Open Access Original Research Article
The stock market of a country operates in the economy of that country and the economic conditions of the country affect the stock prices of the stocks listed in the stock exchanges of the country. And it is believed that macroeconomic variables of a country and the stock prices of the stocks listed in the stock exchanges of the country are co-integrated. In this paper, in the context of India, the relationship of 8 macroeconomic variables with the stock market was examined. These variables are IIP, WPI, Gold Price, M3, Call Money Rate, FIIs Investment, Real Effective Exchange Rate and Foreign Exchanges Rates. Two periods have been taken for the study, 1991 to 2002 and 2003 to 2016. 1991 to 2002 saw a flat stock market growth and 2003 to 2016 saw exponential growth. The credit of this exponential growth in the latter period is given to the Foreign Institutional Investors Investments (FIIs). By employing the Bi-variate Johansen Co-integration Test, Granger Causality Test and the Step-wise Regression, it was concluded that during 1991 to 2002 no macroeconomic variable affected the stock market in the long-run and during 2003 to 2016 only FIIs were able to influence the stock market in the long-run.
Open Access Short Research Articles
This paper evaluates Nigeria’s federal budget and its performance. The paper adopted the descriptive and analytical research method, using ex-post ‘facto’ data analysis of secondary data extracted from various budget documents, financial and economic reports of the Federal Republic of Nigeria. Budget variance analysis and construction of budget deviation indices were the tools of analysis used on one side; and augmented with regression analysis fiscal and economic performance variable in the last segment. The parameter for measuring budget credibility is the international threshold and prescribed limit for budget deficit / GDP, and also the minimum score of 50 percent score performance rating for regression of economic performance. The study reveal that Federal Government budget lacks credibility except in the case of fiscal solvency / discipline in the first stage .While in the second stage, it reveal that the federal budget performance is considered below average. The findings ranks Nigeria’s budget / fiscal performance as sub-optima but fairly satisfactory The study recommends that, Federal Government should prepare a gazette ‘Budget Performance Report’ that incorporates “Year-End Revised Approved Estimates with Comparison of Actual Fiscal Performance Report” within 90 days after the last day of every financial year as this will help improve the performance of budget performance in Nigeria.
Open Access Short Research Articles
Natural gas is a fossil fuel with the highest energy efficiency and can provide a transition to a cleaner and more secured energy future as it complements the environmental attractiveness of renewable energy. However there are various, but not insuperable barriers to harnessing natural gas to meaningfully reduce energy challenges, poverty and the over reliance on crude oil in Nigeria. This study provides a theoretical exposition of the hindrances to the role of natural gas in providing energy security in Nigeria through the adoption of the IEA model for Short-Term energy security (MOSES) which analyzes the key indicators that affects domestic utilization of natural gas in Nigeria.
Results showed that there is a significant effect of export dependency and domestic pipeline infrastructure on domestic utilization of natural gas in Nigeria. Energy security is a necessity for economic development. It is therefore necessary for government and policy makers to drive policies that will improve domestic utilization of natural gas in Nigeria.
Open Access Review Article
Aims: Many organizations adopt the Lean management approach to create a culture of continuous improvement (CI), but often fail to accomplish such a change. Previous studies have explained this high failure rate in terms of poor leadership and management, including the role of middle managers. However, the body of knowledge about the role and influence of middle management in Lean CI is underdeveloped and highly dispersed. Some earlier work suggests that middle managers can both enable and hinder CI initiatives, but a systematic overview is missing. This paper provides a systematic review of the literature to develop a mechanism-based framework that explains the success and failure of CI initiatives in which middle managers are key agents. This study therefore aims to develop an evidence-based framework of key aspects of middle management roles in CI practices drawing on Lean.
Methodology: We conducted a mechanism-based systematic review of the literature. In total, 203 publications were selected and then reviewed in detail. This review focuses on how middle managers influence the implementation and success/failure of Lean CI initiatives.
Results: The review of the literature on CI/Lean and middle management results in two frameworks. Each of these frameworks assumes that top management consistently seeks to implement a particular (archetypical) philosophy of CI/Lean: the first framework assumes an integral management approach and the second one starts from the assumption that a cost-cutting strategy is adopted. Each of these two frameworks in itself reflects some of the key tensions and challenges arising from any CI/Lean change effort, especially for middle managers. In practice, the two conditions may overlap, which creates an additional level of complexity. Overall, our review provides an understanding of the (non)conditions in which continuous improvement initiatives are likely to succeed or fail, and as such also provides a starting point for future research as well as practical work in this area.
Open Access Case Reports / Case Studies
Corporate Social Responsibility has become the norm and among the well accepted practices of organizations in the 21st Century. Even though it is not mandatory in most countries, the society has made it morally unacceptable for institutions to overlook these aspect of their operation. However, despite the acceptance in developed economies, organizations in developing economies are yet to come into terms Corporate Social Responsibility, what really it entails and the best practices. The issue of contention has been if they (the organizations) are mandated to contribute their quota to the growth of the economy by job creation, payment of taxes and other levies to the government (which is meant for this purpose), why should they further burden their organizations with other practices such as CSR. This study juxtaposes the practices of CSR in some selected banks in two developing economies namely Ghana and China, to determine the Corporate Social Responsibility practiced. The selected banks are considered very key as their activities cover the area of agriculture and other sensitive parts of their economy. Two banks were examined from each country to ascertain the similarities and differences of their practices of CSR. Secondary data from the banks website and Social Responsibility Report were examined and compared. The analysis supports that corporate social responsibility has a positive effect on the society and ensures sustainability of the banks in the long run. It enlightens the stakeholders on the practices of these banks and also provides best direction for the Ghanaian Banks on the current trend of CSR.