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The Impact of Liquidity on Profitability of Commercial Banks in Liberia

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The Impact of Liquidity on Profitability of Commercial Banks in Liberia THE IMPACT OF LIQUIDITY ON PROFITABILITY OF COMMERCIAL BANKS IN LIBERIA BY CARROW W. BOTOE D61/60893/2011 SUPERVISOR HERICK ONDINGO A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI. SEPTEMBER 2012 i DECLARATION I declare that this is my original work and has not been presented for a degree in any other university. Signature ……………………………………..Date ………………………………. CARROW W. BOTOE - D61/60893/2011 This Research project has been submitted for examination with my approval as the University Supervisor: Signature…………………………………….. Date………………………………. Mr. HerickOndigo Lecturer, Department of Finance and Accounting School of Business University of Nairobi CHAIRMAN, DEPARTMENT OF FINANCE AND ACCOUNTING Signature …………………………………….. Date………………………………. ii ACKNOWLEDGEMENTS My special and sincere thanks to my supervisor Mr. Herick Ondigo and moderator Mr. Mirie Mwangi, for their guidance, support, suggestions, useful comments and constructive critique which were all instrumental to the successful completion of this research project. I also wish to appreciate the support and encouragement from my family and friends during the tough time where I had to balance between the demands of a rigorous academic program and an equally demanding work environment. My gratitude to the God Almighty who renewed my strength at every stage of this study. God bless you all. iii DEDICATION This research project is dedicated to my family for their inspiration, encouragement, understanding and prayers towards the successful completion of this course. I pay glowing tribute and gratitude to the Almighty God who has given me the wisdom to undertake this course. iv ABSTRACT This study analyses the impact of liquid asset holdings on Commercial Banks in Liberia profitability. Using the regression analysis, this study analyzes the profitability of commercial banks using balanced data over the period of 2006-2011. The study used the liquidity asset and liquidity assets for estimating liquid asset and profitability relationship. The estimated relationship between liquid assets and bank profitability was as expected. Coefficients for the liquid assets ratio, its square, business cycle, and its product of interactive business cycle and regulation were positive and also statistically significant. The regulation coefficient was though negative. As expected, we find evidence of a non‐linear relationship between profitability and liquid asset holdings. An important finding of this study is that the business cycle of a commercial bank significantly affects it profit. The coefficient of regulation is negative and significant. Therefore if regulators reduce the constraints imposed on banks, banks obtain profit. The coefficient of the deposit ratio is positive and highly significant. A bank with a more deposit is able to be more profitable. The coefficient of loan asset ratio is positive and significant and this positive effect implies that banks with a high proportion of loan asset ratio have a higher profitability. In addition, an important finding of this study is that the business cycle significantly affects bank profits. Business cycle is estimated to have a positive and statistically significant impact on bank profitability. The coefficient of regulation is negative and significant and this implies that if regulators reduce the constraints imposed on banks, banks obtain profit. The empirical results show that concentration affects bank profitability negatively, but this affect is relatively insignificant. Management of liquidity position means the management of current assets and current liabilities, and financing these v current assets. If these firms properly manage their cash, accounts receivables and inventories in a proper way, this will ultimately increase profitability of these companies. vi TABLE OF CONTENTS DECLARATION ............................................................................................................................ ii ACKNOWLEDGEMENTS ........................................................................................................... iii DEDICATION ............................................................................................................................... iv LIST OF ABBREVIATIONS ........................................................................................................ ix CHAPTER ONE : INTRODUCTION ........................................................................................ 1 1.1 Background of the Study .......................................................................................................... 1 1.1.1Measurement of Liquidity....................................................................................................... 1 1.1.2 Measurement of Profitability ................................................................................................. 2 1.1.3 Impact of Liquidity On Profitability ...................................................................................... 4 1.1.4 Banking Institutions in Liberia .............................................................................................. 4 1.2 Research Problem ..................................................................................................................... 5 1.3 Research Objectives .................................................................................................................. 7 1.4 Value of the Study .................................................................................................................... 7 CHAPTER TWO: LITERATURE REVIEW ............................................................................ 8 2.1 Introduction ............................................................................................................................... 8 2.2 Theoretical framework on organizational Liquidity ................................................................. 8 2.2.1 Banks Liquidity Management Theory ................................................................................... 9 2.2.2 Commercial Loan (Traditional) Theory and Liquidity .......................................................... 9 2.2.3 The Shiftability Theory of Liquidity.................................................................................... 10 2.2.3.1 Anticipated Income Theory of Liquidity .......................................................................... 11 2.3 Concept of Liquidity ............................................................................................................... 11 2.4 Concept of Profitability........................................................................................................... 12 2.5 The Relevance of Liquidity and Profitability to Commercial Banks ..................................... 12 2.6 Liquidity Position Analysis..................................................................................................... 13 2.7 Liquidity Ratios and Limits .................................................................................................... 13 2.8 Liquidity and Solvency Relationship ...................................................................................... 14 2.9 Empirical Studies on firms Liquidity ...................................................................................... 14 2.10 Summary and Conclusion ..................................................................................................... 15 CHAPTER THREE: RESEARCH METHODOLOGY ......................................................... 17 3.1 Introduction ............................................................................................................................. 17 3.2 Research Design...................................................................................................................... 17 vii 3.3 Population ............................................................................................................................... 17 3.4 Data Collection ....................................................................................................................... 17 3.5 Data Analysis .......................................................................................................................... 17 CHAPTER FOUR: DATA ANALYSIS, RESULTS AND DISCUSSION ............................ 20 4.1 Introduction ............................................................................................................................. 20 4.2 Findings of the Research ....................................................................................................... 20 4.2.1 Qualitative Analysis ............................................................................................................. 20 4.3 Quantitative Analysis .............................................................................................................. 21 4.3.1 Regression Equation ............................................................................................................ 22 4.3.2 Test of Multicollinearity: Pearson and Spearman's Correlations ........................................ 24 4.4 Interpretation of Findings ....................................................................................................... 26 CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS .................. 28 5.1 Introduction ............................................................................................................................
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