Open Access Original Research Article

Technical Efficiency of Cocoyam Production in Kaduna State, Nigeria: A Stochastic Production Frontier Approach

S. Abdulrahman, O. Yusuf, S. A. Sanni, T. B. Ayinde

Journal of Economics, Management and Trade, Page 1-10
DOI: 10.9734/JEMT/2018/9964

Aims: Aims of the study were to describe socio-economic characteristics of cocoyam farmers, determine the technical efficiency of cocoyam producers and identify socio-economic factors influencing technical efficiency of cocoyam producers in Kaduna state.

Study Design: Primary data were collected from cocoyam producers through the use of structured questionnaires.

Place and Duration of Study: This study was carried out in three local government area in Kaduna state, Nigeria between August and November 2013 cropping season.

Methodology: Multistage purposive and random sampling techniques were employed for data collection.

Results: The study showed that 34% of the respondents fall within the age range of 30 and 39 years. The majority of the farmers (50%) had no formal education. The household size ranged from 6-10 persons, whereas (73%) were not members of cooperative society. Results indicated that except for fertilizer, all other factors were significant (P < 0.01). The mean technical efficiency is 63% while the range is 11-93%

Conclusion: The findings of the study revealed that none of the sampled cocoyam farms reached the frontier threshold. Also, amount of credit received was the socio-economic variable responsible for the variation in technical efficiency of the cocoyam producers. It was therefore recommended that timely and adequate supply of fertilizer should be made available to farmers at affordable price in order to enhance the production of cocoyam.

Open Access Original Research Article

Inflation and the Determinants of Growth in Turkey

Ilhan Eroğlu

Journal of Economics, Management and Trade, Page 1-12
DOI: 10.9734/JEMT/2018/30169

Whether there is a relationship between price stability and sustainable growth has always been a matter of debate. Thus, a potential relation between the provision of price stability and sustainable growth will direct monetary and financial policies in reaching the economic targets. In this paper, we will discuss the determinants of growth and the inflation-economic growth relationship for the 1998:1-2011:4 quarterly periods in Turkey. The data for these periods have been tested by the Co-integration and Granger causality tests. The findings show that there is a causal relationship from inflation toward economic growth and inflation has a negative effect on growth in the long term. Furthermore, error correction model has been applied based on the presence of cointegration. The analyses have showed the basic determinants-(political stability (PS), gross capital formation (GCF), net export (XN) and Consumer Price Index (CPI)- are in a significant relationship with growth.

Open Access Original Research Article

The Role of Organisational Climate in Determining Academicians’ Organisational Loyalty

Tadesse Gezahegn Gudeta

Journal of Economics, Management and Trade, Page 1-12
DOI: 10.9734/JEMT/2018/44593

Climate for an organisation is somewhat like the personality for a person. One of the most important factors for organisational goal achievement of any type is human resource working in different organisational climate. This research is then aimed at dealing with the role of selected organisational climate dimensions in determining academicians' organisational loyalty in the case of Debre Berhan and Wollo University during the year of 2015/16. A total of 216 respondents were selected using a stratified probability sampling technique from each school found in the university. The researchers used two separate instruments organisational Climate Questionnaire and Affective Organisational Commitment Questionnaire to measure organisational climate and academicians' organisational loyalty respectively. Finally, the responses of the respondents were analysed using SPSS (version 20.0). The findings of the study revealed that there is significant positive relationship between four dimensions of organisational climate and affective dimension of academicians' organisational commitment, i.e. management and leadership style (B=.235, p<.001), Suitable career ladder (B=.195, p<.05), personnel policies (B=.177, p<.05) and fringe benefit and salary package (B=.154, p<.05). And also it has been proved that the organisational climate has a significant role in determining academicians organisational loyalty (R2=.257) which is significant at p=.001. So, the institution's leaders should improve the level of employees' commitment, especially effective commitment (organisational loyalty) dimension, and retain them through facilitating those dimensions of organisational climate along with the rest dimensions to properly retain and enhance academicians' affection towards their institution.

Open Access Original Research Article

Regional Integration and Industrial Development: The African Experience

Chibueze Ekene Onyeke, Ugochukwu Sebastine Ugwuegbe, Felix Chukwubuzo Alio

Journal of Economics, Management and Trade, Page 1-11
DOI: 10.9734/JEMT/2018/44627

This study theoretically examines the role of African regional integration in promoting industrialisation in the continent. We traced the effort of various Regional Governments, Regional Economic Communities (RECs) and African Union (AU) in promoting industrialisation in Africa. The stage of industrial development in Africa is still at the primordial level, making Africa depend mainly on the primary commodity for export, leading to the reduction in the continents share of the global export of manufactured good, increase in unemployment, and poverty. The study, therefore, argues that regional integration is a veritable instrument in achieving structural transformation and industrial development in Africa. We, therefore, recommend that the Regional Economic Communities should be reorganised in order to facilitate the ratification and implementation of the regional integration agenda which has direct consequence on sustainable industrialisation in Africa.

Open Access Short Research Articles

Electricity Market Risk Premia: Evidences from Developing Power Exchanges in Central and Eastern Europe

Meldina Kokorovic Jukan

Journal of Economics, Management and Trade, Page 1-10
DOI: 10.9734/JEMT/2018/14448

This paper aims to investigate the adequacy of risk premium approach for developing power exchanges in Central and Eastern Europe, namely Power Exchange Central Europe and Polish Power Exchange. For the purposes of the research, we use data for base load and peak load month futures to calculate and analyze absolute and relative risk premia. Also the term-structure and time-evolution of the risk premium is assessed. Using a data set covering period of three years from introduction of futures contracts in to the trading schedule of chosen power exchanges, it was found that patterns of electricity risk premia at developing markets differs than one observed for developed ones.

Open Access Review Article

Perspectives of Islamic Banking and Its Place in Economic Theory: Empirical Evidence from Saudi Arabia

Khalil Elian Abdulrahim

Journal of Economics, Management and Trade, Page 1-15
DOI: 10.9734/JEMT/2018/9354

The study investigateswhether Islamic banks have unique modes and principles of their own, different from those of conventional banks and to find out the salient perspectives of Islamic banking in Saudi Arabia. The study concludes that Islamic Banking is based on Shariah (Islamic law) which prohibits dealing with riba (usury interest), gharar (uncertainty and speculation), debt-financing, gambling, alcohols, adultery and pork. Consequently, Islamic banking has its unique financial principles and modes which make them distinguished from those of conventional banking. Such modes include Murabaha (cost plus), Mudaraba (trading at agreed prices), Ijarah (leasing), Musharakah (equity participation) and Sukuk (Islamic bonds based on assets). The Saudi banking system is dual where Islamic and conventional banking may work side by side. In view of the foregoing findings from this study, it is hereby recommended that the use of  Islamic banking in western countries as a complementary to conventional banking to serve their clients, having new innovative Islamic financial products and hedging instruments besides developing the Islamic banks to be cost-effective providers of high quality financial services.

Open Access Commentaries / Opinion Articles

Scientific Explanation of Natural and Social Sciences and Their Contributions in the Development of Knowledge: Are They Similar or Different?

Pervez Akhtar

Journal of Economics, Management and Trade, Page 1-9
DOI: 10.9734/JEMT/2018/36121

It is a general believe that science is based on facts and figures. The observations of individuals about the construction of world and its particles are put into experiments and when proved, are treated as science. On the other hand, there is a field of social science which has the credit to observe the society and its practices. From individual life to society as a whole, public to government, crime to law, politics to economics, sociology to psychology and so on. This paper presents the Scientific Explanation of Natural and Social Sciences and their Contributions in the Development of Knowledge. The article takes a critical look at the similarities and differences based on methods of research in natural and social sciences, their branches, criticisms on approaches used and their contributions towards the creation and development of knowledge. It was found that the two fields, natural and social sciences are different from each other in terms of definitions, origin, branches, methods of investigation, contributions in the creation of knowledge as well as criticisms made on both fields. Thus it was concluded that while natural sciences uses more of quantitative techniques of investigation and the interpretations anchored on objectivity, the social sciences uses more of qualitative techniques and the interpretation is highly subjective. Hence results produced in natural sciences could be considered more reliable than the social sciences.