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Indo-Asian Journal of Finance and Accounting

Indo-Asian Journal of Finance and Accounting

Frequency :Bi-Annual

ISSN :2582-6395

Peer Reviewed Journal

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Table of Content :-Indo-Asian Journal of Finance and Accounting, Vol:4, Issue:1, Year:2023

An Empirical Study of Agricultural Financing and Its Implication on Rural Poverty Alleviation in Nigeria

BY :   Zwingina Christy Twaliwi
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.1-22
Received: 16 January 2023  | Revised: 11 February 2023  | Accepted : 20 February 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.01 

The study analyzed the implication of agricultural financing on rural poverty alleviation in Nigeria. The agricultural financing indicators considered as independent variables include government expenditure to agriculture sector, commercial bank credit to agriculture sector, agriculture sector guarantee scheme fund loan to agriculture sector, lending rate loan to agriculture sector. The independent variable for economic growth is considered as real gross domestic product. The data was sourced from central bank of Nigeria (CBN) Statistical Bulletin and it was analyzed using multiple regression analysis. The result revealed that government expenditure to agricultural sector has positive and insignificance effect on gross domestic product in Nigeria, commercial bank credit to agricultural sector has positive and significance impact on gross domestic product in Nigeria, Agricultural sector guarantee scheme fund loan to agricultural sector has positive and significance impact on gross domestic product in Nigeria. It was recommended that government at all level should increase their allocation to the agriculture sector of the economy to enhance the performance of the sectors.

Keywords: Agricultural Financing, Rural Poverty Alleviation, Real Gross Domestic Product, Government Expenditure, Agricultural Sector

Zwingina Christy Twaliwi (2023). An Empirical Study of Agricultural Financing and Its Implication on Rural Poverty Alleviation in Nigeria. Indo-Asian Journal of Finance and Accountings. 4(1), 1-22. https://DOI:10.47509/IAJFA.2023.v04i01.01

FinTech and Digital Finance: Foes or Friends after COVID-19 Pandemic?

BY :   Parul Mittal and Sonal Gupta
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.23-40
Received: 19 January 2023  | Revised: 15 February 2023  | Accepted : 26 February 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.02 

Purpose: In the recent years, there is a high decline in the financial intermediation cost all thanks to the increased competition and technological advancement. The aim of this research is to find the awareness level and frequency of using FinTech during and after COVID-19. We also study FinTech in the terms of geographical profile of respondents.

Design/methodology/approach: The data used in this research are both primary and secondary. Primary data was gathered from 143 respondents through online structured questionnaire. The survey was conducted in the State Haryana. The study is descriptive and exploratory in nature.

Findings: The findings of the paper revealed that the frequency and the use of Digital financial services and FinTech increased after the pandemic. The needs of the people increase its demand. Further, the geographic profile of respondents has no influence on the use of FinTech but gender and annual income have significant influence on the frequency of using DFS on monthly basis.

Practical implications: Based on the findings, the awareness level and frequency of using FinTech has been revealed. Suggestions and Recommendations have also been passed on how FinTech helps in accelerating financial inclusion and how the use of FinTech can be increased in the rural areas.

Originality/value: The use of FinTech is increasing day by day, there is a need to analyse the use of FinTech amongst the section of population, especially those who are living in rural areas. This research also examines the role of FinTech in accelerating financial Inclusion. The motive of financial inclusion is also to provide financial services to each and every section of society including rural areas.
Index Terms: FinTech, Digital Financial Services, Digital payments, Financial Inclusion, COVID-19, Digital Finance

Parul Mittal & Sonal Gupta (2023). FinTech and Digital Finance: Foes or Friends after COVID-19 Pandemic?. Indo-Asian Journal of Finance and Accountings. 4(1), 23-40. https://DOI:10.47509/IAJFA.2023.v04i01.02

Empirical Analysis of the Effects of Sustainability Reporting on Financial Performance of Quoted Healthcare Firms in Nigeria

BY :   Etim Osim Etim, Nsima Johnson Umoffong, Dorathy Christopher Akpan and Augustine Brendan Inyang
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.41-79
Received: 05 March 2023  | Revised: 20 March 2023  | Accepted : 16 April 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.03 

The main objective of this study is to examine the effect of sustainability reporting on financial performance of healthcare companies in Nigeria. The impacts of the activities of healthcare companies of often result in social and ecological problems. It is expected of companies to take care of these problems as well as contribute reasonably to improving the environment. Ex-post facto research design and content analysis were adopted. The population of the study was listed healthcare companies in Nigeria. A sample of 8 healthcare firms was purposively selected for a period of 7 years, resulting in 56 observations. The data were analyzed using descriptive statistics and regression analysis. The result of the analysis showed a beta coefficient of -0.047 for environmental reporting, which means that -4.7% of the variation in financial performance in the healthcare companies in influenced by environmental reporting. A beta coefficient of 0.279 was reported for economic reporting. This implies that 27.9% of the variation in financial performance in the healthcare companies is accounted for by economic reporting. Findings also showed a beta coefficient of -0.337 for social reporting, implying that -33.7% of the variation in financial performance in the healthcare companies is caused by social reporting. The result means that more social reporting will decrease the financial performance of the selected companies. In addition, the result showed an adjusted R-square of 0.424 for sustainability reporting in the annual reports by healthcare companies in Nigeria. It was recommended that the policy makers in government should enforce the inclusion of sustainability reports in the annual reports by healthcare companies.

Keywords: Sustainability Reporting, financial performance, Healthcare, Environmental Reporting

Etim Osim Etim, Nsima Johnson Umoffong, Dorathy Christopher Akpan & Augustine Brendan Inyang (2023). Empirical Analysis of the Effects of Sustainability Reporting on Financial Performance of Quoted Healthcare Firms in Nigeria. Indo-Asian Journal of Finance and Accountings. 4(1), 41-79. https://DOI:10.47509/IAJFA.2023.v04i01.03

Relationship between Economic Growth and Expenditure on Social Sector in India: An Econometric Investigation

BY :   Jitendra Kumar Sinha
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.81-101
Received: 15 March 2023  | Revised: 19 April 2023  | Accepted : 05 May 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.04 

The development process across the world observed a relationship between expenditure in social sectors and economic development. The growth-propelling role of the social sector has been widely discussed by academicians and policymakers. This paper examines the causal relationship between spending in the social sector and economic development using annual time series data from 1972-73 to 2021-2022 for India. A battery of econometric techniques for determining the causal relationship between social sector expenditure and economic development in India was used and the Augmented Dickey-Fuller and Phillips Perron unit root test was employed to test the stationarity. The results portray a significant bi-directional relationship between GDP per capita and expenditures on education, family welfare, housing, urban development, water supply and sanitation, nutrition, social security, welfare, labor and labor laws, and the welfare of scheduled castes and tribes. However, there exists a unidirectional causality from health expenditure to economic development. This result indicates the significant contribution of social spending to the economic growth of a developing country like India, which will be of substantial help to policymakers to devise appropriate policies.

Keywords: Social expenditure, per capita GDP, social development, human development, social stock exchange.

Jitendra Kumar Sinha (2023). Relationship between Economic Growth and Expenditure on Social Sector in India: An Econometric Investigation. Indo-Asian Journal of Finance and Accountings. 4(1), 81-101. https://DOI:10.47509/IAJFA.2023.v04i01.04

Carbon Accounting Help Mitigation of Climate Change and Make A Greener World? An Empirical Analysis

BY :   Ajith Kumar, Anil Kumar M. and Suraj E.S.
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.103-113
Received: 19 March 2023  | Revised: 22 April 2023  | Accepted : 09 May 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.05 

One of the most serious environmental issues facing the world today is climate change, which has been brought about by humanity in response to issues like food and freshwater scarcity, hazards to natural ecosystems, health, etc. The earth’s climate system has undergone a significant global and local change from the preindustrial period. This gigantic concern of the globe is climate change affects the flora and fauna as well as man. So, every nation should scuffle to control the emission of gases which affects nature. The use of fossil fuels and the hazards caused by it should be considered by the authorities, corporate people as well as the common man. The United Nations Framework Convention on Climate Change elucidates that those human activities, whether direct or indirect which cause climate change should be controlled, particularly greenhouse gases. Carbon accounting is an incipient field of business economics that includes a wide range of activities, including the calculation, measurement, monitoring, reporting and auditing of greenhouse gas emissions at various levels like administrative, production process and supply chain levels. The Greenhouse Gas Protocol has various initiatives to support and motivate the industries in carbon accounting and reporting about their accomplishments in this field. There are various procedures for carbon accounting thatfacilitate industries to quantify their emissions. For the sake of achievement of climate policy and corporate goals, carbon accounting issues should be incorporated into various functional fields. In this study, the effects of greenhouse gases, carbon accounting and related matters are looked into for evaluation.

Keywords: climate change, emissions, greenhouse gases, carbon accounting

Ajith Kumar, Anil Kumar M. & Suraj E.S. (2023). Carbon Accounting Help Mitigation of Climate Change and Make a Greener World? An Empirical Analysis. Indo-Asian Journal of Finance and Accountings. 4(1), 103-113. https://DOI:10.47509/IAJFA.2023.v04i01.05

Financial Performance Analysis of the Steel Industry in India

BY :   Gautam Das
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.115-127
Received: 29 March 2023  | Revised: 30 April 2023  | Accepted : 13 May 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.06 

The government of India has taken major initiative to bolster the growth of this industry as it plays a pivotal role in some of the flagship project that it embarks. The present study makes a humble attempt to assess the financial performance from 2013 to 2022 with respect to some financial indicators retrieved from Prowess, CMIE database. The study finds significant relationship between profitability and liquidity with respect to certain variable. We have employed panel regression analysis specifically, to address the issue of performance of steel industry in general. Using systematic sampling technique, we have taken 24 steel companies in the final selection. We have employed eight independent variables, which have a nexus with profitability and performance most of them are activity ratio, and three profitability ratio such as NPM, ROCE and ROA. Thus, the problem related to the financial performance of the steel industry is interlinked to many aspects like cost, revenue, capital, assets and other related variables.

Keyword: Financial performance analysis, steel companies, India, profitability, panel regression analysis.

Gautam Das (2023). Financial Performance Analysis of the Steel Industry in India. Indo-Asian Journal of Finance and Accountings. 4(1), 115-127. https://DOI:10.47509/IAJFA.2023.v04i01.06

Application of Panel Data Regression Model on the Capital Structure of Indian FMCG Sector for Determining its Possible Factors

BY :   Rajbinder Kaur, Shruti Gupta, Sekh Sabanaj and Pallavi Gupta
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.129-143
Received: 26 April 2023  | Revised: 18 May 2023  | Accepted : 10 June 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.07 

This research article investigates the empirical determinants of capital structure decision of Indian FMCG industry. In the study, the analysis is focused on a sample of 15 BSE listed companies over 10 years’ time-period ranging from 2012-13 to 2021-22. Secondary data were analyzed employing panel data regression approach. Following past empirical works, the observations were analyzed using STATA to run random-effects, fixed-effects and pooled regression models. Explanatory variables like, profitability, firm size, growth in assets, tangibility, NDTS, liquidity and variability in income are examined to find their association with capital structure choice considering three capital structure theories specifically Trade-Off theory, Pecking Order Theory and Agency Cost Theory. This research paper concludes that profitability, non-debt tax shields, firm size and liquidity determinants are essential in determining the capital structure policy in Indian FMCG sector. The regression analysis interprets that profitability and NDTS are positively associated with leverage, however, size and liquidity variables adversely linked to leverage and their impact is statistically significant too. The positive and significant effectiveness of profitability on leverage implies that higher profitability motivates the application of debt and instigates companies to get advantage of tax shields on payment of interest.

Keywords: Capital Structure, Leverage, Indian FMCG Industry, Firm-Specific Variables, Panel Data Analysis

Rajbinder Kaur, Shruti Gupta, Sekh Sabanaj & Pallavi Gupta (2023). Application of Panel Data Regression Model on the Capital Structure of Indian FMCG Sector for Determining its Possible Factors. Indo-Asian Journal of Finance and Accountings. 4(1), 129-143. https://DOI:10.47509/IAJFA.2023.v04i01.07

Innovation Types and Firm Performance in Nigeria

BY :   Olusola Joseph Dahunsi
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.145-159
Received: 26 April 2023  | Revised: 19 May 2023  | Accepted : 10 June 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.08 

The study investigated the existence of innovation types and examined their effects on firm performance in Nigeria’s manufacturing industry. Using logistic regression analysis, data were sourced from forty-eight (48) non-quoted manufacturing firms (consisting of food, beverages and tobacco; textile, apparel and footwear; non-metallic, pharmaceuticals and cement) to examine the effect of innovation types on firms’ performance. The results confirmed the existence of product, process, marketing and organisational innovations and also identified recruitment modelling and talent management as other organisational innovation techniques employed in Nigeria’s manufacturing industry. In addition, the study showed that product innovation (t = 0.67; p < 0.05) and patent rights (t = 2.13; p < 0.05) had positive and significant effects on firm performance. The findings of this study recommend that firms should focus on improving the combined effects of product, marketing, process and organisational innovations. In addition, organisational policies should be geared towards human capital development to achieve greater manufacturing performance required for industrial growth and economic development.

Keywords: Innovation, Patent Rights, Recruitment Modelling, Talent Management, Firm Performance

Olusola Joseph Dahunsi (2023). Innovation Types and Firm Performance in Nigeria. Indo-Asian Journal of Finance and Accountings. 4(1), 145-159. https://DOI:10.47509/IAJFA.2023.v04i01.08

Accountability in Financial Management of Head Teachers, Teachers and School Management Committee Chair Persons in Elementary Schools at Nilgiri, Balasore, Odisha, India
 

BY :   Swarna Prava Hota and Gitanjali Panda
Indo-Asian Journal of Finance and Accounting, Year: 2023,  Vol.4 (1),  PP.161-175
Received: 28 April 2023  | Revised: 29 May 2023  | Accepted : 13 June 2023  | Publication: 29 June 2023 
Doi No.: https://DOI:10.47509/IAJFA.2023.v04i01.09 

Financial management is essential to the growth of schools. It has become essential for teachers and School Management Committees (SMCs) to have strong financial management abilities. Financial management is the planning, coordinating, and control of an institution’s financial activities. The purpose of the study is to determine how well the financial accountability of elementary school principals, teachers, and School Management Committees is controlled. 51 government elementary schools participated in the descriptive survey investigation. The required sample was drawn using stratified and basic random sampling methods.153 respondents comprise of 51 head teachers, 51 teacher and 51 SMC Chair Persons participated in questionnaire survey.Descriptive statistics and hypothesis are used for analysis. The ANOVA test found that no statistically significant difference in the mean ratings of head teachers, teachers, and SMC chairpersons regarding the accountability of financial management practices in schools at a significance level of 0.05. Education is improved even though effective financial management and skills are crucial for enhancing decision-making at all levels of school governance. According to the study, head teachers, teachers, and SMC chair persons should attend regularly on financial management seminars, training, and workshops to develop their skills and ensure that school financial resources are managed appropriately.

Keywords: Financial management,accountability, financial control 

Swarna Prava Hota & Gitanjali Panda (2023). Accountability in Financial Management of Head Teachers, Teachers and School Management Committee Chair Persons in Elementary Schools at Nilgiri, Balasore, Odisha, India. Indo-Asian Journal of Finance and Accountings. 4(1), 161-175. https://DOI:10.47509/IAJFA.2023.v04i01.09

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