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Refine your search Apply to external sourcesCapital markets and institutation........ / Allen, Linda
Title : Capital markets and institutation........ Material Type: printed text Authors: Allen, Linda, Author Publisher: New York: John Wiley Publication Date: 1997 Pagination: 732p Size: Book Price: Rs.2879 Languages : English Descriptors: Capital market
Finance
Saving and investmentKeywords: 'capital market saving investment' Class number: 332 Capital markets and institutation........ [printed text] / Allen, Linda, Author . - [S.l.] : New York: John Wiley, 1997 . - 732p ; Book.
Rs.2879
Languages : English
Descriptors: Capital market
Finance
Saving and investmentKeywords: 'capital market saving investment' Class number: 332 Hold
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Barcode Call number Media type Location Section Status 685 332 ALL Books Uniglobe Library Social Sciences Available
Title : Determinants of dividend payout of commercial banks in Nepal Material Type: printed text Authors: Maushmi Vaidhya, Author Publication Date: 2013 Pagination: 117p. Size: GRP/Thesis Accompanying material: 1/B General note: Including bibliography Languages : English Descriptors: Banks
Banks and banking
Capital market
Commercial banks
Dividend policy
Dividends
Maushmi Vaidhya
PayoutsKeywords: 'dividends dividend policy payouts commercial banks banks Nepal management capital market' Class number: 332.632 Abstract: Despite of several empirical evidences, the dividend policy issues are still puzzling and unresolved. Identification of the factors shaping the dividend payouts decisions is crucial for the corporate managers and it is even more crucial in banking sector especially in case of Nepal because most of the investors in the capital market invest in the shares of the banks. So, the empirical relationship between the dividend payouts and its determinants are stated as the research questions followed by the development of the hypotheses. The major objective of this study is to analyze the factors affecting the dividend payout decisions of the commercial bank along with the examination of empirical relationship between them.
The review of literatures has shown relationship between various factors such as net profit, size of the firm, ownership structure, tax structure, lag dividends, cash flows, market to book value ratio, leverage ratio, investment opportunities etc. as and the dividend payouts in case of both developed and emerging countries. In addition, net profit, cash flows, leverage ratio, ownership structure, taxes are some of the variables that are found to have significant association with dividend payouts in various context. Based on the reviews, this study has proposed the conceptual framework identifying net profit, cash flows, market to book ratio, size, debt to equity ratio, number of major shareholders and slack as the most important factors affecting the dividend payout ratio of the commercial banks in Nepal.
For the purpose of study 18 listed commercial banks dividend into two strata is taken as sample and required data such as dividend payout ratios and other independent variables are collected from various secondary sources for period of 8 years i.e. 2005 to 2012. Stratified sampling method is used to select the sample commercial banks. Primary questionnaire survey is also conducted in order to assess the opinions of bank’s manager on dividend issues. Multiple regression analysis and correlation analysis are used to examine the connection between the dividend payout ratios and the determinants of the dividends. Likewise, portfolio sorted on one way sorts of seven independent variables is also employed to see if the relationship shown by regression and correlation analysis really exists.
The results of secondary data analysis shows that net profit, cash flows and size of the banks have strong and significant positive impact on dividend payouts while number of major shareholders significantly affects the dividend payout ratio in negative manner. Likewise, market to book value ratio is negligible in explaining dividends; however, these variables have significant positive impact. In contrast, the study documents that leverage ratio and the slack as insignificant in explaining the variations in dividend payout ratios of commercial banks. In line with the findings of the secondary data, the primary survey reveals net profit and the cash flows as the most important determinants of the dividend payout ratios followed by the number of major shareholders and the size of the banks.
The major limitations of this study lies in the fact that this study has excluded some firm specific and macro economic variables that might have influence on dividends. Despite the limitations, the findings may have significant degree of implications for both investors and the bank’s management. So, both groups of these stakeholders are recommended to take account of the determinants identified by this study and their relationship with dividend payout ratios. There is wide scope for future studies in same topic. Future studies can increases the sample size including different class of financial institutions to make the results applicable for the entire banking industry of Nepal.
Determinants of dividend payout of commercial banks in Nepal [printed text] / Maushmi Vaidhya, Author . - 2013 . - 117p. ; GRP/Thesis + 1/B.
Including bibliography
Languages : English
Descriptors: Banks
Banks and banking
Capital market
Commercial banks
Dividend policy
Dividends
Maushmi Vaidhya
PayoutsKeywords: 'dividends dividend policy payouts commercial banks banks Nepal management capital market' Class number: 332.632 Abstract: Despite of several empirical evidences, the dividend policy issues are still puzzling and unresolved. Identification of the factors shaping the dividend payouts decisions is crucial for the corporate managers and it is even more crucial in banking sector especially in case of Nepal because most of the investors in the capital market invest in the shares of the banks. So, the empirical relationship between the dividend payouts and its determinants are stated as the research questions followed by the development of the hypotheses. The major objective of this study is to analyze the factors affecting the dividend payout decisions of the commercial bank along with the examination of empirical relationship between them.
The review of literatures has shown relationship between various factors such as net profit, size of the firm, ownership structure, tax structure, lag dividends, cash flows, market to book value ratio, leverage ratio, investment opportunities etc. as and the dividend payouts in case of both developed and emerging countries. In addition, net profit, cash flows, leverage ratio, ownership structure, taxes are some of the variables that are found to have significant association with dividend payouts in various context. Based on the reviews, this study has proposed the conceptual framework identifying net profit, cash flows, market to book ratio, size, debt to equity ratio, number of major shareholders and slack as the most important factors affecting the dividend payout ratio of the commercial banks in Nepal.
For the purpose of study 18 listed commercial banks dividend into two strata is taken as sample and required data such as dividend payout ratios and other independent variables are collected from various secondary sources for period of 8 years i.e. 2005 to 2012. Stratified sampling method is used to select the sample commercial banks. Primary questionnaire survey is also conducted in order to assess the opinions of bank’s manager on dividend issues. Multiple regression analysis and correlation analysis are used to examine the connection between the dividend payout ratios and the determinants of the dividends. Likewise, portfolio sorted on one way sorts of seven independent variables is also employed to see if the relationship shown by regression and correlation analysis really exists.
The results of secondary data analysis shows that net profit, cash flows and size of the banks have strong and significant positive impact on dividend payouts while number of major shareholders significantly affects the dividend payout ratio in negative manner. Likewise, market to book value ratio is negligible in explaining dividends; however, these variables have significant positive impact. In contrast, the study documents that leverage ratio and the slack as insignificant in explaining the variations in dividend payout ratios of commercial banks. In line with the findings of the secondary data, the primary survey reveals net profit and the cash flows as the most important determinants of the dividend payout ratios followed by the number of major shareholders and the size of the banks.
The major limitations of this study lies in the fact that this study has excluded some firm specific and macro economic variables that might have influence on dividends. Despite the limitations, the findings may have significant degree of implications for both investors and the bank’s management. So, both groups of these stakeholders are recommended to take account of the determinants identified by this study and their relationship with dividend payout ratios. There is wide scope for future studies in same topic. Future studies can increases the sample size including different class of financial institutions to make the results applicable for the entire banking industry of Nepal.
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Barcode Call number Media type Location Section Status 3/D 332.632 VAI Thesis/Dissertation Uniglobe Library Social Sciences Not for loan
Title : Financial leverage and firm performance : a case of Nepalese commercial banks Material Type: printed text Authors: Manish Bhattarai, Author Publication Date: 2015 Pagination: 102p. Size: GRP/Thesis Accompanying material: 5/B General note: Including bibilography Languages : English Descriptors: Business - Mathematical models
Capital market
Capital-Mathematical models
Leveraged buyouts
NepalKeywords: 'financial leverage capital adequacy ratio debt to assets ratio return on assets return on equity liquidity' Class number: 658.152 Abstract: Financial decisions are taken in different paradigms of investment, financing, asset management and dividend policy. Investment decision is mainly concerned with three areas either the manager has to take decision about opening a new venture, or decision may be specific to expansion of current business venture and it may be to replace current assets or machinery.Once the investment decision is done, another most important decision is to how to finance in the investment. Firms mainly finance either from internal or from external sources. Firms internally finance from retained earnings whereas external source for firms is to either borrow or to finance through equity. Thus, the mix of debt and equity in financing is known as financial leverage. In another word, financial leverage represents a firm’s financial framework which consists of the debt and equity used to finance the firm.
An unlevered firm is an all-equity firm, whereas a levered firm is made up of ownership equity and debt. Financial leverage takes the form of a loan or other borrowing (debt), the proceeds of which are (re)invested with the intent to earn a greater rate of return than the cost of interest. Financial leverage allows a greater potential returns to the investors than otherwise would have been available, but the potential loss is also greater: if the investment becomes worthless, the loan principal and all accrued interest on the loan still need to be repaid.
Financial leverage has always been one of themain topics among the studies of finance scholars.Its importance derives from the fact that capitalstructure is tightly related to firm’s performance tofulfill the needs of various stakeholders. The lastcentury has witnessed a continuous developing ofnew theories on the optimal debt to equity ratio. Thefirst milestone on the issue was set by Modiglianiand Miller (1958), whose model argued on the irrelevance of the capital structure in determining firms’ value and performance.This study attempts to shed some light on the financial leverage issues in Nepalese context. The main issue is to analyze impact of financial leverage on firm’s performance in context of Nepalese commercial banks.
The data collected for the study are quantitative and based on fact. The quantitative data were taken from different secondary sources.Data were obtained from financial statements of 16 sample commercial banks. The necessary financial statements have been collected from official website of concern commercial banks, Nepal Stock Exchange Limited (NEPSE), Security Board of Nepal (SEBON), and Nepal Rastra Bank (NRB). This study collected financial statements of sampled commercial banks for the period of eleven years. (i.e. July 2002/03 to July 2012/13).Data of variables were extracted from balance sheet, and income statement of respective banks. Financial leverage and control variables namely firm size, non interest income, liquidity and capital adequacy ratio has been used as independent variables whereas return on assets, return on equity and net interest margin has been used as proxy for firm performance as dependent variable. Descriptive statistics and correlation analysis has been used as method of analysis along with different statistical tests of significance for validation of model such as t-test, F-test, detection of autocorrelation and multi-colinearity and stepwise linear regression analysis.
After the data analysis, the result was found that the financial leverage effect negatively to firm performance. The presence of control variables also showed no effect in direction of relationship whereas only magnitude of relationship between financial leverage and firm performance was observed to be changed. Thus, the study concludes that to increase performance, firms need to decrease financial leverage.
Recommendation discussed includes:
 To increase performance of firm, firm need to decrease financial leverage.
 Firm need to decrease size i.e., total assets to increase firm performance.
 Non-interest income and capital adequacy ratio need to be increased for the betterment of firm performance.
The report also investigates the fact that the analysis conducted has limitations. Some of the limitations include: sample firms are only taken from commercial banks sector and other non-financial firms has not been used in study, only 16 out of 31 commercial banks has been used as sample due to availability of data and the study has assumed the linear relationship between dependent and independent variables and non-linear assumption has not been used in analysis.Financial leverage and firm performance : a case of Nepalese commercial banks [printed text] / Manish Bhattarai, Author . - 2015 . - 102p. ; GRP/Thesis + 5/B.
Including bibilography
Languages : English
Descriptors: Business - Mathematical models
Capital market
Capital-Mathematical models
Leveraged buyouts
NepalKeywords: 'financial leverage capital adequacy ratio debt to assets ratio return on assets return on equity liquidity' Class number: 658.152 Abstract: Financial decisions are taken in different paradigms of investment, financing, asset management and dividend policy. Investment decision is mainly concerned with three areas either the manager has to take decision about opening a new venture, or decision may be specific to expansion of current business venture and it may be to replace current assets or machinery.Once the investment decision is done, another most important decision is to how to finance in the investment. Firms mainly finance either from internal or from external sources. Firms internally finance from retained earnings whereas external source for firms is to either borrow or to finance through equity. Thus, the mix of debt and equity in financing is known as financial leverage. In another word, financial leverage represents a firm’s financial framework which consists of the debt and equity used to finance the firm.
An unlevered firm is an all-equity firm, whereas a levered firm is made up of ownership equity and debt. Financial leverage takes the form of a loan or other borrowing (debt), the proceeds of which are (re)invested with the intent to earn a greater rate of return than the cost of interest. Financial leverage allows a greater potential returns to the investors than otherwise would have been available, but the potential loss is also greater: if the investment becomes worthless, the loan principal and all accrued interest on the loan still need to be repaid.
Financial leverage has always been one of themain topics among the studies of finance scholars.Its importance derives from the fact that capitalstructure is tightly related to firm’s performance tofulfill the needs of various stakeholders. The lastcentury has witnessed a continuous developing ofnew theories on the optimal debt to equity ratio. Thefirst milestone on the issue was set by Modiglianiand Miller (1958), whose model argued on the irrelevance of the capital structure in determining firms’ value and performance.This study attempts to shed some light on the financial leverage issues in Nepalese context. The main issue is to analyze impact of financial leverage on firm’s performance in context of Nepalese commercial banks.
The data collected for the study are quantitative and based on fact. The quantitative data were taken from different secondary sources.Data were obtained from financial statements of 16 sample commercial banks. The necessary financial statements have been collected from official website of concern commercial banks, Nepal Stock Exchange Limited (NEPSE), Security Board of Nepal (SEBON), and Nepal Rastra Bank (NRB). This study collected financial statements of sampled commercial banks for the period of eleven years. (i.e. July 2002/03 to July 2012/13).Data of variables were extracted from balance sheet, and income statement of respective banks. Financial leverage and control variables namely firm size, non interest income, liquidity and capital adequacy ratio has been used as independent variables whereas return on assets, return on equity and net interest margin has been used as proxy for firm performance as dependent variable. Descriptive statistics and correlation analysis has been used as method of analysis along with different statistical tests of significance for validation of model such as t-test, F-test, detection of autocorrelation and multi-colinearity and stepwise linear regression analysis.
After the data analysis, the result was found that the financial leverage effect negatively to firm performance. The presence of control variables also showed no effect in direction of relationship whereas only magnitude of relationship between financial leverage and firm performance was observed to be changed. Thus, the study concludes that to increase performance, firms need to decrease financial leverage.
Recommendation discussed includes:
 To increase performance of firm, firm need to decrease financial leverage.
 Firm need to decrease size i.e., total assets to increase firm performance.
 Non-interest income and capital adequacy ratio need to be increased for the betterment of firm performance.
The report also investigates the fact that the analysis conducted has limitations. Some of the limitations include: sample firms are only taken from commercial banks sector and other non-financial firms has not been used in study, only 16 out of 31 commercial banks has been used as sample due to availability of data and the study has assumed the linear relationship between dependent and independent variables and non-linear assumption has not been used in analysis.Hold
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Barcode Call number Media type Location Section Status 91/D 658.152 BHA Thesis/Dissertation Uniglobe Library Technology Available
Title : Impact of capital structure on financial performance of Nepalese insurance companies Material Type: printed text Authors: Manisha Mahato, Author Publication Date: 2018 Pagination: 100p. Size: GRP/Thesis Accompanying material: 11/B Languages : English Descriptors: Capital market Class number: 332.041 Abstract: Financial sector is the backbone of economy of a country. It works as a facilitator for achieving sustained economic growth through providing efficient monetary intermediation. A strong financial system promotes investment by financing productive business opportunities, mobilizing savings, efficiently allocating resources and makes easy the trade of goods and services. Several studies (McKinnon, 1973; Levine, 1997) have reported that the efficacy of a financial system to reduce information and transaction costs plays an important role in determining the rate of savings, investment decisions, technological innovations and hence the rate of economic growth.
Insurance companies provide unique financial services to the growth and development of every economy. Such specialized financial services range from the underwriting of risks inherent in economic entities and the mobilization of large amount of funds through premiums for long term investments. The risk absorption role of insurers promotes financial stability in the financial markets and provides a sense of peace to economic entities. The insurance companies’ ability to cover risk in the economy hinges on their capacity to create profit or value for their shareholders. A well developed and evolved insurance industry is a boon for economic development as it provides long- term funds for development (Agiobenebo and Ezirim, 2002).
This study examines the impact of capital structure on financial performance of Nepalese insurance companies. Return on assets and earnings per share are the dependent variables. The independent variables are total debt ratio, equity to total assets, leverage, firm size, liquidity ratio, assets tangibility and inflation. This study is based on secondary data of 14 Nepalese insurance companies 2007/08 to 2015/16, leading to a total of 126 observations. The data are collected from the annual report of selected insurance companies and annual report published by Rastriya Beema Samiti. The regression models are estimated to test the significance and impact of capital structure on financial performance of Nepalese insurance companies.
The results show that there is a positive relationship of total debt ratio, equity to total assets, leverage, assets tangibility and inflation with return on assets. It indicates that increase in total debt ratio, equity to total assets, leverage, assets tangibility and inflation leads to increase in return on assets. However, firm size and liquidity have negative relationship with return on assets which indicates that increase in firm size and liquidity leads to decrease in return on assets. Similarly, the study reveals that equity to total assets, leverage, firm size and liquidity have positive relationship with earnings per share. It indicates that increase in equity to total assets, leverage, firm size and liquidity leads to increase in earnings per share. However, total debt ratio, assets tangibility and inflation are negatively related to earnings per share. It indicates that increase in total debt ratio, assets tangibility and inflation leads to decrease in earnings per share. The regression results also show that the beta coefficients are positive for total debt ratio, equity to total assets, leverage, assets tangibility and inflation with return on assets of Nepalese insurance companies. However, the beta coefficients are negative for firm size and liquidity. Yet, the beta coefficient is significant only equity to total assets at 5 percent level.
Impact of capital structure on financial performance of Nepalese insurance companies [printed text] / Manisha Mahato, Author . - 2018 . - 100p. ; GRP/Thesis + 11/B.
Languages : English
Descriptors: Capital market Class number: 332.041 Abstract: Financial sector is the backbone of economy of a country. It works as a facilitator for achieving sustained economic growth through providing efficient monetary intermediation. A strong financial system promotes investment by financing productive business opportunities, mobilizing savings, efficiently allocating resources and makes easy the trade of goods and services. Several studies (McKinnon, 1973; Levine, 1997) have reported that the efficacy of a financial system to reduce information and transaction costs plays an important role in determining the rate of savings, investment decisions, technological innovations and hence the rate of economic growth.
Insurance companies provide unique financial services to the growth and development of every economy. Such specialized financial services range from the underwriting of risks inherent in economic entities and the mobilization of large amount of funds through premiums for long term investments. The risk absorption role of insurers promotes financial stability in the financial markets and provides a sense of peace to economic entities. The insurance companies’ ability to cover risk in the economy hinges on their capacity to create profit or value for their shareholders. A well developed and evolved insurance industry is a boon for economic development as it provides long- term funds for development (Agiobenebo and Ezirim, 2002).
This study examines the impact of capital structure on financial performance of Nepalese insurance companies. Return on assets and earnings per share are the dependent variables. The independent variables are total debt ratio, equity to total assets, leverage, firm size, liquidity ratio, assets tangibility and inflation. This study is based on secondary data of 14 Nepalese insurance companies 2007/08 to 2015/16, leading to a total of 126 observations. The data are collected from the annual report of selected insurance companies and annual report published by Rastriya Beema Samiti. The regression models are estimated to test the significance and impact of capital structure on financial performance of Nepalese insurance companies.
The results show that there is a positive relationship of total debt ratio, equity to total assets, leverage, assets tangibility and inflation with return on assets. It indicates that increase in total debt ratio, equity to total assets, leverage, assets tangibility and inflation leads to increase in return on assets. However, firm size and liquidity have negative relationship with return on assets which indicates that increase in firm size and liquidity leads to decrease in return on assets. Similarly, the study reveals that equity to total assets, leverage, firm size and liquidity have positive relationship with earnings per share. It indicates that increase in equity to total assets, leverage, firm size and liquidity leads to increase in earnings per share. However, total debt ratio, assets tangibility and inflation are negatively related to earnings per share. It indicates that increase in total debt ratio, assets tangibility and inflation leads to decrease in earnings per share. The regression results also show that the beta coefficients are positive for total debt ratio, equity to total assets, leverage, assets tangibility and inflation with return on assets of Nepalese insurance companies. However, the beta coefficients are negative for firm size and liquidity. Yet, the beta coefficient is significant only equity to total assets at 5 percent level.
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Barcode Call number Media type Location Section Status 461/D 332.041 MAH Thesis/Dissertation Uniglobe Library Social Sciences Available
