bluuebunny/crossref_metadata_2025 huggingface dataset:
Banks’ internal controls and risk management: Value-added functions in Italian credit cooperative banks
Authors: Cerrone Rosaria
Published: December 2016

A critical component of safe and sound bank management is constituted by an effective and efficient system of internal controls, which help to ensure that the goals and objectives of a bank will be met, that long-term profitability targets will be achieved, and maintain reliable financial and managerial reporting. Such a system can also ensure that the bank will comply with laws and regulations as well as policies, plans, internal rules and procedures, and decrease the risk of unexpected losses or damage to the bank’s reputation. The paper describes the essential elements of a sound internal control system and through a qualitative approach, it shows how is tied to the rules attaining capital requirements and, above all, to the purpose of the Internal Capital Adequacy Assessment Process (ICAAP) which aims at determining the adequate capitalisation of a bank given the risks endured as well as future risks arising from growth, and new business lines. After the recent financial crisis ICAAP is becoming more and more relevant and a central component of an effective strategy for managing risk and creating value. All principles and considerations are referred to Italian Credit Cooperative Banks particular both for dimension and for governance and risk management. They have been contacted though local federations and the results confirm the existing of weakness in internal controls.
An economic analysis of the European commission’s proposal for a European account
Authors: Kyriakides Nicolas
Published: December 2016

This paper performs an economic analysis of the European Commission’s proposal for a European-wide preservation order. Bentham’s utilitarianism theory suggests that legislators must take into mind the pleasures and pains associated with any legislation and to form laws in order to create the greatest good for the greatest number. These ideas are reflected in the modern economic theories of welfare economics. But are these principles sufficient to create effective legal rules and achieve justice? Section 2 of this work analyzes the difficulties in obtaining a provisional measure to preserve another party’s assets in another Member State of the European Union (“EU”). Section 3 sets out the Commission’s proposal for a European Account Preservation Order (“EAPO”). Section 4 applies welfare economics principles in order to identify the effect of legal rules related to this proposal, while it proposes an alternative approach to these principles. Lastly, section 4 makes suggestions on the proposal based on this alternative approach.
Impact of regulation and supervision on European banks’ stability
Authors: Bouheni Faten Ben
Published: December 2016

This article applies the Generalized Method of Moments technique for dynamic panels, using bank-level data for the selected European countries over the period 2005 to 2011, to investigate the impact of regulation and supervision on risk taking. Three conclusions are reached. First, in France, Germany and UK, restriction on bank activities boosts banking stability. However, supervisors’ power and capital adequacy encourage risk taking. Second, in Italy, Greece and Spain, we find that with more supervisors’ power, largest banks tend to take greater risks and strengthening regulation and supervision weakens the bank’s stability. However, the capital requirements decrease the risk taking. Third, strengthening regulatory and supervisory framework, and compliance with Basel principles enhance financial stability in Europe. These different results between European countries show that the application of regulation and supervision depends on the monitoring mode and the rhythm of application of regulatory policies
The underwriting process of liability insurance in South Africa
Authors: Anderson S. E. , Mostert Frederik J. , Mostert J H
Published: December 2016

Liability risks may embody far-reaching financial consequences for individuals, business enterprises and professional people. This paper focuses on the underwriting process which should be taken into consideration by short-term insurers when they are underwriting the main types of liability insurance, which include employer’s, householder’s, personal, product, professional and public liability insurance.
The improvement of financial decision-making by short-term insurers when underwriting liability insurance represents the objective of this research. A study of secondary data was done to identify the existing literature, which formed the basis for compiling a questionnaire to obtain primary data. The top 10 short-term insurers which are the market leaders of liability insurance in South Africa and who received more than 85% of the annual gross written premiums for liability insurance in South Africa, represented the sample of the empirical study.
This paper highlights the importance of the underwriting factors concerning liability insurance, how often the stipulations of insurance policies should be adjusted by the short-term insurers to account for the underwriting factors, as well as the problem areas which the underwriters may experience when they are underwriting liability insurance. Possible solutions to solve the problem areas were also addressed.
Cash flow management practices: An empirical study of small businesses operating in the South African retail sector
Authors: Aren Augustine Oghenetejiri , Sibindi Athenia Bongani
Published: December 2016

The small, micro and medium business enterprises (SMMEs) sector is universally acclaimed for fostering economic growth in many economies. The health of this sector is largely premised on the observance of prudent financial management tenets, mainly cash flow management. In this study we interrogate the influence of cash flow management practices on the survival or growth of the SMMEs by conducting a survey amongst the SMMES operating in the retail sector of Pretoria in South Africa. We find evidence that cash flow management is extremely important to the survival of a business, particularly small businesses, and poor cash flow management can also lead to small business failure. We also proffer policy advice as to the remedial actions needed to safeguard this sector.
Life insurance, financial development and economic growth in South Africa
Authors: Sibindi Athenia Bongani
Published: December 2016

The life insurance sector may contribute to economic growth by its very mechanism of savings mobilisation and thereby performing an intermediation role in the economy. This ensures that capital is provided to deficient units who are in need of capital to finance their working capital requirements and invest in technology thereby resulting in an increase in output. In this way, it could be argued that life insurance development spurs financial development. In this article we investigate the causal relationship between the life insurance sector, financial development and economic growth in South Africa for the period 1990 to 2012. We make use of life insurance density as the proxy for life insurance development, real per capita growth domestic product as the proxy for economic growth and real broad money per capita as the proxy for financial development. We test for cointegration amongst the variables by applying the Johansen procedure and then proceed to test for Granger causality based on the vector error correction model (VECM). Our results confirm the existence of at least one cointegrating relationship amongst the variables. The results indicate that the direction of causality runs from the economy to the life insurance sector which is consistent with the “demand-following” insurance-growth hypothesis. There is also evidence of causality running from the economy to financial development which is consistent with the “demand following” finance-growth hypothesis. The results also reveal that life insurance complements economic growth in bringing about financial development further lending credence to the “complementarity” hypothesis.
The prospects for ending piracy at sea
Authors: Goedhals-Gerber Leila L. , Freiboth Heinrich W.
Published: December 2016

Since the earliest days of maritime trade, piracy has been a great cause of concern for the maritime community. During recent years it has evolved into a highly lucrative “profession”, which serves as a financial outcome to people in some of the poorest regions of the world, including Somalia, while disrupting important international supply chains at a great cost to trade. This paper investigates the geography of modern maritime piracy and the common socio-economic circumstances that underlie the causes of Somali piracy. Key findings include the fact that maritime piracy in the Gulf of Aden has recently declined as a result of coordinated international efforts, but remains a serious threat with cost implications for the maritime transport industry and world trade. The paper concludes by identifying the need in Somalia to change the incentive structure that promotes piracy as an alternative to legal pursuits. This can be achieved by restoring a central authority in the country, creating a stable and safe social environment, and re-establishing formal economic and financial systems.
Valuing call options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?
Authors: Biebuyck Anton , Van Rooyen Johan H.
Published: December 2016

This study attempts to determine whether this mispricing of financial derivatives is present in the South African derivatives market. This will be achieved by evaluating options for futures on individual stocks using a put-call parity ratio. The resulting theoretical fair value is compared with the actual market value for the three-year period (2009–2011). The results show that arbitrage opportunities are presented for selected stocks. Further research may include more stocks over a longer period to determine if there can be any model that can form the basis of an arbitrage trading strategy.
Determinants of IPO survival on the Johannesburg securities exchange
Authors: Neneh Brownhilder Ngek , Smit Van Aardt
Published: December 2016

The purpose of this paper was to establish the determinants of IPO survival on the Johannesburg Securities Exchange (JSE). Using the Kaplan-Meier test, this study established that firms less than five years prior to listing on the JSE have a significant smaller mean survival time; firms with a gross proceed less than the median have a significant shorter mean survival time; overpriced IPOs have a significant higher survival time; IPOs listed during the hot market period on the JSE have a significant smaller mean survival time and IPOs with return on asset, operating profit margin, and return on equity less than or equal to zero have a low mean survival time. Also, being in the internet industry significantly shortens the mean survival time of an IPO. Moreover, based on the Cox Proportional Hazard model, it was established that the determinants of IPO survivability on the JSE are the firms’ age, size, market period, return on equity and operating profit margin are. These findings provide investors and companies in the JSE with empirical evidence of the determinants of IPO survivability of the JSE. As such, investors are advised to consider these factors when selecting their portfolios
Retrospective of Macedonian capital market for the last ten years (from 2004 to 2013)
Authors: Dimitrova Janka , Fotov Risto , Trajkovska Olivera Gjorgieva , Todorovska Marija
Published: December 2016

Investments on the capital market depend on the current political situation of the country, as well as on the movements of the global economy. In countries with unstable political situation, the performance of the stock exchange declines, unlike politically stable countries, where stock exchange operation is carried out continuously, the stock exchange is a mirror and a barometer of general developments in a society. The economic crisis that spread all around the world in 2008, triggered the strongest negative effect on the capital markets, both on the trading volume and on securities’ prices. Prices of securities were falling overnight and stock indices also. In most cases an absurd situation occurred, where although companies showed good financial results and had promising investment activities, stock prices were still falling because of the euphoric panic that investors would lose their ventures, so they sought to take the last chance to save what can be saved. Macedonian capital market, although relatively young, experienced its flourish in 2006 and 2007, but also felt and still feels the effects of the global economic crisis. The beginning of that negative impact was first felt in the last quarter of 2007, and was more evident in 2008 and onwards. The numbers were most disappointing in 2013 both in terms of trading volume and in terms of number of transactions.
The impact of pension systems on financial development: An empirical study
Authors: Sun Shouji , Hu Jiye
Published: December 2016

The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR) with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth.
Proposals on development strategy of the financial market infrastructure in Ukraine
Authors: Rekunenko Igor , Riabichenko Dmitriy
Published: December 2016

Development strategy of such financial market infrastructure that is able to optimize the processes of institutional component’s functioning and increase an efficiency of various operations in this market has to become an important direction of improvement and development of the financial market infrastructure. This paper aimed to rationale the development strategy of financial market infrastructure in Ukraine.
Environmental stewardship and corporate social responsibility: Implication for consumers’ resistance to negative information. The case of apple in China
Authors: Larbi Martin
Published: December 2016

There are several studies that have investigated the effect of corporate social responsibility (CSR) on consumer behavior. However, these studies demonstrate conflicting results on how CSR influences consumer purchasing behavior and retention; for example, in event of negative information about a firm. Therefore, the effectiveness of CSR in advancing the core business of firms remains unresolved. This research uses a qualitative approach to examine how CSR affords firms greater levels of goodwill with consumers. The study focuses on the case of Apple in China. Both primary and secondary data were collected through interviews, review of literature, newspaper reports, blogs, social media, and official websites of institutions and corporate entities. A deductive analytical approach was used to examine how consumers perceive CSR, and how that impacts on their attitude towards a firm when confronted with negative information. The study found low level of awareness of CSR in consumers. Moreover, the findings demonstrate that consumers tend to attach more importance to CSR when they identify with the problems associated with the actions or inactions of a firm. The study shows that firms can only enjoy the full benefits of CSR by creating public awareness of such endeavours.
Life insurance, financial development and economic growth in South Africa: An application of the autoregressive distributed lag model
Authors: Sibindi Athenia Bongani
Published: December 2016

The life insurance sector may contribute to economic growth by its very mechanism of savings mobilisation and thereby performing an intermediation role in the economy. This ensures that capital is provided to deficient units who are in need of capital to finance their working capital requirements and invest in technology thereby resulting in an increase in output. In this way, it could be argued that life insurance development spurs financial development. In this article we investigate the causal relationship between the life insurance sector, financial development and economic growth in South Africa for the period 1990 to 2012 by applying the ARDL bounds testing procedure. We make use of life insurance density as the proxy for life insurance development, real per capita growth domestic product as the proxy for economic growth and real broad money per capita as the proxy for financial development. We test for cointegration amongst the variables by applying the bounds test and then proceed to test for Granger causality based on the error correction model. Our results confirm that the variables are cointegrated and move in tandem to each other in the long-run. The results also indicate that the direction of causality runs from the economy to the life insurance sector in the short-run which is consistent with the “demand-following” insurance-growth hypothesis. There is also evidence of bidirectional Granger causality running from the economy to financial development and vice versa, both in the long-run and short-run. The results also reveal that life insurance complements financial development in bringing about economic growth further lending credence to the “complementarity” hypothesis.
The impact of perceived risk on on-line purchase behaviour
Authors: Gerber Charlene , Ward Shannon , Goedhals-Gerber Leila
Published: December 2016

To avoid risks, consumers tend to be failry thoughtful decision makers. Research has shown that consumers perceive risks associated with purchasing online and as a result online purchasing has not yet reached the numbers that were projected. In order for e-commerce to live up to its full potential, online retailers should gain an understanding of which perceived risks online purchasing consumers are most concerned with. This study aimed to assess the impact of perceived risk on online buying behaviour. Personal interview surveys were conducted in an emerging market whereby 200 respondents that have access to the internet were interviewed in selected malls with regards to their perceived risks when buying online. The results showed that perceived risk does have an impact on online buying behaviour, and that consumers that have not bought online in the past are likely not to do so in the future. The results show that characteristics of emerging markets are sufficiently distinct from developed markets in that consumers in developed markets seem to be more conservative when buying online. Marketers should therefore developed alternative marketing programs when communicating to these markets in an attempt to persuade consumers to buy online.
Valuing put options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?
Authors: Biebuyck Anton , Van Rooyen Johan H.
Published: December 2016

This study attempts to determine whether mispricing of options on single stock futures is present in the South African derivatives market. The valuation of options on single stock futures is considered through the put-call parity relationship. The theoretical fair values obtained, are compared to the actual market values over a period of three years, that is, from 2009 to 2011. Only put options are considered in this research.The results show that arbitrage put option opportunities do present themselves for the chosen shares. The actual put options were found to be underpriced in 5 out of 6 (83%) of the cases considered over the evaluation periods chosen. The mispricing was significant for both the BHP Billiton options with 100% and in the case of Sasol options (66%) of the time. Whether profitable arbitrage opportunities is possible, will depend on the magnitude of the mispricing and the transaction fees payable. Further, more extensive research may help identify tendencies which may be of use for the formulation of arbitrage strategies.
Global financial crisis and credit risk disclosure in the UAE banks
Authors: El-Bannany Magdi
Published: December 2016

The aim of this study is to establish a model to explain the reasons for changing the level of credit risk disclosure among the UAE Banks over the period 2006-2009. Multiple regression analysis is used to test the relationship between the level of credit risk disclosure as a dependent variable and global financial crisis and other independent variables. The results show that global financial crisis, foreign ownership, bank age, investment in information technology systems and bank profitability variables have a significant impact on the level of credit risk disclosure. In addition the results show that listing age has no impact on the level of credit risk disclosure. More evidence is needed on the determinants of the level of credit risk disclosure before any generalization of the results can be made. In addition, the empirical tests were conducted only on the UAE Banks Group over the period 2006-2009 and hence the results of the study cannot be assumed to extend beyond this group of banks or to different study periods. The study might help the reporting regulators in formulating guidelines or/and standards for disclosing information about credit risk in banks. In addition, knowing the factors which might affect the level of credit risk disclosure might help in formulating strategies and policies to help in that extent. This paper adds to the literature of credit risk disclosure studies through explaining for the first time the determinants of level of credit risk disclosure only in banks. In particular, it tests the new theories that global financial crisis, foreign ownership, bank age, investment in information technology systems, bank profitability and listing age have a significant impact on the level of credit risk disclosure
The claims handling process of liability insurance in South Africa
Authors: van Jaarsveld Jacoline , Mostert Frederik J. , Mostert Jan Hendrik
Published: December 2016

Liabilities play a very important financial role in business operations, professional service providers as well as in the personal lives of people. It is possible that a single claim may even lead to the bankruptcy of the defendant. The claims handling process of liability insurance by short-term insurers is therefore very important to these parties as it should be clear that liability claims may have enormous and far-reaching financial implications for them. The objective of this research paper embodies the improvement of financial decision-making by short-term insurers with regard to the claims handling process of liability insurance. Secondary data was initially studied which provided the basis to compile a questionnaire for the empirical survey. The leaders of liability insurance in the South African short-term insurance market that represented 69.5% of the annual gross written premiums received for liability insurance in South Africa were the respondents of the empirical study. The perceptions of these short-term insurers provided the primary data for the vital conclusions of this research. This paper pays special attention to the importance of the claims handling factors of liability insurance, how often the stipulations of liability insurance policies are adjusted by the short-term insurers to take the claims handling factors into consideration, as well as the problem areas which short-term insurers may experience during the claims handling process. Feasible solutions to address the problem areas are also discussed.
Hillel the elder: A Talmudic perspective of his leadership intelligence
Authors: Maune Alexander
Published: December 2016

There is a great deal of interest in discovering the secrets behind quality/good leadership as this is the backborne for organisational or national success. This article traces and reviews Hillel the Elder`s leadership intelligence, which saw him rose from being a woodcutter to became the ‘Nasi’ (President) of Israel, from a Talmudic perspective. Relevant literature from the Babylonian Talmud, journal articles and other Jewish books was reviewed in order to bring to light some of the secrets behind Hillel the Elder`s leadership intelligence. A number of leadership lessons were discovered and are discussed in this article. This article will go a long way in influencing leadership practices in the 21st century given the rampant corporate failures due to mismanagement, corruption and misappropriation of funds
The claims handling process of engineering insurance in South Africa
Authors: de Beer Johan , Mostert Frederik J. , Mostert Jan Hendrik
Published: December 2016

Due to technological developments, the complicated world of engineering and its associated products are continuously becoming more specialized. Short-term insurers provide engineering insurance to enable the owners and operators of engineering assets to combat the negative impact of the associated risks. It is, however, a huge challenge to the insurers of engineering insurance to manage the particular risks against the background of technological enhancement. The skills gap in the short-term insurance market and the engineering environment may be the main factor which inhibits the growth of the engineering insurance market. The objective of this research embodies the improvement of financial decision-making concerning the claims handling process of engineering insurance. Secondary as well as primary data were necessary to achieve the stated objective. The secondary data provided the background of the research and enabled the researchers to compile a questionnaire for the empirical survey. The questionnaire and a cover letter were sent to the top 10 short-term insurers in South Africa that are providing engineering insurance. Their perceptions should provide guidelines to other short-term insurers who are engaged in engineering insurance, as they are regarded as the market leaders of engineering insurance in South Africa. The empirical results of this research focus on the importance of various claims handling factors when assessing the claims handling process of engineering insurance, the problem areas in the claims handling process concerned, as well as how often the stipulations of engineering insurance policies are adjusted to take the claims handling factors into account.
Debt financing structure within the state-owned corporations in Kenya
Authors: Nyamita Micah Odhiambo , Dorasamy Nirmala , Garbharran Hari Lall
Published: December 2016

The current public sector financial management reforms agenda within the state-owned corporations in Kenya aimed at integrating and aligning their performance to vision 2030, has not yet achieved the traction required. This study, therefore, examined the different types of debt financing strategies applied by the various state-owned corporations in Kenya, in comparison to those applied by state-owned corporations from developed and developing economies. The study specifically revealed that private debt financing, through bank loans and payables is commonly used amongst Kenyan state-owned corporations. While, most state-owned corporations from developed and developing economies, such as in America, Europe, Asia and South Africa, use public debt financing, through financial securities, traded in both domestic and international capital markets.
Risk governance: Experience of Islamic banks
Authors: Siti Rohaya Mat Rahim , Mahat Fauziah
Published: December 2016

Risk governance has evolved tremendously in the banking industry. Risk governance recommends the imperative roles of Chief Risk Officer (CRO) to oversee risk. This study explores risk governance influence over the Islamic banks performances. Multivariate analysis techniques measure simultaneously via Structural Equation Modelling (SEM). This study employed cross-sectional sample of 200 Islamic banks across 21 countries for the year 2014. To examine risk governance and Islamic banks performance, the study captures seventeen variables developed from risk management and corporate governance (ROA, ROE, Profit Margin, CRO, Shariah committee member, CEO, board size, remuneration meeting, credit rating, external audit, accounting standard, loan loss provision, capital adequacy ratio, total deposit ratio, GDP, central bank lending rate and inflation). The simulation result reveals, risk governance act as mediating variables towards Islamic banks performance. This study has practical and significance contribution for Islamic banks to understand risk governance, aligning with the fundamental risk management and corporate governance.
The effect of life stages on needs satisfied by credit used, according to Alderfer’s existence relatedness growth theory
Authors: Botha Annerie , Venter Jan M. P.
Published: December 2016

The increase in household debt in South Africa over the past decade illustrates the importance of analysing credit usage. This study investigated the individual’s financial needs satisfied when using credit and the effect of life stage on the needs satisfied. The financial needs satisfied when using credit were analysed according to life stages using Alderfer’s existence relatedness growth (ERG) theory as a framework. The results indicated that credit usage is influenced by an individual’s life stage. This study found that individuals across all life stages mainly use credit to satisfy their existence needs. Although individuals in their single life stages used less credit products than individuals in their family life stages, it was worrisome to ascertain that mature couples had the highest average credit product usage. The findings suggest that individuals fall into the debt trap in their early life stage, resulting in them being unable to save income in the high-income-producing years in order to be able to dissave after retirement. It is suggested that educational programmes targeting the early life stages should be introduced to prevent individuals from becoming overindebted.
Risks and benefits from using mobile banking in an emerging country
Authors: Ntseme Onneile Juliet , Nametsagang Alicia , Chukwuere Joshua Ebere
Published: December 2016

An emerging countries banking service providers are eager to implement new technologies and services in order to grasp, penetrate the market and gain competitive advantage. The banks made use of technology by introducing new products such as mobile banking, but customers are not really adopting this new banking model provided as a result some challenges. Then, the overall objective of this study is to explore the risks and benefits on acceptance and usage of mobile banking by users in emerging countries. Also, to identify whether the independent variables are statistically significant factors in the adoption of mobile banking. The research established the effect of independent variables, which include perceived usefulness, and perceived ease use on dependent variables, i.e. the adoption of mobile banking. In the findings it was found that participants would use mobile banking if it is easy to use because then it will be useful to them. Conclusions were made that perceived ease of use of mobile banking positively affect perceived usefulness of mobile banking, perceived ease of use of mobile banking positively affect the behavioral intention to use mobile banking while perceived usefulness of mobile banking has a positive impact on the behavioral intention to use mobile banking.
Marketing potentials of the social media tools in the banking market of an emerging country
Authors: Assensoh-Kodua Akwesi
Published: December 2016

There are many facts that attest to the pervasiveness of social media applications in the current world of business. This communication medium is replacing the well-known emails and complimenting the likes of short message service (SMS) and instant messaging and chatting. As part of technology, which is revolutionising the way we do business and live, organizations worldwide are gearing up efforts to take advantage of this phenomenon. In South Africa, the story is the same. However, the Banks in South Africa seems to have problems selling this form of communication to their clientele to augment their service delivery. In view of this, the current study aimed to research into social media concept in South Africa, to highlight its trajectory pros and cons, and investigate why it is not being adopted by these clients, in addition to measuring the continuance intention of those who have accepted banking through social media. It was discovered that, social norm (β=0.579), perceived trust (β=0.510) and user satisfaction (β=0.332), in that order, stood out as the most influencing factors impacting on user acceptance and continuance intention (β=0.384) of social media usage for banking. Perceived behavioural control made no significant impact on users to adopt social media for financial services. As the banking industry keeps investing in the marketing potentials of social media tools for banking, in order to gain competitive advantage in customer service delivery, this social media usage could make a lot of difference when well researched into and managed. In some countries, banking customers are able to do their banking through social media sites, but little is known in South Africa (according to research), regarding the usage of this tool for banking purposes.
Establishment of audit committees in government ministries of a developing country
Authors: Akwenye Ndeshipewa Johanna , Chata Tia , Benedict Olumide Henrie
Published: December 2016

The underlying study to this paper attempts to establish to what extent audit committees in government ministries in Namibia have been established as a requirement for enhanced quality of service delivery and accountability to taxpayers A qualitative approach was followed, where questionnaires or an interviews were conducted with accounting officers in government ministries. Content and thematic analyses were used to formulate narratives based on the understanding of similarities and differences in respondents’ experiences, views and perceptions. The study shows that from the 17 ministries that responded, only 2 ministries have established audit committees. Confirmatory, there is currently no legislature that makes it mandatory for government ministries in Namibia to establish audit committees within their respective constituencies. There are no formal audit committee terms and references or an audit committee charters are in place. Government ministries in Namibia seem to not have adopted best national and international governance practices with respect to the establishment of audit committees within their ministries. There is a need for a clear guidance as to how audit committees must be established; the composition of the committee members, the terms of office of committee members and remuneration, to mention a few.
The link between capital structure and banking sector performance in an emerging economy
Authors: Maduane Refilwe Tryphina , Tsaurai Kunofiwa
Published: December 2016

South African banks are small compared to the international standards and this necessitates them to remain efficient and competitive at both national and international levels. Such competitiveness shelter them from global competitors wishing to enter into the South African market. Putting in mind the critical role played by banks in the economic development of every country, managers in the banking industry should ensure they make sound financial decisions in order to remain profitable and competitive amidst challenges of the debt-equity choice. This study seeks to determine the influence of capital structure on profitability of banks listed at the Johannesburg stock exchange (JSE) using the random effect regression model. Empirical studies that studies the impact of capital structure on profitability of the banking sector in emerging markets and Africa are very scant. The few empirical studies that focused on the banking sector are yet to focus on African and to agree on the relationship between capital structure and profitability. It is against these reasons that the current study chose to investigate how profitability of South African banks is affected by their capital structure. The study found out that capital structure is a key determinant of profitability of banks in South Africa. As such, the study recommends that optimal capital policies need to be pursued if banks are to not only to increase profitability but ensure long term stability and sound performance.
E-Commerce as an instrument of governing SMEs’ marketing strategy in an emerging economy
Authors: Lekhanya Lawrence Mpele
Published: December 2016

The purpose of this paper is to report on the use of e-commerce an instrument of governing SMEs’ marketing strategy in an emerging economy. The study aimed to assess and critically discuss various factors influencing the use of e-commerce as an instrument of governing SMEs marketing strategy and identify the extent to which SMEs owners/managers perceived e-commerce to be important to their businesses survival and growth. A mixed method approach allowed for qualitative and quantitative techniques in collecting data from targeted respondents, with primary collected from rural areas of an emerging country. The research instrument consisted of closed-ended questionnaires made up of 5-point Likert scale responses were distributed to each respondent. The research findings indicate that most respondents believed that the use of e-commerce is motivated by the cost saving and other financial factors in the form of benefits for the customer. In addition, large number of respondents disagreed that the use of e-Commerce has changed their consumer buying behaviour. The paper’s benefit will be to the owners/managers SMEs as well as policy makers and financial agencies for SMEs.
An analysis of public private partnership in emerging economies
Authors: Tshombe Lukamba Muhiya , Molokwane Thekiso
Published: December 2016

This article examines the significance of Public Private Partnership (PPP) in emerging economies. The major focus of the paper is the African continent. The article briefly discusses the origin and implementation PPPs in different continents across the globe. A qualitative research paradigm is adopted to analyse public private partnerships in Sub-Saharan Africa (SSA). Qualitative research is exploratory and is frequently used to investigate a subject area in which there is limited information. This method of investigation sheds light on the different PPP projects. A case study strategy adopted in this study was used create understanding of the different process emanating from the implementation of PPPs in Africa continent. A comprehensive understanding of PPP implementation in SSA is essential. PPPs should be considered in sectors where there is a need to improve infrastructure and service delivery. Every government should have legislation in place as well as a regulatory framework on PPPs to facilitate local and foreign investors to implement new projects. The absence of a legal and regulatory framework on PPPs hinders close collaboration between the public and private sector in certain countries in Sub-Saharan Africa. Anecdotal evidence from interviews with public officials indicates the need for government to focus on a specific project where it (government) perceives a need for a private company to participate. This article argues that the Build-Operate-Transfer (BOT) project is an excellent model for governments in SSA where there is a deficit infrastructure, required to provide improved service delivery. Most BOT projects require sizeable financial investment. Most governments prefer to use BOT to construct specific infrastructure such as new electricity power plants, toll roads, prisons, dams and water plants. Experience has revealed that BOT agreements tend to reduce market and credit risk for the private sector because in most instances government is the only customer, thus reducing the risk associated with insufficient demand and the inability to pay.
PEMBERDAYAAN SOSIAL EKONOMI PETANI DI PERKEBUNAN INTI RAKYAT: STUDI KASUS DI KISARAN, SUMATERA UTARA
Authors: . Sismudjito
Published: December 2016

ABSTRACT
Indonesia has quite enormous potentials in plantation region, one of them is the Province of North Sumatra. The plantations in North Sumatra are distributed in some regions, one of them is Asahan Regency, especially in Kisaran Sub-District. There are two kinds of plantations i.e. the large-scale plantation and the PIR (Estate Smallholders). PIR consists of large scale plantation as nucleus and tradisional smallholders as plasma which allocates their lands manually and is labor intensive. The budidaya of land by traditionally has been inherited from generation to generation so that their farming activities have become routines and has not been able to achieve the maximum production. The efforts to improve the production should be accompanied by a development in human resources by means of empowerment. Supporting factors including providing capital togetherness, Science and Technology, guidance to all citizens as a means to increase production.. Therefore, the development in human resources is meant to improve the plantation production through the society empowerment that goes simultaneously with the improvement in motivation.
Keywords: contract-farmaing, smallholder empowerment

ABSTRAK
Indonesia memiliki potensi di bidang perkebunan yang cukup tinggi, salah satunya adalah wilayah Provinsi Sumatera Utara. Perkebunan di wilayah Sumatera Utara tersebar di beberapa daerah,salah satunya adalah daerah Kabupaten Asahan, khususnya di wilayah Kecamatan Kisaran. Ada dua jenis perkebunan yakni perkebunan berskala besar dan Perkebunan Inti Rakyat(PIR). Jenis perkebunan inti rakyat bersifat tradisional dan padat karya. Pembudidayaan lahan secara tradisionalyang diwariskan dari satu generasi ke generasi penerusnya, sehingga aktivitas mereka bertani atau berkebun bersifat rutinitas dan belum dapat mencapai produksi yang maksimal. Dalam upaya meningkatkan produksi harus diiringi dengan peningkatan Sumber Daya Manusia (SDM) melalui pemberdayaan. Faktor-faktor pendukung diantaranya memberikan modal kebersamaan, Ilmu Pengetahuan dan Teknologi (IPTEK), bimbingan kepada para warganya sebagai sarana untuk meningkatkan produksi. Dengan demikian, peningkatan sumber daya manusia ini berfungsi untuk meningkatkan produksi perkebunan melalui pemberdayaan masyarakat yang berjalan seiring dengan meningkatnya motivasi.
Kata kunci : pemberdayaan, perkebunan inti rakyat (PIR)
Modeling the kinetics of essential oil hydrodistillation from juniper berries (Juniperus communis L.) using non-linear regression
Authors: Radosavljevic Dragana , Ilic Sinisa , Milojevic Svetomir , Bojovic Zivko , Markovic Miljana
Published: December 2016

This paper presents kinetics modeling of essential oil hydrodistillation from juniper berries (Juniperus communis L.) by using a non-linear regression methodology. The proposed model has the polynomial-logarithmic form. The initial equation of the proposed non-linear model is q = q??(a?(logt)2 + b?logt + c) and by substituting a1=q??a, b1 = q??b and c1 = q??c, the final equation is obtained as q = a1?(logt)2 + b1?logt + c1. In this equation q is the quantity of the obtained oil at time t, while a1, b1 and c1 are parameters to be determined for each sample. From the final equation it can be seen that the key parameter q?, which presents the maximal oil quantity obtained after infinite time, is already included in parameters a1, b1 and c1. In this way, experimental determination of this parameter is avoided. Using the proposed model with parameters obtained by regression, the values of oil hydrodistillation in time are calculated for each sample and compared to the experimental values. In addition, two kinetic models previously proposed in literature were applied to the same experimental results. The developed model provided better agreements with the experimental values than the two, generally accepted kinetic models of this process. The average values of error measures (RSS, RSE, AIC and MRPD) obtained for our model (0.005; 0.017; ?84.33; 1.65) were generally lower than the corresponding values of the other two models (0.025; 0.041; ?53.20; 3.89) and (0.0035; 0.015; ?86.83; 1.59). Also, parameter estimation for the proposed model was significantly simpler (maximum 2 iterations per sample) using the non-linear regression than that for the existing models (maximum 9 iterations per sample).
Complete commutative subalgebras in polynomial poisson algebras: A proof of the Mischenko-Fomenko conjecture
Authors: Bolsinov Alexey
Published: December 2016

The Mishchenko-Fomenko conjecture says that for each real or complex
finite-dimensional Lie algebra g there exists a complete set of commuting
polynomials on its dual space g*. In terms of the theory of integrable
Hamiltonian systems this means that the dual space g* endowed with the
standard Lie-Poisson bracket admits polynomial integrable Hamiltonian
systems. This conjecture was proved by S. T. Sadetov in 2003. Following his
idea, we give an explicit geometric construction for commuting polynomials
on g* and consider some examples. (This text is a revised version of my paper published in Russian: A. V. Bolsinov, Complete commutative families of polynomials in Poisson?Lie algebras: A proof of the Mischenko?Fomenko conjecture in book: Tensor and Vector Analysis, Vol. 26, Moscow State University, 2005, 87?109.)
Voluntary Associations and the Political Engagement of Young Canadians
Authors: Tossutti L.S.
Published: December 2016

This essay investigates whether the generally positive relationship between membership in voluntary associations and political engagement that has been observed for adults in many countries also holds true for young Canadians who are becoming marginalized from democratic life. Drawing on survey data, the study assessed the impact of organizational type on youth involvement in conventional and unconventional political activities. It found that affiliations with certain voluntary organizations in the secular and religious domains exerted a significant impact on the likelihood of joining a political party. Some apolitical and political associational memberships in the secular domain were associated with a higher incidence of unconventional political activism. The impact of associational memberships on turnout and expressions of political interest, however, was largely neutral for Canadians under the age of 30. The findings show that different organizational affiliations lead to different civic outcomes for young Canadians.