This document summarizes a study on the impact of rural savings and credit cooperatives (RUSACCOs) in Ofla Wereda, Tigray Region of Ethiopia. The study analyzed four RUSACCOs with a total of 168 members. Statistical analysis found significant positive correlations between RUSACCO participation and members' post-income, savings, loan size, and number of loans obtained. Regression analysis found savings and number of loans obtained were positively related to post-income, while education and years in the RUSACCO were negatively related, contrary to expectations. Non-members cited lack of information and high interest rates as barriers to joining RUSACCOs. Efforts are needed to
This report is designed to help social entrepreneurs benchmark their organisation against fellow social enterprises in Sweden. We hope the report can help social enterprises to better place their organisation (e.g. what makes it distinct; readily spot differences and similarities with their peers). The report will also be useful for support organisations and policy makers to obtain an overview of social enterprises in Sweden. If this report can be put to any other good uses, we would be most delighted. Of course a rich database like ours contains many more insights and policy implications, which will soon be published on www.seforis.eu.
This document introduces a new dataset on small and medium enterprises (SMEs) to fill gaps in cross-country SME data. The summary analyzes the dataset and finds:
1) Global SME lending is estimated to be $10 trillion, with 70% in high-income countries.
2) SME loans average 13% of GDP in developed countries and 3% in developing countries.
3) Differences in SME definitions across countries do not significantly impact cross-country comparisons of SME lending volumes.
Performance of women in small scale enterprises (ss es) marital status and fa...Alexander Decker
This document summarizes a study examining the relationship between family characteristics/responsibilities and performance of women-owned small businesses in Kenya. The study uses correlation and regression analysis of women business owners' marital status, family roles, spouse support, and gender roles to determine if these factors influence business performance. The results show these family factors have no significant relationship to business performance individually. Marital status also has no significant impact on business performance. The document provides context on women's role in the Kenyan economy and challenges they face in entrepreneurship.
This policy brief covers a discussion on finance for sustainable development held during a full day conference at the Stockholm School of Economics on May 11, 2015. The event was organized jointly by the Stockholm Institute of Transition Economics (SITE) and the Swedish Ministry for Foreign Affairs, and was the fifth installment of Development Day – a yearly development policy conference. With the Millennium Development Goals (MDGs) expiring in 2015, the members of the United Nations are now in the process of defining a post-2015 development agenda. The Sustainable Development Goals (SDGs) build on the eight anti-poverty targets in the MDG but also include a renewed emphasis on environmental and social sustainability. Whatever targets or goals will be agreed upon in the end, we know for certain that reaching the objectives will require substantial financial resources, far beyond the current levels of official development assistance (ODA). To discuss this issue, the conference brought together a distinguished and experienced group of policy-oriented scholars and practitioners from government agencies, international organizations, civil society and the business community.
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades. Using micro panel data to average
incomes over longer periods and re-rank individuals according to income excluding capital gains, we show that capital gains indeed are a reoccurring addition to rather than a transitory component in top incomes. Doing the same for lower income groups, however, makes virtually no difference. We also try to find the roots of the recent surge in capital gains-driven inequality in Sweden since the 1980s. While there are no evident changes in terms of who earns these gains (high wage earners vs. top capital income earners), the primary driver instead seems to be the drastic asset price increases on the post-1980 deregulated financial markets.
There is general agreement over the need to pay attention to the informal sector because of its importance to employment and poverty issues. There are also an increasing number of programmes aimed at supporting similar informal activities in highly diverse national contexts.
This consensus is backed through the adoption, at the highest level, of policy measures that are meeting with growing acceptance and, sometimes, the active support of social actors, in particular among entrepreneurial and trade union organizations. Such a stand is also based on evidence to the effect that policies to promote the informal sector are viable and profitable, even during economic downswings, and have international financial support. Nevertheless, to the extent that it fails to embrace a shared strategic vision, this is a limited consensus that hinders the eff ectiveness of policies implemented in this area.
While often adequate on an individual basis, they are insufficient and produce limited effects by failing to respond to a more comprehensive approach. The lack of a shared approach is related to the absence of a common definition of the informal sec-tor, which has grown increasingly complex since it was first described in a pioneering ILO report on Kenya in 1972.
Along with the heterogeneous nature of informal economic activities, different perceptions lead to different strategies. These are reviewed in the first section. Too great an emphasis on the regulatory perspective has identified informality with illegality and labour precariousness.
In spite of their ties to informality, however, the two categories are conceptually different. Th e second section is devoted to these subjects and, particularly, to the precariousness of the employment relationship. Lastly, the third section explores strategic options to regulate the informal sector, tracing the features of a different approach to formalizing informal activities, to facilitate their full integration in the modernization process.
For the purpose of this paper, the latter concept is defined as the most dynamic part of the economy operating under a common regulatory framework. Facts and concepts Interpretations and trends The notion of the informal sector was brought forward in a 1972 ILO report on Kenya (ILO, 1972), follow-ing a 1971 paper (Hart, 1973). They highlighted that the problem of employment in less-developed countries is not one of unemployment but rather of employed workers who do not earn enough money to make a living.
They are ‘working poor’. Th is conceptual interpretation was based on their opposition to formality and their lack of access to the market and productive resources. Th is was followed by several contributions (see Tokman, 1978).
Succession process among africa owned business europe 1John Johari
This document discusses family businesses and succession problems. It begins by establishing that family businesses make up a significant portion (70-80%) of businesses in Europe and employ 40-50% of the workforce. One of the major problems family businesses face is transferring ownership and management to the next generation, and only 30% of businesses survive to the second generation due to unsolved succession issues. The document then provides context on family businesses in the EU and former socialist countries like Slovenia, where they have emerged as an important part of the economy since the transition in the 1990s. It establishes that succession planning is a crucial issue for family businesses that requires supportive infrastructure and policies.
We use newly compiled top income share data and structural breaks techniques to estimate common trends and breaks in inequality across countries over the twentieth century. Our results both confirm earlier findings and offer new insights. In particular, the division into an Anglo-Saxon and a Continental European experience is not as clear cut as previously suggested. Some Continental European countries seem to have experienced increases in top income shares, just as Anglo-Saxon countries, but typically with a lag. Most notably, Nordic countries display a marked “Anglo-Saxon” pattern, with sharply increased top income shares especially when including realized capital gains. Our results help inform theories about the causes of the recent rise in inequality.
This report is designed to help social entrepreneurs benchmark their organisation against fellow social enterprises in Sweden. We hope the report can help social enterprises to better place their organisation (e.g. what makes it distinct; readily spot differences and similarities with their peers). The report will also be useful for support organisations and policy makers to obtain an overview of social enterprises in Sweden. If this report can be put to any other good uses, we would be most delighted. Of course a rich database like ours contains many more insights and policy implications, which will soon be published on www.seforis.eu.
This document introduces a new dataset on small and medium enterprises (SMEs) to fill gaps in cross-country SME data. The summary analyzes the dataset and finds:
1) Global SME lending is estimated to be $10 trillion, with 70% in high-income countries.
2) SME loans average 13% of GDP in developed countries and 3% in developing countries.
3) Differences in SME definitions across countries do not significantly impact cross-country comparisons of SME lending volumes.
Performance of women in small scale enterprises (ss es) marital status and fa...Alexander Decker
This document summarizes a study examining the relationship between family characteristics/responsibilities and performance of women-owned small businesses in Kenya. The study uses correlation and regression analysis of women business owners' marital status, family roles, spouse support, and gender roles to determine if these factors influence business performance. The results show these family factors have no significant relationship to business performance individually. Marital status also has no significant impact on business performance. The document provides context on women's role in the Kenyan economy and challenges they face in entrepreneurship.
This policy brief covers a discussion on finance for sustainable development held during a full day conference at the Stockholm School of Economics on May 11, 2015. The event was organized jointly by the Stockholm Institute of Transition Economics (SITE) and the Swedish Ministry for Foreign Affairs, and was the fifth installment of Development Day – a yearly development policy conference. With the Millennium Development Goals (MDGs) expiring in 2015, the members of the United Nations are now in the process of defining a post-2015 development agenda. The Sustainable Development Goals (SDGs) build on the eight anti-poverty targets in the MDG but also include a renewed emphasis on environmental and social sustainability. Whatever targets or goals will be agreed upon in the end, we know for certain that reaching the objectives will require substantial financial resources, far beyond the current levels of official development assistance (ODA). To discuss this issue, the conference brought together a distinguished and experienced group of policy-oriented scholars and practitioners from government agencies, international organizations, civil society and the business community.
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades. Using micro panel data to average
incomes over longer periods and re-rank individuals according to income excluding capital gains, we show that capital gains indeed are a reoccurring addition to rather than a transitory component in top incomes. Doing the same for lower income groups, however, makes virtually no difference. We also try to find the roots of the recent surge in capital gains-driven inequality in Sweden since the 1980s. While there are no evident changes in terms of who earns these gains (high wage earners vs. top capital income earners), the primary driver instead seems to be the drastic asset price increases on the post-1980 deregulated financial markets.
There is general agreement over the need to pay attention to the informal sector because of its importance to employment and poverty issues. There are also an increasing number of programmes aimed at supporting similar informal activities in highly diverse national contexts.
This consensus is backed through the adoption, at the highest level, of policy measures that are meeting with growing acceptance and, sometimes, the active support of social actors, in particular among entrepreneurial and trade union organizations. Such a stand is also based on evidence to the effect that policies to promote the informal sector are viable and profitable, even during economic downswings, and have international financial support. Nevertheless, to the extent that it fails to embrace a shared strategic vision, this is a limited consensus that hinders the eff ectiveness of policies implemented in this area.
While often adequate on an individual basis, they are insufficient and produce limited effects by failing to respond to a more comprehensive approach. The lack of a shared approach is related to the absence of a common definition of the informal sec-tor, which has grown increasingly complex since it was first described in a pioneering ILO report on Kenya in 1972.
Along with the heterogeneous nature of informal economic activities, different perceptions lead to different strategies. These are reviewed in the first section. Too great an emphasis on the regulatory perspective has identified informality with illegality and labour precariousness.
In spite of their ties to informality, however, the two categories are conceptually different. Th e second section is devoted to these subjects and, particularly, to the precariousness of the employment relationship. Lastly, the third section explores strategic options to regulate the informal sector, tracing the features of a different approach to formalizing informal activities, to facilitate their full integration in the modernization process.
For the purpose of this paper, the latter concept is defined as the most dynamic part of the economy operating under a common regulatory framework. Facts and concepts Interpretations and trends The notion of the informal sector was brought forward in a 1972 ILO report on Kenya (ILO, 1972), follow-ing a 1971 paper (Hart, 1973). They highlighted that the problem of employment in less-developed countries is not one of unemployment but rather of employed workers who do not earn enough money to make a living.
They are ‘working poor’. Th is conceptual interpretation was based on their opposition to formality and their lack of access to the market and productive resources. Th is was followed by several contributions (see Tokman, 1978).
Succession process among africa owned business europe 1John Johari
This document discusses family businesses and succession problems. It begins by establishing that family businesses make up a significant portion (70-80%) of businesses in Europe and employ 40-50% of the workforce. One of the major problems family businesses face is transferring ownership and management to the next generation, and only 30% of businesses survive to the second generation due to unsolved succession issues. The document then provides context on family businesses in the EU and former socialist countries like Slovenia, where they have emerged as an important part of the economy since the transition in the 1990s. It establishes that succession planning is a crucial issue for family businesses that requires supportive infrastructure and policies.
We use newly compiled top income share data and structural breaks techniques to estimate common trends and breaks in inequality across countries over the twentieth century. Our results both confirm earlier findings and offer new insights. In particular, the division into an Anglo-Saxon and a Continental European experience is not as clear cut as previously suggested. Some Continental European countries seem to have experienced increases in top income shares, just as Anglo-Saxon countries, but typically with a lag. Most notably, Nordic countries display a marked “Anglo-Saxon” pattern, with sharply increased top income shares especially when including realized capital gains. Our results help inform theories about the causes of the recent rise in inequality.
Regulation of Entry and Innovative Entrepreneurship - Matteo ConsonniMatteo Consonni
This document analyzes how entry regulation policies in European countries influenced the number of start-ups supported by EU Cohesion Policy funds between 2007-2013. It hypothesizes that countries with lower entry regulation, like the UK, supported more start-ups than highly regulated countries like Italy. Both quantitative and qualitative analyses were conducted. The quantitative analysis found moderate to weak negative correlations between entry regulation indicators and start-ups supported, supporting the hypothesis. The qualitative analysis interviewed entrepreneurs in Italy and the UK, finding that entry regulation discouraged starting businesses in Italy but not the UK. Overall, the study concludes that entry regulation can hamper entrepreneurship, and less regulation may better support innovation and economic growth.
Although there exists a vast literature on aid efficiency (the effect of aid on GDP), and that aid allocation determinants have been estimated, little is known about the minute details of aid allocation. This article investigates empirically a claim repeatedly made in the past that aid donors herd. Building upon a methodology applied to financial markets, this article finds that aid donors herd similarly to portfolio funds on financial markets. It also estimates the causes of herding and finds that political transitions towards more autocratic regimes repel donors, but that transitions towards democracy have no effect. Finally, identified causes of herding explain little of its overall level, suggesting strategic motives play an important role.
This paper presents new evidence on intergenerational mobility in the top of the income and earnings distribution. Using a large dataset of matched father-son pairs in Sweden, we find that intergenerational transmission is very strong in the top, more so for income than for earnings. In the extreme top (top 0.1 percent) income transmission is remarkable with an IG elasticity above 0.9. We also study potential transmission mechanisms and find that sons’ IQ, non-cognitive skills and education are all unlikely channels in explaining this strong transmission. Within the top percentile, increases in fathers’ income are, if anything, negatively associated with these variables. Wealth, on the other hand, has a significantly positive association. Our results suggest that Sweden, known for having relatively high intergenerational mobility in general, is a society where transmission remains strong in the very top of the distribution and that wealth is the most likely channel.
Corporate entrepreneurship and business performance the moderating role of o...Ying wei (Joe) Chou
This document summarizes a research paper that investigated the relationships between corporate entrepreneurship, organizational culture, and business performance in selected banks in Pakistan. The study found that corporate entrepreneurship was positively related to business performance, and that organizational culture was positively related to business performance. Additionally, the study found support for the hypothesis that organizational culture moderates the relationship between corporate entrepreneurship and business performance, such that the relationship is stronger when organizational culture is considered. The study used a survey to collect data from managers in major Pakistani banks and analyzed the results using structural equation modeling.
Assessing Countries’ Financial Inclusion Standing: A New Composite IndexDr Lendy Spires
This document discusses the construction of a new composite index to measure countries' level of financial inclusion. It uses factor analysis on data from the IMF's Financial Access Survey to identify two dimensions of financial inclusion - outreach of financial services and use of financial services. Variables related to the number of ATMs, bank branches, depositors and borrowers in each country are analyzed. The index is then calculated by aggregating these two dimensional sub-indices using a non-linear formula. Countries are ranked based on their score on the composite index, providing a new analytical tool to assess financial inclusion.
Do Women Earn Less Even as Social EntrepreneursSEFORÏS
Based upon unique survey data collected using respondent driven sampling methods, we
investigate whether there is a gender pay gap among social entrepreneurs in the UK. We find
that women as social entrepreneurs earn 29% less than their male colleagues, above the
average UK gender pay gap of 19%. We estimate the adjusted pay gap to be about 23%
after controlling for a range of demographic, human capital and job characteristics, as well as
personal preferences and values. These differences are hard to explain by discrimination
since these CEOs set their own pay. Income may not be the only aim in an entrepreneurial
career, so we also look at job satisfaction to proxy for non-monetary returns. We find female
social entrepreneurs to be more satisfied with their job as a CEO of a social enterprise than
their male counterparts. This result holds even when we control for the salary generated
through the social enterprise. Our results extend research in labour economics on the gender
pay gap as well as entrepreneurship research on women’s entrepreneurship to the novel
context of social enterprise. It provides the first evidence for a “contented female social
entrepreneur” paradox.
We use a novel approach to address the question of whether a union of sovereign countries can efficiently raise and allocate a budget, even when members are purely self-interested and participation is voluntary. The main innovation of our model is to explore the link between budget contributions and allocation that arises when countries bargain over union outcomes. This link stems from the distribution of bargaining power being endogenously determined. Generically, it follows that unstructured bargaining gives an inefficient result. We find, however, that efficiency is achieved with fully homogenous countries, and when countries have similar incomes and the union budget is small. Moreover, some redistribution arises endogenously, even though nations are purely self-interested and not forced to participate in the union. A larger union budget, however, entails a trade-off between equality and efficiency. We also analyze alternative institutions and find that majority rule can improve efficiency if nations who prefer projects with high public good spillovers are endogenously selected to the majority coalition. Exogenous tax rules, such as the linear tax rule in the EU, which is designed to increase efficiency on the contribution margin, can also improve overall efficiency despite decreasing the efficiency of the allocation of funds.
This document analyzes sources of funds and investment activities of venture capital funds in Germany, Israel, Japan, and the UK using a newly constructed dataset of around 500 venture capital firms. The summary examines:
1) Sources of venture capital funds differ significantly between countries, with banks most important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK.
2) Investment patterns also vary, with differences in the stage, sector, and location of financed companies between countries.
3) The analysis finds relationships between sources of funding and investment patterns, for example bank-backed venture capital firms invest later than individually or corporately-backed funds. It examines how financial systems relate to these activities
The document summarizes three studies that examined nonprofit wage data and found contradictory results about whether nonprofit workers earn more or less than workers in other sectors. The studies used different data sources, analyzed data at different time periods, and had different focuses. Specifically:
1) One study from 1994-1998 found nonprofit workers earned more, using individual-level data.
2) A second study from 2002-2004 also found higher nonprofit wages, analyzing data at the organizational level.
3) A third study from 2007 found nonprofit workers earned less, looking at wages by occupation using more recent data.
The document explores possible reasons for the contradictory findings, such as the different units and timeframes of analysis across the
Passion driven entrepreneurship in small and medium-sized towns - empirical e...Ying wei (Joe) Chou
This document summarizes a research paper that examines passion-driven entrepreneurship in small and medium-sized towns (SMSTs) in Italy. It explores how entrepreneurial passion (EP) and domain passion (DP) help transform ideas into real entrepreneurial ventures in resource-scarce SMST contexts. The paper analyzes two case studies of passion-driven entrepreneurial ventures (PDEVs) through their development process. It finds that shared passion fosters local involvement and helps overcome hurdles. The paper contributes to literature on entrepreneurship in peripheral contexts and highlights the role of passion and local networks.
Inna Shkolnyk, Viktoriia Koilo
http://dx.doi.org/10.21511/imfi.15(1).2018.32
The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies
The article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on the estimation of the parameters. Thus, there was made an assumption that emerging economies have a non-linear impact on macroeconomic parameters, including external debt that has a non-linear type of influence on economic growth. The authors established that high level of external debt, in conjunction with macroeconomic instability, impedes economic growth in such countries. The regression model also showed that there is a critical level of debt burden for emerging economies, where the marginal impact of external debt on economic growth becomes negative.
The results of the study highlighted the significance of the problem of effective public debt management strategy implementation in Ukraine. This issue is predetermined by the appropriate organizational support. The study recommends improving a public external debt management model. In this paper, the authors proposed a new structure with the participation of new element – independent agencies. The unified external debt management system should integrate all state institutions and executive power structures in this area.
Globalization and collective bargaining in nigeriaAlexander Decker
Globalization has affected collective bargaining in Nigeria. While globalization theoretically could promote collective bargaining rights, in practice it has hindered them in Nigeria. Multinational corporations have not supported unionization and collective bargaining. Globalization has also weakened unions through policies promoting privatization and deregulation that are implemented to attract foreign investment. However, collective bargaining is important for protecting workers' rights and achieving stable labor relations, so movements to strengthen these rights in Nigeria should continue.
Universal basis of bank failure – the nigeria caseAlexander Decker
This document summarizes a study on the causes of bank failures in Nigeria. It begins with an abstract that outlines how bank failures can have widespread negative economic impacts. It then reviews the literature on theoretical causes of bank failures, which include deteriorating economic conditions, poor regulation of banking activities, government deposit insurance schemes, and regulations that place ceilings on deposit interest rates. The document examines how each of these factors can create incentives for risky bank behavior and reduce monitoring of banks, thereby contributing to failures. It provides examples of bank failure costs from several African countries to illustrate the economic impacts.
Remittance levels and entrepreneurial activity in post soviet countriesAzer Dilanchiev
ABSTRACT Each individual entrepreneurial action has a more than proportional impact on economic growth, however less
works are dedicated to investigate the impact of the remittance on entrepreneurial activity. This paper examines the impact of
remittance level on entrepreneurial activity in 14 post-soviet countries over the period of 2006-2016. Panel data is employed
to analyze the impact of remittance on entrepreneurial activity. Study found statistically significant impact of remittance on
entrepreneurial activity for the post-Soviet countries in the sample.
Management of savings and credit cooperatives from the perspective of outreac...Alexander Decker
This document summarizes a research study on the management of Savings and Credit Cooperatives (SACCOs) in Southern Tigrai, Ethiopia from the perspectives of outreach and sustainability. The study analyzed data from SACCO members and documentation to examine relationships between growth measures like membership, loan portfolio size, and financial performance indicators. It found a positive correlation between asset utilization and financial performance, as well as between operational efficiency and asset size. However, operational efficiency was negatively correlated with financial performance. Factors like lack of awareness, weak governance, policy issues, and competition negatively impacted outreach and sustainability. The study concluded rural SACCOs can effectively link urban liquidity to rural credit needs if well-managed for
11.management of savings and credit cooperatives from the perspective of outr...Alexander Decker
This document summarizes a research study on the management of savings and credit cooperatives (SACCOs) in Southern Tigrai, Ethiopia from 2007 to 2010. The study assessed the growth and performance of 10 SACCOs in terms of outreach to members and financial sustainability. Key findings include:
1) Membership in the SACCOs increased over the study period, with an average growth rate of 25.08% from 2007 to 2010. Total membership across the 10 SACCOs rose from 860 in 2007 to 1,037 in 2010.
2) Total deposits and credits disbursed by the SACCOs also increased substantially over the study period, with average annual
11.management of savings and credit cooperatives from the perspective of outr...Alexander Decker
This document summarizes a research study on the management of savings and credit cooperatives (SACCOs) in Southern Tigrai, Ethiopia from 2007 to 2010. The study assessed the growth and performance of 10 SACCOs in terms of outreach to members and financial sustainability. Key findings include:
1) Membership in the SACCOs increased over the study period, with an average growth rate of 25.08% from 2007 to 2010, indicating growing outreach.
2) Total deposits and credits disbursed by the SACCOs also increased substantially over the study period, with growth rates ranging from 41.43% to 185.80% for deposits and 48.58
This study examines the financial performance of microfinance institutions (MFIs) in Ethiopia from 2008-2016. Thirteen MFIs were selected from the total population of 31 operating in Ethiopia. Financial performance was measured using return on assets as the dependent variable. Independent variables included capital asset ratio, operational efficiency, portfolio quality, size, age and macroeconomic factors like GDP. Secondary data was obtained from reports and primary data collected through manager surveys. Multiple regression analysis was used to determine the effect of internal and external factors on financial performance. The study found operational efficiency, GDP and size of MFIs significantly affected financial performance, while age had a positive but insignificant effect. The results suggest MFIs focus on credit risk
Regulation of Entry and Innovative Entrepreneurship - Matteo ConsonniMatteo Consonni
This document analyzes how entry regulation policies in European countries influenced the number of start-ups supported by EU Cohesion Policy funds between 2007-2013. It hypothesizes that countries with lower entry regulation, like the UK, supported more start-ups than highly regulated countries like Italy. Both quantitative and qualitative analyses were conducted. The quantitative analysis found moderate to weak negative correlations between entry regulation indicators and start-ups supported, supporting the hypothesis. The qualitative analysis interviewed entrepreneurs in Italy and the UK, finding that entry regulation discouraged starting businesses in Italy but not the UK. Overall, the study concludes that entry regulation can hamper entrepreneurship, and less regulation may better support innovation and economic growth.
Although there exists a vast literature on aid efficiency (the effect of aid on GDP), and that aid allocation determinants have been estimated, little is known about the minute details of aid allocation. This article investigates empirically a claim repeatedly made in the past that aid donors herd. Building upon a methodology applied to financial markets, this article finds that aid donors herd similarly to portfolio funds on financial markets. It also estimates the causes of herding and finds that political transitions towards more autocratic regimes repel donors, but that transitions towards democracy have no effect. Finally, identified causes of herding explain little of its overall level, suggesting strategic motives play an important role.
This paper presents new evidence on intergenerational mobility in the top of the income and earnings distribution. Using a large dataset of matched father-son pairs in Sweden, we find that intergenerational transmission is very strong in the top, more so for income than for earnings. In the extreme top (top 0.1 percent) income transmission is remarkable with an IG elasticity above 0.9. We also study potential transmission mechanisms and find that sons’ IQ, non-cognitive skills and education are all unlikely channels in explaining this strong transmission. Within the top percentile, increases in fathers’ income are, if anything, negatively associated with these variables. Wealth, on the other hand, has a significantly positive association. Our results suggest that Sweden, known for having relatively high intergenerational mobility in general, is a society where transmission remains strong in the very top of the distribution and that wealth is the most likely channel.
Corporate entrepreneurship and business performance the moderating role of o...Ying wei (Joe) Chou
This document summarizes a research paper that investigated the relationships between corporate entrepreneurship, organizational culture, and business performance in selected banks in Pakistan. The study found that corporate entrepreneurship was positively related to business performance, and that organizational culture was positively related to business performance. Additionally, the study found support for the hypothesis that organizational culture moderates the relationship between corporate entrepreneurship and business performance, such that the relationship is stronger when organizational culture is considered. The study used a survey to collect data from managers in major Pakistani banks and analyzed the results using structural equation modeling.
Assessing Countries’ Financial Inclusion Standing: A New Composite IndexDr Lendy Spires
This document discusses the construction of a new composite index to measure countries' level of financial inclusion. It uses factor analysis on data from the IMF's Financial Access Survey to identify two dimensions of financial inclusion - outreach of financial services and use of financial services. Variables related to the number of ATMs, bank branches, depositors and borrowers in each country are analyzed. The index is then calculated by aggregating these two dimensional sub-indices using a non-linear formula. Countries are ranked based on their score on the composite index, providing a new analytical tool to assess financial inclusion.
Do Women Earn Less Even as Social EntrepreneursSEFORÏS
Based upon unique survey data collected using respondent driven sampling methods, we
investigate whether there is a gender pay gap among social entrepreneurs in the UK. We find
that women as social entrepreneurs earn 29% less than their male colleagues, above the
average UK gender pay gap of 19%. We estimate the adjusted pay gap to be about 23%
after controlling for a range of demographic, human capital and job characteristics, as well as
personal preferences and values. These differences are hard to explain by discrimination
since these CEOs set their own pay. Income may not be the only aim in an entrepreneurial
career, so we also look at job satisfaction to proxy for non-monetary returns. We find female
social entrepreneurs to be more satisfied with their job as a CEO of a social enterprise than
their male counterparts. This result holds even when we control for the salary generated
through the social enterprise. Our results extend research in labour economics on the gender
pay gap as well as entrepreneurship research on women’s entrepreneurship to the novel
context of social enterprise. It provides the first evidence for a “contented female social
entrepreneur” paradox.
We use a novel approach to address the question of whether a union of sovereign countries can efficiently raise and allocate a budget, even when members are purely self-interested and participation is voluntary. The main innovation of our model is to explore the link between budget contributions and allocation that arises when countries bargain over union outcomes. This link stems from the distribution of bargaining power being endogenously determined. Generically, it follows that unstructured bargaining gives an inefficient result. We find, however, that efficiency is achieved with fully homogenous countries, and when countries have similar incomes and the union budget is small. Moreover, some redistribution arises endogenously, even though nations are purely self-interested and not forced to participate in the union. A larger union budget, however, entails a trade-off between equality and efficiency. We also analyze alternative institutions and find that majority rule can improve efficiency if nations who prefer projects with high public good spillovers are endogenously selected to the majority coalition. Exogenous tax rules, such as the linear tax rule in the EU, which is designed to increase efficiency on the contribution margin, can also improve overall efficiency despite decreasing the efficiency of the allocation of funds.
This document analyzes sources of funds and investment activities of venture capital funds in Germany, Israel, Japan, and the UK using a newly constructed dataset of around 500 venture capital firms. The summary examines:
1) Sources of venture capital funds differ significantly between countries, with banks most important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK.
2) Investment patterns also vary, with differences in the stage, sector, and location of financed companies between countries.
3) The analysis finds relationships between sources of funding and investment patterns, for example bank-backed venture capital firms invest later than individually or corporately-backed funds. It examines how financial systems relate to these activities
The document summarizes three studies that examined nonprofit wage data and found contradictory results about whether nonprofit workers earn more or less than workers in other sectors. The studies used different data sources, analyzed data at different time periods, and had different focuses. Specifically:
1) One study from 1994-1998 found nonprofit workers earned more, using individual-level data.
2) A second study from 2002-2004 also found higher nonprofit wages, analyzing data at the organizational level.
3) A third study from 2007 found nonprofit workers earned less, looking at wages by occupation using more recent data.
The document explores possible reasons for the contradictory findings, such as the different units and timeframes of analysis across the
Passion driven entrepreneurship in small and medium-sized towns - empirical e...Ying wei (Joe) Chou
This document summarizes a research paper that examines passion-driven entrepreneurship in small and medium-sized towns (SMSTs) in Italy. It explores how entrepreneurial passion (EP) and domain passion (DP) help transform ideas into real entrepreneurial ventures in resource-scarce SMST contexts. The paper analyzes two case studies of passion-driven entrepreneurial ventures (PDEVs) through their development process. It finds that shared passion fosters local involvement and helps overcome hurdles. The paper contributes to literature on entrepreneurship in peripheral contexts and highlights the role of passion and local networks.
Inna Shkolnyk, Viktoriia Koilo
http://dx.doi.org/10.21511/imfi.15(1).2018.32
The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies
The article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on the estimation of the parameters. Thus, there was made an assumption that emerging economies have a non-linear impact on macroeconomic parameters, including external debt that has a non-linear type of influence on economic growth. The authors established that high level of external debt, in conjunction with macroeconomic instability, impedes economic growth in such countries. The regression model also showed that there is a critical level of debt burden for emerging economies, where the marginal impact of external debt on economic growth becomes negative.
The results of the study highlighted the significance of the problem of effective public debt management strategy implementation in Ukraine. This issue is predetermined by the appropriate organizational support. The study recommends improving a public external debt management model. In this paper, the authors proposed a new structure with the participation of new element – independent agencies. The unified external debt management system should integrate all state institutions and executive power structures in this area.
Globalization and collective bargaining in nigeriaAlexander Decker
Globalization has affected collective bargaining in Nigeria. While globalization theoretically could promote collective bargaining rights, in practice it has hindered them in Nigeria. Multinational corporations have not supported unionization and collective bargaining. Globalization has also weakened unions through policies promoting privatization and deregulation that are implemented to attract foreign investment. However, collective bargaining is important for protecting workers' rights and achieving stable labor relations, so movements to strengthen these rights in Nigeria should continue.
Universal basis of bank failure – the nigeria caseAlexander Decker
This document summarizes a study on the causes of bank failures in Nigeria. It begins with an abstract that outlines how bank failures can have widespread negative economic impacts. It then reviews the literature on theoretical causes of bank failures, which include deteriorating economic conditions, poor regulation of banking activities, government deposit insurance schemes, and regulations that place ceilings on deposit interest rates. The document examines how each of these factors can create incentives for risky bank behavior and reduce monitoring of banks, thereby contributing to failures. It provides examples of bank failure costs from several African countries to illustrate the economic impacts.
Remittance levels and entrepreneurial activity in post soviet countriesAzer Dilanchiev
ABSTRACT Each individual entrepreneurial action has a more than proportional impact on economic growth, however less
works are dedicated to investigate the impact of the remittance on entrepreneurial activity. This paper examines the impact of
remittance level on entrepreneurial activity in 14 post-soviet countries over the period of 2006-2016. Panel data is employed
to analyze the impact of remittance on entrepreneurial activity. Study found statistically significant impact of remittance on
entrepreneurial activity for the post-Soviet countries in the sample.
Management of savings and credit cooperatives from the perspective of outreac...Alexander Decker
This document summarizes a research study on the management of Savings and Credit Cooperatives (SACCOs) in Southern Tigrai, Ethiopia from the perspectives of outreach and sustainability. The study analyzed data from SACCO members and documentation to examine relationships between growth measures like membership, loan portfolio size, and financial performance indicators. It found a positive correlation between asset utilization and financial performance, as well as between operational efficiency and asset size. However, operational efficiency was negatively correlated with financial performance. Factors like lack of awareness, weak governance, policy issues, and competition negatively impacted outreach and sustainability. The study concluded rural SACCOs can effectively link urban liquidity to rural credit needs if well-managed for
11.management of savings and credit cooperatives from the perspective of outr...Alexander Decker
This document summarizes a research study on the management of savings and credit cooperatives (SACCOs) in Southern Tigrai, Ethiopia from 2007 to 2010. The study assessed the growth and performance of 10 SACCOs in terms of outreach to members and financial sustainability. Key findings include:
1) Membership in the SACCOs increased over the study period, with an average growth rate of 25.08% from 2007 to 2010. Total membership across the 10 SACCOs rose from 860 in 2007 to 1,037 in 2010.
2) Total deposits and credits disbursed by the SACCOs also increased substantially over the study period, with average annual
11.management of savings and credit cooperatives from the perspective of outr...Alexander Decker
This document summarizes a research study on the management of savings and credit cooperatives (SACCOs) in Southern Tigrai, Ethiopia from 2007 to 2010. The study assessed the growth and performance of 10 SACCOs in terms of outreach to members and financial sustainability. Key findings include:
1) Membership in the SACCOs increased over the study period, with an average growth rate of 25.08% from 2007 to 2010, indicating growing outreach.
2) Total deposits and credits disbursed by the SACCOs also increased substantially over the study period, with growth rates ranging from 41.43% to 185.80% for deposits and 48.58
This study examines the financial performance of microfinance institutions (MFIs) in Ethiopia from 2008-2016. Thirteen MFIs were selected from the total population of 31 operating in Ethiopia. Financial performance was measured using return on assets as the dependent variable. Independent variables included capital asset ratio, operational efficiency, portfolio quality, size, age and macroeconomic factors like GDP. Secondary data was obtained from reports and primary data collected through manager surveys. Multiple regression analysis was used to determine the effect of internal and external factors on financial performance. The study found operational efficiency, GDP and size of MFIs significantly affected financial performance, while age had a positive but insignificant effect. The results suggest MFIs focus on credit risk
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Sustainability of Microfinance: A Case of Tea SACCOs in Kericho, Buret and Bo...World-Academic Journal
Tea SACCOs are tea based rural SACCOs formed by tea growers, whose functions are to keep member’s savings in form of shares, savings accounts and deposit accounts among others. Little is known about the factors influencing financial sustainability of Tea SACCOs. The study covered all six Tea SACCOs in Kericho, Bomet and Buret districts in the Rift valley province of Kenya. Analysis involved evaluating growth in net worth, administrative efficiency, loan portfolio quality, staff productivity and transaction costs. The study found that the growth of net assets had been on the decline over the years, loan portfolio was poor and default rates were high. According to the indicators evaluated, Tea SACCOs had not yet reached their full potential in outreach and that high transaction costs hindered their financial sustainability.
This document summarizes a new dataset on small and medium enterprise (SME) lending across countries. It finds that many regulators collect SME financing data, though definitions vary. The estimated global SME lending volume is $10 trillion, with 70% in high-income countries. SME loans average 13% of GDP in developed countries and 3% in developing countries. While definitions differ, these differences do not significantly impact reported SME lending volumes.
Abstract:Savings are necessary if investment, and hence economic growth and development are to be stimulated. The paper looks at the broad set of possible determinants of private savings in Lesotho using annual time series data for the period 1980-2010. The paper estimates the saving rate function and Error-Correction modelling is used to avoid spurious results. The results indicate that public savings are important in explaining changes in private savings, both in the short-run and long-run and that the terms of trade negatively influence private savings in Lesotho in the long-run.
Sustainability of Microfinance: A Case of Tea SACCOs in Kericho, Buret and Bo...World-Academic Journal
Tea SACCOs are tea based rural SACCOs formed by tea growers, whose functions are to keep member’s savings in form of shares, savings accounts and deposit accounts among others. Little is known about the factors influencing financial sustainability of Tea SACCOs. The study covered all six Tea SACCOs in Kericho, Bomet and Buret districts in the Rift valley province of Kenya. Analysis involved evaluating growth in net worth, administrative efficiency, loan portfolio quality, staff productivity and transaction costs. The study found that the growth of net assets had been on the decline over the years, loan portfolio was poor and default rates were high. According to the indicators evaluated, Tea SACCOs had not yet reached their full potential in outreach and that high transaction costs hindered their financial sustainability.
An empirical assessment of the effect of corporate restructuring in the banki...Alexander Decker
This document summarizes a study that empirically assessed the effect of corporate restructuring in Nigeria's banking industry on economic growth from 1990-2009. The study found that foreign direct investment, aggregate capital to the private sector, pre-tax profits for all banks, and number of bank employees significantly influenced economic growth in Nigeria. It recommends that the Central Bank of Nigeria encourage banks to invest profits in the real economy to boost productive capacity and growth. The introduction provides background on banking industry restructuring through mergers and acquisitions in Nigeria and their theoretical drivers of economic growth.
— The study evaluates the efficiency of cooperative societies in credit delivery to agricultural enterprises in Yakurr Local Government Area, Cross River State. The specific objectives were to; describe the socioeconomic profile of cooperatives societies, identify the sources of finance that are available and utilize for credit by cooperative societies, analyze the efficiency of cooperatives using the arrival rate of loan request and the service rate and identify the challenges militating against cooperatives as a means of providing credit facilities to farmers in the study area. random sampling method was used to select 30 Cooperative Societies in the Local Government Area. Data were obtained using well structured questionnaire and were analyzed using descriptive statistics and queue theory. Results from the study showed that most of the cooperatives were formed in 2011 with 16-20 members at inception, which stood currently at 21-40 members. The benefits derived from the society ranges from, provision of input for production, accessibility of loan and marketing of products. The large proportion of the amount disbursed to member's ranges from 11000-31000naira. The result revealed that the sources of finance available to members was mainly from members contributions .The result further showed that cooperatives were not effective and efficient in queue management because the average idle time (-0.26) and the average traffic intensity was more than one (1.26). Also, findings showed that insufficient funds for disbursement(3.33), lack of qualified personnel (3.23), insincerity of members in credit management (3.16) and changes in government credit policies (3.16) were serious challenges that affected efficient delivery of credit by cooperative societies to agricultural enterprises in the study area, The study therefore recommended capacity building for cooperative members to enable them adequately source for funds and efficiently manage loan disbursement and repayment by members. Also, relevant government and nongovernmental financial institutions should be encouraged to channel credit facilities through cooperatives in other to build their financial base and make credit more accessible to agricultural enterprises.
11.corporate social responsibility and financial performance in developing ec...Alexander Decker
This document summarizes a study examining the relationship between corporate social responsibility (CSR) activities and financial performance of listed companies in Nigeria. The study uses financial data from 40 Nigerian companies to analyze the impact of CSR on two measures of financial performance: return on equity and return on assets. The results show CSR has a positive and significant relationship with both financial performance measures. This finding adds to other research supporting the view that CSR can positively impact corporate financial results. The document provides context on the development of CSR in Nigeria and reviews different perspectives in the existing literature regarding the relationship between CSR and financial performance.
HLEG thematic workshop on Measurement of Well Being and Development in Africa...StatsCommunications
HLEG thematic workshop on Measurement of Well Being and Development in Africa, 12-14 November 2015, Durban, South Africa, More information at: www.oecd.org/statistics/measuring-economic-social-progress
11.the impact of cooperative financing on millenniumAlexander Decker
The document summarizes a research paper that examines the impact of cooperative financing on poverty reduction in Nigeria and its significance to achieving Millennium Development Goals. It finds that cooperative financing through microcredit assistance has a causal relationship with poverty alleviation. The study uses data from cooperative stakeholders in Nigeria and statistical analysis to determine the relationship between cooperative financing methods and poverty reduction. It recommends that government policy should integrate cooperatives' microcredit power into its microfinancing strategy to more effectively combat poverty.
The impact of cooperative financing on millenniumAlexander Decker
The document summarizes a research paper that examines the impact of cooperative financing on poverty reduction in Nigeria and progress towards the Millennium Development Goals. It finds that cooperative financing through microcredit has helped alleviate poverty for many. The study analyzes data collected from cooperative organizations and their stakeholders in Nigeria. Regression and other statistical analyses show a causal relationship between cooperative credit assistance and poverty reduction. The paper concludes that Nigerian government policy should better integrate cooperatives into its microfinancing strategies to acknowledge their power in providing credit to the poor.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
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The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Bridging the gap: Online job postings, survey data and the assessment of job ...
11.the impact of savings and credit cooperatives in ofla wereda tigray region of ethiopia
1. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol 4, No.3, 2012
The Impact of Savings and Credit Cooperatives in Ofla
Wereda Tigray Region of Ethiopia
Kifle Tesfamariam Sebhatu1*
1. College of Business and Economics, Department of Cooperative Studies, Lecturer, Mekelle University,
PO Box451, Mekelle, Ethiopia
* E-mail: kifle20009@gmail.com
Abstract
The present study primarily addresses the impact of Rural Savings and Credit Cooperatives (RUSACCO)
on the income and family living conditions of members. The study was undertaken in Ofla Wereda Tigray
Region of Ethiopia. Ofla Wereda is selected for the study purposively because of the availability of more
number of SACCOs, with documented records. The survey was conducted during the year 2010 and a total
of four SACCO with 168 members were analyzed. The study has adopted random sampling procedure for
the selection of the members. The data analysis employed various statistical tools like correlation and
regression. The correlation analysis reveals that the independent variables years of stay in the SACCO,
savings, size of loan, and number of times loan availed have significant positive correlation with post
income of the respondents. Similarly, there is significant and positive correlation between years of stay in
the SACCO, size of loan, and number of times loan availed and profit from economic activities, while the
variable savings has significant negative correlation with the profit.
The regression analysis reveals that the independent variables such as savings and number of times loan
availed have significant positive relationship with the post income, while the variables education and years
of stay in the SACCO have significant negative relationship with the post income, contrary to what was
expected. Non members stated that no perceived benefits, lack of information and high interest on loan
were perceived as problems of SACCOs. Therefore, concerted efforts are needed to organize seminars
and campaigns to create awareness about SACCO. Cooperative Extension Work is to be promoted to
persuade the non-members to join SACCO.
Keywords: saving, loan, cooperatives, nonmembers, post income, profit, Ofla Wereda, Tigray Region,
Ethiopia
1. Introduction
Ethiopia has implemented various projects and programs that aim at increasing production and food
self-sufficiency. For instance, at the beginning of the 1990s, a broad spectrum of reform has been
introduced among which the Agricultural Development-led Industrialization Strategy (ADLI) stood as the
prime vehicle to address poverty and food security (Yohannes 2002). However, in the context of achieving
economic growth, actors of development have not been given the chance to get involved in the whole
process of socioeconomic transformation for quite a long time. As a result, deteriorating economic
conditions started to be observed in the country. But, nowadays, it becomes a conventional wisdom to argue
that development is understood to be a multi-actor process, where government-owned institutions alone
couldn’t register economic growth. Therefore, if economic growth is to be achieved, NGOs and private
sectors should join hands (Elias, 2003; Fitsum, 2002; Helmsing, 2001 and Kirkpatrick, 2001). In this
regard, saving and credit cooperatives are integral part of the financial system by which communities are
mobilized to engage in productive activities so as to generate income, create employment opportunities,
stimulate the economy of a well-defined area and thereby improve their livelihood situation (Gebeyehu,
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2002 and Ledgerwood, 1999).
Therefore, the objective of this study is to assess the impact of RUSACCO on the socioeconomic (or
well–being) of members in Ofla Wereda Tigray region of Ethiopia, to study the functions of
RUSACCO ,also, assess the factors influencing socioeconomic changes by RUSACCO, and explore the
impact of RUSACCO on socioeconomic changes. Post income is the dependent variable, and measured by
income derived by the members after they become members of the RUSACCO. However, it is
hypothesized for this study that here exist positive correlations among education , age, family size, credit,
saving, number of times loan availed, land size, years of stay in the SACCO ,number of days employed per
annum. Thus, this study is organized as follows: the next section following the introduction discusses the
relevant literature. Methodology of the study is described in third section. The fourth section provides
details of the results and analysis of the available data and the final section presents the main conclusions
and recommendation.
2. Review of Related Literature
In Ethiopia, successive regimes, starting from the Imperial period to the EPRDF government, gave due
recognition to the role of coops and made deliberate effort to promote the same. However, the principles
and approaches followed were markedly different, reflecting the political thinking and ideology of the
regimes. In its Five Year Development Plan, the Imperial regime envisaged an important role for coops in
transforming smallholding agriculture. Thus, it set the stage by providing the first legal framework (the
Farmer Workers Cooperative Decree No. 44 later replaced by the Cooperative Societies Proclamation No.
241/1966). The legal framework was relatively comprehensive and contained most of the essential contents
of the legal framework issued more than three decades later in 1998 and coops were rightly viewed as
primarily voluntary undertakings. However, success was limited.
The Military regime, which viewed coops as a key instrument to build a socialist economy pursued the
cooperatives agenda more aggressively. The approach followed combined coercion with extensive support
including priority access to resources, goods and services (such as land, irrigation, bank loans at lower
interest rate, capital goods, inputs & extension services, and consumer goods). Whereas number of coops
and membership size were relatively large, it is not regarded as a particular success for a number of reasons
(for details see Partners Consultancy and Information Services, 2006: P. 16). Coops were so unpopular that
following the demise of the Derg regime in 1992 most of them disappeared quickly. What is worse is that
they dissolved in such a disorderly manner (e.g. bank loans and other obligations were not settled; no
distribution of assets between members; etc.) that it created a lasting suspicion and distrust of cooperatives
the stigma of which is haunting cooperatives until today. In an attempt for a fresh start with promotion of
cooperatives, the incumbent government issued a new legal framework (Proclamation No. 147/1998 and
402/2004). In addition to being comprehensive it incorporated universally accepted principles of
cooperatives.
SACCOs, which were only 495 during the Derg period (with membership of 119,799), reached 5,437 (with
membership of 381,212), currently constituting the second most common type of coops (next to housing
coops) in the country in terms of both number and membership. As coops, SACCOs are expected to play
their share in the bringing about broad based development and poverty alleviation.
Based on the above review of literature, the researcher can say that there are some studies about SACCO in
Ethiopia and other countries, however, there is no in depth study has ever been done in Ofla wereda
because of probably lack of sufficient information, and because of their unfamiliarity with the enterprise.
The main contribution of this study is to understand the impact of RUSACCO on the income and living
condition of members. Like any other study, this study is also not without its limitations. Due to the
resource and time constraints, the sample survey was carried out only in four RUSACCO in Ofla wereda,
which of course represent Tigray region, but may not represent Ethiopia as a whole.
3. Empirical Multiple Regression Model
This study is intended to analyze which and how much the hypothesized regressors
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are related to socioeconomic variables might have brought on the income and living conditions of
members. From the mathematical point of view the multiple regression model is used
due to its simplicity and flexibility in the analysis of dichotomous outcome variable. (Montgomery
1998)
Therefore, the multiple regression model is specified as follows:
Y = βo + β1x1 + β2x2 +…………………...βkxk + є…………………..……… (1)
Where: Y = represents the dependent variable
βo = denotes the intercept of the regression which is constant.
βj, j = 0,1,……k, are called the regression coefficients
x1 , x2…..xk = refers to the regressor variables
є = is the error or deviation between y value and the expected value of y given by
βo + β1x1 + β2x2 +…………………...βkxk
It is a multiple linear regression model with k regressors. The parameters βj , j= 0,1,….k, are called the
regression coefficient. This model describes a hyper plane in the k-dimensional space
of the regressor variables xj. The parameter βj represents the expected change in
the response y per unit change in xj when all the remaining regressor variables xi (i ≠ j ) are held
constant. For this reason the parameters βj , j =1,2,….k, are often called partial
regression coefficients.
Selection of Regressors
As the study is all about RUSACCO socioeconomic and institutional impact on members, the vector of
regressors lies mainly within these members.
In multiple regression problems certain tests of hypothesis about the model parameter
are useful in measuring model adequacy. The test for significance of regression is a
test to determine if there is a linear relationship between the response y and any
of the regressor variables x1, x2, …..xk. Separate tests of the null hypothesis that individual
coefficients are zero can be computed using t-test of the multiple linear regression models (Gujarati, 1988).
This test can be used to see the statistical significance of each coefficient. An overall test of the null
hypothesis that all the parameters associated with the explanatory variables in these models are equal
to zero is an F-test based on the Ordinary Least Square (OLS) estimation procedure.
The Chi-square tests the null hypothesis that the coefficients for all terms in the
current model except the constant which is zero.
The appropriate hypotheses are:
Ho: β1 = β2 = ……..βk = 0
H1: βj ≠ 0 for at least one j…………………………………………… (2)
Rejection of Ho in the above hypothesis implies that at least one of the regressors
x1, x2……..xk contributes significantly to the model
Coefficient of Multiple Determinations
The coefficient of multiple determinations R2 is defined as
R2 = SSR/Syy …………………………………………………… (3)
The multiple coefficient of determination represents the percentage of variability in y that is explained by
the estimated regression equation. We have 0 < R2 < 1 as in the case of simple regression case. However,
a large value of R2 does not necessarily imply that the regression model is a good one. Adding a regrossor
to the model will always increase R2 regardless of whether or not the additional regressor
contributes to the model. Thus it is possible for models that have large values of
R2 to perform poorly in prediction or estimation. The positive square root of R2 is
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the multiple correlation coefficient between y and the set of regressor variables
x1,x2,…..xk. That is, R is a measure of the linear association between y and x1,
x2, …xk.
The functional relationship between the probability of improvement in income and
explanatory variables is specified as follows:
Y = βo + β1x1 + β2x2 +………………………………………...βkxk + є…………. (4)
Where: Y is average monthly income of respondents
βo is Constant or intercept
β1, β2 , …………………..βk refers Regression coefficients
x1, x2…………….xk refers vector of explanatory variables that include: age of the respondents, family
size, saving , education , number of times loan availed , ownership of land, family size, access to credit ,
number of years stay in SACCO , and number of days employed per annum.
4. Data Set
For the purpose of the study both qualitative and quantitative data have been collected through primary and
secondary sources. To accomplish the aforementioned research objectives the data for this study were
gathered from four RUSACCO found in the Ofla wereda. Ofla wereda was selected purposively for the
present study because of the following reasons availability of more number of SACCOs, member credit
history is relatively good, and the records are all well documented.
For this study two stage simple random sampling method was used to select the SACCO and individual
sample respondents. Taking in to consideration time and budget for this particular study, the survey covered
six administrative tabias 2of the Wereda. The study with the sample of four SACCOs viz, Endodo, Meseret,
Lemelem Korem, and Embeba Hashenge were selected randomly. The survey was conducted during the
year 2010 and all the four selected RUSACCO had four or more years of functioning and more than 50
members each.
As far as the second stage simple random sampling concerned, to select the sample respondents out of 667
members of the four RUSACCOs of the wereda from each sample RUSACCO, 25 percent of the total
numbers of members were selected at random from member’s entry documents of the cooperative society.
Accordingly, from the four RUSACCO a total sample size of 168 members has been selected for this study.
The members from each RUSACCO were selected on the basis of Probability Proportionate to Size (PPS).
Another sample of 20 respondents has been selected from the non-members of RUSACCO who belong to
the same wereda to ascertain why non members have not joined the SACCO. A multistage sampling
procedure was followed to select the non-member respondents.
5. Descriptive Analysis
In this section, impact of the SACCO on the respondent is analyzed in terms of change in income and in
family living condition. The change in income is measured in terms of change in average income/ profit
generated from the income generating activities. The change in family condition is measured in terms of
the amount of saving, education, and consumption expenditure.
The sampled households constitute various socioeconomic features. In the study area’s description it is
stated that male-headed members constituted 60 percent while 40 percent of the households are
female-headed. Of the 168 RUSACCO members in the Ofla Wereda greater size of the RUSACCO is run
by men i.e. male-headed members are larger in number than female-headed members. The results of the
descriptive statistics of members’ socioeconomic attributes are presented in table 1. The sampled
households’ head comprise various age groups ranging from 18 to a maximum of 53 years. These different
members’ age groups do as well have different educational background. Of the 168 member respondents,
2
Tabias (tabia for one) are the lowest administrative ubits in the wereda. A group of tabias makeup Wereda(District).
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1.8 percent of the respondents are illiterate, 4.8 percent have the ability to read and write, 48.2 percent
elementary school graduate, 37.5 percent are with junior and secondary school certificate and 7.8 percent
are with higher education.
The average family size is 4.946 slightly above the regional 4.3 and the national average 4.8(National Fact
sheet (2004). The large number of dependents (family size) could exert pressure on household access for
credit and meager for thrift, since this might lead to greater loan diversion. Loan may be diverted because
household expenditures could be higher with larger family size. Members’ years of stay in the RUSACCO
are largely related with credit avail. The average age of sample respondents is about 36.24 years with the
minimum and maximum ages of 18 and 53years, respectively.
Land is considered as the basis of livelihood for the majority of the rural population. Landholding will also
lead to some demand for services from SACCO. The average land holding of the sample respondents is
0.3458hectare. The minimum and maximum land holding sizes are 0 and 1 hectares, respectively. The
majority of the respondents 61.9 percent are having land. Only 38.1 percent of the sampled beneficiaries
don’t have access to land. Land ownership serves as a good indicator of the initial endowment position of
participating households in the savings and credit cooperatives since the household head may need to
borrow loan for input purchasing like fertilizer, chemicals and improved seeds. Conversely, participation in
economic activities also determines their economic status. As most of the RUSACCO members in the study
area own land, their livelihood basically depends on agricultural activities like crop production and animal
husbandry. Majority 50.6 percent of the respondents in the study area are engaged in agricultural activities
which are basically land based activities. It is followed by the trading activities, which engage 19.6
percent of the respondents. Among the petty trading activities, most popular activities carried out by
RUSACCO members are grain and cereal selling, Kiosk (Small shop), cloth selling, fruits and vegetable
selling and utensils trading. On the other hand, only 11.9 percent of the respondents depend on service
sector. Which include sherobet, pastry and tea, radio and tape repairing and hair cut salon. Furthermore, the
service sector is going to be a key driver of growth in the near term, which is evident from the opening up
of many service sector units recently. For example, in a small village towns like Hugumberda(25km from
the Wereda capital, Korem), mobile repair shop, pastry and tea, and hair cut salon have come up in the
same street within the last one year.
Characteristics of the population
Table2 in the Annex brings out the fact that the proportion of borrowers by gender and level of educational
status in the study areas. Out of 168 sample household respondents, 68.5 percent of the respondents are
availed loans, while 31.5 percent didn’t borrow loans. Categories of borrowers using productive loans were
mostly men (68.7 percent) and only 31.3 percent are women. Hence, it can be concluded that there are
significant differences between men and women in terms of loans borrowing. This difference may be
basically due to men dominated the membership. Moreover, the mean of borrowed loan of members,
are1670birr, the standard- devation is1301 birr, the minimum and the maximum value of the observations
are 0 and 4000 birr respectively.
Purpose for which borrowed
The loans delivered to the respondents through the SACCO have been invested in variety of micro and
small enterprise such as agriculture, trade and service activities. Results of the study show that 31.5 percent
of the respondents are not borrowed loan either for farm or nonfarm activities whereas majority (40.5
percent) of the respondents in the study area have taken loan for agricultural activities like crop production,
vegetable and fruit crops, and animal husbandry. The reason being in remote rural areas their livelihood
depends on agricultural activities. It is further observed that 20.8 percent borrowed loan for trading
activities like petty shop, cloth selling, vegetable and fruit selling, selling read-made garment and salt
business. Only 7.2 percent of respondents have taken credit for service activities like tea/coffee shop; hair
cut saloon and blacksmith work. On other hand, the share of loans for agriculture is higher (59.4 percent)
than the other economic activities. This may be attributed to the fact that the respondents borrowed for the
purchase of agricultural inputs like fertilizer, chemicals, pesticide and improved seeds.
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Number of times loan availed
The continued access to SACCO loans has many implications for both SACCO as well as to the members.
Due to the continued access to loans, members can reduce dependence on other sources of borrowing
(money lenders) in exorbitant interest charge and as they get timely and usually a higher repeat loan; they
can seize the emerging business opportunities in a better way. Table 3 in the Annex presents the number of
times loan availed by the sample respondents in the study area. It is found that 31.5 percent of the
respondents have not availed loan. Conversely, 7.8 percent of the respondents stated that they have been
borrowed at least one time after affiliated to the cooperatives. Besides, 19.6 percent of of respondents have
aviled loans two times after affiliated to the cooperatives. Where as, the percentage of respondents who
availed loans for three times (37.5 percent) are higher than the other category. Only 3.6 percent of the
respondents availed loans for more than three times.
By availing repeated loan, the SACCO members can make investment to start new business and expansion
of the existing business, which will improve the income and the living standard of the members. Continued
credit access by members creates a good credit history in the SACCO. Interest rates on SACCO loans
generally range between 7 and 14 percent. Respondents indicated that most SACCOs had to raise their
lending interest rates following the rise in the minimum deposit interest rate from 3 per cent to 4 per cent
which increased their cost of funds. SACCOs keep their funds with banks wherever bank branches exist
partly because they have no cash vaults for safe keeping. They usually pass on part of the interest income
from deposits of these funds to their member depositors. However, most rural SACCOs lack such access;
hence have no opportunity to earn interest on temporarily idle funds. Yet, they have to pay interest to their
member-depositors.
Assets creation
The impact of participation in SACCO on member’s assets can be seen from the table 4 in the annex,
indicated that 62.5 percent of the sampled respondents could made additional assets creation in the form of
construction of new houses, repairing old ones, livestock purchase like sheep, goat, cow, oxen, donkey,
chicken and purchase of household equipment like tape recorders, radio, television, chairs, and tables. The
rest 31.5 percent of the respondents have not acquired any additional assets. It can also be observed that the
asset creations are lower for women than men.
Majority (31.5 percent) of the borrowers had the asset worth more than 1000 Birr. It is further found that
17.9 percent and 19 percent of the borrowers had the asset worth up to 500 and between 500 and 1000 Birr
respectively. Access to property is one important aspect of empowerment for women. The lack of effective
access to and control over important resources by the majority of women in rural areas is a major obstacle
to women’s socioeconomic empowerment. In addition, property is a status symbol underscoring women’s
low social and economic status. Since power is always related with ownership of assets particularly in rural
areas which is results in women to experience a certain level of empowerment. Generally the impact of the
SACCO participation on women’s empowerment through extra asset creation is not significant as compared
with men. Overall impact of the SACCO participation on additional household assets is significant
Shift in income category
One of the primary objectives of the SACCO program is to improve the income of the members through the
provision of organized financial services. This is accomplished by engaging participants in income
generating activities at the household and community level. Among SACCO members, there is bound to be
income inequality due to various reasons. This income inequality is further compounded by the
phenomenon that various members use the loan for running their petty business and get incremental income,
where as some respondents use the credit not for productive purpose and divert it for unproductive purpose,
which will not add further income accruals.
It will be of interest to know whether the SACCO promotes the income inequality among the members or
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paves way for the creation of more growth with equity in the respondents. The respondents shift from one
category in pre- income to another category in post-income period has been analyzed and results are
presents in table 5 in the annex. It is observed that 7.1 percent of the respondents were in the 300 Birr
income category during the pre- income period and this category was reduced to 3.5 percent during the
post-income period. It is noted that majority (84 percent) of the respondents were in the 300 to 600 Birr
income category during the pre- income period and this category has reduced to 73.9 percent of the
respondents during the post- income period. It is further found that 8.9 percent of the respondents were in
the 600 to 900 Birr income category during the pre- income period and this category has increased to 22.6
percent of the respondents during the post- income period. No respondents were above 900 Birr income
category either in the pre- income or post- income period. Hence it can be concluded that the members who
have joined the SACCO, when they were in lower level of income ladder and moved upwards during the
post- income period. Furthermore, average monthly member income before affiliation totaled at 442.02 birr.
This average income lies below the medium income category of the wereda population. While the average
monthly member income before affiliation totaled at 522.3.
Consumption expenditure
Participation in SACCO aims at triggering improved living conditions of the members. This is, particularly
seen in the level of consumption expenditure in the family. One can understand from the table below that
52.98 percent of the respondents’ increase their consumption expenditure after joining SACCO. Whereas,
47.02 percent of the respondents reported that their consumption expenditure did not increase even after
affiliation to the cooperatives. Hence, it is possible to conclude that more than half (52.98 percent) of
respondents’ income is spent on the improvement in living standards, like on nutrition, health and
education.
Results of the study show that expenses which have increased are food, health and appliances. Expenses
which grew the least are clothing, and celebrations. It seems that certain expenses cannot be reduced and
their level is stable (fuel and transportation). This analysis confirms that growth is felt more for prime
necessity goods than for other items. It shows that there is a significant difference in the number
of times member households expenditure for the purchase of food, health, and appliances after
affiliation as compared to before affiliation per year. The member respondents said that even
though their income improved, they did not want to express it in terms of frequency of eating. Rather; they
focused on improving the quality of food consumed and cloth purchased.
Access to Education
An improvement in access to education of the borrowers and the borrowers’ family in general is one
important successful impact indicator of SACCO. The rise in income through income generating activities
could enable the member to send their children or/ and dependents to school or the capacity to pay for
tuition fees would increase. Majority (53 percent) of the respondents reported that expenses for education
increased after joining SACCO; where as 47 percent of the respondents said that educational spending did
not increase even after joining SACCO. From this it is inferred that SACCO has led to better access for
education for the household, because lack of money for living cost is the major cause of non-enrollment
and school dropouts in high school education.
Savings behavior
All respondents must have share or deposit accounts in SACCO as part of a membership requirement. Also
all respondents have compulsory saving accounts. Results of the study show that the percentage of sample
households which use the savings services of SACCO. The average deposit size of respondent in the study
area per member is Birr 1080 and the minimum and maximum deposit amount is Birr 700 and Birr 1500
respectively. Also from the analysis it is observed that 66.1 percent of the respondents have up to 1000 Birr
deposit and 33.9 percent have between1000 and1500 Birr deposit. Gender also plays an important role in
deposit accounts. About 61.6 percent of men and 75 percent of women deposited up to 1000 Birr, while
38.4 percent of men and 25 percent of women respondents deposited between1000 and 1500 Birr.
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6. Econometric Results
The regression analysis is applied for analyzing the factors influencing the economic change by RUSACCO
among members and the Pearson test was used to determine correlations between post income and profit
and the continuous independent variables such as age, education, land size, years of stay in the SACCO by
the member, savings, family size, credit amount, number of times loan availed, and number of days
employed.
Prior to running the regression analysis all the quantifiable continuous variables were checked with
multi-collinarity test and it is found that there is no multi-collinarity problem. Hence, no variable was
removed and all the nine continuous independent variables have been used in the analysis. Likewise, the
results of the computation of Pearson test correlation revealed that there is no serious problem of
association among continuous variables. The summary statistics of the independent variables used in the
analysis is depicted in table 6 in Annex and table 7 in Annex.
The results of the measures of correlation are presented in table 6 in Annex. The Pearson test is used to
determine correlations between post income as well as profit and the independent variables. These four
variables deserve attention (Years of stay in SACCO, saving, loan size, and number of times loan availed).
Positive significant correlation have been observed between seniority, saving, size of loan, number of times
loan availed and post income of the respondents (P=.001, .001, .000 and .000 respectively). Similarly for
profit, there is significant and positive correlation between seniority, the size of loan and number of times
loan availed and profit from economic activities (P=.000, .000 and .000 respectively).While the variable
saving had significant negative correlation with the profit (P=.000). It is therefore possible to explain
change in post-income and profit is due to these variables. No other statistically significant correlation
could be observed among the variables for income and profit.
It can therefore be concluded from this analysis that there are some variables that represent highly
significant correlation between post income and profit. However, it may be surprising to observe that age,
land size, education, family size and number of days employed have no significant correlation to profit and
income.
Multiple regression analysis (See table 7 in Annex) was used to identify the relative importance of various
factors which influence the income of the respondents after joining in SACCO. As there are several factors
which contribute to the post income of the respondents in varying measures, multiple regression is
considered to be the most appropriate statistical tool to assess the influence of independent variables on
dependent variable.
In the multiple regression model used in this study, post income of the respondents is taken as the
dependent variable and quantifiable variables like education in number of years, age in years, number of
family members of the respondents, number of school age children, amount of loans, number of times loan
availed, years of stay in the SACCO by the member, savings, and number of days employed per annum are
taken to be the independent variables.
The joint effect of a group of the independent variables on the post income of the respondents is studied by
framing the multiple regression equation of the variable “Y” on the other independent variables. The
following model with nine independent variables is used.
The values arrived using the Statistical Package for Social Sciences (SPSS, Version 13.0), are presented in
table 7 in Annex. It shows regression coefficient of the independent variable estimated through regression
analysis along with their "t" values and co-efficient of multiple determination (R2).
Out of the nine variables hypothesized to influence the economic change by SACCO, four (education,
savings, number of times loan availed, and years of stay in the SACCO by the member) were found to be
statistically significant.
The co-efficient of determination (R2) is 0.206. It denotes that only 20.6 percent of the total variation of the
dependent variable "Y" (post income of the respondents) is explained by the independent variables included
in the regression analysis. Therefore, one must look beyond the listed independent variables in order to find
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out factors influencing economic changes for the increases in post income of the respondents, who have
undertake economic activities. Hence, the actual reasons for the increase of post income of the respondents
in the farm sector may be the different factors such as mixed cropping, crop rotation, switching to cash crop,
proper supply of agricultural inputs like quality seeds, fertilizers, pesticides and technology, control of pest
and diseases and flourishing dairy activities.
The F ratio is also found significant. From the value of "t" statistic corresponding to the regression
coefficient, it is found that the four variables x1 (education), x5 (savings) x6 (number of times SACCO loan
availed) and x7 (years of stay in the SACCO by the member) are found to be statistically significant,
indicating the importance of these four variables which influence an increase in the post income of the
respondents.
The independent variables such as savings and number of times availed have significant positive
relationship with the post income, while the variables education and seniority have significant negative
relationship with the post income, contrary to what was expected. From table 7 in Annex, it can be observed
that one unit of increase in compulsory savings (share) cetaris paribus would increase the post income by
Birr 0.762.This implies that when the members increase the share capital (monthly compulsory saving) this
enables to absorb large amount of credit since in order to obtain credit the amount of share capital is the
major determinant factor.
One unit of increased in loan availed times cetaris paribus would increase the post income by Birr 359.
Number of times SACCO loan availed is found be a significant variable in increasing post income. Their
loan availed time should be increased in order to improve the performance of the business as well as living
condition of the family. When respondents’ status in education and seniority increased cetaris paribus will
bring down the post income by Birr 65 and 321 respectively.
Non -Member Response
Obviously, ensuring the ongoing viability and vitality of SACCO is of utmost importance. This part
discusses the important issue of increasing SACCO membership as a means of maintaining this viability.
The general perception held by non-members is that SACCO is more people oriented and friendly than
other financial institutions. They are seen as understanding of people‘s needs, financial situations and as
being willing to help. Overall image held by non members seems to be a very positive one. Why, then, have
these individuals not joined the saving and credit cooperatives?. Non-members’ replies to this question
provided diverse and very interesting and an overview is provided of the opinions of these respondents.
In response to the question ‘why have you not joined the SACCO? Half of respondents said that the
SACCO had not given any benefit for them; hence, they could see no purpose in joining. This response
although relatively innocuous at face value has many underlying dimensions. The reply perhaps reflects a
basic misunderstanding of what the SACCO actually does and why and for whom the SACCO was
established to serve. Basically the SACCO was established purely for people who needed loans and that
these loans were particularly for people who are in financial difficulty. This basic misunderstanding of
SACCO and their purpose and function within non-members can be solved through creating awareness by
campaigns, seminars etc which would clearly explain the functions of the SACCO and for whom it was
set-up.
Then, lack of information is further emphasized by 30 percent of non-members directly stating that they
had not joined the SACCO because they knew very little about the cooperatives philosophy and concepts.
They said that they might be encouraged to become a member if relevant information was made available.
Conversely, more than 20 percent of non-members who were interviewed stated that they had not joined
because the SACCO charges high interest on loan than other financial institution. This is a very important
point in terms of marketing SACCO services to non-members. Even though interest is too high on loan than
other financial institutions, it is for the benefit of the members in the form of dividend at the end of the year.
So it is important to inform the reason for high interest on loan in order to encourage future membership.
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Conclusion
The importance of this study may be viewed from its contribution to fill an important gap in literature. That
is, findings of this study can add to the existing body of the literature, and can serve as a starting point on
which future studies can be done. On the practical dimension, this study may help wereda cooperative
officials to focus on the major SACCO activities that may increase the product thereby improve the living
standard of the members. Such information also helps the management committee of SACCO in creating
appropriate financial strategies for attaining the required planned financial performance.
The sampled households constitute various socioeconomic features. In the study area’s description it is
stated that male-headed members constituted 60 percent while 40 percent of the households are
female-headed. These different members’ age groups do as well have different educational background.
The average family size is 4.946 slightly above the regional and the national average. Members’ years of
stay in the SACCO are largely related with credit avail. The average age of sample respondents is about
36.24 years with the minimum and maximum ages of 18 and 53years, respectively. Moreover, the average
land holding of the sample respondents is 0.3458hectare. The minimum and maximum land holding sizes
are 0 and 1 hectares, respectively.
This study examined the Pearson test used to determine correlations between income as well as profit and
the independent variables. Only four variables deserve attention (seniority, saving, loan size, and number of
times loan availed). Positive significant correlation have been observed between seniority, saving, size of
loan, number of times loan availed and post income of the respondents. Similarly for profit, there is
significant and positive correlation between seniority, the size of loan and number of times loan availed and
profit from economic activities while the variable saving had significant negative correlation with the profit.
It is therefore possible to explain change in post-income and profit is due to these variables. No other
statistically significant correlation could be observed among the variables for income and profit.
The regression analysis of the study revealed that out of the nine variables hypothesized to influence the
economic change by SACCO, four (education, savings, number of times loan availed, and members’ years
of stay in the SACCO) were found to be statistically significant. The independent variables such as savings
and number of times availed have significant positive relationship with the post-income, while the variables
education and seniority have significant negative relationship with the post-income, contrary to what was
expected.
The study also came out with a range of reasons in response to the question ‘why have non-members not
joined the SACCO?. Non members stated that no perceived benefits, lack of information and high interest
on loan are the critical problems of SACCO.
References
Elias Berhanu.(2003), “The Role of Micro and Small Enterprises (MSE) in Local Economic Development
(LED)”: The Case of MSEs in Awassa, Capiutal of SNNPR.
Fitsum Gebrewold. (2002), "Business Development Services (BDS) for Small and Micro Enterprises in
Ethiopia: Current Status and Future Prospects. In: Gebrehiwot Ageba (ed).
Gebeyehu Tebeje. (2002), “Sustainability: The Prime Criteria of Successful Micro finance Institutions” ,In:
Gebrehiwot Ageba (ed), “Micro finance Development in Ethiopia: Prospects,Sustainability and Challenges
on Poverty Reduction,” “Proceedings of the Conference on Micro finance Development in Ethiopia”,
Adama (Nazreth), Ethiopia
Gujarati, Damodar N. (1988) Basic Econometrics. Second Edition. McGraw-Hill Book
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Helmsing, A.J. (2001), “Local Economic Development in Africa”: New Generations of Actors, Policies and
Instruments. “Working Paper No. 12, RLDS”, Addis Ababa, Ethiopia.
Kirkpatrick, C. (2001), “Private Sector Investment in Developing Countries”: International Experience. A
Paper read at the Workshop on Private Sector Investment in Ethiopia: Constraints and Opportunities, May
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Ledgerwood, J. (1999), Sustainable Banking with the Poor: Micro finance hand Book, An Institutional and
Financial Perspective, Washington, D.C.
Montgomery Douglas C. & Peck Elizabeth A. (1998), Introduction to Linear Regression(2nd edition)
Partners Consultancy and Information Services. (2006), “Developments in Saving and Credit Cooperatives in
Ethiopia: Evolution, Performances, Challenges and Interventions with Particular Emphasis on RUSACCOs”
September, Addis Ababa, Ethiopia.
Wikipedia (2004),”National Fact sheet” . (2004), http://www.etharc.org/infokit/nationalfact.htm [accessed
2004].
Yohannes Mekonnen. (2002), “Food Security Problems and Public Actions in Ethiopia”, In:
GebrehiwotAgeba et al (eds) in “Policy Reform, Implementation and Outcome in Ethiopia”, Proceedings of
the 11th annual conference on the Ethiopian Economy, Nazreth: Ethiopia, pp18-32
Table 1. Descriptive Statistics of members’ socioeconomic attributes
Household Features N Mean Minimum Maximum Range Std. Deviation
Sex (1=female, 0=male) 168 0.67 - - - 0.473
Member Education 168 4.79 0 13 13 2.743
Member age 168 36.24 18 53 35 9.070
Family size of the member 168 4.946 1 10 9 1.858
Years of stay in RUSACCO 168 4.899 2 6 4 0.8089
Land in hectare 168 0.3458 0 2 2 0.3351
Table 2. Productive credit borrowers by gender
Gender Yes (68.5) No (31.5) Total
Men 79(68.7) 33(62.3) 112
Women 36(31.3) 20(37.7) 56
Total 115(100.0) 53(100.0) 168
Variable N Mean StDev Minimum Maximum Range
Borrowed Amount 168 1670 1301 0 4000 4000
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* Figures in parentheses indicate the percentage
Table 3. Number of times loan availed
Number of times loan availed Number Loan amount
None 53(31.5) –
One times 13(7.8) 8590(3.4)*
Two times 33(19.6) 42550(16.7)
Three times 63(37.5) 175820(69.1)
More than three times 6(3.6) 27400(10.8)
Total 168(100.0) 254360(100.0)
* Figures in parentheses indicate the percentage
Table 4. Asset created by respondents
Additional assets Men Women Total
None 33 20 53(31.5)
Up to 500 19 11 30(17.9)
>500 to 1000 20 12 32(19.0)
>1000 to 1500 17 9 26(15.5)
>1500 to 2000 11 1 12(7.1)
>2000 to 2500 8 3 11(6.5)
Above 2500 4 — 4(2.4)
Total 112 56 168(100.0)
* Figures in parentheses indicate the percentage
Table 5. Shift in income category
Respondent income Pre–SACCO income Post–SACCO income
category Number Percentage Number Percentage
Up to 300* 12 7.1 6 3.5
>300 to 600 141 84.0 124 73.9
>600 to 900 15 8.9 38 22.6
Total 168 100.0 168 100.0
variable N Mean StDev Minimum Maximum Range
Income before 168 442.02 114.43 120 720 600
Income after 168 522.3 150 120 900 780
* birr’ is the money unit in Ethiopia which currently exchanges for 0.041648(1 Euro= 24.0105 birr)
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Table 6. Measures of correlation (Pearson Test)
Correlation test for post-income Correlation test for profit
Variable Correlation P value Result Correlation P value Result
Age .057 .461 NS -.031 .869 NS
Education -.034 .659 NS .008 .916 NS
Land size -.042 .593 NS -.019 .809 NS
Years of stay in .246 .001 SF .269 .000 SF
SACCO
Savings .256 .001 SF -.303 .000 SF
Family size -.029 .711 NS .041 .595 NS
Credit amount .286 .000 SF .305 .000 SF
No of times loan .339 .000 SF .440 .000 SF
availed
No of days employed .055 .475 NS -.135 .354 NS
NS: Not Significant at the 0.01(2-tailed) SF: Significant at the 0.01(2-tailed)
Table7. Regression model
Variable Regression coefficient Std. error “t” Statistic Sig
Intercept 4675.597 2.842 .005
1645.159
Education(x1) -65.286* 37.581 -1.737 .084
Age(x2) 6.612 19.606 .337 .736
Family size(x3) -7.579 93.393 -.081 .935
Credit amount (x4) .086 .132 .650 .516
Savings(x5) .762*** .228 .345 .001
Number of times(x6) 359.216** 2.248 .026
159.815
Years of stay in SACCO(x7) -321.350* -1.692 .093
189.928
Land(x8) -773.949 -1.432 .154
540.532
No of days employed(x9) 1.331 4.398 .303 .763
Notes: * Significant at 0.1 level **Significant at 0.05 level ***Significant at 0.01 level
R2.206 F value 3.983 df 10 P valve = 0.000
90
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