Financial Risk and Management Reviews

Published by: Conscientia Beam
Online ISSN: 2411-6408
Print ISSN: 2412-3404
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No. 1

Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience

Pages: 34-48
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Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience

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DOI: 10.18488/journal.89.2018.41.34.48

Anthony Nzeribe NWAUBANI , Vincent N. EZEABASILI

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Anthony Nzeribe NWAUBANI , Vincent N. EZEABASILI (2018). Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience. Financial Risk and Management Reviews, 4(1): 34-48. DOI: 10.18488/journal.89.2018.41.34.48
Nigeria implemented major financial reforms between 2004 and 2005 in which mergers and acquisitions became an imperative option for most of the deposit money banks to meet the new and hiked minimum capital base requirement. This study examined the impact of mergers and acquisitions (M&As) on depositors’ confidence in the Nigerian banking sector. An ex-post facto research design was used with secondary data collected for twenty years. The study covered all the deposit money banks in Nigeria within the period 1995-2015 with 2005 as a base year separating pre and post merger periods. Multiple regression and paired student t-test approaches were employed to analyze the data with the aid of SPSS (20) software. The output yielded mixed findings. While M&As as proxied by dummy merger showed mostly positive and insignificant impact on confidence of depositors, they indicated positive significant impact when measured by shareholders’ funds - an alternate proxy. The paired student t-test yielded significant positive impact on depositors’ confidence. Overall, the findings suggest that the mergers and acquisitions have positively and significantly impacted on depositors’ confidence in the Nigerian banking sector. It is recommended inter-alia that banks should endeavor to further enhance their shareholders’ funds while partnering actively with monetary authorities in pursuit of aggressive financial inclusion via innovative product offerings for cheap deposits and financial stability. This will further enhance the depositors’ confidence in the banking system.
Contribution/ Originality
The work is one of the very few studies which have examined the impact of mergers and acquisitions on depositors’ confidence in Nigeria banking sector and also of those whose findings suggest that mergers and acquisitions have positive significant impact on confidence of depositors in the Nigerian banking system.

Incorporating Islamic Ethic Elements into Marketing Mix Paradigm

Pages: 24-33
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Incorporating Islamic Ethic Elements into Marketing Mix Paradigm

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DOI: 10.18488/journal.89.2018.41.24.33

Nazree Shafin , Rozilah Kasim

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Nazree Shafin , Rozilah Kasim (2018). Incorporating Islamic Ethic Elements into Marketing Mix Paradigm. Financial Risk and Management Reviews, 4(1): 24-33. DOI: 10.18488/journal.89.2018.41.24.33
To consider the extent to which the dynamism of ethic elements from four commendable characteristics of Prophet Muhammad (PBUH) fits within existing marketing mix framework thinking in strengthening marketing mix approach of Islamic business. This can be achieved through analyzing selected elements of Islamic ethic features, that are derived from the four (4) commendable characteristics of the Prophet Muhammad (PBUH): Siddiq (Truthfulness), Amanah (Trustworthiness), Fathanah (Wisdom), and Tabligh (Advocacy), abbreviated as “SAFT to be incorporate as a catalyst to strengthen the marketing mix approach and thus propose a practical Islamic Marketing Mix as a competitive marketing tactic. Analytical and comparative analyses are used and study reveals four ethic elements in Islamic perspective that can be potential elements in developing a practical Islamic Marketing Mix for any business whether Islamic or non-Islamic.
Contribution/ Originality
This paper contributes in the developing theories pertaining to Islamic religious teaching of moral behavior (Ethics) within business in practicing marketing mix approach – at the heart of which is the idea that incorporating Islamic ethic in business’ marketing mix approach could make the approach more efficient.

Forecasting Equity Index Volatility: Empirical Evidence from Japan, UK and USA Data

Pages: 1-23
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Forecasting Equity Index Volatility: Empirical Evidence from Japan, UK and USA Data

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DOI: 10.18488/journal.89.2018.41.1.23

Divine N. Obodoechi , Anthony Orji , Onyinye I. Anthony-Orji

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Divine N. Obodoechi , Anthony Orji , Onyinye I. Anthony-Orji (2018). Forecasting Equity Index Volatility: Empirical Evidence from Japan, UK and USA Data. Financial Risk and Management Reviews, 4(1): 1-23. DOI: 10.18488/journal.89.2018.41.1.23
Using non-linear models to forecast volatility for three equity index samples, this study examines weekly returns of three indices; Dow Jones Industrial index, FTSE 100 index, and Nikkei 225 index. The sample covers a twenty year sample period. The study employs an in sample and out of sample volatility forecast using standard symmetric loss functions in order to identify an appropriate model that best forecast volatility. Using the mean error (ME), root mean square error (RMSE), mean absolute error (MAE), and mean absolute percentage error (MAPE), the study finds the EGARCH model to outperform the ARCH, and GARCH model in forecasting volatility.
Contribution/ Originality
This is among the first studies that found EGARCH model to outperform the ARCH, and GARCH model in forecasting volatility using a combination of Japan, UK and US data.