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<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.

Globally, countries are strategically positioning themselves for market leadership due to dynamic business environment. Entrepreneurial spirit is seen as the strategy that will deliver this agenda.  This spirit, is believed to be behind the innovative business that revolutionizes the business world. In a dynamic and complex environment, the success of any business is pegged on the entrepreneurial operations of a firm.  Entrepreneurial-oriented firms have been proven to be ahead of competition because they are always introduced new products and services and in turn improve their financial results. Scholars believe that learning and development can occur amongst people who actively engage in a common enterprise. This makes learning empowering and productive and thus sustains entrepreneurial orientation. This in turn produces communities of entrepreneurial practice. The role of the entrepreneurial manager is to nurture communities of growth-oriented firms where entrepreneurial learning takes place. The purpose of this study is to assess the relationship between entrepreneurial management and performance of incubator centres in Kenya. The study used a correlation design because it focused on a causal-effect relationship. The study population was 41 incubator managers in Kenya. After missing data analysis two respondents were expunged leaving 39 respondents. Secondary data was obtained from published sources such as company reports, manuals and research done by other scholars. Structural Equation Modelling (SEM) approach was used to analyze the measurement model and test the hypothesized relationship in this study.  Simple linear regression model was used to measure the strength of the relationship between entrepreneurial management and performance incubator centre in Kenya. The joint effect model results indicated that entrepreneurial management had a significant relationship with performance of incubator centre.

Business incubators are regarded as entrepreneurial hubs, unleashing entrepreneur’s ideas and businesses into the market, in turn, jobs are created and the economy of the area is improved. Due to the stiff competition for placement into an incubator program it is imperative for incubator management come-up with strategies of being more efficient and effective in utilizing resources to achieve superior performance. Hence the need to critically select clients, whose ideas fit the incubator’s mission and upon graduation create high growth businesses, with a higher survival rate of 90%. The study is anchored on Resource Based Theory. The study used a correlation design that focused on causal relationship of client selection criteria and incubator centre performance (ICP). The study population was 41 incubator managers in Kenya. After missing data analysis two respondents were expunged leaving 39 respondents. Secondary data was obtained from published sources such as company reports, manuals and research done by other scholars. Structural Equation Modelling (SEM) approach was used to analyze the measurement model and test the hypothesized relationship in this study. Simple linear regression model was used to measure the strength of the relationship between client selection criteria and performance incubator centre in Kenya. The results of the combined effect model indicated that client selection criteria had a significant relationship with performance of incubator centres.

Impulse buying is a common phenomenon of consumption today and its getting great attention from consumer researchers as well as marketers. It is important for companies to have a good understanding of factors triggering impulse buying. The main aim of this study is to identify the determinants influencing Turkish consumers’ impulse buying behavior in supermarkets. 593 surveys were taken into analysis which were collected between the dates 5-10 December, 2017. Regression analysis, t-test and ANOVA test were conducted to test the hypotheses. While some independent variables such as sales promotion and credit card usage found to be the affecting factors of impulse buying; variables such as income level is found to have no relation with impulse purchasing.

In recent years, with consumers’ widespread preference for shopping in Private Shopping Clubs (PSCs) on the internet, there has been a remarkable increase in impulse purchases with the attractive opportunities and smart strategies of PSCs stimulating consumers’ impulse buying behavior. Within the PSC framework, the purpose of this article is to investigate the moderator effect of brand awareness and brand loyalty on the relationship between online impulse buying behavior and perceived low price, browsing behavior and time pressure. The study created and tested five hypotheses using data collected in Turkey. Results indicate that browsing behavior, time pressure and perceived low price do influence online impulse buying behavior. A hierarchical regression analysis was also used to analyze the moderating role of brand awareness and brand loyalty on impulse buying behavior and both variables were found to have a moderating role. The results provide substantial information on strategy development for internet retailers.

Based on the sayings of “Finance is the mother of civil affairs” and “Tax revenue is the context of national economy”, a healthy tax system based on the alternating utilization of central and local tax systems is essential for achieving the administration by law and tax balance. In light of this, the Ministry of Finance has proposed the improvement project of “Income Tax on the Consolidated Income from House and Land Transactions”. The third reading of “Amendment of Tax Act of Consolidated House and Land Taxation System” was passed by the Legislative Yuan on June 5th, 2015, and it was promulgated on January 1st, 2016. The purpose of this study is to investigate the content of “Income Tax on the Consolidated Income from House and Land Transactions”, including: 1. Is separate taxation a proper move? 2. Is the sunrise term appropriate? 3. Is it necessary to have the “anti-misuse” term? 4. The tax exemption of NT$ 4 million? 5. The effectiveness of tax revenue after suspension of luxury tax (also known as special sales tax) and the adoption of income tax on consolidate income from house and land? 6. Is it feasible for allocate tax revenue for expenditures of residential policy and long-term care? 7. Is the income tax on consolidated income from house and land in compliance with the principle of proportionality? This study is based on in-depth interview method along with literature review method for data collection and analysis. The results of this study indicate that: a separate taxation system is not appropriate in terms of income redistribution; the opposing party believes that sunrise terms are not appropriate; in theory the anti-misuse term - non-voluntary factors tax rate is not necessary; all interviewees agreed on the tax exemption of NT$ 4 million ; and the income tax on consolidated income from house and land is not in compliance with the principle of proportionality from the perspective of tax revenue.

<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>

The objective of this study is to assess the role of internal auditors in both private and public organizations found in limma zone purposively selected weredas. Both primary and secondary data have been used. Totally 128 self administered questionnaires were distributed to members of the audit committee or equivalent found in both the public and private enterprises in the study area. From this 100 (78 % response rate) questionnaires were completely filled and returned (77questionnaires from public organizations and 23 from the private companies). Collected data was edited, coded, and entered into the computer using SPSS 20 and was then scored. Data analyses are conducted through a descriptive statistics to provide details regarding the roles played by internal auditors. The major finding of the research shows that some of the private and public organization in the case study did not have an audit committee, audit charter and the members of the audit committee did not have a professional certificate in the field. On average, even though the chief audit executive and the internal auditors of both the private and public organization found in jimma zone selected weredas are playing different activities in the organizations, as compared to the standard, they are not playing their role as expected. Based on these findings the organizations are recommended to enhance the role of internal auditors through training of staff in accredited institutes at home and abroad, preparing a comprehensive charter that incorporate all the activities of internal auditing.

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.