Bücher von Antoine Niyungeko

Im Laufe unserer Arbeit haben wir eine Finanzdiagnose der Gesellschaft durchgeführt, um die Stärken und Schwächen der SIP sowie die Einhaltung des finanziellen Gleichgewichts durch die Gesellschaft zu ermitteln. Diese Diagnose bestand zunächst darin, die Buchführungsbilanzen zu überarbeiten, um funktionale Bilanzen zu erhalten, die uns die Durchführung unserer Analysen ermöglichen. In einem zweiten Schritt haben wir bestimmte Indikatoren berechnet und analysiert, nämlich das Betriebskapital, den Bedarf an Betriebskapital, die Liquidität, die Zwischensalden, die Kennzahlen, die Bilanzstruktur sowie das Wachstum und die Verteilung von Erträgen und Aufwendungen. Unsere Analyse ergab, dass das Unternehmen durch folgende Merkmale gekennzeichnet ist: ein positives Betriebskapital, d. h. ein Teil der stabilen Ressourcen finanziert teilweise den Geschäftszyklus; ein positiver Bedarf an Betriebskapital mit Ausnahme des Jahres 2011, in dem ein Überschuss an Ressourcen den Cashflow erhöht; ein positiver Cashflow in allen drei Jahren der Analyse; ein positiver Selbstfinanzierungsgrad; eine geringe Verschuldung; eine hohe Solvabilität; eine negative wirtschaftliche Rentabilität mit Ausnahme des Jahres 2012.

En el transcurso de nuestro trabajo, realizamos un diagnóstico financiero de la empresa con vistas a identificar los puntos fuertes y débiles de SIP y el cumplimiento del equilibrio financiero por parte de la empresa. Este diagnóstico consistió, en primer lugar, en reprocesar los balances contables para obtener balances funcionales que nos permitieran realizar nuestros análisis. A continuación, calculamos y analizamos una serie de indicadores, como el capital circulante, las necesidades de capital circulante, la tesorería, los balances de gestión intermedios, los ratios, la estructura del balance y el crecimiento y desglose de los ingresos y gastos. De nuestro análisis se desprende que la Sociedad se caracteriza por: un fondo de maniobra positivo, lo que significa que parte de sus recursos estables financian parcialmente el ciclo de explotación; unas necesidades de capital circulante positivas salvo en 2011, que se caracteriza por un excedente de recursos que incrementa la tesorería; un cash flow positivo en los tres ejercicios analizados; una capacidad de autofinanciación positiva; un bajo nivel de endeudamiento; una elevada solvencia; una rentabilidad económica negativa salvo en 2012.

No decurso dos nossos trabalhos, efectuámos um diagnóstico financeiro da empresa com vista a identificar os pontos fortes e fracos do SIP e a conformidade da empresa com o equilíbrio financeiro. Este diagnóstico consistiu, em primeiro lugar, no reprocessamento dos balanços contabilísticos para obter balanços funcionais que nos permitissem efetuar as nossas análises. Seguidamente, calculámos e analisámos um conjunto de indicadores, nomeadamente o fundo de maneio, as necessidades de fundo de maneio, os fluxos de caixa, os saldos de gestão intermédia, os rácios, a estrutura do balanço, o crescimento e a repartição dos proveitos e dos custos. A nossa análise mostra que a Empresa se caracteriza por: um fundo de maneio positivo, o que significa que uma parte dos seus recursos estáveis financia parcialmente o ciclo de exploração; necessidades de fundo de maneio positivas, exceto em 2011, que se caracteriza por um excedente de recursos que aumenta o cash flow; um cash flow positivo nos três anos em análise; uma capacidade de autofinanciamento positiva; um baixo nível de endividamento; uma solvabilidade elevada; uma rentabilidade económica negativa, exceto em 2012.

In the course of our work, we carried out a financial diagnosis of the Company with a view to identifying SIP's strengths and weaknesses, and the Company's compliance with its financial equilibrium. This diagnosis consisted firstly in reprocessing the accounting balance sheets to obtain functional balance sheets enabling us to carry out our analyses. Secondly, we calculated and analyzed certain indicators, namely working capital, working capital requirements, cash flow, intermediate management balances, ratios, balance sheet structure, and the growth and breakdown of income and expenses. Our analysis shows that the Company is characterized by: positive working capital, which means that a portion of stable resources partly finance the operating cycle; positive working capital requirement, except for 2011, which is characterized by a surplus of resources that increases cash flow; positive cash flow for all three years under analysis; positive self-financing capacity; low level of indebtedness; high solvency; negative economic profitability, except for 2012.

Nel corso del nostro lavoro, abbiamo effettuato una diagnosi finanziaria dell'azienda al fine di individuare i punti di forza e di debolezza della SIP e la conformità dell'azienda all'equilibrio finanziario. Tale diagnosi è consistita innanzitutto nel rielaborare i bilanci contabili per ottenere bilanci funzionali che ci consentissero di effettuare le nostre analisi. Abbiamo quindi calcolato e analizzato una serie di indicatori, tra cui il capitale circolante, il fabbisogno di capitale circolante, il flusso di cassa, i saldi intermedi di gestione, gli indici, la struttura del bilancio, la crescita e la ripartizione delle entrate e delle uscite. Dalla nostra analisi emerge che la Società è caratterizzata da: capitale circolante positivo, il che significa che parte delle risorse stabili finanziano in parte il ciclo operativo; fabbisogno di capitale circolante positivo, tranne che per il 2011, caratterizzato da un'eccedenza di risorse che incrementa il flusso di cassa; flusso di cassa positivo per tutti e tre gli anni analizzati; flusso di cassa operativo positivo; basso livello di indebitamento; elevata solvibilità; redditività economica negativa, tranne che per il 2012.

Scientific Study from the year 2021 in the subject Business economics - Investment and Finance, grade: "-", , language: English, abstract: The study aims to analyze mechanisms by which foreign direct investment inflows (FDI) contributes to gross domestic product (GDP) in Asian countries. FDI is used as an independent variable. GDP is used as dependent variable. Export (EXP), house hold consumption (HHC), and gross capital formation (GCF) are used as mediator variables. Many studies analyzed direct relationships between FDI and GDP without explaining how FDI contributed to GDP. Therefore, little is known about the way FDI contributes to GDP in the receiving country. The study focuses on the question: What is the indirect relationship between FDI and GDP in Asian Countries?The novelty of this paper is to provide a deep understanding on how FDI is related to GDP in Asian countries which did not get much attention in prior literature. The study used causal mediation analysis with bootstrap procedure. Annual data 2018 related to FDI, GDP, EXP, HHC, and GCF were collected from the World Bank website. The impact of foreign direct investment on economy growth got much attention in all continents. The findings of the prior researches show mixed results. Some of them concluded that FDI has positive impact on GDP. While other concluded that FDI has negative effect on GDP. For instance, Raghuveer and Muthusamy (2019) investigated the relationship between FDI and economic growth in some Asian countries including Bangladesh, China, India, Lao PDR, Mongolia, Korea Republic and Sri Lanka. They used Ordinary Least Squares, Augmented Dicky-Fuller and Granger Causality test, and found that the effect of FDI inflow on economic growth was not the same in the analyzed countries. Diouf and Hai (2017) examined the effect of the interaction between FDI, trade openness and economic growth with by focusing on Asian FDI, trade and 13 West African countries covering the period 1980-2015. They used Fully Modified Ordinary Least Squares.

Scientific Study from the year 2020 in the subject Business economics - Investment and Finance, , language: English, abstract: This paper aims to investigate the relationship between foreign direct investment (FDI), export (EXP) and gross domestic product (GDP). The impact of interaction between EXP and FDI on GDP was also examined. For this purpose, quantitative approach was adopted. Secondary data for 49 countries whose gross national income per capita was less than 6 000 $ were collected. Spearman correlation, robust regression and causal mediation analysis were performed. Spearman correlation showed very strong correlation among GDP-FDI-EXP. Robust regression indicated that all regression coefficients are statistically significant indicating a positive moderation effect of the interaction between EXP and FDI on GDP. Causal mediation effect indicated that average causal mediated effect is statistically significant while average direct effect is not statistically significant, indicating full mediation. The effect of FDI on GDP is transmitted to GDP through increasing EXP. The effect of the interaction of FDI and GDI was found statistically significant. The results are consistent with empirical studies and existing theories.

Scientific Study from the year 2020 in the subject Business economics - Trade and Distribution, , language: English, abstract: This study contributes to the empirical literature by investigating the mediation effects of import (IMP) in the linkages between inflows of foreign direct investment (FDI), and gross domestic product (GDP) for Sub-Sahara African Countries (SSA). The purpose of this study is to investigate how FDI contributes directly and indirectly to gross domestic product (GDP) through IMP. The FDI- IMP ¿GDP nexus has been neglected by researchers and policymakers. Commonly used methods in various publications analyzed the relationship among two variables without considering mediator variable. The study uses Baron and Kenny method, Bootstrap procedure, Sobel test to perform mediation analysis, and test the significance of the indirect effect respectively. Using data for annual 2018 for 39 SSA countries, the study finds a partial mediation of import in the relationship between FDI and GDP. The study demonstrates that effect of FDI on GDP is carried by increasing IMP. It is therefore recommended that SSA countries should stimulate FDI to bring new technology needed to increase exports, and gross domestic product through international trade. However, imports should be controlled to give priority in use of domestic goods and services.

Scientific Study from the year 2020 in the subject Economics - International Economic Relations, , language: English, abstract: This study aims identifying the mediation effect of export in the relationship between FDI and GDP in low and middle low-income African countries. The study uses correlation analysis, Baron and Kenny method, Bootstrap procedure and Sobel test to investigate the significance of the indirect effect.The relationship between foreign direct investment (FDI) inflows, exports and economic growth as measured by gross domestic product (GDP) has been a global interest of academics and policy-makers, but research methods did not allow the characterization of the indirect mediating effects that exports have on that relationship. The result of the analysis shows a partial mediation of exports in the relationship between FDI and GDP. The study demonstrates the indirect effect caused by FDI through export. It is therefore recommended that low and middle low-income African countries should stimulate foreign direct investment to boost their exports, and gross domestic product. Additionally, these countries should find new ways of financing exports as FDI are predicted to fall due to the Covid-19 pandemic during 2020.

Scientific Study from the year 2020 in the subject Business economics - Investment and Finance, , language: English, abstract: The paper investigates what may be the impact of the predicted fall of FDI on GDP in SSA. The United Nations Conference on Trade and Development (2019) indicated that FDI flows to Africa increased by 11 percent to $46 billion, despite declines in many of the larger recipient countries. The increasing of FDI flows was justified by continued resource-seeking inflows, some diversified investments, and a recovery in South Africa after several years of low-level inflows.However, the predictions of 2020 regarding FDI flows are dramatic. Compared to 2019, global flows of FDI are expected to decrease by up 40 percent from their value $1.5 trillion in 2020 as a result of the COVID-19 pandemic (United Nations Conference on Trade and Development, 2020). This organization predicted a fall of FDI to reach -45 to -30 in Europe, North America -35 to -20, -40 to -25 in Africa, -45 to -30 in Asia, Latin America and the Caribbean -55 to ¿ 40, and in transition economies -45 to -30. The prediction for Africa of a 25-40 percent decline is based on GDP growth projections as well as a range of investment-specific factors. The same organization indicated a decline in GDP growth for Africa from 3.2 per cent to -2.8 percent. The primary goal of this study is to investigate the relationship between FDI and GDP through import (IMP), export (EXP), gross capital formation (GCF), and household consumption (HHC), and government expenses (GEXP).Specifically, the study tends to address the following sub-objectives: Analyzing the relationship between FDI-GDP-HHC-GEXP-GCF-EXP-IMP. Analyzing direct, and indirect impact of FDI on GDP for 40 SSA altogether. Investigating the impact of FDI on GDP in SSA countries whose FDI is under median on one hand, and SSA countries whose FDI is greater than median, on the other hand. Finally, comparing the impact of FDI on GDP in 12 SSA with highest and lowest FDI.

Scientific Study from the year 2020 in the subject Economics - Job market economics, , language: English, abstract: The purpose of this study is to evaluate, and compare the performance made by low middle income, and up middle income countries regarding increasing female labor force participation, from 2015 to 2019. Data related to 43 low middle income, and 59 upp middle income were collected.Using paired sample t-test, repeated measures ANOVA and post hoc test, the findings reveals that low middle income countries made statistically significant progress regarding increasing female labor force participation from 2015 to 2019. However, the findings show also that upper middle income countries did not make statistically significant progress regarding increasing female labor force participation between 2015 to 2019. The conclusion is that some countries are implementing the agenda 2030 on Sustainable Development Goals. The study shows finally that the COVID-19 pandemic narrowed employment as there is no statisticaly significant difference between 2018 and 2019. The implementation of the agenda 2030 on SDGs is a world wide concerns. All contries should engage in gender equality,and no country should lag behind as the study demonstrated it for upp middle countries. A clear mechanism of evaluating the implementation of the Agenda 2030 shoud extend at all objectives to find deviation at take corrective measures.

Scientific Study from the year 2020 in the subject Sociology - Miscellaneous, grade: "-", , language: English, abstract: This study contributes to the empirical literature by investigating the mediation effects of household consumption (HHC) in the linkages between inflows of foreign direct investment (FDI), and gross domestic product (GDP) for Sub-Sahara African Countries (SSA) for 2016. Correlation and robust mediation were used in the analysis. The result of the study shows a positive and statistically significant relation between FDI and HHC. At to the nature of the mediation effects of HHC in the relationship between GDP and FDI, the variance accounted for (VAF) is 94.4% of the total impact of FDI on GDP, indicating a full mediation. SSA should stimulate FDI to boost their economic growth.The study is inspired by the hypothesis stated by Mamingi and Martin (2018) that the direct effect of FDI on GDP is small when FDI is considered in isolation, but indirect effect is more significant than direct effect. The paper contributes to the existing literature by conducting a quantitative research in contrast of the hypothesis of Moolio and Guech Heang (2013) indicating that indirect impacts of FDI on GDP are analyzed in qualitative approach, but not in quantitative approach.

Au cours de notre travail, nous avons réalisé un diagnostic financier de la Société en vue de déceler les forces et faiblesses de la SIP et le respect de l¿équilibre financier par la Société. Ce diagnostic a consisté d¿abord à retraiter les bilans comptables pour avoir des bilans fonctionnels nous permettant de réaliser nos analyses. Dans un deuxième temps nous avons calculé et analysé certains indicateurs en l¿occurrence le fonds de roulement, le besoin en fonds de roulement, la trésorerie, les soldes intermédiaires de gestion, les ratios, la structure du bilan, ainsi que la croissance et la répartition des produits et des charges. Il ressort de notre analyse que la Société est caractérisée par: un fonds de roulement positif, ce qui signifie qüune partie des ressources stables finance en partie le cycle d¿exploitation; un besoin en fonds de roulement positif sauf pour 2011 qui se caractérise par un excèdent de ressources qui augmente la trésorerie; une trésorerie positive pour tous les trois ans sous analyse; une capacité d¿autofinancement positive; un faible niveau d¿endettement; une grande solvabilité; une rentabilité économique négative sauf pour 2012.

Nous avons pu relever les insuffisances qui existent dans la gestion des ressources humaines au sein de la SIP sur base des critères considérés comme le recrutement, la rémunération, la gestion de la carrière, l¿évaluation du personnel et la formation. Nous avons montré le vide existant au niveau de l¿organisation global de la gestion des ressources humaines notamment le non-respect des procédures de recrutement, des critères d¿évaluation du personnel qui sont subjectifs, la mise en place d¿un système d¿évaluation du personnel sur base du rendement qui reste à son étape embryonnaire. Toutes ces insuffisances nous ont permi de confirmer notre première hypothèse: «Les pratiques de Gestion des ressources humaines au sein de la SIP ne seraient pas bien maîtrisées et à titre d¿exemple nous signalons le non-respect des procédures de recrutement, l¿évaluation du personnel, l¿absence de plan stratégique pour l¿organisation, l¿insuffisance de ressources financières, la formation du personnel et la gestion de la carrière». Dans un autre côté, nous avons montré les insuffisances liées au système de rémunération basé sur la grille barémique. Ce système ne permet pas d¿attirer les meilleurs.

Le Burundi a besoin de stimuler les investisseurs étrangers pour qüils apportent non seulement les capitaux nécessaires à l¿exploitation des opportunités existantes, mais également les technologies et les compétences inexistantes. La faiblesse de l¿épargne intérieure oblige le pays de recourir à l¿endettement intérieur et extérieur pour investir. Des mesures d¿incitations ont été mises en place mais leur effet sur la stimulation des investissements étrangers reste faible. Le Burundi devrait analyser l¿impact des exonérations accordées sur la croissance économique, la création d¿emploi et les recettes fiscales payées par les bénéficiaires des exonérations, et ainsi orienter lesdites exonérations en fonction des secteurs prioritaires. Les résultats de notre recherche ont permis de montrer que le Burundi n¿a pas de ressources non seulement pour faire face aux besoins de fonctionnement mais également pour réaliser les investissements en infrastructures. En plus, il a été observé que les mesures fiscales et administratives ont des effets sur la stimulation des investisseurs locaux mais peu d¿effet sur la stimulation des investisseurs étrangers.

Etude Scientifique de l¿année 2020 dans le domaine Politique - Sujet: Globalisation, l'économie politique, , langue: français, résumé: L¿objectif global de ce papier est d¿évaluer l¿impact de la mise en ¿uvre de l¿ODD 8 sur l¿accès à des emplois décents et une croissance économique. Spécifiquement ce papier analyse la significativité des progrès réalisés concernant (1) la réduction des emplois vulnérables des hommes (EVH) et des femmes (EVF) (2). En plus, le chômage total des jeunes (CHMTJ), la croissance du produit intérieur brut (CPIB), la croissance du produit intérieur brut par habitat (CPIBH), ainsi que la croissance du revenu national brut (RNB) sont analyses.Enfin, ce papier vérifie l¿hypothèse de l¿existence d¿une relation négative entre le chômage et le taux de croissance économique énoncée Okun. Un test de comparaison de moyenne a été utilisé pour comparer les données de 2014 à 2015. La méthode de corrélation a été utilisée pour tester la loi d¿Okun. Les données ont été analysées en utilisant le logiciel R et JASP. Les résultats de l¿analyse montrent que seuls les emplois vulnérables des hommes et des femmes ont connu une réduction statistiquement significative entre 2014 et 2019. Pour les autres variables analysées, aucune amélioration n¿a été observée, plutôt une détérioration statistiquement significative a été identifiée. Les résultats de la corrélation ont permis de confirmer l¿existence d¿une relation négative entre le taux de chômage total des jeunes et la croissance économique. Les états devraient repenser un plan de relance économique d¿après la pandémie. La création des activités à haute intensité de main d¿¿uvre pourrait relancer la croissance économique dans les pays analysés.

Scientific Study from the year 2020 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , language: English, abstract: This paper investigates the impact of economic indicators in their relationship to non-performing loans and the way the indicators change trough times using a cross-sectional analysis from the sample of 70, 69 and 63 world countries. Using the robust regression approach, economic indicators were analysed to find their impact on non-performing loans for the period from 2015 to 2017. The results show that the economic indicators negatively relate to non-performing loans are population growth rate (PG), current balance account (CBA), claims on private sector (CPS) and domestic credit to private sector (DCPS). Economic indicators have a positive impact on non-performing loans are gross domestic product growth (GDPG) and inflation. The findings also show that economic indicators affecting non-performing loans are changing. During the periods analysed, there is an increase in economic indicators affecting non-performing loans. They were only domestic credit to private sector, current balance account and claims on private sector in 2015. In 2016, another factor occurred in addition of those of 2015, inflation. In 2017, additional factors again occurred, population growth and gross domestic product growth. Banks should take recovery measures to reduce non-performing loans. A better assessment of the repayment capacity of the future customers coupled with a permanent follow-up of the customer during the whole credit cycle should be enhanced. Further investigations are needed to understand the interactions, and the relationships between non-performing loans, and the different types of borrowers, namely; individuals, small and medium enterprises, and corporate borrowers for a better customer selection because an increase in domestic credit to private sector reduces non-performing loans. Banks should develop a credit risk assessment model combining internal and customer factors.

Scientific Essay from the year 2020 in the subject Economics - Foreign Trade Theory, Trade Policy, , language: English, abstract: This paper aims to examine the direct and indirect effects of foreign direct investment (FDI), development assistance (DA), and International Monetary Fund credit (IMFC) on the increase of exports (EXP) in Sub-Saharan African (SSA) countries. The study focuses on identifying the most influential factor in driving EXP, with a particular emphasis on sustainable financing strategies for export diversification and industrialization in SSA.Traditionally, SSA has relied on FDI, development assistance (DA), remittances, and international credit for financial support. However, these sources of funding are expected to decrease due to the pandemic's economic impacts. The United Nations Conference on Trade and Development forecasts a significant decline in global FDI flows, with SSA facing a 25% to 40% reduction in investment flows for 2020. This underscores the urgency for SSA nations to explore sustainable financing methods for the necessary investments to boost exports.Historically, SSA countries have utilized foreign direct investment (FDI) to fund economic development, but the outcomes have often fallen short, leaving many nations in poverty. Despite SSA's wealth of natural resources, efficient resource utilization remains a challenge, and potential advantages have not translated into inclusive growth.The region also grapples with infrastructure gaps, poor investment climates, and weak governance and institutional capacities. In this context, it is imperative to consider alternative ways to finance economic growth, particularly export diversification and industrialization.Research shows that export diversification and industrialization can significantly drive economic growth, but the question of how to finance these processes effectively remains largely unexplored. In the face of declining FDI and limitations within SSA's banking system, this study investigates the direct and indirect effects of FDI, DA, and IMFC on export expansion (EXP) and, subsequently, on gross domestic product (GDP).The study delves into the mediating role of exports in various factors' impact on GDP, with the objective of identifying the most influential factor in driving export growth. Ultimately, this study aims to provide SSA leaders and policymakers with insights into innovative and sustainable financing approaches to promote export diversification and industrialization in the region.