The purpose of this paper is to test the weak-form market efficiency of the Tunisian stock market using recent developments in time series econometrics. The efficiency hypothesis was tested by using the class of long memory models namely ARFIMA-FIGARCH. For this, we will attempt to examine the long memory behavior in the returns and the volatility series of the Tunisian stock market index namely Tunindex. Our empirical study covers a sample covering the Tunindex during the period: 02/01/1998 to 16/03/2018. Our results show the presence of the long memory property in the return and volatility specified respectively by an ARFIMA and FIGARCH process. This result implies that it is possible to predict future stock prices and an extraordinary gain could be obtained when trading in this market, which displays that the Tunisian stock market is not efficient in its weak-form.
This study sought to establish the relationship between internal control and profitability of the Microfinance Institutions in Senegal. The study utilizes a survey design to sample 118 MFI’s to address three objectives namely: To establish the influence of internal control on Earnings Per Share, (EPS) of MFI’s, To establish the influence of internal control on Return On Assets (ROA), The influence of internal control on return on Equity (ROE), and finally, the influence of internal control on profit margin of MFI’s. The study utilized multiple regression analysis to analyses quantitative data collected from the MFI’s and the hypothesis was tested at 95% confidence interval. The study found out that all dimensions of internal control were positively and significantly associated to the four indices of profitability of MFI’s in Senegal. The study recommends that the government of Senegal issues a rational policy framework to ensure all MFIS comply with the provisions of the Senegalese Central Bank on internal controls systems of all financial institutions in the country.
This paper evaluates the governance factors that contribute to the mismanagement of public project funds in Nigeria. Governance factors are variables that influence the effective usage of project fund to achieve project delivery while Public projects relate to works done by the government to satisfy public interests. The target population for this study were the public sectors in Ondo State which comprises the Ministries, Departments and Agencies (MDAs) with the total number of seventy-four (74) establishments in the state. Primary and secondary data were collected. Multiple regression analysis was used to analyse the effects of corruption, rule of law, bureaucracy and accountability as proxies for governance factors on public project delivery. Findings reveals that Public projects’ execution is fettered with different types of corrupt practices such as bribery, favour to favour, nepotism, percentage sharing and contract inflation in the study area, weaknesses and lapses were observed in bureaucracy, accountability and due process. Therefore, the study suggest among others, that there should be a political will to redress corruption dilemma, tightens accountability, due process and bureaucratic control in project environment.
Funding is the life-blood of any project, whether private or public organizations. It may be the release of funds, the ability to spend funds or the access to funds set aside to achieve a successful project delivery. The aim of this study is to assess the financing mechanism (Budget, Grant, Loan, Public Private Partnership (PPP) and NGO’s) and some control variables on public projects finance in Ondo State, Nigeria with a view to provide a framework that will promote effective service delivery, performance and socio-economic development. Data on financing mechanism of public project funds were collected from the Ministries, Departments and Agencies(MDAs) that were directly involved in the implementation of such projects were analysed using descriptive statistics and Pearson Moment Correlation. Findings revealed that budget and grant were the main mechanisms; delays in the completion of public projects were caused by untimely release of funds, mismatch of financing mechanism to the nature of projects and excessive budgeting for capital expenditure above the available resources. Therefore, the study recommends that financing mechanisms should be considered alongside with the nature of public projects to determine the appropriate source. Also, timely and correct disbursement of funds appropriated for projects should be done to avoid inadequacy of funds, project delay and abandonment.
Leadership Behaviors and Work Effectiveness: Investigating Private Health Sector Jalalabad, Afghanistan
Purpose: The purpose of the study was to examine and investigate the relationship also to know how leadership behaviors influence work effectiveness in private health sector Jalalabad, Afghanistan. Methodology:Questionnaire has been distributed among 250 employees working in private health sector Jalalabad, Afghanistan. Five private hospitals were selected as population and 250 as sample size for collecting data. The analysis through SPSS shows positive and strong relationship between variable. Findings: The findings show insignificant relations between D.V work effectiveness and I.V leadership task & people oriented behaviors in private health sector. Conclusion: The result explored from this study that leadership behaviors plays important role in work effectiveness however task oriented leadership behavior also show more effectiveness in health sector Jalalabad, Afghanistan.
This study is related to the human resource management practices of Arcadia group United Kingdom (UK). This is descriptive in nature that covers the area of the human resource practices part of the organization. Human resource manager plays a crucial role in the screening of human resource management and finds a strategically fit resource for the organization. The Arcadia Group’s line management focuses on the integration inconsistent with the personnel management system of global orientation human resource management and adjustment of keeping a pace of abilities. Recruitment system, planning growth of human resource implementation policy, legislation issues, and motivation criteria make the organization exceptionally different than the other organization strategically. The judgment of the recruitment system of Arcadia Group has been integrated with a set of actions to assist the logical steps of employing in an efficient adjustment nature. Proper communication and reward management system of this company is basically a channel of human resource management practices that adopt the database and customer relationship management system. It has been observed that the organization doing differently in strategically than the previous judgment in technical term of business development that means right people in right place through impacting the mechanism.