Financial Aberrations of Rural Customers of Business Correspondents: Characteristics, Cases and Curative Strategies

Financial Inclusion through Business Correspondents is not free from financial aberrations. On the basis of some cases the paper investigated into the types and frequency of the financial aberrations, which are incident on customers .The magnitude of shocks as perceived by the BC customers due to the financial process aberrations and irregularities were gauged on a Likert scale and was found to be significantly high. As these shocks have a bearing on financial resilience, the research further attempted to investigate whether awareness of dealing with the system and thereby increasing financial resilience could be developed through financial literacy programs. A longitudinal research design was adopted and 17-18% of the male and female respondents from each district were exposed to a financial literacy programme in this context as devised by the researchers. It was found that the administration of the program on poor BC customers had a significant positive effect on their awareness and therefore on their build-up of financial resilience. Int. J. Soc. Sc. Manage. Vol. 8, Issue-3: 401-407.

Analisis Pencatatan dan Pelaporan PSAK 45 di Gereja X Salatiga

Indonesia has already had an accounting standart for their non-profit organization, This standart are written in PSAK 45 about financial reporting for non-profit organization. This research are done in Gereja X Salatiga as a non-profit organization in religious organization. Aim of this research is to analyze application of PSAK 45 in Gereja X Salatiga financial report. This research is expected to help evaluate financial reporting in Gereja X Salatiga. Method used in this research are descriptive qualitative to describe, dechipher and compare data with circumstances and also explain such a situation so conclusions can be drawn. The results of this research is Gereja X Salatiga has implementing and using financial report suitable with PSAK 45, although its format are not following the format given bu Indonesian Accounting Association, but generally has reached its aim to report their financial process. Report shown to congregation are cash receipt and cash disbursement reports, and also a church expenditure receipt budget report. Keywords : PSAK 45, non-profit organization

Assessing Effects of Business Innovations on Financial Performance of Small and Medium-sized Enterprises in Kenya: A Case of SMEs in Garissa County

Despite the significant positive impact of small and medium-sized enterprises on the economic growth and employment generation, small business enterprises in Kenya are continuously collapsing. The high rate of collapse in threatening their contribution to Kenya’s gross domestic product. Although empirical studies from developed economies have revealed business innovations as the appropriate approach to addressing financial performance of small business, there is scanty documentation on business innovations as being a key determinant of the financial performance of small medium enterprise in Kenya. hence this study which assessed the manner in which the business innovations affects financial performance of Kenyan small medium enterprises. Adopting descriptive research design, the research used the 258 small medium enterprises in Garissa County as its target population from where a sample population of 155 respondents was selected using stratified proportionate random sampling. Data was collected from primary sources using a questionnaire and analysed using quantitative analysis approach to yield descriptive statistics as well as inferential statistics with help of SPSS software Version 21.0. The study concludes that at 0.05 (5%) significance level, each of; financial institutional innovation, financial product innovations has positive and moderate statistically significant effect on financial performance of small and medium-sized enterprises in Kenya while each of; marketing innovation and financial process innovations has a statistically strong positively significant effect on the financial performance of small and medium-sized enterprises in Kenya. The research recommends that the financial performance in Kenya should; actively embark on adopting financial institutional innovations for improving their financial performance, embrace financial product innovations, develop and acquire marketing resources and appreciated and support modern financial process innovations.

Controlling Methods for SMEs’ Risk Reduction

A substantial proportion of entrepreneurs strive to reduce the risk of their activity, which means they refer to a number of methods known, but rarely applied by them. Risk reduction activities can be totally interconnected with the ‘controlling’ approach and methods that are still not well known to a lot of company executives, but the introduction and application of those methods provide tangible results for business decision-makers within a relatively short period of time. The paper presents the size, activity, financial process characteristics, planning features, suppliers and buyers' evaluation practices of the investigated SMEs using correlation analysis methods. The study is a continuation of a research topic that has been going on for many years and is based on data collection from the years 2015 and 2016. We have evaluated the planning and management features of a total of 53 micro, small and medium-sized enterprises by questionnaire processing.

Key Performance Indicators (KPIs) as a Tool to Improve Product Quality

The literature includes a wide selection and distribution of performance indicators to be used in different areas of the company. The paper highlights the Key Performance Indicators (KPIs) as those that are the most universal and allow the control of intended targets in different areas of the enterprise. KPIs are financial and non-financial process measures used to assess the degree of achievement with regard to strategic and operational objectives in a company. They are also used to measure the effectiveness of all activities undertaken in an organizational unit. The paper presents the possibility of using KPIs to improve the quality of manufactured products, by analyzing the trend of selected indicators. This analysis gave an impulse to undertake improvement actions in the company consisting in the use of quality management method – in this case 5 WHY leading to the initiation of preventive and corrective actions in the occurrence of defective products.

МЕТОДИКА ПОБУДОВИ МОДЕЛЕЙ ГЕТЕРОСКЕДАСТИЧНИХ ПРОЦЕСІВ

The aim of the study is to improve the method of construction of heteroscedastic models of time series, which is based on the use of correlation analysis of data and multitude of statistical characteristics of the model. Methodology is based on the principles of systematic data analysis in application to the estimation of structure and parameters of models using statistical data. For modelling of heteroscedastic time series models need to solve the following tasks: to apply system analysis principles to formulate the modeling methodology, to ensure proper modeling data preparation, to evaluate the structure and parameters of the models, and to form a criterion base for the correct selection of the best candidate models from the set of candidates evaluated. The technique of constructing models of heteroskedastic processes is improved, which ensures obtaining adequate models of the dynamics of dispersion with the presence of informative data. An example of constructing an adequate model of the dispersion dynamics of the heteroscedastic process is given. Computational experiments aimed at modeling the conditional dispersion dynamics are performed. The efficiency of the proposed technique for modeling non-stationary variance processes is illustrated. The obtained characteristics of the constructed GARCH - models indicate that they can be used to predict conditional variance in practice. The possibility of applying a systematic approach to the construction of heteroskedastic time series models is shown, and the sequence of operations is performed when constructing models of this type. A new model of the studied financial process has been constructed to provide high quality short-term volatility forecast. The proposed methodology ensures the construction of models of acceptable adequacy, provided the completeness and informativeness of the statistics presented in time series.

CURRENT PROBLEMS OFFINANCE UNDER THE CONDITIONS OF IMPACT OF GLOBALRISKS ON THE NATIONALECONOMY

In modern conditions of increasing impact of global risks on the national economy, the role of financial support for the socio-economic development of the state is increasing. Financial problems are generated largely by the external environment. Consequently, in order to fulfill the tasks set by the government of the Russian Federation, it is necessary to develop a financial strategy that will allow, taking into account the highest external and internal risks, to ensure the development of the economy and social sphere. The article examines topical problems of finance in the context of economic globalization and the emergence of new challenges and threats at the mega-level, in other words, for all of humanity. Based on statistical data, expert assessments, analysis of scientific literature, the article proposes a set of measures to reduce the high level of global risks, and also considers the possibilities of ensuring an acceptable level of internal risks in the country. The study identified problems at all stages of the financial process, namely, in the formation, distribution and use of financial resources. On the basis of the analysis, conclusions were drawn and ways were proposed for solving urgent financial problems in the Russian Federation.