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The Determinants of Stock Prices of European Football Clubs: An Empirical Analysis
Giampiero Maci,
Vincenzo Pacelli,
Elisabetta D’Apolito
Issue:
Volume 8, Issue 5, October 2020
Pages:
168-179
Received:
4 August 2020
Accepted:
17 August 2020
Published:
3 September 2020
Abstract: This study investigates the sporting and financial performances impacts of football clubs on stock price dynamics. The sample covers all the European football companies listed on the Stock Exchange over the period 2012-2017. The stock price formation process for listed football companies is investigated through a multiple regression model in which the share price is a function of several variables of listed European football companies, because the authors analyze the impact of both sports and financial and management performance on the share prices of the companies. Panel data fixed effects estimations are employed to mitigate endogeneity concerns and to control for within-firm dynamics. It was found that on market performance: i) positively impacts of sports performance; ii) positively impacts of economic performance; iii) positively impacts of asset and revenue diversification. This topic would be of interest to international investors and will push club managers to nurture their own corporate culture, which, in many cases, is still not in keeping with the size or pace of market development. These findings have important implications for investors as well as club managers. The empirical research provides useful implications to direct club managements towards best practices that will help football clubs access capital markets. Indeed, they present an encouragement for the improvement of the competitive results and the economic-financial performances.
Abstract: This study investigates the sporting and financial performances impacts of football clubs on stock price dynamics. The sample covers all the European football companies listed on the Stock Exchange over the period 2012-2017. The stock price formation process for listed football companies is investigated through a multiple regression model in which ...
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Assessment of Efforts at Expanding Financial Inclusion in Nigeria
Issue:
Volume 8, Issue 5, October 2020
Pages:
180-187
Received:
26 November 2019
Accepted:
7 April 2020
Published:
8 September 2020
Abstract: The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accelerate achievement of the strategic objective of 80 per cent financial inclusion by the year 2020. This paper reviews relevant literature to assess efforts at expanding financial inclusion through the strategy encapsulated in NFIS (2018). Data was gathered from published sources (Enhancing Financial Innovation and Access in Nigeria Survey reports, World Bank Global Findex reports, the Central Bank of Nigeria; Interswitch & Nigeria Inter-Bank Settlement System annual reports) as well as supply-side data derived from statutory returns submitted by financial service providers to their respective regulatory agencies. Evidence from the study show that 2018 financial inclusion targets (products, channels, enablers, financial literacy & other initiatives for youth and gender inclusion) fell short of expectations, indicating that the 2020 targets are unlikely to be met. This study recommends that the identified critical challenges militating against financial inclusion expansion should be addressed. In particular, financial education among all stakeholders in the financial inclusion process should be instituted more purposively.
Abstract: The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accel...
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Analysis of Trends in Taxation and Foreign Economic Operations with Cereal Products in Ukraine
Natalie Yuriivna Shevchenko
Issue:
Volume 8, Issue 5, October 2020
Pages:
188-193
Received:
25 May 2020
Accepted:
27 May 2020
Published:
21 September 2020
Abstract: The article is devoted to the evaluation of the current state of implementation of Ukraine’s foreign economic operations using cereal crops as an example. The dynamics and the structure of cereal crops products export and import over the past decades have been studied. The facts on increase in Ukraine’s export capacity exactly in the area of grain production were established. The world market of cereal crops products was considered and the share of Ukraine in world grain production, which currently does not exceed 2%, was separated. The state and trends in taxation of foreign economic operations with agricultural products were estimated. The interdependence of volumes of agricultural products imports and the customs duty, excise duty and value-added tax to the State Budget during 2005–2019 was established. The decrease in imports of Ukrainian agricultural products was defined, which affects the amount of tax revenues from indirect taxes. It is also established that the gradual cancellation of customs duty on agricultural products during the transition period will lead to the drop in the State Budget revenues and domestic products competitiveness if Ukraine does not take compulsory measures to improve its market quality and stability of positions.
Abstract: The article is devoted to the evaluation of the current state of implementation of Ukraine’s foreign economic operations using cereal crops as an example. The dynamics and the structure of cereal crops products export and import over the past decades have been studied. The facts on increase in Ukraine’s export capacity exactly in the area of grain ...
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Worker Remittances Compared to Other Elements of External Financing and Their Impact on Economic Growth and Human Capital in Jordan (1979-2015)
Issue:
Volume 8, Issue 5, October 2020
Pages:
194-204
Received:
18 September 2020
Accepted:
30 September 2020
Published:
12 October 2020
Abstract: The objective of this study is to measure the impact of the workers' remittances on economic growth in Jordan during the period 1979-2015 by enhancing human capital according to the theory of endogenous growth. For this purpose, time series analysis (cointegration tests and vector error correction model) is used. Corresponding it is found that all the series representing the variables are stationary at the first difference. The results also show that there are two cointegration vectors relating the variables. Therefore, the model was estimated using vector error correction model, which showed a long-term relationship between economic growth and explanatory variables. The estimate showed that there is a positive effect of statistical significance for each of the remittances of workers and foreign loans, and a positive effect that is not statistically significant for both foreign direct investment and foreign aid. The study concluded with several recommendations that we summarize regarding the importance of workers' remittances as an external source of financing, characterized by its relative stability, low costs and not being directly linked to any requirements, which makes it one of the most important external sources of financing in addition to a role in supporting the absorptive capacity of human capital and thus supporting economic growth and deepening the role of capital (capital deepening) and raise its productivity. On the other hand, the need to better direct the sources of external flows towards projects that support the absorptive capacity (knowledge, skills and experiences) of the workforce, by raising the proportion of foreign aid and foreign loans directed towards spending on education, training and skills acquisition, which enhances their role in the short and long term in economic growth as well as Towards capital projects, which may enhance the role of workers' remittances.
Abstract: The objective of this study is to measure the impact of the workers' remittances on economic growth in Jordan during the period 1979-2015 by enhancing human capital according to the theory of endogenous growth. For this purpose, time series analysis (cointegration tests and vector error correction model) is used. Corresponding it is found that all ...
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Research on the Subsidy Policy of Wind Energy Price in Shandong Province Based on CGE Model
Yangxiao Wang,
Qiufang Fan,
Ying Ma,
Jie Zhang
Issue:
Volume 8, Issue 5, October 2020
Pages:
205-213
Received:
5 September 2020
Published:
20 October 2020
Abstract: In recent years, with the improvement of wind power generation technology and industrial upgrading, China's wind power generation manufacturing and application scale ranks among the top in the world. Technological advances in these related fields have reduced costs, making renewable energy an important area of the energy transition. At present, renewable energy mainly includes wind, solar and biomass energy. Among them, wind energy has the advantages of wide sources, low cost, advanced energy capture and conversion technology and equipment, which make it has been applied in many places on a large scale. By contrast, due to the difficulty of material recovery and high cost, the large-scale application of biomass energy is limited. Meanwhile, the production of solar panels is characterized by high pollution and high energy consumption, which is not environmentally friendly and limits its industrial expansion. Therefore, this research will focus on wind power price related policies in Shandong Province. In this paper, a Computable General Equilibrium (CGE) model of renewable energy policy according to the current development in Shandong Province was first built. Then, by simulating the increase of wind energy electricity price subsidies by 5%, 10%, 15%, 20%, 25%, 30% compared with the base year, the effects of electricity price subsidies on energy, economics, social and environment were further analyzed. Finally, suggestions were proposed which can provide a reference for the promotion and development of wind energy in Shandong Province.
Abstract: In recent years, with the improvement of wind power generation technology and industrial upgrading, China's wind power generation manufacturing and application scale ranks among the top in the world. Technological advances in these related fields have reduced costs, making renewable energy an important area of the energy transition. At present, ren...
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