bluuebunny/crossref_metadata_2025 huggingface dataset:
UMA INVESTIGAÇÃO ACERCA DA MORTALIDADE DAS MICROEMPRESAS E EMPRESAS DE PEQUENO PORTE DA CIDADE DE SOUSA, PB
Authors: Batista Fabiano Ferreira , Freitas Edilson Chaves de , Santiago Josicarla Soares , Rêgo Thaiseany de Freitas
Published: March 2016

A presente pesquisa tem como objetivo analisar os fatores que contribuem para falência das micro e pequenas empresas da cidade de Sousa – PB. A partir de consulta realizada junto à coletoria do estado foi possível constatar a existência de quarenta e uma empresas que encerraram suas atividades. Com o fim de obter informações junto aos responsáveis por estas empresas, procedeu à aplicação de um questionário no qual foi possível colher dados a respeito das causas que mais contribuíram para o encerramento de suas atividades. Com base nos estudos realizados foi possível constatar que os motivos que levam os empresários ao fracasso, estão associados a um conjunto de fatores, muitos deles, anteriores a abertura da empresa. No plano tributário, constatou-se que a quase totalidade dos microempreendedores não fizeram nenhum tipo de planejamento prévio e nem procuraram ajuda de profissionais especializados. No plano estratégico, o número de empresários que fizeram um estudo prévio a respeito da atividade a ser desenvolvida também foi muito baixo. Ficou evidenciado que o maior desprezo dos empresários que tiveram suas atividades enceradas é pelo planejamento tributário, atingindo 93%. Conclui-se que as causas da mortalidade ocorrem devido a vários fatores associados que, acumulados, aceleram esse fenômeno, sendo os principais: a falta de planejamento tributário prévio, de planejamento estratégico, de capital de giro, de financiamento bancário e de clientes.
EVIDENCIAÇÃO DE INFORMAÇÕES AMBIENTAIS EM EMPRESAS DO SEGMENTO DE UTILIDADE PÚBLICA LISTADAS NA BM&FBOVESPA: UM ESTUDO SOBRE A EVOLUÇÃO NA DIVULGAÇÃO DESSAS INFORMAÇÕES
Authors: Fonseca Felipe Augusto Pessoa de Belmont , Nobrega de Almeida Karla Katiuscia , França Robério Dantas de
Published: March 2016

O aumento da consciência ambiental pelos consumidores tem exigido das entidades mudanças na divulgação de informações a cerca do relacionamento entre a entidade e o meio ambiente. Nesta perspectiva, o Conselho Federal de Contabilidade contribui ao editar a Norma Brasileira de Contabilidade técnica NBC T – 15, que versa sobre informações de natureza social e ambiental. Este artigo objetivou analisar a aderência das informações ambientais divulgadas nos Balanços Sociais das empresas do setor de utilidade pública listadas na BM&FBOVESPA às exigências da NBC T 15, nos exercícios de 2008 a 2010. Tal intento adveio da leitura de estudos anteriores sobre o tema, destacando-se o de Cavalcanti et al (2009), o qual concluiu que houve uma adesão parcial das empresas do segmento de utilidade pública listada na BM&FBOVESPA em 2007, quanto a divulgação de informações ambientais nos moldes da NBC T 15. Utilizou-se a pesquisa documental e de levantamento, descritiva, e com predominância do aspecto quantitativo quanto à abordagem do problema. Foram analisados os Balanços Sociais de 37, 39 e 37 empresas respectivamente nos anos 2008, 2009 e 2010, de um universo de 62. Observou-se que a maioria das organizações estudadas preferiu divulgar seus Balanços Sociais através do relatório da administração. Quanto à aderência à NBC T 15, constatou-se que o grau médio foi de 25%. Tal resultado se mostra inferior ao identificado no estudo de Cavalcanti et al (2009) no qual foi observado um percentual de 32%. Constata-se, portanto, decréscimo no nível de divulgação de informações ambientais em conformidade com a NBC T 15, entre 2007 e 2010, no contexto das empresas de utilidade pública, o que pode contribuir para a não promoção de divulgação de informação financeira justa, adequada e completa.
 
ANÁLISE SOBRE A DIMENSÃO OFERTA NO CONTEXTO INOVAÇÃO DENTRO DO SETOR DE ESTRUTURAS PRÉ-MOLDADAS NA GRANDE NATAL
Authors: Capeleiro Marcela C Campos , Araújo Richard Medeiros de
Published: March 2016

Este trabalho busca analisar, através de uma abordagem qualitativa, as práticas de inovação das micro e pequenas empresas do setor de estruturas pré-moldadas na região da Grande Natal, RN, utilizando as dimensões conceituais do Radar da Inovação aplicadas a estas empresas. Por meio dessas dimensões avaliou-se o grau de inovação das empresas. Dentre as dez dimensões abordadas pelo Radar, se encontra a dimensão Oferta, que faz referência à inovação dos produtos oferecidos pela empresa ao mercado. Para elaboração da análise, foi previamente elaborada uma discussão teórica sobre os conceitos de inovação, sustentabilidade e o atual cenário nacional do setor de estruturas pré-moldadas. Em seguida foi elaborada uma pesquisa qualitativa exploratória com quatro empresas do segmento estudado que são atendidas pelo programa Agentes Locais de Inovação do Rio Grande do Norte. Com a aplicação da pesquisa foi possível perceber que há um campo amplo de inovação a ser trabalhado nestas empresas, tendo em vista que foi observado que as mesmas não possuem a cultura da inovação, inovam apenas por necessidade. Também foi percebido o abismo existente entre Instituições de Ensino Superior e empresas privadas. Conclui-se que os empresários possuem conceitos amplos sobre inovação, o que facilita o incentivo à cultura da inovação, seja por parte do governo, instituições de ensino ou empresas privadas.
APURAÇÃO DE FATORES NÃO-CONTROLÁVEIS: UM ESTUDO SOBRE AS AÇÕES DA EMPRESA RUBI ENGENHARIA EM PROL DA REDUÇÃO DOS EFEITOS NEGATIVOS
Authors: Pinto Leonardo José Seixas , Falcão Daniel Ferreira , Lustosa Paulo Roberto Barbosa
Published: March 2016

Esta pesquisa eminentemente qualitativa, discute os aspectos relacionados aos fatores não-controláveis pela organização. Elaborada na forma de estudo de caso junto a Rubi Engenharia, empresa de porte médio com atuação no Rio de Janeiro, esta pesquisa tem como objetivo compreender os critérios de análise e avalição dos fatores não-controláveis. Os achados mais relevantes é que a maioria dos itens não-controláveis classificados nas categorias de econômico e competitivo, ações de força maior e interdependência são trados através de instrumentos ante-post onde as medidas encontradas para minimizar os custos desses efeitos não-controláveis são através do planejamento, treinamento, estudo de viabilidade e de mercado o que mesmo assim não garante uma precisão no controle dos resultados visto a gama de variáveis externas. O caso estudado mostra que as diversas medidas tomadas pela empresa estão em consonância com as práticas de gestão para itens não-controláveis, defendida na literatura apresentada pelos autores Merchant e Van Der Stede (2012). A teoria ilustra que as ações ex-ante se tornam a maneira mais eficiente de evitar e/ou atenuar os efeitos financeiros no resultado do negócio. Já as ações ex-post são utilizadas em menor escala e visam a minimização dos custos após o evento já ocorrido, sem chance de alterá-lo.
Justificação racional das decisões jurídicas em Robert Alexy e a crítica de Jürgen Habermas
Authors: Alves Bruno Franco , Guimarães Marina Oliveira
Published: March 2016

O presente estudo tem por objetivo apresentar em linhas gerais a proposta metodológica de Robert Alexy para a justificação racional das decisões jurídicas e a crítica correspondente que lhe é dirigida por Jürgen Habermas. Alexy desenvolve uma teoria da argumentação jurídica em que busca estabelecer critérios, condições e regras capazes de balizar a correta aplicação do direito. Ao diferenciar as normas jurídicas em regras e princípios, propõe um procedimento próprio a ser seguido pelo intérprete em caso de colisão de princípios e afirma que eles constituem mandados de otimização passíveis de serem aplicados em distintas gradações. Em sua crítica, Habermas apresenta os pontos fracos da teoria da argumentação jurídica de Alexy e alerta para os riscos que sua concepção axiologizante dos princípios representaria aos direitos individuais.
O princípio da separação dos poderes, a judicialização da política e direitos fundamentais
Authors: Peixinho Manoel Messias
Published: March 2016

A judicialização da política significa a intervenção decisória do Poder Judiciário capaz de afetar a conjuntura política nas democracias contemporâneas. A consequência imediata dessa intervenção é a ampliação do poder judicial em matérias que seriam reservadas às competências dos Poderes Executivo e Legislativo com inspiração na teoria do checks and balances. A judicialização da política não significa a delegação do Poder Legislativo de sua competência aoPoder Judiciário nos Estados de Direito e nem a usurpação judicial do princípio da separação dos poderes. A judicialização da política é um instrumento democrático de concretização dos direitos fundamentais mediante a atuação ativista do Poder Judiciário sempre de acordo com a Constituição e com os princípios democráticos. O objetivo deste trabalho é traçar, em linhas gerais, a relação entre a judicialização da política e o princípio da separação dos poderes a partir de dois núcleos básicos. O primeiro visa a delinear a doutrina clássica e moderna da separação dos poderes e o segundo pretende discorrer sobre as novas tendências contemporâneas da jurisdição constitucional pautada pela judicialização da política no Brasil e em alguns países em que a judicialização da política recebe atenção especial por parte da doutrina e se torna parte significativa e integrante do neoconstitucionalismo.
Exclusão social, violência estrutural e delinqüência juvenil: uma análise a partir de Michel Foucault
Authors: Da Costa Marli M. M. , Porto Rosane T. C.
Published: March 2016

Objetiva levar o leitor a uma profunda reflexão e conscientização sobre a importância e urgência de se trabalhar, preventivamente, os aspectos relativos à delinqüência juvenil, que envolvem família, escola e sociedade. Considerando que o ser humano não pode ser visto como algo isolado, pois vive, cresce e se desenvolve dentro de um contexto interativo e dinâmico, onde a escola assume papel importante, devendo ser mais uma das unidades que formam o processo de socialização do homem, juntamente com a família e a comunidade, essas instituições acabam fazendo um trabalho interligado e de extrema importância no desenvolvimento do ser humano. Daí a necessidade de se desenvolver técnicas de intervenções específicas por meio de políticas públicas eficazes, juntamente com cada uma das unidades socializadoras afetadas de forma a prevenir a delinqüência juvenil.
Direitos fundamentais e suporte fático: notas a Virgílio Afonso da Silva
Authors: Siqueira Julio Pinheiro Faro Homem de
Published: March 2016

Este paper trabalha com uma exposição crítica da apresentação feita por Virgílio Afonso da Silva sobre as teorias restritiva e amplitativa do suporte fático abstrato dos direitos fundamentais.
O (Pós-)positivismo e os propalados modelos de juiz (Hércules, Júpiter e Hermes) - dois decálogos necessários
Authors: Streck Lenio Luiz
Published: March 2016

Já virou lugar comum dizer que se é pós-positivista. Entretanto, pouco se sabe o que realmente seja o positivismo jurídico ( em suas várias facetas), confundindo esse movimento com a mera aplicação da litaralidade da lei. Nesse sentido, não se pode admitir argumentos que afastam o conteúdo de uma lei, democraticamente legitimada, com base numa suposta "superação" da literalidade do texto legal. Desse modo, para veificar o papel do intérprete do direito, faz-se necessária a desconstrução de uma tese que vem servindo de base para a caracterização dos modelos de direito e de juiz nos diversos sistemas jurídicos contemporâneos, os conhecidos juízes Hércules, Júpiter e Hermes (Ost), que tem levado a diversos e diferentes equívocos na teoria do direito. Uma reflexão crítica sobre a aplicação do direito não pode abrir mão dos pressupostos hermenêuticos que apontam para a superação dos "modelos" (solipsistas) de juiz "criados" para "enfrentar" as agruras da indeterminabilidade dos textos jurídicos. Kelsen, Hart e Ross foram todos positivistas. Como positivistas são hoje os juristas que apostam em ativismos e na discricionariedade judicial...!
Plurinacionalidade e cosmopolitismo: a diversidade cultural das cidades e diversidade comportamental nas metrópoles
Authors: Magalhães José Luiz Quadros de
Published: March 2016

O artigo analisa dois fenômenos contemporâneos importantes: a formação do estado plurinacional como ruptura com o estado moderno, nacional e uniformizador e as múltiplas identidades nas metrópoles cosmopolitas contemporâneas. Analisando a formação do estado nacional como uniformizador e não democrático, o texto procura estabelecer uma conexão entre os dois fenômenos e busca uma solução democrática plural que, ao mesmo tempo que reconhece as múltiplas identificações, busca um traço comum de humanidade em cada pessoa, que permita a construção de espaços plurais de dialogo em condição de igualdade na diversidade, contra o risco da fragmentação excessiva de caráter intolerante ou fascista.
A bravura indômita da justiça penal: o imaginário punitivo à luz da ética da vingança
Authors: Carvalho Thiago Fabres de
Published: March 2016

O presente texto pretende debater as fontes imaginárias da justiça penal articulada pela filosofia da ética da vingança. Com base no enredo da obra cinematográfica "Bravura Indômita", sobretudo das significações projetadas pela personagem Mattie Ross, no espectro de seu horizonte existencial e histórico, o texto busca perceber as relações existentes entre pena e vingança, a fim de traçar algumas linhas divisórias que permitem antever os marcos principais que diferenciam a vingança destruidora e mortífera e as dimensões de um imaginário punitivo situado nas representações simbólicas de uma ética da vingança.
O positivismo jurídico e sua evolução como pensamento: um histórico de sucesso ou de fracasso?
Authors: Carneiro Daniel Dix
Published: March 2016

Este artigo versa sobre o processo evolutivo do positivismo jurídico enquanto pensamento filosófico. Dentro desse contexto, é motivo de nossa abordagem: as razões que ensejaram o surgimento dessa doutrina, suas características e a tentativa de desvinculação do direito com os preceitos morais. Veremos ainda, que a partir de meados do século passado, a concepção de direito preconizada por esta corrente filosófica foi objeto de duras críticas, o que culminou com o surgimento do pós-positivismo, pensamento este que preconiza uma maior inteiração do direito com a moral, na busca incessante pelo senso de justiça. Porém, tendo em vista nossa tradição romano-germânica de sistematizar e aplicar o direito, parece dificultosa a admissão dos preceitos morais como direito, fato que dá origem ao pensamento neoconstitucionalista, o qual preconiza a inserção da moral nos textos constitucionais ocidentais através dos princípios de direito, atualmente alçados à condição de norma jurídicas e não mais meros instrumentos de integração do direito. Palavras chave: Positivismo jurídico. Evolução. Neoconstitucionalismo.
O direito fundamental à tecnocidadania: algumas reflexões acerca do capital social, do desenvolvimento e da participação socio-política
Authors: Faria Josiane Petry , Boff Salete Oro
Published: March 2016

O direito, inserto na pluralidade e na parcialidade das ciências, tem a interdisciplinaridade como estratégia epistemológica, colocada a serviço de uma concepção critica do conhecimento. Com essa premissa percebe-se que o direito, impresso na visão de norma jurídica, vai além, para uma visão integrada, incluindo os fatos, os sujeitos e os valores construídos pela esfera social. Essa concepção alia-se ao no capital social com a forma da participação política dos sujeitos, especialmente quando se refere às escolhas sobre os avanços tecnológicos, pois indispensável estabelecer redes colaborativas de comunicação para a inovação ser positiva, uma vez que, isoladamente, o avanço científico não tem valor. A circulação da informação, com a interação, dá impulso ao desafio proposto de harmonizar a inovação e a tecnologia ao desenvolvimento democratizado com inclusão social.
The Global Reporting Initiative: What Value is Added?
Authors: Sherman W. Richard
Published: March 2016

This paper explores the extent to which the Global Reporting Initiative G3 Reporting Framework adds value to the external reporting of a companys financial, environmental and social performance. This inquiry takes the form of analyzing the content of the published sustainability reports of well-known companies to compare and contrast the information communicated in these reports.
Productivity and the Dollar/Euro Real Exchange Rate Over the 1985-2007 Period
Authors: Olson Ordean
Published: March 2016

This paper examines the evidence for a productivity- based model of the dollar/euro real exchange rate for the period 1985-2007. Cointegrating relationships between the real exchange rate and productivity, real price of oil and government spending are estimated using the Johansen and Stock-Watson procedures. The findings show that each percentage point in the U.S.-Euro area productivity differential results in a three and one-half percentage point real change in the dollar/euro valuation. This finding is robust to the estimation methodology, the variables included in the regression, and the sample period. I conjecture that productivity-based models cannot explain the observed patterns with the standard set of assumptions and describe cases in which the models can be reconciled with the observed data.
Impact Of IASB & FASB On Financial Statements
Authors: Paz Veronica , Griffin Thomas
Published: March 2016

The purpose of this research is to determine the impact of material differences in the conceptual framework of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) on the financial statements.
Batch-Level Costs In Activity-Based Costing Refinement, Optimization & Allocation
Authors: Sangeladji M.A. , Damooei J.
Published: March 2016

In the past decade, the Activity-Based Costing and the allocation of the batch-level costs have been presented and discussed in almost all cost/managerial accounting textbooks. A widely used example of batch-level cost, in most of the textbooks, is the set-up cost. In almost all of these textbooks, the annual set-up cost is assumed to be known in advance and is allocated based on the number of set-ups. In reality, the set-up cost should be determined first before it can be allocated properly. For the computation of the optimal total set-up cost, first the various factors influencing this category of cost should be discussed and then the methods of the allocation be applied. This paper discusses the various factors affecting the calculation of annual set-up cost. It also demonstrates a model that computes the optimum size of each set-up and the economical number of annual set-ups. Based on the outcomes of the model, the paper demonstrates the calculation of total allocable set-up cost and its allocation to various products.
Statistical Model For Short-Term Forecasting Sparkling Beverage Sales In Southern Thailand
Authors: Suwanvijit Wassana , Choonpradub Chamnein , McNeil Nittaya
Published: March 2016

This study developed a simple statistical model for forecasting a companys sparkling beverage sales in the 14 provinces of Southern Thailand. Data comprised sales revenue from January 2000 to December 2006 obtained from the company. We fitted an observation-driven multiple regression model to log-transformed monthly revenue containing season of year (month), location and beverage flavour as factors, as well as lagged observations for the preceding four months. The model gave a r-squared of 0.95 and was effective for forecasting revenues for up to 12 future months. Using such models for forecasting sales revenue can assist company managers with planning more effectively.
Customer Lifetime Value: A Vital Marketing/Financial Concept For Businesses
Authors: Pepe Michael
Published: March 2016

One of the most important decisions in finance is the investment decision. The investment decision involves the allocation of capital for investment proposals whose benefits are projected to be realized in the future. Investment decisions should be evaluated in terms of their expected risk and return. The investment decision, then, determines the total amount of assets held by the firm, the composition of these assets, and the business-risk complexion of the firm as perceived by suppliers of capital (Van Horne, 2002). Customers have been identified by retailers as one of five critical assets that need to be managed effectively in order to achieve their financial objectives. Every customer varies in their lifetime value to a particular organization. The focus of companies has shifted from treating customers as just an entity involved in the business process to treating them as a critical part of their business success. In particular, the importance of a customer is judged by the longevity of a series of potential or actual transactions as opposed to his or her single transaction with the firm. Because of this, activities of a company are now targeted toward developing a long-term relationship with a customer. This paper will focus on the need for retail businesses to establish a collaborative marketing/financial function in the recognition and management of their customer base as a separate, identifiable asset. Financial concepts such as the time value of money and return on investment have been applied mainly to fixed assets such as buildings, fixtures, equipment, land, etc. and have not been utilized toward the valuation of customers. Marketing concepts such as customer profitability and retention have focused on revenues generated from customers and have ignored financial functions such as the time value of money. Companies that create maximum value for their customers will survive and thrive in todays marketplace and achieve a sustainable competitive advantage. All customers are not equally important to businesses. Companies can increase their profitability by identifying and building relationships with their better customers. Marketers know that a relatively small number of customers account for the majority of their profits. This principle, called the 80-20 rule, states that 80 percent of the sales or profits for a business are generated from 20 percent of the customer base. Marketers need to segment and rank their customer base in terms of importance and develop marketing programs aimed at their highly valued customers. Only through the use of financial concepts such as the time value of money and investment principles can a marketer accurately access the importance of individual customers.
The Effect Of Internal Control On The Operating Activities Of Small Restaurants
Authors: Frazer Linval
Published: March 2016

Researchers have found that more than 67% of restaurants fail within the first 3 years of their operation. These findings underscore the restaurant industrys current crisis of profitability and survivability. The industrys average profit is generally small, ranging from 3% to 7%. Despite these problems, researchers have not examined the effect of internal control on the operating activities of small restaurants. Internal control is defined in this study as all the policies and procedures management uses to ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations. The purpose of this study was to determine restaurant managers perceptions of the internal control systems and (a) the protection of assets, (b) the segregation of duties, and (c) the verification of transactions. Two hundred and seventy restaurants were selected through random sampling, and multiple regression and exploratory data analysis, including descriptive statistics, were used to analyze the data. The multiple regression analyses indicated statistically significant relationships linking perceptions of internal control systems in restaurants with each of the 3 predictors; protection of assets, segregation of duties and verification of transactions. The results indicated that majority of the study group perceived restaurants internal control system to be inadequate compared to the Committee of Sponsoring Organization Treadway Commission (COSO) internal control integrated framework. The results of this research have potential for social change as they may increase government compliance, and improve financial reporting and best business practices of restaurants.
Using The DuPont Decomposing Process To Create A Marketing Model
Authors: Mitchell Ted , Mitchell Shawn , Cai Cyndi
Published: March 2016

The DuPont Model of Business is almost 100 years old. It provides a classic template for the decomposition process that can be used to build integrated systems of performance metrics. The marketing field has never embraced the DuPont Model as completely as accounting and finance because the focus is on the earning being return to the owners equity. Earnings flow is not the same as cash flow and marketing managers are more focused on operating profits than net profits. However, the decomposition process that is used to create the DuPont Model can be applied to the process of creating a Marketing Model. The paper reviews the classic decomposition process and uses it to create a new Marketing Model of Profitability.
Accounting For Agricultural Products: US Versus IFRS GAAP
Authors: Marsh Treba , Fischer Mary
Published: March 2016

Currently there is a mix of accounting guidance for agriculture producers in the US that is both GAAP including Accounting Statement Codification 905 and non-GAAP financial guidelines. Should the US adopt International Financial Reporting Standards (IFRS), this guidance would be replaced with International Accounting Standard (IAS) 41 Agriculture. This study identifies systematic differences between the US and International accounting and reporting for agricultural assets and products. The study also finds that international and US agricultural accounting recognition and reporting guidance result in dissimilar reporting due to guidance interpretation. Valuation variances and definition differences including the requirement to change the agricultural asset recognition method from historical cost to fair value continue to be the basis of major reporting differences. Current US guidance on recognizing and reporting agricultural assets is more conservative than the international guidance. Overall, the US agricultural recognition and reporting guidance contains less information and is therefore less beneficial to financial statement users.
Turnover And Closed-End Fund Discounts
Authors: Hooks Jon , Erdman Sarah
Published: March 2016

This paper seeks to further investigate the quandary of closed-end fund discounts known as the four-piece puzzle. While other researchers have taken a behavior approach (investor sentiment, etc.), this study will explore empirical data on several variables, including some Fama-French factors. Using a fixed effects model, the effects of turnover, three-year-beta, price/book, median market capitalization, expenses and income were measured in this study.
Coping With The Risk Of Interest Rate Fluctuations: The Case Of Kuwait Banks
Authors: Benkato Omar M. , Haddad Mahmoud M. , Al-Loughani Nabeel , Baur Michael N.
Published: March 2016

This study analyzed immunization behavior of a sample of eight Kuwait banks during the 1994 through 2000 period.  The financial market in Kuwait experienced relative stability of interest rates during the analysis period.  The sample banks seemed to adjust their portfolio of assets and liabilities by equating Macaulay duration of assets and Macaulay duration of liabilities.  We could not reject the null hypothesis that there is no difference between average Macaulay duration of assets and that of liabilities.  Our findings indicate that banks in Kuwait are able to match the durations of their assets and liabilities.
Wealth Creation In The Recent Merger Boom, The Canadian Evidence
Authors: Yuce Ayse , Ng Alex
Published: March 2016

We examine the merger announcements of Canadian companies between 1994 and 2000 during an exceptional merger boom. Our results show that both target companies and the acquirer companies obtain significant positive abnormal returns at this time period. However, in the long run, we observe that abnormal returns diminish to become significant and negative for acquiring companies and diminish to be non-significant and positive for target companies. We find acquiring companies to have significantly higher risk that purchase private targets compared with public targets, despite non-significant differences in returns. Our large sample study updates and fills a void in Canadian merger studies during this important and recent time period in merger and acquisitions.
The Effect Of Tax Rate Change On Dividend Payout
Authors: Jabbour George M. , Liu Yikang
Published: March 2016

President Bush’s 2003 tax cut has revived the topic of dividend policy. Dividend payout depends on many factors, such as earnings, size, and growth in addition to the tax rate. To study the effect of a change in tax rates on dividends, we need to control for other factors that may affect them. Following Fama and French (2001) approach, we divide our sample firms into three different categories characterized by profitability, investment opportunity, and size; and we estimate the averaged dividend forecast errors for four groups in each category. We find size to be the most important factor related to dividends when taxes are not taken into account. In addition, empirical evidence suggests that profitability is the only factor related to dividends when tax rates are included. In other words, the more profitable the firms are, the more likely they pay higher dividends as applicable tax rates decline.
Consumer Choice Behavior On The Web: The Effects Of Product Attributes On Willingness To Purchase
Authors: Cho Yooncheong , Ha Joseph
Published: March 2016

This study investigates how consumers’ choice behavior in the electronic marketplace depends on their ability to judge product attributes and how willingness to purchase products is affected by the different attributes of the products. This study applied von Neumann-Morgenstern utility theory to explain how consumers combine perceptions of product attributes into preferences under uncertain situations in the electronic marketplace and employed The Dot-Com Retail Continuum, proposed by Figueiredo (2000), to classify the products online. Major findings suggest that a consumer’s purchase decision in the electronic marketplace is affected by that consumers’ ability to assess the product attributes and also propose competitive strategies on various product categories to the dot-com retailers.
The Impact Of Just In Time On Firm Performance
Authors: Wang Hwei Cheng , Chen Ninghsin , Chang Hsain-Jane
Published: March 2016

This paper explores whether different supply chain management choices such as just-in-time and non-just-in-time, which has different inventory cost has an effect on firm performance and whether or not the firm adopts the innovation approach such as JIT could increase productivity, reduce inventory and improve quality. The results indicated statistically significant differences in inventory, days to sell inventory, inventory turnover, ROA, sales, cost of goods sold, gross profit margin between JIT and non-JIT. It concluded that the adoption and implementation of innovation approach of supply chain management such as JIT did have a significant difference and improvement on firm performance.
Optimal Capital Structure Vs. Pecking Order Theory: A Further Test
Authors: Ghosh Arvin , Cai Francis
Published: March 2016

In this paper we have used the Compustat data-set covering 1983-2003 to test empirically whether a firms' capital structure follows "optimal capital structure" or” pecking order theory"(POT) as advanced by Professor Stewart Myers. Using the industry mean as a predictor of a firm's capital structure, we have found that in general, a firm's debt level is moving toward the industry's mean is not significantly different from that it is moving further away from the industry mean, while a firm's debt level is moving toward the industry mean is very high when it is above the industry mean.   The empirical result suggests that the optimal capital structure is not a single point, rather a range of values from zero to the industry mean within which a typical U.S. firm will be indifferent to the firm's debt level.  In other words, a firm will only adjust to the optimal capital structure when the firm's debt level is out of this range.  Out result also generally agrees with the pecking order theory, that is, firms prefer using internal financing as opposed to using external financing.  Furthermore, when external funds are required, a firm prefers debt financing to equity financing.
Predicting Financial Distress And Bankruptcy For Hospitals
Authors: Morey Jim , Scherzer Gary , Varshney Sanjay
Published: March 2016

Five upstate New York hospitals were examined to identify a common pattern that might portend future financial distress, bankruptcy, or even closure.  A four year period was examined for each of the hospitals selected that had either closed, declared bankruptcy or experienced financial distress during the period.  Various financial variables were studied, including liquidity, leverage, profitability and efficiency. Utilizing previous studies on predicting financial failure and the findings of this study, various models are developed to determine if such prediction was possible for the five hospitals in this study.  This study presents (1) the key indicators that were consistent in rendering the facilities financially distressed, and (2) the four year pattern of financial indicators.
Determinants Of CEO Cash Compensation In Small, Young, Fast Growing Firms
Authors: Barnes William , Harikumar T. , Roth Greg
Published: March 2016

This study examines factors related to CEO cash compensation for a sample of publicly-held firms that are small, young, and growing.  Our key finding is that founder CEOs accept lower cash compensation than non-founder CEOs.  This evidence suggests that, for small, young, and growing firms, founder CEOs do not extract unusually large private benefits that harm outside shareholders.  Weaker evidence suggests: firms with greater growth opportunities pay higher cash compensation to CEOs; firms with greater outsider representation on the board pay lower cash compensation to CEOs; and firms with greater inside director share ownership pay higher cash compensation to CEOs.
Entrepreneurial Time Commitment And Risk
Authors: Petrakis P. E.
Published: March 2016

This article examines the relationship between risk perception, risk propensity and the ideal duration of entrepreneurial commitment. Risk perception is the basic entrepreneurial characteristic, aiming to the control and avoidance of uncertainty. Related to the ideal duration of entrepreneurial commitment, risk perception leads to the development of risk propensity and perception of time. Risk perception depends on factors such as cultural idiosyncrasies, knowledge and flexibility etc, while risk propensity is being affected by external macroeconomic variables and some important personal traits. The average duration of entrepreneurial commitment depends on macro-environmental variables, cultural idiosyncrasies, personal characteristics and the specifics of the project and entrepreneurial motives. The findings of this paper have implications on both company level and macro-level and consequently have significant policy implications.
The Perversity Of 2004-2005 Federal Reserve Policy
Authors: Cosgrove Michael , Marsh Daniel
Published: March 2016

The current policy stance of the Federal Reserve System to signal that it will continue to raise interest rates at a measured pace creates perverse incentives for agents with rational expectations. The knowledge that interest rates will rise in the future at a known rate implies that current demand for real assets purchased on credit will be higher relative to what demand would be in the absence of that knowledge. Policy effects are perverse in the sense that the usual intent of raising interest rates is to slow demand for real assets, not to increase it. The current froth in housing markets observed by Fed Chairman Greenspan may be an unintended outcome of this policy. A rational expectations theory is presented to back up this argument.
An Examination Of The Effectiveness Of CEO Stock Option Granting Decisions Toward R&D Investments?
Authors: Yu Minna
Published: March 2016

Stock options are used to motivate investments in risky projects, such as R&D investments. When compensation committees make granting decisions to stimulate R&D spending, they should consider the following firm characteristics: (1) a firm’s growth opportunities; (2) a firm’s financial leverage; and (3) the CEO’s stock ownership prior to stock option grants. This paper addresses the effectiveness of CEO stock option granting decisions by examining whether compensation committees take these three factors into account. Using a recent sample over the period of 1992-2006, we find that firms with greater growth opportunities and firms in lower financial leverage are more likely to award CEO stock options to motivate R&D investment. These findings are consistent with that options are designed effectively to motivate managerial risk taking, thereby aligning the interests of managers with those of shareholders. However, contrary to our prediction, compensation committees tend to grant more to CEOs with larger stock ownership to induce R&D spending. A potential explanation for this finding is that CEOs with relatively large stock ownership affect the granting process and grant themselves with excessive stock options. Taken together, the evidence of CEO stock option granting process partially supports the notion that firms make effective stock option plans to mitigate incentive problems of risk-averse managers.
Antecedents, Consequences And Control Of Opportunistic Behavior In Strategic Networks
Authors: Yaqub Muhammad Zafar
Published: March 2016

In the Strategic Management literature, the problem of cooperation arising from conflicts of interest has been described as the problem of motivation. Under assumptions of self-interest, or its stronger forms (such as opportunism), collectively beneficial outcomes do not result for because of the actions motivated by the self interests of individual members. In this paper, the author presents a host of antecedents that can spur and/or facilitate such opportunistic pursuits in members of a strategic network. The influence of these antecedents has been reflected in the ex-ante and ex-post phases of network life cycle. It is postulated that the problem can be resolved by securing an alignment in partners’ interest which together with alignment in actions contributes to the bottom line through increased ability to yield an integrated response to the adaptation requirements stemming from disturbances in networks’ environment. A detailed discussion been administered on how opportunism can be controlled through formal measures like contracts, TSIs, vertical integration and game theoretic stipulations,  and the informal controls like relational norms, identification, and culmination of trust and commitment.
n Defense Of The Increased-Risk Doctrine In Workers Compensation
Authors: Hlinak Matt
Published: March 2016

Thirty-five years ago, the late Arthur Larson of Duke University, the pre-eminent workers’ compensation scholar in the United States, argued that states should adopt a new compensability regime. In place of the widely-adopted increased-risk doctrine, Larson lobbied for the positional-risk doctrine, under which virtually all injuries occurring “in the course of” the employment are deemed compensable. Despite Larson’s stature and eloquence, however, states have not heeded his call for change, and with good reason. First, the positional-risk doctrine ignores the “arising out of” component of the statutory language. Additionally, the positional-risk doctrine inefficiently allocates liability for industrial accidents. Finally, the exceptions to the increased risk doctrine are not significant enough to warrant a new rule. Courts should recognize that newer is not always better and continue to apply the increased-risk doctrine.
Asymmetric Price Adjustment: Are IPO Prices too "Sticky"?
Authors: Adams Michael , Thornton Barry , Baker Russ
Published: March 2016

The study of IPO mispricing is salient because it raises important questions concerning market efficiency and the existence of systematic stock patterns that can be employed by investors to generate excess market returns. The purpose of this paper is to investigate the informational efficiency of IPO market prices with respect to the first 3 trading day’s return and to examine the effect of varying investor sentiment on this information efficiency.  Under traditional definitions of market efficiency, asset prices, including IPO prices should fully reflect all available and relevant information (Fama 1970).  An increasing body of empirical evidence, however, suggests that IPO prices are not efficient as evidenced both in the short run and the long run.  The speed of incorporation of new information into stock prices is critical to many central issues in financial research, such as market efficiency, arbitrage, and market structure. This paper analyzes the speed of price adjustment to information events for IPOs. The setting of the immediate aftermarket presents an opportunity to investigate the issue when little or no trading history exists. In such a setting, investors are more exposed to new information because they cannot observe the stock price behavior or the reactions to previous information signals.
Influence Of Unusual Economic Conditions On The Occurrence Of The Size Anomaly
Authors: Mossman Charles E. , Rakhmayil Sergiy
Published: March 2016

Much of the explanation for the size anomaly has been assigned to taxation and behavioural issues near the end of the calendar year. However, factor models based on company characteristics suggest that some type of risk may also have a long term effect on returns.  We use a traditional multifactor model to re-examine the influence of macroeconomic variables on the magnitude and direction of size portfolio returns using traditional and Logit regression models. Our results indicate significant differences in sensitivity of returns to the market risk factor across size portfolios, but limited mean return effects of economic and financial factors. However, we find that macroeconomic factors that take on unusually extreme values influence the probable direction of annual size anomalies.  The unusual economic conditions may influence investor risk-return expectations differentially across size portfolios. These differing expectations are reflected in the occurrence of a size anomaly.
A Study On Automobile Form Design Support Method "AFD-SM"
Authors: Asami Hiroki , Ando Takashi , Yamaji Manabu , Amasaka Kakuro
Published: March 2016

In this research, by assigning attention to the automobile “form,” details that were previously ambiguous, such as “roundness” and “angle”, are represented numerically. With the aim of measuring the degree of influence of customer sensibility, the “Automobile Design Form Support Method (ADF-SM)”is utilized. Using CAD, the authors have constructed a model of a form-altered automobile to quantitatively evaluate the degree of influence of customer sensitivity. By using this support method, an automobile form is created, which expresses the concept sought by the customer, verifying its effectiveness.
An Outcome-Based Perspective Of Leadership: Investigating The Direct Effects Of Corporate Leaders On The Firms Financial Outcome
Authors: Rakotobe-Joel Thierry , Sabrin Murray
Published: March 2016

Current leadership theories appear to have not kept up with modern theories of the firm and modern financial approaches.  Now there appears to be a major disconnect between leadership measures and the firm’s financial performance.  This situation can be seen through the general practice of closely identifying leaders with their firms, and yet, relying on organizational/market/industry variables to investigate the financial results of the firm in empirical business studies which directly points toward the need for an outcome-based perspective of leadership theory.  This can be achieved by the assessment of their resource utilization and value-adding propensity in the course of performing their ‘stewardship’ and ‘agency’ roles.  This paper proposes a framework for a leadership perspective, based on organizational results, using the financial signature concept.  A sample from Fortune 500 companies was used in the study.  The results show that leaders, by playing a dual roles of agent and steward, not only have a strong influence on their firm’s financial outcome, but also exhibit specific level of propensity to conserving or spending resources that is a direct reflection of their ability to govern in relation to their stakeholders expectations.  This finding has many implications in understanding corporate behavior and public perception.  It could also provide important elements to studying ethical and finance behavioral issues that affect many modern corporations in recent years.
The Effect Of Working Capital Management On Firms Profitability: Empirical Evidence From An Emerging Market
Authors: Charitou Melita Stephanou , Elfani Maria , Lois Petros
Published: March 2016

In this study, we empirically investigate the effect of working capital management on firm’s financial performance in an emerging market. We hypothesize that working capital management leads to improved profitability. Our data set consists of firms listed in the Cyprus Stock Exchange for the period 1998-2007. Using multivariate regression analysis, our results support our hypothesis. Specifically, results indicate that the cash conversion cycle and all its major components; namely, days in inventory, days sales outstanding and creditors payment period - are associated with the firm’s profitability. The results of this study should be of great importance to managers and major stakeholders, such as investors, creditors, and financial analysts, especially after the recent global financial crisis and the latest collapses of giant organizations worldwide.
The Relevance Of Discretionary Disclosures: Predictive Value Versus Feedback Value
Authors: Wilcox William , Berry Kevin , Quirin David J. , Quirin Jeffrey J.
Published: March 2016

This study contributes to the body of literature examining the role of discretionary disclosures. The primary theoretical contribution is a distinction between predictive value and feedback value. We use the Ohlson Model and examine the role of information as an endogenous variable in modeling the impact of disclosures on returns, which is a key methodological contribution to this stream of literature. Using a sample of 121 firms from the AIMR’s Corporate Information Committee for 1982-1994 we find that the expanded firm disclosures did possess predictive value, but they did not possess significant feedback value. These results have important policy implications since the relative costs and benefits of disclosures with predictive value differ from those with feedback value.
An Exploration Of Theoretical Foundations For Working Mothers Formal Workplace Social Networks
Authors: Schultz Jennifer L. , Higbee Jeanne L.
Published: March 2016

This paper presents a multidisciplinary integrative exploratory review of possible theoretical foundations for working mothers’ formal workplace social networks. Beginning with theoretical overviews of work-life balance, career development, mentoring, psychology, and social capital this paper develops a plausible possible framework rooted in women’s psychological developmental theory. The authors conclude that the theoretical frameworks for human resource development (HRD) and human resource management (HRM) do not identify one unified specific framework for research and scholarly investigation of working mothers’ formal workplace social networks, while presenting a conceptual model grounded in Gilligan’s (1982) principles appears to be a good fit for enhancing the understanding of the phenomenon.