Search results for: financial time series.

Authors: Kolis Karel, Kubicek Ales

Abstract:

The purpose of this paper is to explore the relationship between the customers- issues in company corporate governance and the financial performance. At the beginning theoretical background consisting stakeholder theory and corporate governance is presented. On this theoretical background, the empirical research is built, collecting data of 60 Czech joint stock companies- boards considering their relationships with customers. Correlation analysis and multivariate regression analysis were employed to test the sample on two hypotheses. The weak positive correlation between stakeholder approach and the company size was identified. But both hypotheses were not supported, because there was no significant relation of independent variables to financial performance.

Keywords: customers, stakeholder theory, corporate governance, financial performance

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Authors: Yu-Chun Lin

Abstract:

We identify clawback triggers from firms- proxy statements (Form DEF 14A) and use the likelihood of restatements to proxy for financial reporting quality. Based on a sample of 578 U.S. firms that voluntarily adopt clawback provisions during 2003-2009, when restatement-based triggers could be decomposed into two types: fraud and unintentional error, and we do observe the evidence that using fraud triggers is associated with high financial reporting quality. The findings support that fraud triggers can enhance deterrent effect of clawback provision by establishing a viable disincentive against fraud, misconduct, and otherwise harmful acts. These results are robust to controlling for the compensation components, to different sample specifications and to a number of sensitivity.

Keywords: Accruals quality, Clawback provisions, Compensation, Restatements.

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Authors: Yoshiaki Shikata

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Performance of a limited Round-Robin (RR) rule is studied in order to clarify the characteristics of a realistic sharing model of a processor. Under the limited RR rule, the processor allocates to each request a fixed amount of time, called a quantum, in a fixed order. The sum of the requests being allocated these quanta is kept below a fixed value. Arriving requests that cannot be allocated quanta because of such a restriction are queued or rejected. Practical performance measures, such as the relationship between the mean sojourn time, the mean number of requests, or the loss probability and the quantum size are evaluated via simulation. In the evaluation, the requested service time of an arriving request is converted into a quantum number. One of these quanta is included in an RR cycle, which means a series of quanta allocated to each request in a fixed order. The service time of the arriving request can be evaluated using the number of RR cycles required to complete the service, the number of requests receiving service, and the quantum size. Then an increase or decrease in the number of quanta that are necessary before service is completed is reevaluated at the arrival or departure of other requests. Tracking these events and calculations enables us to analyze the performance of our limited RR rule. In particular, we obtain the most suitable quantum size, which minimizes the mean sojourn time, for the case in which the switching time for each quantum is considered.

Keywords: Limited RR rule, quantum, processor sharing, sojourn time, performance measures, simulation, loss probability.

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Authors: Adam Świtoński, Agnieszka Michalczuk, Henryk Josiński, Andrzej Polański, KonradWojciechowski

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The method of gait identification based on the nearest neighbor classification technique with motion similarity assessment by the dynamic time warping is proposed. The model based kinematic motion data, represented by the joints rotations coded by Euler angles and unit quaternions is used. The different pose distance functions in Euler angles and quaternion spaces are considered. To evaluate individual features of the subsequent joints movements during gait cycle, joint selection is carried out. To examine proposed approach database containing 353 gaits of 25 humans collected in motion capture laboratory is used. The obtained results are promising. The classifications, which takes into consideration all joints has accuracy over 91%. Only analysis of movements of hip joints allows to correctly identify gaits with almost 80% precision.

Keywords: Biometrics, dynamic time warping, gait identification, motion capture, time series classification, quaternion distance functions, attribute ranking.

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-ofsample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: Financial algorithm, GPU, S&P 500, stock market prediction.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: Rail transport infrastructure; financial viability, scenario analysis, rail project feasibility.

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: Financial performance, human resource management, high performance working systems, person-environment fit.

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Authors: Dimitris Georgoutsos, Petros M. Migiakis

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The concurrent era is characterised by strengthened interactions among financial markets and increased capital mobility globally. In this frames we examine the effects the international financial integration process has on the European bond markets. We perform a comparative study of the interactions of the European and international bond markets and exploit Cointegration analysis results on the elimination of stochastic trends and the decomposition of the underlying long run equilibria and short run causal relations. Our investigation provides evidence on the relation between the European integration process and that of globalisation, viewed through the bond markets- sector. Additionally the structural formulation applied, offers significant implications of the findings. All in all our analysis offers a number of answers on crucial queries towards the European bond markets integration process.

Keywords: financial integration, bond markets, cointegration

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: Finished goods, work in progress, financial performance, inventory.

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Authors: Malaw Ndiaye, Karim Konate

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Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: Blockchain, bitcoin, smart Contract, criminal smart contract, security.

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Authors: Burçe Boyraz

Abstract:

This study examines appearances of brand placement as an alternative communication strategy in television series by focusing on Yalan Dünya which is one of the most popular television series in Turkey. Consequently, this study has a descriptive research design and quantitative content analysis method is used in order to analyze frequency and time data of brand placement appearances in first 3 seasons of Yalan Dünya with 16 episodes. Analysis of brand placement practices in Yalan Dünya is dealt in three categories: episode-based analysis, season-based analysis and comparative analysis. At the end, brand placement practices in Yalan Dünya are evaluated in terms of type, form, duration and legal arrangements. As a result of this study, it is seen that brand placement plays a determinant role in Yalan Dünya content. Also, current legal arrangements make brand placement closer to other traditional communication strategies instead of differing brand placement from them distinctly.

Keywords: Advertising, Alternative communication strategy, Brand placement, Yalan Dünya.

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Authors: Wang Yichen, Haruka Yamashita

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In recent years, in the field of sports, decision making such as member in the game and strategy of the game based on then analysis of the accumulated sports data are widely attempted. In fact, in the NBA basketball league where the world's highest level players gather, to win the games, teams analyze the data using various statistical techniques. However, it is difficult to analyze the game data for each play such as the ball tracking or motion of the players in the game, because the situation of the game changes rapidly, and the structure of the data should be complicated. Therefore, it is considered that the analysis method for real time game play data is proposed. In this research, we propose an analytical model for "determining the optimal lineup composition" using the real time play data, which is considered to be difficult for all coaches. In this study, because replacing the entire lineup is too complicated, and the actual question for the replacement of players is "whether or not the lineup should be changed", and “whether or not Small Ball lineup is adopted”. Therefore, we propose an analytical model for the optimal player selection problem based on Small Ball lineups. In basketball, we can accumulate scoring data for each play, which indicates a player's contribution to the game, and the scoring data can be considered as a time series data. In order to compare the importance of players in different situations and lineups, we combine RNN (Recurrent Neural Network) model, which can analyze time series data, and NN (Neural Network) model, which can analyze the situation on the field, to build the prediction model of score. This model is capable to identify the current optimal lineup for different situations. In this research, we collected all the data of accumulated data of NBA from 2019-2020. Then we apply the method to the actual basketball play data to verify the reliability of the proposed model.

Keywords: Recurrent Neural Network, players lineup, basketball data, decision making model.

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Authors: Beata Wentura-Dudek

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In the United States in 2007-2010 before the crisis, the US labour market policy focused mainly on providing residents with unemployment insurance, after the recession this policy changed. The aim of the article was to present quantitative research presenting the most effective labor market instruments contributing to reducing unemployment during the crisis in the USA. The article presents research based on the analysis of available documents and statistical data. The results of the conducted research show that the most effective forms of counteracting unemployment at that time were: direct job creation, job search assistance, subsidized employment, training and employment promotion using new technologies, including social media.

Keywords: United States, financial crisis, unemployment, employment promotion, social media, job creation, training, labour market, employment agencies, lifelong learning, job search assistance, subsidized employment, companies, tax.

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Authors: Dutescu Adriana, Amariei Corneliu, Sahlian Daniela, Stanila Aurelian, Stanila Oana

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20 years of dentistry was a period of transition from communist to market economy but Romanian doctors have insufficient management knowledge. Recently, the need for modern management has increased due to technologies and superior materials appearance, as patient-s demands. Research goal is to increase efficiency by evaluating dental medical office cost categories in real pricing procedures. Empirical research is based on guided study that includes information about the association between categories of cost perception and therapeutic procedures commonly used in dental offices. Due to the obtained results to identify all the labours that make up a settled procedure costs were determined for each procedure. Financial evaluation software was created with the main functions: introducing and maintaining patient records, treatment and appointments made, procedures cost and monitoring office productivity. We believe that the study results can significantly improve the financial management of dental offices, increasing the effectiveness and quality of services.

Keywords: costs, financial methods, management.

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Authors: Wee Leong Son, Hasmayadi Abdul Majid, Rohana Musa

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This paper study the segmented split capacitor Digital-to-Analog Converter (DAC) implemented in a differentialtype 12-bit Successive Approximation Analog-to-Digital Converter (SA-ADC). The series capacitance split array method employed as it reduced the total area of the capacitors required for high resolution DACs. A 12-bit regular binary array structure requires 2049 unit capacitors (Cs) while the split array needs 127 unit Cs. These results in the reduction of the total capacitance and power consumption of the series split array architectures as to regular binary-weighted structures. The paper will show the 12-bit DAC series split capacitor with 4-bit thermometer coded DAC architectures as well as the simulation and measured results.

Keywords: Successive Approximation Register Analog-to- Digital Converter, SAR ADC, Low voltage ADC.

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Authors: Bernd Scholz-Reiter, Christian Toonen, Jan Topi Tervo, Dennis Lappe

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Time series analysis often requires data that represents the evolution of an observed variable in equidistant time steps. In order to collect this data sampling is applied. While continuous signals may be sampled, analyzed and reconstructed applying Shannon-s sampling theorem, time-discrete signals have to be dealt with differently. In this article we consider the discrete-event simulation (DES) of job-shop-systems and study the effects of different sampling rates on data quality regarding completeness and accuracy of reconstructed inventory evolutions. At this we discuss deterministic as well as non-deterministic behavior of system variables. Error curves are deployed to illustrate and discuss the sampling rate-s impact and to derive recommendations for its wellfounded choice.

Keywords: discrete-event simulation, job-shop-system, sampling rate.

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Authors: Komlan Sedzro

Abstract:

We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: Data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance.

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Authors: Ε. Giovanis

Abstract:

The purpose of this paper is to present two different approaches of financial distress pre-warning models appropriate for risk supervisors, investors and policy makers. We examine a sample of the financial institutions and electronic companies of Taiwan Security Exchange (TSE) market from 2002 through 2008. We present a binary logistic regression with paned data analysis. With the pooled binary logistic regression we build a model including more variables in the regression than with random effects, while the in-sample and out-sample forecasting performance is higher in random effects estimation than in pooled regression. On the other hand we estimate an Adaptive Neuro-Fuzzy Inference System (ANFIS) with Gaussian and Generalized Bell (Gbell) functions and we find that ANFIS outperforms significant Logit regressions in both in-sample and out-of-sample periods, indicating that ANFIS is a more appropriate tool for financial risk managers and for the economic policy makers in central banks and national statistical services.

Keywords: ANFIS, Binary logistic regression, Financialdistress, Panel data

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Authors: Safa Ougoujil, Sidi Mohamed Rigar

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Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: Convergences, ethical finance, Islamic finance, potential development.

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Authors: Nitin Gupta, Rakesh Kumar Bajaj

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In the present communication, stochastic comparison of a series (parallel) system having heterogeneous components with random lifetimes and series (parallel) system having homogeneous exponential components with random lifetimes has been studied. Further, conditions under which such a comparison is possible has been established.

Keywords: Exponential distribution, Order statistics, Star ordering, Stochastic ordering.

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Authors: M. E. Khalifa, A. A. Gobouri

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Potential synthesis of a series of 3-amino-4-arylazothiophene derivatives from reaction of 2-cyano-2-phenylthiocarbamoyl acetamide and the appropriate α-halogenated reagents, followed by coupling with different aryl diazonium salts (Japp-Klingemann reaction), and another series of 5-arylazo-thiazol-2-ylcarbamoyl-thiophene derivatives from base-catalyzed intramolecular condensation of 5-arylazo-2-(N-chloroacetyl)amino-thiazole with selected b-keto compounds (Thorpe-Ziegler reaction) was performed. The biological activity of the two series was studied in vitro. Their versatility for pharmaceutical purposes was reported, where they displayed remarkable activities against selected pathogenic microorganisms; Bacillus subtilis, Staphylococcus aureus (Gram positive bacteria), Escherichia coli, Pseudomonas aeruginosa (Gram negative bacteria), and Aspergillus flavus, Candida albicans (fungi) with various degrees related to their chemical structures.

Keywords: 2-Aminothiazole, antimicrobial, monoazo compounds, thiophene, pathogenic microorganisms.

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Authors: Francisco Miranda

Abstract:

The optimization problem using time scales is studied. Time scale is a model of time. The language of time scales seems to be an ideal tool to unify the continuous-time and the discrete-time theories. In this work we present necessary conditions for a solution of an optimization problem on time scales. To obtain that result we use properties and results of the partial diamond-alpha derivatives for continuous-multivariable functions. These results are also presented here.

Keywords: Lagrange multipliers, mathematical programming, optimization problem, time scales.

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Authors: Abdullah Al Faruque, Ram Balachandar

Abstract:

Series of laboratory tests were carried out to study the extent of scour caused by a three-dimensional wall jets exiting from a square cross-section nozzle and into a non-cohesive sand beds. Previous observations have indicated that the effect of the tail water depth was significant for densimetric Froude number greater than ten. However, the present results indicate that the cut off value could be lower depending on the value of grain size-to-nozzle width ratio. Numbers of equations are drawn out for a better scaling of numerous scour parameters. Also suggested the empirical prediction of scour to predict the scour centre line profile and plan view of scour profile at any particular time.

Keywords: Densimetric Froude Number, Jets, Nozzle, Sand, Scour, Tailwater, Time.

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Authors: Vinod Mishra, Dimple Rani

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In this paper, numerical approximate Laplace transform inversion algorithm based on Chebyshev polynomial of second kind is developed using odd cosine series. The technique has been tested for three different functions to work efficiently. The illustrations show that the new developed numerical inverse Laplace transform is very much close to the classical analytic inverse Laplace transform.

Keywords: Chebyshev polynomial, Numerical inverse Laplace transform, Odd cosine series.

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Authors: Jianfeng Li, Feng Jin, Xiaoyu Yang

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This paper applies fuzzy clustering algorithm in classifying real estate companies in China according to some general financial indexes, such as income per share, share accumulation fund, net profit margins, weighted net assets yield and shareholders' equity. By constructing and normalizing initial partition matrix, getting fuzzy similar matrix with Minkowski metric and gaining the transitive closure, the dynamic fuzzy clustering analysis for real estate companies is shown clearly that different clustered result change gradually with the threshold reducing, and then, it-s shown there is the similar relationship with the prices of those companies in stock market. In this way, it-s great valuable in contrasting the real estate companies- financial condition in order to grasp some good chances of investment, and so on.

Keywords: Fuzzy clustering algorithm, data mining, real estate company, financial analysis.

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Authors: G. L. C. Yap

Abstract:

Modelling realized volatility with high-frequency returns is popular as it is an unbiased and efficient estimator of return volatility. A computationally simple model is fitting the logarithms of the realized volatilities with a fractionally integrated long-memory Gaussian process. The Gaussianity assumption simplifies the parameter estimation using the Whittle approximation. Nonetheless, this assumption may not be met in the finite samples and there may be a need to normalize the financial series. Based on the empirical indices S&P500 and DAX, this paper examines the performance of the linear volatility model pre-treated with normalization compared to its existing counterpart. The empirical results show that by including normalization as a pre-treatment procedure, the forecast performance outperforms the existing model in terms of statistical and economic evaluations.

Keywords: Long-memory, Gaussian process, Whittle estimator, normalization, volatility, value-at-risk.

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Authors: Levan Sabauri

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The purpose of this article is an examination of the meaning of theoretic aspects of audit in the context of solving of specific problems of the audit. The audit’s aim is the estimation of financial statements by the auditor, i.e. if they are prepared according to the basic requirements of current financial statements. By examination of concrete examples, we can clearly see problems created in an audit and in often cases, those contradictions which can be caused by incompliance of matters regulated by legislation and by reality. An important part of this work is the analysis of reform in the direction of business accounting, statements and audit in Georgia and its comparison with EU countries. In the article, attention is concentrated on the analysis of specific problems of auditing practice and ways of their solving by taking into consideration theoretical aspects of the audit are proposed.

Keywords: Audit, auditor, auditor’s ethic code, auditor’s risk, financial statement, objectivity.

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Authors: Gen Sakoda, Hideki Takayasu, Misako Takayasu

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Waste reduction is a fundamental problem for sustainability. Methods for waste reduction with point-of-sales (POS) data are proposed, utilizing the knowledge of a recent econophysics study on a statistical property of POS data. Concretely, the non-stationary time series analysis method based on the Particle Filter is developed, which considers abnormal fluctuation scaling known as Taylor's law. This method is extended for handling incomplete sales data because of stock-outs by introducing maximum likelihood estimation for censored data. The way for optimal stock determination with pricing the cost of waste reduction is also proposed. This study focuses on the examination of the methods for large sales numbers where Taylor's law is obvious. Numerical analysis using aggregated POS data shows the effectiveness of the methods to reduce food waste maintaining a high profit for large sales numbers. Moreover, the way of pricing the cost of waste reduction reveals that a small profit loss realizes substantial waste reduction, especially in the case that the proportionality constant  of Taylor’s law is small. Specifically, around 1% profit loss realizes half disposal at =0.12, which is the actual  value of processed food items used in this research. The methods provide practical and effective solutions for waste reduction keeping a high profit, especially with large sales numbers.

Keywords: Food waste reduction, particle filter, point of sales, sustainable development goals, Taylor's Law, time series analysis.

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Authors: Kristýna Pokorná, Petr Teplý

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This paper focuses on sovereign credit risk meaning a hot topic related to the current Eurozone crisis. In the light of the recent financial crisis, market perception of the creditworthiness of individual sovereigns has changed significantly. Before the outbreak of the financial crisis, market participants did not differentiate between credit risk born by individual states despite different levels of public indebtedness. In the proceeding of the financial crisis, the market participants became aware of the worsening fiscal situation in the European countries and started to discriminate among government issuers. Concerns about the increasing sovereign risk were reflected in surging sovereign risk premium. The main of this paper is to shed light on the characteristics of the sovereign risk with the special attention paid to the mutual relation between credit spread and the CDS premium as the main measures of the sovereign risk premium.

Keywords: cointegration, credit default swap, credit risk, credit spread, sovereign risk

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Authors: Edward A. Osifodunrin, Jose Manuel Dias Lopes

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In Nigeria, enormous efforts/resources had, over the years, been expended on promoting financial inclusion (FI); however, it is seemingly discouraging that many of its self-declared targets on FI remained unachieved, especially amongst the Rural Dwellers and Actors in the Informal Sectors (RDAIS). Expectedly, many reasons had been earmarked for these failures: low literacy level, huge informal/rural sectors etc. This study posits that in spite of these truly-debilitating factors, these FI policy failures could have been avoided or mitigated if the principles of active and better-managed citizens’ participation had been strictly followed in the (re)design/implementation of its FI policies. In other words, in a bid to mitigate the prevalent financial exclusion (FE) in Nigeria, this study hypothesizes the significant positive impact of involving the RDAIS in policy-wide decision making in the FI domain, backed by a preliminary empirical validation. Also, the study introduces the RDAIS-focused Participatory Financial Inclusion Policy (PFIP) as a major FI policy regeneration/improvement tool. The three categories of respondents that served as research subjects are FI experts in Nigeria (n = 72), RDAIS from the very rural/remote village of Unguwar Dogo in Northern Nigeria (n = 43) and RDAIS from another rural village of Sekere (n = 56) in the Southern region of Nigeria. Using survey design (5-point Likert scale questionnaires), random/stratified sampling, and descriptive/inferential statistics, the study often recorded independent consensus (amongst these three categories of respondents) that RDAIS’s active participation in iterative FI policy initiation, (re)design, implementation, (re)evaluation could indeed give improved FI outcomes. However, few questionnaire items also recorded divergent opinions and various statistically (in)significant differences on the mean scores of these three categories. The PFIP (or any customized version of it) should then be carefully integrated into the NFIS of Nigeria (and possibly in the NFIS of other developing countries) to truly/fully provide FI policy integration for these excluded RDAIS and arrest the prevalence of FE.

Keywords: Citizens’ participation, development, financial inclusion, formal financial services, national financial inclusion strategy, participatory financial inclusion policy, rural dwellers and actors in the informal sectors.

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