Research Articles

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An Empirical Analysis of Sovereign Credit Risk Co-movement between Japan and ASEAN Countries
(Journal of Economics and Behavioral Studies, 2016) Jitmaneeroj, Boonlert; Ogwang, John
Japan is the most developed economy in Asia. However, it has been on record for being the most heavily indebted country among OECD countries. In many circumstances, the high sovereign debt level indicates a high possibility of sovereign credit risks associated with investment in government bond. The high sovereign credit risk may also generate a number of negative externalities for private businesses operating in the host country. This paper investigates whether sovereign credit risk of Japan as measured by its sovereign credit default swap (SCDS) can better predict and commove with sovereign credit risk of selected ASEAN countries. The bivariate VAR model was used to test for Granger Causalities among these countries SCDS premiums and correlation analysis to investigate co-movements between SCDS of these countries. The results indicate that Japan’s sovereign credit risks do not co-move with those of ASEAN countries, Furthermore, Sovereign credit risks of ASEAN countries tend to lead those of Japan as evidenced by unidirectional causalities from these countries to Japan. The overall suggestion is that sovereign credit risk of Japan is not likely to influence those of ASEAN. The paper concludes with some implications for businesses.
Functional Adult Literacy: An Alternative Gateway to Grassroots Women’s Improved Income Generation in Lango Subregion, Northern Uganda
(Sage, 2017) Akello, Judith Abal; Lutwama-Rukundo, Evelyn; Musiimenta, Peace
This article presents findings of study on women’s experiences of Functional Adult Literacy (FAL) as a gateway to their financial progress and welfare in Lango region, Northern Uganda. The qualitative study of 45 participants aimed at examining women’s live changes resulting from using their acquired FAL knowledge and skills to participate in Income Generating Activities. The study demonstrates that FAL brings out women’s individual and collective agency through “conscientization” concept and dialogue as tools for marginalized people in the act of social and economic change agents. This argument is grounded within agency concept that portray the power of the oppressed individual as well as collective agency. Findings revealed that FAL training improves women’s livelihood. The article concludes that Government, international development partners, NGOs, and civil society should ensure strong support and implementation of FAL program because it can help women succeed in the contemporary world.
Women Beneficiaries of Functional Adult Literacy Speak Out: Opportortunies and Challenges for Socio-Economic Development in Apach District, Northern Uganda
(Joural of Humanities and Social Sciences, 2017) Akello, Judith Abal; Musiimenta, Peace; Luwama-Rukundo, Evelyn
Women’s literacy is critical to addressing gender inequality, though, globally, only 88 adult women are considered literate for every 100 adult men. This article is an analysis of challenges faced by Ugandan women based in the Northern part of the country who attempt to acquire and use skills attained from training in Functional Adult Literacy (FAL) to improve their socio-economic conditions. Qualitative data was collected from 45 participants (literate and non-literate) selected purposively. The study was informed by Freire’s literacy and agency theories which argues on the element of awareness by making marginalised non-literates see the reality of the world by using their agency to recognise their impediment to development. Findings indicate that women FAL graduates faced challenges ranging from lack of acknowledgement, belittlement to negative perceptions. It would be helpful for Government, International development partners, NGO’s and civil society to ensure strong support and inclusive planning with FAL trainees to enable them not only to benefit from their training but also to contribute to achievement of sustainable development.
Effect of Mandatory Disclosure of IAS/IFRS on Earnings Management Among Listed Firms At The Uganda Securities Exchange
(International Journal of Economics, Commerce and Management, 2019) Etengu, Robert O.; Olweny, Tobias O.; Oluoch, Josephat O.
Prior research provides conflicting results on whether mandatory adoption IAS/IFRS deters or contributes to greater earnings management. On this basis, this study sought to examine the effect of mandatory disclosure of IAS/IFRS on earnings management among listed firms at the Uganda Securities Exchange. First and in accordance with prior empirical disclosure research, mandatory disclosure of IAS/IFRS is examined using a disclosure index. Secondly, earnings management represented by the absolute value of discretionary accruals is measured using the modified Jones model. Thirdly, robust regression is used to examine the effect of mandatory disclosure of IAS/IFRS on earnings management for a census of 9 non-financial companies for the period 2012 to 2017. We find an increase in earnings management following the 2005 mandatory adoption of IAS/IFRS among listed firms at the Uganda Securities Exchange. One important implication of this study is that studying several IFRS enables the accounting standard setters to identify standards that have a significant influence on financial reporting quality and those that need to be revised as they offer the opportunity to manage earnings and allow managers to opportunistically exercise the allowed reporting latitude. Secondly, the mandatory disclosure index used in this study might act as a benchmark for regulators for purposes of future analysis and evaluation. Despite the evidence documented in this study, the population of listed non-financial firms used in this study is small. Consequently this limited the number of firm year observations available over the six year period
Corporate and Strategic Information Disclosure and Earnings Management: Evidence from Listed Firms at the Uganda Securities Exchange
(Journal of Finance and Economics, 2019) Etengu, Robert O.; Olweny, Tobias O.; Oluoch, Josephat O.
The purpose of this study is to examine the effect of corporate and strategic information disclosure on earnings management among listed firms at the Uganda Securities Exchange. We conduct our survey on a census of 9 non-financial listed firms spanning a period of 6 years (2012-2017). The study uses the magnitude of discretionary accruals obtained from the De Chow, Sloan and Sweeney (1995) model as a proxy for earnings management. The study’s results show a negative and significant effect of corporate and strategic information disclosure on earnings management. The implication of this finding is that information disclosure related to corporate and strategic information constitutes a constraint to the proliferation of earnings management. The study could benefit regulatory bodies that are considering making disclosure regimes effective. For instance, we find that the disclosure of corporate and strategic information drives EM downwards. In addition, the results of this study might assist regulators and policy makers in understanding better the interconnections between corporate and strategic information disclosure and earnings management practices in Uganda. This study, however, has some limitations. First, because the study uses a self-constructed disclosure index, certain information items employed in prior studies might be omitted. Second, whereas hand collecting the necessary data on corporate and strategic information from the narrative section of the annual reports allows for a data set containing rich information, the exercise is costly and time-consuming.
Effect of Corporate Disclosure on Earnings Management Among Listed Firms At The Uganda Securities Exchange: A Critical Evaluation and Literature Survey
(European Journal of Accounting, Auditing and Finance Research, 2019) Etengu, Robert Oguti; Olweny, Tobias O.; Oluoch, Josephat O.
The primary purpose of this paper is to critically examine literature on the effect of corporate disclosure on earnings management among listed firms at the Uganda Securities Exchange. We discuss some background information on the interlinkages between corporate disclosure and earnings management. We also explore some of the theories available in literature on corporate disclosure and earnings management. In addition, we critically review extant literature on corporate disclosure and earnings management, highlight the research gaps, provide a justification for novelty of the paper and draw a conclusion. The paper is also expected to make a significant contribution to knowledge by shedding light on the effect of CD on EM, particularly in the context of a developing country.
Financial inclusion: Is it a precursor to agricultural commercialization amongst smallholder farmers in Uganda? A comparative analysis between Lango and Buganda sub-regions
(Journal of Economics and International Finance, 2020) Eton, Marus; Mwosi, Fabian; Ejang, Mary; Poro, Sammy Godfrey
This study examines the contributions of financial inclusion in supporting agricultural commercialization amongst smallholder farmers in Uganda in Lango and Buganda sub-regions. The researcher adopted a comparative study and cross-sectional survey design where descriptive, bivariate and multivariate data analysis was used. Chi square procedure was run to test the hypothesis that financial inclusion does not affect agricultural commercialization amongst smallholder farmers in Lango and Buganda sub-regions. Regression analysis was specifically used to predict the level of change in agricultural commercialization due to changes in financial inclusion. The study identified financial inclusion as one variable that can predict the success of agricultural commercialization, though it varies from one region to another. In Lango, efforts by government to increase financial access is a positive factor to agricultural commercialization while in Buganda, it is a negative factor. In Lango, land is communal and not individually owned. Therefore, smallholder farmers need to access finances to purchase land for commercial farming. In Buganda, however, land is freehold, which makes smallholder farmers to own chunks of land from their parents. The study has established some common factors that limit agricultural commercialization in both Lango and Buganda, that is, expensive equipment and fluctuating prices while poor infrastructure is no longer a big worry. This paper recommends that, financial service providers should revise their lending terms downwards to reach smallholder farmers, some of whom lack collateral security to pledge for credit. While the government takes credit for improving infrastructure, government, through her policy organs like ministry of agriculture, should provide buffer prices against price fluctuations.
Some Non-Linear Problems in Accounting and Finance: Can We Apply Regression?
(International Journal of Business, Economics and Management, 2020) Ogwang, John
Recent studies have indicated that many decision problems in accounting and finance can be better modeled by non-linear models in practice. However, existing literatures have also shown that managers and decision makers are not very conversant with non-linear models as compared to linear models because of the simplicity of linear models. In this paper, attempts are made to transform some non-linear models in accounting and finance which conform to exponential and power functions to their equivalent linear forms. The resulting equivalent linear models are subjected to regression analysis. The paper documents interesting practical non-linear problems in accounting and finance where it is possible to apply regression, and provides technical interpretations of coefficients of resulting regression equations. Some non-linear problems which have been documented in this analysis include; depreciation of non-current assets, the learning curve model, life cycle costing, compounding, discounting and exponential growth bias. Although logarithmic transformation of non- linear functions is not a novel idea in literature of accounting and finance, there is no evidence in literature that scholars have proposed particular cases in finance and accounting where these linear transformations and their resulting regression equations would yield meaningful results that can enhance management decision making. This paper fills this gap by documenting practical non-linear problems in finance and accounting where linearization and subsequent application of regression analysis generates useful results for management decision making purposes.
Professor’s Optimal Workload Problem and His Remunerations: A General Solution from Lagrangian Function
(International Journal of Business, Humanities and Technology, 2020) Ogwang, John
The author proposed a general solution to professor’s optimal workload by using Lagrange method. University Management is treated as a utility maximizer, whose objective is to efficiently utilize professor’s teaching hours and research output to the maximum level. The paper used the Cob-Douglas utility function for this utility maximization problem. The data used for this analysis were obtained from policy documents of Lira University and Makerere University in Uganda. The model generated varying maximum levels of teaching loads and research output for different categories of academic staff and faculties (Science and Non-science faculties). Generally, workload increases in both dimensions of teaching and research, as remuneration increases when one is promoted from a lower position, say a senior lecturer, to higher position, say Associate professor. The model also generated higher workload both in teaching and research for the Faculty (Sciences) whose academic staff are better paid compared to staff in the non-science Faculty who are paid lower remunerations. The paper contributes to existing literature on Faculty workload model in two ways: Firstly, is the design of differential maximum workload system for different categories of Academic Staff depending on the level of their remunerations and seniority. Secondly, the decomposition of Academic staff’s maximum workload into its teaching and research components for any given fixed amount of remuneration. The paper concludes by suggesting appropriate policy implications.
Voluntary Disclosure of Financial and Capital Market Data and Earnings Management: Empirical Evidence from Uganda
(Journal of Finance and Investment Analysis, 2020) Etengu, Robert O.; Olweny, Tobias O.; Oluoch, Josephat O.
This paper examines the effect of voluntary disclosure of financial and capital market data on earnings management among listed firms at the Uganda Securities Exchange. The paper is premised on the idea that the provision of voluntary disclosure of financial and capital market data contributes to the reduction of information asymmetry and that lower information asymmetry makes it more difficult for managers to engage in earnings management practices. We proxy earnings management following the modified Jones model (Dechow, Sloan, & Sweeney, 1995) and use annual reports of 9 listed non-financial firms at the Uganda Securities Exchange for the period 2012 to 2017. Applying robust regression analysis, we find that voluntary disclosure of financial and capital market data is positively and insignificantly related to earnings management. This suggests that the disclosure of financial and capital market data in the annual reports of listed firms at the Uganda Securities Exchange doesn’t necessarily reduce the incentives for managers to engage in earnings management through discretionary accruals.
Functional Adult Literacy: The Influence on Women’s Improved Health Promotion Behaviours in Apac District, Northern-Uganda
(Research on Humanities and Social Sciences, 2021) Akello, Judith Abal; Musiimenta, Peace
This article is about women’s experiences of Functional Adult Literacy (FAL) as a means to their improved Health Promotion Behaviours in Apac District, Northern Uganda. The qualitative study of 29 participants aimed at examining women’s improved well-being resulting from using their acquired FAL knowledge and skills to participate in health promotion behaviours. The study was informed by Kabeer’s agency theory and Freire’s literacy perspective which argue on the element of conscientisation or awareness by making marginalised nonliterate’s agents of promoting health behaviours. The findings revealed that from the practical skills, the women experienced more confidence, increased awareness and understanding on health-related issues and improved well-being. Therefore, the study recommends that the Ministry of Gender, Labour and Social Development (MoGLSD), International Donors, Non-Governmental Organisations (NGOs) and Civil Society should ensure prioritisation, support and implementation of FAL training.
Internal Control System and Revenue Collection in Local Governments. A Case Study of Lira District Local Government
(Research Journal of Finance and Accounting, 2021) Okidi, Mike; Akello, Judith Abal; Opio, Bonny Charles
The study assessed the effects of internal control system on revenue collection in Lira District local government. The main objective was to assess the effects of internal control system with emphasis on control environment, control activities and monitoring of controls on revenue collection. Specific objectives were to: examine the influence of control environment on revenue collection; assess the effects of control activities on revenue collection; and determine the effects of monitoring on revenue collection. The research adopted cross-sectional research design with descriptive and quantitative approaches, and employed both primary and secondary method of data collection with 93 respondents selected from the population of district staff and executives. To determine the reliability of research instruments a pilot study was conducted before the actual data collection and further split half method was carried out to calculate Cronbach alpha. A value of above 0.899 was obtained and confirmed the reliability of the research instruments. The data was analyzed using both inferential (multiple regression and correlation) and descriptive statistics (frequencies, percentages, mean and standard deviation) and was presented by use of tables and charts. The study findings indicated that that control environment and monitoring had no significant effect on revenue collection whereas control activities had significant effect on revenue collection (coefficient =0.542, p=0.005). The study recommends that, Lira district local government should ensure compliance with laws, regulations and operational controls in their internal control systems. Finally, there is need to avail competent internal and external professionals who have responsibilities of making an effective and efficient control environment as well as ensure effective control activities in their institution.
A Technical Note on New Applications of Lorenz Curves in Business Based on Pareto Principles
(International Journal of Applied Economics, Finance and Accounting, 2021) Ogwang, John; Obote, Dennis; Abwot, Ursula
In this paper, the authors proposed new applications of Lorenz curves. Specifically, the authors demonstrated how Lorenz curve can be applied to display heterogeneities in values of some economic commodities. The economic commodities studied here includes: (1) classes of items of inventory, something which is a very important issue of management accounting. This problem is based on the pareto principle also known as ABC technique of inventory control. The corresponding Lorenz curve for inventory values of different classes of items would guide management on which class of inventory to be accorded more control mechanisms. (2) Customers, who from management accounting and finance perspectives, are viewed as assets of the firm. However, just like any other asset, customers have different values to the firm and therefore, some classes of customers are more important to the firm than others, this is based on a well-known principle of 80/20 percent rule in marketing and it is similar to the pareto principles. This situation was illustrated using Lorenz to help management identify the class of customers who are very important to the firm and design appropriate measures of retaining these customers. The paper provided illustrative numerical examples to guide readers. To the best of our knowledge, this is the first paper to apply Lorenz curves to examine these kinds of distribution problems.
Adult Learning: An Alternative Gateway to Women's Improved Participation in Children’s Education in Lango Region, Northern Uganda
(International Journal of Education, Training and Learning, 2022) Akello, Judith Abal; Lutwama-Rukundo, Evelyn
This research explored the contribution of Functional Adult Literacy training (FAL) and what it did to women’s involvement in children’s education in Apac District. The main objective of this study was to explore whether and how women participants in Lango Region supported their children’s education from the skills acquired from FAL training. A study of 7 participants based on qualitative interpretive framework intended to examine the benefits reaped by FAL-trained women after their positive perception and support to children’s education. Using individual in-depth and key informant interviews based on qualitative content analysis, the study indicates that women trained in FAL became active agents of their socio and economic development. The study was influenced by Kabeer's socio-economic perspective and Freire's literacy perspective, both of which emphasize the importance of conscientisation in making marginalized non-literates actors of socio-economic progress. Women who participated in FAL obtained abilities that vividly improved their lives, according to the conclusions, which were based on facts or witnessed evidence inductively derived from the participants. Furthermore, the women gained a better understanding of their role and influence on their children's academic achievement, perseverance, and success as a result of the practical skills. Therefore, this study recommends that key stakeholders like, Ministry of Gender, Labour and Social Development, global supporters, (Non-Governmental Organisations) NGOs as well as Civil Society Organisations should prioritise in supporting putting into practice FAL training.
Functional Adult Literacy Levels: Relevance to Women’s Improved Income Generation in Apac District- Northern Uganda
(International Journal of Education, Training and Learning, 2022) Akello, Judith Abal; Lutwama-Rukundo, Evelyn
This study explores the experiences of women about the levels of skills acquired by Functional Adult Literacy (FAL) -trained women and their ability to improve their financial status and well-being in Apac District, Northern-Uganda. This was a qualitative case study research design centering on the ability of 31 grassroots’ women and selected men who are family members to the women. The study was underpinned by agency principle from and Freire’s literacy theory and Kabeer’s socioeconomic viewpoint which contend on the awareness or conscientisation by making marginalised non-literate women agents for social and economic development. The study established that reading, writing and numeracy skills contributed to consciousness about the skill of bookkeeping by adult women which has played a significant part to improving their ability to participate in income generating activities. To conclude, Ministry of Gender, Labour and Social Development (MoGLSD), NGO’s, international donors, as well as civil society organisations, must prioritise and render support in carrying out FAL training.
Training and Organizational Performance: A Case of Education Service Sector in Lira District Local Government
(European Journal of Business and Management, 2022) Angole, Jimmy; Akello, Judith Abal
Abstract The study was conducted to examine the effect of training on employee performance in the education sector of Lira District Local Government (DLG). Specifically, the study investigated the effect of on-job training on employee performance, examined the effect of off-job training on employee performance and assessed the effect of induction on employee performance in the health sector of Lira DLG. The study used cross-sectional research design where both quantitative and qualitative approaches were used; the sample size of the study population was 108 and was sampled using Simple random sampling and purposive sampling techniques. Questionnaires and interview methods were used to collect data while mean and standard deviation were used to measure the performance of the construct in Lira DLG. Correlation coefficient was used to test the strength and the direction of the relationship between training and employee performance. All the constructs were positively correlated to organisational performance. The findings of the study revealed a positive significant effect of on-job training on employee performance in Lira DLG (Coef. 0.315, p < 0.01). Secondly, the results on the effect of the off-job training on employee performance in Lira DLG further revealed a positive insignificant effect (Coef. 0.153, p > 0.01). Thirdly, the effect of the induction on employee performance of health sector employees in Lira DLG was found to be positive and significant (Coef. 0.430, p < 0.01). Finally, the results of multiple regressions yielded an adjusted R Square value of 0.372, which meant that training contribute about 37.2% to the performance of education sector employees in Lira DLG. Based on the above findings, the study recommends that Lira DLG should put more emphasis on on-job training and induction of employees in the education sector to improve on the performance of the sector in Lira DLG.
Microfinance Loans and Performance of Small and Medium Size Enterprises in Lira City, Northern Uganda
(Asian Journal of Sustainable Business Research, 2022) Akite, Magdalene; Akello, Judith Abal; Opio, Bonny Charles
The study examined microfinanc e loans and the performance of small and medium size enterprises (SMEs) in Lira City. Data was collected using questionnaires and interviews and the design used was causal research designs using qualitative and quantitative approaches. The results showed t hat there was low Level of loan accessibility and performance by the SMEs. The study concludes that Microfinance loans contribute to performance of SMEs. Microfinance Institutions should increase provisions of non financial services, revise policies on loa n period and increase amount of loan given to SMEs to enhance entrepreneurial capability, savings and insurance so as to improve on their performance.
Women’s Functional Adult Literacy and Access to Community Participation in APAC District, Northern Uganda
(International Journal of Education, Training and Learning, 2022) Akello, Judith Abal; Musiimenta, Peace
This article explores how Functional Adult Literacy (FAL) plays or fails to play a role in women’s community participation in Apac district, Northern Uganda. The article was underpinned by Freire’s literacy and Kabeer’s agency theories, which argue that the element of conscientisation enables the marginalised non-literates realise the reality of the world and recognise how it impedes their development. The research on which this article is based employed qualitative case study design to the life changes of 45 participants resulting from their acquired FAL knowledge and skills to participate in community activities and projects. The major findings revealed that FAL training contributes to women having a voice in community meetings and decision-making process and elected or appointed in different leadership positions. The article concludes that given its critical importance, FAL needs to be strongly and consistently supported by the Ministry of Gender, Labour and Social Development (MoGLSD) which coordinates the programme in Uganda as well as other local and international stakeholders. Given that FAL creates consciousness and transforms women’s lives to participate within their communities, Civil Society Organisations (CSOs) and development partners should ensure a well-built training programme targeting women for community development purposes.
Contribution of Village Saving and Loan Association (VSLA) to HouseholdWelfare Improvement in Kole District- Northern Uganda
(European Journal of Business and Management, 2022) Ocen,Tom; Akello, Judith Abal
Abstract The study was conducted to examine the effect of VSLA loan activities on poverty reduction in Bala Sub-county. Specifically, the study examined the effect of lending modality on the household welfare improvement in Bala Sub-county, assessed the effect of financial literacy on the house welfare improvement in Bala Sub-county and assessed the effect of small business financing on the household welfare improvement in Bala Sub-county. The study employed cross-sectional design and the approaches used were both quantitative and qualitative; the sample size of the study population was 110 respondents comprising of members of VSLA in Bala Sub-county, the District Commercial Officer and Community Development officer. From the target population of 110, a sample size of 86 respondents was determined using Krejcie and Morgan. Simple random sampling and purposive sampling techniques were applied to sample the respondents. Questionnaires were used to collect quantitative primary data while interview guide and focus group discussion was employed to collect qualitative data. Data analysis was done with the help of SPSS version 23. Correlation coefficient was used to test the strength and the direction of the relationship between the variables. The finding of the study revealed that household welfare was positively and significantly correlated with lending modality, financial literacy and small business financing. Finally, the results of regression revealed that VSLA lending modality, financial literacy and small business financing all had a positive significant effect on the level of household welfare hence poverty reduction among members of VSLA in Bala Sub-county. Based on the above findings, the study concluded that all the credit activities of the VSLA that were studied by the researcher affect the level of household welfare among the member of VSLA in Bala sub-county. The study therefore recommended that government should support the VSLA activities as it is playing a big role in reducing the level of poverty among the poor people at the grass root level who cannot access credit facilities from the formal financial institutions in Uganda.
Financial Rewards and Employee Commitment in Local Governments in Apac Municipal Council
(European Journal of Business and Management, 2022) Opio, Gerald Akello, Judith Abal
The aim of this study is to assess the effect of financial rewards on employee commitment of employees in Apac Municipal Council. The specific objectives of the study were as follows: to determine the effect of financial rewards on affective commitment of employees in Apac Municipal Council; to assess the effect of financial rewards on normative commitment of employees in Apac Municipal Council; to assess the effect of financial reward on continuance commitment of employees in Apac Municipal Council. The sample size of the study was 135 which comprised of 132 teachers, the Municipal Education Officer, Senior Inspector of Schools, and Inspector of Schools. Primary data was collected using the questionnaire method while secondary data was collected through documentary review. The data obtained was processed using the Statistical Package for Social Sciences (SPSS) and was analysed using both descriptive and inferential statistics. The analysed data was presented using tables. Results indicate that there was a fairly positive significant relationship between financial rewards and affective commitment (r =0.506, p<0.05), moderately significant relationship between financial rewards and normative commitment (r = 0.307, p<0.05) and moderately positive significant relationship between financial rewards and continuance commitment (r = 0.346, p< 0.05). The study found out that financial reward had a positive significant effect on affective commitment (Coef.0.513, p<0.05), normative commitment (Coef.0.306, p<0.05) and continuance commitment (Coef.0.433, p<0.05) of employees in Apac Municipal Council. The study recommended that Apac Municipal Council should carry out salary reviews in order to develop a reward management structure that is externally competitive, internally fair and consistent with the current acceptable international rates. It was also recommended that the top management in Apac Municipal Council should encourage employees to participate in decision making and they should implement employees’ decision.

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