Open Access Original Research Article

Impact of Trade Liberalization on Employment in West African Economic and Monetary Union (WAEMU): A Gender Approach

Lesfran Sam Wanilo Agbahoungba

Journal of Economics, Management and Trade, Page 1-15
DOI: 10.9734/jemt/2019/v24i230158

The main objective of this paper is to assess the impact of trade liberalization on employment in West African Economic and Monetary Union (WAEMU) through a gender approach. We apply generalized least squares (GLS) estimation techniques with both random and fixed effects on panel data covering the period of 2000-2017. Due to the lack of data, Guinea-Bissau is not part of our analysis. The results show that, while trade liberalization does not explain women’s employment patterns, it rather contributes in job destruction for men in the WAEMU. In conclusion, the impact of trade liberalization of employment is not gender neutral. Rather, it varies depending on the sex of people. In terms of policy implications, this study calls policy makers to setting up, better negotiating or renegotiating trade agreements and implementing trade policies that are more inclusive and beneficial particularly to the population. This could be done by taking into consideration women’s employment particularities in the union, enhancing productive capacities of men, reducing and eliminating inequalities related to people gender and sex.

Open Access Original Research Article

Effect of Director’s Tunneling on Assets Utilization: Evidence from Corporate Organizations in Nigeria

Nwaorgu, Innocent Augustine, O. Odesa, Jeff, N. Nzoegbu, Jennifer

Journal of Economics, Management and Trade, Page 1-9
DOI: 10.9734/jemt/2019/v24i230159

This study evaluates the effect of director’s tunnelling on asset utilization of companies in consumer goods sector in Nigeria using a panel data collected from annual financial report of thirty listed consumer goods firm in Nigeria between 2011 and 2016. The study was based on ex-post-facto research design and the data collected were analysed using descriptive statistics, correlation analysis and multiple regression. The study finds that the director’s pay and equity holding varies widely among consumer goods firms. Chairman’s pay and director’s equity holding have a statistically significant effect on asset utilization at 5% level. While the director’s pay policy has no statistically significant effect on asset utilization. The finding shows pay, chairman’s pay and director’s equity holding are three major avenues used for tunnelling as they have a significant effect on tunnelling. The study recommends that policymaker should formulate a policy that will reduce the tunnelling tendency of directors and board chairman.

Open Access Original Research Article

Impact of Non-financial Determinants on Indian Banking Stocks – An Empirical Analysis

S. Sundara Ram, Munjal Dave, M. Rajesh

Journal of Economics, Management and Trade, Page 1-7
DOI: 10.9734/jemt/2019/v24i230161

Aims: This study aims at analysing the influence of some of the most important external factors (macro economic variables) on the stock prices particularly the banking stocks of India listed in stock exchanges of the country.

Sample Design: Multistage design.

Place and Duration of Study: Public and private sector banks of India listed in stock exchanges of the country for a 12 year period i.e. 2006-07 to 2017-18.  

Methodology: On the basis of market capitalisation the top five banks from each sector i.e. public and private are selected.  The data of stock prices of these banks is collected from the annual reports of the banks.  The data of the explanatory variables is collected from the reports of Central Statistics Office, financial journals etc. 

Results: The impact of the explanatory macroeconomic variables on the market prices of these banking stocks for the period is analysed with the help of suitable statistical techniques viz., Mean, Standard Deviation, correlation, and Multiple Regression Analysis.

Conclusion:  Some of the macroeconomic variables are influencing the stock prices of the banks.

Open Access Original Research Article

An Empirical Analysis of Financial Sector Development and Savings Mobilization in Nigeria: ECM Analysis

Ikubor Ofili Jude

Journal of Economics, Management and Trade, Page 1-11
DOI: 10.9734/jemt/2019/v24i230162

This study employs Error Correction Model (ECM) and Co-integration analysis to study the relationship between financial sector development and savings mobilization in Nigeria 1986 to 2017. As expected from a developing country like Nigeria, a short-run positive relationship is observed between the Nigerian stock market and crude oil prices and the direction is from crude oil prices to the Nigerian stock market but not the other way round. The short run, interest rate earning has a positive and significant impact on domestic savings while the other variables have no significant impact domestic savings in Nigeria. Government should therefore consolidate on past financial sector reforms to improve domestic saving mobilization to reduce the dependence of Nigeria on foreign savings to finance domestic investment.

Open Access Review Article

Herding Behaviour in Investment Decision Making: A Review

Palak Dewan, Khushdeep Dharni

Journal of Economics, Management and Trade, Page 1-12
DOI: 10.9734/jemt/2019/v24i230160

Herding denotes how individuals act together in a group without any centralized direction. Herding is widely studied as it drives asset prices away from the fundamental value and there are concerns it leads to volatility, destabilizes the market and increases the fragility of the financial market. In this paper, a concise review of the literature of herding is provided.  Various types of herding, its significance and occurrences along with the determinants are discussed. Various approaches used for measuring herding have been reviewed.  The relationship of herding along with other variables such as market conditions, volatility, and liquidity is reviewed and studied. For the purpose of drafting the review paper, 79 papers for over three decades have been consulted.  Further, future research directions are included for the benefit of the academicians, researchers and policymakers.