bluuebunny/crossref_metadata_2025 huggingface dataset:
What Drives Efficiency Of Islamic Banks Among Regions?
Authors: Kablan Sandrine , Yousfi Ouidad
Published: February 2016

Our study tries to determine what drives the efficiency of Islamic banks. To this purpose, we use the stochastic frontier analysis in one step. This allows us to take into account in the frontier function, explanatory variables which influence efficiency. We find that market power and profitability have a positive impact on Islamic banks efficiency, while it is the contrary for their size. Besides, Islamic banks display an average efficiency score of 92%, with Islamic banks settled down in Asia displaying the highest score (96%). Indeed, countries like Malaysia and Pakistan undertake reforms in order to allow banks to better cope with the existing financial system. On the contrary, Islamic banks operating in countries with Islamic banking as government legislation are not the most efficient ones.
Dynamic Spillover Between The Oil And Stock Markets Of Emerging Oil-Exporting Countries
Authors: Teulon Frederic , Guesmi Khaled
Published: February 2016

The paper investigates the time-varying correlations between stock market returns and oil prices in oil-exporting countries. A multivariate GARCH-DCC process is employed to evaluate this relationship based on data from Venezuela, the United Arab Emirates, Saudi Arabia and Kuwait. The results show that there are time-varying correlations between the oil and stock markets in emerging, oil-producing countries, indicating that they are affected by conditions in world markets. In addition, the relationship between oil prices and stock returns is found to be influenced by the origin of shocks to oil prices, with stock market responses being stronger to demand-side shocks caused by political turmoil or fluctuations in the global business cycle than to supply-side shocks caused by cuts in oil production. The results also provide evidence of volatility spillovers between the oil and stock markets.
Entrepreneurial Product Innovation: A Second-Order Factor Analysis
Authors: Niammuad Damrongrit , Napompech Kulkanya , Suwanmaneepong Suneeporn
Published: February 2016

Product innovation is as a vital tool for nascent entrepreneurs seeking to achieve a competitive advantage. This study investigates the integrated and complex relationships that exist between innovation and entrepreneurship by using partial least squares structural equation modelling (PLS-SEM). Entrepreneurial product innovation is tested with second-order factors comprised of entrepreneurial personality, technological opportunity and incubator resources. For this purpose, the empirical research used data from 389 incubated start-ups in Thailand. The study found that these three antecedents are significant for product innovation with effects of varying size. The study magnifies the prominent role of business incubators in fostering entrepreneurial capabilities to boost new products/services. Moreover, the findings suggest that the incubation centre resources mediate the influence of entrepreneurial characteristics by expediting and facilitating product innovation.
The Shift-Contagion Effect Of Global Financial Crisis And The European Sovereign Debt Crisis On OECD Countries
Authors: Kazi Irfan Akbar , Mehanaoui Mohamed , Akbar Farhan
Published: February 2016

This article investigates shift-contagion as defined by Forbes and Rigobon (2002) in 16 OECD member economies during most recent financial crisis i.e. global financial crisis (2008-2009) and European sovereign debt crisis (2009-2012), using multivariate asymmetric dynamic conditional correlation model developed by Cappiello et al. (2006). The empirical analyses provide substantial evidence of shifts in the dynamic correlations and hence reconfirm shift-contagion during the global financial crisis that originated from U.S. However, there is no evidence in support of shift-contagion during the European sovereign debt crisis which originated from events in Greece. The results provide important implications for investors and policy makers.
The Impact Of Talent Management In Enhancing Organizational Reputation: An Empirical Study On The Jordanian Telecommunications Companies
Authors: Ali Salih Ahmad , Alnaji Loay
Published: February 2016

The research explores the effect of talent management on improving organization reputation through exploring the relationship between talent management variables (discover, inspire, transform) and reputation variables (self-enhancement, self-verification, frequency of interaction). The first part of the project introduces a literature review of the importance talent management and reputation and their role on dealing with the competitive market. Next, the paper introduces the variables and the theories, after which the final results are presented and recommendations are proposed.
Free Cash Flow, Growth Opportunities, And Dividends: Does Cross-Listing Of Shares Matter?
Authors: Cheng Zijian , Cullinan Charles P. , Zhang Junrui
Published: February 2016

Corporate dividend policy should strike a balance between paying cash to shareholders when there are excess resources and retaining sufficient resources in the company to fund worthwhile projects. Using excess resources to pay dividends can help to avoid overinvestment by the company in inappropriate projects and/or other potential misuse of funds by managers for their own benefit. However, companies also need to avoid paying too much in dividends to ensure that adequate resources are available within the company to fund projects that could increase shareholder wealth (i.e., to avoid underinvestment). Cross-listing of company shares can improve governance and oversight, which may make the dividend policies of cross-listed companies more likely to avoid both over and underinvestment.

Using a sample of Chinese listed companies from 2003 to 2011, we find that cross-listed companies pay higher dividends than non-cross-listed companies when there are excess resources (measured by free cash flow), thereby reducing the potential for overinvestment/misuse of the resources by cross-listed companies. We also find that the dividends of cross-listed companies are lower than those of non-cross-listed companies when there are greater growth opportunities (measure by the market-to-book ratio), reflecting the reduced potential for underinvestment by cross-listed companies. We find more limited evidence that cross-listings may influence the relationship between dividend volatility and free cash flow and growth opportunities. Overall, our results suggest that companies cross-listing their shares have dividend policies that are more responsive than those of non-cross-listed companies to potential shareholder concerns about over and underinvestment.
The Effect Of Book-Tax Conformity On The Use Of Accruals: Evidence From Korea
Authors: Ryu Haeyoung , Chae Soo-Joon
Published: February 2016

This study in the Korean context investigates the effect of book-tax conformity on the use of accruals. In a sample of 4,331 Korean firms, we divide total accruals into book-tax accruals and book-only accruals. Book-tax accruals are defined as those that affect both taxable income and reported earnings. Book-only accruals are defined as those that affect only reported earnings and are unrelated to taxable income. We anticipate that managers will decrease taxable income by recording book-tax accruals that conform relatively closely to taxable income in order to reduce their tax liability. They are expected to attempt to increase book income through book-only accruals. We also examine the market response to firms that use these two types of accruals in different ways. Our evidence demonstrates increased use of income-decreasing book-tax accruals to decrease taxable income and increased use of book-only accruals to increase financial income. Use of book-only accruals also compensates for potential costs unrelated to tax, such as financial reporting costs. In addition, our results show that the market correctly assesses the management of accruals even when the uses of book-tax and book-only accruals offset each other.
Contrarian Technical Trading Rules: Evidence From Nairobi Stock Index
Authors: Metghalchi Massoud , Kagochi John , Hayes Linda A.
Published: February 2016

We apply several popular technical trading rules in the normal way and a contrarian way to daily data of the Nairobi Stock Index from 9/12/2006 to 4/18/2013. The contrarian usage of popular technical trading rules implies that when a technical trading indicator emits buy (sell) signals, we do the opposite and sell (buy) the index. Results from the study support the predictive power of contrarian technical trading rules. We also investigate whether a trader can use the predictive power of contrarian technical rules to beat the profitability of the buy-and-hold strategy considering both transaction costs and risk. Designing four strategies of various contrarian trading rules, we conclude that it is possible to beat the buy-and-hold strategy even considering transaction costs and risk.
Managing Multichannel Strategies In The Service Sector: The Example Of The French Insurance Industry
Authors: Pozza Ilaria Dalla , Texier Lionel
Published: February 2016

The goal of this paper is to investigate the implementation of multichannel strategies in the service sector and to understand objectives, difficulties faced by companies, synergies and competitive effects among channels, and future areas of investment. The research questions used in-depth interviews with a sample of insurance directors responsible for the multichannel strategy of the major French insurance players.
The Long-Run Performance Following Convertible Debt Offerings: Does The Design Matter?
Authors: El Badraoui Khalid , Ouenniche Jamal
Published: February 2016

This paper examines the impact of convertible debt design on the long-run stock price performance of the issuing firms in France. More specifically, we divide French convertible bonds (CBs) into three categories; namely, debt-like, mixed, and equity-like CBs, based on their total conversion probability, which integrates the possibility of early exercise of the call feature. In line with previous empirical studies, our results show that French CB issuers experience a substantial increase in their stock price profitability before the offering followed by significant under-performance over the three year post-issue event window. However, the breakdown of our sample into three groups of CBs depending on their design reveals, on one hand, a strong evidence of stock price run-up before the offering only for equity-like and mixed CBs. On the other hand, the post-issue performance is worse only for equity-like issuers, indicating that the post-issue performance is poorer the more the convertible debt issuer's stock is over-valued prior to the offering. This finding is consistent with the market timing hypothesis.
Procedural And Distributive Justice As Mediators Of The Relationship Between Interactional Justice And Work Outcomes: An Empirical Study Of The UAE Public Health Care Sector
Authors: Al Afari Thamna S. , Abu Elanain Hossam M.
Published: February 2016

This study examined the direct and indirect effects of different dimensions of organizational justice on organizational citizenship behaviors, and turnover intention in the context of the United Arab Emirates (UAE) healthcare sector. A questionnaire was administered to a random sample of 448 employees working in three different public hospitals in the UAE. The study used descriptive statistics, factor analysis, correlation analysis, and regression analysis to analyze the data. The results revealed that perceptions of the three organizational justice dimensions (interactional justice, procedural justice, and distributive justice) have a direct influence on employees' organizational citizenship behaviors and turnover intention. In addition, the results showed that interactional justice has an indirect effect on both organizational citizenship behaviors and turnover intention through procedural and distributive justice. This study is one of the first empirical studies of its kind to demonstrate the role of procedural and distributive justice as mediators between interactional justice and employees' work attitudes and behaviors. In conclusion, the results of this study indicate that each of the dimensions of organizational justice, which affect employee attitudes and behavior in the healthcare sector, gives us a better understanding of organizational justice and its dimensions and its influence.
Long-Run Performance Of U.S. Seasoned Equity Offerings After The Year 1995
Authors: Eom Chanyoung
Published: February 2016

This paper questions if the anomaly in the events of seasoned equity offerings has remained significant after it was first documented and analyzed in the year 1995. I find that U.S. domestic firms issuing primary and combined SEOs underperform in the three years after issuance between 1970 and 1994, while the same underperformance is not documented thereafter. This would suggest that the current assessment of the SEO anomaly could be biasedly influenced by early SEO events conducted before the year 1995. Moreover, this paper provides strong evidence that the anomaly is closely related to the incorrect risk adjustment of the Fama-French three-factor model.
Difficulty To Overcome Supply Chain Challenges Faced By Vehicle Manufacturers In South Africa
Authors: Ambe Intaher Marcus
Published: February 2016

This article explores supply chain challenges faced by light vehicle manufacturers in South Africa and determines how difficult the challenges are to overcome. A mixed research design was employed. The supply chain challenges revealed in the findings were categorised into technological, infrastructure, cost, market/service, relationship and production/skills challenges. Most are difficult to quantify, such as road freight volumes, port delays, rail unreliability, high fuel costs, high operating costs and high port charges. Nevertheless, addressing some of the challenges could help manufacturers to become more competitive, for example by replacing outdated assembly/manufacturing tools, finding new markets, preventing or reducing the effect of cancellation of customer orders and improving the level of service in general. This article provides an understanding of the challenges in the supply chain, which is paramount not only for locally manufactured vehicle supply chain practitioners, but also for the automotive industry and South Africa as a whole.
A Comparison Of Mean-Variance And Mean-Semivariance Optimisation On The JSE
Authors: Vasant Jiten , Irgolic Laurent , Kruger Ryan , Rajaratnam Kanshukan
Published: February 2016

This study investigates the effectiveness of semivariance versus mean-variance optimisation on a risk-adjusted basis on the JSE. We compare semivariance and mean-variance optimisation prior to, during and after the recent financial crisis period. Additionally, we investigate the inclusion of a fixed-income asset in the optimal portfolio. The results suggest that semivariance optimisation on the JSE in a pure equity case produces lower absolute returns, yet superior risk-adjusted returns. Further investigation suggests that semivariance metrics are effective within a certain range of portfolio sizes and diminishes in benefit once portfolios become larger. A fixed income asset scenario tested under the hypothesis of semivariance optimisation favoured greater bond weightings in optimal portfolios.
Physically Versus Synthetically Replicated Trackers: Is There A Difference In Terms Of Risk?
Authors: Maurer Frantz , Williams S. Owen
Published: February 2016

This article presents the two methods of constructing exchange traded funds and questions whether investors should privilege one structure over the other. To do so, the authors detail the sources of tracking error and risks inherent in each method. As synthetically-created funds include an additional dimension of risk, the authors seek to determine to what measure investors are compensated for this added risk.
Organizational Agility
Authors: Harraf Abe , Wanasika Isaac , Tate Kaylynn , Talbott Kaitlyn
Published: February 2016

The current competitive environment is characterized by high-intensity rivalry in a dynamic and uncertain environment. The ability to respond swiftly and effectively to these changes is a necessity that separates successful organizations from those that flounder. This paper reviews the concept of organizational agility by exploring the current understanding of the concept, relevant literature and a conceptual framework. Potential avenues for further research are explored.
An Empirical Research On The Antecedent-Consequence Integrating Model Of Recreationist-Environment Fit: A Case Study On Sport Tourists In Guaninting Waters Of Penghu
Authors: Wu Cheng-Lung
Published: February 2016

The purpose of this research is to verify the validity of an antecedent-consequence integrating model of recreationist-environment fit (R-E fit). This study selected the marine sport tourists in the Guaninting waters of Penghu as the subjects. The research used a questionnaire survey with 300 questionnaires handed out and returned. Of these, 253 were valid and 47 were invalid; therefore, the effective response rate was 84.3%. Then the associated data were collected for descriptive statistical analysis and structural equation modeling analysis using statistical software SPSS20.0 and Smart PLS 2.0. The research results reveal the following conclusions: (1) Familiarity has significant influence on R-E fit; (2) Self-efficacy has significant influence on R-E fit; (3) Restorative environment features have significant influence on R-E fit; (4) Recreational environment hassles have little significant influence on R-E fit; (5) R-E fit has significant influence on flow experience; (6) R-E fit has significant influence on recreational satisfaction; and (7) R-E fit has significant influence on destination loyalty. Accordingly, at the end of this study, suggestions are offered for future research, along with implications for tourism management.
Financial Centers And The Relationship Between ESG Disclosure And Firm Performance: Evidence From An Emerging Market
Authors: Farooq Omar
Published: February 2016

Is the disclosure of non-financial information, such as that related to environmental, social, and governance (ESG), important for firm performance in emerging markets? Does the extent of information asymmetries affect the way stock market participants react towards ESG disclosure? This paper answers these questions and shows that ESG disclosure is negatively related to firm performance in environments with lower information asymmetries. We argue that this negative relationship exists because ESG activities are considered as unrelated costs that reduce shareholders profits and wealth. Our results also show no significant impact of ESG disclosure on firm performance in environments with higher information asymmetries. Given that information is less reliable in environments with lower information asymmetries, it is very much possible that ESG disclosure is not valued by stock market participants.
How Much Cash Is At Risk In U.S. Non-Financial Firms? A VaR-Type Measurement
Authors: Maurer Frantz
Published: February 2016

Risk management techniques first developed by, and for, banks are now being adopted by non-financial corporations. However, while firms are already engaged in activities intended to develop their risk management practices, they often do not possess risk measures focused on key corporate financial results such as earnings or cash flow. The main contribution of this paper is to develop a cash flow-based risk measure conditional on specific company-level factors. With U.S. firm-level data, we present evidence that Cash Flow-at-Risk and Expected shortfall differ across main non-financial industries. Our results call for renewed attention to the role that VaR-type measures for cash flow can play in empirical studies dedicated to corporate risk analysis, and with respect to corporate-level risk management purposes.
The Management Side Of Talent: Causal Implications For The Retention Of Generation Y Employees
Authors: Plessis Liesel Du , Barkhuizen Nicolene , Stanz Karel , Schutte Nico
Published: February 2016

Organisations are facing significant challenges to retain Generation Y employees. Research shows that, once these individuals are employed, they are not likely to remain in that position for very long. Organisations therefore need to find innovative solutions to retain this group of employees. The purpose of this research was to determine the causal relationship between management support towards talent management and the impact thereof on the turnover intentions of Generation Y employees. The Human Capital Index, Perceived Organisational Support Questionnaire, Perceived Organisational Support and Intention to Quit questionnaires were administered among a convenience sample of generation Y employees (N=135). The results showed that Perceived Organisational Support is significantly related to Talent management practices, Perceived Supervisor Support and Intention to Quit. Perceived Supervisor Support is significantly related to Talent management practices and Intention to Quit. Talent management practices are significantly related to intention to quit. Recommendations are made.
Strategic Asset Allocation Of Credit Guarantors
Authors: Rhee Dong-Woo , Kang Hyoung-Goo , Kim Soo-Hyun
Published: February 2016

How to manage the portfolio of credit guarantors is important in practice and public policy, but has not been investigated well in the prior literature. We empirically compare four different approaches in managing credit guarantor portfolios. The four approaches are equal weighted, minimum variance, mean variance optimization and equal risk contribution methods. In terms of risk return ratio, the mean variance optimization model performs best in out-of-sample test. This result contrasts with previous findings against mean variance optimization. Our results are robust. The results do not change as the characteristics of guarantee portfolio vary.
Corporate Social Responsibility Policy And Brand Value
Authors: Farooq Omar , Aguenaou Samir , Amor Mohamed Amine
Published: February 2016

In this paper, we document that corporate social responsibility (CSR) has a negative effect on brand value. Our results show that this negative relationship exists only in firms where investor interest and visibility is high. We show that the negative impact of CSR policies is experienced by firms with high analyst following, larger size, and high earnings. We argue that markets consider CSR activities as a form of corporate charity with no expectations of positive returns. As a result, CSR activities are unnecessary costs incurred by firms. These costs result is adversely affecting current and expected financial performances. Given that current and expected financial performances are important determinants of brand value, firms with more visible CSR activities experience decline in brand values. We also show that certain components of CSR policy – firms who audit their CSR report from external auditors, brands of firms who report their global CSR activities, and brands of firms who publish a separate CSR report – exert more negative influence on brand values than the other components. All of these components are also related to increasing visibility of CSR activities.
Determinants Of Consumer Decision Making Of A Common Ticketing System In Bangkok’s Metropolitan Commuter Transportation Systems
Authors: Kaewwongwattana Peerakan , Phimolsathien Thepparat , Pimdee Paitoon
Published: February 2016

The word "commuter" is an American invention. In the 1840s people living in the suburbs could pay a reduced or "commuted" fare to use the trains to get into the cities. The world's worst commute is in Bangkok, Thailand, where people spend about 2 hours a day travelling to and from work. At peak times the average speed of traffic in Bangkok is 7 mph with the total number of vehicles with Bangkok license plates hitting 8.55 million, double the 4.28 registered in 2004. There is hope however as Bangkok during this period has delivered several commuter rail systems. The 15 year old ‘Skytrain’ system has just passed its 2 billionth rider while the 10 year old subway sees 240,000 riders a day. Bangkok’s newest airport ‘rail-link’ system to the suburban international airport while designed for air travelers, has become an access point for suburban commuters. With these three systems however there is no common ticketing system that allows transfer between systems, thus the reason for this paper’s research. Simple Random Sampling was used to obtain questionaries’ from 300 Bangkok commuters in which it was determined that individual decision making has the greatest influence, both directly and indirectly, on the use of a common ticketing system. External variables has the second greatest influence, again both directly and indirectly with a commuter’s personal habits influencing the decision making process in only a limited but direct way.
What Drives Security Issuance Decisions Of Firms Listed On The Johannesburg Stock Exchange: Market Timing Or Dynamic Trade-Off Theory Or Both?
Authors: Moyo Vusani
Published: February 2016

This study used the random effects Tobit model to investigate the validity of the market timing, trade-off and pecking order hypotheses of capital structure in 143 non-financial firms listed on the Johannesburg Stock Exchange. The results show that leverage is positively correlated to the modified external finance weighted average market-to-book ratio (EFWAMB). Firm profitability and growth rate are negatively correlated to leverage whilst firm size and asset tangibility are positively correlated to leverage. The firms also have target leverage ratios towards which they actively adjust at an unbiased speed of 41.80% for the market-to-debt ratio and 52.82% for the book-to-debt ratio. EFWAMB has a negligible effect on the firms’ speeds of adjustment towards target leverage. The results are robust. These results reject the market timing hypothesis in support of the dynamic trade-off and pecking order hypotheses. They further confirm the fact that these two theories of capital structure are not mutual exclusive.
The Use Of Ohlson's O-Score For Bankruptcy Prediction In Thailand
Authors: Lawrence Judy Ramage , Pongsatat Surapol , Lawrence Howard
Published: February 2016

Business failure is a major concern to all parties involved and can create high costs and heavy losses.  If bankruptcy can be predicted with reasonable accuracy ahead of time, firms can better protect their businesses and can take action to minimize risk and loss of business, and perhaps even prevent the bankruptcy itself.   Bankruptcy prediction in thailand is important because business in thailand has historically operated on a system of trust where one person doing business trusts the other to perform as agreed upon in written and oral contracts.  The threat of bankruptcy tends to diminish that trust and weakens the country's ability to prosper.  While research in bankruptcy has been extensive, there has been only limited research on bankruptcy prediction in thailand.  This study expands on an earlier study by pongsatat, et al (1994) using ohlson's o-score to determine if there a significant difference in ohlson’s o-score as measured by ohlson’s logit analysis model between bankrupt and non-bankrupt firms in thailand.  The results of the independent samples t-test demonstrates that there are significant differences in the population means for one year, two years and three years prior to bankruptcy at the 0.05 level.  Therefore the null hypothesis that there is no difference in the mean of ohlson’s o-score as measured by logit analysis between bankrupt and non-bankrupt firms in thailand is rejected.
The Tunisian Tourism Business: What We Learn About The European Demand?
Authors: Kamel Jlassi , Ftiti Zied , Chaibi Hasna
Published: February 2016

People from European countries are traditionally the most important sources of tourism for Tunisia. The aim of this paper is to analysis the European tourism demand for Tunisia. we propose a vector autoregression error correction model. The following methodology allows us to analysis the dynamic of Tunisian tourism in both short-term and long-term. Our main results show that the real exchange rate is an important factor explaining long-term overnight stays. A currency depreciation of 10% will increase the number of nights spent by visitors by 12% in the long term, but will have the opposite effect in the short term. However, we show that tourism demand is inelastic to income, indicating the low-cost nature of Tunisian tourism.
Effects Of HPWSS On Employee’ Attitude For Korean Firms: The Mediating Role Of Human Resource Competency And The Moderating Role Of Organization Culture
Authors: Lee Myeong-Ju , Lee Dong-Hyun
Published: February 2016

The purpose of this paper is to examine the black box by which high performance work systems (HPWSs) affect employee’s attitude. It attempts to show the mediating effect of human resource (HR) competency in the HPWSs-job attitude link, and the moderating effect of organization culture. More specifically, we propose that HPWSs have a positive effect on the both job satisfaction and HR competency, and that HR competency mediates the relationship between HPWSs and job satisfaction. Further, we propose that adhocracy culture in organization strengthens such relationships between HPWSs and HR competency as well as between HPWSs and job satisfaction. We use a nationally representative data set from Korea (firm-level samples: 215 firms, employee-level samples: 5577 employees) for testing the hypotheses. Results indicated support for the hypothesized that positive association between HPWSs and HR competency and between HPWSs and job satisfaction. HR competency has a partial mediating effect in the HPWS-job attitude link. The results were supportive of organization culture of the impact of HPWSs on HR competency and job satisfaction. Limitations of the study and implications for future research are discussed.
Bank-Insurance Integration Level In Ukraine: Science-Methodological Approach
Authors: Obeid Hassan
Published: February 2016

The methodological approach to the assessment of bank-insurance integration (BII) level in Ukraine based on the calculation of integration index using of binary characteristics and matrix analyses instruments is given in the following paper. The proposed approach considers the presence of part (full) integration of bank capital and insurance companies, and the connection between these financial intermediaries in spheres of life and risk insurance in terms of the absence of their mutual participation in capital (bancassurance). Our findings evidence a low value of BII level in Ukraine during 2002-2013 in conditions of the gradual integration processes’ acceleration and the appearance of new innovative forms of bank-insurance cooperation.
The Relationships Between Perceptions Of Supervisor, Trust In Supervisor And Job Performance: A Study In The Banking Industry
Authors: Birkenmeier Betty J. , Sanséau Pierre-Yves
Published: February 2016

The purpose of this study is to investigate the relationship between the perceptions a front line employee has of their immediate supervisor, the trust the front line employee has in this supervisor, and an employee’s job performance. Data were collected from 457 employees holding customer contact positions at community and regional banks located in several states in the southern part of the United States. The findings of the study indicate that there is strong correlation between the perceptions an employee has of their supervisor and the trust the employee has in their supervisor for Customer Service Representatives.  Furthermore, it was found that there was, at best, a weak correlation between perceptions of supervisor and job performance.
Free Cash Flow And Earnings Management: The Moderating Role Of Governance And Ownership
Authors: Nekhili Mehdi , Ben Amar Ines Fakhfakh , Chtioui Tawhid , Lakhal Faten
Published: February 2016

The purpose of this paper is to analyze the moderating effect of corporate governance and ownership features in lessening earnings management practices in a free cash flow (FCF) situation. A simultaneous equations model is developed to address endogeneity of the FCF variable. Based on a sample of French companies belonging to the SBF 120 index from 2001 to 2010, the results highlight the opportunistic behavior of managers in presence of free cash flows. Particularly, managers engage in earnings management practices that increase reported earnings. Our results also show that corporate governance mechanisms such as audit committee independence and external audit quality, in addition to institutional investors and managerial ownership reduce the extent of earnings management. Corporate governance mechanisms are substitutive in their monitoring role of managers’ behavior to reduce earnings management in presence of a free cash flow problem. 
Which Product Will Survive To Be Standard?: Technology Adoption And The Role Of Governments
Authors: Tomohara Akinori
Published: February 2016

While several surveys on technology diffusion have been undertaken, few attempts have been made to synthesize existing research to provide a framework for examining the role of governments.  Is government intervention really required to remedy market failures caused by network externalities?  This paper covers recent developments in this area, focusing on works in stochastic evolutionary game theory.  We relate the results of equilibrium selections to the role of governments. JEL classification: L1, L53 Keywords: Path Inefficiency; Market Failure; Network Externalities
The Demand For Community Supported Agriculture
Authors: Polimeni John M. , Polimeni Raluca Iorgulescu , Shirey Richard L. , Trees Christina L. , Trees W. Scott
Published: February 2016

Community Supported Agriculture (CSA) has undergone both a rapid increase in growth and interest over the last decade.  As such, the amount of literature on the subject has also increased.  However, there are few, if any, theoretical models of demand on CSA that have been developed from membership data. This paper uses both survey and anecdotal data of members of the Roxbury Biodynamic Farm, the second largest CSA in the United States, to present a theory of demand for CSA membership. Included in the discussion is consideration of the evidence that there is a direct relationship between production method and demand, usually a shibboleth in traditional economic analysis. Further exploration considers the possibility that over time participation influences the very nature of demand for CSA membership, and hypothesizes that this dynamic demand is a necessary but insufficient condition for the sustainability of CSA.
Multiple Accountability Relationships Matrix: A Hospital Setting
Authors: Bergsteiner Harald , Avery Gayle C.
Published: February 2016

Individuals, groups and organizations are subject to multiple accountability pressures that are often overlooked in analyzing accountability relationships. The shortcomings of two schemata for classifying and depicting multiple accountability relationships are addressed to create an alternative matrix-based approach. This matrix blends criteria espoused by category theorists with Bergsteiner’s (2004) responsibility/accountability taxonomy. Although the proposed matrix is intended to generalize across accountability situations, its capacity to highlight one-way, mutual and self accountabilities of organizations and their many constituents in meeting their role/task, legal/ethical and moral responsibilities is demonstrated by focusing on accountability relationships affecting the operator of a privately operated hospital.
Exploring Agency Theory Implications With Franchising
Authors: Manna Dean R. , Smith Alan D. , Synowka David P.
Published: February 2016

The franchiser-franchisee relationship (FFR) can be examined from two theoretical perspectives, Agency Theory and Exchange Theory.  Strategic management of demands that the leadership makes decisions on what the company should do and what the company should not do.  This type of decision-making is called making trade-offs and has much to do with Agency Theory’s applications to FFR.  One reason that operational effectiveness is the preferred way is that it has inherently little risks during the short term.  Managers would be willing to make decisions if the risks were not so high on the long term.  From the Agency Theory viewpoint, dual distribution can be analyzed in a cost versus cost trade-off schema.  The approach argues that both franchising and company ownership have costs associated with them.  Dual distribution is considered an internal solution to the cost tradeoff.  Some of the costs in question are inefficiency of client risk sharing, franchisees that are free riding and the legal costs of terminating a franchise.  Under dual distribution the mix of company ownership and franchising minimizes the sum of these total costs.  When looking at market demand and the impact strategic decisions may influence it several factors come into play, including point of sale service.  The components include the impact of outlet level services provided to the consumer enhancing value via the shopping experience, the franchiser’s level of effort to streamline the supply chain to all retail outlets, which enhances the image and reputation of the brand with the customer.  Aspects of Agency Theory can be extended to include credible communication of franchise brand equity. 
Asymmetry In U.S. State Unemployment Rates
Authors: Jirasakuldech Benjamas , Snaith Sean
Published: February 2016

This paper examines the nature of asymmetry of U.S. state unemployment rates using the time reversibility test developed by Ramsey and Rothman (1996). These authors and others have found asymmetry in aggregate unemployment rates in this study we examine whether or not these results extend to state level unemployment series.  Alaska, District of Columbia, Hawaii, Louisiana, Missouri, Montana, and Puerto Rico, exhibit changes in unemployment rates that are symmetric.  California, Georgia, Kansas, and North Carolina, show evidence of asymmetry of the change in unemployment rates due to non-linearity in the model.  Unemployment rate asymmetry documented in other states is attributable to non-Gaussian errors.  Asymmetric patterns documented in most states are consistent with the fast-up and slow-down dynamics observed in aggregate unemployment data.
From Outsider To Insider: A Case Study Of Anticipatory Socialization And Its Impact On Role Expectation And Transition Of An Outside CEO
Authors: Jackson Nicole
Published: February 2016

The number of CEO successions is on the rise. Despite its importance to business scholars, what underlies successful or failed successions is not well understood. This paper examines this topic by looking at an under researched area of CEO transitions, the socialization process of an outsider CEO into a new organization and how this process may impact role expectation and transition into an organization.  As an initial qualitative and exploratory piece, the goal of this paper is two-fold. First, this paper looks at how a CEO engages in the socialization process into a firm and its broader implications in a leader’s willingness to identify with an organization. Second, this paper proposes a potential model that can be applied to explain this process for future research and application to other CEO succession studies.
Intellectual Capital (Intangible Assets) Valuation Considering The Context
Authors: Ortiz Miguel Angel Axtle
Published: February 2016

This article seeks to illustrate the evolution of intangible assets studies to the broader concept of intellectual capital and its valuation methods; then clarifies misunderstood concepts about the existence of intangible liabilities. A systemic dynamics approach to the IC valuation method considering the context finally is explained.
Conceptualizing Institutions And Organizations: A Critical Approach
Authors: Boliari Natalia , Topyan Kudret
Published: February 2016

This paper reviews the concept of institutions and its relationship to capitalist development as used in the field of NIE and compares it to the use of the concept by Hall and Soskice. By specifying exactly what institutions are, how and why they should be differentiated from organizations, and how they influence transaction and production costs, Douglass North and the NIE articulate the role of institutions in understanding economic development. Hall and Soskice however, reveals a broad and varied use of the concept which ignores one of the key elements of institutions – enforcement and also fails to provide a clear differentiation between institutions and organizations which leads to confusions in understanding their specific roles in the process of development of the two types of economies that the authors define. A varied, imprecise and inconsistent use of the concept may lead to an overestimation of the role of institutions and conversely underestimation of the role of organizations in capitalist development. 
From Selection To Termination: An Investigation Of Advertising Agency/Client Relationships
Authors: Yuksel Ulku , Sutton-Brady Catherine
Published: February 2016

It is a fact of corporate life that firms now and again change their advertising agencies. Therefore the first objective of this study is to analyze the mixed and overlapping dimensions of the selection, evaluation, and termination processes. The second objective is to identify the differences that exist in evaluation criteria by comparing both parties to the relationship.  This exploratory and descriptive study attempts to understand the interactions from a theoretical background of organizational relations literature, namely, transaction cost theory, network theory, and resource based view (RBV).  An important managerial implication of this study is that it gives a clearer picture of similarities and discrepancies in the views held by both parties in the client firm and advertising agency context. The results of this study indicate that it is important for both parties to understand that both the client and the agency may have different reasons for making their respective decisions.
Who Are The Difficult Employees? Psychopathological Attributions Of Their Co-workers
Authors: Kemelgor B. , Sussman L. , Kline J. , Zurada Jozef
Published: February 2016

On a given workday, over 700 workers are attacked, 43,800 employees are harassed and 16,400 are threatened (Hynes, 2001). Yet the literature focuses upon environmental causes; none attempt to identify personal characteristics of the uncivil, deviant or maladaptive employee. This study helps fill this void by exploring the personality correlates of uncivil employee behavior. These employees violate mutual norms of respect, negatively affect organizational performance, and are thus the prototypical difficult employee. Utilizing a unique psycho-pathological approach, the DSM-IV (Diagnostic Statistical Manual) was used as the basis for defining and assessing the perceived personality correlates of these employees’ behaviors. Results suggest that narcissistic traits are the modal descriptors for the Difficult Employee, regardless of hierarchical role (boss, peer, subordinate). Implications are discussed with suggestions for future research.
The Global Competitiveness Of The Nation: A Conceptual Discussion
Authors: Nurbel Alain
Published: February 2016

The recurrent use of the concept of international competitiveness in order to explain differences in performances between firms and between countries induces to wonder about the content at which it refers. The plurality of the involved economic levels is certainly not irrelevant to the vagueness in which the concept is rooted. The subject of this article consists in contributing to break up the vagueness surrounding the concept by showing its richness within the framework of a presentation of the foundations of the nation’s global competitiveness in terms of factors and results.
Cap And Trade Allowance Accounting: A Divergence Between Theory And Practice
Authors: Ragan Joseph M. , Stagliano A. J.
Published: February 2016

This study concerns one of the most significant and glaring divergences between theory and practice that has emerged since the accounting discipline’s conceptual framework was developed in the late 1970s.  Through an extensive empirical examination of extant practices with respect to cap and trade allowances allotted to U.S. electric utilities under the Clean Air Act Amendments of 1990, this research demonstrates a surprising—and possibly unsupportable—divergence between expected and actual practice.  The results of this research show that practice and theory diverge in a substantial and negative way.  EPA-issued emissions allowances meet the accepted definition of an economic resource that will provide a future benefit, i.e., an asset.  Yet, examination of five years’ of public financial disclosures for the entities affected by the CAAA shows scant recognition for the acquisition, disposition, or year-end existence of these tradable emissions permits.  Financial statement users and other stakeholders of the affected entities may be seriously misled by the failure to recognize the allowances.  This divergence between theory and practice does not appear to be justifiable.
Poverty In The United States: A Continuing And Growing Problem
Authors: Haroian Berch , Ekmekjian Elizabeth C. , Grivoyannis Elias C.
Published: February 2016

In recent years, the ability to deal with the problem of poverty in the US, in light of the new “Federalism,” is an area of interest to scholars. The poverty rate over the past 50 years has fluctuated from a high of 22.4% in 1959 to a low of 11.1% in 1973. Under George Bush’s presidency, we again see an increase in the poverty rate to 12.7% in 2004. This paper provides an overview of poverty data for the 21st century, by region, race and age.  A discussion and comparison of median household income follows. Facts and figures are then provided/compared, tying in health care issues to income levels and citizenship/ethnicity. A brief introduction of the various attempts over the past years by the federal government to reduce the proportion of the American population that falls below the poverty line follows.  This section merely provides a listing of programs designed to satisfy social and equity considerations.  This paper does not provide the reader with the impact of these programs on the economy; a brief mention is provided to generate further thought and discussion.  The paper concludes with a summary of key elements of the above issues. The sole purpose is to provide an overview of historical data as concerns poverty, median household income and health insurance coverage. The ability to deal with the problem of poverty in the U S, is left for another paper.
Investment In An Unstable Tax Environment
Authors: Basu Sam N. , Lowenthal Franklin , Lubwama Christopher
Published: February 2016

While most of the capital budgeting situations are typically micro level problems, the introduction of this dual impact of the corporate tax rate on the project acceptance criterion provides an insight into potential tax regime decisions on long term investments in a given tax jurisdiction.  If we understand this dual behavior well enough, it might be possible for a tax regime to manipulate its corporate tax rate without necessarily jeopardizing acceptability status of capital projects to providers of capital. The present paper is an attempt to model this dual impact of the corporate tax rate on the NPV of projects within the tax regime, and study the implications of the results for policy makers and for corporations facing such policy makers.