Capital Expenditure

The study analyzes the impact of public expenditure components on economic growth in the Ethiopian economy using annual time series data for the period 1982-2016. The study uses public expenditure variables from economic infrastructures (agriculture, road and energy), social infrastructure (education) and recurrent and capital expenditure components. With the help of co-integration and vector error correction analysis, the impact of various areas of public expenditures was assessed in the long-run as well as in the short-run. The study found that public expenditure components at all have a significant positive effect on economic growth in the long-run but they have insignificant impact in the short-run except education and road. Expenditure on education and road has both short-run and long run effects on economic growth. The impact of educational expenditure on economic growth is highly significant and positive which have powerful role in promoting the country's economic growth compared to other variables. In the short run the impact of education on economic growth is negative and significant whereas that of road expenditure is significant and positive. Based on the results of the cointegrated and vector error correction model, this study found that, it is better and advisable to have an excessive expenditure on education and road construction than other areas of public expenditure, so as to accelerate economic growth in Ethiopia.

This research effort aims to conduct a comprehensive analysis on the fiscal performance of Pasuruan Regency  from  2018  to  2023  and  to  evaluate  the  efficiency  of regional  budget  management.  The  results  of  the decentralization  ratio  calculation  get  an  average  of  20.92%  with  a  sufficient  performance.  The  results  of  the calculation  of  the  expenditure  growth  ratio  got  an  average  of  3.45%  with  poor  performance.  The  ratio  of operational expenditure to capital expenditure received an average of 65.36% with good performance. The ratio of capital expenditure to total expenditure got an average of 13.16% with good performance. The ratio of direct and indirect spending to total spending has poor performance results. The tax effectiveness ratio got an average of 97.50% with quite effective performance. The results of this study are expected to be an input for the Pasuruan Regency government which aims to improve budget efficiency and strengthen regional financial autonomy

This research aims to analyze the Influence of regional revenues, production sharing fund, general allocation fund, special allocation fund, and surplus of budget financing partially and simultaneously on allocation capital expenditure in districts/cities in the Province of North Sumatera year period 2009 -2013.This research is a kind of causal research and is a replication of the earlier research. The Population was 33 districts/cities in the Province of North Sumatera. The sample selection is done by purposive sampling method and obtained 22 districts/cities as samples. The data used in this research obtained income and expenditure budget (APBD) report from website of Directorate General of Fiscal Balance, Ministry of Finance Republic of Indonesia (www.djpk.depkeu.go.id). Testing statistical analysis of the data using multiple linear regression analysis to test the classical assumption first: test of normality, multicollinearity, heteroscedasticity, and auto correlation, then test the coefficient of determination and testing the hypothesis with T test and F test with a SPSS sofware program.The result of the research showed that the partially regional revenues (PAD) have a positive significant influence on capital expenditure, production sharing fund have a negative significant influence on capital expenditure, general allocation fund have a positive significant influence on capital expenditure, special allocation fund do not influence significant on capital expenditure, and surplus of budget financing have a positive significant influence on capital expenditure.While the Simultaneous regional revenues, production sharing fund, general allocation fund, special allocation fund, and surplus of budget financing significant influence on allocation capital expenditure in districts/cities in the Province of North Sumatera year period 2009 -2013.

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Buoyant oil prices have allowed oil-producing countries in sub-Saharan Africa (SSA OPCs) to increase oil exports and fiscal revenues, providing them with resources necessary to address the pressing social needs. To preclude another boom-bust cycle, this paper advocates the definition of a fiscal benchmark anchored in sustainability grounds, following . The difference between current primary deficits and those that could be maintained after oil reserves are exhausted represent an indication of the degree to which fiscal positions will have to be adjusted-either gradually, while the overall balances remain in surplus, or abruptly, once oil revenues begin to dwindle.

The attitude towards the concept of risk management has undergone many structural changes in recent years; in such a way that the perspective on risk has changed from a detail-oriented approach to a systematic and holistic approach. The aim of this research is to examine the relationship between the use of risk management techniques and the efficiency of organizations working in the automotive industry, which has been accepted by the Securities and Exchange Organization for more than a year. In this model, the model presented by the Kosovo Institute has been used to quantify the level of use of enterprise risk management techniques. Also, all the factors used in this model are financial and accounting factors that can be obtained from the information of the Stock Exchange Organization. Finally, the Pearson correlation test has been used to examine the relationship between the independent variable (the level of use of enterprise risk management techniques) and the dependent variable (firm performance) after standardizing the data. The results of this research indicate that the use of enterprise risk management techniques has a significant positive relationship with the performance of the organization. Also, in examining the secondary hypotheses, only reporting risk management has no significant relationship with organizational performance.

The Social Infrastructure Contribution Fund (FAIS) aims to reduce extreme poverty in Mexico through earmarked transfers for basic infrastructure. Prior to the 2014 reform, poorer municipalities received more resources, but public investment failed to consistently improve human development indicators, suggesting inefficiencies in allocation and use. This work sets the hypothesis that the 2014 FAIS reform, by redesigning the allocation formula, strengthened the relationship between per capita public investment and human development indicators, particularly in marginalized municipalities. The findings show that, after the reform, per capita public investment had a more neutral or positive impact on health, education, and income subindices. Municipalities with better initial conditions utilized resources more efficiently, while the most disadvantaged benefited through redistribution. This study provides evidence on how redesigning the allocation rules of earmarked transfers can enhance both equity and effectiveness in public investments. The findings emphasize the importance of targeting and administrative capacity to maximize impact in highly unequal contexts.

Taxes form a significant portion of a company’s expenses and in order to increase probable returns, tax planning is vital to financing and investment decisions of an entity. This study sought to find out the influence of tax avoidance on financial performance of all the nine manufacturing firms listed on the Nairobi Securities Exchange during the period 2010-2017. The study was anchored on tax planning theory, capital structure trade-off theory, agency cost theory and political power theory. The study adopted a positivism research philosophy and an explanatory research design. SPSS version 23 was used to analyze data where both descriptive and inferential statistics was done. Multiple linear regression model was adopted to study the association between the variables while utilizing panel data. The study findings showed that there is no significant statistical association between tax planning and financial performance of the manufacturing companies listed in the Nairobi Securities Ex...

This article review examines the paper "Revenue Allocation and Economic Development in Nigeria: An Empirical Study" by Dagwom D. Y. (2013), published in SAGE Open. The study investigates the relationship between revenue allocation and economic development in Nigeria, focusing on the impact of the federal allocation system on the country's development. The author uses empirical analysis to assess how the distribution of revenue among various levels of government affects economic growth, infrastructure development, and social welfare. This review highlights the strengths of the paper, such as its comprehensive data analysis and relevant policy recommendations. It also critiques certain methodological limitations and calls for more in-depth studies on the efficiency of revenue allocation mechanisms. The review concludes that while the paper contributes valuable insights into Nigeria’s fiscal structure, further research is necessary to address the broader implications of fiscal decentralization on sustainable economic development.

The Indian education sector is constrained by cost but demand has been rising for cost-effective, robust software applications to deliver services for learning and administration. Existing systems are not scalable and require huge capex (Capital Expenditure) and IT staff to maintain the system, which has shifted the focus from the core education business to managing the overheads of IT operations. The Cloud Computing paradigm has emerged as the optimal solution to meet the requirements of cost effective, scalable, and secure systems. In this paper, the author examines how the deployment of cloud computing in the education sector in India can meet these challenges.

This paper assesses the multiplier effects of public expenditures on economic growth in Nepal, covering time series data sets of public expenditures and economic growth from 1974-75 to 2018-19 by using the SVAR model. As a result of the SVAR model, the multiplier effect of public expenditure, recurrent expenditure, and capital expenditure is positive for economic growth. In the result, the multiplier effect of recurrent expenditure is found to be more promising than capital expenditure for economic growth in the short run, but in the long run, it is lower. Similarly, the multiplier coefficient value of capital expenditure is lower in the short run. This is probably due to leakages in the economy, corruption and improper management of development funds, seasonal expenditure trends, and poor management of development projects. Therefore, the government should improve the efficiency of public expenditure and the ratio of capital expenditure and private investment to improve the higher multiplier variable in the long run.

This study analyzes trend and pattern of public expenditure and relationship with economic growth in Nepal by using descriptive, trend, ratio and correlation method based on secondary data from 1975 to 2019. As a result, a trend of recurrent expenditure (RE) is inclining with positive growth, a trend of government expenditure (GE) is also inclining. However, it is different in case of capital expenditure (CE) because of consistent trend. Recurrent expenditure is unnecessarily expansionary but capital expenditure is unnecessarily contractionary. Recurrent expenditure (RE) is positively correlated with Government expenditure (GE) and capital expenditure (CE) is negatively correlated with Government expenditure (GE). It shows the expansionary budgetary policy doesn’t influence on CE but can be seen in GE and RE. Lastly, the annual positive change of regular expenditure in the share of public expenditure is higher than in the share of GDP. Whereas, the annual negative change of capital ...

This study investigates the linkage between fiscal policy and poverty reduction in Nigeria using a descriptive analysis. It explores the effectiveness of fiscal policy tool, especially government expenditure, in addressing the level of poverty and economic growth in the country. The study found that government capital and recurrent expenditures have not significantly reduced the level of poverty in Nigeria because of a weak linkage, which has not allowed fiscal policy to reflect its true opportunity cost. This gap created loopholes in the implementation of the various measures of fiscal policy in the country. The study therefore concludes that the levels of government capital expenditures in Nigeria have weak impact on the level of poverty in the country over the period of time covered. The study therefore recommends the formulation of stable macroeconomic policies that are consistent with the peculiarity of poverty situation in the country. This would promote productivity from which both the poor and non-poor would benefit.

This study investigates the effect of military expenditure on the exploding external debt in five major South Asian economies, i.e. Pakistan, Bangladesh, India, Nepal and Sri Lanka from 1990 to 2015 using panel fixed effect regression model. The estimated result reveals that the external debt of selected South Asian countries is positively determined by their military expenditure, and negatively explained by their domestic investment activities. The study urges the efficient utilization of available capital resources into more productive investment activities to create employment for the labor force. The future prosperity of the region lies in the peaceful resolution of all outstanding disputes and a corresponding reduction in military spending that can make the region safe for domestic and international investments.

The issue of public finance sustainability is very important for all EU member states in the actual context after the economic crisis. This article makes an analysis of the sustainability of public finances for the new member states (which joined EU in 2004 and 2007). Firstly, we try to analyze the impact of the economic crisis on public finances sustainability. The sustainability of public finances can be reflected through the level of public debt and budget deficit for a country. For this reason the article presents the evolution of budget deficits for NMS 12 before and after the recent economic crisis. Based on the econometric regression the correlation between economic growth rate (indicator used for measuring the economic evolution) and the budget deficit is revealed. Results for Romania and NMS 12 are quite similar; fact that tells us that the status of public finances is following the same trend in Romania as in the NMS 12.

The results of the study show that the financial performance of Gunungkidul Regency which still needs attention is the regional dependency ratio and regional financial independence ratio which shows that the financial condition of the Gunungkidul Regency Government is still dominated and highly dependent on the Central Government, while on the effectiveness of Regional Original Revenue and income efficiency shows that Gunungkidul Regency has optimal and efficient capability in managing Regional Original Revenue, then the harmony ratio shows that the proportion of operating expenditure budget allocation still dominates compared to the budget for capital expenditure but there have been efforts to increase the proportion of development expenditure. This research was conducted at the Regional Financial and Asset Agency of the Gunungkidul Regency Government. This research approach uses a quantitative descriptive approach by collecting data contained in the Regional Expenditure Budget and...

The paper examines the relationship existing between commercial property investment returns and public capital investment (budgetary expenditures) on road infrastructure in Fadikpe area, Minna (Nigeria) with the aim of determining the degree of impact of public capital investment on commercial property investment returns. The paper addresses a pertinent policy and practice question on the impact of government’s budgetary expenditures on real estate sector of the economy. Government increasingly faces funding challenges in providing new infrastructure or improvement of existing ones, thus, keen to know the areas of greater impact of its expenditures and the extent to which the benefits from the impact may go in augmenting or providing funds (through tax) for new road infrastructure provision or repair of existing ones. The research uses the before-and-after case method to identify an increase in property values (rental and sales) as measured by the trend of property investment return...

World military expenditure in post-Cold War world shows increasing trend especially in ASEAN region; Indonesia is no exception. The trend may have been supported by the argument that military expenditure has positive multiplier effects on economic growth. Unfortunately, there have been not too many studies on the effect of military expenditure on economic growth in the Indonesia context. This paper examines the topic by first reviewing literature on the relationship between military expenditure and economic growth, then by empirically testing the causal relationship between the two variables by using the Augmented Sollow Growth Model. The result shows that Indonesia's military expenditure has positive effect on the country's economic growth, which is most possibly caused by development of human capital as effect of military expenditure.

This research is related to the performance of provincial governments in Indonesia. This research aims to examine and analyze the influence of local government characteristics and audit opinions on the performance of provincial governments in Indonesia. The characteristics of the local government are proxied by the size of the regional government, regional prosperity, and capital expenditure. The performance of the provincial governments was obtained by usingscore indicator for Local Government Performance Evaluation (EKPPD). The population of this research was 34 provincial governments in Indonesia from 2010-2016. The purposive sampling was used in this researchto obtain a sample of 30 provincial governments in Indonesia. The data was analyzed by using SPSS 23 program through multiple linear regression analysis. The results of this research indicated that the size of the local government and audit opinion had positive effects on the performance of the provincial governments, whereas regional prosperity and capital expenditure did not affect the performance of the provincial governments.

Аннотация В исследовании рассматривается проблема бегства капитала из России в современных условиях и связанная с ней проблема финансирования расходов бюджета. Обосновывается различие между экспортом капитала и бегством капитала, который происходит в ситуации крайне высоких рисков или неблагоприятного инвестиционного климата. Анализируется платежный баланс России в 2022 г. Производится оценка размера бегства капитала из России в 2022 г. (примерно 232,2 млрд долл. США); показано, что в современной ситуации имеет место именно бегство капитала от политических и экономических рисков. Далее анализируется комплекс сложных проблем финансирования расходов федерального бюджета России в современных условиях. Рассматриваются три возможных механизма финансирования дефицита бюджета (дополнительных расходов) -за счет новых государственных займов, за счет ФНБ и продажи государственных активов и путем введения новых чрезвычайных налогов. Делается вывод, что привлечь новые средства за счет государственных заимствований практически невозможно без значительного повышения расходов бюджета на обслуживание долга и эффектов вытеснения частных заимствований государственными. В завершение работы обосновывается предложение о введении нового гибкого налога на экспорт капитала, который может создать стимулы для инвестирования в российскую экономику и решить проблемы финансирования расходов федерального бюджета в современных условиях.

This research aims to allocate the APBD made and planned by the Regional Government to improve the performance of the Regional Government, especially in terms of regional welfare and development. The research population is 34 provinces in Indonesia in 2019-2021. This study uses several independent variables, namely regional wealth, regional size, and capital spending to examine the relationship between the dependency variables proxied by local government performance. The study used quantitative methods with multiple regression analysis using the IBM SPSS 25 statistical test tool. The results showed that regional wealth, regional size, and spending capital had no effect on regional government performance. Keywords: APBD; Local Government Financial Performance; Regional Wealth; Local Goverment Size; Capital Expenditures

The average firm spends over two-thirds of the IT budget on maintaining the present infrastructure and architecture. The IT budget in turn makes up between thirty to fifty percent of the capital expenditure of a firm annually. An appreciation of the models would enhance an understanding of funding for new IT initiatives and/or making improved decisions on IT investments and operations. In an era where IT infrastructure is essential, a sound IT portfolio is important. This paper explores the necessities of maintaining a firm's current IT health, investing in future capacity and improving the competitive position of the firm. This paper tries to suggest how an organisation can shift from barely maintaining the current IT infrastructure, much to the chagrin of everyone involved, to an industry leading, value generating and sound IT infrastructure. This paper first examines four models for Budgeting and Funding for Information Technology in a firm (Charge Based, Lord and Master, Revenue Percentage, Absolute Outsourcing). Then it proceeds to develop a speculative framework to assist IT budget and funding. There is evidence that the first four models (Chargebased, Lord and Master, Revenue Percentage and Absolute Outsourcing).Charge-based is a model where the IT unit is treated outright as a service provider and paid for services implemented. In Lord and Master, a firm's IT unit has absolute control over implementation and execution of IT services. Revenue Percentage is where the IT unit compete for budgets in the form of a percentage of the organisation's overall revenue/profits. Absolute Outsourcing is also a service-charge based system; the only difference being that there is no defined IT unit within firm. IT needs are outsourced to an IT firm outside of the organisation and services rendered, charged back to the organisation. The impact an IT department has, whatever model it uses to exist, on organizational activities is unquestionable. The study of these models will help firms gather knowledge as to where they stand and also analyse if they need a change in their IT related financial environment. The proposed models are evaluated on: how each model works, how much is allocated as an IT budget, how the financial relationship of IT with other departments and stake holders functions, and implications on organizational learning. Using the funding and budgeting models as building blocks future research is welcomed on governance, change management as well as operational, day to day practical decision making which has relevance to both academic and practitioners.

Often times electricity charges are based solely on a per kilowatt-hour (kWh) basis, ignoring the fact that much of the cost associated with electricity service is fixed. From this basis, cross-subsidies have been implemented to achieve various social objectives such as affordable rates for the economically disadvantaged or extension of service to previously unserved areas. However, it is well known that regardless of whether rates have embedded cross-subsidies, this “average cost pricing ” of power is not economically efficient. This paper proposes a method of cross-subsidies that uses as its basis optimal multi-part pricing that accounts for the fixed nature of costs associated with electricity provision. The method of cross-subsidy is straightforward and relies on well-understood results from welfare economics that advocates lump-sum transfers over per-unit transfers. In the case of electricity rates, lump-sum transfers through the fixed charge portion of the multi-part tariff ar...

The analysis forms part of the Africa Infrastructure Country Diagnostic, and will eventually be extended to cover an additional 20 countries in Sub-Saharan Africa. It builds on earlier country-specific work on each of the four East African countries (Kenya, Rwanda, Tanzania and Uganda). By pooling together consistently defined fiscal indicators across a number of countries, benchmarking is made possible, and interpretation of the findings is thereby greatly facilitated. The Africa Infrastructure Country Diagnostic is a major knowledge program on the infrastructure sectors in Sub-Saharan Africa that will allow this analysis to be replicated for many other countries on the continent. Given the limitations of IMF data, the paper draws upon an entirely new and customized data collection effort. The IMF Government Finance Statistics are not comprehensive or disaggregated enough to support any analysis of the fiscal costs of infrastructure. Hence, this paper is based on a new standardized cross-country dataset of fiscal indicators that cover both within and beyond the central government budget spending. Private operators are also included to the extent that their assets continue to belong to the state, and/or they continue to be reliant on public subsidies. Data is collected in such a way as to permit both classification and cross-classification by economic and functional categories following the IMF Government Finance Statistics Manual, 2001. Functional categories include the major infrastructure sub-sectors (ICT, irrigation, power, railways, roads, water and sanitation). Economic categories include capital spending, wages and other current expenditures. As far as possible, both budgeted and actual expenditures are recorded for the last three to five years. The next question relates to the efficiency with which the different institutions use the infrastructure resources allocated to them. Central government, SOEs and special funds are considered in turn. Central government appears to suffer from serious inefficiencies in the implementation of capital projects. The key finding is that only 50-60% of capital budgets can be executed within the one year budgetary cycle. This is ratio is fairly consistent across countries and sectors; although Kenya is the worst offender with a capital budget execution ratio of only 33%. The under-spend on capital investment can be contrasted with a tendency to over-run budget allocations with regard to current expenditure, and there may be a connection between the two. Since investment projects are rarely completed in a single year, it is relevant to look at the track record on project implementation. The only available evidence, from Kenya, suggests that domestically finance investment projects take more than four years on average to complete. Together, these findings suggest that the central government faces real difficulties in converting public investment into productive infrastructure assets. SOE inefficiency is also a material problem at the macro-economic level, particularly in the energy sector and particularly in Tanzania. Inefficient SOEs impose a variety of hidden costs on the economy as a result of under-pricing, inefficient revenue collection and distribution losses. There are a number of ways in which these can be quantified. The evidence suggests that these costs are large relative to the economic scale of the SOEs themselves, accounting for 30-80% of their total revenues. In GDP terms, the hidden financial costs of water utilities look relatively small (less than 0.1% of GDP). However the hidden costs of power utilities can be much larger (0.2-0.4% of GDP), and in the exceptional case of TANESCO can be as high as 1.5% of GDP. The main source of the inefficiency differs substantially from one case to another, and the level of hidden costs can also move quite quickly in response to policy and management changes. Leaving aside the more political issue of under-pricing, the potential dividend from simply improving the operational efficiency of SOEs, ranges between 0.5-0.8% of GDP. The problem of under-pricing by TANESCO is itself worth 1.3% of Tanzania's GDP. Road funds functioning in most countries have the potential to adequately fund road maintenance, but face difficulties with revenue collection. In recent years, East African countries have created a variety of special funds to support infrastructure development. These include road maintenance funds, sub-national funds, and rural infrastructure funds. Together they absorb no more than 0.5% of GDP, almost all of it current expenditure. Most countries have established road funds aimed at safeguarding revenues for maintenance by capturing a variety of road user charges, such as petroleum levies. In most cases, the revenue base of the road funds is potentially large enough to provide adequate levels of funding for road maintenance. The situation in Kenya is relatively good. However, both in Rwanda and Tanzania road funds face major difficulties with revenue collection. The situation is particularly serious in

The importance of capital expenditure in an economy cannot be overemphasized. In Nigeria, capital expenditure has been given meager allocation, and the manufacturing sector has been experiencing poor growth. To this end, this study examines whether the low manufacturing sector's growth in Nigeria is as a result of the poor allocation to capital expenditure, also whether there is any causal relationship between capital expenditure and manufacturing sector's growth. In executing this study, the Error Correction Mechanism (ECM) is employed after Augmented Dickey Fuller (ADF) unit root test as well as Johansen Co-integration analysis have been applied to the variables in our model-Manufacturing Output in Nigeria; Capital Expenditure; Foreign Direct Investment; Interest Rate; and Exchange Rate. Granger causality test is employed to determine whether there is any causal relationship between capital expenditure and manufacturing sector's growth. The study finds that capital expenditure has significant impact on manufacturing sector's growth. It also finds that capital expenditure Granger causes manufacturing sector's growth in Nigeria. The study recommended imperative policy options which we believe that if implemented; there will be tremendous improvements in the manufacturing sector's growth in Nigeria.

The importance of capital expenditure in an economy cannot be overemphasized. In Nigeria, capital expenditure has been given meager allocation, and the manufacturing sector has been experiencing poor growth. To this end, this study examines whether the low manufacturing sector’s growth in Nigeria is as a result of the poor allocation to capital expenditure, also whether there is any causal relationship between capital expenditure and manufacturing sector’s growth. In executing this study, the Error Correction Mechanism (ECM) is employed after Augmented Dickey Fuller (ADF) unit root test as well as Johansen Co-integration analysis have been applied to the variables in our model- Manufacturing Output in Nigeria; Capital Expenditure; Foreign Direct Investment; Interest Rate; and Exchange Rate. Granger causality test is employed to determine whether there is any causal relationship between capital expenditure and manufacturing sector’s growth. The study finds that capital expenditure ha...

In accordance with the formed-methodical approach to the assessment of socio-economic productivity and effectiveness of the viability of territorial burdens in the military, the time of its composition is allocated. The essence of the concepts of “efficiency” and “effectiveness” for the socio-economic assessment of the vitality of territorial communities has been clarified. It was noted that such an assessment is necessary and appropriate in order to realize the investment potential of communities in the post-war period. It was developed the methodical approach to determining the effectiveness and efficiency of life activities of communities in the conditions of war is based on the use of available data on the functioning of territories – information on the implementation of local budgets. It provides for the use of the following indicators: revenue to the general fund of the budget (total and calculated per resident), the amount of local taxes and fees (total and calculated per res...

Local revenue is intended to finance infrastructure and basic public services that have not reached a certain standard to accelerate regional development. Capital expenditure is to increase public facilities. No part of the Capital Expenditure used for operational costs such as the construction of travel expenses and so on. Human Development Index is a measure of comparison of life expectancy, education and standard of living for all countries around the world. Human Development Index is used to classify whether a country is a developed country, developing or underdeveloped countries and also to measure the impact of economic policies on quality of life. If a public facility can be met, then people feel comfortable and be able to run their business efficiently and effectively so that in the end will create a healthy life and a longer life expectancy as well as partially and simultaneously improve the quality of education and standard of life of the community. Data were collected fro...

Nigeria is an oil dependent economy which faced a lot of economic and political challenges between the periods under review, such as increased broad money supply, fall in the value of money market assets, decline in the unpaid FGN Bonds, unfavorable exchange rates, fall in oil prices, and the May 2015 general elections, amongst others. Nigeria's fiscal stance was thus threatened, and it is in light of these that the paper, uses interactions between expenditure, revenue, debts, and deficits trends, to compute indices that capture its fiscal health. The study found that using compounded annual growth rates (CAGR), certain sectors with high CAGRs (Interior, Transport, Finance, Science & Technology, and Health) seemed to be prone to high fiscal mismanagement. Also, conservativeness in applying debt instruments are unavailable, and such measures are not tied to growth; revenue from increased taxation are not matched with requisite infrastructure; and debts are not adequately tied to capital projects, as established in Fiscal Responsibility Act. Amidst several, few recommendations are undoubtedly notable mainly; that overhead costs revealed in several line-items and are marked up should be eradicated; and huge recurrent expenditure, mainly personnel cost (about 75% of the total budget) mostly visible as remuneration "in kind" should be strictly removed from the line items and programmes at MDA level. Thus, Nigeria's government should maintain expenditure ceilings; create solidified link between policy and budget; establish realistic fiscal targets and indicators; and allow more public participation in budget process. Contribution/ Originality: This study contributes to existing literature on fundamentals of budgeting, as well as Nigeria's budget practices. The paper's primary contribution is finding that comparison of fiscal performance per ministry through the use of CAGR estimation methodology before and after general elections gives insights into the financial behaviour of transition governments.

The paper empirically examines the impacts of federal transfers on State tax efforts and expenditure taking into consideration a panel data set of 22 Indian States for the time-period 1980-81 to 2007-08. Dynamic panel equations are specified and system GMM estimation techniques are adopted to obtain the regression coefficients. The results suggest that federal transfers have adverse incentives on budgetary initiatives of States in mobilizing their own tax resources and regulating expenditure. Federal transfers as a whole adversely affect states Tax-GSDP ratio and per capita own tax revenues. Similarly, federal transfers have important influence on the size and pattern of States spending. All categories of States expenditure like revenue expenditure, capital disbursements and aggregate expenditure are stimulated by the large availability of Central transfers. Expenditure impact of transfers is more realised on revenue expenditure than capital disbursements. The author calls for revie...

The purpose of this research aiming at (1) analyzing how big influence of labor, private investment and government expenditure (capital expenditure) to the economic growth of North Lombok Regency, and (2) understanding the amount of Investment need to achieve economic growth in North Lombok Regency. This research undergo a quantitative approach by using time series data source during 2009-2016 from Bureau Central of Statistics (BPS) and documents sourced from both the local government of North Lombok Regency and various publication papers. The analysis technique used in this research is Multiple Linear Regression and Incremental Capital Output Ratio (ICOR) Analysis. The findings indicate that, partially, variable of investment and government expenditure did not significantly affect to the economic growth. While labor have a positive relationship and significantly to the economic growth of North Lombok Regency. Simultaneously, Investment, capital expenditure and workforce amount have...

The study ascertained the extent the accrued revenue generation has enhanced economic growth in Nigeria from 1981 to 2015. Secondary data sourced from Central Bank of Nigeria (CBN)’s Statistical Bulletin and National Bureau of Statistics (NBS) on such variables like real gross domestic product; oil revenue; non-oil revenue; labour force; social and economic services expenditure during the period were made use of. The collected data were analyzed using appropriate descriptive and inferential statistics like regression analysis and time series using E-views 9 statistical package. The Autoregressive Distributed Lag (ARDL) Model approach was adopted to consider the long run elasticity as well as the short dynamics among the variables of interest. The result of the analysis showed that labour force has a positive impact on economic growth in Nigeria during the time and there exist a significant positive relationship between oil revenue and economic growth in Nigeria. The gross fixed capi...

Fleet demand for alternative-fuel vehicles ('AFVs' operating on fuels such as electricity, compressed natural gas, or methanol) is investigated through an analysis of a 1994 survey of 2000 fleet sites in California. This survey gathered information on site characteristics, awareness of mandates and incentives for AFV operation, and AFV purchase intentions. The survey also contained stated preference tasks in which fleet decision makers simulated fleet-replacement purchases by indicating how they would allocate their choices across a 'selector list' of hypothetical future vehicles. A discrete choice model was estimated to obtain preference tradeoffs for fuel types and other vehicle attributes. The overall tradeoff between vehicle range and vehicle capital cost in the sample was $80/mile of range, but with some variation by fleet sector. The availability (density) of off-site alternative fuel stations was important to fleet operators, indicating that fleets are willing to trade off more fuel infrastructure for changes in other attributes, e.g. increased capital or operating costs, or more limited vehicle range. Public fleets (local and county government) were the most sensitive to the capital cost of new vehicles. Along with schools, they are the only fleet sector where reduced tailpipe emission levels are a significant predictor of vehicle choice. Fleet operators in the private sector base their vehicle selection less on environmental concerns than on practical operational needs.

This research uses a quantitative approach. The information used is data for 2014-2023 sourced from the Binjai City Central Statistics Agency. The data analysis method used is a simple regression test with SPSS at a p value of 0.05. The results of the research show that the relationship between local original income and economic growth in Binjai City has a positive effect on the rate of economic growth. Thus, economic growth will be directly proportional to the original regional income of Binjai City. The City Government is expected to be able to manage resources in Binjai City effectively so that it can increase local revenue and encourage regional development.

Pengelolaan keuangan dan aset daerah di Kabupaten Bojonegoro menghadapi tantangan dalam konteks otonomi daerah, yang diatur oleh Undang-Undang Nomor 23 Tahun 2014. Kabupaten Bojonegoro, yang memiliki potensi sumber daya alam yang melimpah, seharusnya mampu meningkatkan Pendapatan Asli Daerah (PAD) untuk mendukung pembiayaan pemerintahan. Namun, realitas menunjukkan bahwa PAD yang diperoleh belum cukup signifikan untuk membiayai kebutuhan tersebut, mengakibatkan ketergantungan pada dana transfer dari pemerintah pusat. Tinjauan pustaka ini menyoroti pentingnya pengelolaan keuangan daerah yang transparan dan akuntabel serta pengelolaan aset yang efisien untuk meningkatkan kepercayaan masyarakat dan mendukung pembangunan daerah. Selain itu, partisipasi masyarakat dalam proses pengelolaan diharapkan dapat meningkatkan pengawasan dan efisiensi dalam penggunaan anggaran, serta memberikan kontribusi terhadap optimalisasi sumber pendapatan daerah.

he objective of this study is explore in depth public finance issues and their impact on decentralized service delivery at the regional and woreda level in Amhara region. The study is carried out as part of the federal and some regional case studies designed to examine effectiveness of public finances of sub-national governments. This study was expected to (i) review the institutional arrangement for managing public finances at the regional level including policies, budgetary institutions, systems and processes; (ii) assess the level, trend, and composition of public spending (both functional and economic classification) in per capita terms over the past five years and identify key achievements and limitations; (iii) assess the level, trend, and, composition of revenue at the regional level and examine the financing framework, including ways to increase local revenue generation capacity; (iv) assess the role of external aid in supporting decentralized service delivery and the sustainability of the program in absence of external aid; (v) review the planning and budgeting process as well as the quality of PFM system; and (vi) data permitting, establish the link between the level of spending and the outputs and outcomes for selected sectors. The study used standard public financial process review methodologies used for undertaking PEFA assessments. The report reviewed the various studies, plans and performance reports of the various sectors in the regions between EFY 1997 and 2001. In addition, key informant interviews were carried out at bureaus levels and woreda offices of education, health, water, agriculture and rural development, finance and economic development, revenue, General Auditor, rural road and woreda administrations. Four woredas were selected in consultation with BoFED, two of them (Libo Kemkem and Enesse Sarmidir) are food insecure while the other two (Dera and Hule Eju Enesse) are food secure. Finally, the review accessed and analyzed both Woreda and BoFED budget and expenditure. The main findings and recommendations of this report in presented as follows.

The purpose of this study is to empirically investigate the relationship between capital structure and firm performance across different industries using a sample of Jordanian manufacturing firms in Jordan. The annual financial statements of 45 manufacturing companies listed on the Amman Stock Exchange were used for this study which covers a period of five ( ) years from 2005-2009. Multiple regression analysis was applied on performance indicators such as Return on Asset (ROA) and Profit Margin (PM) as well as Short-term debt to Total assets (STDTA), Long term debt to Total assets (LTDTA) and Total debt to Equity (TDE) as capital structure variables. The results show that there is a negative and insignificant relationship between STDTA and LTDTA, and ROA and PM; while TDE is positively related with ROA and negatively related with PM. STDTA is significant using ROA while LTDTA is significant using PM. The study concludes that statistically, capital structure is not a major determinant of firm performance. It recommends that managers of manufacturing companies should exercise caution while choosing the amount of debt to use in their capital structure as it affects their performance negatively.

The choice of the right fi scal regime represents the main object of the energy policy concerning hydrocarbon exploration and production for the state government. For the operator and service companies it represents the terms and conditions for practical conducting of the process in whole. This paper analyse aspects of agreements used in the petroleum industry. Elements of agreement, regardless of regime, have been described together with their advantages and disadvantages. Due to the fact that the fi scal regime has to be chosen to attract companies willing to invest in exploration and production, it represents a relevant part of the business strategy and also a base for the decision making process during start up. It has to minimize the risk for the both parties involved and maximize the state's share during the exploitation phase. For the companies, it has to be attractive enough to balance risks during the exploration phase with profi ts gained during the exploitation phase. The aim of this paper is to show the existing fi scal systems in the petroleum industry and to analyze the process for concluding a contract regarding the exploration and production of hydrocarbons. An overview of diff erent business practices in the oil and gas industry with a detailed breakdown of the contract terms between the parties involved have been described in the paper. The aim of this paper is to show the diff erent possibilities of fi nancial regimes which could help during the negotiation process for conducting hydrocarbon exploration and production for everyone involved.

The state spends on defence, education, social services, servicing of national debts, capital investments, etc including its expenses on its own administration. Public expenditure on investments and productive activities is expected to accelerate the pace and level of economic activities in the economy, thus leading to higher levels of production and growth. This study therefore seeks to examine the nature and impact of Federal Government Expenditure on Nigeria’s economic growth for the period 1992 – 2011. Time series data for the twenty year period were sourced from secondary sources and Ordinary Least Square (OLS) multiple regression technique was used to estimate the hypothesis formulated in line with the objectives of this study. Real Gross Domestic Product, proxy for economic growth is adopted as the dependent variable while Total Recurrent Expenditure and Total Capital Expenditure constitute the independent variables. The results of this study show that the Federal Government ...

The purpose of this study is to empirically investigate the relationship between capital structure and firm performance across different industries using a sample of Jordanian manufacturing firms in Jordan. The annual financial statements of 45 manufacturing companies listed on the Amman Stock Exchange were used for this study which covers a period of five ( ) years from 2005-2009. Multiple regression analysis was applied on performance indicators such as Return on Asset (ROA) and Profit Margin (PM) as well as Short-term debt to Total assets (STDTA), Long term debt to Total assets (LTDTA) and Total debt to Equity (TDE) as capital structure variables. The results show that there is a negative and insignificant relationship between STDTA and LTDTA, and ROA and PM; while TDE is positively related with ROA and negatively related with PM. STDTA is significant using ROA while LTDTA is significant using PM. The study concludes that statistically, capital structure is not a major determinant of firm performance. It recommends that managers of manufacturing companies should exercise caution while choosing the amount of debt to use in their capital structure as it affects their performance negatively.

This paper examines the impact of fiscal policy on inflation in Nigeria for the period 1981-2021. The study adopts autoregressive distributed lag (ARDL) bounds testing approach. The unit root results revealed that other variables apart from inflation were stationary after first difference. The bound test result shows that the variables cointegrate. The ARDL long-run result shows that oil revenue has a negative significant impact on inflation, while government recurrent expenditure and capital expenditure have positive impact on the inflation, with the impact of recurrent expenditure significant. The results further showed that the impacts of oil revenue, recurrent expenditure, and capital expenditure in long-run was also maintained in the short run. Lastly, exchange rate and total imports have negative impact on inflation, while foreign direct investment inflow has a positive impact on inflation in both long-and short-run. The government should review her fiscal policy to adjust recurrent and capital expenditure, and to reduce import by encouraging consumption of local products.

The purpose of this study was to determine the effectiveness and efficiency financial statements of the district government of Ungaran, Semarang district in 2017-2018. The type of data used is secondary data in the form of a budget realization report. The approach taken is quantitative descriptive, calculated using the ratio of efficiency and effectiveness ratio. The results of the research in the district of Ungaran Semarang regency showed that is the level of effectiveness research Ungaran District Semarang Regency in 2017-2018 seen from the effectiveness ratio experienced different effectiveness levels in 2017 experienced by 107.16% which is in the category of very effective. Whereas in 2018 only 79.06% was included in the less effective category. Where in 2017 the efficiency level of 92.27% was caused by the amount of budget that was realized 90% -100% and in 2018 it was at the level of 94.68%.

Objective To examine the effects of short-term cyclic stretch on apoptosis in alveolar type II cells (A549). To study in vitro the direct influence of alveolar type II cells on mechanical stretch. Methods A549 were treated with different doses of lipopolysaccharide (LPS), 0 ng/ml, 1 ng/ml, 10 ng/ml, 100 ng/ml, 1000 ng/ml, and then A549 were lengthened 5%, 15%, 30% using a FLEXCELL tension unit 4000, a vacuum-driven device that applies strain to cells, which were cultured in six-well plates coated with collagen-I, and 12 cycles/min for 4 hours. Apoptosis was measured using the flow cytometry method that measures annexin V and propidium iodide (PI) staining. The morphological changes of apoptotic cells were observed by transmission electron microscope. Results Apoptosis could be induced in alveolar type II cells (A549) by mechanical stretch. The percentage of annexin V + PI cells increased after being treated with cyclic stretch for 4 hours by 5%, 15%, 30% in all groups. The morphological features of apoptotic cells demonstrated by transmission electron microscope were as follows: shrinkage of the cell, chromatin condensation and aggregation under the nuclear membrane as a crescent or lump, membrane-encapsulated nuclear fragment or cell organ formed by invagination of the cell membrane, and apoptotic body formation followed by vacuolization. Conclusion Apoptosis induced by mechanical stretch and LPS is dose dependent. Mechanical stretch aggravates apoptosis especially in cells treated with LPS. Annexin V and PI double staining is a specific, sensitive, and quantitative method for analyzing apoptotic cells. It is also helpful to clarify the protective mechanism of low-volume ventilation in ARDS.

Non-technical summary 1. Introduction 2. Public finances affect growth 2.1 Institutional framework 2.2 Government spending 2.3 Tax systems 2.4 Public finances and macroeconomic stability 3. Assessing public finance quality and its growth impact 3.1 Measuring the quality of public finances indirectly 3.1.1 Expenditure policies 3.1

This paper shows with a formal model that under monopoly regulation, OPEX-risk can be a source for a CAPEX-bias. If OPEX and CAPEX are substitutes, the regulated firm can reduce the risk of the firm and thereby reduce the true cost of capital by rebalancing OPEX and CAPEX. If the regulated rate-of-return on capital is not influenced by the firm’s actions, this creates a margin between the regulated rate-of-return and the true cost of capital; this causes a CAPEX-bias. We examine the so-called fixed-OPEX-CAPEX-share (FOCS), which is a variation of TOTEX-regulation, as a promising remedy to address the CAPEX-bias. We argue that FOCS is effective to address the CAPEX-bias, while it can easily be implemented.

Pemerintah Kabupaten Soppeng sebagai pihak yang diserahi tugas menjalankan roda pemerintahan, pembangunan dan pelayanan masyarakat wajib menyampaikan laporan pertanggung jawaban keuangan daerahnya untuk dinilai apakah pemerintah Kabupaten Soppeng berhasil menjalankan tugasnya dengan baik atau tidak. Beberapa permasalahan keuangan daerah yang dihadapi Kabupaten Soppeng seperti ketergantungan pemerintah daerah kepada subsidi dari pemerintah pusat, rendahnya kemampuan daerah untuk menggali potensi sumber-sumber pendapatan asli daerah, Kurangnya usaha dan Penerimaan Daerah dalam pengelolaan dan menggali Sumber-sumber pendapatan yang ada, Inefisiensi pemerintah daerah dalam melakukan belanja daerah. Untuk itu penting adanya pengukuran kinerja keuangan terhadap public agar dapat dijadikan evaluasi dan memulihkan kinerja dengan pembanding skema kerja dan pelaksanaannya. Analisis kinerja keuangan pada Dinas Pengelolaan Aset Daerah (PAD) Kabupaten Soppeng salah suatu proses penilaian mengenai tingkat kemajuan pencapaian pelaksanaan pekerjaan/kegiatan PAD Kabupaten Soppeng dalam bidang keuangan untuk kurung waktu tertentu. Dengan adanya analisis pengukuran kinerja keuangan, Keuangan Pemeritah Kabupaten Soppeng dilihat dari Rasio Efektivitas PAD dapat dikategorikan Efektif, karena rata-rata nilai rasio Efektivitas PAD adalah 103,31%, sehingga Rasio Efektivitas PAD > 100%, dari Efisiensi Keuangan Daerah Pemerintah Kabupaten Soppeng adalah sebesar 53,36%, yang artinya Rasio Efisiensi Keuangan Daerah berada pada 60%-80%, dapat disimpulkan bahwa Kinerja Keuangan Pemerintah Kabupaten Soppeng efektifitas.