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The Efficient Market Hypothesis, developed by Fama, is a market in which prices reflect the current information and where abnormal returns are not possible. In case the securities value reflects the information fully, the existence of the efficient market is mentioned. Within the framework of market mechanism, if these concepts are not sufficient, behavioral finance has emerged focusing on the effect on stock prices. A brand is a symbol, a name or a combination of a merchandise for distinguishing it from the like.Owning a brand is more than a logo or symbol.The brand covers the entire business and affects the perception of customers. Brand value is the value of the brand's name, symbol and reputation.. Thus, the arrangements within the company that can be useful within the company could be done in a timely manner. Creating a brand and brand value has been a powerful competitive tool for businesses.Brand Finance, covers Turkey's most valuable 100 brands. To measure the strength and value of these brands, it annually determines the value of the world's largest brands and publishes its ranking. In this research, the effects of the increase, decrease and constant brand power on the share prices of companies listed in the BIST 100 index in the list of Brand Finance Turkey 100 in the years 2012-2017 were analyzed. According to the findings, it is seen that the changes in brand ranking have an effect on market performance of firms.
  

This study analyses the impact of credit risk management on financial performance of commercial banks in Kosovo, and comparing the relationship between the determinants of credit risk management and financial performance by using CAMEL indicators. Panel data of 85 observations from 2008 to 2012 of ten commercial banks was analysed using multiple regression model. Findings through multiple regression analysis are presented in forms of tables and regression equations. The study also elaborates whether capital adequacy, asset quality, management efficiency, earnings and liquidity have strong or weak relationship with financial performance of commercial banks. The study concludes that CAMEL model can be used as a system of assessment and rating of credit risk management by commercial banks in Kosovo.

Application of IAS 41-Agriculture in developed countries contrast with agricultural  entities conditions in developing countries especially for Indonesia. The adoption of IAS 41 makes DSAK-IAI issue PSAK 69 Agriculture intended for agricultural entities so that they can measure and record related biological assets of a company. However, the application of PSAK 69 to agricultural companies also facing problems such as changes in accounting treatment especially for accounting method which are changed form historical value to fair value. The purpose of this study is to provide an overview of accounting treatment of biological asset in Jember plantation companies in state-owned plantation companies in Jember and Bondowoso regencies, namely PTPN 12 and PTPN 11 (PG Pradjekan). The methode used was descriptive qualitative. The researchs showed that differences in biological assets of each company can cause differences in the recording of biological assets. The differences between the two companies are in terms of plant type, plant age and costs incurred in each type of plant. However, in other cases, the accounting treatment of biological assets in PTPN 11 (PG Pradjekan) and PTPN 12 has similarity on recording biological assets at acquisition cost method. This study shows that currently both companies are still  used accounting records with a historical value approach that accumulates all costs incurred from the nursery process until the plants are transformed into yielding crops.
  

In the globalization and ASEAN Economic Community era, the competitiveness of Indonesian industries to sell goods and services is facing more severe challenges. It is partly due to the low performance of Indonesian logistics sector, and one of the contributing factors to the unsatisfactory logistics is poor logistics infrastructure. In this regard, this paper has several research objectives. The first is to analyze the performance of Indonesia logistics infrastructure in the past decade. The second is to analyze Indonesian logistics infrastructure development with its relevant fiscal policy support and evaluate its short-term progress. The research method adopted in this study is descriptive analytical method. In comparison with other countries, especially ASEAN region, the performance of Indonesian logistics infrastructure over the past decade tends to be steadily incompetitive, below the average of ASEAN countries. It is found to be one of the prime determinants of the high logistics costs in Indonesia. The government serious attention and the consistency of its policy towards improving logistics infrastructure during the 2014-2019 period has been partially seen, but the program sustainability is required in subsequent periods. In the short term, a temporary evaluation until 2017 of the sea toll program integrated with the construction of logistics infrastructure shows a positive impact. The positive impact is indicated from the decreasing prices of basic necessities in the eastern region of Indonesia by 20%-40%, and the economic revival of Eastern Indonesia region due to currently cheaper transportation costs.

Data quality in banking and financial sector is one of the most researched topics nowadays. With the increasing regulatory burden and increased importance of targeted sales, data quality directly influences funds and performance of banking system. In this paper, the author is aiming to define universal reasons and causes of data quality problem and apply the case to local Azerbaijani banks taking into account local managers’ personal view based on their banking experience. Key finding of the research is that unintegrated software, wrong data insertion, aging of data with the growing speed of market, corporate governance and inability to calculate true costs of low data quality to the local banks are the reasons of data quality issue in the local banks. Moreover, main costs of the data quality issue are time and money, appearance of hidden data factories, obstacles to apply and measure KPIs, uncorrelations in sensitivity analysis and ineffective marketing strategies.

<p><em>Worldwide, Small and medium-size enterprises (SMEs) exhibit inimitable financial needs. While SMEs remain fundamental to economic growth, their mortality rate in Kenya approaches 90% by the second year, mainly owing to lack of credit. However, scholarly endeavors exploring the impact of alternative finance (AF) on managerial competency - efficiency nexus for manufacturing SMEs have received little attention in Kenya. To resolve this conundrum, a thorough study to investigate how AF impacts managerial competency - efficiency nexus is necessary. The study used a cross-sectional research design, employing both qualitative and quantitative research approaches. The target population was 171 SMEs registered with Kenya Association of Manufacturers. The accessible population was 136 SMEs owners/managers. A semi-structured questionnaire was used to collect primary and secondary data. Data envelopment analysis was used to measure efficiency, multiple regression modeling used to analyze the direct relationships while hierarchical moderated multiple regression analysis employed to test moderation. Partial Least Squares Structural Equation Modeling was used to test robustness of our results. The findings of this study demonstrate that managerial competency positively influences efficiency (β = 0.150, t-value =10.246, P<0.05), and that alternative finance does moderate managerial competency relationships with efficiency (R-Square change of 21.7%).We suggest trainings for manufacturing SME owners/managers in Kenya on the pivotal role of alternative finance to facilitate SMEs achieve higher efficiencies and accelerate economic growth.</em></p>

<p><em>This paper gives an overview of the concept of macroeconomic stabilization and, its measurement, goals and policy instruments. It starts with a review of the concept, measurement and goals of macroeconomic policy and, the goals performance measurement. After this, the paper looks at macroeconomic policies and its instruments, and macroeconomic stabilization problems. The next section examines the applicability of the stabilization instruments under various economic conditions and, this section is followed by a conclusion.</em></p>

<p><em>The success of SMEs is determined by the business capital and able to give value added to the business more productively. Various financing pattern schemes for SMEs have been provided in various regions and all economic sectors. However, the development of SMEs credit is still concentrated in several regions in Indonesia</em><em> t</em><em>his can lead to inequality in the growth of SMEs</em><em>. </em><em>This study aims to analyze the convergence of absolute beta and conditional beta in the Provinces in Indonesia and calculate the half-time or time required to achieve steady-state conditions of the SME credit convergence process. Convergence test used is beta conditional convergence and absolute convergence with the monthly time period during 2017.1 until 2017.7. The determinant of SMEs convergence of credit in Indonesia is a number of third-party funds. The model used is dynamic panel data regression and the estimation method used is Arellano-Bond Generalized Method of Moment (AB-GMM).</em></p><p><em>The results of the study show that during the study period, there has been a convergence credit process in Indonesia for both absolute and conditional convergence models. The conditional beta-convergence model provides a smaller beta value than the absolute model. The speed of credit growth convergence between provinces in Indonesia with half-time of 6,94 months for the absolute model and the half-time of 6,96 months for the conditional model. </em><em></em></p>

<p>The purpose of this article is to examine the impact of selected internal and external factors on a bank’s profitability. The research investigates the impact of operational size, liquidity, risk appetite, management efficiency, product diversification, concentration, GDP growth and inflation change on the profitability of sample of 4179 European commercial banks for the period between 2011 and 2015. The input data were obtained from the Orbis Focus and the World Bank databases. The determinants were used to construct two models with ROAA and ROAE as a proxies and regression analysis using between groups panel approach was conducted. It has been found that growing economy impacts banks’ profitability positively. The liquidity has been found to impact profitability positively, but statistically significant results were obtained only with the ROAA model. It has been robustly confirmed that management efficiency, product diversification, market concentration and inflation result in decreased profitability. The operational size has been found to be negatively linked to changes in net results but was confirmed only with ROAA model. Similarly, statistically significant results with regard to liquidity were found only for ROAA model and the correlation was positive. The strong negative impact of market concentration on profitability is an interesting finding allowing for further exploration of reasons for this unexpected vector of correlation.</p>

<p><em>This paper observes the impact of working capital management on profitability of industrial sector in Iraq. Four companies based in Iraq namely: Iraqi Date processing, Iraqi carton manufactories, Baghdad soft drinks and Iraqi for tufted carpets randomly selected and analyzed for the present study over the period 2007 to 2016. Annual reports of these companies have been studied and significant ratios calculated. The variables that were identified as independent for working capital were, current ratio and quick ratio, while return on equity ROE as dependent variable for profitability. The Ordinary Least Square (OLS) model used to examine the impact of working capital management on profitability. Results indicate that ROE is positively related with working capital variables.</em></p>

<p><em>Globally, small and medium-size enterprises(SMEs) hold great economic growth potential, however their mortality rate is high, due to lack of credit. The SMEs mortality rate in Kenya is 90% by the second year. Scholarly endeavors to explore the influence of alternative finance (AF) on operational characteristics - efficiency nexus have received little attention, more so for SMEs who have unique financial needs. Although AF appears to be the preferred mode of financing and maintaining start-ups, its impact on the survival, growth and success of manufacturing SMEs is not well documented in Kenya.  This study focused on establishing the influence of alternative financing on the relationship between firm-size and efficiency of SMEs in Kenya. The study used a cross-sectional research design. The target population was SMEs registered with Kenya Association of Manufacturers (KAM). The accessible population was 136 SMEs owner/managers. The study used a self-administered semi structured questionnaire to collect primary and secondary data. Data envelopment analysis was used to measure efficiency of SMEs, multiple regression modeling to analyze relationships and hierarchical moderated multiple regression analysis was used to assess the influence of the moderator. The findings revealed that firm-size positively (β = 0.214, t-value =4.983, P<0.05.) influences efficiency and that alternative finance does moderate (R-Square change 11.1 %) firm size relationships with efficiency. The study recommends that owner/managers of manufacturing SMEs in Kenya should give attention to opportunities for sustainable increase in firm size to improve their efficiency.</em></p>

This study explores the effect of selected interest rate determinants and their significance on the performance of Deposit money banks in Nigeria, and whether the determinants are significantly different between High performance and low performance periods, over the period of 1998 to 2015. Multivariate ordinary least squares regression and paired samples t-test were employed in performing the study. The findings of Multivariate ordinary least squares regression revealed that exchange rate has a positive and statistically significant effect on deposit money bank performance, Monetary policy rate and Credit Risk have a negative and statistically significant effect on deposit money bank performance , while Inflation rate and savings deposit rate have a statistically insignificant effect on deposit money bank performance. Results of paired samples t-test revealed significant difference in means of determinants. The study recommends Naira devaluation and reduction of monetary policy rate amongst other recommendations to boost bank performance in Nigeria

This paper observes the impact of working capital management on profitability of industrial sector in Iraq. Four companies based in Iraq namely: Iraqi Date processing, Iraqi carton manufactories, Baghdad soft drinks and Iraqi for tufted carpets randomly selected and analyzed for the present study over the period 2007 to 2016.  Annual reports of these companies have been studied and significant ratios calculated. The variables that were identified as independent for working capital were, current ratio and quick ratio, while return on equity ROE as dependent variable for profitability. The Ordinary Least Square (OLS) model used to examine the impact of working capital management on profitability. Results indicate that ROE is positively related with working capital variables.

The success of SMEs is determined by the business capital and able to give value added to the business more productively. Various financing pattern schemes for SMEs have been provided in various regions and all economic sectors. However, the development of SMEs credit is still concentrated in several regions in Indonesia this can lead to inequality in the growth of SMEs. This study aims to analyze the convergence of absolute beta and conditional beta in the Provinces in Indonesia and calculate the half-time or time required to achieve steady-state conditions of the SME credit convergence process. Convergence test used is beta conditional convergence and absolute convergence with the monthly time period during 2017.1 until 2017.7. The determinant of SMEs convergence of credit in Indonesia is a number of third-party funds. The model used is dynamic panel data regression and the estimation method used is Arellano-Bond Generalized Method of Moment (AB-GMM). The results of the study show that during the study period, there has been a convergence credit process in Indonesia for both absolute and conditional convergence models. The conditional beta-convergence model provides a smaller beta value than the absolute model. The speed of credit growth convergence between provinces in Indonesia with half-time of 6.94 months for the absolute model and the half-time of 6.96 months for the conditional model

The purpose of this article is to examine the impact of selected internal and external factors on a bank’s profitability. The research investigates the impact of operational size, liquidity, risk appetite, management efficiency, product diversification, concentration, GDP growth and inflation change on the profitability of sample of 4179 European commercial banks for the period between 2011 and 2015. The input data were obtained from the Orbis Focus and the World Bank databases. The determinants were used to construct two models with ROAA and ROAE as a proxies and regression analysis using between groups panel approach was conducted. It has been found that growing economy impacts banks’ profitability positively. It has been robustly confirmed that management efficiency, product diversification, market concentration and inflation result in decreased profitability. The operational size has been found to be negatively linked to changes in net results but was confirmed only with ROAA model. Similarly, statistically significant results with regard to liquidity were found only for ROAA model and the correlation was positive. The strong negative impact of market concentration on profitability is an interesting finding allowing for further exploration of reasons for this unexpected vector of correlation.

Worldwide, Small and medium-size enterprises (SMEs) exhibit inimitable financial needs. While SMEs remain fundamental to economic growth, their mortality rate in Kenya approaches 90% by the second year, mainly owing to lack of credit. However, scholarly endeavors exploring the impact of alternative finance (AF) on managerial competency - efficiency nexus for manufacturing SMEs have received little attention in Kenya. To resolve this conundrum, a thorough study to investigate how AF impacts managerial competency - efficiency nexus is necessary. The study used a cross-sectional research design, employing both qualitative and quantitative research approaches. The target population was 171 SMEs registered with Kenya Association of Manufacturers. The accessible population was 136 SMEs owners/managers. A semi-structured questionnaire was used to collect primary and secondary data. Data envelopment analysis was used to measure efficiency, multiple regression modeling used to analyze the direct relationships while hierarchical moderated multiple regression analysis employed to test moderation. Partial Least Squares Structural Equation Modeling was used to test robustness of our results. The findings of this study demonstrate that managerial competency positively influences efficiency (? = 0.150, t-value =10.246, P<0.05), and that alternative finance does moderate managerial competency relationships with efficiency (R-Square change of 21.7%). We suggest trainings for manufacturing SME owners/managers in Kenya on the pivotal role of alternative finance to facilitate SMEs achieve higher efficiencies and accelerate economic growth.

<p><em>This study focused on the factors influencing the use of agency banking by the residents of Makueni Sub-County, Kenya. The researcher was guided by four objectives; firstly, to determine the influence of agent characteristics on the use of agency banking by the residents of Makueni Sub-County, secondly, to determine the influence of the banking products offered by bank agents on the use of agency banking by the residents of Makueni Sub-County, thirdly, t</em><em>o establish the influence of agents’ operating hours on the use of agency banking by the residents of Makueni Sub-County and fourthly, to determine the influence of the banks’ location on the use of agency banking by the residents of Makueni Sub-County. </em><em> The study used descriptive survey design and the target population was 276 bank customers in Makueni Sub-County. The respondents were selected using stratified and convenience sampling. Data was collected 255 respondents using questionnaires. Data analysis was done using both descriptive and inferential statistics with the help of statistical package for social scientists (SPSS). Qualitative data was analyzed thematically according to the study objectives. The findings of the study revealed that there was a strong positive correlation and a significant relationship between the agency characteristics and use of agency banking, agency banking products and use of agency banking, operating hours and use of agency banking and location of mainstream bank and the use of agency banking. The multiple regression analysis results showed that the banking products had a significant prediction of the use of agency banking by the residents of Makueni Sub-County. This study recommends that diversification of the products and services provided by the banking agencies in the study area as well as further research in the area to find out other factors influencing the use of agency banking.</em></p>

<p style="margin: 0cm 0cm 6pt;"><em><span style="line-height: 115%; font-family: 'Arial','sans-serif'; font-size: 12pt; mso-ansi-language: EN-US;">In this article the features of Crypto Currencies, which are not backed by governments, are investigated with regards to their specialties, usage areas and current structures. In this context the newly invented crypto currencies are compared with currency types that were in use in different periods of history. A similarity between Crypto Currencies and Free Banking Era Banknotes is noticed and thus investigated in details. The possible risks and outcomes with regards to the future usage of crypto currencies are analyzed and elaborated.</span></em></p>

<p><em>Corporate governance is relevant in both developed and emerging economies. The study investigated the impact of corporate governance on organisational performance, using thirty (30) randomly selected listed companies in the Nigeria Stock Exchange (NSE) in the year 2016. The study focused on three corporate governance variables (i.e., Board Size, Board Independence, CEO Duality/Tenure); and two performance variables - i.e., Returns on Asset (ROA) and Returns on Equity (ROE). The study does not cover the market measure performance variable of Tobin’s Q. The study is an empirical research, with analytical research design. Secondary data, extracted from published annual reports of selected quoted companies and NSE website, is used for the study. The findings revealed a positive correlation between board size, independence directors, and performance variables; but, showed a negative correlation between CEO tenure and performance variables. The result showed that number of directors was not positively related to performance in selected quoted companies in terms of ROA; but, it revealed a positive correlation between board size and performance in terms of ROE. It also showed that the correlation between CEO tenure and performance variables was negative on the two performance variables (ROA and ROE). Regarding relationship between CEO Duality and performance variables (ROA and ROE), the result showed that CEO Duality has a positive correlation with ROA; but had a negative relationship with ROE. Generally, the study revealed that adoption of sound corporate governance practices by listed companies can improve their performance. Companies can benefit from this improved corporate governance practices by way of increased investment from investors and reduced capital cost. Shareholders confidence would be enhanced with attendant improvement in shareholders wealth. The nation’s economy would also benefit from sound corporate governance practices by way of improved GDP. </em></p>

Capital structure management is one of the most crucial corporate financial management functions in a firm since appropriate debt policy is reported to maximize the value of a firm. Kenya is ranked second in Africa after South Africa in regards to financial deepness. This means that the cost of debt should not have adverse effect financial performance. This observation raises fundamental question: does debt financing leads to poor financial performance in Kenya? This research sought to investigate the role of observed leverage on financial performance of listed non- financial firms in Kenya. The study tested capital structure theories and therefore adopted a positivists approach, guided by causal research design. The study population was 35 non-financial sub-sector firms out of the 65 firms listed at the NSE, Kenya. 18 firms were excluded in this study since they belong to banking and insurance sub-sectors, which have a highly regulated capital structure. Secondary data collection sheet was used to collect data for each of the variables from audited financial statements of the listed firms for a 10-year period (2006-2015). Panel regression analysis revealed that observed leverage measured by (LDR) had a significant positive coefficient with performance metrics. However, the leverage measure using TDR showed a negative and significant role on performance metrics. This study recommends that for listed firms to improve their financial performance, they should use more long-term debts than short-term debts.