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org
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&ol.'( No.20( 201)

109
Determinants of Commercial Banks Lending: Evidence from
Ethiopian Commercial Banks

Mit*u Malede
+epartment of Ban*ing and ,inan-e,,a-ult. of /usiness and e-onomi-s
0e-turer in Jig1iga 2ni3ersit.( 1ig1iga( Et4iopia
Email5 maledemit*u6gmail.-om

Abstract
74e stud. was mainl. aimed to -onfirm t4e main determinants of -ommer-ial /an* lending in Et4iopia /. using
panel data of eig4t -ommer-ial /an*s in t4e period from 2005 to 2011. It tested t4e relations4ip /etween
-ommer-ial /an* lending and its some determinants /an* si8e( -redit ris*( gross domesti- produ-t( in3estment(
deposit( interest rate( li9uidit. ratio and -as4 re9uired reser3e". Se3en .ears finan-ial data of eig4t purposi3el.
-4osen -ommer-ial /an*s were used for anal.sis purpose. %rdinar. least s9uare %0S" was applied to determine
t4e impa-t of t4ose predi-tor 3aria/les on -ommer-ial /an* lending. 74e result suggests t4at( t4ere is signifi-ant
relations4ip /etween -ommer-ial /an* lending and its si8e( -redit ris*( gross domesti- produ-t and li9uidit. ratio.
But deposit( in3estment( -as4 re9uired reser3e and interest rate does not affe-t Et4iopian -ommer-ial /an*
lending for t4e stud. period. 74e stud. suggests t4at -ommer-ial /an* 4a3e to gi3e more emp4asis to -redit ris*
and li9uidit. ratio /e-ause it wea*ens /an*s loan dis/ursement and leads a /an* to /e insol3ent.
Keywords5 :ommer-ial Ban*ing( -redit ris*( deposit. interest rate( lending(

! "#$%&D'C$"&#
0ending is t4e main fun-tion of -ommer-ial /an*s- e3iden-ed /. t4e 3olume of loans t4at -onstitute /an*s;
assets and t4e annual -onsidera/le raise of loan w4i-4 is granted to /orrowers /ot4 to pri3ate and pu/li- se-tors
of t4e e-onom.. 0ending is t4e prin-ipal /usiness for most -ommer-ial /an*s. :onse9uentl.( loan portfolio is
t4e largest asset and sour-e of re3enue for /an*s :omptroller( 199#". In 3iew of t4e signifi-ant -ontri/ution of
loans to t4e finan-ial 4ealt4 of /an*s t4roug4 interest in-ome earnings( t4ese assets are -onsidered t4e most
3alua/le assets of /an*s. Ban* loan is t.pi-all. t4e largest asset and t4e predominant sour-e of in-ome for /an*s.
Sin-e 19'$ -ommer-ial /an*s in Et4iopia perform se3eral /an*ing /usiness li*e attra-ting all t.pes of deposit
and granting loan and ad3an-e to /orrowers for t4e sa*e of in-reasing t4eir in3estment -apa-it.. <s a result
-ommer-ial /an* pla.s a great role for t4e growt4 of t4e e-onom. /. maintaining t4ree main operating guiding
prin-iples( w4i-4 are profita/ilit.( li9uidit. and sol3en-.. =en-e( -as4 re9uired reser3e /e-ome an alternati3e
wa. to maintain /an*s li9uidit.. :onse9uentl.( national /an* of Et4iopia set t4is re9uirement. Ne3ert4eless(
t4ese poli-ies or re9uirements are at t4e -enter of an intense national de/ate. 74ere is a world-wide -ontention on
t4e issue- some resear-4ers /elie3e su-4 re9uirements promote disintermediation of -ommer-ial /an* -redit
w4ile ot4ers stand at t4e opposite. :4ristian > !as-al 2012"( :argill and Ma.er 200'"( and Montoro and
Moreno 2011" -ontended t4at( an in-rease in reser3e re9uirement -ase to de-rease /an* -redit. %n t4e ot4er
4and ,riedman and S-4wart8 19'$" -laim t4at( a raise in :ommer-ial Ban* -as4 re9uired reser3es sour-es to
in-rease its -redit -reation a/ilit.. %lusan.a( s. et al( 2012" also re3eal t4at( re9uired reser3e 4as positi3e impa-t
on -ommer-ial /an* loans and ad3an-es. I.e. /an*s -redit raise w4en -as4 re9uired reser3e in-rease. <gain(
Melt8er 200$" re3eals t4at a raise in reser3e re9uirements would 4a3e little or no impa-t on -redit suppl..
:4andler 19?1" also supports /. uttering t4at an in-rement in reser3e re9uirements does not en-ourage /an*s to
4old /a-* t4eir lending or sell se-urities or -ause interest rates to rise. ,urt4er( @il-oA 2012" sustains t4at
-4anges in reser3e re9uirements 4ad onl. small and statisti-all. insignifi-ant impa-ts on /an* loans and
in3estments. 74ese 3arious approa-4es 4a3e /een used to eAamine t4e effe-ts of -as4 re9uired reser3e on a /road
arra. of /an*s -redit. =owe3er( t4e e3iden-e is not uniform and -onsistent in indi-ating t4at w4et4er -as4
reser3e affe-ts -ommer-ial /an*s; -redits or not a relati3e 4andful of studies li*eB :4ang( 199'( 1999B @il-oA(
%lusan.a( et al( 2012( :4andler( 19?1( :4ristian > !as-al( 2012( ,riedman > S-4wart8( 19'$" 4ad spe-ifi-all.
eAamined w4et4er t4e amount of -as4 reser3e re9uirement effe-t is positi3e( negati3e or no effe-t on /an* loans
and ad3an-e. Cenerall.( t4is stud. aimed to determine t4e effe-t of -ommon determinants of -ommer-ial /an*s
lendingB and t4ere/.( to pro3ide empiri-al e3iden-e a/out t4e effe-ts of -as4 re9uired reser3e on -ommer-ial
/an* -redit. <s far as t4e resear-4er is -on-erned( t4ere is no a resear-4er w4o tried to deal wit4 fa-tors t4at
determine -ommer-ial /an*s lending in Et4iopia.

( L"$E%A$'%E %E)"E*
<s literature suggests determinants of -ommer-ial /an* lending /e4a3ior ma. /e -lassified into internal and
eAternal fa-tors5 named as li9uidit. ratio( interest rate( gross domesti- produ-t( -as4 reser3e re9uirement( deposit(
in3estment portfolio and eA-4ange rate as of olo*.o( 2011". %lusan.a( et al(2012" also eAamines t4e
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110
determinants of -ommer-ial /an* lending /e4a3ior in Nigeria -ase and =e found t4at( foreign eA-4ange rate(
in3estment portfolio( deposits and li9uidit. ration 4a3e positi3e impa-ts on -ommer-ial /an* lending 3olumes(
w4ile t4e -oeffi-ients of lending interest rate and minimum -as4 reser3e ratio were negati3e. 0astl.( :4ern.*4
and 74eodossiou 2011" re3eal t4at( t4e si8e of t4e /an* w4i-4 is measured /. assets and t4e /an* -apitali8ation
are t4e onl. determinants of /usinesses and long-term loans. Ewert et al. 2000" also eAamine t4e determinants
of /an* lending performan-e in Cerman.. <nd it gi3es a -ontro3ersial finding w4i-4 states ris*ier -redit
-ontra-ts are assigned lower interest rate premiums /. /an*s. :4ode-4ai 200)" in 4is in3estigation titled as(
fa-tors t4at affe-t interest rates( degree of lending 3olume and -ollateral setting in loan de-ision of /an*sB state
t4at( /an*s 4a3e to /e -areful wit4 t4eir loan pri-ing de-isions. Be-ause if /an*s -4arge too low loan rates t4e
re3enue from t4e interest in-ome will not /e enoug4 to -o3er t4e -ost of deposits( general eApenses and t4e loss
of re3enue from some /orrower. =en-e( -4arging too 4ig4 loan rates ma. also -reate an ad3erse sele-tion
situation and moral 4a8ard pro/lems for t4e /orrowers. Borio 1995" in3estigated t4e stru-ture of -redit to
nongo3ernment se-tor and -4annel of monetar. poli-. in fourteen industriali8ed -ountries and re3eals t4at( t4e
stru-ture of -redit was largel. determined /. interest rate. Irina B. 200$" asses /an* li9uidit. and eA-4ange rate
in European perspe-ti3eB and -laim t4at( 4ig4er lending rates do not en-ourage /an*s to lend more. </d Darim et
al. 2011" in3estigated t4e impa-t of interest rate on /an* lending in Mala.sia -onteAt5 and -ontented t4at(
interest rate affe-t /an* lending negati3el.( w4ile -ontrolling for ot4er ma-roe-onomi- 3aria/les su-4 as C+!
and Inflation. </d Darim( Mo4d > <d8i8 200?" also re3eal t4at( monetar. poli-. tig4tening instruments li*e
interest rate in Mala.sia redu-es /an* lending to all t4e se-tors. But it is se3er in some se-tors su-4 as
manufa-turing and suggest t4at( interest rates are positi3el. asso-iated wit4 Islami- finan-ing and negati3el.
asso-iated wit4 -on3entional loan! 2sman 1999" /. in3estigating a ma1or regulation affe-ting -ommer-ial
/an*s lending in NigeriaB re3eal t4at( w4ile -entral /an* redu-es t4e rate w4at t4e /an* -4arges from /orrower(
/an*s /e-ome relu-tant to pro3ide loan to firms. Ban* -4arge 4ig4 interest premium for t4e /orrowers w4o 4a3e
4ig4er -redit default ris* to repa. t4e loan Ewert et al( 2000".
<--ording to Bas4ir( 200$" large-si8ed /an*s 4a3e t4e ad3antage of pro3iding a larger menu of finan-ial
ser3i-es to t4eir -ustomers and t4ere /. mo/ili8e more funds. :ole et al. 200)" also suggest t4at( smaller /an*s
adopt small /usiness loan underwriting pra-ti-es t4at are ris*ier t4an t4ose of larger /an*s. More o3er Salas and
Saurina 2002" assert t4at( a /ig /alan-e s4eet allows managers to in3est in different geograp4i-al or /usiness
segments to deal wit4 as.mmetri- s4o-*s. Ea1an and +4al 200$" indi-ates t4at( /an*s si8e 4as signifi-an-e
effe-t on o--urren-e of nonperforming loan.
Ding 19#'" /. in3estigating monetar. transmission t4roug4 /an* loans and esta/lis4es t4at( -4ange in C+!
-ause to -4ange 3olume of loan. Baum( :agla.an and %8*an 2005" found t4at( an in-rease in un-ertaint. of
industrial produ-tion leads to somew4ere a redu-tion in t4e dispersion of /an* loans-to-asset ratio for total loans(
real estate loans and 4ouse4old loans. 7ala3era( 7sapin and F4olud 200'" ,ound t4at( /an*s ma*e out more
loans during periods of /oom and -urtail lending w4en t4e e-onom. is in re-ession. +e Goung( Cron( and
@inton 2005" again found( during an e-onomi- eApansion demand for lending is 4ig4 and /usiness profita/ilit.
is good( resulting in more profita/le loans( more /an* -apital and an eApanding -redit en3ironment in w4i-4
/an*s lend more at lower rates as t4e. -ompete for /usiness.
Mansor =. I. 200'" note t4at( gross domesti- produ-t affe-t /an* loans positi3el. sin-e an in-rease in C+!
-auses a raises in /ot4 suppl. and demand for loans. <n in-rease in C+! means more funds are a3aila/le for
/an*s to ma*e loans sin-e deposits are more li*el. to in-rease! !ruteanu-!odpiera 200?" in3estigated t4e impa-t
of monetar. poli-.( gross domesti- produ-t growt4 rate and inflation on growt4 rate of total loans in :8e-4
/an*s from 199' to 2001. 74e result suggests a strong positi3e effe-t of C+! growt4 on t4e growt4 rate of loans(
/ut t4e impa-t of interest rates was negati3e. <s Ee4ana and Ei8wana 199#" found( t4e le3el ofH e-onomi-
a-ti3it. is eApe-ted to ma*e a positi3e impa-t on /an* ad3an-es as it does not in-reases t4e demand for ad3an-es
onl. /ut t4e suppl. of loan a/le funds as well.
</dul Darim( <8man-Saini > </dul Darim 2011" in3estigated /an* lending -4annel of monetar. poli-. in
Mala.sia -ase from 191$ to 200#. <nd s4ow t4at( /an* li9uidit. determines /an*s; loan suppl.. <--ording to
Coldfield and :4andler 19#0" -ommer-ial /an*s must pa. more attention to its li9uidit. /e-ause 4ig4 turno3er
o/tained from t4eir de/t lia/ilities. <isen and ,ran*en( 2010" eAamine /an* -redit during 200# finan-ial -ries5
wit4 a -ross -ountr. -omparison. 74e stud. argued t4at( /an*s w4i-4 fa-ed ultimate li9uidit. stress lost t4eir
a/ilit. to lend more.
:redit ris* is -riti-al sin-e t4e default of a small num/er of important -ustomers -an generate large losses w4i-4
-an lead to insol3en-. Bessis( 2002". &ariation in -redit ris* ma. refle-t a -4ange in t4e 4ealt4 of a /an*;s loan
portfolio :ooper et al.( 200$"( w4i-4 in turn ma. influen-e t4e performan-e of t4e institution. 0ending is t4e
primar. fun-tions of /an*s( and pre-isel. assessing a /orrowerIs -redit wort4iness 4as alwa.s /een t4e onl.
met4od of lending su--essfull. <ndrew ,ig4t( 200)". More finan-ial institutions are eAposed to 4ig4 ris* loans
and t4e 4ig4er a--umulation of unpaid loans. Impl.ing t4at( t4ese loan losses 4a3e produ-ed lower returns to
man. -ommer-ial /an*s Miller and Noulas( 199?". :4ode-4ai 200)" furt4er stressed t4at( /an*s; lending
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&ol.'( No.20( 201)

111
de-isions influen-ed /. t4e past relations4ip wit4 t4e /orrowers( w4i-4 ena/les to 4a3e more a--urate
understanding of t4e /orrower;s /usiness and finan-ial situation.
<--ording to M- :art4. et al. 2010" :ustomers; deposit is t4e primar. sour-e of /an* loan. <nd t4ere/.(
deposits dire-tl. 4a3e a positi3e effe-t on lending. Moreo3er( Se/astian 2009" strongl. re3eal t4at( demand
deposit lia/ilities 4ad t4e most signifi-ant and positi3e influen-e on /an*s; -redit allo-ations in Nigeria -ase.
Cenerall.( lending is t4e main means of in-ome and t4e most profita/le asset for t4e /an* w4i-4 is determined
/. /an* si8e( -redit ris*( li9uidit.( -as4 re9uired reser3e( deposit( In3estment( interest rate and gross domesti-
produ-t. 0iterature re3eals miAed results -on-erning to t4e relations4ip /etween -ommer-ial /an* lending and
t4ese eApe-ted fa-tors. +espite its miAed results most of t4e finding re3eals a positi3e asso-iation /etween /an*
si8e( ( -redit ris*( deposit( gross domesti- produ-t and /an* lending w4ile in3estment and interest rate negati3el.
asso-iate it. =owe3er( t4e effe-t of -as4 re9uired reser3e on -ommer-ial /an* lending falls under a serious
argumentati3e issue. Some finding state t4at( -as4 re9uired reser3e redu-e -ommer-ial /an* -reditB w4ile ot4ers
-laim t4at( it en-ourage /an* -redit and t4e rest s4ows( no relation or its effe-t is insignifi-ant. 74is la-* of
-onsensus among resear-4ers re9uires furt4er in3estigationB a--ordingl. t4e resear-4er needs to loo* t4is issue in
Et4iopia -onteAt.
(!+ C&#CE,$'AL -%A.E*&%K
<s empiri-al e3iden-es suggest -ommer-ial /an* lending is affe-ted /. internal and eAternal fa-tors. =en-e( t4is
stud. used /ot4 internal and eAternal determinants of /an* lending 1ointl. w4i-4 in-ludesB /an* si8e( -redit ris*(
deposit( li9uidit.( in3estment( -as4 re9uired reser3e( lending interest rate and gross domesti- produ-t.
-ig/re :

Sour-e J %wen
GAP IN LITERATURE (NEED OF THE STUDY)
%lusan.a et al. 2012" and %lo*o.o ,. 2011" 4ad in3estigated t4e determinants of -ommer-ial /an*s lending to
s4ow t4e effe-t of internal and eAternal 3aria/les on -ommer-ial /an*s; lending in Nigeria -ase and also Gannis
and <ristotelis201$" in Cree-e -onteAt. =owe3er( t4e issue in3estigated( it fails to loo* t4e effe-t of /an* si8e
and -redit ris* on -ommer-ial /an*s lending. =en-e( t4is s4ort -oming of t4e stud. -alls for furt4er stud..
<--ordingl.( t4e resear-4er -omes in a position to in3estigate t4is notion in Et4iopian -ase /. using se3en .ears
panel data from eig4t -ommer-ial /an*s from 2005 up to 2011.
0$A$E.E#$ &- $1E ,%&BLE.
0ending is undenia/l. t4e 4eart of /an*ing /usiness <dedo.in and so/odun( 199'". Cranting loans and ad3an-e
for t4e /orrower is t4e main a-ti3it. t4at generates in-ome for /an*s 4ig4l.. 74erefore( loan portfolio is t.pi-all.
t4e largest asset and sour-e of re3enue for /an*s. =owe3er( loans and ad3an-e is t4e most profita/le and li9uid
asset for t4e /an* to maintain its maAimum li9uidit. o/ligation to t4eir depositors or lendersB /an*s do not in3est
its entire fund in a profita/le asset Nwan*wo( 2000".
Ban* a--ept -ustomer deposits and use t4at fund to grant loans to /orrowers or in3est in ot4er assets t4at will
.ield a return 4ig4er t4an t4e amount /an* pa.s t4e depositor M-:art4. et al.( 2010". It is understanda/le t4at(
t4e main sour-e of lending is deposit or mone. a--epted from t4e depositor /ut t4e amount t4at would 4a3e to /e
lent is a -ertain per-entage of t4e total deposited amount and t4e remaining is *ept as a reser3e for t4e purpose of
maintaining its li9uidit..
In Et4iopia( under <rti-le 2.1a" of t4e dire-ti3e( National Ban* of Et4iopia re9uires an. /an* operating in
Et4iopia to maintain in its reser3e a--ount of 5K fi3e per-ent" of all /irr and foreign -urren-. deposit
0ia/ilities 4eld in t4e form of demand or -urrent( sa3ing and time deposit. <lt4oug4 /an*;s loan portfolio is t4e
main means of in-ome for t4e /an*( -ommer-ial /an*s in our -ountr. do not in3est t4eir entire resour-es in t4is
profita/le asset rat4er t4e. *eep a portion of its resour-es idle to meet -as4 re9uired reser3e. < -onsolidated
/alan-e s4eet of -ommer-ial /an*s s4ows t4at( all -ommer-ial /an*s maintainB ?50( 10$0( )2?( #55( 1)11( 1995(
2?99 /illion /irr from 2005 to 2011 as a legal reser3e w4i-4 is too large relati3el. to its asset. Ne3ert4eless( t4is
re9uirement is aimed at maintaining /an* li9uidit. it open 9uestion w4et4er a reser3e re9uirement ma. a-4ie3e a
-ontra-tion in domesti- -redit or not.









Sour-e -self

Ban* si8e
:redit ris*
+eposit
0i9uidit.
In3estment in
:as4
re9uired
reser3e
gross
domesti-
produ-t

Internal fa-tors
Ban* lending
0oans and
ad3an-es"
EAternal
fa-tors
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&ol.'( No.20( 201)

112
<s far as t4e resear-4er is -on-erned( t4ere is no a resear-4er w4o tried to deal wit4 fa-tors t4at determine
-ommer-ial /an*s lending /e4a3ior in Et4iopia.
PURPOSE STATEMENT
74e main o/1e-ti3e of t4is stud. was to in3estigate t4e main determinants of Et4iopian -ommer-ial /an*s
lending.
More spe-ifi-all.( t4e stud. was aimed at addressing t4e following spe-ifi- o/1e-ti3esB
7o determine t4e effe-t of internal fa-tors /an* si8e( -redit ris*( deposit( li9uidit. ratio and in3estment in
se-urit." on -ommer-ial /an* lending.
7o determine t4e effe-t of eAternal fa-tors Cdp( -as4 re9uired reser3e and interest rate" on -ommer-ial
/an*s lending.
12,&$1E0"0 &- $1E 0$'D2
7o a-4ie3e stud.;s o/1e-ti3e t4e resear-4er de3eloped t4e following resear-4 4.pot4eses i.e. t4e main arguments
of t4e stud. were fas4ioned in to two alternati3e 4.pot4eses.
1: 74ere is signifi-ant relations4ip /etween -ommer-ial /an*s; lending and internal fa-tors- /an* si8e(
-redit ris*( deposit( li9uidit. ratio and in3estment in se-urit..
1(5 74ere is signifi-ant relations4ip /etween -ommer-ial /an*s; lending and eAternal fa-tors- Cdp(
-as4 re9uired reser3e and interest rate.

3! %E0EA%C1 .E$1&D&L&42
74is se-tion presents t4e met4odologies t4at were emplo.ed to a-4ie3e studies o/1e-ti3e. 7o a-4ie3e stud.
o/1e-ti3e as well as to test t4e 4.pot4esis /. large( t4e stud. emplo.ed 9uantitati3e resear-4 design. ,or t4e
purpose of t4is stud. 9uantitati3e approa-4 was emplo.ed to esta/lis4 4ow independent 3aria/le affe-ts
dependent 3aria/le. 7arget population was all /an*s t4at engage in -ommer-ial a-ti3ities and registered /.
National Ban* of Et4iopia to a-t. In our -ountr. 19 :ommer-ial Ban*s are operating. %ut of t4ese -ommer-ial
/an*s( eig4t of t4em were ta*en for t4e purpose of t4is in3estigation purposi3el. /. ta*ing in to a--ount t4e
a3aila/ilit. of data( -ost( time and due to t4e importan-e of eAperien-e in t4e industr. to understand fa-tors t4at
would affe-t /an*s; -redit. Se-ondar. data was sour-ed from finan-ial statements of sampled /an*s w4i-4 were
su/mitted to national /an*. <--ordingl.( panels of se3en .ears finan-ial data of sampled /an*s were o/tained
from National Ban* of Et4iopia w4i-4 -o3ers from 2005-2011. 74e -ut off .ear was /. -onsidering t4at it offers
re-ent time series o/ser3ations. <--ordingl.( t4e stud. would 4a3e 5' o/ser3ations i.e. se3en o/ser3ations for
ea-4 indi3idual /an*. 0astl. -olle-ted data was anal.8ed and interpreted /. using multiple regression anal.sis
wit4 a pa-*age of 3ersion 11 stata software.
&,E%A$"&#AL"5A$"&# &- 0$'D2 )A%"ABLE0
74is se-tion presents t4e measurements t4at were emplo.ed to operationali8e t4e stud. 3aria/les. ,or t4is stud.(
lending was used as a dependent 3aria/le w4i-4 is determined /. man. fa-tors. <nd t4ose fa-tors were -4osen
/. ta*ing in to a--ount t4e a3aila/ilit. of data and its influen-e on /an* lending as mentioned in literature.
7a/le $.1 +efinition of &aria/les proAies"( s.m/ols and EApe-ted Signs.
S.m/ol 3aria/les %perational +efinition LMeasurementsL EApe-ted sign
0d 0ending Natural logarit4m of Net loans and ad3an-es
Bsi8 Ban* si8e Natural logarit4m of total asset !ositi3e
Cdp Cross domesti-
!rodu-t
:urrent .ear Eeal C+! minus !re3ious Gear Eeal C+! L
!re3ious .ear Eeal C+!.
positi3e

:E :redit ris* < ratio of nonperforming loan L 7otal <sset !ositi3e
0r 0i9uidit. ratio 0i9uid asset L 7otal +eposit !ositi3eLNegati3e
&d &olume of deposit +epositL :apital. positi3e
Er :as4 reser3e :as4 re9uired reser3es L 7otal <sset !ositi3eLNegati3e
Ip In3estment
portfolio
< /an*;s total in3estment in se-urit. L 7otal <sset. Negati3e
Ir Interest rate <nnual a3erage /an* lending rate. !ositi3eLNegati3e

.&DEL 0,EC"-"CA$"&#
7o test t4e 4.pot4esis t4e stud. model 4as /een de3eloped as follows . %rdinar. least s9uare model was used to
test 4.pot4esis.
0d M f Bsi8( :r( Cdp( Ip( Ir( 0r( Er( &d"NNNNNNNNNNNNNNNNNNNN.1"
@4ere F restrains ot4er 3aria/les not eApli-itl. in-luded in t4e model.
74us( t4e regression e9uation for t4is stud. /e-omesB
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11$
0dit M O0 P Q1Bsi8it P Q2-rit P Q$Cdpit P Q)Ipit P Q5Irit P Q'0rit P Q?Erit P Q#&dit RNNNNNNNNN.. 2"
@4ere5
0d it5 0oans and <d3an-es of /an* i at time t. Bsi8 it5 si8e of /an* i at time t
-r it 5 -redit ris* of /an* i at time t.
Cdp5 gross domesti- produ-t. Ip i t5 In3estment !ortfolio of /an*
i at time t.
Ir it5 Interest Eate 0ending Eate" of /an* i at time t. rr it5 :as4 re9uired reser3e of /an* i
at time t.
0r it5 0i9uidit. ratio of /an* i at time t. &d it5 +eposits of /an* i at time t.
R5 error term or residual in t4e model. O5 inter-ept of t4e regression line.
Q1( Q2( Q$ Q)( Q5( Q'( Q?5 are parameters or -oeffi-ients of t4e independent 3aria/les estimated.

6! %E0'L$0 A#D D"0C'0"&#
<s displa.ed in regression result ta/le /elow( E-s9uare of t4e model was a/out 90.02K. Mean w4ile( a/out
90.02 per-ent 3ariation in -ommer-ial /an*s lending eAplained /. fa-tors predi-tor 3aria/les" in-luded in t4e
model for t4e test period. !-3alue of ,-statisti-s !ro/S,M 0.00000" is signifi-ant at 1 per-ent le3el of
signifi-an-e. =en-e( it re3eals t4at a model used for t4is stud. was good enoug4 fitted.
<s t4e empiri-al finding suggest t4ere are positi3e statisti-all. signifi-ant relations4ip /etween -ommer-ial /an*
lending and its si8e w4i-4 is -onsistent to :ole et al. 200)" and <ndreas > Ca/rielle 2009" finding. 74e stud.
also finds statisti-all. signifi-ant positi3e relations4ip /etween -ommer-ial /an* lending and -redit ris* w4i-4 is
similar wit4 :4imerine 199#". Cross domesti- produ-t 4as positi3e statisti-all. signifi-ant relations4ip wit4
-ommer-ial /an* lending for t4e test period w4i-4 agrees wit4 Mansor 200'" finding. It is e3ident from anal.sis
t4at( li9uid asset to deposit ratio 4ad positi3e and statisti-all. signifi-ant relations4ip wit4 -ommer-ial /an*
lending w4i-4 is signifi-ant at 1K le3el of signifi-an-e. 74is result is -onsistent wit4 </dul Darim( <8man-Saini
> </dul Darim 2011".
74e anal.sis suggests t4at( -as4 re9uired reser3e 4a3e positi3e statisti-all. insignifi-ant relations4ip wit4
-ommer-ial /an* lending. ,or t4at t4e null 4.pot4esis( w4i-4 states t4ere is no relations4ip /etween -as4
re9uired reser3e and -ommer-ial /an* lending was a--epted and t4e alternati3e 4.pot4esis was re1e-ted.
=owe3er( it is insignifi-ant. =en-e( Et4iopian -ommer-ial /an* lending /e4a3ior does not influen-ed /. -as4
re9uired reser3e from 2005 to 2011. 74is finding agrees wit4B @il-oA( James <. 19#)"( Melt8er 200$" and
:4andler 19?1"B and refutes :4ristian > !as-al 2012" findings t4at s4ow a signifi-ant relations4ip /etween
reser3e re9uirements and -ommer-ial /an* -redit.
7a/le ).$ 0inear regression result

<s t4e empiri-al finding s4ow( in3estment portfolio 4as /een found as positi3e statisti-all. insignifi-ant
relations4ip wit4 -ommer-ial /an* lending. 74is implies t4at( w4en a /an* engages in in3esting its resour-es in
different finan-ial instruments t4at /ears interest for t4e /an*( its a/ilit. of lending also in-rease. =owe3er it is
insignifi-ant. In Et4iopia in3estment doesnHt influen-e -ommer-ial /an* lending. 74e reason mig4t /e( due to an
a/sen-e of well de3eloped finan-ial mar*et w4ere -ommer-ial papers( sto-*s( treasur. -ertifi-ates and /an*ers;
a--eptan-es were traded.
0ending interest rate is anot4er 3aria/le t4at 4as /een found as positi3e statisti-all. insignifi-ant relations4ip
wit4 -ommer-ial /an* lending. 74us( t4e resear-4er fails to re1e-t t4e null 4.pot4esis t4at states t4ere is no
relations4ip /etween lending interest rate and -ommer-ial /an* lending. =en-e( Et4iopian -ommer-ial /an*s
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11)
lending do not affe-ted /. lending interest rate. It mig4t /e due to a -4ange in /orrowers demand for loan in
response to interest rate 3ariation( w4i-4 is not -onsidered in t4is stud.. 74e finding is similar wit4 2sman
1999".
74e ot4er 4.pot4esis de3eloped for t4is in3estigation was( relations4ip /etween li9uid assets to deposit ratio wit4
-ommer-ial /an* lending. It is e3ident from anal.sis t4at( li9uid asset to deposit ratio 4ad positi3e and
statisti-all. signifi-ant relations4ip wit4 -ommer-ial /an* lending w4i-4 is signifi-ant at 1K le3el of
signifi-an-e. <s t4e finding s4ows( w4en a ratio of li9uid asset to deposit /e-omes large /an* maintains large
assets easil. -on3ert a/le to -as4 at a low -ost" a /an*;s loans and ad3an-es also /e-ome 4ig4. <s t4e regression
-oeffi-ients s4ows( e3er. 1K in-rease in li9uidit. ratio( on a3erage( leads -ommer-ial /an*s lending to
in-reases /. 0.?2$?2 K. 74is result is -onsistent wit4 </dul Darim( <8man-Saini > </dul Darim 2011".
<s regression -oeffi-ient re3eals( deposit 4a3e positi3e statisti-all. insignifi-ant relations4ip wit4 -ommer-ial
/an* lending. It -on-urs wit4 M- :art4. et al. 2010" finding w4i-4 demonstrates deposit positi3el. affe-ts /an*
-redit. It mig4t /e due to most of t4e deposits w4at a /an* a--ept are in demand form w4i-4 is repa.a/le to
depositors on demand. <s a result /an*s ma. maintain large amount of -ustomer deposits as a reser3e to meet
-ustomers demand instead of lending. %r it ma. t4at /an*s does not issue immediate loan from -urrentl.
deposited amount.
74e anal.sis suggests t4e determinants of -ommer-ial /an* lending areB /an* si8e( -redit ris*( gross domesti-
produ-t and li9uidit. ratio.

-"#D"#40
Ban* si8e 4ad positi3e and statisti-all. signifi-ant influen-es on -ommer-ial /an* lending. :redit ris* is
statisti-all. signifi-ant determinant of -ommer-ial /an* lending.Cross domesti- produ-t affe-ts -ommer-ial
/an* lending positi3el.. In3estment 4ad positi3e statisti-all. insignifi-ant relations4ip wit4 Et4iopian
-ommer-ial /an* lending. 0ending interest rate 4as positi3e statisti-all. insignifi-ant relations4ip wit4
-ommer-ial /an* lending. 0i9uidit. ratio 4ad positi3e and statisti-all. signifi-ant relation wit4 -ommer-ial /an*
lending. :as4 re9uired reser3e affe-ts -ommer-ial /an* lending positi3el. 4owe3er it is insignifi-ant. +eposit
4as positi3e and statisti-all. insignifi-ant relations4ip wit4 -ommer-ial /an* lending.
RECOMMENDATION
:ommer-ial /an* is t4e leading finan-ial institution in granting of loans ad3an-es to indi3iduals( /usiness or
firms. <gain t4is ser3i-e is t4e main means of re3enue for t4e /an*. <--ordingl.( to impro3e -ommer-ial /an*
lending it is /etter to identif. main determinants of its lending. 74us depending on studies ma1or finding( I li*e to
suggest t4e following points.
Et4iopian -ommer-ial /an*s s4ould 4a3e to stri3e to strengt4 its asset si8e( sin-e its asset si8e determines its
a/ilit. in new loan dis/ursement. I.e. large asset si8e allows /an*s to -reate new loan and to di3ersif. loan
in3estment w4i-4 also ma*es possi/le to redu-e -redit ris*.
Et4iopian -ommer-ial /an* lending was mainl. affe-ted /. -redit ris*. 74erefore( :ommer-ial /an* s4ould 4a3e
to esta/lis4 -redit poli-ies and standards t4at -onform to regulator. re9uirements and t4e /an*;s o3erall
o/1e-ti3es.
0oan portfolio is t4e most profita/le asset. So( a -on-ern /od. s4ould 4a3e to re3iew t4e ade9ua-. of -redit
training a-ross t4e /an*.
CONCLUSIONS
74e stud. eAamined t4e relations4ip /etween Et4iopian -ommer-ial /an*s; lending wit4 /an* si8e( -redit ris*(
gross domesti- produ-t( in3estment( li9uidit. ratio( interest rate( -as4 re9uired reser3e and deposit from 2005 up
to 2011 using lending 0+" as dependent 3aria/les. 74ese predi-tor 3aria/les were in-luded in t4e model to
estimate its impa-t on -ommer-ial /an*s; lending. !arameters were estimated using t4e %rdinar. 0east S9uare
%0S" met4od and stud. findings re3eal t4atB /an* si8e( :redit ris*( gross domesti- produ-t and li9uidit. ratio
4ad positi3e statisti-all. signifi-ant influen-es on -ommer-ial /an* lending. @4ereas In3estment( interest rate(
li9uidit. ratio( -as4 re9uired reser3e and deposit does not affe-t -ommer-ial /an* lending for t4e test period. <
positi3e regression -oeffi-ient of /an* si8e( -redit ris*( gross domesti- produ-t and li9uidit. ratio implies t4at(
t4e. are tend to /e mo3e in t4e same dire-tion wit4 /an*s; lending. =en-e( t4e regression -oeffi-ients s4ow t4at(
e3er. 1K in-rease in /an* si8e( -redit ris*( gross domesti- produ-t and li9uidit. ratios -ause to -4ange
-ommer-ial /an* lending /. 0.012))#( 0.2$##( 0.0010?99 and 0.00?2$?2 per-ent respe-ti3el..
5.3 SUGGESTION FOR FURTHER RESEARCH
74is in3estigation fails to -onsider fa-tors t4at ma. affe-t indi3iduals demand for loan and it fo-us onl. t4e
determinants of -ommer-ial /an*s lending on suppl. side. So if someone in3estigates t4is issue /. emp4asi8ing
/ot4 suppl. and demand side determinants of loan /. in-orporating eA-luded /an*s t4e finding ma. /e relati3el.
fruit full.


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115
%E-E%E#CE0
</d Darim( M.( Mo4d =arif( <. > <d8i8 <. 200?"( TMonetar. !oli-. and Se-toral Ban* 0ending in Mala.sia(T
Clo/al E-onomi- Ee3iew( 3ol. $5( No. $( pp. $0$-$2'.
</dul Darim( F. <8man-Saini( @. > </dul Darim( B. 2011"( TBan* 0ending :4annel of Monetar. !oli-.(T
Journal of <sia-!a-ifi- Business( 3ol. 12( No.$( pp. 225-2)$.
<dedo.in > So/odun 199'"( T:ommer-ial Ban*s 0ending <-ti3ities in Nigeria(U Nigerian ,inan-ial Ee3iew(
3ol. 9( No.$( pp. $' J $?.
<isen( <.( and ,ran*en M. 2010"( TBan* :redit during t4e 200# ,inan-ial :risis(T < :ross-:ountr.
:omparison( IM, @or*ing !aper @!L10L)?.
<ndreas( +.( and Ca/rielle @. 2009"( T@4at determines t4e !rofita/ilit. of :ommer-ial Ban*sVT New E3iden-e
from Swit8erland5 Institute of ,inan-ial Ser3i-es( 0u-erne 2ni3ersit. of <pplied S-ien-es( Swit8erland.
<ndrew ,ig4t 200)"(T :redit ris* managementT essential -apital mar*ets( Else3ier Butterwort4 4einemann press.
Bas4ir( </del =amid M. 200$"(T +eterminants of !rofita/ilit. in Islami- Ban*s(U Islami- E-onomi- Studies(
3ol.11( No. 1( pp. $1-5? .
Bessis( J. 2002"(T Risk Management in Banking ( 2
nd
ed.".(T 0ondon( Jo4n @ile. ( Sons 0td.
Borio( :.E.&. 1995"(T 74e stru-ture of -redit to t4e non-go3ernment se-tor and t4e transmission me-4anism of
monetar. poli-.(T < -ross--ountr. -omparison( Ban* for International Settlement( @or*ing !aper.
Baum( :4ristop4er ,.( Mustafa( :. and Nesli4an %. 2005"(T74e Se-ond Moment Matter(T 74e Eesponse of
Ban* 0ending Be4a3ior to Ma-roe-onomi- 2n-ertaint..
:4andler( 0ester &. 19?1"(T<meri-an Monetar. !oli-.(T New Gor*( =arper and Eow.
:4en D.( and !an :.2012"(T <n Empiri-al Stud. of :redit Eis* Effi-ien-. of Ban*ing Industr. in 7aiwan(T
Journal of :4inese Management Ee3iew( 3ol.15( No. 1( pp.1-1'.
:4ern.*4 0. (> 74eodossiou <.( 2011"(T +eterminants of Ban* 0ong-7erm 0ending Be4a3ior(T E3iden-e from
Eussia( Multinational ,inan-e Journal( 3ol.15( No. 1( pp. 19$J21'.
:4ode-4ai( S.200)"(T +eterminants of Ban* 0ending (T <n Empiri-al EAamination for t4e .ears 1992 J 199'(
74ailand.
:ole E. <.( Cold/erg 0. C.( > @4ite 0. J.(200)"( T:oo*ie--utter 3ersus -4ara-ter(T 74e mi-ro stru-ture of small
/usiness lending /. large and small /an*s( Journal of ,inan-ial and Wuantitati3e <nal.sis( 3ol.(
$9 (No.2( pp.22?J251.
:omptroller;s =and/oo* 201$"(T :ommer-ial real estate lending.T
:ooper( M.( Ja-*son @.( <nd !atterson 200$"(T E3iden-e of predi-ta/ilit. in t4e -ross-se-tion of /an* sto-*
returns(T Journal of Ban*ing and ,inan-e ( &o. 2?( No. 1( pp. #1?-#50.
+eGoung( Eo/ert( <nne Cron <ndrew @. 2005"( TEis* %3er4ang and 0oan !ortfolio +e-isions(T ,ederal
Eeser3e Ban* of :4i-ago( @or*ing paper. <ugust pp. 1-$).
Ewert (E.( S8-8esm. <.(> S-4en* C.2000"( T+eterminants of Ban* 0ending !erforman-e in Cerman.(T
Business Ee3iew( 3o.52( pp.$)) J $'.
,riedman( M.( and <nna J.( S-4wart8 19'$"(T< Monetar. 4istor. of t4e 2nited States(T !rin-eton( !rin-eton
2ni3ersit. !ress.
,riedman( M. (and S-4wart8 <. 19'$"( TMone. and /usiness -.-lesT Ee3iew of E-onomi-s and Statisti-s.
Coldfeld > :4andler 19#0"(T Lending behavior of Commercial bank 2
nd
ed."(T Ma-millan !u/li-ation.
I/ra4im( M. 200'"( TSto-* !ri-es and Ban* 0oan +.nami-s in a +e3eloping :ountr.(T 74e :ase of Mala.sia.(
Journal of <pplied E-onomi-s( 3o.9( No.1( pp.?1-#9.
Irina( B. 200$". Ban* li9uidit. and eA-4ange rate regimes5 new European !erspe-ti3es. $rd International
S-ientifi- :onferen-e( Bulgaria.
Ding( E. (Step4en 19#'"( TMonetar. 7ransmission 74roug4 Ban* 0oans or 0ia/ilities(T Journal of Mone.
:redit and Ban*ing( &ol. 1#( No. $( pp. 290-$0$.
M-:art4. ( M.( S-4neider +.( and 7i// S.(2010"(T In3estments and loans 2.S /an*s(T Journal of Ban*
a--ounting and ,inan-e( pp.19-2).
Melt8er( <llan =. 200$"(T < =istor. of t4e ,ederal Eeser3e(T :4i-ago( 2ni3ersit. of :4i-ago !ress( &olume 1 (
pp. 191$-1951.
Miller( S.( and Noulas 199?"(T !ortfolio miA and large-/an* profita/ilit.(T 2S<.
Nwan*wo( C.%. 2000"( T%rgani8ing for ,inan-ial Eis* Management(T 74e :redit <dministrator( 3ol. 2 No.2(
pp. $2-$9.
%lo*o.o( f. 2011"(T +eterminant of -ommer-ial /an*;s lending /e4a3ior in Nigeria(T International Journal of
,inan-ial Eesear-4( 3ol. 2 No.2( pp. '1-?2.
%lusan.a( S. (%.e/o <.( %4ade/ere E.2012"(T+eterminants of 0ending Be4a3ior of :ommer-ial Ban*s(T < :o-
Integration <nal.sis( 3ol. 5No.5( pp. ?1-#0.
!ruteanu-!odpiera <. 200?"(T 74e Eole of Ban*s in t4e :8e-4 Monetar. !oli-. 7ransmission Me-4anism(T
E-onomi-s of 7ransition( 3ol. 15 No.2( pp. $9$J)2#.
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11'
Ea1an( E.( > Sarat :.( +4al. 200$"(T Non-performing 0oans and 7erms of :redit of !u/li- Se-tor Ban*s in
India(T <n Empiri-al <ssessment. %--asional !apers( Eeser3e Ban* of India.
Ee4ana( S.( and Ei8wana S.199#"(T 74e !rofita/ilit. of t4e Ban*ing Se-tor of !a*istan(T Eesear-4 report .
Salas( &in-ente > Jesus Saurina 2002"(T:redit Eis* in two Institutional regimes(U Spanis4.
Se/astian( %.( 2remadu.2009"(TBan*ing S.stem :redits to t4e +omesti- E-onom. and National +e3elopment(T
<nnals of 2ni3ersit. of Bu-4arest( E-onomi- and <dministrati3e Series( No. $ 1)9-1'
7ala3era %le*sandr( 7sapin <ndr.( F4olud %. (200'"(TMa-roe-onomi- un-ertaint. and Ban*(T
2sman( S.( 1999"(T Ban* Eegulation and Super3ision in Nigeria(T 74e Nigerian Ban*.
@il-oA James <. 2012"(T EA-ess Eeser3es in t4e Creat +epression(T wor*ing paper 1 1$?)".
Gannis( !. and <ristotelis( S. 201$"(T determinants of -ommer-ial /an* lending(T Journal of !ost De.nesian
E-onomi-s( &ol. 20( No. ) ( pp. ')9-'?2.

Appendi7 A: $ests for ./ltiple %egression and ,anel Data:
! ./lticollinearity $est 'sing )ariance "nflation -actor:

&I, greater t4an 10 and 1L&I, is less t4an 0.10 indi-ates t4e presen-e of multi-ollinearit.. 74e result s4ows t4at(
no multi-ollinearit. pro/lem sin-e &I, less t4an 10 and 1L&I, is greater t4an 0.1

(! #ormality $est: S4apiro wil* test for normal distri/ution of residuals.
=05 &aria/les are normall. distri/uted

74e null 4.pot4esis states t4at t4e distri/ution of t4e residuals is normalB 4ere we fail to re1e-t null 4.pot4esis( as
long as a S4apiro-wil* test is insignifi-an-e. 74en we -on-lude t4at residuals are normall. distri/uted.

3! Bre/sch8,agan 9 Cook8*eisberg test for 1eteroskedasticity
Sin-e t4e result is insignifi-ant re1e-ting alternati3e 4.pot4esis /e-omes appropriateB t4at indi-ates t4e presen-e
of 4eteros*edasti-it.( and a--ept null 4.pot4esis w4i-4 states t4ere is -onstant 3arian-e 4omos-edasti-it.".

6! %amsey $est for .odel 0pecification
Eamse. EESE7 test using powers of t4e fitted 3alues of lending.
Eegression spe-ifi-ation error test for omitted 3aria/les o3test"

Eamse. reset test is signifi-ant at 1K le3el of signifi-an-eB a--ordingl.( we -on-lude t4at t4ere are fa-tors not
in-luded in t4e model.

Mean VIF 4.12

vd 1.56 0.642137
gdp 2.00 0.500474
ir 2.03 0.492020
rr 2.19 0.457064
lr 2.26 0.443441
ip 6.90 0.144883
bsiz 7.30 0.136911
cr 8.69 0.115077

Variable VIF 1/VIF
residal 56 0.98099 0.978 !0.048 0.51927

Variable "bs # V z $r%b&z
'(apir%!#il) # *es* +%r n%r,al da*a
$r%b & c(i2 - 0.3016
c(i2.1/ - 1.07
Variables0 +i**ed vales %+ ld
1%0 2%ns*an* variance
3resc(!$agan / 2%%)!#eisberg *es* +%r (e*er%s)edas*ici*4
$r%b & F - 0.0000
F.35 44/ - 9.79
1%0 ,%del (as n% %,i**ed variables
6a,se4 67'78 *es* sing p%9ers %+ *(e +i**ed vales %+ ld
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+! 1a/sman $est for %andom )s -i7ed Effect


=ausman test was statisti-all. insignifi-ant. So( null 4.pot4esis w4i-4 states random effe-t is appropriateB was
a--epted.
:! Bre/sch and ,agan Lagrangian ./ltiplier $est for %andom Effect
=ere we failed to re1e-t t4e null and -on-lude t4at random effe-ts are not appropriate. 74ere is no e3iden-e of
signifi-ant differen-es a-ross /an*s no panel effe-ts". 74erefore( simple %0S regression was -4osen.

;!A/tocorrelation test

Sin-e Breus-4 Codfre. result is insignifi-ant we fail to re1e-t a null 4.pot4esis( w4i-4 states no serial -orrelation.
74erefore( we -on-lude t4at t4ere is no serial -orrelation in t4e model.

Appendi7 B: List of Banks 0ampled<
<was4 International Ban*
Ban* of </.ssinia
:ommer-ial Ban* of Et4iopia
:onstru-tion and Business Ban*
+as4en Ban*
Ni/ International Ban*
2nited Ban*
@egagen Ban*
X ordered alp4a/eti-all.

$r%b&c(i2 - 0.6698
- 5.80
c(i2.8/ - .b!3/:;.V<b!V<3/=.!1/>.b!3/
8es*0 1%0 di++erence in c%e++icien*s n%* s4s*e,a*ic
.
$r%b & c(i2 - 0.3844
c(i2.1/ - 0.76
8es*0 Var./ - 0
0 0
e 1.22e!06 .001106
ld .0000103 .0032111

Var sd - s?r*.Var/
7s*i,a*ed resl*s0
ld;ban)5*> - @b A ;ban)> A e;ban)5*>
3resc( and $agan Bagrangian ,l*iplier *es* +%r rand%, e++ec*s
100 n% serial c%rrela*i%n

1 0.205 1 0.6511

lags.p/ c(i2 d+ $r%b & c(i2

3resc(!C%d+re4 BM *es* +%r a*%c%rrela*i%n
The IISTE is a pioneer in the Open-Access hosting service and academic event
management. The aim of the firm is Accelerating Global Knowledge Sharing.

More information about the firm can be found on the homepage:
http://www.iiste.org

CALL FOR JOURNAL PAPERS
There are more than 30 peer-reviewed academic journals hosted under the hosting
platform.
Prospective authors of journals can find the submission instruction on the
following page: http://www.iiste.org/journals/ All the journals articles are available
online to the readers all over the world without financial, legal, or technical barriers
other than those inseparable from gaining access to the internet itself. Paper version
of the journals is also available upon request of readers and authors.

MORE RESOURCES
Book publication information: http://www.iiste.org/book/

IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar


Business, Economics, Finance and Management Journals PAPER SUBMISSION EMAIL
European Journal of Business and Management EJBM@iiste.org
Research Journal of Finance and Accounting RJFA@iiste.org
Journal of Economics and Sustainable Development JESD@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Industrial Engineering Letters IEL@iiste.org
Physical Sciences, Mathematics and Chemistry Journals PAPER SUBMISSION EMAIL
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Journal of Mathematical Theory and Modeling MTM@iiste.org
Advances in Physics Theories and Applications APTA@iiste.org
Chemical and Process Engineering Research CPER@iiste.org
Engineering, Technology and Systems Journals PAPER SUBMISSION EMAIL
Computer Engineering and Intelligent Systems CEIS@iiste.org
Innovative Systems Design and Engineering ISDE@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Control Theory and Informatics CTI@iiste.org
Journal of Information Engineering and Applications JIEA@iiste.org
Industrial Engineering Letters IEL@iiste.org
Journal of Network and Complex Systems NCS@iiste.org
Environment, Civil, Materials Sciences Journals PAPER SUBMISSION EMAIL
Journal of Environment and Earth Science JEES@iiste.org
Journal of Civil and Environmental Research CER@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Life Science, Food and Medical Sciences PAPER SUBMISSION EMAIL
Advances in Life Science and Technology ALST@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Biology, Agriculture and Healthcare JBAH@iiste.org
Journal of Food Science and Quality Management FSQM@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Education, and other Social Sciences PAPER SUBMISSION EMAIL
Journal of Education and Practice JEP@iiste.org
Journal of Law, Policy and Globalization JLPG@iiste.org
Journal of New Media and Mass Communication NMMC@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Historical Research Letter HRL@iiste.org
Public Policy and Administration Research PPAR@iiste.org
International Affairs and Global Strategy IAGS@iiste.org
Research on Humanities and Social Sciences RHSS@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Journal of Arts and Design Studies ADS@iiste.org