bluuebunny/crossref_metadata_2025 huggingface dataset:
The Influence Of Credibility On Satisfaction With Supplier Performance In The Inter-Organizational Relationship
Authors: Moon Chul Woo
Published: March 2016

Retailers facing volatile environments feel the various levels of satisfaction with suppliers performance. Existing literature suggests that the social context in which exchange parties are deeply embedded should be considered for estimating the effect of environments on performance. It is proposed, in this paper, that the level of trust (high and low) affects the retailers level of satisfaction with supplier performance in volatile environments. The empirical results from US retailers indicate that retailers satisfaction with supplier performance is negatively associated with environmental volatility when a retailers trust in its supplier is low, but it has no relationship with environmental volatility when there is high trust.
Do Dynamic Linkages Exist Among European Carbon Markets?
Authors: Niblock Scott J. , Harrison Jennifer L.
Published: March 2016

In this paper we examine statistical relationships among European carbon markets from 2005 to 2010. We use a time-series approach using 1,220 daily (spot and forward) price data observations from Phase I and Phase II of the European Union Emissions Trading Scheme (EU ETS). Procedures such as unit root, cointegration, vector error correction models (VECMs), Granger causality, and generalised impulse response functions are employed in the analysis. The results reveal dynamic linkages among spot and forward carbon prices in Phases I and II, indicating that joint price discovery is taking place in carbon markets (at least in the short-run). However, evidence of constrained long-run information flows in Phase II, as indicated by the joint short- and long-run Granger causality testing, may be problematic for policy makers. This finding suggests that the coordinated policies designed to improve the operation and transparency of the EU ETS in Phase II may have actually been counter-effective. If carbon pricing mechanisms are dysfunctional, this has implications for the informational efficiency of carbon markets in Phase II and beyond, thus signalling the possibility of arbitrage and other profitable trading opportunities for market participants. Further research could attempt to address these issues.
Financial Market Liberalization, Monetary Policy, And Housing Sector Dynamics
Authors: Gupta Rangan , Jurgilas Marius , Miller Stephen M. , Van Wyk Dylan
Published: March 2016

This paper considers how monetary policy, a Federal funds rate shock, affects the dynamics of the US housing sector and whether the financial market liberalization of the early 1980s influenced those dynamics. The analysis uses impulse response functions obtained from a large-scale Bayesian vector autoregressive model at the national and four census regions. Overall, a 100 basis point Federal funds rate shock produces larger effects on real house prices, both at the regional level and the national level, in the post-liberalization period when compared to the pre-liberalization era. While the precision of the estimates do not imply significant differences, the finding does offer a caution. That is, the housing market appears more sensitive to monetary policy shocks in the post-liberalization period. Thus, the monetary authorities may need to exercise more care in implementing Federal funds rate adjustments going forward. Finally, we find that the reaction of housing sector proves heterogeneous across regions.
Micro Finance And Poverty Reduction: Case Study Of The Economic And Monetary Community Of Central Africa Countries
Authors: Ndongo Herve Pascal
Published: March 2016

Microfinance is regarded by many international development agencies including the World Bank as an effective mechanism for poverty reduction. However, as pointed out by Zeller and Meyer (2002), the use of microfinance for poverty alleviation is not backed up with sound facts derived from rigorous research. Using survey data of around 2000 observations collected in the six countries of the Economic and Monetary Community of Central Africa, this study provides evidence of positive impact of microfinance on production activities of micro business and on living conditions of low income families.
Payoffs To Equity Investment Styles On The JSE Securities Exchange: The Case Of South African Equity Market
Authors: Hodnett Kathleen , Hsieh Heng-Hsing , Van Rensburg Paul
Published: March 2016

Empirical tests of market efficiency reveal anomalies that cannot be explained by the capital asset pricing model (CAPM) of Sharpe (1964) and Lintner (1965). These anomalies are firm-specific and can be applied to form potential alpha-generating investment styles that capture the characteristics of the anomalies. We estimate and examine the consistency of the payoffs to firm-specific attributes for South African stocks listed on the JSE Securities Exchange (JSE) over the period from 01 January 1997 to 31 December 2007. The firm-specific attributes under examination are extracted from five categories, namely (1) fundamental values relative to share price, (2) solvency and liquidity, (3) fundamental growth, (4) size and return momentum and (5) consensus analyst forecast. Our test results extract significant attributes from all categories with the exception of the solvency and liquidity category. More specifically, we find that firms with higher fundamental values relative to their share prices, firms with higher dividend and earnings growth, firms with lower market capitalization, firms with higher short-term returns and firms with higher earnings forecasts earn relatively higher returns in the subsequent period in a consistent manner.
An Extended Measure Of The User Costs Of Housing - New Evidence From The U.S.
Authors: Duemmler Tobias
Published: March 2016

This paper is based on a traditional neoclassical approach to housing investment and our previous work carried out for Germany. In this study we check the relevance if the definition for the user costs of housing should be extended by an additional term which mirrors the credit constraints a household would be faced with for the U.S. economy. This extension term consists of the inflation gap between consumer and house price inflation multiplied with an average loan-to-value ratio and the real house prices. The empirical relevance of our finding is confirmed by a VECM using U.S. data. A time series for the user costs of housing in the U.S. is calculated.
Civilization, National Culture And Ethical Work Climates: A Comparative Study Of CPA Firms In China And Taiwan
Authors: Venezia Gerald , Venezia Chiulien C. , Bao Yan
Published: March 2016

The emergence of China as an economic power has prompted the question, what impact if any has globalization and market liberalization had on the ethical climate of organizations within China and its neighbor Taiwan? Cross-strait tensions have eased over the past few years due to closer economic integration. Although both countries differ in political, as well as organizational design, they share core cultural values embedded within civilization; Confucianism. This study attempts to understand how the correlation established between ethical climates and National culture by Parboteeah, Cullen, Victor, and Sakano are played out against the backdrop of a shared civilization. Will the ethical climates retain or deviate from the core civilization cultural values theorized by Samuel P. Huntington? To answer that question, we collected data from C.P.A. firms in China and Taiwan using the 36-item revised version of the Ethical Climate Questionnaire developed by John B. Cullen, Bart Victor (1988), and James W. Bronson (1993). The results indicated a significant difference in four areas: 1) principal-individual, 2) principle-cosmopolitan, 3) benevolence-individual, and 4) egoism-individual. When correlated with national culture and their core civilizational cultural value of Confucianism, deviations showed that Taiwan moved away from Confucian values by scoring higher in Egoism while retaining Confucianism with a more particularistic culture. China demonstrated a shift away from Confucian values by scoring higher in principle while retaining Confucian values through its score in benevolence.
Forces Driving Maquiladoras Along The Border Of Mexico And The United States: A Short Communication
Authors: Beck Allan
Published: March 2016

Mexicos maquiladora industry is as important to the national economy as oil production and tourism for direct foreign investment and is a force that Mexico and partners need to understand and cultivate. Many internal and external factors affect the performance of maquiladora plants and they are heavily influenced by the U.S. economy. Long histories and blending of cultures have created a border region that is interrelated and dependent in both directions across the border. A review of the literature suggests many approaches to make maquiladoras competitive in global commerce. Getting the most out of maquiladoras may go beyond systems and processes because the best results may come from understanding and cultivating the rich culture the region holds as the critical resource in building teams and relationships. World class manufacturing takes systems and processes but does not forget the culture. A combination of nurturing people and nurturing a proximity strategy may be the most effective approach to sustainability.
The Influence Of Media On Attitudinal And Behavioral Changes: Acceptance Of Culture And Products
Authors: Lita Rahmiati , Cho Yoon C.
Published: March 2016

Culture affects every part of our lives, every day, from birth to death, and everything in between (Cateora, Gilly, and Graham 2011). This study discusses the way in which customers acceptance of cultures and products has been greatly affected by the media. This study also investigates how customers acceptance leads to attitudinal and behavioral changes. In particular, this study measures the impact of a cultural wave to examine the attitudinal and behavioral changes it causes. This study explores the causes that affect the willingness of people to change their behavior after exposure to the media. In particular, this study investigates 1) how a cultural wave influences product and cultural awareness, 2) the relationship between perceptions of a cultural wave and peoples attitudes and behavior, and 3) the relationship between the strength of peoples attitudes toward acculturation and changes in attitude and behavior. By applying various statistical analyses, this study identifies managerial and theoretical implications.
Business Objectives For Trade Shows Aimed At Final Consumers
Authors: Rodriguez-Oromendia Ainhoa , Reina-Paz Maria Dolores , Sevilla-Sevilla Claudia
Published: March 2016

An exhibitors' attendance at any trade show calls for designing and developing a preliminary plan, which must in turn be a part of the company's overall marketing plan, so that the decisions that are taken before, during, and after attending the trade show are in keeping with the company's sales and overall objectives. To achieve the desired sales and business performance, trade show objectives have to be set and defined as part of the strategic plan for attending the event, and this definition can have an influence on the final outcome the company achieves after the show. Taking this into account, and bearing in mind the particular case of trade shows aimed at final consumers, this paper describes a study based on cluster analysis aimed at grouping the different objectives that lead companies to attend trade shows and determine which of these objectives are most important for participating firms.
The Tourist Municipality In The Tourism Regulation Branch Of The Spanish Legislation
Authors: Villanueva-Cuevas Antonio
Published: March 2016

In the branch of the Spanish legislation that regulates local government, there may be a possibility of articulating a special legal status for those municipalities that have certain specific characteristics, which include intense tourism activity. These municipalities are characterized by having tourism levels that are quite high, which has led to, among other consequences, the existence of many second homes, hotels and other superior lodging establishments, which may include primary residences, and has led to the majority of their populations working mainly in the tourism sector. All of these special characteristics result not only in economic benefits for these municipalities; they also lead to a full range of problems for the aforementioned locales. Among these problems is, for example, the need to provide a high number of obligatory public services, which would be carried out by local residents, including cleaning, protection of citizens, public transport, health services, etc. In many instances, the costs for these services are the direct responsibility of municipal budgets, and in the last instance, it is the locals themselves who pay by way of local taxes. In order to solve these problems, several self-governing laws for tourism structure have anticipated the existence of tourist municipalities, which establish certain requisites for their declaration, and which detail a set of obligations and laws for said municipalities.
The Influence Of Strategic Agility On The Perceived Performance Of Manufacturing Firms In Nigeria
Authors: Ofoegbu Onyema .E. , Akanbi Paul Ayobami
Published: March 2016

Strategic agility is learning to make fast turns and being able to transform and renew the organization without losing momentum. Strategic agility can bring about organizations that can produce the right products and services at the right place at the right time at the right price and for the right customers. Manufacturing firms and indeed all organizations that are strategically agile can contribute immensely to the achievement of the millennium development goals by contributing to economic growth. This paper examined the impact of strategic agility on the perceived performance of some selected manufacturing firms in Awe, Oyo, Oyo State Nigeria. The study employed survey research using questionnaire to collect data from all categories of workers in the two selected manufacturing firms. Two hundred and ten subjects responded to the questionnaire. Five hypotheses were tested using multiple regression, t-test, correlation analysis and analysis of variance. The study indicated that strategic agility as measured by strategic sensitivity, collective commitment or leadership unity and resource fluidity can have a significant impact on the performance of manufacturing firms. Based on the findings, it was recommended that firms should be proactive rather than reactive in order to promptly and effectively deal with changes taking place in the complex business environment and also improve their performance.
Attitudes Toward Public Sector Corruption: A Study Of University Students In Kwazulu-Natal
Authors: Van der Merwe Alex , Harris Geoff
Published: March 2016

The aim of this article is to ascertain the perceptions of public sector corruption held by university students, drawing on a questionnaire completed by 509 second-year Durban University of Technology and University of KwaZulu-Natal economics/business studies students in mid-2010. An overwhelming proportion of respondents regarded corruption as serious or very serious and believed that it had worsened over the previous three years. Indian respondents were more likely than Africans to regard corruption as serious and becoming worse, but a very large majority of both ethnic groups held these views. All ten scenarios presented were judged to be corrupt by the majority of respondents, although there was a wide range across the scenarios. A sizeable minority reported their willingness to engage in the behaviour presented in the scenarios. Female respondents were more likely than males to report a behaviour as corrupt and to say that they would not engage in it, while African respondents were more likely than Indian respondents to report a behaviour as corrupt and to say that they would engage in it. This study needs to be supplemented by qualitative research in order to better understand the attitudes underlying these responses.
Incorporating International Financial Reporting Standards Into The United States Financial Reporting System: Timeline And Implications
Authors: Yallapragada RamMohan R.
Published: March 2016

In the United States of America (US), all the accounting procedures and guidelines for measurement and reporting by business firms are governed by a body of principles and concepts known as Generally Accepted Accounting Principles (GAAP). These GAAP are presently issued by the Financial Accounting Standards Board (FASB) with the authority delegated by the Securities and Exchange Commission (SEC). Historically, each country developed its own GAAP and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become impossible leading toward suboptimal capital allocation across countries in the world. Gradually, with the advent of multinational corporations, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. Initiative for uniform global accounting standards came from International Accounting Standards Committee (IASC) which was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). Till now about 100 countries have adopted IFRS for their financial reporting purposes. The SEC has yielded to the global pressure to adopt IFRS in the US. SEC has set a timeline for US business firms to change over from US GAAP to IFRS. This paper presents the background and development of the movement of IFRS, timeline for the change in US and the implications involved in the adoption of IFRS in the US.
Peculiarities Of Financial Management In Family Firms
Authors: Hiebl Martin R. W.
Published: March 2016

The majority of firms in market-oriented countries are family-owned. Despite their significant economic importance for these countries, research focusing on family firms is a rather young field within business research, having intensified starting only in the late 1980s. Research regarding the peculiarities of financial management in family firms is especially scarce. Hence, this paper seeks to synthesize existing research and to theoretically analyze the finance and accounting practices and resources of, as well as the role of financial managers in family firms. Using agency theory, stewardship theory, and the resource-based view of the firm, this paper suggests that finance and accounting practices should be adapted to the controlling familys needs. The paper further suggests that family firms are likely to use fewer short-term-oriented financial-management practices than non-family firms. Moreover, compared to non-family firms, financial managers should play a more traditional role in family firms, focusing on core financial management tasks and on advising the controlling family, while not themselves holding strategic decision-making power. The paper concludes with concrete avenues for further research.
Reporting On Recession: Journalism, Prediction, And The Economy
Authors: Huxford John
Published: March 2016

This paper examines the difficulties that recession coverage poses for journalists and the implications of how news work shapes that subject. It argues that in trying to predict and cover recession, journalists reify this systemic process into an independent entity. Recession comes to be presented as a lurking threat that remains out there even when the economy is strong, rising periodically to threaten society when boom becomes bust. Moreover, other themes in reportage - a cyclic view of temporality and tropes of sin/punishment also encourage economic instability.
The Determinants Of Islamic Retail Banking Adoption In Malaysia
Authors: Thambiah Seethaletchumy , Ramanathan Shanti , Mazumder Mohammad Nurul Huda
Published: March 2016

This study aims to examine the factors affecting the adoption of Islamic retail banking (IRB) products and services among the banking customers of Malaysia. The market share of Islamic retail banking remains low despite being in operation for the past 28 years. Therefore, an empirical analysis was conducted to study the usage of Islamic retail banking products and services between the urban and rural banking customers of Malaysia. Comparisons were also made on the usage of Islamic deposits and financing schemes between the Muslim and non-Muslim customers. The findings of the study revealed, relative advantage, promotional efforts, complexity, compatibility and awareness on attributes of Islamic retail banking as the significant determinants of the usage of Islamic retail banking products and services. Thus, the findings of this study serves as a valuable guideline to the banking sector and policy makers to devise appropriate marketing strategies to promote Islamic retail banking products and services aggressively among the banking customers of Malaysia.
Trade Openness And Inflation: Panel Data Evidence For The Caribbean
Authors: Thomas Chrystol
Published: March 2016

High rates of inflation are a recurrent problem in Caribbean countries. Statistics show that small open developing economies, like those in the Caribbean, are relatively open when compared to more developed countries. Romer (1993) noted that global developments negatively influence inflation thus causing a negative link with trade openness. This paper re-examined this relationship for 8 Caribbean countries over a 30-year period. The validity of Romers (1993) main result is investigated using a modern panel data approach. The results showed that openness positively influences inflation and validated the notion that the Caribbean countries are vulnerable to external shocks.
Tourism And Economic Growth In Kenya: An Empirical Investigation
Authors: Kibara Obadiah N. , Odhiambo Nicholas M. , Njuguna Josephine M.
Published: March 2016

In this study, we examine the dynamic relationship between tourism sector development and economic growth using annual time-series data from Kenya. The study attempts to answer one critical question - Is tourism development in Kenya pro-growth? The study uses an ARDL-bounds testing approach to examine these linkages and also incorporates trade as an intermittent variable between tourism development and economic growth in a multivariate setting. The results of our study show that there is a uni-directional causality from tourism development to economic growth. The results are found to hold irrespective of whether the causality is estimated in the short run and long run. Other results show that international tourism Granger-causes trade, while trade Granger-causes economic growth in Kenya in both the short and the long run.
The Efficiency Of Intellectual Capital Investments As A Potential Leading Indicator
Authors: Javornik Samo , Tekavcic Metka , Marc Mojca
Published: March 2016

This paper aims to test the VAIC model in order to explore and recognize the relationship between Intellectual Capital (IC) components and the financial performance of companies, with an ambition to establish whether IC investment efficiency indicators can serve as potential leading indicators of the future financial performance of companies. We test our hypotheses by using the VAIC model. The data set includes more than 12,000 Slovenian companies within a 14-year period (from 1995 to 2008). OLS regression and panel regression method are used as tools. Most of the research hypotheses have been confirmed, but the results are of limited practical use. In contrast to the primary test, our test conducted on the ranked data indicates a high degree of correspondence between the improvement in rank of a companys IC investment efficiency and the improvement in rank of its financial performance in the peer group. As IC value is a result of above-average financial performance, the IC investment efficiency can potentially serve as leading indicators of future financial performance. By comparing the results of similar studies, we indicate possible systematic biases as potential sources of differences in the results, and suggest the areas that need further investigation.
Determinant Of Foreign Direct Investment: Is It A Better Prescription For Economic Growth In Africa?
Authors: Owusu-Antwi George
Published: March 2016

The manuscript entitled Determinant Of Foreign Direct Investment: Is It A Better Prescription For Economic Growth In Africa?was retracted on December 5, 2014. Please contact our office at Journals@CluteInstitute.com for more information.
Capital Market Theories: Market Efficiency Versus Investor Prospects
Authors: Hodnett Kathleen , Hsieh Heng-Hsing
Published: March 2016

This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behaviors are driven by psychological biases such as greed and fear. Prospect theory and the role of behavioral finance that describe investment decisions in imperfect capital markets are presented to contrast the Utopian assumption of perfect market efficiency. The paper concludes with the argument of Hirshleifer (2001) that heuristics are shared by investors and asset prices may not reflect their long-term intrinsic values as indicated by efficient capital market theories.
The Relationship Between Price And Volume For The Russian Trading System
Authors: McGowan, Jr. Carl B. , Muhammad Junaina
Published: March 2016

The objective of this study is to analyze the relationship between the Russian Trading System Index and trading volume for the Russian Trading System Index. We use daily closing price and trading volume for the data for the RTS Index from September 4, 1995 to November 8, 2011. We find a positive statistically significant relationship between the natural logarithm of price volume changes and changes in the RTS Index and for the natural logarithm of price volume changes relative to a five-day average of price volume changes; thus the impact of trading volume is persistent.
The Sale Of South African Businesses: Navigating Through The Tax Minefield
Authors: Fouche Luan , Stiglingh Madeleine
Published: March 2016

The way in which a business manages tax risk may affect both the financial performance and the reputation of the business. The purpose of this article is to assist decision makers and advisors in the tax risk management process by providing a practical tool to assist them in the identification of the tax risks associated with the sale of a business. This risk identification tool will enable the contracting parties to embark on a proactive risk assessment process with the ultimate goal of planning the transaction in a tax efficient manner and successfully navigating the tax minefield that is inherent in the sale of a business.
The Prospects Of Replacing GAAP With IFRS In The United States
Authors: Yallapragada RamMohan R. , Roe C. William , Toma Alfred G.
Published: March 2016

Historically, each country developed its own Generally Accepted Accounting Principles (GAAP) for financial accounting and reporting and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become difficult leading toward suboptimal capital allocation across countries in the world. Gradually, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. As a result, the International Accounting Standards Committee (IASC) was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). At this point about 100 countries have adopted IFRS for their financial reporting purposes. In 2010, the US Securities Exchange Commission (SEC) stated that it would be able to make a decision on the adoption of the IFRS in the United States within that year and would allow a five-year period for complete transition, if it is decided to incorporate the IFRS into the U S reporting standards. An intense debate ensued for and against incorporation of IFRS into the US GAAP. Four alternative processes are suggested for the transition - outright adoption, convergence, endorsement, and co-endorsement. This paper presents details of each of these suggested alternatives and future perspective of the adoption of IFRS into the U S accounting and reporting system.
Value-Added Tax On Virtual World Transactions: A South African Perspective
Authors: Johnston Gregory , Pienaar Sare
Published: March 2016

The dawn of the internet age has brought about concepts such as electronic commerce, virtual worlds and digitized products. When consumption tax laws such as value-added tax (VAT) or goods and service tax (GST) were legislated, these concepts were not envisaged. The aim of this article is to determine whether the South African value-added tax (VAT) Act is applicable to transactions occurring in virtual worlds. The article critically analyses section 7(1) of the VAT Act to determine its applicability to transactions occurring in virtual worlds. The benefit of this article will be to highlight the deficiency in the South African VAT Act in dealing with electronic commerce transactions as well as transactions arising in virtual worlds. The study reported here concluded that the South African VAT Act in its current format does not appear to deal with transactions occurring in virtual worlds effectively. Consequently, amendments to existing law should be effected in order to deal effectively with the transactions.
Carbon Tax Implications On Corporate Social Investment In The South African Motor Vehicle Manufacturing Industry
Authors: Pillay Suren , Buys Pieter W.
Published: March 2016

Carbon excise tax was implemented on all passenger motor vehicles in South Africa as of 1 September 2010. Since its implementation, the impact of carbon tax on the corporate social investment (CSI) initiatives and expenditure of South African motor vehicle manufacturers has not been assessed. Given that the carbon tax price should ideally compensate for the damage caused by carbon emissions on the environment and people, the key knowledge gap this article aims to consider is whether the implementation of such a carbon tax is likely to affect the CSI decision-making process in respect of motor vehicle manufacturers in South Africa. The research methodology applied in this study is in the form of both a literature review and empirical research. A literature review was performed on the history, emergence and significance of CSI expenditure within the South African context. The empirical research includes an exploratory case study into the impact of the tax in the decision-making processes with regard to CSI expenditure, as well as the impact of carbon tax on CSI spending by motor vehicle manufacturers in South Africa. It was found that although the advent of carbon tax in the industry would place added pressure on the financial performance of the companies, it is unlikely that it would adversely affect the industrys commitment to the CSI initiatives.
Restructuring And Mergers Of The South African Post-Apartheid Tertiary System (1994-2011): A Critical Analysis
Authors: Mouton Nelda , Louw G.P. , Strydom G.L.
Published: March 2016

Socio-economic and vocational needs of communities, governments and individuals change over the years and these discourses served as a compass for restructuring of higher institutions in South Africa from 1994. Before 1994, the claim to legitimacy for government policies in higher education rested on meeting primarily the interests of the white minority. From 1996 onwards, the newly established government considered education a major vehicle of societal transformation. The main objective had been to focus on reducing inequality and fostering internationalisation. Therefore, the rationale for the restructuring of South African universities included a shift from science systems to global science networks. Various challenges are associated with restructuring and include access, diversity, equity and equality. Thus, the restructuring and mergers between former technikons and traditional universities were probably the most difficult to achieve in terms of establishing a common academic platform, as transitional conditions also had to be taken into account and had a twin logic: It was not only the legacy of apartheid that had to be overcome but the incorporation of South Africa into the globalised world was equally important as globalisation transforms the economic, political, social and environmental dimensions of countries and their place in the world. Initially, the post-apartheid higher education transformation started with the founding policy document on higher education, the Report of the National Commission on Higher Education and this report laid the foundation for the 1997 Education White Paper 3 on Higher Education in which a transformed higher education system is described. Restructuring and mergers also had a far-reaching impact, positive and negative, on the various tertiary institutions. This article also reflects on the impact of restructuring and mergers of higher education and reaches the conclusion that higher education faces many more challenges than initially anticipated prior to transformation.
Is There A Favorable Cultural Profile For IFRS?: An Examination And Extension Of Gray's Accounting Value Hypotheses
Authors: Borker David R.
Published: March 2016

Gray (Gray, 1988) proposed a link between Geert Hofstedes (Hofstede, 1980) popular national culture dimensions used in comparative management analysis and his own comparative concepts for accounting. In the past twenty-four years, Grays work has been cited by over 650 scholars. His article presented a hypothetical set of complex correspondences between Hofstedes original four dimensions of Power-distance, Individualism, Masculinity, and Uncertainty Avoidance and Grays accounting values of Professionalism versus Statutory control, Uniformity versus Flexibility, Conservatism versus Optimism, and Secrecy versus Transparency. Grays accounting dimensions were intended to capture underlying cultural values that would tend, in the absence of external influences or other factors, to influence a culture toward the development of certain types of accounting systems. The purpose of this paper is to identify which Gray values and which corresponding Hofstede cultural dimensions would be most supportive of the establishment of accounting standards like the International Financial Reporting Standards (IFRS), currently being adopted by nations throughout the world. A specific set or profile of Gray values most conducive to IFRS is identified and termed the IFRS-favorable profile. In arriving at this profile, the paper also addresses two newer Hofstede cultural dimensions, long-term orientation and Restraint versus Indulgence, and extends Grays model by proposing how these two new Hofstede dimensions correspond to Grays four accounting dimensions. The IFRS-favorable profile and the expansion of Grays link to Hofstede are discussed as practical applications to facilitate successful IFRS implementation in individual countries.
Symbiotic Relationship Between Emotional Intelligence And Collegial Leadership
Authors: Singh Prakash
Published: March 2016

Research on leadership over the past two decades suggests that the emotional intelligence of leaders matters twice as much as that of cognitive abilities, such as IQ or technical expertise. Emotionally intelligent leaders experience a greater sense of well-being, improved relationships, happier employees and lower employee turnover, better team work, greater job satisfaction and a greater degree of success. Four hundred and seventy four employees participated in this study. The quantitative research method was used to examine the employees perceptions of their leaders emotionally intelligent personal and social skills on their job satisfaction. Findings in this study strongly suggest that collegial leaders demonstrate high levels of EI and collegiality in the working environment. These collegial leaders are equipped with personal and social skills which they use to contribute to the happiness and job satisfaction of their workers. Integral to the success and development of the collegial process is that employees feel that they are being nurtured in an open, warm and sincere environment. Clearly, a leader who demonstrates appropriate levels of emotionally intelligent personal and social skills will not only create a collegial working environment but will also thrive in one. The evidence emanating from this exploratory study confirms that there is a symbiotic relationship between emotional intelligence and collegial leadership. The emotionally intelligent collegial leader is a concept that extends far beyond a slogan and must become an integral part of organizational effectiveness and reform. It is inconceivable to speak about collegial leadership in the absence of emotional intelligence.
Prospective Analysis Of The World Lithium Market Contribution To The Evaluation Of Supply Shortage Periods
Authors: Andriamasinoro Fenintsoa , Ahne Haby
Published: March 2016

Despite the availability a priori of lithium geological resources and an assurance from producers to raise their production capacity in the event of an increase in lithium demand, the French government is not reassured because the lithium world market in general and the French market in particular are not still shielded from a supply shortage. Indeed, due to political or environmental reasons, a possible supply restriction policy could be applied by producers. The present work aims to contribute to assessing possible shortage periods, if such scenarios occur. Our approach consists in carrying out a prospective modelling and simulation of the lithium market. We use a Multi-Agent System (MAS) method so that the individual behaviour of the market players is considered. The results of our work enabled us to conclude in a time-limited risk of a shortage in France, even in the event of a restriction combined with an increase in demand. Regarding the rest of the world, the conclusion is more pessimistic. In that case, the work attempted to search possible alternative supply scenarios to compensate shortages resulting from restrictions. At a methodological level, this work provided a promising test regarding a first application of MAS on the modelling of an industrial mining market (a field of macroeconomics). This methodological choice was motivated by the increasing interest aroused by MAS in this field since the economic crisis, generated by individual behaviour, began in 2009; a crisis, where an important supply shortage may be a future occurrence.
A Framework For The Income Tax Deductibility Of Intellectual Property Expenditure Incurred By South African Taxpayers
Authors: Oosthuizen Rudi
Published: March 2016

Taxpayers who use intellectual property (such as patents and trademarks) in their trade in the production of income may obtain the right of such use in a number of different ways. The nature of the transaction granting the taxpayer the use of intellectual property items determines the tax treatment thereof. Taxpayers may be able to claim deductions for the cost of using these items in terms of specific income tax sections or the general deduction formula as outlined by the Income Tax Act 58 of 1962. There are also a number of other sections in the Act which may affect the timing and extent of the deductions allowed. This article investigates the various income tax deductions which may be available to taxpayers in South Africa who make payments in respect of intellectual property. It considers the effect of important recent case law and changes to tax legislation on the timing and extent of these deductions and suggests a framework which can be applied to assist the taxpayer in understanding the structure of such deductions.
Money Demand In South Africa Revisited: A Detailed Analysis Of Different Models
Authors: Niyimbanira Ferdinand
Published: March 2016

Many macroeconomists acknowledge the importance of behavior in a money demand relationship when formulating an efficient monetary policy. Many efforts have been made to estimate the money demand in function using many different specifications. This paper discusses South African empirical literature review of money demand. It revealed that different methods have been used to analyze the demand for money in South Africa, such as the linear function approach, the partial stock adjustment model, and the buffer stock disequilibrium money model. This study also discovered that few studies are done using co-integration and error correction methods and not all of these studies show that the money demand function in South Africa is stable. Implication for theory and practice, as well as area of future research, are also discussed in the study.
The Relationship Between Economic Freedom And Income Equality In The United States
Authors: Webster Allen L
Published: March 2016

While considerable research in the past has focused on the socioeconomic impact of economic freedom on economic growth among nations, less emphasis has been devoted to the relationship between economic sovereignty and income equality. This is particularly true when the area of focus has been restricted to comparisons among states within the United States. Furthermore, what work has been offered comparing US states has proven to be contradictory. Certain studies reviewed in this paper suggest that higher measures of economic freedom are associated with greater income inequality. On the other hand, evidence exists that less inequality is found in areas with greater economic autonomy. This study uses the Gini Index as measures of income distribution. The Fraser Institute in Vancouver, Canada offers well-respected measures of economic freedom among the US states and the provinces of Canada. These data are used to further examine relationships between state levels of economic freedom and income distribution with the intent to offer some general consensus regarding this all-important association.
An Empirical Analysis Of The Interest Rate-Vehicle Purchase Decision Nexus In South Africa
Authors: Chisasa Joseph , Dlamini Winnie
Published: March 2016

The domestic passenger car market has witnessed substantial growth in South Africa. At the same time, bank repossessions and black-listing of defaulting borrowers have increased in sympathy. This paper empirically examines the link between interest rates and the borrowers decision to purchase a passenger vehicle in South Africa. We use monthly time series data of passenger vehicles purchased, household income, fuel prices, prime interest rates and producer price index for manufacturers from January 1995 to December 2011. With passenger vehicle unit purchases as the dependent variable, we obtain OLS estimates of the passenger vehicle purchase function. Results show that there is a negative, but insignificant, relationship between interest rates and passenger vehicle purchases in South Africa. Holding other factors constant, a 1% increase in interest rate results in a 0.9% decrease in passenger vehicle purchases. Household income, fuel price and producer price index are observed to have a positive and insignificant impact on the decision to purchase a passenger vehicle. Our results have policy and decision making implications to lenders and borrowers, respectively.
A Collegial Approach In Understanding Leadership As A Social Skill
Authors: Singh Prakash
Published: March 2016

Current research indicates that the complexities of organisations require a new focus on collegial leadership and the creation of a sense of community in which leadership is shared. Collegiality forms the backbone of shared leadership. Leadership, as a social skill, makes people respect and follow others and is identified by emotional intelligence (EI) factors such as attitude, confidence, respect for others, and trustworthiness. EI is not a replacement for on the job skills and intelligent task-related logical thinking, but it adds to the variety of skills that enable and empower leaders to develop their employees through the enhancement of their social skills. A survey was conducted among 474 employees with the purpose of the exploratory study being to determine employees perceptions of their leaders social skills. Six social skills formed the basis of this investigation; namely, leadership characteristics, communication, conflict management, relationships, empathy, and trust. Both Pearson r and Spearman ? indicate that the two variables; namely, the job satisfaction of workers and the social skills of leaders rated by the respondents, are significant and therefore directly related. The findings of this exploratory study confirm that the more satisfied a worker is, the higher a leaders social skills are likely to be. Conversely, the more dissatisfied an employee is, the lower a leaders social skills are likely to be. However, this data must be interpreted in terms of the social skills of leaders as being one of the major factors affecting the job satisfaction of workers.
Banking Sector Development And Economic Growth In Hong Kong: An Empirical Investigation
Authors: Ho SY , Odhiambo NM
Published: March 2016

In this study, we examine the dynamic relationship between bank-based financial development and economic growth in Hong Kong. We attempt to answer one critical question: Does the relationship between bank-based financial development and economic growth in Hong Kong follow a supply-leading or a demand-following response? In other words, which sector drives economic development in Hong Kong the real sector or the nominal sector? Unlike the majority of previous studies, this study uses the newly developed ARDL-bounds testing approach to examine this linkage. The ARDL-bounds testing approach has numerous advantages over other cointegration techniques, especially when a short time-series dataset is used. In order to test the robustness of the empirical results, two proxies of bank-based financial development have been used; namely: 1) the domestic credit provided by the banking sector as a ratio of GDP and 2) the banks' deposit as a ratio of GDP. Our empirical results show that the relationship between bank-based financial development and economic growth in Hong Kong is sensitive to the proxy used to measure the banking sector development. When domestic credit provided by the banking sector is used as a proxy for bank-based financial development, a distinct supply-leading response is found to prevail. However, when the banks' deposit is used as a proxy for bank development, a demand-following response is found to predominate. These results hold, irrespective of whether the causality is estimated in the short run or in the long run.
Stock Market Development In The United Kingdom: Prospects And Challenges
Authors: Nyasha Sheilla , Odhiambo N.M.
Published: March 2016

This paper highlights the origin and development of the U.K. stockmarket. The country consists of one major stock market, known as the London Stock Exchange, which is one of the worlds largest stock markets. Stock market reforms have been implemented since the Big Bang of 1986 and the Exchange responded positively to most of these reforms, but not so positively to others. As a result of the reforms, the U.K.s stock market has developed, in terms of market capitalisation, the total value of stocks traded and the turnover ratio.Although the U.K. stock market has developed over the years, it still faceswide-ranging challenges, such as the uncertainties that come with new regulation and regulatory changes dominating at both domestic and international levels and the sovereign debt crisis that has left the U.K. stock market volatile.