Principal Components-based Investigative Study of Counter Measures to Financial Crimes

Gabriel Babatunde Iwasokun, Raphael Olufemi Akinyede and Oniyide Alabi Bello

International Journal of Financial Research, 2018, vol. 9, issue 2, 150-164

Abstract: Financial crime is presently a very serious threat to the global, regional and national economies as it manifests itself in several financial institutions and government agencies. One of the reasons for the thriving status of the menace has been lack of globally acknowledged counter measures. Based on this, twenty eight indices that were considered to be related to financial crimes were formulated in this research. A questionnaire was formulated based on the indices and administered on selected financial related agencies and parastatals in States across Nigeria to obtain relevant data which were subjected to Principal Component Analyses (PCA) using SPSS. The analyses showed that effective citizens¡¯ control and monitoring, economic and social stability, moral suasion and political security and goodwill are the much desired counter-measures to financial crime. The percentage of relevance of these measures was 64.17%, indicating that the indices of some extraneous counter-measures were not given consideration in the research. Such measures include but not limited to good governance, financial security and moral training. A coefficient score matrix was also generated for the estimation and ranking of the contribution of every respondent to the extracted counter-measures.

Keywords: Principal Component Analysis (PCA); Multivariate Statistical Technique (MST); orthogonal transformation; economic and financial crime (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciedu.ca/journal/index.php/ijfr/article/view/13241/8163 (application/pdf)
http://www.sciedu.ca/journal/index.php/ijfr/article/view/13241 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijfr11:v:9:y:2018:i:2:p:150-164

DOI: 10.5430/ijfr.v9n2p150

Access Statistics for this article

International Journal of Financial Research is currently edited by Gina Perry

More articles in International Journal of Financial Research from International Journal of Financial Research, Sciedu Press
Bibliographic data for series maintained by Gina Perry ().