bluuebunny/crossref_metadata_2025 huggingface dataset:
Transition Countries And New Public Management: The Case Of Slovenia
Authors: Setnikar-Cankar Stanka
Published: March 2016

Globalisation impacts on a country and its administration with a series of economical, technological, cultural and ecological processes. The modern state is seen as a modest state. The state must provide the necessary direction without hindering other activities in society. The shift from public administration to new public management involves a shift in the basic design co-ordinates of public sector organisation. Changes in the operating of public administration require new management policies. Abolishing administrative obstacles confronted by enterprises will reduce their operating costs. An efficient and well-organised public sector is in the interest of the economy. Reorganisation of state administration operations involves setting two important goals in the strategy of reform: greater productivity and better quality of service. Operating indicators are necessary for internal and external reasons for assessing the past and planning the future. New rules on public sector operations require a preliminary definition of operational standards, which determine the extent, quality and accessibility of services, measure results and establish mechanisms impacting on both the users and payers of services.
Cross-Cultural Cooperation In The Netherlands: A Damoclian Sword
Authors: Heijes Coen
Published: March 2016

The paper studies cross-cultural cooperation between black Curaaoans and white Dutch in the Netherlands. It shows that while respondents share the same cultural characteristics, the way they handle these and the way they value both their own traits and those of the other group differ with the specific context in which cooperation takes place. Culture is shown to be a more flexible and dynamic concept than is commonly used in the more static approach of standardized, universalistic cultural differences, which still prevail in management thinking on cross-cultural cooperation.
International Management: Enforcing Protection Of Foreign Intellectual Property In China
Authors: More Elizabeth
Published: March 2016

Over the last few years, China has escalated as a marketplace for Australian business and for higher education, with 55,000 Chinese mainland students officially recorded in 2003 (DEST, 2005). On the 18/4/05, China and Australia signed a formal statement of interest for commencing negotiations on a free-trade agreement, one which could eventually have wide repercussions for both business and education sectors (Taylor and Sutherland, 2005; DFAT, 2006). Already, a fast-moving China is transforming Australia (Dusevic, 2005). Consequently, we need to better understand the intellectual property (IP) issues confronting us in China, whilst exploiting its exciting opportunities, including its culture of education (Dusevic, 2005). This paper, therefore, considers a variety of issues impinging on evolution and enforcement of IP in China, taking note of key variables such as history, culture, politics and attitudes to law more broadly. It then examines current issues confronting IP protection. The paper concludes that understanding factors affecting enforcement are central to dealing with ongoing challenges to Australian business and education of Chinas piracy and counterfeiting.
Dynamic Impact Of Financial Structure On The Volatility Of The Real Exchange Rate
Authors: Min Hong-Ghi
Published: March 2016

This study investigates the role of financial structure on the volatility of real effective exchange rates in Korea. (1). Historical developments of size, activity and efficiency of financial structure, including banking and nonblank financial institutions, are investigated for the last three decades in Korea. (2). Using the concept of bank-based and market-based financial structure, it is shown that there exists a stable long-run relationships between the financial structure of an economy and the volatility of real effective exchange rates. (3). Development of market-based system can successfully isolate foreign shocks and reduce the volatility of the real effective exchange rates while increased bank-based system destabilize the volatility of the real exchange. This can be explained by the strong requirement of information disclosure in the stock market induce risk-sharing activities of investors. (4). Policy implication is that transfer of risk from banking sector to stock market or non-bank financial institutions could stabilize the volatility of asset prices.
An Analysis Of The United Arab Emirates Banking Sector
Authors: Hashmi M. Anaam
Published: March 2016

The UAE has a fragmented banking sector. A total of 46 domestic and foreign banks are operating in the UAE. The banking sector is somewhat protected; however, foreign banks are becoming increasingly active in the economy. The banking sector is gearing up to meet global challenges by adopting Basel II banking standards. The big five banks dominate the banking sector and all of the large ten banks are financially sound. The banking sector is well managed by the UAE Central Bank which is a positive factor for the countrys growth and globalization efforts because the UAE banking sector has grown drastically and is gearing up for global competition.
Globalization: Its Effects
Authors: Alli Ali M. , Winter Gregory S. , May David L.
Published: March 2016

A global culture is now increasingly emerging. The process of globalization is facilitated by technology. This technology comes from but one place education. The primary way to accept (or fight it) globalization is through knowledge. Education is the main way to facilitate interaction and increase the quality of life for people everywhere.
How The Media Is A Significant Promotional Tool To Deliver Marketing Messages To Audiences?
Authors: Cho Yoon C. , Agrusa Jerome
Published: March 2016

Previous studies (e.g., Desai and Basuroy 2005) have frequently examined the influence of media such as film and soap operas on the marketing and tourism industry and also with various audience characteristics (Kwak, Zinkhan, and Dominick 2002). This study explores 1) what factors affect U.S. audiences preferences toward Asian Soap Operas; 2) how U.S. audiences perceive products/services that are shown on Asian Soap Operas; 3) how such attitudes affect actual behavior; and 4) how such attitudes affect their willingness to travel to a country shown in the soap opera. This study also investigates whether such factors as cultural impact, image of the country, preferences of actors and actresses affect ease of use and usefulness of a product and how ease of viewing and usefulness affect attitudes toward overall satisfaction. This study collected surveys in the U.S. and various statistical analyses, such as factor analysis, regression analysis, and ANOVA are applied. The findings of the study will contribute to the development of the use and gratification theory by applying it to the audiences attitudes toward Asian Soap Operas. Further, this study provides implications and offers suggestions to Asian Soap Operas in the U.S. market.
Global Trends And Debt Relief For Asia, Latin America, And Africa: A Multiple Discriminant Analysis
Authors: Ghannadian Farhad F. , Miller John R.
Published: March 2016

Emerging country debt levels are at an all time high. There seems to be a great need to find a solution to the mounting level of external debt in the continents of Asia, South America and Africa. Utilizing multiple discriminant analysis this study looks at whether indebted countries in the various continents responded differently to macroeconomic factors and whether the level of debt made those economies respond to macroeconomic measures. This study supports the notion that Asian countries are more affected by debt factors influencing their economies than countries in Latin America or Africa. The study further shows that various debt levels; e.g.; high, medium, versus low have a significant influence on macroeconomic factors. Therefore this article strongly supports policies for country debt reduction worldwide.
An Overview And Critical Evaluation Of Financial Reform System In China
Authors: Sepehri Mohamad
Published: March 2016

The purpose of this survey study has been to identify the primary elements of the financial sector reform (FSR) and their impact on the socioeconomic environment of China (Peoples Republic of China), and to assess the level of progress, risks, and problems stemming from the Chinas political economy. The research findings indicate that the level of the financial risks has greatly increased in recent years and that China is dealing with inherent financial concerns and potential financial crisis. Ironically, the growth of foreign direct investment has accelerated in Chinese ventures (Warner, 2004), in spite of the recent warnings by various sources such as Business Week (January 19 & May 3, 2004). Currently, the amount of foreign direct investment about $491 billion is flooding the foreign currency system and putting heavy pressure on the Yuan. This is because the investors usually rely heavily on the financial ratios i.e. profitability and growth, as the criteria for investment decisions. However, it would be a critical mistake to disregard the role of policy in risk analysis especially in a political economy such as China. This research study intends to establish an accurate barometer for the assessment of the risk factors within the financial sector and their impact on sectors reform.
Impact Of Country Financial Development On The Firm: International Evidence
Authors: Inci Ahmet Can
Published: March 2016

The impact of financial development of a country on the earnings, capital spending, and stock returns of the firms of that country is the subject of this study. There are two different financial development indices which are utilized. The first is based on Love (2003), and the second is based on Khurana (2006). Using 40 different countries, the causality relationships and cumulative impacts of the lags of earnings and lags of capital spending on subsequent earnings, capital spending, and returns are examined for the financially developed countries and financially non-developed countries. Earnings and capital spending Granger-cause stock returns in financially developed countries. There is also evidence of efficiency in financially developed countries.
Choice Of Exchange Rate Regimes For Developing Countries: Better Be Fixed Or Floating?
Authors: Kan Elif O.
Published: March 2016

The following paper is a summary article about the choice of exchange rate regime for a developing country considering the importance of currency mismatches, debt intolerance, and fear of floating, financial globalization, institutions and sudden stops. In this paper, I first summarize recent researches and papers on this specific issue. In a recent work of theirs, Calvo and Mishkin(2003) argue that much of the debate on choosing an exchange rate regime misses the boat and concludes that choice of exchange rate regime is likely to be of second order importance to the development of good fiscal, financial, and monetary institutions in producing macroeconomic success in emerging market countries and that a focus on institutional reforms rather than on the exchange rate regime may encourage emerging market countries to be healthier and less prone to the crises that we have seen in recent years. Another major study in this subject belong to Obtsfeld(2004) which claim that the measurable gains from financial integration appear to be lower for emerging markets than for higher-income countries, and appear to have been limited by recent crises. Obtsfeld identifies one factor limiting the gains from financial integration as the difficulty emerging economies face in resolving the open-economy trilemma which claim that many emerging economies cannot live comfortably either with fixed or with freely floating exchange rates. And finally, Stanley Fisher (2001) discusses the bipolar or two-corner solution view of intermediate policy regimes between hard pegs and floating are not sustainable and that use of pegged rates for countries open to international capital flows. Finally, I sum up with some concluding remarks.
A Comparison Of The Market Orientation Of Chinese And US Firms
Authors: Smith Darlene Brannigan , Pitta Dennis A. , Richardson Lee
Published: March 2016

A lack of empirical research exists on marketing orientation in China. In order to begin to address this research gap, a study was conducted assessing managers perceptions of the market orientation of Chinese firms and its impact on business performance. Multiple measures of market orientation and business performance were assessed and analysis was conducted across different types of organizations and in different industries. This analysis shows that Chinese firms have a strong market orientation. They recognize the importance of being kept informed about environmental trends, competitor activities and the evolving needs of their customers. They disseminate information among their staff and respond to opportunities to provide better products and quality services to their customers. Although the relationship between market orientation and business performance may be complex, this study provides some empirical evidence that better performance will be achieved by the market-oriented organization.
What Global Businesses Really Want For Academia: An Interdisciplinary Program
Authors: Hubbard Katharine A. Bohley
Published: March 2016

With the increase in international business in Indiana, it was necessary to research and analyze what these businesses are doing with regards to international and what their future plans are regarding internationalizing. In addition to analyzing the international activities of businesses, the research addresses the need from their current employees and potential new-hires. The results of this 18-month, 3-phased research project will help craft the curriculum and its experiential learning components, in order to assure that students have the best opportunity to succeed in the global business environment.
Foreign Direct Investment In Transition Economies: An Institutional Approach
Authors: Kukeli Agim
Published: March 2016

Foreign direct investment (FDI thereafter) is very important for economic growth in transition economies. They have major impact in economic development as a source of physical capital, diffusion of technology, improvements in management and marketing techniques, and enhancing institutional setting of these economies toward market oriented. In this paper, an institutional approach to FDI inflow is investigated to identify relevant factors that have shaped and influenced transition economies. The role of institutions in the inflow of FDI in transition economies is estimated empirically by using Seemingly Unrelated Regression Estimation (SURE) technique.
An Ex-Post Investigation Of Interest Rate Parity In Asian Emerging Markets
Authors: Adrangi Bahram , Raffiee Kambiz , Shank Todd M.
Published: March 2016

This paper investigates the uncovered interest parity theory for the three emerging markets of Korea, the Philippines, and Thailand. The study provides evidence on the efficiency of the currency markets of these economies. In this paper we test for the uncovered interest parity because futures markets for currencies of most emerging markets are not well developed. Furthermore, short- term exchange rate supply and demand are often dominated by the uncovered international investments. Several statistical tests are applied in an attempt to detect evidence of uncovered interest parity. We find there is evidence that the currencies of higher interest rate emerging economies tend to depreciate in the future spot market. However, our test results indicate that this relationship does not support the uncovered interest parity strictly. Arbitrage opportunities remain for a longer periods than predicted by the uncovered interest parity. Furthermore, these abnormal gains are not random and could be predicted by a well designed econometric model. These findings are consistent with empirical findings surrounding uncovered interest parity for mature markets of the world.
India: The Future Economic And Knowledge Super Power?
Authors: Yallapragada RamMohan R. , Toma Alfred G. , Roe C. William
Published: March 2016

India and China are the only countries in the world having a population of over one billion each. Until the 1980s, their economies were among the poorest in the world. India has been the largest democracy since 1947 but heart-rending sights of extreme poverty can be seen even in the flourishing business capitals. There are no subways, very few highways which results in nightmarish tangle of traffic all the time. China has been under the communist rule since the revolution led by Mao Tse Tung in 1966 and still continues to be under the centralized communist rule. Both the countries operated under centralized planning and kept their economies closed to global markets. However, in the past two decades, the world is witnessing a strange miracle taking place in both the countries. In the early 1980s, first China and later, India, started opening their economies to foreign direct investment and began participating more and more in global trade. The world had never witnessed this rare phenomenon of two relatively poor countries that together consist of a third of the worlds population, simultaneously taking off on a steep ascent in their economies. During the past twenty years, China has been growing at a heady rate of over 9% a year and India has growing at over 6% per year. This miraculous and sustained growth of these two countries is being watched by the rest of the world with mixture of surprise and apprehension. At this rate, it is expected that, within the next two or three decades, India and China together would account for over half of the entire worlds output. This paper presents the several factors of the phenomenal development of the Indian economy and analyses the impact of continued rise in their prosperity on the global economy.
Exchange Rates Under The East Asia Dollar Standard: The Future Of East Asian Economies
Authors: Olson Ordean
Published: March 2016

The effects of fluctuations in the yen/dollar exchange rate on the business cycle of the smaller East Asian economies are examined in this paper. The cointegration error-correction model is employed to examine the nature of the interrelationship between the yen/dollar exchange rate and the economic stability of the East Asian countries. The empirical results reveal strong and lasting effects of changes in the yen/dollar exchange rate on the economic income and exchange rate stability of the East Asian countries. The results also indicate that stabilizing the yen/dollar exchange rate with the East Asian business cycle would benefit Japan as well as the economies of East Asia.
The Born Global Entrepreneur In Emerging Economies
Authors: Persinger Elif S. , Civi Emin , Vostina Suzanne Walsh
Published: March 2016

As emerging economies increasingly participate in the global economy, Born Global firms from these countries are becoming significant players as well. In the literature, topics related to Born Global firms from emerging economies have mostly been overlooked. The purpose of this paper is to address part of this gap by studying the Born Global entrepreneur within the context of an emerging market. Specifically, the Born Global entrepreneurs knowledge and behaviors required to start a Born Global firm in an emerging market as well as the success factors in the global marketplace are examined.
The Impact Of Service Quality And Consumer Decision Factors On Brand Equity
Authors: Vatjanasaregagul Ladda , Wang Hwei. Cheng
Published: March 2016

The purpose of this study is to examine the relationship between service quality, consumer decision factors and brand equity in hotel industry. The population of this research is 17 brand name Five star and Four star hotels in Thailand. There is a survey on service quality, consumer decision factors and brand equity responded to by guests of the hotels. The samples for the study were 370 guests of the hotels. Paired samples t-statistics test method was used to test the differences and similarities of the mean response between service quality expectations and customers perceived service quality. The research used descriptive statistics, correlation analysis and ANOVA to test the hypotheses. The results indicate that there was no significant difference between the expectation and perception of service quality of Thai hotels on all five dimensions. The results also indicate that there is no relationship between service quality and brand equity. However, the results indicate that there is a relationship between quality perception and consumer decision factors. Furthermore, a relationship was found between quality perception and brand equity in the hotels. In addition, the research found there is a relationship between consumer decision factors and brand equity. Moreover, the research found there is a relationship between service quality, consumer decision factor and brand equity. The contribution is derived from the works of Keller (1993) and the study of Aaker (1991), Aaker & Biel (1993), Howard (1994) and Berry (2000).
A Comparative Analysis Of Global Pension Tax Arbitrage
Authors: Damanpour Faramarz , Marshall Brooks
Published: March 2016

In a company with defined benefit plans, pension assets often represent a sizable portfolio of financial assets. The intention is to examine whether pension tax arbitrage has the potential to add value to the sponsoring corporation with secondary benefits to plan participants, through a less volatile pension fund. To implement the arbitrage, it is recommended that the plans shift all assets to bonds. Replacing stocks with bonds reduces the risk of the firm, and the benefit stems from the creation of an additional tax deduction on the payment of interest with no increase in firm risk.
Asymmetric Information And Acquisition Of Closely Held Firms
Authors: Dodonova Anna
Published: March 2016

This paper analyzes the problem of asymmetric information in the process of acquisition of closely held firms. It shows that the changes in the acquirer stock price during the takeover negotiation allow the acquire firm to receive additional information about the target. The paper predicts that the asymmetric information problem is less severe when the major shareholder of the target firm is wealthier, the ownership of the target firm is less concentrated, or both.
Analysis Of Global Trends In Building Ubiquitous Information Technology Market Environment
Authors: Kang Yangkoo , Ha Joseph Chunghi
Published: March 2016

This study found that each country, in order to propel the Global Ubiquitous Information Technology (IT) Business Market, has initiated strategies that utilize its own strengths in the IT industry. Ubiquitous information technology is recognized as a new strategy to propel the information industry and to enhance country's competitive power in the global information economy. IT companies in leading IT countries including the United States, Japan, and several European countries engage in active investment and research through a cooperative system among the industry, universities, and the government. Transition to a ubiquitous society may be a quiet revolution, but the reaching effects of the transition will be tremendous. Countries and enterprises should sense what consumers and market demand and should respond to it quickly. Only when countries and enterprises catch the latest information and process it for application, they can expect to succeed.
The Role Of Intangible Assets And Other Accounting Issues In A Corporate Disaster
Authors: Weston Rae
Published: March 2016

In this paper we investigate the role of intangible assets, slotting costs and the failure to provide for legal contingencies in the problems that beset Burns Philp., an Australian blue chip company in 1997. We also move the combination of problems to a 2005 perspective and ask if in the light of recent developments in the accounting for intangible assets and contingencies ( IAS 38) directors would be in a better position to inform shareholders adequately or not.
Effects Of The Law On The Marketing Of Infant Foods In Ghana
Authors: Alabi Goski , Alabi Joshua , Moses Isabella Sagoe
Published: March 2016

Six years into the implementation of the Ghana Breastfeeding Promotion Regulations 2000 (LI 1667), this paper takes a look at how the implementation of the regulations has affected both the promotion of commercial infant foods and mothers feeding options in Ghana. The study reveals that the regulations have restricted promotion of designated products to health care facilities basically to the provision of technical informational materials to health workers and promotion through labeling of products. Direct advertisement of designated products to the general public was virtually non existent through out the study, though there was a general lack of awareness of the existence of the regulations on the part of the general public. The study further suggests that mothers feeding options have been influenced by both the existence of the regulation and the strong breast feeding advocacy together with the Baby Friendly Hospital Initiative. Most mothers choose to breastfeed either exclusively or sometimes with water for the first three months of their babies life. The paper further reveals that mothers generally supplemented with other foods not only infant formula from the fourth month onwards because of employment and other social and economic reasons. These practices are quite different from the years before the Regulations. Enhanced enforcement of the Regulation, awareness creation and further research into impact of the regulations and other infant feeding practices could result in significant gains in compliance and appropriate infant feeding practices.
Sources Of Efficiency And Productivity Growth In The Philippine State Universities And Colleges: A Non-Parametric Approach
Authors: Castano Mary Caroline N. , Cabanda Emilyn
Published: March 2016

This paper evaluates the efficiency and productivity growth of State Universities and Colleges (SUCs) in the Philippines. The SUCs performance is determined on the changes in total factor productivity (TFP), technological, and technical efficiency. We use two Data envelopment analysis (DEA) models for the first time in estimating the relative performance of SUCs. Firstly, the output-orientated DEA-Malmquist index is calculated from panel data of 59 SUCS over the period 1999-2003 or a total of 295 observations, and secondly, the DEA multi-stage model (input reduction) is estimated. The two DEA models are calculated using three educational outputs and three inputs. Using Malmquist Index model, findings reveal that 49 SUCs or 83 percent are efficient. The technological index shows that six (6) SUCs or 10.16 percent only shows a technological progress. In terms of total factor productivity, SUCs obtained an index score of 1.002, which implies a productivity growth. This means that 27 SUCs or 45.76 percent shows a remarkable productivity growth. The main source of productivity growth is due to technical efficiency than innovation. In general, SUCs shows a 5.2 percent technological regression over the study period. Lack of innovation in the Philippine higher institutions has a policy implication: the Philippine government should exert more efforts to provide modern teaching and learning facilities in every state school to improve its deteriorating technological performance. Furthermore, using multi-stage method, technical efficiency has an average of 95.4 percent (Constant-returns-to scale DEA) compared with 96.6 percent (Variable-returns-to scale DEA). Finally, the scale efficiency has a 98.7 percent rating. This implies that, in general, SUCs obtained a below frontier efficiency score. The new findings in this paper may give impetus to Commission on Higher Education, lawmakers or legislators, and the university administrators to adopt measures that would be beneficial to the improvement of State Universities and Colleges in terms of inefficiency and unproductive growth.
Culture And Risk Assessment: A Comparison Of Singapore And Taiwan
Authors: Chen Hsueh-Ju , Huang Shaio-Yan
Published: March 2016

This study examines two areas of auditing: namely, the identification of those factors that are associated with audit risk, business risk, and personal risk; and secondly how culture affects risk assessment. A factor analysis and a logistic regression are used to analyze questionnaire data collected from Singapore and Taiwan. The results show that three factors (the effectiveness of control activities, reporting bias of management and reliability of management) are strongly associated with the auditors risk assessment. This result replicates findings of previous research, indicating the importance of understand the clients control environment in the assessment of the likelihood of material misstatements. In addition, this study also hypothesized that differences in the cultural values of Chinese auditors are likely to result in differences in the risks assessed. The results show that auditors place more emphasis on their firms risk rather than their personal risk. However, compared to auditors in Taiwan, auditors in Singapore seem to be more concerned with risks at the individual level than at the group level. It implies the impact of Western Anglo-Saxon ideas on individuals from a Chinese background.
Adjusting To Free Trade Egypt's Textile And Ready Made Garment Industry
Authors: Elshennawy Abeer
Published: March 2016

This paper investigated the sources of competitive pressure facing the Textile and ready made garment producers in the course of trade liberalization within the framework of the free trade agreement concluded between Egypt and the European agreement. The main sources of competitive pressure and the main impediments to efficient adjustment to free trade were found to be institutional in nature namely the custom law. Competitive pressure further arises due to the recession and due to the scarcity of some inputs like skilled labor and capital.
Traditional Vs. Contemporary Managerial/Cost Accounting Techniques Differences Between Opinions Of Educators And Practitioners
Authors: Ekbatani M. A. , Sangeladji M. A.
Published: March 2016

From the mid 1980s, the start of new movements in the field of managerial/cost accounting, a gap has emerged between the opinions of academia and practitioners regarding the degree of usefulness of managerial/cost accounting techniques. It is believed that practitioners generally prefer managerial/cost accounting techniques which are simple, practical and economically applicable. On the other hand, many authors and academia believe that the traditional managerial/cost accounting techniques are obsolete and not effective for managerial decision-making purposes. As stated by one author, most of the traditional management/cost accounting information are usually too late, too aggregated, and too distorted to be relevant for decision-making purposes.Despite the considerable criticisms to the traditional techniques and increasing interest in developing new managerial/cost accounting models in recent years, the traditional management/cost accounting techniques are still widely used by many organizations.Based on the above and many other studies, some disagreements appear to exist between the perception of academia and practitioner regarding the degree of usefulness of some traditional and contemporary (emergent) managerial/cost accounting techniques and practices. The objectives of this research were to determine (a) whether a real gap existed between the perceptions of academia and practitioners regarding the usefulness of traditional and contemporary managerial/cost accounting techniques and practices and (b) if such a real gap existed, should the practitioner follow academia or should academia modify their theoretical thinking according to practitioners practical experiences. In addition, it was planned in this research to determine the degree of usefulness of different managerial/cost accounting techniques and practices, as well as the type of skills and characteristics demanded from our graduates, from the view points of academia and practitioners. The outcomes of this study were expected to provide useful and empirical information to the authorities in the higher education for the development of more effective curriculum in the field of managerial/cost accounting.
The Broad Concept Of Joint Venture: Should It Have A Fixed Legal Meaning?
Authors: Chetwin Maree
Published: March 2016

What are joint ventures? What are the characteristics of a joint venture? Definitions and features of joint ventures will be considered in various jurisdictions with an emphasis on Australia and New Zealand. Should joint venture have a fixed legal meaning?
Twenty Years After The Economic Restructuring Of Eastern Europe: An Economic Review
Authors: Giannaros Demetrios
Published: March 2016

Twenty years ago, the world witnessed the beginning of one of the most dramatic changes in economic systems. It was the 1989 revolutionary changes in Poland that initiated the collapse of the Soviet-style command economic system of Eastern Europe and the Soviet Union. The economic system transformation that followed did not have any precedent or established theories to rely upon. Thus, some countries opted for a shock therapy approach while most opted for the gradual therapy approach to economic restructuring. This paper reviews the impact of such unprecedented economic transformation and attempts to shed some light on the relative success of such changes and policies -- twenty years after the collapse of the communist regime in Poland that initiated the domino effect of the Eastern European command economies collapse.
Performance Of Chilean ADRs On The New York Stock Exchange
Authors: Elliott R. Stephen , Schaub Mark , Jones Robert
Published: March 2016

In this study, we examine NYSE-listed American Depository Receipts from Chile to determine overall short and long-term investment performance and whether the type of issue (IPO versus SEO) affects ADR performance relative to the S&P 500. Short-term performance suggests Chilean ADRs did not perform significantly different than the market index. However, the Chilean ADRs significantly underperformed the S&P 500 by over 32 percent during the three-year trading horizon. In comparing long-run excess returns of SEOs versus those of IPOs, the SEO subset performed similar to the market while the IPOs significantly underperformed the market index by 45 percent. These results provide evidence that the type of issue (IPO versus SEO) affects portfolio returns when investing in Chilean ADRs.
Cultural Customization: An Analysis Of Chinese And Spanish B2C Web Sites
Authors: Ajanee Jeffery N.
Published: March 2016

The following paper analyzes the trends in e-commerce, the variations among global e-consumers, and in turn, the imperative for cultural customization of business-to-consumer web sites. A literature review delves into past research done in the field of cultural customization as well as the dimensions and values that distinguish cultures from one another. Furthermore, ten (10) Chinese and ten (10) Spanish B2C web sites from the service, retail and manufacturing sectors are analyzed to view the extent of their cultural customization. The findings conclude that none of the B2C web sites viewed were truly culturally customized, but that there exist advantages for businesses to take the initiative and put forth resources into achieving said status for their respective web sites.
Variance Ratio Tests Of Random Walk Hypothesis Of The Euro Exchange Rate
Authors: Chen Jeng-Hong
Published: March 2016

The introduction of the Euro has drawn interested parties attention on the Euro/U.S. Dollar exchange rate market. In this research, three variance ratio tests: Lo-MacKinlays (1988) conventional variance ratio test, Chow-Dennings (1993) simple multiple variance ratio test, and Wrights (2000) non-parametric ranks and signs based variance ratio tests are adopted to test the random walk hypothesis (RWH) of the Euro/U.S. Dollar exchange rate market using the data from January 1999 to July 2008. All of three variance ratio tests results show that the RWH cannot be rejected. Therefore, the Euro/U.S. Dollar exchange rate market is regarded as weak-form efficient.
Determinants Of Customer-Perceived Service Quality In Senior-Care Industry And Their Relationship To Customer Satisfaction And Behavioral Intentions: Research Findings From Taiwan
Authors: Chang Hsing-Yun , Lin Cho-Pu , Tsou Meng-Yun , Chen Chien-Ting
Published: March 2016

The senior-care market has been on the rise in Taiwan, especially in rural areas. Soaring competition among senior-care operators has led to escalating consumer demands on performances, driving the industry to become more customer-oriented. The authors examined the relationship between service quality of senior care and customer satisfaction in rural Taiwan based on Parasuraman, Zeithmal and Berrys SERVQUAL ten dimensions (i.e., access, communication, competence, courtesy, credibility, reliability, responsiveness, security, tangibles and understanding the customer) and Lees food service. Multiple regression was conducted to test the relationships. The statistical results showed that access, courtesy and food service are significantly and positively related to customer satisfaction. This finding, among others, suggests that senior-care operators in rural Taiwan might have overlooked the above mentioned three dimensions as factors leading to customer satisfaction and, ultimately, to a sustainable competitive edge.
Corporate Governance: Is It Time For Global Standards?
Authors: Stanwick Peter A.
Published: March 2016

Financial markets depend on the integrity of the financial information generated by management. In order for that integrity to be ensured, an effective corporate governance system must be in place by the corporation. While the United States has been the initial focal point on the effectiveness of corporate governance through the actions at Enron and WorldCom, European companies such as Ahold, Parmalat and Adecco have also demonstrated that the European Union faces challenges pertaining to corporate governance. The purpose of this paper is to compare how the United States and the European Union address the issue of corporate governance. The paper will examine and compare the Sarbanes-Oxley Act in the United States, the European Commissions Action Plan on corporate governance and the new corporate governance guidelines issues by the Organization for Economic Cooperation and Development. The paper will conclude with a discussion on whether global corporate governance standards are necessary to ensure the stability of global financial markets. The author will argue that certain core standards are universal in nature. However, flexibility is still warranted in some areas due to specific cultural beliefs and established business standards.
Effect Of Macroeconomic Variables On Stock Market Returns For Four Emerging Economies: Brazil, Russia, India, And China
Authors: Gay, Jr. Robert D.
Published: March 2016

The relationship between share prices and macroeconomic variables is well documented for the United States and other major economies. However, what is the relationship between share prices and economic activity in emerging economies? The goal of this study is to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC) using the Box-Jenkins ARIMA model. Although no significant relationship was found between respective exchange rate and oil price on the stock market index prices of either BRIC country, this may be due to the influence other domestic and international macroeconomic factors on stock market returns, warranting further research. Also, there was no significant relationship found between present and past stock market returns, suggesting the markets of Brazil, Russia, India, and China exhibit the weak-form of market efficiency.
Globalization And Time Varying Prices Of Market And Foreign Exchange Risks: Canadian Evidence
Authors: Abeysekera Sarath , Rakhmayil Sergiy
Published: March 2016

The paper empirically examines the relationship between stock returns, exchange rate, and market risks for the Canadian stock market operating in an increasingly global environment. Time varying prices of market and currency risks and corresponding risk premia are estimated. We investigate how estimated risk premia in different industry sectors are affected by macroeconomic events associated with globalization. We find that magnitude of shocks is greater, and risk premia at the times of economic shocks are greater in the post-1994 than in pre-1994 period, and this increase seems to be driven by the increased market exposure of stock returns.
Calendar Effects In The Indian Stock Market
Authors: Patel Jayen B.
Published: March 2016

We find two distinct calendar effects in returns for the Indian stock market. More specifically, we find a November-December effect in which we document that mean returns for November and December are significantly greater than those of the other ten months. We also identify a March-to-May effect in which mean returns for the months March to May are significantly less than those during the other nine months. We further demonstrate that these are two distinct effects that are independent of each other.
New Japan Quality Management Model: Implementation Of New JIT For Strategic Management Technology
Authors: Yamaji Manabu , Amasaka Kakuro
Published: March 2016

In the midst of the rapid advancement of globalization worldwide quality competition, Japanese manufacturers are struggling for the realization of simultaneous achievement of QCD (Quality, Cost and Delivery). Against this background, for the purpose of sharing intellectual information and strengthening cross-department cooperation, this study proposes New Japan Quality Management Model mainly in connection with the Quality Assurance Div. and TQM Promotion Div. Further, the effectiveness of this model is verified at Toyota. As a result, QCD was achieved simultaneously by collaboration of QA Division and TQM Division.
Missing Links In Understanding The Relationship Between Leadership And Organizational Performance
Authors: Jing Fenwick Feng , Avery Gayle C.
Published: March 2016

Both researchers and practitioners have devoted considerable attention to the potential effects of leadership on organizational performance. Despite increased research into the leadership-performance relationship, major gaps still remain in our understanding. This paper reviews the published literature and identifies these gaps, highlighting implications for future research into the leadership-performance relationship.
A Study Of The Relationship Between Stock Market Development And Economic Growth And Development For 1994 To 2003
Authors: McGowan, Jr. Carl B.
Published: March 2016

In this paper, we discuss the relationship between the level of economic development and the size of the stock market relative to the total economic output. We find a positive relationship and statistically significant regression coefficients between gross national income per capita and total stock market capitalization to gross national income for each year from 1994 to 2003 for between seventy-eight and one hundred and two countries. A well developed stock market facilitates capital allocation in an economy which is necessary for economic growth and development and provides the large pools of funds to successful entrepreneurs needed for corporate growth.
The Risk-Return Profiles Of Global Portfolios: Some Evidence From Asia-Pacific And European Equity Markets
Authors: Hsu H. Christine
Published: March 2016

As world financial markets are integrated, national stock markets tend to move together. Empirical evidence on correlations among equity markets worldwide suggests an increasing interdependence between most national markets in recent years. This is disconcerting, to say the least, to investors and portfolio managers seeking risk diversification via global equity investing. The objective of this study is to investigate whether there is still room for global portfolio diversification from the U.S. perspective. Specifically, this research examines the statistical significance and magnitude of diversification benefits arising from equity investments in Asia-Pacific (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea and Taiwan) and Europe (Austria, Belgium, Denmark, France, Germany, Italy, the Netherlands, Sweden, Switzerland and the United Kingdom) over the period of November 1998 through October 2006. The study provides insights about the extent to which the U.S. investors need to allocate their equity investments in Asia/Pacific and European stock markets so as to benefit from global diversification
The Relationship Between Distinctive Capabilities And The Performance Of Small And Medium-Size Enterprises (SMES) In Malaysia
Authors: Man Mandy Mok Kim , Wafa Syed Azizi
Published: March 2016

This study analyzes strategic factors that can influence the performance of small and medium size enterprises (SMEs) in the Malaysian manufacturing sector. The conceptual framework is developed based on the distinctive capabilities and the performance of the SMEs. This study is based on a sample survey of 121 SMEs in the manufacturing sector. Using structured questionnaires, the data is collected by mailing as well as interviews with owner-managers of the SMEs. Using the Statistical Package of Science Social (SPSS) program, the analyses were made to show the relationship between the distinctive capabilities and the performance of SMEs. The findings indicate that there is a significant relationship between distinctive capabilities and the performance of SMEs.
Training The Trainers: Parlate Italiano? An Experiential Exercise In International Human Resources
Authors: Eastwood Karen , Renard Monika
Published: March 2016

This exercise was developed to teach students in an international management or human resource class the importance of international training. The students choose and learn some basic vocabulary in a foreign language and then develop and present an effective training module for those language skills. An example of one such module is described.
Evaluating the Impact Of Foreign Exchange Rate Risk On The Capital Budgeting For Multinational Firms
Authors: McGowan, Jr. Carl B.
Published: March 2016

Capital budgeting analysis has evolved to the point where large firms universally use sophisticated capital budgeting techniques.[1] However, small firms are less likely to use sophisticated capital budgeting techniques.[2] Even large firms do not generally use simulation for risk analysis in multinational project capital budgeting analysis.[3] This paper provides a discussion and example of the use of simulation in evaluating the impact of foreign exchange rate volatility on multinational project capital budgeting analysis.[1] Bierman, Harold, Jr. Capital Budgeting in 1991: A Survey, Financial Management, Autumn 1993, pp. 21-29.[2] See, for example, Block, Stanley. Integrating Traditional Capital Budgeting Concepts into an International Decision-Making Environment, The Engineering Economist, 45(4), 2000, pp. 309-325 or Graham, John R. and Campbell R. Harvey. The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, 60, 2001, pp. 187-243.[3] See, for example, Farragher, Edward, Robert Kleiman, and Anandi, Sahu. The Association Between the Use of Sophisticated Capital Budgeting Practices and Corporate Performance, The Engineering Economist, 46(4), 2001, pp. 300-31, Ho, Simon S. M. and Richard H. Pike. Risk Analysis in Capital Budgeting Contexts: Simple or Sophisticated?, Accounting and Business Research, 21(83), 1991, pp. 227-238, Klammer, T. Empirical Evidence of the Adoption of Sophisticated Capital Budgeting Techniques, The Journal of Business, July 1972, pp. 387-397, and Klammer, T., B. Koch, and N. Wilner. Post-auditing Capital Assets and Firm Performance: An Empirical Investigation, Managerial and Decisions Economics, (12), 1991, pp. 317-327.