Open Access Short Research Article
Agriculture is the backbone of Indian economy. Agriculture is not only important in economic point of view but also has subconscious influence on social, political and cultural life. So many researchers have accomplished their study related to the price determinants of agricultural product, but rare researcher worked on ‘consumption pattern’ as moderated ‘price determinants’ and ‘perception toward future productivity’. By the informal discussion with farmers’ it has been judge that there is a great role of farmers’ and firm owners’ psychology on the future productivity. So, these research issues are addressed in current study that are from the aim of study as follows-
Aim: Aim of study is to find out the relationship between ‘price of agriculture product’ and its determinants, influence of ‘price determination’ on ‘perception towards future productivity’ and the moderation effect of ‘consumption pattern’ on the relationship between ‘price determination’ and ‘perception towards future productivity’ of agricultural products.
Study Design: Descriptive research design applied to study. The relevant literature laid down relation between price determinant of agricultural product and future perception of agricultural product.
Methodology: The study based on logical relationships developed through a proposed model. The model refers to moderated mediation effect on the relationship between determinants of price and perception towards future productivity through consumption pattern and price determination of agricultural products. The model has proposed purely based on available literature and the determinants of price are identified from past research works and studies.
Results: Perception towards future productivity is a logical consequence of price determination process, which is influence by various controllable and uncontrollable factors. The consumption pattern acts as moderator between production-perception and price determination process of agriculture products.
Conclusion: Estimating the future production of agricultural products by determinant of price and with the traditional methods is not sufficient in today’s dynamic market scenario; the psychological aspect of the future production is a must requirement to estimate the future production, which ultimately becomes the input for planning and strategy.
Open Access Original Research Article
This study was carried out to assess the impact of Foreign Trade and Foreign Direct Investment on Agricultural Productivity in Nigeria using annual time series data from 1980-2014. Inferential statistics were used for the analysis. Using Augmented Dickey Fuller test, the results shows that all variables were stationary in their first difference and that necessitated the application of Johansen co-integration test. The trace statistics of 59.28557 and maximum Eigen statistics of 32.58741 were greater than the critical values of 47.85613 and 27.58434 at 5% level of significance respectively. Both trace and maximum Eigen value indicates one co-integration equation. Further investigations based on Johansen co-integration test, indicate that long run equilibrium relationship exist among the variables of interest. The long run result shows a positive coefficient of 5.61 and 0.23 for Foreign Direct Investment and non oil export at 1% level of probability respectively. On the other hand, the coefficient of non oil import in the long run was negative (0.015) and significant at 1% level of probability. The Vector Error Correction Model (VECM) results show that there is no short run effect of foreign trade and foreign direct investment on agricultural productivity. It was recommended that importation should be discouraged, especially goods that the nation can produce or goods that the nation has comparative advantage in the production; Non oil goods exportation should be encourage through favorable trade policies, boosting the production of local industries and improving on the quality of Nigeria goods so as to compete favorably in the world market.
Open Access Original Research Article
The study empirically investigated the impact of exchange rate devaluation on trade balance of Nigeria for the period 1980-2015. Specifically, it tested the Marshall-Lerner (ML) conditions for Nigeria’s case to see whether it is satisfied. ML condition states that nominal exchange rate devaluation improves trade balance of a country. The econometric methods utilized in the analysis include Johansen cointegration technique and vector error correction model (VECM) approach. The variables used in study include trade balance (TB), nominal exchange rate (NEXCR), export (XP) and import (MP). Stationarity test was conducted and found stationarity among the variables after first differencing. The estimation of the cointegration test showed evidence of long run relationship among the variables. Similarly, the study through the application of VECM indicate that nominal exchange rate (NEXCR) has positive and insignificant impact on trade balance (TB). It also showed that export (XP) has positive and insignificant impact on trade balance, while import has negative and significant impact on trade balance, which implies that ML condition is not satisfied for Nigeria. Based on these findings, the study recommends that government may reconsider its exchange rate devaluation position and stop further devaluation as such policy does not lead to significant improvement in the trade balance of Nigeria. More so, since export contributes positively though insignificantly to the trade balance of Nigeria, while import contributes to trade balance negatively and significantly, government is advised to put more efforts in its export promotion strategy as that would results to significant improvement in the trade balance of the country in the long run, and hence, discourage excessive volume of importation observed in the economy.
Open Access Original Research Article
The study examines the determinants of non-current assets acquisition in Small and Medium Scale Enterprises (SMEs) in Ondo state, Nigeria. Ondo state was selected for the study because it is one of the developing states in Nigeria. It is the highest cocoa producing state in Nigeria and also one of the Oil producing states. It has a sizeable number of SMEs in the manufacturing sector. A survey research method was employed for this study. A sample of 250 SMEs was purposively selected for the study, out of which 208 returned the completed questionnaire representing a response rate of 83%. Regression Analysis was used to determine the relationship of the identified determinants and non-current assets investment. The study revealed a negative relationship (r = -0.10, p < .0.05) between family size and non-current assets acquisition among entrepreneurs while the level of education shows a positive relationship (r = 0.111, p < 0.05). However loan size shows more significant relationship with non-current assets acquisition (r = 0.471, p < 0.05). The study concluded that provision of necessary non-current assets for business operations is imperative for the growth of SMEs. Loan with low interest rates should be made accessible to SMEs so as to enhance the contribution of this sector to the social and economic goals of the country.
Open Access Review Article
This survey organizes and summarizes existing theoretical and empirical seminal works on Efficient Market Hypothesis (EMH) for educational purposes. The theoretical models focus on random walk model which describes the behaviour of stock returns in an efficient stock market, that successive price changes are independent. The empirical implications of the theoretical model have been tested on the basis of types and forms of information available to an investor i.e. weak form, semi- strong form, and strong form efficiencies. The literature is almost unanimously in support of the random walk hypothesis for the weak form of efficient market hypothesis. On semi-strong form and strong form tests, the results are mixed. Especially for strong form whose tests are based on constructs that are not readily observed. The empirical survey of literature was extended to stock market anomalies which include calendar anomalies (such as day of the week effects, monthly (January) effects, and holiday effects), firm size effect, price/earnings ratio effect, momentum, book to market equity, and weather effect. Literature from this section revealed the existence of systematic discrepancies in returns corresponding with the various anomalies which is inconsistent with the theory of efficient market.