equity Risk Premium?

N. Boussiga, E. Abaoub

This study examines the effect of country-level governance quality on equity risk premium using a panel dataset of 122 developed, emerging and developing economies over the period 2000-2012. Governance quality is measured by worldwide governance indicators.  We use other determinants of equity risk premium as independent variables in the model which are inflation, consumption preferences, economic risk, international financial integration and binary variable 'Crisis'. Our results show that better governance quality translates into lower equity risk premium. This paper has strong policy implications for policy makers. In fact, a good government policy is essential in order to attract foreign investors.

Keywords: equity risk premium, governance quality, generalized least squares


 Testing the Stationarity of Beta for Automotive and Auto-Ancillary Sector Stocks in Indian Stock Market

M. Dash, S. S. Sundarka

Beta is the central concept in the CAPM model. If betas vary considerably across time, the CAPM model’s explanatory power would be undermined. The objective of the study is to test the stationarity of beta for automotive and auto-ancillary sector stocks in different market regimes in Indian stock markets. The study was performed using a sample of eleven automotive and auto-ancillary sector stocks listed on the Bombay Stock Exchange, India, over a study period of 10 years. The study period was sub-divided into phases based on overall market trends: Stagnant phase (Apr. 2001 - Mar. 2003), Growth phase (Apr. 2003 - Mar. 2005), Boom phase (Apr. 2005 - Dec. 2007), Depression phase (Jan. 2008 - Mar. 2009), and Steady phase (Apr. 2009 - Mar. 2011). The analysis was performed through the application of univariate ANCOVA.

The results indicate that the betas were relatively stationary over the different market regimes for all of the sample stocks. This suggests that beta can be taken to be stationary for automotive and auto-ancillary sector stocks in Indian stock markets.

Keywords: time-varying beta, automotive and auto-ancillary sector, Indian stock market, univariate ANCOVA


 Business Results of Food Sector Enterprises of the Republic of Srpska (BiH)

A. Figurek

Food industry and its development are very important for the development of primary agricultural production and final verification of its results in terms of achieving regular income. Without food industry, as well as without safe and stable buyers of raw materials of agricultural origin, producers are highly dependent on the current relationship between supply and demand and on price fluctuations in the market, which makes long-term planning of production difficult and weakens their interest in substantial investment in the creation and improvement of production conditions. In the paper, an analysis of the financial results of the food industry enterprises of the Republic of Srpska (as one of the entities of Bosnia and Herzegovina) was conducted. The focus of the analysis was a six-year period from 2007 to 2012.

Keywords: analysis, food industry, financial result, Republic of Srpska


 Cross Border Investment in Geothermal Energy and International Funding Sources

H. Þ. Hilmarsson

As the global economy grows, so does the demand for energy. Investment in clean energy projects is increasingly important to help meet these growing energy needs. Clean energy projects are also important for environmental reasons and as part of the battle against climate change. Many clean energy sources in the world are located in developing countries, including emerging market economies. Investors in developing countries are normally faced with higher risks than those investing in high income developed economies. Higher risks in turn reduce capital flows to developing countries. This article focuses on investments in geothermal energy. It discusses the characteristics of developing countries, the risk faced by geothermal energy investors and possible instruments for funding and risk mitigation, including those offered by international financial institutions (IFIs) and export credit agencies (ECAs).

Keywords: geothermal energy, developing counties, emerging markets, cross-border trade, investment, funding, risk mitigation



E-Commerce In India: ‘You Haven’t Seen Enough of It’

M. Srivastava

The GOSF-2014 has a huge success, helping the Indian e-commerce websites generate record site visits and revenues. The tremendous success of GOSF is a clear-cut indication of changing face of e-commerce in India. In 2013, the e-retail market was worth US$ 2.3 billion. Overall e-commerce market is expected to reach Rs 107,800 crores (US$24 billion) by the year 2015 with both online travel and e-tailing contributing equally. The present article not only depicts the current picture of e-commerce in India but also attempts to project a future portrait of the industry.

Keywords: GOSF, e-commerce, e-retail, Flipkart, Alibaba, Amazon, Jabong, Snapdeal



An Exploratory Study of Governmental Management Accounting in China

X. Zheng, J. Alver

Governmental management accounting (GMA) is a less studied area in the literature because of its complexity and close dependence on national legislations and policies. This is particularly true for developing countries such as China. This paper studies the current GMA practices in China at the local municipality level. It first introduces the concept, roles and functions of GMA. Then through a survey it presents and discusses the current situation, various problems and limitations in the implementation of GMA in China. It is found that insufficient recognition of the GMA value by the government, inappropriate internal economic environment, a mismatch between financial and management accounting systems, inadequate knowledge and skills of GMA, and dependence on national legislations and policies are the main obstacles in the implementation of GMA in China. At the end of the paper conclusions are made and suggestions for further development of GMA are also listed.

Keywords: government, GMA, limitation, development, China



Vertical Integration and Outsourcing in the Company’s Business

A. I. Butenko

The article provides an analysis of scientific publications related to integration processes in the modern market economic conditions. The advantages and disadvantages of such types of integration as vertical integration and outsourcing are analysed, their effective use is shown on the example of PJSC "MHP".

Keywords: vertical integration, outsourcing, holding company, management, asset management



 Application of the Investment Theory in Research and Practice

A. G. Goncharuk

The paper sets the basic research types that use the investment theory to decide the specific scientific and practical problems. For each type author held a brief overview of studies published over the last three years.

Keywords: theory of investment, investment policy, foreign direct investment, investment projects





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