bluuebunny/crossref_metadata_2025 huggingface dataset:
The Value Of Mentoring To Develop Student Teachers Work-Integrated Learning Skills
Authors: Singh Prakash , Mahomed Carmel Claire
Published: March 2016

Mentors are expected to create an environment in which prospective employees can be trained to be productive and be able to excel when employed. The personal one-on-one mentoring is especially beneficial for potential employees, such as student teachers, to close the gap between theory they are exposed to at higher education institutions (HEIs) and teaching practice in schools. Motivated school mentors are expected to provide student teachers with work- integrated learning (WIL) skills of a high standard, particularly since these mentors are expected to be models of professionalism for the student teachers to emulate.The aim of the study was to investigate whether the one-year Postgraduate Certificate in Education (PGCE) qualification at HEIs adequately develops the WIL skills of student teachers. Therefore, the objectives of the study were to ascertain the relationship between the theoretical knowledge provided by the PGCE curriculum and the development of WIL skills of student teachers in the schools and to determine the perceptions of school mentors of the PGCE to develop the WIL skills of student teachers. The target population for this quantitative study was school mentors of PGCE student teachers. Data were obtained by means of a structured questionnaire for the mentors. It was evident in this study that mentors were well-trained to develop the WIL skills of their prot. The findings of this research, therefore, support the hypothesis that school mentors make a significant contribution to the development of the WIL skills of student teachers in the PGCE programme.
U.S. Trade In Goods With Latin America (2001-2010): Trends And Perspectives
Authors: Martinez Rutilio , Iyer Vish
Published: March 2016

Between 2001 and 2010, U.S. trade in goods with Latin America grew at an unprecedented 7.04% per year. However, during these years, mostly as a consequence of the rapid growth of trade between China and Latin America, the relative importance of the U.S. as a trading partner of Latin America declined significantly. Projections indicate that, although trade between the U.S. and Latin America will grow, this decline is very likely to continue, thereby contributing to the erosion of U.S. influence on this region of the world.
The Role Of Tax Incentives In Reducing CO2 Emissions Evidence From Vehicle Manufacturers
Authors: Nel Rudie , Du Plooy Johann
Published: March 2016

The objective of the study was to consider the role of tax incentives (deductions and allowances in terms of the South African Income Tax Act) in reducing carbon dioxide (CO2)emissions in the automotive industry. The objective was achieved in the light of qualitative empirical evidence obtained from South African vehicle manufacturers. A questionnaire was circulated to nine South African vehicle manufacturers and the responses were interpreted to establish whether current tax incentives provide an incentive to reduce CO2 emissions. Findings highlighted the importance of tax incentives in reducing CO2 emissions and suggest that vehicle manufacturers regard tax incentive-driven policies as the most effective tool in reducing CO2 emissions. However, since it is difficult to qualify for current tax incentives, this approach might not provide the necessary incentive to reduce CO2 emissions. It is recommended that tax incentive policies either be simplified or alternative initiatives be introduced to encourage investments in the reduction of CO2 emissions.
Determinants Of The Write-Off Decision Under IFRS: Evidence From Germany
Authors: Siggelkow Lena , Zulch Henning
Published: March 2016

This study examines the factors that influence write-off decisions in German-listed companies. Write-offs have been widely discussed, especially for the US-American market, and a relation to earnings management has been found in existing studies. German companies differentiate from the companies that have already been analyzed as they operate under different accounting standards (IFRS) and in a different institutional setting.Additionally, managers are confronted with the task to derive the IFRS annual statements from the existing annual statements according to local GAAP which follow a differing objective. Based on a sample of 805 observations of German companies listed in the DAX, MDAX, TecDax and SDAX indices between 2004 and 2010, we analyze the impact of firm performance as well as reporting incentives on the write-off decision. We find that the write-off probability rises significantly with decreasing overall firm performance, which is in line with the legal requirements. Additionally, we find a strong relation of the write-off probability with unexpectedly high earnings, which is an indicator for income smoothing. Besides influencing the shareholders perception, income smoothing can serve to minimize overall tax payments or to influence the banks risk assessment. In contrast with prior studies focusing on the US-American market, we found no evidence for other capital market motives, like big bath accounting and management changes; neither could we confirm the hypothesis that earnings-based management compensation or leverage have a significant influence on the write-off decision. These results indicate that German managers aim to influence tax payments and potential lenders in contrast to the perception of potential shareholders.
Trade-Off Or Pecking Order: Evidence From South African Manufacturing, Mining, And Retail Firms
Authors: Moyo Vusani , Wolmarans Hendrik , Brummer Leon
Published: March 2016

This study tests the trade-off and pecking order hypotheses of corporate financing decisions and estimates the speed of adjustment toward target leverage using a cross-section of 42 manufacturing, 24 mining and 21 retail firms listed on the Johannesburg Stock Exchange (JSE) for the period 2000-2010. It uses the generalised least squares (GLS) random effects, maximum likelihood (ML) random effects, fixed effects, time series regression, Arellano and Bond (1991), Blundell and Bond (1998) and random effects Tobit estimators to fit the two versions of the partial adjustment models. The study finds that leverage is positively correlated to profitability and this supports the trade-off theory. The trade-off theory is further supported by the negative correlation on non-debt tax shields. Consistent with the pecking order theory, capital expenditure and growth rate are positively correlated to leverage while asset tangibility is inversely related to leverage. The negative correlation on financial distress and the positive correlation on dividends paid support both the pecking order and trade-off theories. These results are consistent with the view that the pecking order and trade-off theories are non-mutual exclusive in explaining the financing decisions of firms. The results also show that South African manufacturing, mining and retail firms do have target leverage ratios and the true speed of adjustment towards target leverage is 57.64% for book-to-debt ratio and 42.44% for market-to-debt ratio.
Is There A Need For A Free Trade Agreement Between The European Union And Gulf Cooperation Council?
Authors: Hashmi M. Anaam , Al-Eatani Fahad , Shaikh Fareed
Published: March 2016

The need for a free trade agreement between the European Union (EU) and Gulf Cooperation Council (GCC) is analyzed in this research project. Trade flows between these two economic blocs are studied to understand the importance of trade for these respective blocs. Failure of the free trade agreement negotiation is attributed to the lack of economic focus and the EU demands to improve human rights in GCC member countries. Based on the secondary sources and data analyses, the primary interest of both economic blocs is to enhance geopolitical influence and not boasting bilateral trade. Despite recent failures, both sides are still committed to increased partnership in the future. It is concluded that an EU-GCC free trade area may be essential for increased cooperation in economic, as well as geopolitical, security, environmental, and cultural arenas.
Anatomy Of The Southern African Customs Union: Structure And Revenue Volatility
Authors: Ngalawa Harold P. E.
Published: March 2016

This paper studies the evolution of the Southern African Customs Union (SACU), tracing it from its inception in 1889 as the Customs Union Convention, the worlds first customs union, to its current status. While the union has operated under different agreements, which have been negotiated and renegotiated with changing circumstances, the study identifies the agreements of 1889, 1910, 1969 and 2002 as key to the unions transformation. It is observed that SACU has evolved from a geopolitical organisation with a repressive colonial foundation to a well-integrated regional trading bloc that is perceived as a possible springboard for larger regional trading blocs in Africa. The study further explores evidence of declining SACU revenue and investigates its implications on government expenditures in the small members of the union; namely, Botswana, Lesotho, Namibia and Swaziland (BLNS countries). It is found that among the members of the union, Lesotho and Swaziland are the most dependent on SACU transfers and, consequently, the most vulnerable to the current downward trend in SACU revenue. While Namibia has traditionally relied on diamond exports, it has also been receiving large SACU transfers relative to its GDP. In addition, the study observes that the present SACU revenue sharing formula adopted in 2002 exposes the BLNS countries to instabilities arising from global business cycles more than it does South Africa.
Comparative Financial Analysis Of The Mexican Rural Sector
Authors: Dieck-Assad Flory Anette
Published: March 2016

The development of the Mexican rural sector is vital because it is the source of raw materials needed for production in the manufacturing sector. Thus, it is indeed important that its development follow that of the industrial sector. The main objective of the present research is to evaluate the growth of the rural sector during the presidential term of Felipe Calderon (2007-2012) and to discover the lights and shadows that revolve around this suffering sector of the Mexican economy. The analyzed statistical evidence shows an important lag and stagnation of the development of the rural sector since 1960 in Mexico. Additionally, a decrease in the contributions of the rural sector to the entire economic development in Mexico in 2012, compared to the one registered 33 years ago (in 1979), is considered. The statistical evidence supports the conclusion that the Mexican rural sector has not been able to show any progress, regardless of the noble governmental initiatives and efforts. Financial government resources should not only be directed to pay salaries and subsidies, but through a more effective leadership, the agricultural government agencies could try to increase investment in infrastructure, development, and application of new technologies set in the context of civic responsibility, ethics, and a sustainable development approach.
Hedge Fund Performance Evaluation Using The Sharpe And Omega Ratios
Authors: Van Dyk Francois , Van Vuuren Gary , Heymans Andre
Published: March 2016

The Sharpe ratio is widely used as a performance evaluation measure for traditional (i.e., long only) investment funds as well as less-conventional funds such as hedge funds. Based on mean-variance theory, the Sharpe ratio only considers the first two moments of return distributions, so hedge funds characterised by asymmetric, highly-skewed returns with non-negligible higher moments may be misdiagnosed in terms of performance. The Sharpe ratio is also susceptible to manipulation and estimation error. These drawbacks have demonstrated the need for augmented measures, or, in some cases, replacement fund performance metrics. Over the period January 2000 to December 2011 the monthly returns of 184 international long/short (equity) hedge funds with geographical investment mandates spanning North America, Europe, and Asia were examined. This study compares results obtained using the Sharpe ratio (in which returns are assumed to be serially uncorrelated) with those obtained using a technique which does account for serial return correlation. Standard techniques for annualising Sharpe ratios, based on monthly estimators, do not account for this effect. In addition, this study assesses whether the Omega ratio supplements the Sharpe Ratio in the evaluation of hedge fund risk and thus in the investment decision-making process. The Omega and Sharpe ratios were estimated on a rolling basis to ascertain whether the Omega ratio does indeed provide useful additional information to investors to that provided by the Sharpe ratio alone.
Estimating Namibias Equilibrium Real Exchange Rate
Authors: Eita Joel Hinaunye , Sichei Moses Muse
Published: March 2016

This paper estimates the equilibrium real exchange rate for Namibia for the post independence period (1998 to 2012) using quarterly data. Increases in the ratio of investment to GDP and resource balance are associated with an appreciation of the real exchange rate. The terms of trade causes the real exchange rate to depreciate, which suggests that the substitution effect was dominant over the income effect. The real exchange rate adjusts to equilibrium rate while the speed of adjustment indicates that it takes about 4.4 quarters or 1.1 years for 50 percent of the deviation from the equilibrium to be corrected. There were periods of undervaluation and overvaluation of the real exchange, which means that the real exchange rate experienced misalignment.
Employees Use Of Empathy To Improve Their Job Behaviour
Authors: Singh Prakash
Published: March 2016

Being simply cognitively capable would be inadequate for employees to satisfy job performance requirements associated with their job behaviour. Before an employee performs his job, he must understand what it entails because the activities and behaviours associated with a particular job are defined largely by the expectations and demands of other people, both inside and outside any organization. For instance, a teachers role is defined by the expectations of his or her pupils, their parents, school managers, and society at large. In order to create positive relationships within the organization, employees need to offer encouraging words to each other when they try something new, be patient, understanding, and empathetic. The aim of the study is therefore to determine the need to develop empathy as a social skill of emotionally intelligent teachers.The quantitative research method was used in this study. The findings strongly suggest that teachers must develop their social skill of empathy as part of their job behaviour. Empathy is an essential emotional intelligence trait for teachers to overtly include in their instructional strategies. Teachers who use instructional empathy will reduce anxiety and tension in the learning environment. Evidently, expressing empathy in the organization requires the employee to thoughtfully consider everyones feelings in the process of making intelligent decisions. This study affirms that an employee who has a developed sense of empathy will have a much better understanding of how to handle different situations which could range from dealing with underachieving learners to working with gifted pupils.
The Role Of Business Incubators In The Economic Development Of Saudi Arabia
Authors: Salem Mohamed Imam
Published: March 2016

Business incubators are perceived to be a mainstay of economic development programs. They create value by combining the entrepreneurial drive of a startup with resources generally available to new ventures. Among the primary objectives of business incubators are creating employment opportunities in the local economy and commercializing technologies. Saudi government has put high-growth, innovative businesses at the heart of its economic agenda.The aim of this paper is to enhance understanding of how business incubators function and their impact on national development and growth of a developing nation. First, the paper reviews the literature on the relationship between business incubators and economic development; then the paper provides an analysis of the characteristics and objectives of business incubators in Saudi Arabia. The paper also examines the significant contribution of business incubators in promoting economic growth and development of Saudi Arabia. The paper points out the importance of introducing business incubator strategies and programs and the role of such important moves in ensuring sustainable value creation and building of wealth.
Factors Contributing To The Unsuccessful Implementation Of The BSC In A South African Provincial Treasury Department
Authors: Mafini Chengedzai , Pooe David R.I. , Nqcobo Hebert
Published: March 2016

This study investigated the factors that contributed to the unsuccessful implementation of the Balanced Scorecard in a provincial government department in South Africa. The study was inspired by the unsatisfactory attempt to introduce the Balanced Scorecard as a performance measurement system in that department in the year 2009. Data were collected through a questionnaire comprising of two sections. The questionnaire was administered to 81 managers and employees who were on the approved establishment of the department in 2009. The factors contributing to the failure of the program were extracted using principal components analysis. An analysis of the descriptive statistics for each factor was also conducted. The findings of the study indicate that the failure of the Balanced Scorecard project may be linked to four factors; namely, inconsistencies within the project team, an ineffective communication strategy, myopic planning and poor execution. Among these factors, planning contributed the highest to the demise of the project. Using these findings as an anchor, the study recommended a number of strategies that may be adopted in in the event that public organisations intend to implement Balanced Scorecard programs in the future.
Promoting Restaurants Using Social Networks: Still A Lot Of Room For Improvement
Authors: Verdeguer Jose Vicente Sanchis , Peiro-Signes Angel , Segarra-Ona Maria-del-Val
Published: March 2016

A growing trend in the hospitality industry is the promotion of products and services on social networks as an effective and economical way to reach a very important population mass with a bidirectional speech.The aim of this paper is to explore the processes used by Spanish restaurants in two ways: 1) adding to the portfolio of services offered and 2) for the recruitment of staff. Business models of social shopping can be divided largely into three categories: 1) social shopping intermediaries, 2) social shopping markets, and 3) social shopping search engines. It is observed that more and more Spanish restaurants use social shopping to attract their target audience, but this is not very long term. Therefore, a change in the Spanish restaurants model is observed as the customer loyalty decreases and the online business increases. Understanding the key issues will be crucial in maintaining the competitiveness of the business of catering in Spain.
Democratization Enabled By Participatory Premises In The Qualitative Study Of Companies Recovered By Their Workers (CRW)
Authors: Diaz Ruiz Susana B.
Published: March 2016

Incidents of companies being recovered by their workers that have occurred in different countries have attracted media attention. Based on ideological tendencies, some experts have interpreted these processes as an indicator for their fulfilment of their own predictions.In contrast to these interpretations, this article focuses on the effectiveness of the use of the main premises of Participatory Action Research (PAR). The focus is on understanding the point of view of the involved protagonists. Qualitative evidence is presented (Dz Ru, 2014) demonstrating the existence of disaffected feelings towards experts caused by their inverviewing approaches. This disaffection is explained as a consequence of pre-built ideas connected to the experts' ideological tendencies.
Case Study Of Postgraduate Student Dropout Rate At South African Universities
Authors: Styger Anton , Van Vuuren Gary , Heymans Andre
Published: March 2016

Public funding for higher education in South Africa is a significant investment. Large amounts of funds are invested in students and there is a national shortage of high quality students in scarce skills - in particular, students with a postgraduate qualification. Students tend to take longer to complete their studies which contributes to the workload of academic staff. Dropouts are affecting the deliverance of these students in a negative way and priceless research from these students is never delivered and published. Not only are fewer students and research being delivered, but large amounts of funding and human capital are wasted on educating students who will never complete their studies. Postgraduate studies have a potential greater loss, and a beta distribution on the dropout can predict the expected and unexpected loss for these students. The latter is an area for concern and needs to be assessed and addressed as soon as possible.
Sustainability Commitment In Saudi Arabia And Need For Educational Reforms For The Jobs Of The Future
Authors: Hashmi M. Anaam , Abdulghaffar Nadia , Edinat Iman
Published: March 2016

Saudi Arabia is an important country among the Middle Eastern nations and a pivotal one because of its key position in international petroleum production. Sustainable practices are becoming prominent considerations among public and private sector Saudi Arabian business enterprises. Secondary and primary data pertaining to sustainability and carbon management practices in Saudi Arabia and its business enterprises were analyzed in this study. Saudi Arabian government has been serious in tackling the environmental problems. Primary data revealed private sector managers were better prepared and eager to deal with sustainability and carbon management problems compared to public sector enterprises. Surveyed Saudi managers reported hope that their employers would start rewarding positive sustainability actions and focus on educating managers about carbon management practices. There is a need to reform the educational system to prepare future managers who are ready to implement sustainability policies in their organizations. The findings of this project can assist Saudi Arabian policymakers and leadership of public and private sector universities to restructure the higher education sector to prepare students for the jobs of the future and help Saudi Arabia in pursuing sustainability goals.
Price Tactics For A Turbulent Environment: A Complexity Theory View
Authors: Mason Roger B.
Published: March 2016

This paper proposes that pricing tactics are influenced by the nature of the external environment. It illustrates the pricing tactics suggested for a turbulent, versus a stable, environment, when viewed through a complexity theory lens. A qualitative, case method, using depth interviews, investigated the pricing tactics in four firms to identify the tactics adopted in more successful, versus less successful, firms in turbulent versus stable environments. The results partially confirmed that the use of destabilizing pricing tactics can be helpful in a turbulent market, while stabilizing tactics can be helpful in a stable market. However, the effect of such tactics on business performance was not clear. These findings will benefit marketers by emphasizing a new way to consider future pricing activities. How this approach can assist marketers, and suggestions for further research, are provided. Since businesses and markets are complex adaptive systems, using complexity theory to understand how to cope in turbulent environments is necessary but has not been widely researched. Therefore, this paper can be seen as a foundation for research using complexity theory to better understand pricing tactics in turbulent environments.
How Business Values Determine Lack Of Innovation & Petty Entrepreneurship: The Case Of Turkey
Authors: Suerdem Ahmet K. , Cakmakci Ufuk M.
Published: March 2016

The role of innovation in capitalist development has long been identified. For late industrializing countries, it is indispensable for achieving sustained economic growth. Turkey, as a late industrializer, has also faced serious difficulties in this regard. This paper demonstrates the significance of cultural values internalized by individuals for innovation and business attitudes. In a structure-agency setting, it argues that not only regulation through institutions and social norms but also the way economic agents comprehend modern values determine the scope of business attitude that permeates economy and society. In the Turkish context, the blend of modern (rationalistic) values with traditional ones creates a dilemma between social commitment and blatant opportunism, in time leading to the dominance of short-term profit making in the economy at the expense of societal rules and norms. By conducting linear regression analyses over a sample of 150 executive, middle and owner managers, the article demonstrates how cultural values affect innovativeness. In so doing, it unveils the relations between personality traits underlying the adoption of innovations and different cultural value characteristics.
Using Benfords Law To Detect Fraud In The Insurance Industry
Authors: Maher Meredith , Akers Michael
Published: March 2016

Benford's Law is the mathematical phenomena that states that the first digits or left most digits in a list of numbers will occur with an expected logarithmic frequency. While this method has been used in industries such as oil and gas and manufacturing to identify fraudulent activity, it has not been applied to the health insurance industry. Since health insurance companies process a large number of claims each year and these claims are susceptible to fraud, the use of this method in this industry is appropriate. This paper examines the application of Benford's Law to four health insurance companies located in the Midwest. For each company, analysis was performed on the first digit distribution, the first two-digit distribution, and providers with high volumes of claims. The results show that the populations are similar to the frequencies predicted by Benfords Law. The findings also suggested possible fraudulent activity by specific providers, however, the com-panies determined that these results occurred due to abnormal billing practices and were not frau-dulent. The insurance companies that participated in this study will continue to use this method to further detect fraudulent claims.
The Effectiveness Of Internal And External Mechanisms Of Corporate Control
Authors: Healy Joanne P.
Published: March 2016

This research reflects a recent trend toward the development of an overall understanding of corporate control. Previous research has examined CEO turnover and corporate takeovers separately. This research provides a more complete analysis of the corporate control of the firm conditioned on previous events over the period 1978 - 1988. Logistic regression analyses indicate that the probability of a takeover offer is highest for firms performing poorly which have not previously replaced their CEO. Debt, the percentages of stock held by the ceo or outside investor, and the existence of an antitakeover mechanism also affect the probability of a firm receiving a takeover offer. Results support the theory that external corporate control mechanisms do function when internal mechanisms have failed to function. Additionally, results suggest the external labor market is working to attract the CEO of a firm performing well.
Schumpeterian Churn Dynamics And Re-gional Productivity Performance
Authors: Lee Yeonwoo , Hicks Donald A.
Published: March 2016

This study tests empirically the Schumpeterian premise that the incessantturbulence of an economy in motion, apart from a production function comprised of static inputs, is capable of explaining patterns of economic growth and change. Localized employment churn"registered as job creation/destruction dynamics isused to account forvariations in U.S. metro-regional economic productivity performancesduring the 1986-99 period. The empirical results suggest that employment turnover and replacementdynamics have large and significant positive effects on localized productivity growth independent of a variety of industrial restructuring processes occurring simultaneously. While employment churn effectsare robust across U.S. Census regions, they do not exert a uniform influence on metro-regional productivity performances across time. Until 1996, job creation and destruction dynamics often canceled each other out as metro-regions underwent continued industrial restructuring. Since 1996, however, the positive effects on metro-region productivity growth have been consistently strong. In addition toa strong positiveeffect on productivity of the emergence of a localized IT sector, both an expanding service sector share of regional employment and a rising public spending share of regional outputexert powerful downward pressure on productivity growth rates.
An Investigation Of The Determinants Of BTs Debt Levels From 1998-2002: What Does It Tell Us About The Optimal Capital Structure?
Authors: Fairchild Richard J.
Published: March 2016

Over the period 1998-2001, British Telecom (BT) dramatically increased its debt levels, from 4.8bn in 1998 to 31bn in 2001. This was accompanied by a dramatic decrease in the firms share price. Subsequent pressure from analysts and investors induced BT to use a rights issue to substantially reduce debt in 2002 (from 31bn to 18.4bn). However, the share price has continued to fall, but not so dramatically. Hence, BT provides an ideal case study of the effects of capital structure on firm value. In this case study, we will consider such questions as:a) Why did BT take on so much debt? Why did it cause firm value to fall, when many capital structure theories suggest a positive relationship between leverage and firm value?b) Why has the reduction in debt not caused an increase in equity value?c) Was BT beyond its optimal debt/equity ratio from 1998-2001? Is it still beyond the optimum?d) Does BT have an optimal capital structure? What is it? Is it static? What are the trade-offs involved?e)Does BTs case hold lessons for other firms?
Chinas Entry Into World Trade Organization And Its Benefits For U.S. Industries
Authors: Kim Ki Hee
Published: March 2016

The November 15th agreement imposes much more substantial concessions on China than on the U.S., which merely grants permanently what it has long granted annually. Chinas Concessions are the price of U.S. support for Chinese membership. Both these concessions and the WTO rules themselves should have profound impact on China, considerably opening its economy to foreign competition. WTO membership ought to compel China to change its current commercial laws and practices to conform to WTO rules. Once it is a WTO membership, China would need to negotiate trading terms on a multilateral basis with all members at once. Chinas concessions will benefit many major industries; among those likely to gain most are farmers, financial companies and high-tech industries. U.S. law and accounting firms are also granted expanded access under the agreement. It is widely assumed that large American corporations stand to benefit significantly from the liberalization measures that China has proposed as part of its accession to the WTO. The purpose of this research is to investigate Chinas entry into WTO and its benefits for U.S. industries.
An Empirical Examination Of The Usefulness Of The Motley Fools Flow Ratio
Authors: Giacomino Don E. , Akers Michael D.
Published: March 2016

An item in the Motley Fool recently caught our attention. The article Cisco vs. Lucent: The Flow Ratio Tells All (by Matt Richey, June 6, 2000, in The Motley Fool.fool.com), introduced a new ratio that Richey claimed to be useful for measuring the investment worthiness of a company. Since our Financial Statement Analysis course covers traditional ratio analysis and since we were exploring some research ideas on measuring liquidity, the Fool Ratio seemed worthy of investigation.
Financing Problems Faced By The Lebanese SMEs: An Empirical Study
Authors: Naimy Viviane Y.
Published: March 2016

During the last two decades, there was unanimity around the importance of the role of Small and Medium Enterprises (SMEs) in the development of economies, of job creation and social stability. This issue concerns industrialized countries as well as developed countries. The purpose of this paper is to study the methods and the financing problems faced by Lebanese SMEs, as well as the behavior of banks in terms of credit allocation. An illustration is presented through a survey covering 56 SMEs: 16 SMEs belonging to the area of Kartaba and 40 SMEs belonging to Beirut suburbs. Moreover, and based on data collected from 30 credit files and on interviews held with important bankers, this paper try to identify the components of the credit assessment process, the risk acceptance criteria, and the categories of loans available for SMEs.
Self-Assessment Of Households Economic Welfare As A Manifestation Of Adjustment To Transition And European Integration Processes In The Case Of Estonia
Authors: Paas Tiiu , Vork Andres , Scannell Nancy J.
Published: March 2016

This paper analyzes Estonian households' perception of welfare, including the determinants and dynamics of said perception under transition. Data from the Estonian Household Income and Expenditures Survey 2000 and 2001 are used to construct samples. Ordered probit and linear regression models are employed to investigate the determinants of the self-assessed economic situations and income levels as determined to be necessary by households for conducting normal life. The income level perceived by households as necessary to conduct normal life is found to vary substantially depending on a given households actual income and other extant household characteristics. This indicates that factors other than income per capita alone are relevant for understanding households welfare and their perception of normal life, and, hence, should be among the targets of social policy and factored into the development strategies of Estonias social protection system.
Estonian Banking Sector Performance Analysis Using Malmquist Indexes And DuPont Financial Ratio Analysis
Authors: Kirikal Ly , Sorg Mart , Vensel Vello
Published: March 2016

Banks and other financial institutions are a unique set of business firms whose assets and liabilities, regulatory restrictions, economic functions, and operating make them an important subject of research. Banks performance monitoring, analysis and control needs special analysis in respect to their operation, productivity and performance results from the viewpoint of different audiences, like investors/owners, regulators, customers/clients, and management themselves. In this paper, productivity change in Estonian banking is estimated using the Malmquist productivity index. The data used in this study covers the period from 1999 to 2002. One purpose of this research is to introduce the Malmquist productivity index, which is first used for productivity analysis of Estonian banks. The present study shows that Estonian banks experienced average a 25.6 percent annual productivity growth rate during 1999-2002, what was the result of technological progress. Generally, all Estonian banks have increased productivity as a result of technological progress on this period. Some historical notes on the development of the Estonian banking system and the capital structure of banks are presented in this article. The usage of a modified version of DuPont financial ratio analysis is discussed also in the article. Empirical results of the Estonian commercial banking system performance analysis are presented in the article (1994-2002).
Income/Outcome Analysis Of Apparel Companies
Authors: Hergeth Helmut H.A.
Published: March 2016

Guiding a business entity through the waters of the ever-changing global economy requires paying attention to a wide range of activities and issues. Within the financial area alone, the large number of traditional financial ratios that need to be in balance present an impression of the multitude of indicators that must be considered simultaneously.The paper demonstrates the use of a management-training tool, the Game of Income/Outcome, to visually display the financial situation of different apparel companies. The game board is used to simultaneously show cash flow and profitability aspects, and the paper shows how this visual tool enhances financial ratio analysis. In the paper apparel companies are analyzed using traditional financial analysis and displaying the company situations on the game board. Apparel manufacturing and retailing companies are analyzed.
Chinas ICT: Progressing Toward Maturity From A Global Perspective
Authors: Gabberty James W. , Calloway Linda Jo
Published: March 2016

This paper assesses the information and communications technology (ICT) factors governing Chinas economic expansion and its ability to sustain this expansion in the context of competing nations with similar infrastructures. This assessment utilizes a variety of selected metrics that capture the status of ICT capability of China. It provides a glimpse into the countrys ability to become a significant force in the global knowledge economy by highlighting the nations overall competitiveness rankings, juxtaposed to the standings of other nations. The timeliness of this work is noteworthy, since the success of Chinas transition towards economic and societal advancement is underpinned, to a large extent, by its total ICT investment. If a positive outcome is achieved, Chinese manufacturers will be able to adroitly weave themselves into the global supply chain by leveraging the countrys burgeoning ICT infrastructure.
E-Commerce In Slovenia: Kindergarten Years
Authors: Tekavcic Metka , Marc Mojca
Published: March 2016

After the initial few years that witnessed the birth and first steps of e-commerce applications, this paper presents the present state of e-commerce in Slovenia. The EU accession process has brought many changes and challenges for companies in candidate countries Slovenia being among them including the use of e-business technology. The vast majority of Slovenian companies have been increasingly recognizing the need to operate electronically. However, most companies are still at the beginning stage: e-business has not reached profoundly the operational processes. Nevertheless, some e-commerce businesses survived the tough initial years and proved to be successful.
A Proposed Restricting Of Lebanese Public Debt To Promote Economic Growth
Authors: Naimy Viviane Y.
Published: March 2016

The Lebanese economy is subjected to major constraints impeding its growth and its development. Public overborrowing constitutes the main obstacle against this growth. The Lebanese economic situation is briefly presented in this paper. Then, a measurement of the Lebanese public debt dangers is proposed through an econometric model illustrating the snowball effects. After an analysis, a simulation aiming at restructuring this debt, with a valuation of the foreign indebtedness limits, is presented.
Review Of E-Commerce Issues: Consumers Perception On Security And Privacy
Authors: Muthaiyah Saravanan , Ernest Joseph Antony Jude , Wai Chew Kok
Published: March 2016

Web security has been a major issue of debate in the recent years. The lack of security is perceived as a major stumbling block for doing business online. Electronic cash payment systems are becoming more important than ever to facilitate online transactions and thus replacing traditional payment methods such as checks The prime objective of this paper is to determine the perception of consumers towards the security aspects of e-commerce technology. Specifically this paper examines the perception and awareness of security from the consumers standpoint especially in recent e-business processes that facilitate transfer of payment via electronic systems such as e-wallet, credit card and e-cash. The paper also examines the measures that can be taken so that the mindset of users can be changed to suit this new on-line culture.
Individual Analysts Earnings Forecasts: Evidence For Overreaction In The UK Stock Market
Authors: Kenourgios Dimitris F. , Pavlidis Nikolaos
Published: March 2016

This paper presents an analysis of two forms of overreaction (generalized overreaction and overreaction to prior earnings changes) in analysts earnings forecasts for the UK stock market, using a sample of individual forecasts of earning per share from a British investment bank over the period 1989-2002. Given that previous UK empirical research over 1980s and mid 90s has provided limited and contradictory findings, we investigate whether and how overreaction of analysts forecasts varies across forecast horizons, firm size (small and large) and growth opportunities (high and low P/E ratio) in order to provide further and comparable evidence. Overall, our findings support the generalized overreaction hypothesis but reject the firm size effect, the overreaction for high P/E ratio companies and the higher overreaction regarding the forecasting horizon. Keywords: Overreaction, Underreaction, Analysts forecasts, forecast horizons, size effect, price/earnings ratio.
The Rising U.S. Trade Deficit With China And Why It Wont Go Away
Authors: Gabberty James W.
Published: March 2016

During the latter half of 1998, Laura D'Andrea Tyson, former chairwoman of the President's Council of Economic Advisers and economics professor at Berkeley, wrote a highly-publicized commentary that questioned whether China would replace Japan as the antagonist in Americas trade deficit woes. She stated "As the U.S. trade deficit with China continues to increase, concerns mount that China will soon replace Japan as America's major trade headache. Such concerns are fed by an image of China as another Japan - a country pursuing a mercantilist development strategy based on closed markets, an undervalued currency, and a structural trade surplus." Highlighting Japans closed markets, undervalued currency, and perennial trade surplus, Tysons monograph calls into question whether China's trade practices will parallel the manic logic of mercantilism so vehemently practiced by Japan. This paper examines the burgeoning supremacy characteristic of modern Chinas export-oriented trade program and provides useful, suggestive commentary on how U.S. trade policy with China should be handled, drawing conclusively from the Japanese experience. Finally, the causes underpinning the rising U.S. import/export ratio with China will be investigated.
Overall Lebanese Banks Performance: A Risk-Return Framework
Authors: Naimy Viviane Y.
Published: March 2016

The Lebanese commercial banks constitute the corner stone of the financing system in Lebanon. This paper analyzes the performance of the Lebanese banks in terms of profitability and risks for the period 1993 through 2002. A detailed investigation related to the structure and regulation of this industry is presented. The profitability is studied using the Du Pont equation and the overall risk of the Lebanese commercial banks is captured through the structure of the risk index suggested by Hannan and Hanweck (1998).
The Family Purchasing Decision: A Field Study On Monthly Grocery Expenses Of Turkish Families In Ankara, Turkey
Authors: Ergin Elif Akagun , Ozdemir Handan , Ozsacmaci Bulent
Published: March 2016

It is crucial for companies to find out relevant information about the purchasing agents within families since they play a great role in the shaping of marketing, sales and promotion strategies of a company. This article consists of two parts. In the theoretical part, information about consumer buying behavior and purchasing decisions of families, turkish in particular, is presented. In the applications part of the study, surveys are conducted to married couples living in 10 different districts in Ankara, Turkey to determine the purchasing agents for the monthly grocery expenses of these families. This article will provide turkish and foreign companies the opportunity to understand their target markets better and carry out specific market research and promotional activities aimed at them. In addition, these companies will be in a better position to predict how their consumers will respond to marketing strategies.
Learning And Leadership In The New Zealand Biotechnology Industry: Innovation And Human Capital In The New Economy
Authors: Tweed David , McGregor Judy
Published: March 2016

Human capital for the knowledge economy has curiously been a Cinderella topic for applied business research. This paper reports on a survey of New Zealand small and medium enterprises and is part of a wider Government-funded new economy sector analysis. The study, which utilised both a quantitative survey and qualitative theory development, examines the motivation for innovation, perceived skill shortages and managerial priorities for future development. This paper utilises the biotechnology industry to explore the competencies required for increased profitability and growth. It examines the paradox that while the new economy is people reliant and the multi-disciplinary nature of modern management includes knowledge management as a principal managerial competency, these aspects have received too little research attention. It was prompted by industry and academic acknowledgment that the primary inhibitors to progress are not technological but managerial. The findings point towards a new model of technological learning.
Can The Dollar Remain The Worlds Most Important Reserve Currency?
Authors: Carbaugh Robert
Published: March 2016

In the future, there is no one currency that is likely to replace the dollar as the main reserve currency. Although the euro and yen meet some of the requirements of a reserve currency, neither is sufficiently strong to take over. Instead, the world might evolve towards a multiple reserve-currency system, shared among the dollar, euro, and yen, (or perhaps the yuan?) at some point in the future. It remains to be seen where the dollar is going and whether Paul Volckers concerns will be realized in the years ahead.
Hybrid Public Offerings In China: The Case Of Class B Shares
Authors: Datar Vinay , Robertson J. Fiona , Mao David
Published: March 2016

When raising equity capital through the recently opened Shanghai stock exchange, Chinese companies can issue stock to Chinese nationals (A shares) or to non-Chinese nationals (B shares). Between 1990 and 1996 40 issuances of B shares took place, often by firms that had previously issued A shares. These class B initial offerings are found to exhibit underpricing relative to first day trading prices, but to a much less severe degree than class A share IPOs. Indeed, the extent of underpricing of class B shares is found to be in line with underpricing in the U.S. This is surprising because for the most part these offerings are hybrids of IPOs and seasoned equity offerings, representing offerings of old (traded) claims in a new market setting. We examine a variety of standard explanations for underpricing of IPOs finding either no empirical support for the hypotheses, or that many of these explanations are not relevant to the characteristics of the Chinese market.Two features of Chinese IPOs particularly seem to set them apart from new issues in the U.S. First, the capital market is not fully established, and second, the issuer of all IPOs is the government. The Chinese IPOs represent an attempt to transform a non-market economy, therefore, the prime objective may be the very creation of a viable market mechanism rather than a mere maximization of issue proceeds. We examine whether underpricing may be explained by this desire by the government (who also happens to be the issuer) to establish a market, and suggest a variety of lines for future research to cast further light on this hypothesis.