Jornal of Management, Economics and Industrial Organization

1-27.

Authors: Arafat Zahan, Md. Shohel Rana

The major objective of this study is to identify whether dividend announcement convey any information to the market that results a price reaction. With the objectives in mind, this paper used only secondary data from DSE. The study comprised a total of 21 companies these are listed by DSE. The research is only quantitative in nature. The empirical part of this study employs a standard ‘event study methodology’ to analyze the stock price reaction to dividend announcement. With the help of ‘event study methodology’ MAAR and CAAR to analyze the effect of dividend announcement on stock prices taking 21 listed companies of Dhaka Stock Exchange (DSE) in Bangladesh. The results were showed by using chart, table, descriptive statistics and t-statistics. The finding indicates that some companies are efficient, and some are inefficient. The results are statistically significant both before declaration date and after declaration date. In this paper, before declaration date of third and eight are efficient and after declaration date of five and eight are inefficient.

41-58.

Authors: Adedapo Odebode, Osman Nuri Aras

We explore dynamic non-stationarity panel data estimators namely, mean group (MG) and pooled mean group (PMG) for investigating the extent to which trade policies such as trade liberalisation and tariff rates matter to trade performance using the case of Sub-Saharan Africa (SSA). We found that increasing tariffs has the potential of particularly worsening export growth in SSA but increasing openness via liberalisation policy is likely to spur decline in the import dependence of the SSA economy. Thus, we concluded that while trade liberalisation seems to exhibit no significant impact on export growth in SSA, the same policy may yet be explored to encourage decline in the region’s import activities, particularly those import activities that might threaten the growth of domestic industries.

77-88.

Authors: Helen Nwobodo, Fola F. Adegbie, O. O. Banmore

The increasing trend of declined in bank efficiency and operational performance in recent years raised unquestionable concerned and pose serious threats to the stability and survival of deposit money banks across the globe. Studies have shown that most deposit money banks in Nigeria have experienced declined in bank efficiency and operational performance due to weak internal control system thus caused financial losses to banks and loss of public confidence in the banking sector. The study employed a survey research design and the population was 568 staff and the sample size used was 292 using Cochran sample size determination. The reliability coefficient ranged from 0.71 to 0.94. The study found out that internal control system has positive and significant effect on bank efficiency and operational performance of the selected quoted deposit money banks with (P<5%). The study concluded that internal control system has effect on bank operational performance and efficiency. The study recommended that the management should ensure that their banks have strong internal control environment and embrace inform policies and procedures that are adequate in order to achieve operational performance and bank efficiency.

109-129.

Authors: Monorith Sean, Chanmary Yim

This research paper aims to examine the impact of fiscal policy on Cambodia’s economic growth. More than that, this research also figures out fiscal stance on whether fiscal policy in Cambodia is contractionary or expansionary to stimulate the economy over the past two decades. Due to the limited observation, from 1994 through 2019, a totally of 26 years, this study employs Bayesian inference based on Bayesian Model Averaging (BMA) and Markov Chain Monte Carlo (MCMC) which uses Gibb Sampling to approximate posterior mean. By comparing these two approaches, the empirical results are identical. The empirical result revealed that Def, Debt, Faids, Er and Ex which represent government deficit, public debt, foreign aid, nominal exchange rate (KHR/USD) and export, respectively, are positive correlation with output growth in Cambodia. The increase in the deficit, public debt and foreign aid, means the government utilizes the fiscal policy to fine-tune the economy. Furthermore, this study also confirms that fiscal policy in Cambodia is conducted as a consolidated and stabilized policy. It can be concluded that the increase in the deficit, public debt, and foreign debt could stimulate the economy during the recession period where fiscal policy is acted as expansionary policy. During a post-recession, on the other hand, Royal Government of Cambodia (RGC) will conduct a contractionary fiscal policy to cool down the economy especially when the economy is overheating.