International Journal of Business, Economics and Management

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No. 2

Efficiency of Microfinance (MF) Institutions in Bangladesh: A Study on Top 10 MF Institutions

Pages: 120-130
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Efficiency of Microfinance (MF) Institutions in Bangladesh: A Study on Top 10 MF Institutions

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DOI: 10.18488/journal.62.2020.72.120.130

Dilruba Afroze , Md. Riad Us Salehin

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Dilruba Afroze , Md. Riad Us Salehin (2020). Efficiency of Microfinance (MF) Institutions in Bangladesh: A Study on Top 10 MF Institutions. International Journal of Business, Economics and Management, 7(2): 120-130. DOI: 10.18488/journal.62.2020.72.120.130
Bangladesh has been referred to as “the birthplace (and sometimes as the 'Mecca') of microfinance all over the world. However, there are very few studies that investigate the efficiency of this industry. This paper aims to find the efficiency of the top 10 (in terms of market share) Microfinance Institutions (MFIs) of Bangladesh. The data were collected from secondary sources and annual reports of the 10 MFIs were used extensively. Data Envelopment Analysis (DEA) method was used to measure the efficiency of those MFI and regression analysis to test the hypothesis. The DEA method measures efficiency by analyzing the inputs and outputs. The inputs for this paper were the number of employees (NE), Fixed Asset (FA) and Operating Expenses (OE) of each MFI. Based on these inputs, DEA measures the efficiency by comparing the outputs. The outputs were the amount of Loan Outstanding (LO) and Deposits of Members (DM) of each firm. This method not only measures the efficiency but also provides recommendation to minimize the inputs and maximize the outputs. The result of this study reveals that only 30% of the top 10 MFIs are operating with their full potential and their average efficiency rate is 65.5%. MFIs that are not operating under their optimal size, they have a 94.9% of average efficiency rate. However, it was found that in terms of collecting deposits, 60% of the top 10 MFIs are efficient whereas, only 10% are efficient in terms of disbursing loans.
Contribution/ Originality
This study documents by focusing on the efficiency of some of the leading MFIs, who are campaigning that they are working for poor women, but are seemed to be inefficient and having public perceptions that these MFIs have their own agenda of making wealth in the name of helping poor.

Effect of Brand Enhancement on Buying Behavior towards the Sport Sponsorship Companies in Riyadh, KSA

Pages: 110-119
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Effect of Brand Enhancement on Buying Behavior towards the Sport Sponsorship Companies in Riyadh, KSA

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DOI: 10.18488/journal.62.2020.72.110.119

Iyad A. Al-Nsour

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Iyad A. Al-Nsour (2020). Effect of Brand Enhancement on Buying Behavior towards the Sport Sponsorship Companies in Riyadh, KSA. International Journal of Business, Economics and Management, 7(2): 110-119. DOI: 10.18488/journal.62.2020.72.110.119
The study aims at measuring the effect of the brand enhancement on the buying behavior toward the sponsor companies in Riyadh as well as determining the statistical differences in the brand enhancement and buying the brand according to demographics such as gender, education and age. The research population consists of all Saudi fans of the sport activity in Saudi Arabia. The total research population in Riyadh 2017 reaches 1.32 million. The purposive sampling method is used and the calculated sample size reaches 385 of the sports audience. The study concludes that brand enhancement has a positive significant effect on buying the brand of the sponsor companies. The study finds that there are no statistical differences in rand enhancement and buying the brand according to all demographical variables. Finally, the study suggests a set of recommendations and implications that support the brand enhancement of the sponsor companies in Riyadh city.
Contribution/ Originality
This study in one of very few studies which investigated the relationship between brand enhancement and purchasing behavior toward the sponsors companies. The online survey by the researcher finds that there is an ambiguous in defining the suggested relationship epically in Saudi market.

Inflation, Oil Revenue, and Monetary Policy Mix in an Oil-Dependent Economy: Empirical Insights from the Case of Nigeria

Pages: 96-109
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Inflation, Oil Revenue, and Monetary Policy Mix in an Oil-Dependent Economy: Empirical Insights from the Case of Nigeria

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DOI: 10.18488/journal.62.2020.72.96.109

Stephen Taiwo Onifade , Mehmet Alagoz , Savas Erdogan , Olalekan Obademi

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Oil revenues in many nations have remained largely unstable owing to factors like volatility in global oil prices and output regulations among other international and domestic issues, thereby affecting the stability of many oil-dependent economies. This study examines the combined impacts of oil revenue and inflation on the economic growth of Nigeria within the framework of the Autoregressive Distributed Lags models (ARDL) while incorporating selected monetary policy measures in the model to fit into the country’s inflationary scenario amidst dwindling oil revenue in recent times. The empirical result provides evidence that both oil revenue and inflation exert significant diametric impacts on economic growth in Nigeria. While the former demonstrates a positive impact on growth the latter has a negative impact within the period of the study (1981-2017). The Granger Causality test also provides complementary evidence of causality from both oil revenue and monetary policy measures to growth. Considering the vulnerability of oil revenue to external shocks, we strongly recommend mapping out of aggressive diversification program to reduce the current huge dependence on oil proceeds while the monetary authorities keep close tabs on regulating the monetary environment to efficiently mitigate the negative impacts of inflation to facilitate sustainable growth in the long-run.
Contribution/ Originality
This study uses a flexible empirical methodology that produces more accurate and robust estimates, thus providing timely insights and contributions to the existing literature on growth vis-à-vis the challenges of managing inflation in Nigeria amidst the dwindling oil revenues in recent times.

Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?

Pages: 81-95
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Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?

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DOI: 10.18488/journal.62.2020.72.81.95

Amrie Firmansyah , Wiwik Utami , Haryono Umar , Susi Dwi Mulyani

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Amrie Firmansyah , Wiwik Utami , Haryono Umar , Susi Dwi Mulyani (2020). Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?. International Journal of Business, Economics and Management, 7(2): 81-95. DOI: 10.18488/journal.62.2020.72.81.95
This study aims to examine the effect of derivative instruments on firm risk. This study employs stock return volatility as total risk and idiosyncratic volatility as unsystematic risk. Derivatives are financial instruments that have a value depending on the underlying value of other variables, which can be categorized into assets and liabilities. This study employed a quantitative method using multiple linear regression. The sample is all non-financial companies listed on the Indonesia Stock Exchange from 2012 to 2017. Data used in this study are panel data sourced from www.idx.co.id and www.finance.yahoo.com. The sample selection in this study used a purposive sampling method with a total sample of 246 observations. The results of this study suggest that derivative instruments are positively associated with firm risk, both total risk and unsystematic risk. The Indonesian Investors consider that the ownership derivatives by companies lead to uncertain conditions in the future. The results of this study prove that ownership of derivative instruments by companies in developing countries is closely related to corporate risk.
Contribution/ Originality
This study contributes to complete the works of literature on examining firms risk both total risk and unsystematic risk. Also, this study illustrates the ownership of derivatives by companies in one developing country.

Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria

Pages: 71-80
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Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria

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DOI: 10.18488/journal.62.2020.72.71.80

Onyeizugbe Chinedu Uzochukwu , Orogbu Lilian Obiageli , Nwankwo Obianuju Uche , Onuzulike Nkechi

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Abdalkrim, A. (2016). Disruptive innovation as correlate of business value contribution. Journal of Marketing Research, 34(1), 11-16.

Akinbola, O. A., Abiola, O. O., & Ajonbadi, H. A. (2014). Causes and symptoms of small and medium enterprises (SMEs) business failure in Nigeria. Review of Management & Economic Engineering, 13(1), 263-282.

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Onyeizugbe Chinedu Uzochukwu , Orogbu Lilian Obiageli , Nwankwo Obianuju Uche , Onuzulike Nkechi (2020). Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria. International Journal of Business, Economics and Management, 7(2): 71-80. DOI: 10.18488/journal.62.2020.72.71.80
The current challenges and competition facing micro, small and medium enterprises in Nigeria today which is as a result of innovation has become a threat to the development of Micro, Small and Medium Enterprises. Therefore this study seeks to determine the extent to which innovation strategy can sustain MSMES in South East, Nigeria. The specific objective is to identify the extent of relationship that exists between disruptive innovation and business value contribution of MSMES in South East Nigeria. The study was guided by one research question and one hypothesis. The correlational survey design was adopted. The study was anchored on Schumpeter’s Innovation Theory (1885-1972).The population of the study was 1544 MSMES and 317 were sampled. The data used was primary data collected through structured questionnaire. The data collected was analyzed using Pearson Product Moment Correlation. The findings revealed that there is a positive relationship between disruptive innovation and business value contribution of Micro, Small and Medium Enterprises in South East Nigeria. The study recommends among others that Micro, Small and Medium Enterprises should ensure that their employees are competent so as to measure to the innovative changes in the industry.
Contribution/ Originality
The study contributes in the existing literature by establishing how innovation strategy impacts on the sustainability of MSMEs in South East Nigeria.