bluuebunny/crossref_metadata_2025 huggingface dataset:
Strategic Planning And Performance Of Businesses In Ghana: A Comparative Study Of Micro, Small, And Large Firms
Authors: Agyapong Ahmed , Muntaka Abdul Samed
Published: March 2016

Over the last three decades, numerous studies have been conducted on the relationship between strategic planning and organizational performance; all these studies have yielded inconclusive results. This article investigates this relationship using data from micro, small, and large firms operating in a developing economy. The results suggest that the planning-performance relationship is positive and very significant in micro level firms where strategic planning approximates disequilibrium. In small firms, we found that this relationship was positive and moderately significant. In large firms where strategic planning approximates equilibrium, however, the planning-performance relationship was positive but not significant. Accordingly, we present a new dimension to the strategic-planning-performance debate and suggest that the relationship differs on the basis of the firms level/size and economic environment.
Fat Tax As An Alternative Tax In South Africa
Authors: Talbot Lizelle , Pienaar Sare
Published: March 2016

South Africa, like many other countries, is struggling with raising levels of obesity and the resultant health problems. Furthermore, as elsewhere in the world, this country is experiencing an ever-increasing need for additional fiscal revenue. These problems force governments all over the world to investigate possible solutions to these issues. The aim of this study was to determine whether fat tax can be used as a tool to decrease the rising rate of obesity in South Africa and thus improve the general health of South Africans and to create additional tax revenue. Available literature was compared and critically analyzed in terms of South African conditions in order to determine whether fat tax should be considered as an alternative tax in South Africa. Cultural beliefs that see obesity as a sign of good health and prosperity, as well as the extreme poverty experienced by a large proportion of the populace are factors that make it difficult to compare the findings of studies conducted in the rest of the world to those of South African research. These are aspects that should be considered for further research. Fat tax has potential as an alternative tax in order to bring about behavioural change and create revenue; however, this should be done with careful consideration as to whether the benefits outweigh the cost of its implementation for the South African taxpayer.
Do Small Companies Have Superior Financial Expertise Or Are They Just Managing Earnings?
Authors: Morec Barbara
Published: March 2016

This paper addresses the issue of the earnings distribution (explicitly net earnings, operating earnings and financing income) of Slovenian micro, small and medium-sized enterprises (now on SMEs). It builds on the work by Burgstahler and Dichev (1997) on the earnings manipulation to avoid losses. We take their cross-sectional distribution of earnings approach as a baseline of our analysis, and apply it in an economic and financial crisis situation within the 2008-2010 period across various company size groups in Slovenia, a setting with extremely limited access to finance. However, since Durtschi and Easton (2005) claim Burgstahler and Dichevs (1997) approach per se do not necessarily prove earnings management, we additionally perform a non-parametric Wilcoxon matched-pairs signed-ranks test (Wilcoxon, 1945) on sub-samples of micro, small, medium-sized and large companies, controlled for their capital structure (indebtedness). The results of our analysis show a) earnings shifts occur in financial crisis also, b) earnings shifts occur more often among micro and small companies than medium sized and large companies, and c) despite of limited access to finance, rising funding costs and decreasing investment returns, micro and small companies making operating loss are recognizing statistically significant higher financing income compared to profit making micro and small companies and loss making medium sized and large companies.
Explaining Migrant Wages: The Case Of Zimbabwean Day Labourers In South Africa
Authors: Blaauw Phillip , Pretorius Anmar , Schoeman Christie , Schenck Rinie
Published: March 2016

There has been an increasing inflow of migrants and refugees into South Africa during the last two decades. The origin of these migrants is mainly from South Africas long-established sources of migrant workers, including countries from the Southern African Development Community. Over the last decade, African immigrants have encountered brutal manifestations of resentment at their presence in South Africa. The reasons for this are multifaceted, but one of the pertinent perceptions is that immigrants from the countrys northern borders are taking South Africans jobs. It is often claimed that casual immigrant workers are willing to work for very low daily wages. In doing so, they get temporary employment in the informal and formal economy at the expense of South African workers, who have much higher reservation wages in the same informal labour market. This is the first study to focus on the wages of migrant day labourers in South Africa by investigating the determinants of day labour wages for migrant day labourers from Zimbabwe. The respondents for this study were interviewed during the first countrywide survey of day labourers in South Africa during 2007. The paper concludes that the income from migrant day labourers from Zimbabwe often exceeds that of the average day labourer in South Africa. The Zimbabweans are, in many cases, better qualified than the average day labourer in South Africa. The main determinants of these migrant wages are their formal level of schooling, language proficiency and the completion of vocational training courses.
Corporate Diversification And Firm Performance Impact On Chief Executive Officers Salary
Authors: Wang Hwei Cheng , Lawrence Howard , Chen Chia-Hui
Published: March 2016

The purpose of this research is to examine CEO salary and to explore whether the independent variables (international diversification, industrial diversification, market-based performance, accounting-based performance) are associated with CEO salary. Corporate diversification in this study is divided into international diversification and industrial diversification. Data for the study was obtained from annual reports of CEO salary on the ExecuComp database. Compensation data collected from the annual reports encompassed 2,448 CEOs from 1,622 firms. The dependent variable was developed from a review of CEO salary and accounting literature. The hypothesized predictors of CEO salary were identified through a review of existing studies. The results show that the higher the degree of international diversification and/or industrial diversification, the more CEOs receive in fixed salary. In addition, this study found that CEO salary is a better predictor of accounting performance than stock return performance.
The Impact Of Forced Financial Restatements On The Share Prices Of JSE Listed Firms
Authors: Watson Shaun , Coetzee Johan
Published: March 2016

This study investigates the effect of forced financial restatements on the share prices listed on the Johannesburg Stock Exchange (JSE). An event study methodology is used to examine the share price reaction of 34 firms that forcefully restated their results following a GAAP Monitoring Panel review. The results indicate that the equity of 79.1 per cent of the firms decreased as a result of the restatement. The average standardised abnormal returns for 55.9 per cent of these firms were also found to be negative. The study further finds that the volume of shares traded directly following the announcement increased substantially, especially five days following the announcement. The study makes a contribution to the existing literature in that is the first of its kind to focus on the share price reaction of forced financial restatements on share prices in the South African context.
An Overview About Fashion Retailing Sector: UK Versus Spain
Authors: Molla-Descals Alejandro , Lorenzo-Romero Carlota , Mondejar-Jimenez Juan-Antonio , Fayos-Gardo Teresa
Published: March 2016

Within the international context, fashion retailers have suffered the most in the economic downturn in the last years. Nevertheless, the historically high-margin fashion sectors composite net profit margin was still the highest of all the product groups. Based on the importance of fashion retail sector for the international economy in general, this paper examines the international retailing situation showing sales data between most important retailers around the world in general and Europe in particular. Specifically, this paper offers an overview on fashion retailing sector in the international context in order to study the position of this sector in the international crisis context. Due to the importance of fashion sector for national economies, in this paper is carried out a comparison between two countries characterized for economic growing of this sector in general, and the women segment in particular: United Kingdom and Spain. As conclusion, some solutions are explained to face the current situation by the apparel retail management.
Web 2.0 Tools In Retailing: Benefits Of Their Use And Reasons For Not Using Them
Authors: Alarcon-del-Amo Maria-del-Carmen , Lorenzo-Romero Carlota , Gomez-Borja Miguel-Angel , Mondejar-Jimenez Juan-Antonio
Published: March 2016

The term Web 2.0 was introduced by OReilly (2005) as the new stage in the Internet evolution referring to a collection of online applications sharing a number of common characteristics: The Web as a platform, Harnessing of the Collective Intelligence, Data is the Next Intel Inside, End of the Software Release Cycle, Lightweight Programming Models, Rich User Experiences. The term Web 2.0 or Social Media refers to applications enabling the creation, editing and dissemination of user-generated content. These applications are one of the main components of the current Internet environment commonly called Web 2.0. The importance and popularity of the Social Media as marketing tools and communication channels is growing and field studies provide evidence that these can strongly affect consumer behavior. An increasing number of studies suggest that corporate interest on the Web 2.0 domain keeps growing and more and more firms are introducing different social media tools into their daily business routines as well as into their marketing strategies. Despite the fact that thousands of corporations are already seriously engaged or experimenting with the Social Media as marketing tools there is also a high amount of retailers that do not use them. The objective of this study is to analyze the reasons why retailers do not use Web 2.0 tools and the main barriers that they consider to not adopt them, comparing with the retailers that use these tools.
Crowdfunding And Social Networks In The Music Industry: Implications For Entrepreneurship
Authors: Martinez-Canas Ricardo , Ruiz-Palomino Pablo , Pozo-Rubio Raul del
Published: March 2016

With the development of new communication technologies and the unstoppable increase of social networks some microfinance platforms are becoming essential tools for entrepreneurs. This phenomenon is known as crowdfunding, crowdfinancing or crowd sourced capital, what mainly implies that entrepreneurs obtain the funds or capital through a collective cooperation usually via a web platform. For social networks this process is based on the trust of many promoters and communities of interest that pool together their money for supporting projects or initiatives. Despite these crowdfunding activities occurs for any variety of purposes as different as political campaigns or creating open source software in this paper we are going to focus on the role for music industry. For musicians and music promoters crowdfunding is being used as a mechanism for putting into the market their creative work (records, video clips, concerts and other promotional releases. Therefore, in this paper we are going to study the origins, concept, and models to finally show an example for the music industry analyzing the concrete case of a well-known Spanish platform.
Educational Mismatch And Returns On Human Capital In The Spanish Hospitality And Travel Agency Sectors
Authors: Garcia-Pozo Alejandro , Sanchez-Ollero Jose Luis , Marchante-Mera Andres
Published: March 2016

This paper investigates the importance of returns on human capital and educational mismatch in determining wages in the Spanish hospitality sector and the travel agency sector using an expanded version of the Mincer wage equation (1974). In addition, we analyze the impact of several job characteristics and personal characteristics on wages. Using data from the 2006 Spanish Wage Structure Survey, we estimate separate regressions for each education group under analysis: overeducated, undereducated and adequately educated workers, following the method used by Kiker et al. (1997) and using a procedure similar to that used by Strauss and Maisonneuve (2007). The regressions show specific estimated parameters of the variables included in all wage equations implemented for each analyzed group. Thus, educational mismatch is determinant for the returns on human capital in both sectors and it also has a significant and differential impact on wage formation in each educational group. Moreover, this fact has also been shown in the other variables of the model that represent both the personal characteristics of workers and job-specific characteristics. Therefore, according to the methodology used in our study, the real hourly wage may be quantitatively influenced by the variables in a model depending on whether the educational level of the workers matches the educational requirements of the job performed. Finally, it is important to note that evidence has been found regarding the impact of firm size on wage returns and the data also has provided evidence of wage differentials by gender in the Spanish hospitality industry.
A Business Figure In Crisis Time: Independent Financial Adviser
Authors: Fernandez-Aviles Gema , Davila Lorenzo
Published: March 2016

The figure of the Independent Financial Adviser (IAF) is becoming increasingly relevant in the field of business and finance. However, this figure is relatively new, poorly understood by most investors and uncommon in financial institutions. The purpose of this paper is to determine the factors behind the willingness to pay for the services of an independent financial adviser, as well as the reasons that would lead investors to move from the traditional advisors to the independent ones. We have surveyed over 10,000 potential investors in Spain. Thus, the results are consistent from a statistical point of view.
Micro-SME Characterization From Financial Statements
Authors: Ceballos-Santamaria Guillermo , Villanueva-Alvaro Juan-Jose , Mondejar-Jimenez Jose
Published: March 2016

In recent years, small businesses have created interest and research, because they represent the majority of the business fabric and account for over seventy per cent of jobs in developed countries. Governments of these countries share a general interest in knowing about Small and Medium-Sized Enterprises (SME). Based on this premise, the approach of this study is to characterize micro-SMEs in the province of Cuenca, Spain, by analysis of financial statements, specifically analyzing their structure in financial terms by use of univariate and multivariate statistical techniques allowing this kind of business in the province of Cuenca to be identified. The information used comes from the databases of SABI (Iberian Financial Statement Analysis Systems), DIRCE (Central Business Directory and CamerData, the database of the Chambers of Commerce. The statistical analysis is centered on a classic modal of exploratory factor analysis, and finally the main results arising from the study are presented.
Dependence From The Perspective Of Primary Caregivers Of People With Disabilities
Authors: Quesada-Rubio Jose-Manuel , Ortega-Ortega Marta , Molina-Moreno Valentin , Ruiz-Guerra Ignacio , Huete-Morales Maria-Dolores
Published: March 2016

The paper is focused on informal caregivers of people with disabilities, particularly in mentally handicapped persons. Informal caregiver refers to those relatives, friends or any person who make this task without any formal economic remuneration. Only in few cases, caregivers are able to receive some economic aid by the administration. We develop a questionnaire to analyze personal, familiar, economic and social situation of primary caregivers. The empirical results are based on a sample of 128 caregivers of a spanish association created for people with disabilities.
Water European Law And The Watershed Management
Authors: Alonso Patricia Dominguez
Published: March 2016

Water is one of the main concerns of EU environmental policy and as such has been considered one of the environmental priorities of the European Commission. The paper analyzes the transcendent Directive 2000/60/EC of the European Parliament and Council of 23 October 2000 establishing a framework for Community action in the field of water policy. Directive extends its objective the protection of all waters, surface and groundwater, and introducing water management based on river basins
Electoral Strategy In The Ancient Rome: Case Study Of Commentariolum Petitionis
Authors: Valmana-Ochaita Alicia
Published: March 2016

Rome presents, once more time, the reality of its time like a mirror in which we can see reflected many daily realities. One of them is the strategy in an electoral campaign. The text of Commentariolum petitionis is an excellent example of how the marketing, also the electoral marketing, is a reflection about what the market needs or how to create market, now and in the Ancient Rome.
Inflation Sources Across Developed And Developing Countries; Panel Approach
Authors: Al-Shammari Nayef , Al-Sabaey Mohammed
Published: March 2016

This paper investigates the sources of inflation across a sample of countries in the world. The data set covers around fifty nine countries using yearly data over the period from 1970 through 2007. The model is estimated using a panel model with a random effects specification. Results indicate that the main determinants of inflation for developing countries are different than those for developed countries. Our findings show that the main determinants of inflation for developed countries include government spending, money supply growth, world oil prices, interest rate, nominal effective exchange rate, and population. Whereas, sources of inflation for developing countries are estimated to include government spending, money supply growth, world oil prices, and the nominal effective exchange rate. Findings also report that there is no significant evidence for factors such as interest rate and population to affect the general price levels in developing countries.
Intercultural Communication In Global Business: An Analysis Of Benefits And Challenges
Authors: Washington Melvin C. , Okoro Ephraim A. , Thomas Otis
Published: March 2016

The twenty-first century business environment is expanding and increasingly attracting the interest of countries from developed and developing nations of the world. As countries of the world become increasingly interdependent and interconnected because of global market and diverse consumer needs, it is critically important that participating countries and their organizations understand and appreciate one anothers cultural differences in order to ensure growth and sustainability in international business. Recent studies have traced the failure of some international business ventures to three significant factors: lack of intercultural skills and competence, inability to communicate effectively at a global level, and failure to practice acceptable etiquette in business negotiations. Therefore, businesses from different countries need to appreciate the importance of understanding the cultures and values of their counterparts as well as develop intercultural communication sensitivity and decorum. This paper then is an attempt toward analyzing the significance and role of intercultural communication and etiquette in international business. Recommendations for appropriate practices and acceptable conducts among nations are provided.
The Important Leadership Competencies Of Higher Echelon To Middle-Level Managers In Thailand
Authors: Maneesawangwong Niruemol , Suvanujasiri Auychai
Published: March 2016

This research investigation lays a foundation for extending research in the area of the Leadership Competencies. This study provides a different perspective in viewing Leadership Competencies, inasmuch as it shows the important leadership competencies, examine the relationships between these important leadership competencies and the demographical characteristics of participants and explore ways to develop an efficacious approach to develop the important leadership competencies. This research paper was based on the 1998 leadership competency model developed by Eyde et al. (1999) and latest version of The Leadership Competency Model by U.S. Office of Personal Management (OPM). Thus, it can be said that this study provides excellent guidance to human resource managers, teachers, other educators, researchers and business management in the search for tools useful to the task of building a prosperous firm and organization in the current global business environment.
Developing Marketing Strategies To Increase Brand Equity: The Differences Between Age Groups
Authors: Chen Hui-Chu , Green Robert D.
Published: March 2016

Retailers are facing challenges from global competitors, aging consumer markets, and households with less income that impact brand equity. This study examines three age groups (younger, middle, older) marketing strategy perceptions and their brand equity (brand loyalty, brand awareness, perceived quality, brand association). As expected, different strategies influence each age group. Generally, older retailer shoppers have the highest brand equity. The results have certain implications to the marketplace and for further research opportunities.
The Uncovered Interest Rate Parity Anomaly And Foreign Exchange Market Turnover
Authors: Boschen John F. , Smith Kimberly J.
Published: March 2016

The uncovered interest rate parity (UIP) anomaly is that high interest rate currencies appreciate, rather than depreciate, against low interest rate currencies. We show that the UIP anomalies apparent in six major currency pairs have diminished over our 1995-2010 sample period. We further show that the observed decline in deviations from UIP is associated with the substantially higher transaction volume now present in the foreign exchange markets. We interpret our findings as consistent with the proposition that the UIP anomaly dissipates as the foreign exchange markets become more efficient.
Ethnocentrism In Icelandic Consumers And Its Consequences
Authors: Bandyopadhyay Soumava
Published: March 2016

This paper presents an empirical test to measure consumer ethnocentrism in Iceland. The well-known measure of consumer ethnocentrism, the CETSCALE, is applied and its psychometric properties examined in the Icelandic context. The relationship of consumer ethnocentrism with various product country-of-origin attitudes is explored. The influence of ethnocentrism, country image, and perceptions of product quality, value, image, availability, and promotion on Icelandic consumers intention to buy packaged food products made domestically and those imported from the United States, the United Kingdom, Holland, and Denmark is also investigated.
The A-MPM Decision-Making Model For Film Project Investment
Authors: Koyama Hiroki , Yoshida Narihiko , Amasaka Kakuro
Published: March 2016

This paper looks at the financing of commercial film projects in Japan. A scientific approach is used to quantify the factors that film producers and investors use to make investment decisions regarding film projectsa process that was previously unarticulated. The result of this research is the creation of the A-MPM (Amasakalabs Movie Projects Performance Model), a shared decision-making model for film project investment that aims to promote quality investment decisions and support partnerships between film producers and investors during the subsequent process of filmmaking.
Impact Of Culture On The Organizational Commitment Of Public-Sector Employees In Haiti
Authors: Lauture Renaud , Amewokunu Yao , Lewis Sherrie , Lawson-Body Assion
Published: March 2016

This study serves as an examination of organizational commitment among public-sector employees in Haiti. Factors include employee development, training, self-worth, recognition and cultural traits. Organizational commitment theories and their potential effects on Haitian culture are also emphasized.
Brand Equity: Can There Be Too Much Of A Good Thing?
Authors: Rusetski Alexander
Published: March 2016

While academic research focuses almost solely on the positive effects of brand equity, numerous instances of the decline and failure of once-strong brands suggest the existence of another category of effects that may offset the positive ones. This paper suggests that an inquiry into the negative effects of brand equity is required to complement and enhance our existing knowledge. Evidence of the decline of strong brands from the literature is presented, and a set of research directions and testable propositions is suggested that should allow quantifying the possible negative effects of brand equity.
Do Managers Of Global Equity Funds Outperform Their Respective Style Benchmarks? Evidence From South Africa
Authors: Hsieh Heng-Hsing , Hodnett Kathleen , Van Rensburg Paul
Published: March 2016

The results of our prior research on internationally-domiciled global equity funds suggest that active managers do not provide economic benefits, in addition to their underlying investment style benchmarks. This finding implies that the performances of global equity funds are derived mainly from the broad investment styles followed by the active managers rather than the stock-picking activities of the managers. We replicate our earlier research to investigate the performances of the six well-established global equity funds in the South African unit trust industry. Our results indicate that four out of the six South African fund managers under examination substantially underperform their passively-replicated style benchmarks. Our prior study results indicate that there is no significant difference between the performances of the internationally-domiciled global equity funds and their respective style benchmarks. By contrast, the stock-picking decisions of the South African fund managers are found to destroy value created by their respective style benchmarks in this study. Our findings suggest that investors who wish to follow particular investment styles would be better off by investing in exchange traded funds (ETF) that passively track the performances of their mandated investment styles in the global equity market with minimal costs.
Government And The Economy: Student Perspectives From South Africa
Authors: Parker Kudayja
Published: March 2016

The economic role of the state is in the forefront of international news, following the collapse of major financial groups in some countries, and ballooning government deficits and debt in others. While the extent of government intervention, such as bailouts and takeovers, has been unprecedented elsewhere, political interference in the economy is nothing new in South Africa. This research investigates student opinions about state intervention vis vis individual freedom and the operation of market forces in the South African economy. A fourteen-item Likert scale measuring student opinion was developed based on the Economic Attitudes Survey (Soper & Walstad, 1983). Interrelationships between economic opinion and student gender, prior economics knowledge, field of study and socio-economic background are explored.
Application Of Cascade-Correlation Neural Networks In Developing Stock Selection Models For Global Equities
Authors: Hodnett Kathleen , Hsieh Heng-Hsing
Published: March 2016

We investigate the potential of artificial neural networks (ANN) in the stock selection process of actively managed funds. Two ANN models are constructed to perform stock selection, using the Dow Jones (DJ) Sector Titans as the research database. The cascade-correlation algorithm of Fahlman and Lebiere (1990/1991) is combined with embedded learning rules, namely the backpropagation learning rule and the extended Kalman filter learning rule to forecast the cross-section of global equity returns. The main findings support the use of artificial neural networks for financial forecasting as an active portfolio management tool. In particular, fractile analysis and risk-adjusted return performance metrics provide evidence that the model trained via the extended Kalman filter rule had greater strength in identifying future top performers for global equities than the model trained via the backpropagation learning rule. There is no distinguishable difference between the performances of the bottom quartiles formed by both ANN models. The zero-investment portfolios formed by longing the top quartiles and simultaneously shorting the bottom quartiles or the market proxy exhibit statistically significant Jensens alpha and continues to accumulate positive returns over the out-of-sample period for both ANN models. On the other hand, the zero-investment portfolios formed by longing the bottom quartiles and simultaneously shorting the market proxy exhibit statistically significant Jensens alpha and continues to accumulate losses over the out-of-sample period for both ANN models. The implementation of the extended Kalman filter rule in training artificial neural networks for applications involving noisy financial data is recommended.
The Influence Of Market Orientation, Flexibility And Job Satisfaction On Corporate Entrepreneurship
Authors: Adonisi Mandla , Van Wyk R.
Published: March 2016

The profound dynamic changes that the South African business environment is going through and the low level of business development in the country begs for entrepreneurial innovation. This paper is an investigation into the relationship of corporate entrepreneurship with the organizational variables of marketing, flexibility and job satisfaction. These relationships are investigated in a sample of 333 managers in three different industries in South Africa. The relationships between corporate entrepreneurship and biographic variables were examined by means of Spearman correlation. Pearson-product moment correlation explored the association between corporate entrepreneurship and the organizational variables. The empirical results show significant relationships with different market orientation, flexibility, and job satisfaction factors. We suggest that organizations should nurture their corporate entrepreneurial strategies by fostering its orientation towards marketing, flexibility and job satisfaction.
A Cross-Cultural View Towards The Ethical Dimensions Of Electronic Monitoring Of Employees: Does Gender Make A Difference?
Authors: Taylor Raymond E.
Published: March 2016

This manuscript presents the results of a study which examined the ethical dimensions of electronic monitoring of employees from a cross-cultural perspective comparing participants from Taiwan with those from the United States. The results of the study suggest that gender differences exist between Taiwanese and American participants attitudes concerning the ethics of electronic monitoring of employees. The study suggests that monitoring with notice was an important parameter in determining how ethical electronic monitoring of employees was viewed by the respondents.
Which Management Level Decides To Outsource The Distribution Function?
Authors: Cant Michael , Van Scheers Louise
Published: March 2016

Outsourcing is one of the widest used methods of facilities management employed by organisations for doing business in todays global economy which requires exceptional skills from management in order to be competitive and to have an advantage over competitors; and this situation is getting even more demanding. The main purpose of the research is to evaluate consensus amongst the different levels of management to outsource the distribution function at a South African steel retailer. The research survey was done in the form of a questionnaire utilising statements with a quantitative approach regarding six important aspects relating to the outsourcing concept of non-core business activities linked to the distribution operations of a steel company. The population selected consisted of the first three levels of management across all six of the business units. Analysis of the data was done with the statistical package of social sciences SPSS and the applied pedometric techniques, such as Chi-square and ANOVA. Findings and results from the analysis indicate that management, in general, is positive toward adopting outsourcing as a tool to assist them in business operations, but there seems to be a significant difference of opinion between middle and top management regarding the impact of the outsourcing concept.
Development Of SMEs In Myanmar In The Globalization Era
Authors: Bhasin Balbir B. , Venkataramany Sivakumar
Published: March 2016

SMEs are of overwhelming importance to the young and growing economies of most Southeast Asian nations, but this is exceptionally the case for Myanmar. The country is rich with resources but has not managed to rid itself of post colonial mismanagement, socialist and bureaucratic tendencies. This paper evaluates the existing private sector development policy in Myanmar which can only be defined as lacking any substance, coherence and coordination. Myanmar needs to create a meaningful and comprehensive policy for the development of its private sector. This includes trade and investment liberalization and creation of infrastructure. Much can be learned from other members of ASEAN, such as Singapore, Malaysia and Thailand, that have succeeded in similar endeavors.
Islamic Commercial Banking In Europe: A Cross-Country And Inter-Bank Analysis Of Efficiency Performance
Authors: Abu-Alkheil Ahmad M. , Burghof Hans-Peter , Khan Walayet A.
Published: March 2016

We examine the relative efficiency performance of the Islamic Bank of Britain (IBB), the first stand-alone full-fledged Islamic commercial bank in the Western world, against conventional banks in the UK, and also against Islamic banks from Muslim-majority countries. We also apply a two-stage Data Envelopment Analysis (DEA) model to determine the impact of internal and external factors on bank's efficiency. In order to investigate the association of the DEA-efficiency scores with the traditional accounting ratios, we estimate the correlation coefficients between the two variables. The efficiency-profitability matrix is used to enable the characterization of the banks' performance profile. Our analysis covers the period from 2005 to 2008. Our results show that the IBB is technically inefficient. It also has relatively a poor financial performance. The banks inefficiency stems from both scale (size) and management issues. IBB exhibits, however, an upward trend in efficiency and profitability, particularly in adverse market conditions. Thus, it has a great prospect to increase efficiency and strong potential for further growth in the UK. Additionally, results suggest that the technically more efficient banks are larger, have greater profitability and loans intensity, acquire less debt, and on average have a lower market share. IBB is relatively superior in terms of lending intensity and capital adequacy. Findings further illustrate that the DEA measures can be used separately or concurrently with standard accounting measures in determining Islamic banks performance.
Share Valuation Methods And Data Source-Based Accounting In An Emerging Stock Market: The Case Of The Kuwaiti Stock Market
Authors: Almujamed Hesham. I. , Fifield Suzanne G. M. , Power David .M.
Published: March 2016

This paper uses a questionnaire survey to investigate share valuation methods and the sources of information employed by Kuwaiti investors; it compares the appraisal techniques and the sources of information employed by Kuwaiti investors to those used in other developed and emerging stock markets. The findings suggest that Kuwaiti investors behave like their counterparts in other stock markets; fundamental analysis is the main appraisal technique used by investors; technical analysis and risk analysis are ranked second and third, respectively. However, the usage of technical and risk analysis is much higher in Kuwait. Further, quarterly and annual corporate reports as well as newspapers, the Kuwait Stock Exchange (KSE) website, and charts are commonly studied by investors when valuing Kuwaiti shares. By contrast, communication with company management is not common since executives are usually unwilling to discuss their firm's performance with investors.
Balkan Corruption Perception: Impediments To Competitive Activity In Bosnia-Herzegovina, Croatia, FYROM, Serbia/Montenegro, And Slovenia
Authors: Wadsworth Frank H. , Wheat Jerry , Swartz Brenda
Published: March 2016

Corruption exists around the world in various forms. This paper examines the extent of political corruption in the countries that were formerly known as Yugoslavia. Data from the World Bank Institute and the European Bank for Reconstruction and Development Business Environment and Economic Performance Study (BEEPS) was used to examine the extent of corruption in these five regions from 2002 to 2005. Results show less corruption in Slovenia, Bosnia and Herzegovina, and Croatia than in FYROM (former Yugoslav Republic of Macedonia), Serbia, and Montenegro. Overall all countries appear to have less corruption in 2005 than in 2002.
The Effects Of The Great Recession On Corporate Working Capital Management Practices
Authors: Duggal Rakesh , Budden Michael C.
Published: March 2016

Working capital theory prescribes using the optimal amount of net working capital to maximize shareholder wealth. Evidence from multiple countries indicates a negative relationship between the cash conversion cycle or net working capital and firm profitability. However, severe economic conditions may force firms to change their inventory, accounts receivable, and/or accounts payable policies, causing the firms to use more/less net working capital. Taking a sample of non-financial S&P 500 firms, many of which are multinationals, this study finds significant changes in the cash conversion cycle in 2010 for some industries. Also, it appears firms in general held more net working capital in order to face new economic challenges.
Indian Tigers, Chinese Dragons: Uncertainty, Risk, And Entrepreneurial Behavior
Authors: Rustogi Hemant , Ghannadian F. Frank , Wang Jin
Published: March 2016

This paper examines entrepreneurship in two of the modern marvels of emerging markets: China and India. Both of these countries have immense economic problems, but are growing at a strong rate. These growth rates are also creating powerful entrepreneurial forces. Which region is going to develop more entrepreneurs or attract foreign investments quicker is the key to a race between the two countries. This paper presents a conceptual framework that shows the relationships between uncertainty, risk, and entrepreneurial behavior, and also the problems and successes of entrepreneurs, with illustration of three cases from each country. The paper discusses similarities and differences in entrepreneurial risk taking between the two countries and presents key factors that impact entrepreneurial activity in these two countries. This paper has implications for companies seeking new markets, or business partners in these nations.
An Evaluation Of Fair Value Accounting For Employee Stock Options
Authors: Howe Harry , Lippitt Jeffrey W.
Published: March 2016

This paper employs static and simulation analysis to consider the measurement properties of the currently active accounting standards for reporting compensation expense related to Employee Stock Options. We find that under a wide range of plausible scenarios the reported expense significantly understates the cash cost incurred by the entity at exercise. The paper includes a discussion of implications for practice and standards setters.
Ethical And Social Responsibility In Global Marketing: An Evaluation Of Corporate Commitment To Stakeholders
Authors: Okoro Ephraim
Published: March 2016

Over the past few years, globalization of markets and business organizations has increased the number of entrepreneurs and corporate executives involved in international and multinational joint ventures and strategic alliances. Others are interested in direct investments in foreign markets in an attempt to extend domestic operations, increase profit margins, and expand market shares. While these strategic business initiatives and efforts are increasingly attractive because of their potential benefits, organizations competing in global markets have to face up to the realities of committing to appropriate ethical standards and social responsibility in cross-cultural and international contexts of business. This paper analyzes the importance of maintaining a high level of ethics in a global marketplace in order to compete successfully and to sustain consumer loyalty. Studies indicate that domestic or local conditions and expectations vary in global marketing environments because of cultural differences and values; therefore, it is critically important to adopt an ethical approach that is consistent with global business practice that can enhance credibility, corporate image, and give a competitive advantage.
Reflecting On The Modification Of A Summative Assessment Instrument To Redress Its Linguistic Complexity For Second-Language Learners In An ODL Context
Authors: Bothma C. H. , Cant M. C. , Du Toit M. N.
Published: March 2016

This study attempted to determine whether simplifying the linguistic complexity of a written summative assessment instrument would improve the examination results of second-language learners; the academic literature suggests that linguistic complexity impacts negatively on the performance of second-language learners. The module chosen for the study was the capstone module of the marketing department at the University of South Africa, an open and distance learning institution. A 2007 examination paper was modified in an attempt to make it linguistically simpler and was used again in 2009. The results of first-language learners were compared with those of second language learners, who represent a significant component of the universitys student population, across the two periods in question. The results were analysed using an independent two-sample t-test. The findings do not support the premise that simplifying the linguistic complexity of an assessment instrument would have a positive impact on the examination performance of second-language learners. The article highlights a number of issues and questions that require further research.
The Value Of Growth At A Reasonable Price: Evidence From The Taiwan Stock Exchange
Authors: Hodnett Kathleen , Hsieh Heng-Hsing
Published: March 2016

Value and growth represent two opposite investment styles when price multiples such as the price-to-earnings ratio and the price-to-market ratio are used to classify the investment styles of equities. Motivated by the argument of Peters (1991) and Broussard, Michayluk and Needy (2005) that price multiples are imperfect valuation measures for firms other than firms in mature industries, and also the argument of Ahmed and Nanda (2001) that value and growth investing strategies should not be mutually exclusive, this study attempts to identify stocks with above-average sales growth that trade at average or below-average price-to-sales multiples. Their performance relative to pure growth portfolios is subsequently analyzed. Using variants of historical growth rates relative to previous month, previous year, historical low and historical high as measures of growth potential, and the price-to-sales multiple as the measure of the reasonableness of the stock prices, we construct growth-at-a-reasonable-price (GARP) portfolios on the Taiwan Stock Exchange over the period from 01 January 2000 through 31 March 2010. Study results indicate that the GARP portfolios outperform their counterpart pure growth portfolios over the examination period. The incremental contributions of GARP measured in terms of the return improvements, risk reduction and improvements in the Sharpe ratios when switching from the pure growth stock selection technique to the GARP selection technique, is found to be significant over the examination period.
Benchmarking Of Johannesburg Stock Exchange CEO Compensation
Authors: Oberholzer Merwe , Theunissen Marli
Published: March 2016

The purpose of the study is to empirically compare CEO compensation benchmarks set by the frequently used Linear Regression Analysis (LRA), which is based on averages and Data Envelopment Analysis (DEA), which is based on best practices. To fulfill this purpose, an empirical investigation on South African listed companies was executed using a sample of 187 Johannesburg Stock Exchange (JSE) companies, grouped into three categories according to their sizes by using total assets, i.e. large, medium and small companies. For the LRA model, total CEO compensation is the dependent variable (y) with return on equity (as a measurement of performance) and total assets (as measurement of company size) as the independent variables (x). In the LRA model, the expected CEO compensation was calculated as a benchmark for each company and then compared to the actual value of the CEO compensation. In the DEA model, total CEO compensation is the input variable and return on equity and total assets the two output variables. The input-orientated technical efficiency estimate was calculated and the input targets (benchmarks for CEO compensation) set by the DEA model were compared to the actual CEO compensation. The study found that, using the LRA model, CEOs are on average actually underpaid in monetary terms by 36.8%, 33.2% and 17.8% for the large, medium and small companies, respectively. In contrast, the results for these three groups using DEA have shown that CEOs are on average actually overpaid in monetary terms by 47.6% 55.3% and 49.9%. This implies that LRA favors CEOs in comparison with the DEA model. Therefore, the study concludes that the frequently used LRA model is probably a reason that contributes to excessive CEO compensation.