...Mekelle University College of Business and Economics Department of Accounting and Finance THE DETERMINANTS OF CAPITAL STRUCTURE Evidence from Commercial Banks in Ethiopia By K i b ro m M e h a ri F i s s e h a Reg.No.-CBE/PR0025/01 Research Project Submitted to the Department of Accounting and Finance, College of Business and Economics, Mekelle University, for the partial fulfillment of the degree of Master of Finance and Investment Under the Guidance of Aregawi Gebremichael (Ph.D. Candidate) Assistant Professor May, 2010 Mekelle, Ethiopia i THE DETERMINANTS OF CAPITAL STRUCTURE Evidence from Commercial Banks in Ethiopia By Kibrom Mehari Fisseha Reg. No. CBE/PR0025/01 ii DECLARATION I, Kibrom Mehari Fisseha, hereby declare that the project work entitled “The Determinants of Capital Structure: Evidence from Commercial Banks in Ethiopia” submitted by me for the award of the degree of Master of Science in Finance and Investment of Mekelle University, is original work and it hasn’t been presented for the award of any other Degree, Diploma, Fellowship or other similar titles of any other university or institution. Place: Mekelle Signature: Date: May, 2010 ………………….. KIBROM MEHARI FISSEHA iii CERTIFICATION I certify that the project work entitled “The Determinants of Capital Structure” is a bona-fide work of Mr. Kibrom Mehari who carried out the research under my guidance. Certified further, that to the best of my...
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...therein are those of the author and not necessarily those of the Institute. Research papers are not made available for circulation outside of the Institute. Inquiries: Postal address: Institute of Social Studies P.O. Box 29776 2502 LT The Hague The Netherlands Location: Kortenaerkade 12 2518 AX The Hague The Netherlands Telephone: +31 70 426 0460 Fax: +31 70 426 0799 Acknowledgments I would like to express my deepest appreciation to all the people who in one way or another contributed to the completion of this study, especially the interviewees, who generously shared their time and knowledge about the coffee sector in Ethiopia. My sincerest appreciation goes to Bilisuma Dito, who first introduced me to the ECX and provided me with key contacts for the fieldwork. Many thanks to Martha Kibru, Saba Yifredew, Taddese Mezgebo and Jim Schmitt for sharing valuable information and for pointing me in the right direction during my stay in Addis Ababa. I am greatly indebted to Christopher Jordan and the Technoserve staff for their support and for facilitating the trip to Jimma. I would also like to sincerely thank Max Spoor and Peter Knorringa for their guidance and constructive criticism...
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...Hawassa University College of Business and Economics School of Management and Accounting Assessing the impact of Core Banking and service quality on Customer Satisfaction in Commercial Bank of Ethiopia (A case of Bishofftu Branch) By: Endalkachew Abebe A research project submitted in partial fulfillment of the requirement for masters of business administration degree in marketing Management June 2013 Hawassa, Ethiopia 1 Hawassa University College of Business and Economics School of Management and Accounting Assessing the impact of Core Banking and service quality on Customer Satisfaction in Commercial Bank of Ethiopia (A case of Bishofftu Branch) By: Endalkachew Abebe A research project submitted in partial fulfillment of the requirement for masters of business administration degree in marketing Management Advisor: Dr. Birihanu Borji (PhD) Associate professor in Marketing Mgt Co advisor: Seid Mohamed (Ato) June, 2013 2 Hawassa University School of Graduate Studies Project Title: Assessing the impact of core banking and service quality in CBE (case of Bishoftu branch) By: Endalkachew Abebe College of Business and Economics School of Management and Accounting Postgraduate Program Approved by: ___________________________________ _____________________ Advisor Signature ____________________________________ Co-advisor __________________ Signature ___________________________________ ___________________ Examiner Signature ___________________________________ ...
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...Infrastructure and Economic Development in Africa Infrastructure and Economic Development in Africa 2014 Mohamed Salah Abdel Rehim 10200210 12/21/2014 2014 Mohamed Salah Abdel Rehim 10200210 12/21/2014 Presented to: Dr. Azza El Sharabasy Course: Economic Development Presented to: Dr. Azza El Sharabasy Course: Economic Development Table of contents * Introduction * Literature review * Africa’s infrastructure endowment * Ways of financing infrastructure * Impact of Infrastructure on Economic Growth. * Conclusions and recommendations * References Introduction * Generally, a consensus has developed that, under the right circumstances, infrastructure evolution can play a major role in improving growth and equity-and, through those two channels, help to eradicate poverty. * However, in spite of this acknowledged aspects and their importance, sub Saharan Africa “SSA” falls behind other regions in infrastructure services and its quality, and this gap is increasing over time. * This is intensely showed in the energy sector, with around 800 million population, the 48 sub Saharan Africa countries produce all together about as much power as Spain, which has only 5.5% of the population of the SSA countries. * Investment in maintaining the current infrastructure is also lagging behind, leaving many African countries with deteriorated and inefficient infrastructure services; conditionally...
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...INSURANCE ADVISORS EFFECTIVENESS FOR PUBLIC AND PRIVATE INSURER: A DEMOGRAPHIC STUDY Krishan Kumar Pandey*Manisha Pandey** Manish Kerwar***Ashutosh Khare**** Dharmendra Singh***** Abstract : Few years back insurance was an arcane word for all of us. Insurance is no longer an unexciting business and the insurance advisor an apologetic salesman. New entries have actually changed the rules of the game in the insurance industry. One such change that has made a huge positive impact in the minds of Indian consumers is the product innovation by the insurance companies. New products are being launched; new distribution channels opened and thousands of sales advisers and managers are being recruited every month. This rapid change is demanding new regulations, new methods of management, new methods of operation and ofcourse considerable development in knowledge, attitude and skills of the workforce. Such times demand business/ output focused people who think widely, are confident about taking risks and decisions and prioritise their own and others’ actions to achieve the business need. Without these attributes the growth pattern that has begun will not be sustained. So are these attributes being developed in people? People know what they should do but they do not necessarily know how to do it. This study is well ahead to evaluate the effectiveness of Insurance Advisors. *, * * Faculty in Prestige Institute of Management, Gwalior * * * , * * * * , * * * * * Alumni, Prestige Institute...
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...EMPLOYEES’ PERCEPTION OF THE PROBLEMS AND PRACTICES OF EMPLOYEE PERFORMANCE EVALUATION: a Case study of Awash International Bank (AIB) BY: ZELALEM BAYISA GURMESSA A project paper submitted to the school of graduate studies of AAU in partial fulfillment of the requirements for the degree of Masters of Business Administration [MBA] Advisor: Dr. TILAHUN TEKLU Assistant Professor of Management Department of Management August, 2007 Addis Ababa University School of Graduate Studies MBA Program Employees’ Perception of the Problems and Practices of Employee Performance Evaluation: A Case Study of Awash International Bank (AIB) BY ZELALEM BAYISA Approval Board Committee ________________________ Chairman, Graduate Studies __________________ Research Advisor __________________ Examiner __________________ Examiner ________ Signature _________ Signature _________ Signature ________ Signature Dr. Tilahun Tek lu Assistant Professor of Management Department of Business Management Faculty of Business and Economics Addis Ababa University Addis Ababa, Ethiopia C E R T I F I C A T E This is to certify that this project work, “Employees’ Perception of the Problems and Practices of Employee Performance Evaluation: A Case Study of Awash International Bank (AIB)”, undertaken by Zelalem Bayisa for the partial fulfillment of Master’s of Business Administration [MBA] at Addis Ababa University, is an original work and not submitted earlier for any degree either at this University or any...
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...Imagine… a town of 5000 people where there is: no unemployment no pollution 100% recycling free health care a seemingly endless supply of a wide variety of organically gown produce – all incredibly delicious grown locally on some of the most fertile soil on Earth… in the heart of Africa! Imagine Africa rising! you will never see Africa the same way again! a project of Working Villages International Africa Rising: A MODEL FOR SELF-SUFFICIENT VILLAGE DEVELOPMENT IN AFRICA Alexander Petroff Chapter 1 A New Economic Development Model This book is a practical blueprint for the revitalization of Africa. It envisions nothing less than the complete transformation of Africa into an economic and social powerhouse – from being the basket case of the world to a guiding light - showing the people of the world an example of living in peace with each other and in harmony with Nature. Although great thought and years of research have gone into the formulation of this entirely new economic development model, this book is not simply a treatise on economic theory, but rather a practical outline that is at this very moment being gradually implemented. Economies are confined by the laws that protect and govern their development. The policy changes put forth in this model are just that - individual economic policy changes put in place to allow the economy to develop in a way that is most beneficial to the citizenry of an African village. This model does not rely on a new...
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...UNIVERSITY OF NAIROBI INSTITUTE OF DIPLOMACY AND INTERNATIONAL STUDIES Implications of Global International Monetary Policy Decision on Economic Systems in East Africa: A Case Study of Kenya NAME: LILLIAN WACHIRA REG NO: R50/63875/2010 Supervisor: Dr. Gerrishon Ikiara A Research Proposal submitted in partial fulfillment of the Degree of Masters of Arts in International Studies (MA IS) DECLARATION I declare that this research proposal is my original work and has not been presented for a degree in any other university. NAME: LILLIAN WACHIRA REG. NO: R50/63875/2010 Sign: ………………………………… Date: ……………………… This research proposal has been submitted for examination with my approval as university supervisor SUPERVISOR: Sign: ……………………………… Date: …………………………. DEDICATION I dedicate my project to my lovely mother Beatrice, my brothers Edwin and Eric whose prayers words of encouragement and push for tenacity ring in my ears. ACKNOWLEDGEMENT I would like to express my sincere gratitude to my supervisor Dr. Gerrsihon Ikiara for the continuous support and guidance while carrying out my project, for his patience, motivation and immense knowledge. I would also like to thank the participants in my survey, who have willingly shared their precious time during the process of interviewing. I...
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...Domestic & International business International business: Meaning and Scope In the post independence era, more than half-century Indian entrepreneurs concentrated on domestic operations and a surplus production was exported. The physical movement of goods, called EXPORT cannot represent International business. International business is defined as “any commercial transaction-taking place across the boundary lines of a sovereign entity”. It may take place either between countries or companies or both. Private companies involve themselves in such transactions for revenue, profit and prosperity. If governments are involved, they need to maintain their image, dependency and economic growth. Sometimes economic ties are strengthened through such transactions. These transactions include investments, physical movements of goods and services, transfer of technology and manufacturing. Today every company, whether small or large, single entity or partnership, joint stock or government owned, is determined to expand internationally. Earlier the slogan “export or perish” has now become “internationalize or perish”. 1 Only for Private Circulation International Business- Dr. R. Chandran International business has a wide spectrum of activities beyond mere exports. Currently Indian...
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...Political Factors - Governments controlling world hydrocarbon reserves → significant impact - OPEC controlling 75.5% of world reserves → highly influential - Political risks: Instability, expropriation/nationalization of property, terrorism, civil conflicts, strikes, wars, etc. → adverse effect - Environmental treaties (Kyoto protocol) → negative impact Economic Factors - Interdependence between world economy and oil industry: economic growth → growing demand for oil; but also: continual supply of oil at reasonable prices → stable economy - Inelastic demand → positive effect - US dollar (and US economy) →significant impact - Exchange rates → impact on buyers and suppliers Socio-cultural Factors - Values and beliefs shape preferences for energies → energy mix changing towards greener energies - Need for companies to show social responsibility → supporting sustainable human development through investments in education, training, social and environmental activities Technological Factors - Extremely technology-driven: improved upstream technologies →better recovery of hydrocarbon, recovering oil from reserves considered exhausted → improved profitability (gains) - Breakthrough technology in ultradeep-water extraction →competitive advantage for Petrobras - Advanced technology → profound impact on long-term sustainability . Industry Competition Analysis (Porter’s five forces) In order to create a profitable competitive strategy, a firm must first examine the basic competitive...
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...promises improved quality of life and a better society leading to a more peaceful world. Most people are likely, on individual levels, to become involved with international business corporations during their careers. Manufacturing companies, and also service companies like banks, consulting firms or insurance are going global. In an era of open borders, niche marketing, instant communications and free ways of reaching millions of people, huge opportunity emerges for individuals to enter the international business arena. International business offers companies new markets. Since the mid-20th century, the growth of international trade and investment has been substantially larger than the growth of domestic economies. The combination of domestic and international business presents more opportunities for expansion, growth and income than domestic business alone. International business generates the flow of ideas, services and capital across the world. International business also offers consumers new options. It enables the acquisition of a wider variety of products, in terms of both quality and quantity and at reduced prices through international competition. International business facilitates the movement of factors of production, i.e. labour and capital and provides challenging employment opportunities to individuals with professional and entrepreneurial skills. However, international business does not benefit all in the same way. It brings benefits and opportunities to some, while...
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...UNIT – I INTERNATIONAL BUSINESS – AN OVERVIEW Content Outline Introduction Definition and meaning of international business Scope of international business Special difficulties in international business Benefits of international business Understanding of international business environment Framework for analyzing the international business environment Summary Review Questions INTRODUCTION One of the most dramatic and significant world trends in the past two decades has been the rapid, sustained growth of international business. Markets have become truly global for most goods, many services, and especially for financial instruments of all types. World product trade has expanded by more than 6 percent a year since 1950, which is more than 50 percent faster than growth of output the most dramatic increase in globalization, has occurred in financial markets. In the global forex markets, billions of dollars are transacted each day, of which more than 90 percent represent financial transactions unrelated to trade or investment. Much of this activity takes place in the so-called Euromarkets, markets outside the country whose currency is used. This pervasive growth in market interpenetration makes it increasingly difficult for any country to avoid substantial external impacts on its economy. In particular massive capital flows can push exchange rates away from levels that accurately reflect competitive relationships among nations...
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...Agriculture, growth and poverty reduction This paper was produced by the Agriculture and Natural Resources Team of the UK Department for International Development (DFID) in collaboration with Anne Thomson of Oxford Policy Management, Oxford. The authors are grateful to the UK Food Group for their additional contributions and comments. The paper reflects work in progress towards the development of new thinking on agricultural policy in DFID. It does not necessarily reflect the views and policy of DFID. This (working/supporting) paper is intended to stimulate public discussion. It is not necessarily DFID or UK Government policy. October 2004 Contents Executive Summary...................................................................................................... 3 1. What is the issue? .................................................................................................... 4 2. Agriculture, growth and poverty – what we know of the relationship ............................ 5 2.1 The context – the state of world poverty............................................................... 5 2.2 Agriculture’s recent performance – a picture of mixed progress............................... 7 2.3 Agricultural growth and poverty reduction – the evidence....................................... 9 2.4 Understanding how increased agricultural productivity reduces poverty ................. 10 3. Emerging issues and questions................................................
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...Programme 3 Contents List of contributors List of abbreviations Acknowledgements 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 2 Introduction Background and objectives Legitimization and overall objective of Dutch CFAs to support micro-finance programmes Partners of Dutch CFAs operating in the micro-finance market of Kenya Central questions Organization and methodology Process implementation and limitations of the study Structure of the report A brief description of micro-finance in Kenya and agencies as supported by Dutch CFAs Micro-finance in Kenya 2.1.1 The emergence of micro-finance as an industry 2.1.2 Types of micro-finance agencies in Kenya 2.1.3 Service delivery approaches 2.1.3.1 Savings services 2.1.3.2 Loan products 2.1.4 Outreach 2.1.4.1 Banks 2.1.4.2 NGO-MFAs 2.1.4.3 Savings and Credit Co-operatives (SACCOs) 2.1.4.4 ROSCAs and ASCRAs A profile of micro-finance agencies and schemes as supported by Dutch CFAs 2.2.1 General profile 2.2.2 Specific profiles 2.2.2.1 K-REP Development Agency (KDA) 2.2.2.2 Kenya Women Finance Trust (KWFT) 2.2.2.3 Jitegemea Credit Scheme (JCS) 2.2.2.4 PRIDE Africa – Sunlink Some conclusions 7 9 11 13 13 15 16 17 17 18 19 21 21 21 23 25 26 28 28 31 33 35 35 36 36 37 37 39 42 43 44 2.1 2.2 2.3 3 3.1 Who are the clients of KWFT? The official targeting policy of KWFT 3.1.1 Targeting of individuals 3.1.2 Working through groups 3.1.3 Targeting of areas? Characteristics of KWFT clients: external assessment 3.2.1 Business enterprises 3.2...
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...How China rises What lessons can be drawn from China's spectacular and sustained economic growth? As Hu Jintau remarked at the 17th Congress of the Chinese Communist Party, the period since the previous Congress five years ago has been extraordinary. China's economic achievements have been arousing not only astonishment and admiration but also some anxiety. In the past twelve months alone, The People's Republic of China (PRC) has overtaken Canada as the biggest source of imports to the USA, and overtaken the USA as the biggest source of imports to the European Union. Concern about the low level of investment in Africa has been displaced by concern about the effects of the high level of Chinese investment in Africa; there is now even anxiety about the effects of investment by Chinese state-owned firms into the Western economies. The Chinese Communist Party is also expressing concerns. The themes of its 2007 Congress included protection of the environment and the achievement of social harmony. According to some estimates, China has displaced the USA as the world's biggest source of greenhouse gases. Inequality is rising as fast as pollution: China now has over 800 individuals with a personal wealth of more than a hundred million US dollars each, up from 500 in 2006; while the average income in rural areas of China is 480 dollars per year. Made in China. Hu Jintau's remark on the extraordinary nature of the most recent years can be faulted in only one sense: China has...
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