pitambar lamichhane | Tribhuvan University (original) (raw)

Papers by pitambar lamichhane

Xiānggǎng shèhuì kēxué xuébào, 2024

Economic review of Nepal, Dec 31, 2021

Contemporary social sciences, Dec 30, 2023

International journal of energy economics and policy, Mar 15, 2024

Journal of General Education and Humanities, May 30, 2024

Journal of Mathematics Instruction Social Research and Opinion, Dec 5, 2023

Return on stock is the chief concern of firm investors. Investors prefer better stock returns, an... more Return on stock is the chief concern of firm investors. Investors prefer better stock returns, and management focuses on increasing stock returns for wealth maximization. Internal factors are the firm fundamentals, and external factors are various macroeconomic variables that influence stock returns. This paper uses descriptive and causality research designs to examine the impact of firm fundamentals on stock returns in Nepal for the fiscal year 2007/08-2021/22. In this paper, the dependent variable is stock return and firm fundamentals such as earnings per share (EPS), book-to-market equity (BME), size of market value of equity (lnME), cash flow yields (CFY), and earning yield (EY) are used as explanatory variables. The correlation result shows that EPS, BME, and EY have positive relationships, and lnME and CFY have negative relationships with stock returns. The regression results reveal the positive impact of EPS, BME, and EY on stock returns in Nepalese firms. This indicates that higher EPS, BME, and EY lead to increased firms" stock returns. Further, the result reports that lnME and CFY have an inverse influence on returns. Finally, the finding concludes that earnings per share, book-to-market equity, size of market value equity, and cash flow yields are strong, but earnings yield has a weak impact on the stock returns of firms in Nepal. Policymakers, investors, and academicians can implement the findings of this study for effective formulation and application of policies, maximize stock returns, and research activities.

NCC Journal, Jun 14, 2018

This paper analyzes the factors that affect corporate governance and influence on financial perfo... more This paper analyzes the factors that affect corporate governance and influence on financial performance of Nepalese firms for theperiod of fiscal year 2009/10 to 2015/16 using descriptive and causal comparative research design. The profit margin and return on assets are dependent variables usedto measure financial performance and corporate governance and firm related variables such as corporate governance index, age of firms, size of assets, debt ratio, market to book ratio and ownership concentration are considered as explanatory variables. The result of this paper reveals thatprofit margin and return on assets of firms are positively related with age, market to book ratio and overall corporate governance index which implies that higher age, market to book ratio and corporate governance increase financial performance of Nepalese firms. Further, the regression result of the study shows that size of assets and debt ratio have negative effect and ownership concentration has no relationship with firms' financial performance. Finally, result of this paper concludes that corporate governance, market to book value ratio, age, size of assets and debt ratio have strong explaining power of financial performance of Nepalese firms.

Quest journal of management and social sciences, Dec 21, 2022

Background: Common stock return is a major concern for investors and the management of the firm. ... more Background: Common stock return is a major concern for investors and the management of the firm. Investors always want to increase their values of common stock; thus, they always want to increase common stock returns. The investor for investment prefers the company that provides better common stock return. Thus, the management of the firm always wants to increase common stock returns. The common stock return is affected by so many internal and external factors. Internal factors are the firm-specific factors that the firm's management can control, and external factors are the macroeconomic factors that the individual firm cannot control. Generally, firm-specific factors include the size of the firm, book-tomarket equity, earnings yield, cash flow yield, dividend yield, leverage, return on assets, sales-to-price ratio etc. If the firm's management identifies these factors influence, they can increase their common stock return. Objective: This paper aims to investigate the effect of firm-specific variables on the stock return of Nepalese commercial banks. Methods: To observe the influence of firm-specific variables on stock return of Nepalese commercial banks, multivariate regression analysis have been applied. In regression analysis stock return is taken as dependent variable and firm-specific variables such as size (lnME), book-to-market equity (BE/ME), earnings yield (E/P), dividend yield (D/P), return on assets (ROA), earning per share (EPS), sales per share to stock price (S/P) ratio have been taken as explanatory variables.

Journal of Balkumari College, 2020

This study focuses to examine the firm specific fundamental variables impact on the stock returns... more This study focuses to examine the firm specific fundamental variables impact on the stock returns in the context of Nepali banks. The study uses cross sectional panel data of 12 banks for the duration of ten years. The study finds the existence a negative relationship between stock returns (total yield) and firm size. Likewise, the study shows that the book to market equity has negative relationship with stock returns. However, the study reveals that the relationship of earnings yield and cash flow yield with the stock returns is contradicted in comparison to previous studies.

Economic Review of Nepal

This paper examines the impact of firm-specific variables on net interest margin in Nepalese comm... more This paper examines the impact of firm-specific variables on net interest margin in Nepalese commercial banks for the period 2005/06-2018/19. Secondary source data were collected through NRB and data have been analyzed using descriptive and causal comparative research design. In this paper, net interest margin is used as dependent variable and bank-specific variables such as size of assets, deposit ratio, loan ratio, and capital ratio are considered as explanatory variables. The estimated correlation results of the paper reveal that equity capital, bank loans and deposits are positively related with net interest margin of Nepalese commercial banks. Moreover, the regression results of this paper indicate that equity capital, bank lending and deposits have significant impact on net interest margin of banks. Finally, this paper concludes that bank loans and deposit have strong explanatory power to explain net interest margin as profitability in Nepalese commercial banks. Policy makers ...

Management Dynamics, Dec 31, 2021

This paper examines the impact of firm fundamentals on the cost of capital (COC) of non-financial... more This paper examines the impact of firm fundamentals on the cost of capital (COC) of non-financial firms in Nepal for the period 2004/05-2017/18. This study has applied a causal-comparative research design to investigate the effect of firm fundamentals on COC. COC is the weighted average cost of capital of debt and share capital and is used as a dependent variable and bank-related fundamental variables such as growth rate of net sales, growth rate of assets, leverage ratio as debt to capital, dividend payout ratio, earning variability, assets tangibility and liquidity ratio are explanatory variables of this study. Estimated results show that liquidity, earnings variability, dividend payout and leverage ratio are key factors influencing COC in Nepalese nonfinancial firms. The estimated regression results of this paper reveal that COC is positively affected by dividend payout and inversely influenced by leverage, earning variability, and liquidity. This paper concludes that Nepalese non-financial firms with less dividend distribution using high financial leverage with a strong liquidity position and higher-earning variability can minimize the cost of capital. Nepalese firms should pay more dividends to use cheaper sources of debt and increase liquidity position and financial leverage to minimize the average cost of capital. Policymakers can use the results of this study to formulate and implement policies about firm fundamentals, cost of capital and business activities.

Tribhuvan University Journal

This study aims to examine the impact of financial literacy on individual investors’ stock market... more This study aims to examine the impact of financial literacy on individual investors’ stock market participation (SMP). The data were collected through a survey-structured questionnaire. This paper has applied descriptive as well as causal research design to examine the effect of financial literacy on individual investors’ stock market participation (SMP) in Nepal. Investors’ SMP is a dependent variable and financial literacy-related variables; financial knowledge, behavior, and attitude are considered as explanatory variables. The results of this paper show that investors who are participating in the Nepalese stock market have a high level of basic financial knowledge on taxes, time value of money, money illusion, and inflation. In addition, descriptive results reveal that investors have advanced financial knowledge with positive financial behavior and attitudes which implies a higher level of financial literacy of stock investors. Moreover, correlation results indicate a positive a...

Management Dynamics

This study aims to shed light on the empirical investigation of the nexus between capital structu... more This study aims to shed light on the empirical investigation of the nexus between capital structure and financial performance. This paper focuses on hydropower companies listed on Nepal Stock Exchange (NEPSE) until mid-July 2020. This paper analyzes the nexus of capital structure with the financial performance of hydropower companies for the period 2005/06 to 2019/20. This study applies a descriptive and causal research design. Return on equity (ROE) is used to measure financial performance and is considered a dependent variable and short-term debt to capital (SDC), long-term debt to capital (LDC), total debt to capital (TDC), and debt to assets (DR) ratios are the measures of capital structure and used as explanatory variables. This paper reveals that short-term debt to capital ratio has a positive role in financial performance. Moreover, the findings of this paper depict that long-term debt to capital and total debt to capital has a significant positive impact on the financial per...

PYC Nepal Journal of Management, 2021

This paper examines co-integrating relationship between macroeconomic factors and stock market pe... more This paper examines co-integrating relationship between macroeconomic factors and stock market performance in Nepal using time series data for the period 1987/88 to 2019/20. This study has used Autoregressive Distributed Lag (ARDL) bounds testing approach to identify the co-integrating relationship between macroeconomic variables and stock market performance. The stock market performance is measured by market capitalization which is considered as dependent variable and selected macroeconomic factors such as broad money supply measured by M2, economic growth measured by gross domestic product (GDP) and interest rate measured by 91-days Treasury bill rate are considered as explanatory variables. ARDL bounds test reveals that stock market performance is co-integrated with macroeconomic variables. Similarly, result of this paper shows the significant positive impact of economic growth. Further, finding reports a significant negative effect of broad money supply and interest rate on perf...

Management Dynamics, 2019

This paper analyzes efficiency of working capital management (EWCM) and its influence on profitab... more This paper analyzes efficiency of working capital management (EWCM) and its influence on profitability of manufacturing firms in Nepal for the fiscal year 2005/06 to 2017/18 using descriptive and causal comparative research design. Net trade cycle (NTC) is used to measure EWCM. Profitability on assets (PA) and profitability on sales (PS) are dependent variables of this study. The EWCM related variables such as Net trading cycle (NTC), current ratio (CR) and debt to assets ratio (DR) are considered as explanatory variables. Result of this paper reveals both profitability on assets and profitability on sales are inversely related with NTC which implies that lower NTC increases profitability of manufacturing firms in Nepal. Further, regression result of this paper confirms that debt to assets ratio has negative and statistically significant effect on profitability on total assets and profitability on sales. The finding of this paper concludes that less uses of debt increases the profit...

This paper examines effect of firm fundamentals on stock return of Nepalese firms for the period ... more This paper examines effect of firm fundamentals on stock return of Nepalese firms for the period 2006/07-2015/16 using descriptive and causal comparative research design. The return on stock is dependent variable and firm fundamentals such as size of market value of equity, book to market equity, earning yield and cash flow yield are considered as explanatory variables. The regression result reveals that stock return is positively related with size of market value of equity and earning yield which implies that higher market value of equity and earning yield increases stock return of Nepalese firms. Further, regression result shows book to market equity and cash flow yield have negative effect but cash flow yield has no significant relationship with stock return. Finally, result of this paper concludes thesize of market value of equity, earning yields and book to market equity have strong explaining power of stock return of Nepalese firms.

This paper aims to analyze the nexus between firm fundamentals and financial leverage in Nepalese... more This paper aims to analyze the nexus between firm fundamentals and financial leverage in Nepalese non-financial firms for the period 2000/01-2017/18 applying descriptive and causal comparative research design. Short-term, long-term and total financial leverage ratios are dependent variables and firm-fundamental variables are considered as explanatory variables. The result of this paper shows that Nepalese firms are highly levered. Regression results of this study reveals that profitability, earning variability, liquidity are major determinants of financial leverage. This study concludes that shortterm financial leverage is positively affected by growth and earning variability whereas negatively affected by profitability, tangibility, and liquidity of firms. Similarly, long-term financial leverage is positively influenced by size, assets tangibility, and earning variability whereas negatively influenced by profitability and liquidity. Further, result of the paper reveals positive effect of assets tangibility and earning variability and negative effect of profitability and liquidity on total financial leverage. Finally, this paper concludes that firms' non-debt tax shield and age of firms have no significant impact on financial leverage in Nepalese non-financial firms.

International Advances in Economic Research, 2006

The research presented in the paper is aimed at examining the relationship between the level of c... more The research presented in the paper is aimed at examining the relationship between the level of corporate governance and the financial performance of listed companies in Poland. The corporate governance degree is expressed by the outcomes of a rating of 2003 performed by Polish Corporate Governance Forum. The attempted models are of ordered multinomial type. Endogenous variable represents the rating outcome (A-, B+, B, Band nd C+), while the exogenous variables include various financial indicators evaluated on the basis of the 2002' financial statements. The estimated ordered logit models show that the level of corporate governance of companies in Poland is associated by their ability to cope with the financial distress, as expressed by the degree of liquidity, profitability and the financial leverage variables.

Pitambar Lamichhane* Abstract This paper analyzes bank depositors’ perception in relation to fact... more Pitambar Lamichhane* Abstract This paper analyzes bank depositors’ perception in relation to factors explaining performance of banks in Nepal. This study has applied descriptive and explorative research design to analyze factors affecting bank performance. A survey was made to collect data from bank depositors using structural questionnaire in Kathmandu valley in 2019. Survey result reveals that Nepalese depositors prefer to deposit money in commercial banks because of easy access but are not satisfied with e-banking services. Most of depositors have no ownership in banks and feel interest rate on deposits is less than expectations. Similarly, result shows that depositors prefer to deposit in saving account analyzing risk and feel government rules and regulations affect interest rates of banks. Further, result indicates banks’ image and interest rate on deposits are key factors for bank deposits and performance, poor operating performance and lack of appropriate investment opportuni...

Management Dynamics, Feb 28, 2018

This paper analyzes bank customers' perception in relation to the service quality factors explain... more This paper analyzes bank customers' perception in relation to the service quality factors explaining customer satisfaction. This study has applied descriptive and regression research design using SERVQUAL approach to analyze service quality factors affecting customer satisfaction. A survey was conducted to collect data from bank customers using structural questionnaire in Kathmandu valley in 2017. All together 250 questionnaires were distributed to the bank customers and only 175 were received in usable form which represents response rate of 70 percent. Result of the study indicates that bank service quality factors affect customer satisfaction. Finally, this paper concludes that bank service quality factors reliability, assurance, tangible, empathy and responsiveness determine the level of customer satisfaction. Tangible, assurance and empathy are strong and have more explaining power of customer satisfaction in Nepalese commercial banks.