Suchergebnisse

This paper examines the relationship between liquidity and profitability of the non-financial firms listed in Dhaka Stock Exchange (DSE) for the period of 1998–2013. Pedroni and Johansen co-integration results show that liquidity, profitability, firm size and long-term debt (LTD) have significant co-integration relationship in the long run. The causality test results expose that a strong bidirectional casual relationship exist among the variables of liquidity and profitability, LTD and liquidity profitability and firm size in the short run. Also, there exists unidirectional causality among the variables of firm size and liquidity, profitability and LTD in the short run. Furthermore, Pooled Mean Group results show that profitability, firm size and LTD have long-run co-integration relationship with liquidity. However, in the short run, profitability and LTD significantly contribute to the liquidity and the error correction mechanism shows that speed of adjustment to equilibrium is significant within the year. Impulse response analysis indicates shocks in the firm size, LTD and profitability have positive and significant impact on liquidity.

The government capacity to mobilize domestic resources is a crucial factor in the courses of poverty reduction and its overall economic development. Ethiopia's actual tax revenue as a share of GDP is low which has been a problem for the economic development. The main objective of this study is to empirically examine the factors influencing tax revenue in Ethiopia for the period ranging from 1981 to 2016, using Auto Regressive Distributed Lag (ARDL) approach to co-integration. A set of factors that can potentially influence tax revenues such as GDP per capita income, industry value added share of GDP, agricultural value added share of GDP, trade openness, inflation rate; exchange rate and urbanization rate are considered in the econometric analysis. The result revealed that in the long run real GDP per capita income and exchange rate positively and significantly affect tax revenue for the period selected for this study. However, inflation exerted a negative and significant influence on tax revenue. Whereas, in the short run Real GDP per capita income and urbanization rate have negative effect, whereas agricultural value added share of GDP and exchange rate have positive effect on tax revenue in Ethiopia. The sign of real gross domestic product per capita income and agricultural value added share of GDP are contrary to the priori expectation in the short run. Furthermore, the coefficients of the lagged error correction model (ECM (-1)) is significant and negative as expected, which imply the existence of economic or government forces that restore the long run equilibrium from short run shocks. Finally, the study recommends measures such as controlling the informal sector in the industry through effective administration; assessing the tax incentives procedures to large enterprises (industries) along with the degree of tax evasion; effectively regulating the macroeconomic situation of the country; improving the capability of tax authority in terms of competency of man power and infrastructure in tax system; and creating awareness on the importance of tax revenue for the development of a country.

Recent developments in the analysis of long-memoried processes provide important leverage for analysing time-series variables of interest to political scientists. This article provides an accessible exposition of these methods and illustrates their utility for addressing protracted controversies regarding the political economy of party support in Britain. Estimates of the fractionally differencing parameter, d, reveal that governing party support, prime ministerial approval and economic evaluations are long-memoried and non-stationary, and that governing party support and prime ministerial approval are fractionally cointegrated. Pace conventional wisdom that party leader images matter little, if at all, analyses of multivariate fractional error correction models show that prime ministerial approval has important short-run and long-run effects on party support. Prospective and retrospective personal economic evaluations are influential but, contrary to a longstanding claim, national economic evaluations are not significant. The article concludes by suggesting that individual-level heterogeneity is a likely source of the observed aggregate-level fractional integration in governing party support and its determinants. Specifying parsimonious models that incorporate theoretically meaningful heterogeneity is a challenging topic for future research. (British Journal of Political Science / FUB)

Agricultural output in Ethiopia plays an essential role in generating foreign exchange and feeding the largest share of the population, due this identifying determinant of agricultural output at macro level is important. This study investigated determinants of agricultural output at macro level by using time series data starting from 1980-2018.The ARDL approach to co integration is applied to investigate the long run and short-run determinants of agricultural output. The result reveals that Rainfall, Fertilizer input import, Trade openness, inflation rate affect positively and significantly in the long run whereas Drought affect negatively and significantly. ?n the short run Fertilizer input import and labor force affect positively and significantly while Rainfall affects positively and insignificant. Also besides to this, in a short run, drought affects negatively and significantly agricultural output. Therefore the study recommends government policies should focus on proper uses of resources like expenditure on agriculture should be used properly, Drought-resistant agriculture, and reduces the dependency on rainfall by adopting different technology at the macro level and micro level.