Strategic Finance

This research paper provides a comprehensive analysis of Value Chain Framework, a foundational strategic tool for disaggregating a company into its strategically relevant activities to identify sources of competitive advantage. It delves into the framework's origins, its constituent primary and support activities, and its profound strategic applications in achieving cost leadership and differentiation. This report outlines a practical, step-by-step guide for conducting a value chain analysis, supported by realworld case studies demonstrating its efficacy across diverse industries. Crucially, it addresses the framework's inherent limitations and critically examines its evolution in the digital age, highlighting the transformative impact of technologies like AI, IoT, and big data on traditional value chains, leading to the emergence of integrated digital and global value chains. This report introduces and comprehensively defines a new strategic framework: the Digital Service Value Network (DSVN). The DSVN represents a paradigm shift from a linear, goods-based chain to an interconnected, multi-actor ecosystem. Its core principles are rooted in Service-Dominant Logic, which posits that service is the fundamental basis of exchange and that value is co-created among all actors in the network. The enduring relevance of the Value Chain Framework lies in its ability to foster continuous improvement, optimize resource allocation, and drive sustainable competitive advantage in an increasingly complex and interconnected business environment.

Gestapeld financieren is een nieuw financieringsvraagstuk van het mkb. De auteurs hebben de afgelopen negen maanden een vooronderzoek gedaan naar de problemen die het mkb en hun financieel adviseurs tegenkomen bij gestapeld financieren, onder andere door literatuurstudie en drie rondetafelbijeenkomsten. In dit artikel doen ze verslag van dit vooronderzoek: wat zijn de vraagstukken en hoe kunnen die worden opgelost?

This paper tried to examine the major determinants of the financial performance of Deposit Money Banks quoted in the Nigeria Stock exchange from year 2001 to 2010 using three Banks, the First Bank of Nigeria (FBN) Plc, United Bank for Africa (UBA) Plc and Zenith Bank Plc as case study. The study used the regression analysis method and established that; asset quality, capital adequacy and employee motivation apart from profits are key success factors in the financial performance of Banks. It recommend among others that banks should reward employees adequately, get listed in the Stock Exchange and the regulatory authorities should closely monitor the operations of Banks through various on-site and off-site examinations.

Parastatals are a critical component of the country’s economic growth. As a consequence of weak governance, the largest South African parastatals are today mired in financial difficulties. They have been struggling for over a decade. The primary objective of this study was to create corporate governance systems to improve the overall financial performance of parastatals, hence contributing to South Africa’s economic success. The stepwise econometric modelling was used to analyse corporate governance data for DENEL, South African Airways, SABC, Eskom, and Transnet from 1996 to 2018. The study indicated that insufficient corporate governance and high corruption levels are linked to low financial performance in parastatals. Corporate governance and business confidence levels were found to have an effect on the performance of parastatals in South Africa. Study findings show that there is a significant need to safeguard parastatals by establishing strong governance standards and keeping intact governance structures as methods to sustain business confidence and minimize corruption levels. There is need to improve accountability, audit systems and control mechanisms to improve financial performance of parastatals.

The evolving landscape of global commerce has transformed logistics from a tactical function into a critical strategic lever. As supply chains grow increasingly complex and demand more responsiveness, organizations are turning to data analytics to enhance decision-making capabilities. This paper explores how data analytics is being leveraged for strategic logistics decisions, encompassing areas such as inventory management, demand forecasting, transportation planning, and network optimization. Drawing on recent empirical studies and real-world case examples, the research highlights how predictive and prescriptive analytics can improve visibility, responsiveness, and efficiency across logistics operations. The study also critically evaluates challenges associated with data quality, system integration, and organizational adoption. By analyzing contemporary applications and theoretical models, the research concludes with recommendations for aligning analytics capabilities with logistics strategy in a manner that promotes resilience, agility, and competitive advantage. Findings reveal that predictive analytics can improve forecasting accuracy by 20-30%, while prescriptive analytics tools have enabled firms to reduce logistics costs by up to 15%. Enhanced visibility and scenario modeling further contribute to supply chain resilience and responsiveness, demonstrating the strategic value of analyticsdriven logistics.

In today’s dynamics business environment, competitive pressure and customer demand are forcing the majority of firm’s to shift their priorities to understand the logistics supply chain process integration in order to deliver value to the customers. Discuss on the logistics strategies needed to argument the above process.

This report provides a comprehensive equity valuation of Amazon Inc. using both intrinsic and relative valuation methods. The intrinsic approach applies Discounted Cash Flow (DCF) modeling through Free Cash Flow to Firm (FCFF) and Free Cash Flow to Equity (FCFE), incorporating a full financial forecast from 2024 to 2028. The relative valuation includes Comparable Company Analysis and Precedent Transaction Analysis to benchmark Amazon's valuation multiples against peers and past market transactions. Key metrics such as WACC, beta, and financial ratios are used to assess Amazon’s risk profile, performance, and future potential. The final analysis suggests an implied share price with a 43% upside, resulting in a Buy recommendation. This self-directed research demonstrates applied financial modeling skills and analytical rigor in line with professional valuation practices.

"Boleh jadi kamu membenci sesuatu, padahal ia amat baik bagi kamu. Dan boleh jadi kamu mencintai sesuatu, padahal ia amat buruk bagi kamu. Allah Maha Mengetahui sedangkan kamu tidak mengetahui" "Musuh yang paling berbahaya di atas dunia ini adalah penakut dan bimbang. Teman yang paling setia, hanyalah keberanian dan keyakinan yang teguh." (Andrew Jackson) "Orang-orang yang sukses telah belajar membuat diri mereka melakukan hal yang harus dikerjakan ketika hal itu memang harus dikerjakan, entah mereka menyukainya atau tidak." (Aldus Huxley) "Ketergesaan dalam setiap usaha membawa kegagalan." (Herodatus) viii Dengan segala kerendahan hati penulis persembahkan karya sederhana ini untuk: Ayah dan ibu penulis yang tidak pernah lupa menyelipkan doa untuk anakanaknya yang jauh dari pandanganya pada setiap kesempatan. Semoga ridho Allah dan kebahagiaan selalu merangkul kalian. Adik-adik penulis (Malik, Rohmah, Amin) yang selalu menjadi sumber keceriaan dan semangat penulis. Yang selalu memberi doa, motivasi, dan semangat tiada batas pada setiap masa (Mas Nata) Sahabat-sahabat penulis tercinta yang selalu memberi motivasi dan semangat (Ipeh, Datun, Dan) Teman -teman seperjuangan penulis Perbankan Syariah angkatan 2012 yang selalu menemani dan memberikan dukungan kepada penulis. Almamater tercinta IAIN Surakarta.

This study examines the role of Artificial Intelligence (AI) in enhancing corporate governance and regulatory adherence through AI-driven compliance tools. Utilizing a systematic literature review and case study analysis, the research evaluates AI's effectiveness in automating compliance, minimizing legal risks, and addressing ethical concerns. Statistical analysis, including a Chi-Square test (χ² = 5.39, p = 0.99), T-test (t =-9.80, p = 0.0006), and regression analysis (R = 0.95, p = 0.0133), confirms AI's significant impact on compliance efficiency, risk mitigation, and cost reduction. Findings reveal that AI-driven compliance improved corporate governance efficiency from 59.2% to 73.6%, reduced compliance failures by 37%, and cut legal costs by 0.95% for each 1% increase in AI adoption. Despite these benefits, challenges remain in regulatory acceptance, algorithmic transparency, and data privacy. The study concludes that AI is a transformative force in legal compliance but recommends enhanced regulatory frameworks, bias mitigation strategies, and explainable AI models for responsible integration.

علم المحاسبة هو فرع من فروع علوم الإدارة الذي يركز على تسجيل وتحليل وتفسير الأحداث المالية للكيانات الاقتصادية، مثل المنظمات، ومؤسسات الاعمال، والشركات، والحكومات، والكيانات الغير ربحية، كما يهتم بتوفير معلومات مالية دقيقة وموثوقة للمساعدة في اتخاذ القرارات الاقتصادية والإدارية، أي أن المحاسبة تلعب دورًا حيويًا في إدارة الأعمال بصورة عامة من خلال الفهم الدقيق للأداء المالي، وصناعة القرارات المستنيرة، وبالتالي فإن الهدف الرئيسي من علم المحاسبة هو توفير معلومات مالية دقيقة وفعالة للمساعدة في اتخاذ القرارات الإدارية المتعلقة بدولاب العمل، والأخرى المصيرية، وتحقيق أهداف الكيان.

The China-Pakistan Economic Corridor study aims to connect Gwadar's deep seaport in Balochistan province with Kashgar in northwest China. It serves as a gateway linking Europe to Africa when fully operational. The project seeks to provide a comprehensive financial overview of the corridor project and examine investment flows, especially on Gwadar's development potential. The research aims to assess the corridor's impact on the province's economic conditions using quantitative methods involving primary and secondary data analysis for descriptive purposes. The study concludes that while indicators such as HDI, FDI, and FPI have shown improvement over recent years, there is still limited awareness among the general public about CPEC's current impact on provincial economic development, leading to dissatisfaction amongst native people.

The objective of this research was to identify and analyze the main factors that threaten the survival and continuity of a family business. For such purpose, we completed a documental and field research. For the field research we used a Likert scale applied to 38 owners of family business in the Center Region of the State of Coahuila in the year 2013. The objective was to measure reaction to the variables: discrimination between the family and managerial systems, confidence and reliability. The analysis relied on the Statistical Package for the Social Sciences (SPSS). The results demonstrate interaction of two social systems with scarce compatibility between them: family and business; the likely absence of trust among family member owners of the business and the fragile reliability of them are a core part of the problem that threatens survival and continuity of the family business.

The world of finance is undergoing a profound transformation, driven by the disruptive power
of technology. The advent of financial technology, or fintech, has reshaped how individuals,
businesses, and institutions interact with money, paving the way for innovative solutions that
redefine traditional financial systems. Foundations of Fintech: Navigating the Digital
Financial Revolution provides a comprehensive exploration of this digital transformation,
offering readers an in-depth understanding of the technologies, trends, and challenges shaping
the future of finance.
This book is a journey through the foundational concepts, emerging technologies, and real-
world applications that are revolutionizing the financial services landscape. From the early
history of fintech to its current global impact, this work serves as both a primer for newcomers
and a reference for seasoned professionals looking to deepen their understanding of this rapidly
evolving field.

The adoption of Artificial Intelligence (AI) in corporate governance has emerged as a significant trend, with varied impact across global regions. This study evaluates the influence of AI on corporate governance practices, identifies the challenges and opportunities of AI implementation in Kenya, and compares AI utilization across different regions. Drawing from empirical evidence, it is observed that AI has enhanced decision-making, risk management, and compliance in developed regions like the U.S., Europe, and China, but its impact is limited in developing regions due to infrastructural and regulatory challenges. In Kenya, the primary obstacles to AI adoption include a lack of technological infrastructure, insufficient AI talent, and regulatory uncertainty, yet there are opportunities driven by the country’s growing digital economy. A comparative analysis reveals significant disparities in AI adoption across regions, with developed economies leading in utilization while developing regions lag behind. The study highlights the need for improved regulatory frameworks, AI education, and investment in infrastructure to bridge these gaps. Overall, the research underscores the transformative potential of AI in corporate governance and emphasizes the importance of addressing regional challenges to achieve broader adoption and integration.

Keywords: Artificial Intelligence (AI), Corporate Governance, AI Adoption, Regulatory Frameworks

In recent years, there has been a growing awareness of the importance of adopting environmentally sustainable infrastructure. The shift towards a circular economy and the increased use of digital payment methods (e-payment) have emerged as key drivers of sustainable consumer behavior. This study examines the impact of consumer behavior changes through the adoption of e-payment systems within the framework of green economy practices. The research was conducted in Makassar, involving a sample of 150 respondents, and analyzed using Structural Equation Modeling (SEM). The results indicate a significant relationship between consumer behavior changes and the increased use of e-payment, which in turn supports the implementation of green economy practices. The findings highlight that e-payment adoption contributes to reduced carbon emissions and the use of non-renewable resources, promoting a more sustainable and efficient economy.

This study provides an insight into the bi-directional relationship between sustainability reporting and firm performance in quoted Deposit Money Banks (DMBs) in Nigeria. While the population size comprises of all deposit money banks quoted on the floor of the Nigerian Stock Exchange, judgmental sampling technique was used in the selection of the sampled banks. Considering the period 2014-2016, the annual report and stand-alone sustainability reports of the selected banks were analyzed through the use of content analysis and coded in order to obtain the sustainability disclosure index. The panel regression technique was used to analyze the data. The empirical findings show that there is a bi-directional relationship between sustainability reporting and firm performance of quoted Deposit Money Banks (DMBs) in Nigeria. This finding confirms the proposition of the legitimacy theory. The study observed that the market price per share of the samples firms had a significant negative influence on sustainability reporting. In addition, the study also out that sustainability reporting had a significant positive influence on revenue generation of the sampled firms.

This study provides an insight into the bi-directional relationship between sustainability reporting and firm performance in quoted Deposit Money Banks (DMBs) in Nigeria. While the population size comprises of all deposit money banks quoted on the floor of the Nigerian Stock Exchange, judgmental sampling technique was used in the selection of the sampled banks. Considering the period 2014-2016, the annual report and stand-alone sustainability reports of the selected banks were analyzed through the use of content analysis and coded in order to obtain the sustainability disclosure index. The panel regression technique was used to analyze the data. The empirical findings show that there is a bi-directional relationship between sustainability reporting and firm performance of quoted Deposit Money Banks (DMBs) in Nigeria. This finding confirms the proposition of the legitimacy theory. The study observed that the market price per share of the samples firms had a significant negative influence on sustainability reporting. In addition, the study also out that sustainability reporting had a significant positive influence on revenue generation of the sampled firms.

Why do brokers charge per-share commissions to institutional traders? What determines the commission charge? We examine commissions and order ‡ow for a sample of institutional orders and …nd that most per-share commissions are concentrated at only a few price points, primarily 5 and 6 cents per share. Further, we …nd that the prior-period commission, rather than execution costs, is the strongest determinant of next period's commission. These results are inconsistent with negotiation of commissions on an order-by-order basis or with the impression of a continuous transaction cost that is deduced from the distribution of percentage commissions, suggesting that commissions are not a marginal cost of execution. We also …nd that institutional clients concentrate their order ‡ow with a small set of brokers, and that small institutions concentrate more than large institutions. Collectively, our results suggest that brokers and their institutional clients enter into long-term agreements where the per-share commission is constant, and the order ‡ow routed to a particular broker is used to maintain the required payment for an institution's desired level of service. Commissions, therefore, constitute a convenient way of charging a predetermined …xed fee for broker services. JEL Classi…cations: G23, G24. We would like to thank Abel/Noser for providing the data. We also thank

This research examines how the adoption of financial technology impacts the sustainability of Micro, Small, and Medium Enterprises (MSMEs), emphasizing the intermediary roles of financial literacy and financial inclusion. A random sample of 288 MSME owners was chosen from the 1,020 members participating in the business legality assistance program by the Bojonegoro Regency Cooperative and MSME Service. Out of these, 247 owners fully completed the survey, providing data for the research. Data analysis utilized Structural Equation Modeling-Partial Least Squares (SEM-PLS). The results indicate that although the adoption of financial technology positively influences MSME sustainability, the impact is relatively modest. However, financial literacy and financial inclusion considerably enhance this relationship, with financial literacy exhibiting a stronger mediating effect. These outcomes highlight the importance of specific financial literacy initiatives and better access to financial services to promote the sustainable growth of MSMEs.

Podobnik and Stanley [1] introduced Detrended Cross-Correlation Analysis (DCCA) for analysing long-range cross-correlations between two simultaneously recorded non-stationary time series. This method is an extension of the well-known Detrended Fluctuation Analysis (DFA), which was initially proposed by Peng et al. [2], as a method for quantifying serial correlations in non stationary time series. DCCA is based on the analysis of the diffusion properties of detrended covariance over time. We first present the algorithms of DFA and DCCA, and we briefly discuss some formal properties of their results. Then we analyze some results obtained with simulated data sets, especially for evidencing the effects of noise and short-term auto-regressive processes.

The evolution of mutual funds and their inflows and outflows is seen as a good indicator for the financial markets of different countries. There were numerous studies, mainly conducted in the US, which illustrated that flows were highly dependent on the previous performance. This paper envisaged to study the flows of funds into and out of Romanian mutual funds during the 2007-2014 period. An analysis of the relative performance of the funds was developed by using the methodology set forth by Sirri and Tufano (1998), in which we monitor the dynamics of money invested in the funds as we move from one month to the next. The regression results show that the performance may be characterized by the factors (log of the size for the fund in the previous month, standard deviation of monthly funds returns in the previous month, previous period flows, the percentage growth in the new money, the rank, the square rank) taken into account with p-values for the F-test that exceed the 5%.

Innovation refers to the introduction of new products, services, processes, or ideas in conducting businesses. It encompasses both technological advancements and non-technological improvements, such as organizational changes or novel marketing strategies. The main aim of this study was to assess the overall effect of innovation processes on the performance and growth of small-scale businesses in Custom market. The study adapted a descriptive survey design, by quantitative approaches to enrich the understanding of the phenomenon under study. The study adopted; descriptive Statistics; Mean, Percentages, Frequencies, Standard deviation and Inferential Statistics; Correlation analysis to determine the relationships, ANOVA to test the model fitness, and Regression analysis to test the effect of independent variables on the dependent. The research findings stated that, ideas development had a weak positive insignificant relationship with and financial growth. Idea development had no statistical effect on financial growth. It also revealed that based on idea selection had a strong positive significant relationship with financial growth. The findings also indicated Idea implementation had a weak positive insignificant relationship with financial growth and it had no statistical effect on financial growth. It was recommended that business idea development should be done by in-depth exploration of passion, skills and keen observation to identify market gaps and opportunities thus improving financial growth. There is also need for a study to identify customers' satisfaction factors that can be improved through innovation processes by the small scale businesses in Custom market, Juba South Sudan.

Gestapeld financieren is een nieuw financieringsvraagstuk van het mkb. De auteurs hebben de afgelopen negen maanden een vooronderzoek gedaan naar de problemen die het mkb en hun financieel adviseurs tegenkomen bij gestapeld financieren, onder andere door literatuurstudie en drie rondetafelbijeenkomsten. In dit artikel doen ze verslag van dit vooronderzoek: wat zijn de vraagstukken en hoe kunnen die worden opgelost?

The purpose of this study was to find out the effects of strategic management practices on revenue growth of Selected Lake Region economic bloc counties in Kenya. Specific objectives were; to evaluate the effects of fraud control strategy; and to assess the effects of monitoring and tracking strategy on revenue growth in county governments in Kenya. The target population for the study was 331 employees involved in revenue collection. A stratified sampling technique was used to identify a sample size of 259 respondents. Primary data was collected using closed ended structured questionnaire. Collected data was edited and coded then analyzed using descriptive statistic methods; means, percentages and standard deviations. Pearson Product Moment Correlation was used to establish the strength of relationship while simple linear regression was used to establish the effect of independent variable on the dependent variable and data was presented in tables and figures. From the findings the study made the following conclusions; employees were trained on how to detect system fraudsters and performance targets were being monitored and tracked on a daily basis. Correlation analysis concluded that fraud control had a positive and significant relationship with monitoring and tracking and revenue growth. Regression analysis concluded that an increase in one unit of fraud controlled to a decrease in revenue growth and the effect was statistically significant. An increase in one unit of monitoring and tracking led increase in revenue growth and the effects was found to be statistically significant. The study recommended that revenue targets to be set in a way that they can be monitored and tracked easily in the system also the study recommended that hiring and transfers should be done based on merits.

The study's objective: The present study aims to observe the different types of birds in the Damodar River-based surroundings in Kanchannagar, Burdwan to find the most suitable bird resident. Methodology (materials and methods): Here, mainly the photographers, visitors, tourists, communities, scientists, social workers, teachers, ex-students, educationists, students and guide teachers of Kanchannagar D. N. Das High School as 'Nature Scientists' forming different active groups, properly discuss among themselves, undertake, random sampling, counting, collecting, recording, analyzing, seeing patterns, trends and local problem, and interaction-survey and mentions some of the solutions deployed to overcome the problem by using mobile phones, camera, and binocular, etc. Results and Findings: The results indicate that the different types of birds shown in five areas in the 'Damodar River-based Kanchannagar'; 'Idilpur and Banka-Siphon' have maintained the steadily increasing different types of bird populations from December 2010 to January 2024 helped to find the most suitable bird resident for establishing 'Natural Birds Hub' with different eco-components. Practical Implications: It may be implied as a 'Natural Birds Hub' for the natural bird lover tourist, which may enrich the circular socioeconomic environment health and prevent future pandemics. Scope for Future Work: The 'Idilpur' will be the best 'Natural Birds Hub' for migratory birds, and the 'Banka-Siphon' may be established or transformed into an excellent 'Research Centre for birds, pisciculture, fishery, indigenous breeding, wild animals, bio-medicines, eco-technology, socioeconomy, circular economy, environmental policy, ecology, tourism education, agriculture, horticulture, eco-components, and management of natural, public and private future complex relationships, scientific healthcare, biomedicines, and skill development with job facilities for well beings.

We examine network effects as an impediment to optimal financial contracting. In devising the terms of their transaction, the parties may prefer to conform to a market standard rather than matching their own contracting needs. To study this possibility, we investigate choice of contract law provisions in European debt securities. In order to disentangle network effects from the effects of substantive differences of contract laws, we take advantage of a natural experiment: In 1999, eleven countries adopted the Euro as an official currency. As a consequence, the investor base of European issuers expanded beyond their respective home states. We hypothesize that the demand for an international standard contract law increased as the national securities markets converged into a single Euro area market. Using a difference-indifference approach, we show that there is a strong and significant shift to English law for debt securities in Euro area member states as compared to other European countries. Our results are robust to alternative hypotheses and various statistical tests. Choice of law in debt securities may follow a market standard rather than quality differences among the competing contract laws.

In fact, this book is the resulted of the David Bornstein research in the field of social entrepreneurship. According to its explanation, social entrepreneurship has a long history and it started long time ago.  With those researches the intention was understand the news realities around the world in the field of the social entrepreneurship because today we are facing with news facts.

The paper analyzes the returns earned by the sample mutual funds benchmarking with market return. It also assesses whether they are taking advantages of diversification, market timing and selectivity of securities to their investors. Secondary data of eight sample mutual funds' have been used from 2015 to 2018 published by Nepal Stock Exchange and respective fund manager. Risk adjusted performance measures Jensen alpha, Treynor ratio and Sharpe ratio have been used to analyze return in terms of risk and Coefficient of Determination (R 2), Quadratic Regression of Treynor and Mazuy and Famade composition model are employed to assess diversification, market timing and selectivity ability of fund manager. The result explores that funds that are operated from 36 months over-perform benchmark market index and those funds operated for 16 months are suffering from very low return. Further evidence shows that low amount of diversification, moderate level of selectivity and no significant relationship between timing skill and return of funds.

The main role of a depositary is to protect investors by providing safekeeping and monitoring services. In Europe in general and in France in particular, it is common for funds and their depositary belong to the same financial group. This ownership linkage between funds and their depositary can affect the effectiveness of the depositary services, and investors might not be well protected. Using a sample of 1,515 French equity funds designed for retail investors, I investigate the effects of the dependence of depositaries on investor protection by comparing performance, risk taking and fees between independent and dependent‐depositary funds. The results show that an independent depositary seems to approve more ‘fair’ fees than a dependent depositary. However, there is no significant difference in performance or in risk taking between these two types of funds. Nevertheless, retail investors seem to care about the independence of the depositary.

Purpose The purpose of this paper is to investigate the impact of investor confidence on mutual fund performance in two relatively vulnerable but leading emerging markets, India and Pakistan. Design/methodology/approach A pooled ordinary least squared (OLS) model is used to look at two alternative measures of investor confidence and test for the relationship between investor confidence and mutual fund returns. To check the robustness of the findings, the authors also implement two-stage least squares and generalized method of moments techniques to control for unobserved heterogeneity, simultaneity and dynamic endogeneity problems in the regressors. Findings The paper finds that the returns of mutual funds are positively associated with investor confidence and an interaction effect exists between investor confidence and persistence in performance. The paper also confirms that returns from mutual funds are associated with different fund characteristics such as fund size, turnover, exp...

The study examines the association between merger and acquisition on capital structure, and financial performances of banks in Nigeria. it employed secondary data collected from the sampled banks annual financial report and accounts statement. Relevant literatures were reviewed and panel data model regression was employed in the study's analysis. Specifically, feasible generalized least square model was used to analyse the study's hypotheses after the preand postestimation diagnosis. The study reveals that merger and acquisition have a strong direct effect on capital structure and performances, but a weak direct impact on survival and growth of the examined banks in Nigeria. The study recommends that weak banks in Nigeria should employ merger and acquisition strategy for their survival and growth, for a viable capital structure and for banks whose performance are below expectations.

The study examines the association between merger and acquisition on capital structure, and financial performances of banks in Nigeria. it employed secondary data collected from the sampled banks annual financial report and accounts statement. Relevant literatures were reviewed and panel data model regression was employed in the study’s analysis. Specifically, feasible generalized least square model was used to analyse the study’s hypotheses after the pre- and postestimation diagnosis. The study reveals that merger and acquisition have a strong direct effect on capital structure and performances, but a weak direct impact on survival and growth of the examined banks in Nigeria. The study recommends that weak banks in Nigeria should employ merger and acquisition strategy for their survival and growth, for a viable capital structure and for banks whose performance are below expectations.

Purpose The purpose of this paper is to investigate the impact of investor confidence on mutual fund performance in two relatively vulnerable but leading emerging markets, India and Pakistan. Design/methodology/approach A pooled ordinary least squared (OLS) model is used to look at two alternative measures of investor confidence and test for the relationship between investor confidence and mutual fund returns. To check the robustness of the findings, the authors also implement two-stage least squares and generalized method of moments techniques to control for unobserved heterogeneity, simultaneity and dynamic endogeneity problems in the regressors. Findings The paper finds that the returns of mutual funds are positively associated with investor confidence and an interaction effect exists between investor confidence and persistence in performance. The paper also confirms that returns from mutual funds are associated with different fund characteristics such as fund size, turnover, exp...

I certify that this thesis satisfies the requirements as a thesis for the degree of Master of Science in Banking and Finance. Assoc. Prof. Dr. Salih Katırcıoğlu Chair, Department of Banking and Finance We certify that we have read this thesis and that in our opinion it is fully adequate in scope and quality as a thesis for the degree of Master of Science in Banking and Finance.

Penenilitian ini memaparkan mengenai variabel-variabel yang dapat memengaruhi keputusan dalam berinvestasi saham. Penelitian ini menggunakan perbandingan Binary Logistic Model dan Linear Probability Model. Hasil peneltian menunjukkan bahwa variabel Risiko (D1) sebesar 25,1% , Tingkat Pendidikan (D2) sebesar 24,2%, Pelatihan Keuangan yang pernah diikuti (D3) sebesar 25,7%, dan Kepemilikan Aset (D6) sebesar 39% secara serentak dapat memengaruhi keputusan seseorang dalam berinvestasi saham. Sedangkan variabel Alokasi Dana Investasi (X4) sebesar 0,3% dan Kepemilikan Akses Kredit Perbankan (D7) sebesar 0,5% tidak memengaruhi keputusan seseorang dalam berinvestasi saham. Investor saham di Indonesia masih dikatakan sedikit jumlahnya jika dibandingkan dengan beberapa negara tetangga. Hal ini disebabkan oleh minimnya informasi dan rendahnya pengetahuan serta keterampilan mengenai investasi saham. Berdasarkan hasil penelitian yang dilakukan mayoritas responden tergolong kedalam kelompok literasi keuangan Surfficient Literate. Responden laki-laki dapat mentolerir risiko atas investasi. Sedangkan responden perempuan cenderung berhati-hati dalam berinvestasi dengan memilih emas dan tabungan sebagai instrument investasi yang dianggap lebih aman. Kata kunci: saham, investasi, literasi keuangan ABSTRAC This research describes the variables that can influence the decision in stock investing. This research uses comparison of Binary Logistic Model and Linear Probability Model. The result of the research shows that Risk variable (D1) is 25,1%, Education Level (D2) is 24,2%, Financial Training that has been followed (D3) equal to 25,7%, and Asset Owner (D6) equal to 39% Can simultaneously affect a person's decisions in stock investing. While Investment Fund Allocation (X4) variable equal to 0,3% and Banking Credit Access Ownership (D7) equal to 0,5% does not influence one's decision in stock investment. Stock investors in Indonesia are still said to be few in number compared to some neighboring countries. This is due to the lack of information and low knowledge and skills regarding stock investments. Based on the results of research conducted majority of respondents belonging to the financial literacy group Surfficient Literate. Male respondents can tolerate risks to investment. While female respondents tend to be careful in investing by choosing gold and savings as an investment instrument that is considered more secure.

Penenilitian ini memaparkan mengenai variabel-variabel yang dapat memengaruhi keputusan dalam berinvestasi saham. Penelitian ini menggunakan perbandingan Binary Logistic Model dan Linear Probability Model. Hasil peneltian menunjukkan bahwa variabel Risiko ( D 1) sebesar 25,1% , Tingkat Pendidikan ( D 2) sebesar 24,2%, Pelatihan Keuangan yang pernah diikuti ( D 3) sebesar 25,7%, dan Kepemilikan Aset ( D 6) sebesar 39% secara serentak dapat memengaruhi keputusan seseorang dalam berinvestasi saham. Sedangkan variabel Alokasi Dana Investasi (X4) sebesar 0,3% dan Kepemilikan Akses Kredit Perbankan ( D 7) sebesar 0,5% tidak memengaruhi keputusan seseorang dalam berinvestasi saham. Investor saham di Indonesia masih dikatakan sedikit jumlahnya jika dibandingkan dengan beberapa negara tetangga. Hal ini disebabkan oleh minimnya informasi dan rendahnya pengetahuan serta keterampilan mengenai investasi saham. Berdasarkan hasil penelitian yang dilakukan mayoritas responden tergolong kedalam kelo...

Capital reform in the banking industry is a common phenomenon across the globe and the financial environment in Nigeria is not an exception. This study employs financial ratios to measure a sample of commercial banks (14) performance in the period 2007-2011. We found that the performance of the banks fluctuates across the period. The mean performance of profit indicators shows that the net interest margin for all banks ranges between 3.9-6% but only 9 banks made a net interest margin > 5%. In respect of return on capital employed by the banks, mean performance ranges between -24.9-22% and 7 banks made a return on capital employed > 10%. For return on assets, the performance range was between -8.02-3.59% and only 8 banks had a returned on total assets > 1%. And for asset growth, the mean growth rate of assets for the period of the study ranges between 4-33% but 10 banks grew their asset at a rate >10%. Finally, we found that size does not matter in the performance of the ...