Template-Type: ReDIF-Article 1.0 Author-Name: Geetika Sharma Author-X-Name-First: Geetika Author-X-Name-Last: Sharma Author-Name: Vipul Sharma Author-X-Name-First: Vipul Author-X-Name-Last: Sharma Title: Performance evaluation of equity mutual funds using data envelopment analysis Abstract: This study has employed the BCC model of non-parametric technique DEA to assess the relative performance of a sample of 33 open ended equity (diversified/large cap) funds selected to represent the Mutual Fund Industry of India for a five year period 2008-2009 to 2012-2013. Specifically, it has carried out a non-parametric analysis of the relationship between output measure proxied by raw returns and a series of input variables including standard deviation, beta and expense ratio. Journal: Int. J. of Financial Services Management Pages: 1-13 Issue: 1 Volume: 9 Year: 2018 Keywords: mutual funds; data envelopment analysis; performance evaluation. File-URL: http://www.inderscience.com/link.php?id=89915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:1-13 Template-Type: ReDIF-Article 1.0 Author-Name: Stoyu I. Ivanov Author-X-Name-First: Stoyu I. Author-X-Name-Last: Ivanov Author-Name: Artem Meshcheryakov Author-X-Name-First: Artem Author-X-Name-Last: Meshcheryakov Title: Price discovery of one security traded in several markets around the world Abstract: In this paper, we analyse the price discovery for SPDR Gold Trust, which is traded on five different markets across the world: the USA, Mexico, Hong Kong, Japan, and Singapore. We find that all prices in the five markets are identical until 23 January 2013 when the Hong Kong prices start deviating from the rest of the group. On 1 July 2013 Mexico joins Hong Kong and starts differing from the rest. We hypothesise that until 23 January 2013 price discovery occurs in the USA and the rest of the markets become price takers. We find that even after 23 January 2013 the US gold market of the SPDR Gold Trust ETF still dominates other markets with more than 90% of the price discovery when using the Hasbrouck information share methodology. Journal: Int. J. of Financial Services Management Pages: 14-21 Issue: 1 Volume: 9 Year: 2018 Keywords: exchange traded funds; ETF; price discovery gold ETF; GLD. File-URL: http://www.inderscience.com/link.php?id=89916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:14-21 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Dulal Miah Author-X-Name-First: Mohammad Dulal Author-X-Name-Last: Miah Author-Name: Syed Mahbubur Rahman Author-X-Name-First: Syed Mahbubur Author-X-Name-Last: Rahman Author-Name: Marjan Haque Author-X-Name-First: Marjan Author-X-Name-Last: Haque Title: Factors affecting environmental performance: evidence from banking sector in Bangladesh Abstract: Analysis of environmental impacts of production of goods or services helps assess environmental performance of any activity. This paper aims at determining the factors that influence environmental performance of banks in Bangladesh. Bank's Environmental Performance Score (EnPS) is calculated based on the Global Reporting Initiative (GRI) Sustainability Guidelines, 2002. All the necessary data are collected from the content analysis of the audited annual reports of 31 scheduled commercial banks for the financial year ending December 2012. Applying multiple regression technique this study finds that bank's credit rating score is positively related to EnPS, whereas premium in share price and bank's longevity in service are negatively associated with EnPS. Contrary to the common perception that a large and highly profitable bank would be environmentally more concerned, the result shows no such association between these variables. Policy-makers, therefore, may urge large and highly profitable banks to lead environmental initiatives towards green banking revolution in Bangladesh. Journal: Int. J. of Financial Services Management Pages: 22-38 Issue: 1 Volume: 9 Year: 2018 Keywords: environmental performance; commercial banks; Bangladesh; corporate social responsibility; green banking; profitability. File-URL: http://www.inderscience.com/link.php?id=89917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:22-38 Template-Type: ReDIF-Article 1.0 Author-Name: Noura Al-Kahtani Author-X-Name-First: Noura Author-X-Name-Last: Al-Kahtani Author-Name: Mohamed Al-Eraij Author-X-Name-First: Mohamed Author-X-Name-Last: Al-Eraij Title: Does capital structure matter? Reflection on capital structure irrelevance theory: Modigliani-Miller theorem (MM 1958) Abstract: Since the 1950s, corporate financing has been an arena for on-going debates that focus on Modigliani and Miller's pioneering theorems of 1958 and 1963. The main purpose of this paper is to present a critical reflection on the debate around corporate capital structure irrelevance that was triggered by Modigliani and Miller theorem in 1958, while taking in consideration the literature, theoretical and empirical findings and the recent global financial crisis (i.e. debt crisis). The paper will briefly review and discuss alternative theories of capital structure, such as the traditional view, the trade-off theory and the pecking order theory in light of reality and perfect capital market hypothesis. The paper starts by defining the concept of capital structure, followed by discussing the assumptions of perfect capital markets under which 'the Modigliani and Miller's irrelevance theory' was originally conceptualised. It finally reflects on the findings before proceeding with the paper's conclusion. Journal: Int. J. of Financial Services Management Pages: 39-46 Issue: 1 Volume: 9 Year: 2018 Keywords: capital structure; capital structure irrelevance theory; Modigliani and Miller theorem; traditional view; trade-off theory; pecking order theory; leverage; gearing; debt; global financial crisis; debt crisis. File-URL: http://www.inderscience.com/link.php?id=89918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:39-46 Template-Type: ReDIF-Article 1.0 Author-Name: Alina B. Hyz Author-X-Name-First: Alina B. Author-X-Name-Last: Hyz Author-Name: Petros Kalantonis Author-X-Name-First: Petros Author-X-Name-Last: Kalantonis Author-Name: Dimitris Stavroulakis Author-X-Name-First: Dimitris Author-X-Name-Last: Stavroulakis Title: Management of working capital - the Achilles heel of small and medium enterprises: the case of Greece Abstract: The main purpose of this paper is an empirical investigation of the relationship between working capital management and firms' performance in Small and Medium Enterprises (SMEs) in Greece during the crisis period. We used a data set of 459 SMEs split-up over eight sectors of economic activities according to the European NACE classification scheme. The research covers the period of 2008-2012, which gives the five-year period of observation of financial results of selected companies. The efficiency of working capital management was measured by accounts receivables turnover, inventories turnover, accounts payables turnover and cash conversion cycle. Return on assets was used as the profitability variable. The study is based on correlation and regression analysis to analyse data. The results indicate that all working capital components significantly affect Greek SMEs profitability. The paper is organised as follows: in the next section we briefly present the problem based on literature review. This is followed by the presentation of research methodology and the data sources used in the analysis. The results are presented and discussed in Section 3. Last section summarises the conclusions and presents further opportunities for research. Journal: Int. J. of Financial Services Management Pages: 47-59 Issue: 1 Volume: 9 Year: 2018 Keywords: SME; working capital; profitability; Greece. File-URL: http://www.inderscience.com/link.php?id=89919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:47-59 Template-Type: ReDIF-Article 1.0 Author-Name: Abdelghani Echchabi Author-X-Name-First: Abdelghani Author-X-Name-Last: Echchabi Author-Name: Hassanuddeen Abd Aziz Author-X-Name-First: Hassanuddeen Abd Author-X-Name-Last: Aziz Author-Name: Umar Idriss Author-X-Name-First: Umar Author-X-Name-Last: Idriss Title: The impact of Sukuk financing on economic growth: the case of GCC countries Abstract: Islamic finance has been presenting itself for many decades as a viable alternative/complementary system to the long existing conventional financial system. However, recent research has claimed that Islamic finance as it is currently practised does not effectively promote economic growth. Hence, the objective of this study is to empirically examine the potential effect of Islamic finance in the specific form of Sukuk issuance on the economic growth represented by three proxies, namely Gross Domestic Product (GDP), Gross Capital Formation (GCF) and trade activities. The data were collected from the Islamic Finance Information Services (IFIS) and the World Bank databases, and were subsequently analysed through Toda and Yamamoto Granger Non-Causality test. Accordingly, the findings indicated that the Sukuk financing had no influence on economic growth for GCC countries. This finding has significant implications that are discussed in detail in the final section. Journal: Int. J. of Financial Services Management Pages: 60-69 Issue: 1 Volume: 9 Year: 2018 Keywords: Islamic finance; Sukuk; economic growth; financial development; GCC. File-URL: http://www.inderscience.com/link.php?id=89920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:60-69 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Anning-Dorson Author-X-Name-First: Thomas Author-X-Name-Last: Anning-Dorson Author-Name: Robert Ebo Hinson Author-X-Name-First: Robert Ebo Author-X-Name-Last: Hinson Author-Name: Mohammed Amidu Author-X-Name-First: Mohammed Author-X-Name-Last: Amidu Title: Managing market innovation for competitive advantage: how external dynamics hold sway for financial services Abstract: From the complexity theory, it is argued that external factors largely determine the effectiveness of firm-level strategies. Hence, firms must seek to align their strategies such as market innovation with the prevailing business environment to achieve competitive advantage. We investigate the moderating effect of three environmental factors, regulatory regime, competitive intensity and customer demand, on the relationship between innovation and competitive advantage creation in financial services firms. Data were collected from the Ghana's financial services sector with a focus on banking and insurance institutions. Constructs were validated through confirmatory factor analysis while robust regressions estimates were run to test their hypothesised relationships. We found that both competitive intensity and regulatory regime positively increase the effect of market innovation on competitive advantage. It was also found that the interaction between competitive intensity and regulatory regime has a positive effect while the interaction between customer demand and regulatory regime dampens the positive relationship between market innovation and competitive advantage creation. The concurrent occurrences of the three factors were found to have a negative moderating effect. Journal: Int. J. of Financial Services Management Pages: 70-87 Issue: 1 Volume: 9 Year: 2018 Keywords: market innovation; competitive advantage; financial services; regulatory regime; competitive intensity; customer demand. File-URL: http://www.inderscience.com/link.php?id=89932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:70-87 Template-Type: ReDIF-Article 1.0 Author-Name: Salman Ahmed Shaikh Author-X-Name-First: Salman Ahmed Author-X-Name-Last: Shaikh Title: Role of Islamic banking in financial inclusiveness in Pakistan: promise, performance and prospects Abstract: This paper reviews the progress in Islamic banking industry of Pakistan in contributing towards an egalitarian and equitable financial system. A set of quantitative indicators are used to examine the performance of Islamic banks towards fostering an inclusive financial system. The results highlight that so far, the performance of Islamic banks on these indicators shows a gap between promise and performance. This study highlights that high average cost of financing and concentration on the corporate sector and upper-class individuals is inconsistent with the goal of circulation of wealth and equitable distribution of income. The paper also identifies that people might need finance for health, education and setting up small businesses, but they cannot be served by Islamic banks with the available product structures. The paper gives a geographical footprint of Islamic banks which shows that they are primarily operating in big urban cities. Finally, it is argued that most of the Islamic banking debt-based products are close, but relatively expensive, substitutes for conventional banking in terms of financial costs. Journal: Int. J. of Financial Services Management Pages: 88-102 Issue: 1 Volume: 9 Year: 2018 Keywords: Islamic banking; Islamic finance; financial inclusion; microfinance. File-URL: http://www.inderscience.com/link.php?id=89933 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:1:p:88-102 Template-Type: ReDIF-Article 1.0 Author-Name: Madhavi Ayyagari Author-X-Name-First: Madhavi Author-X-Name-Last: Ayyagari Author-Name: Sanjai K. Parahoo Author-X-Name-First: Sanjai K. Author-X-Name-Last: Parahoo Title: Personal touch or convenient tech? An investigation of customer channel preferences in retail banking Abstract: In a highly competitive sector like banking, services are provided through multiple channels (e.g. branch services, online, smartphones, and ATMs) to meet varied customer preferences. Despite the recognised importance of these different channels, few studies have investigated the relative contribution each channel makes to customer satisfaction and to relationship continuity. The objective of the present exploratory study is therefore to examine the relative impact of three factors (ATM, face-to-face interaction and tangibles) as independent constructs on customer satisfaction and customer relationship continuity intention. Using a sample of 152 banking customers in Dubai, the study unearthed an important finding that interaction with the customer service representatives (CSRs) was the key determinant of customer satisfaction and continuity intention, while ATMs and branch tangibles did not have a significant effect on these two outcomes. Therefore, the role of CSR is paramount for banks in satisfying and retaining customers. Implications for theory and practice are discussed, and directions for further research are charted out. Journal: Int. J. of Financial Services Management Pages: 103-118 Issue: 2 Volume: 9 Year: 2018 Keywords: channel preferences; retail banking; UAE; United Arab Emirates Banks; ATM; customer satisfaction; face-to-face interaction; tangibles; customer continuity intention; service quality; SERVQUAL; SERVPERF; service technology; SST; service management; motivators; hygiene factors. File-URL: http://www.inderscience.com/link.php?id=92591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:2:p:103-118 Template-Type: ReDIF-Article 1.0 Author-Name: Sikanery Ibrahim Author-X-Name-First: Sikanery Author-X-Name-Last: Ibrahim Author-Name: Kingsley Opoku Appiah Author-X-Name-First: Kingsley Opoku Author-X-Name-Last: Appiah Author-Name: Stephen Zamore Author-X-Name-First: Stephen Author-X-Name-Last: Zamore Title: Antecedents and short-run causal relationship between foreign direct investment and infrastructure development in Ghana Abstract: This paper examines the antecedents and short-run causal relationships between Foreign Direct Investment (FDI) and infrastructure development in Ghana. Using time series data spanning 1966-2015, we find that that FDI net inflow positively influences electricity consumption in Ghana; however, electricity consumption does not Granger-cause FDI net inflows. The results further indicate that the electricity consumption shocks contribute 100% of the variance in the one-period-ahead forecast error for electricity consumption growth. An important implication of the findings is that, governments need to liberalise FDI policies for investments by multinational corporations since FDI contributes to infrastructure development. Journal: Int. J. of Financial Services Management Pages: 119-139 Issue: 2 Volume: 9 Year: 2018 Keywords: GDP growth; openness; electricity consumption; FDI inflows; Granger-causality; cointegration; vector auto-regression. File-URL: http://www.inderscience.com/link.php?id=92592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:2:p:119-139 Template-Type: ReDIF-Article 1.0 Author-Name: Sweta Goel Author-X-Name-First: Sweta Author-X-Name-Last: Goel Author-Name: Mukta Mani Author-X-Name-First: Mukta Author-X-Name-Last: Mani Title: Efficiency measurement of open-ended mutual fund schemes with respect to Indian mutual fund industry Abstract: This paper investigates whether Indian mutual funds are performing efficiently and explores the corrective measures to improve their performance. It analyses 143 mutual fund schemes for 11 years through Data Envelopment Analysis (DEA) methodology by carrying out five DEA runs. Sharpe ratio and Jensen's alpha are the output and load fee, expense ratio, minimum initial investment needed and risk (β and α) are the inputs. Empirical analysis shows that fewer mutual fund schemes are performing efficiently and need to reduce their load and expense ratio. Also, maximum number of efficient schemes is of ELSS investment style followed by Income, Growth and Balance. DEA provides a set of peer group for each inefficient scheme and the targeted value of inputs has been computed. The present study is an exhaustive one and is useful for retail investors, mutual fund companies and policy makers. Journal: Int. J. of Financial Services Management Pages: 140-167 Issue: 2 Volume: 9 Year: 2018 Keywords: mutual funds; efficiency; data envelopment analysis; attributes; performance; open-ended; investment style; expense ratio; load; Sharpe ratio; Jensen's alpha; risk. File-URL: http://www.inderscience.com/link.php?id=92593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:2:p:140-167 Template-Type: ReDIF-Article 1.0 Author-Name: Songsheng Chen Author-X-Name-First: Songsheng Author-X-Name-Last: Chen Author-Name: Sophie X. Kong Author-X-Name-First: Sophie X. Author-X-Name-Last: Kong Author-Name: Shaodong Luo Author-X-Name-First: Shaodong Author-X-Name-Last: Luo Title: Can information disclosure technology improve investment efficiency? Empirical evidence from China Abstract: We study the impact of adopting a new financial reporting technology, XBRL (eXtensible Business Reporting Language) on firms' investment efficiency in the Chinese market. Our primary finding is that adoption of XBRL is associated with improvement in investment efficiency. Specifically, XBRL implementation significantly curbs both under- and over-investment for all listed Chinese firms and the impact on over-investment is six to nine times larger than that on under-investment. This negative association of XBRL adoption and investment inefficiencies is robust after controlling for firms' financial constraints as well as whether a firm is SOE (state-owned-enterprise), both of which affect a firm's availability of capital and thus investment efficiency. Journal: Int. J. of Financial Services Management Pages: 168-186 Issue: 2 Volume: 9 Year: 2018 Keywords: XBRL; eXtensible Business Reporting Language; financial reporting quality; investment efficiency; state-owned enterprise. File-URL: http://www.inderscience.com/link.php?id=92594 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:2:p:168-186 Template-Type: ReDIF-Article 1.0 Author-Name: Chen-Ying Lee Author-X-Name-First: Chen-Ying Author-X-Name-Last: Lee Title: The relationship between insurer solvency and reinsurance: evidence from the Taiwan property-liability insurance industry Abstract: This study examines the relationship between insurer solvency and reinsurance. Taiwan provides an interesting environment for studying this issue with its relatively shallow market and natural catastrophe risk in the property-liability (P/L) insurance industry. The results of this investigation suggest that insurer solvency and reinsurance are interdependent. I find that insurers with higher solvency tend to purchase more reinsurance, and insurers with higher reinsurance dependence tend to have a higher level of solvency. Other empirical results show that underwriting risks, business concentration, return on investment (ROI) and business mix have a significant impact on reinsurance. Furthermore, I also find that insurers used less reinsurance after the RBC regime. In addition, firm size, return on asset (ROA), ROI, marine insurance, financial holdings and listed firms have a significant influence on an insurer's solvency. My results have practical implications for the P/L insurance industry and competent authorities in Taiwan. Journal: Int. J. of Financial Services Management Pages: 187-205 Issue: 2 Volume: 9 Year: 2018 Keywords: reinsurance; property-liability insurance; panel data; solvency. File-URL: http://www.inderscience.com/link.php?id=92603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:2:p:187-205 Template-Type: ReDIF-Article 1.0 Author-Name: Vikas Chauhan Author-X-Name-First: Vikas Author-X-Name-Last: Chauhan Author-Name: Vipin Choudhary Author-X-Name-First: Vipin Author-X-Name-Last: Choudhary Title: Barriers to adopting internet banking: analysing the influence of information availability and consumer demographics Abstract: The present research aims to analyse the barriers that impact consumers' intention to adopt internet banking with the influence of information availability. The study has also investigated the demographic effect on perceived barriers toward internet banking. The data were collected through a self-administered questionnaire from 305 non-users of internet banking in India. A two-step SEM approach, i.e. measurement model and structural model, was used for analysing the data. The finding shows the significant negative relationship between perceived barriers to innovation (usage, value, risk, image and tradition barriers) with intention to adopt internet banking. Availability of information (guiding and security information) was found to have a significant positive relationship with intention to use internet banking and significant negative relationship with perceived barriers. Demographic variables were also found to have significant effect on perceived barriers. The study provides a structural model for barriers to using internet banking. Journal: Int. J. of Financial Services Management Pages: 207-225 Issue: 3 Volume: 9 Year: 2018 Keywords: internet banking; e-banking; psychological barriers; functional barriers; information availability. File-URL: http://www.inderscience.com/link.php?id=93864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:3:p:207-225 Template-Type: ReDIF-Article 1.0 Author-Name: Štěpánka Křečková Author-X-Name-First: Štěpánka Author-X-Name-Last: Křečková Title: Minimal required rate of return for ex-ante profitability calculation of bank medium-sized enterprises clients Abstract: This article summarises and analyses various approaches for determination of minimal rate of return that should be required from provided credit exposures to bank clients in order for a value added for the bank shareholders to be created. The most widely used measurement for the so called ex-ante profitability calculation of bank's clients is currently Risk Adjusted Return on Capital (RAROC), which is then compared to the required rate of return. The article shows, on a hypothetical example, one of the ways of this target return estimation that could be applicable in practice, is its determination through forecast Economic Value Added (EVA). On the sample of medium-sized enterprise clients of a bank operating on the market in the Czech Republic, the article shows that using EVA for ex-ante profitability calculation can be of more informative value than using RAROC. Journal: Int. J. of Financial Services Management Pages: 226-241 Issue: 3 Volume: 9 Year: 2018 Keywords: hurdle rate; cost of equity; rate of return; EVA; economic value added; RAROC; risk adjusted return on capital. File-URL: http://www.inderscience.com/link.php?id=93865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:3:p:226-241 Template-Type: ReDIF-Article 1.0 Author-Name: Yensen Ni Author-X-Name-First: Yensen Author-X-Name-Last: Ni Author-Name: Paoyu Huang Author-X-Name-First: Paoyu Author-X-Name-Last: Huang Author-Name: Yaochia Ku Author-X-Name-First: Yaochia Author-X-Name-Last: Ku Author-Name: Yuhsin Chen Author-X-Name-First: Yuhsin Author-X-Name-Last: Chen Title: Investigating the factors affecting the performance of offshore high-yield bond funds Abstract: We investigate the factors affecting the performance of offshore high-yield bond funds and reveal two impressive findings, which might contribute to the existing literature. First, we disclose that the funds registered in Luxembourg perform better than those registered in Ireland, which seems unrevealed in the existing literature. Second, we show that the funds with high volatilities might not have better performance. We infer that high volatilities incorporating systematic and unsystematic risks might not enhance bond returns, even though we reveal that systematic risks would enhance bond returns in this study. Journal: Int. J. of Financial Services Management Pages: 242-254 Issue: 3 Volume: 9 Year: 2018 Keywords: high-yield bond funds; asset allocation; fund performance; funds registered; systematic risks; unsystematic risks; volatilities; bond returns; Morningstar rating; place registered. File-URL: http://www.inderscience.com/link.php?id=93866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:3:p:242-254 Template-Type: ReDIF-Article 1.0 Author-Name: Josephine Ofosu-Mensah Ababio Author-X-Name-First: Josephine Ofosu-Mensah Author-X-Name-Last: Ababio Author-Name: Kofi A. Osei Author-X-Name-First: Kofi A. Author-X-Name-Last: Osei Author-Name: Godfred Alufar Bokpin Author-X-Name-First: Godfred Alufar Author-X-Name-Last: Bokpin Author-Name: Eric Osei-Assibey Author-X-Name-First: Eric Author-X-Name-Last: Osei-Assibey Title: Furthering inclusive banks and inclusive capital markets: emerging markets' perspective Abstract: This paper examines how increased financial inclusion fosters an inclusive banking sector and capital market, and whether they in turn promote more financial inclusion in emerging markets. The System-GMM technique and Panel Granger Causality Test were employed for the analyses. The paper provides empirical evidence that financial inclusion enhances the banking sector, the bond and stock markets inclusiveness. Besides, the Panel Granger Test results show a uni-causality linkage for banks and the stock market, while it confirmed a bi-causality linkage between banks and the bond market in emerging markets. It concludes that increased financial inclusion promotes inclusive banks and capital markets, but the reverse does not apply to the stock market. The findings imply that greater financial inclusion is needed in building inclusive banks and capital markets in emerging markets. Their policy-makers must not ignore the large local population and enterprises when mobilising savings, capital resources and allocating credit facilities. Journal: Int. J. of Financial Services Management Pages: 255-287 Issue: 3 Volume: 9 Year: 2018 Keywords: increased financial inclusion; inclusive well-functioning banking sector; inclusive well-developed capital market; system-GMM; emerging markets. File-URL: http://www.inderscience.com/link.php?id=93867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:3:p:255-287 Template-Type: ReDIF-Article 1.0 Author-Name: Tony Matchaba-Hove Author-X-Name-First: Tony Author-X-Name-Last: Matchaba-Hove Title: South African financial planners' perceptions on professionalism: an exploratory study Abstract: Since the introduction of the Financial Advisory and Intermediary Services Act 37 of 2002, and the Treating Customers Fairly (TCF) outcomes in 2014, South Africa's financial planning industry has been undergoing the process of becoming a professionalised industry, meeting international standards and benchmarks. Professionalism is an important aspect of being a financial planner in the current climate of treating clients fairly. The purpose of this study was to investigate the factors influencing financial planners' perceptions of professionalism. A conceptual model for assessing the factors that may have an influence on a financial planner's perceptions of professionalism was proposed. A quantitative research approach was implemented to test the model. The findings indicated that interactions with clients, pride in the profession, and interactions with colleagues had a significant influence on a financial planner's perceptions of professionalism. Journal: Int. J. of Financial Services Management Pages: 288-302 Issue: 3 Volume: 9 Year: 2018 Keywords: financial planning; treating clients fairly; professionalism; financial advisor; South African financial services. File-URL: http://www.inderscience.com/link.php?id=93868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijfsmg:v:9:y:2018:i:3:p:288-302