The Effect of Corporate Income Tax on Financial Performance of Listed Manufacturing Firms in Ghana

The study used panel data methodology covering ten listed manufacturing firms over seven years to empirically determine the effect of corporate income tax on financial performance. The study revealed that there is a significant negative relation between corporate income tax and financial performance. On the other hand, firms’ size, age of the firm and growth of the firm show a significant positive relationship with financial performance. Keywords: Corporate income tax, Firms’ size, growth, Age, financial performance

Factors Affecting Equity Return during Corporate Declaration

In an efficient market, stock prices would be determined primarily by some fundamental factors. This study aims at finding the impact of some factors on the equity prices. The main target of this study is to explain the price return of shares listed in Dhaka Stock Exchange (DSE), Bangladesh. We ran regression analysis with the help of panel data and find out the relationship between dependent and all the independent variables used in the study. We examined the regressions over the four years and identified the relative changes in the impact of independent variables. Keywords: DSE, Equity return, Earnings Surprise, Market Momentum DOI: 10.7176/RJFA/10-16-05 Publication date: August 31st 201

An Analysis of the Effect of Merger of Western Union Bank with Industrial Development Bank of India during Post Liberalized Regime

The article critically analyzes and evaluates the impact of merger of Western Union Bank with IDBI during Post Liberalization Regime in terms of different parameters with special reference to merger and acquisition. The study has further attempted to investigate and test whether there exist any significant deviations in the results achieved by the banks after merger. For conducting the study, Shapiro-Wilk normality test and Wilcoxon Paired Sign-Rank test was conducted for factors not following normal distribution. Thereafter, we compared means of the performance parameter over time i.e. before the merger vs after the merger. T-test and Wilcoxon test were chosen because those are popularly used for computing pre-post analysis of a phenomenon. The different parameters chosen for study were ROA, CDR, IDR, PSA, DPE, APE, IITI, NIITI, IETE, EETE, OOETE, STA, IIAWF, NIIAWF, OPAWF, NNPANA, CAR. Paired Samples t Test suggests that there is significant difference in case of only a few pre and post merger financial parameters and most of the financial parameters undertaken in our study do not have any significant pre and post difference in operating performance level

Influence of Merger on Performance of Indian Banks: A Case Study

The study attempts to critically analyze and evaluate the impact of merger of Nedungadi bank and Punjab National Bank on their operating performance in terms of different financial parameters. Most of the financial indicators of Nedungadi bank and Punjab National Bank display significant improvement in their operational performance during post merger period. Therefore, the results of the study reveal that average financial ratios of sampled banks in Indian banking sector showed a remarkable and significant improvement in terms of liquidity, profitability, and stakeolders wealth. Keywords: Merger, India, Nedungadi bank, Punjab National Bank

Impact of Merger on Efficiency of Indian Commercial Banks: A Study on Merger of Oriental Bank of Commerce and Global Trust Bank

The study has been undertaken to empirically analyze and assess the impact of merger of Oriental Bank of Commerce and Global Trust Bank on the efficiency of said banks in terms of different financial parameters. Most of the financial indicators of Oriental Bank of Commerce and Global Trust Bank display noteworthy improvement in their operational performance during post merger period. Therefore, the results of the study reveal that average financial ratios of sampled banks in Indian banking sector showed a notable and important improvement in terms of liquidity, profitability, and stakeholders wealth. Keywords: Merger, India, Oriental Bank of Commerce, Global Trust Bank, efficiency

An Analytical Assessment of the Effect of Merger of Centurion Bank of Punjab with HDFC Bank

The article assesses the synergic effect of merger of Centurion Bank of Punjab with HDFC Bank in terms of different financial parameters. Several financial ratios, Kolmogorov-Smirnov test,Shapiro–Wilk test, Paired Sample T test,Wilcoxon Signed-Ranks Test have been widely applied  to recognize the difference in pre and post merger operational performance  of  merged entity of HDFC bank after analyzing  data for four years prior to merger and for four years after the merger .The study shows that there are significant differences between pre and post merger above mentioned financial indicators and majority of the financial indicators (13 out of 17) of Centurion Bank of Punjab  (Target Bank) and HDFC Bank (Acquiring Bank) display significant improvement in their operational performance during post- merger period. Keywords: Merger, India, Centurion Bank of Punjab with HDFC Bank.

Impact of Merger on Efficiency of Acquiring Bank: An Analytical Study on Merger of Bank of Rajasthan and ICICI Bank

The paper tries to analytically evaluate the impact of merger of Bank of Rajasthan and ICICI Bank on their operating performance in terms of different financial parameters. Several financial ratios. Kolmogorov-Smirnov test,Shapiro–Wilk test,Paired Sample T test,Wilcoxon Signed-Ranks Test have been extensively used  to find out the difference in pre and post merger operational performance  of  merged entity of ICICI bank after analyzing  data for four years prior to merger and for four years after the merger .The study shows that there are significant differences between pre and post merger above mentioned financial indicators and majority of the financial indicators (13 out of 17) of Bank of Rajasthan (Target Bank) and ICICI Bank (Acquiring Bank) display significant improvement in their operational performance during post- merger period.  Therefore, the results of the study reveal that average financial ratios of sampled bank in Indian banking sector showed a remarkable and significant improvement in terms of operational efficiency, profitability, and stakeholders wealth. Keywords: Merger, India, Bank of Rajasthan , ICICI Bank.

Digital finance and M&As: An empirical study and mechanism analysis

With the rapid growth and wide application of digital technology, enterprises have entered the digital era with both opportunities and challenges existing. Mergers and acquisitions are one of the most efficient ways to integrate resources and achieve profit growth, giving enterprises advantages in competing in the new mode of economic growth. Based on this, this research tries to explore whether the development of digital finance will contribute to the emergence of M&As activities through combining M&As data of the Chinese stock market with the digital finance inclusion index between 2012 and 2020. The results show that the development of digital finance largely influences M&As activities through lower acquirers' financial constraints. We further replace digital finance with three sub-indexes including coverage breadth, usage depth, and digitalization level to explore the impact of different dimensions of digital finance on M&As. Results show that coverage breadth plays a more important role. In addition, heterogeneity tests reveal that the relationship between the development of digital finance and M&As activities varies significantly. The influences of digital finance on private and western and central enterprises are more significant compared with state-owned and eastern enterprises. According to the study, since the development of digital finance can be an efficient way to ease financial constraints and boost M&As activities, the government should promote the development of digital finance while companies strive to make the most use of it