Saptagandaki Journal

Testing Pecking Order Prediction of Financing Choices in NEPSE Listed Non-Financial Companies of Nepal

Kapil Dev Subedi — Sat, 31 Dec 2022 00:00:00 +0000

In a financial market with information, agency and contract enforcement problem, partially informed firms have difficulty to access in capital markets and they face some restrictions to get adequate external capital at similar cost of their internal funds. Hence, these firms display the preferential order of financing choices, for example; first they invest internal funds, second debt capital and equity as last resort. However, such preferences of financing order commonly known as Pecking Order are not similar in all cases due to the nature of firms, their financial health, borrowing capacity, and functioning of capital markets. Under this backdrop, this study attempted to test this Pecking Order Hypothesis (POH) in financing decisions of Nepalese firms. Moreover, it tried to examine the effect of firm's borrowing capacity, informational efficiency, financial risk, operating growth, taxes and internal profitability on pecking order financing preferences of firms. It used quantitative approach of analysis to examine the financing behavior of 16 non-financial NEPSE listed companies. Descriptive and inferential statistics i.e. Pooled Ordinary Least Square (OLS) regression approach was used to test the hypothesis and data comprised unbalanced panel (n=262 observations) obtained from annual financial reports of sampled companies. The study results revealed that firm specific financial risk including borrowing capacity, operating growth, internal profitability and information efficiency have significant impact in firms' financing polices. Firms have preferences to use debts instead of equity when they face financing deficiency and these preferences are prominent when firms plummet in severe financing constraints. Hence, this study concluded that a firm's capacity to trade off its financial risk with some firm specific attributes outlined the most of the financing policies of Nepalese enterprises. These financial risks absorption capacity of the firms could be considerably improved if firms improved their profitability, sales growth, information efficiency and spare borrowing capacity; hence, these factors are imperative to design the optimal capital structure of firms and maximize their values.

Effect of Leaf Extracts of Lantana Camara L. on Germination and Growth of Some Crops Species

Keshab Acharya, Suchana Poudel, Dhurba Acharya — Sat, 31 Dec 2022 00:00:00 +0000

Allelopathy is a biotic interaction between plants where one plant inhibits the germination and growth of other plants by releasing certain allelochemicals. In this research we evaluated the allelopathic effect of aqueous leaf extract of Lantana camara on the germination and growth of four crop plants. The experiment was conducted in sterilized petri dishes in Botany lab of Saptagandaki Multiple Campus, Bharatpur, Chitwan, Nepal. The effect of different concentrations of extracts was studied and compared with the control. The results revealed that the germination and seedling growth of all species were significantly inhibited at different concentrations as compared to the control. The lowest germination percentage and seedling growth was found in Brassica campestris and Oryza sativa plant respectively and effect was least in Triticum aestivum plant at 10% concentration. The germination percentages, seedling growth and, biomass in all species were observed to reduce, with the increasing concentration of aqueous extracts. The study concluded that Lantana camara leaf extract allelochemicals have adverse effects on germination, seedling growth and dry matter accumulation of all tested crops.

Telling an Untold Story of Pedagogical Practices in Mathematics Education in Nepal: Envisioning an Empowering Pedagogy

Basanta Raj Lamichhane, Bal Chandra Luitel — Sat, 31 Dec 2022 00:00:00 +0000

Conventional mathematics education practice glorifies the hypothetico-deductive reasoning and accompanying reductionist and piecemeal pedagogy and pushes us into the grips of pouring and 'one-size-fits-all' approach (Freire, 1993; Luitel, 2009; Lamichhane, 2021). It is still being practiced and occupies the dominant role in our schools and universities. In this background, the objectives of this research were to explore the roles of existing pedagogy behind a formation of a transmissionist image of pedagogy, thereby envisioning empowering/ humanizing pedagogical practices. In so doing, I deployed an autoethnography research design (Bochner & Ellis, 2016) under interpretive, critical, and postmodern paradigms (Taylor, Taylor, & Luitel, 2012). Writing as a method of inquiry (Richardson & St. Pierre, 2017) has been used to generate field texts. To interpret and make meaning from the textual information, I have used Habermas's Knowledge Constitutive Interests (Habermas, 1972) and Jack Mezirow's Transformative Learning Theory (Mezirow, 1991) as theoretical referents. I have captured the pedagogical practices under three themes: -practice makes a man perfect! I am a successful teacher; he is our supporter! Please protect him! and I do not know anything! Prepare them for the exam. Likewise, a metaphor of empowering/humanizing pedagogy has been proposed as an inclusive pedagogy. Finally, I revealed that empowering/humanizing pedagogy supports connecting mathematical activities to the lifeworld of the learners. It promotes agentic aspects of the learners and helps them to become informed and conscious citizens so that they can contribute to creating an inclusive and socially just society.

Behavioural Finance and Stock Investment Decisions

Mohan Prasad Sapkota — Sat, 31 Dec 2022 00:00:00 +0000

Market anomalies is the source of inefficient market where investors can generate abnormal return which is the centre point of behaviour finance. Behavioural finance incorporates the human behaviour, cognitive and social aspects, emotions, moods and psychology of the individual investors that might create investment mistakes. This study focuses on exploring the influence of behavioural finance on stock investment decision of the master level students in Chitwan district due to poor literature available in this field. This study is based on quantitative approach of research and utilizes analytical research design. The sample of the study is 284 students with usable response rate of 60.21 percent. This study utilizes reliability analysis, descriptive statistics and multiple regression analysis. Evidence indicates that herding, loss aversion, overconfidence and risk propensity has significant positive influence on stock investment decisions among investors. Finally, this study concluded that behavioural finance plays the key role while making stock investment decision of the students. In investment decision, investors should properly understand financial behaviour biases that facilitates investors while making superior investment decisions as well as risk propensity will make investors aware of fears, nervous and uncertainty toward risks which might occurs while making stock investment decisions.

Power of Reading: Reading as a Strategy for Learning English

Padam Lal Bharati — Sat, 31 Dec 2022 00:00:00 +0000

Why don’t language acquirers take advantage of the power of reading goes the heading of Krashen’s 1997 article in which he cites studies that establish with evidence that through extensive reading learners can acquire larger vocabularies, do better in spelling, writing skills and in tests of grammar. In other words, he claims that reading serves as powerful means of developing one’s competence in the second language because it provides the required input. Drawing from my own experience of exclusively relying on reading strategy for English language learning, I argue, with Krashen, that extensive reading or free voluntary reading is a powerful means of developing the second language competence (Kim & Krashen 1997, Krashen 2004). I adopt autoethnography as my method of inquiry and look back upon my own recollections of how I utilized ‘reading’ as a default strategy in developing a working knowledge of the English language. I use a retrospective composition I wrote back in the year 2012, which recounts my struggle for learning English through my school years to the days of my early career as a teacher of English, as my data text and adopt qualitative interpretive analysis.

Role of Social Media in Commercial Vegetable Farming for Rural Development

Krishna Prasad Gyawali — Sat, 31 Dec 2022 00:00:00 +0000

This study explores the role of social media in commercial vegetable farming for rural development. A study of Bharatpur metropolitan city ward no 5 Chitwan district. The objective of the study is to explore the role of social media in commercial vegetable farming for rural development. The use of social media in commercial vegetable farming is increasing rapidly now days. Many agricultural service provider companies are giving better facilities to the farmers. Social media allows users to communicate directly with the customer’s service provider’s information sharing centers etc. Farmers are using social media to increase their produce at each stage. Rural development means as overall development such as social, economic, political and cultural of rural society. Commercial vegetable farmers have been impacted by social media in all aspects of their lives. The research design adopted in this study is exploratory as well as descriptive types. The universe of the study was commercial vegetable farmers in Ward No. 5 of Bharatpur Municipality. Out of the total number of commercial vegetable farmer households, 20 households have been sampled using the quota sampling and purposive sampling methods. The data has been collected from the Rambagh, Gulabbag, Kailashnagar, and Narayanpur areas. Each area 5 respondents has been selected for the study. The study shows that 5 % respondents were used own land and 95% respondents were used leasehold land for commercial vegetable farming. Similarly 40 % respondents were used YouTube, 35 % respondents were used Facebook and 25% respondents were used Tik Tok for agriculture information. In the study area, social media seem to have a positive effect on commercial vegetable farming. Commercial vegetable farming support to livelihood, capacity building, empowerment, increase in living standard, saving habit, access to financial institutions, agricultural inputs services and market in the study area. Commercial vegetable farming has been playing a significant role for rural development in this area.

Identifying Patterns in a Documentary-Convergence: Courage in a Crisis

Tek Bahadur Chhetri — Sat, 31 Dec 2022 00:00:00 +0000

This paper explores how the technical aspects of filming are involved in making the Documentary-Convergence: Courage in a Crisis in relation to its overarching theme of global solidarity during the pandemic. For this analysis, my study largely depends on textual analysis of the film with the help of the analytical tools-camera angle, pattern of narrative network and mis-en-scene developed by Yale University so as to justify how the set of patterns employed in this visual discourse appeals to its theme in a particular scene. In addition, haptic visuality is studied with special affect. The time denoted, in the paper, for shots is in descending order in the Netflix from the total running time of one hour and fifty-three minutes. Thematically, the entire project focuses on how individuals can make a difference with their selfless efforts even in the face of a global crisis. Shot in eight different countries with nine stories, the Director, Orlando von Einsiedel in a great narrative maneuver, demonstrates the stirring individual grit and compassion with selfless efforts of the unsung heroes, born in the crises. It can also be analyzed as the message towards the global community with the information dissemination for the preparedness of viral emergence next. What makes this documentary poignant and all inspiring is its intimate telling of the stories of the noble heroes through visual discourse amidst the challenging health emergency and trauma. The study is going to be significant because it not only gives the world view of the sweeping chronicle of the global fight against the pandemic but also prepares every individual for resilience with the hope that humans can triumph over the crisis in unison.

Distribution Nature of Trade Volume and Number of Trades at NEPSE Floor

Rashesh Vaidya, Dilli Raj Sharma, Jeetendra Dangol — Sat, 31 Dec 2022 00:00:00 +0000

Investors are concerned with market fluctuation. At NEPSE, market fluctuation is linked to the trade volume and number of shares traded during a specific day. A change in the benchmark index, NEPSE, in the Nepalese stock market depends on the market capitalization. Hence, to estimate the market pattern, a better understanding of the distribution nature of the trade volume and number of trades is beneficial to Nepalese investors. This ultimately helps an investor understand the market mechanism. The paper has followed basic descriptive statistics and a graphical presentation of the PP Plot, QQ Plot, and PDF Plot to test the normality and distribution nature of the NEPSE yearly trade volume and number of trades. Finally, the Sharpio-Wilk test, Jarque-Bera test, Kolmogorov-Smirnov test, and Anderson-Darling (A2) test are applied to test the goodness of fit for the observed and the respective NEPSE yearly trade volume and number of trades. The paper found that the NEPSE's yearly trade volume and number of trades from the year of its establishment to the fiscal year 2021–22 have a leptokurtic distribution. Similarly, the paper shows the distribution of trade volume and the number of trades toward non-normality. The probability distribution function reflects the log-normal (3P) distribution, also known as Galton’s distribution, for both sets of data. The distribution of the NEPSE's yearly trade volume and number of trades is best fitted by Galton’s distribution. The fitting of this specific distribution reflects a compounding effect on the transactions taped during the last two decades and more . Hence, an investor who enters in a NEPSE floor with a small numbers of scrips would multiply the numbers in a period of times.

Does Financial Information Influence The Behavior of Stock Price? Evidences From Nepali Commercial Banks

Dhan Raj Chalise — Sat, 31 Dec 2022 00:00:00 +0000

Financial information is the document that presents the overall financial health of the organization. This study examines the influence of financial information on stock price behavior of Nepalese commercial banks. Twelve commercial banks are selected as a sample out of total twenty-six commercial banks of Nepal based on operation more than ten years with availability of necessary information. This study utilizes quantitative research approach with causal-comparative research design. Adopting descriptive statistics and multiple regression analysis for data analysis, study found that financial information like net interest margin, net profit margin, dividend payout ratio and capital adequacy ratio have significant positive influence on determining stock price behavior of Nepalese commercial banks. In addition, evidence indicates that financial information is the major influencing factor while determining stock price and investment decision so investors should properly analyze financial information for superior investment decision.

Impact of Marriage on Career Development of Women: A Study of Newar Community of Kirtipur

Sabina Shakya — Sat, 31 Dec 2022 00:00:00 +0000

The main objective of the research entitled Impact of Marriage on Career Development of Women: A Study of Newar Community of Kirtipur was to study the effects of marriage particularly on married women of the Newar community of Kirtipur and its impact on their career development.

Both quantitative and qualitative approach were used as a mixed method. A cross sectional survey questionnaire was administered among the Newari married women of four wards - 3, 5, 9 and 10 ranging their ages from 24 to 45 to represent the total population of Kirtipur Municipality, Kathmandu. By purposive sampling method, 100 responses were collected and analyzed through SPSS V.20 for quantitative data and four cases were interviewed for qualitative data analysis. The data were analyzed on the basis of auto-ethnographic design. The study reveals the married women pursue less demanding jobs such as part-time and less effort making jobs due to household responsibilities. They cannot focus on career development to get opportunity in better workplace. The major contribution to the impact of marriage is engagement in household chores after marriage including taking care of their children until they are grown up for school.

Advocacy for Religious Plurality in Vivekananda’s Speech

Tika Ram Kandel — Sat, 31 Dec 2022 00:00:00 +0000

This research examines Swami Vivekananda’s speech delivered in the World Parliament of Religions in Chicago in 1893 AD. It has been evaluated in the light of Mortimer Jerome Alders’s Truth in Religion: Plurality of Religion and Unity of Truth. While evaluating Vivekanand’s advocacy for plurality of religions for the global peace and order, the researchers concerns on his resistance to religious fanaticism and orthodoxy. For the study of his resistance to the exploitation and extermination adopted by the westerners in the shield of religion calling it “Civilizing Mission”, the researcher takes his essay The East and the West as the major reference. The study argues that Vivekananda’s appeal for the celebration of religious plurality counters the bigotry and fanaticism in the name of religion. It is assumed that this article has a deep substance to understand Vivekanada’s advocacy for plurality of religions, emphasizing on the tenets of pluralism in Hinduism and historical repercussions of religious hegemony.

Editorial Vol.13

Bhim Raj Adhikari, Dharma Raj Ghimire, Binod Khanda Timilsana — Sat, 31 Dec 2022 00:00:00 +0000

Not Available