Search results for: financial productivity

Authors: Semra Turkan

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In this paper, we have examined the factors that affect the productivity of Turkey’s Top 500 Industrial Enterprises in 2014. The labor productivity of enterprises is taken as an indicator of productivity of industrial enterprises. When the relationships between some financial ratios and labor productivity, it is seen that there is a nonparametric relationship between labor productivity and return on sales. In addition, the distribution of labor productivity of enterprises is right-skewed. If the dependent distribution is skewed, the quantile regression is more suitable for this data. Hence, the nonparametric relationship between labor productivity and return on sales by quantile smoothing splines.

Keywords: quantile regression, smoothing spline, labor productivity, financial ratios

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Authors: Natina Yaduma, Allan Williams, Sangwon Park, Andrew Lockwood

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This paper analyses flexible working, and the employment of migrants, as determinants of productivity in hotels. Controlling for the institutional environment, by focussing on a single firm, it analyses data on actual hours worked and outputs, on a weekly basis, over an 8 year period. The unusually disaggregated data allows the paper to examine not only inter-establishment, but also intra-establishment (departmental) variations in productivity, and to compare financial versus physical measures. The findings emphasise the complexity of productivity findings, sometimes contrasting evidence for establishments versus departments, and the positive but scale and measure-specific contributions of both the employment of migrants and flexible working, especially the utilisation of zero hours contracts.

Keywords: labour productivity, physical productivity, financial productivity, numerical flexibility, functional flexibility, migrant employment, cero-contract employment

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: Syed Hassan Amjad

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In today’s competitive environment, in order for a company to exist, it must continually improve its Performance by reducing cost, improving quality and productivity, and easy access to market.The purpose of this thesis is to check the firm financial growth and performance and which type of factors affect the firm financial performance. This paper examines the key determinants of firm financial performance. We will differentiate between financial and non financial drivers of the firm financial performance. For the measurement of the firm financial performance there are many ways but all the measure had been taken in aggregation, such as debt, tax rate, operating expenses, earning per share and economic conditions. This study has also been done in developed countries but these researches show that foreign companies face many difficulties inimproving the firm financial performance. In findings we found that marketing expenditures and international diversification had a positive impact on firm valuation. In research also found that a firm's ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm, tax rate and economic conditions were important factors affecting its financial performance.

Keywords: debt, tax rate, firm financial performance, operating expenses, dividend per share, economic conditions

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Authors: Xiaojun Wang

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In a lucky emerging market, most Sino commercial banks has developed rapidly and achieved dazzling performance in recent years. As a large sound commercial bank with long history, Wells Fargo Company(WFC) is taken as a mirror in this paper in order to roughly find out the relevance on life circle of the Sino banks in comparison with WFC. Two financial measures return on equity(ROE) and overall labor productivity(OLP), three commercial banks the Hong Kong and Shanghai Banking Corporation Limited(HSBC), the Bank of Communication(BCM) and China Minsheng Bank(CMSB) are selected. The comparison data coming from historical annual reports of each company vary from 13 years to 51 years. Several conclusions from the results indicate that most Sino commercial banks would be continually developing with lower financial measures performance for later several decades.

Keywords: commercial bank, features comparison, labor productivity, return on equity

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Authors: Ishiyaku Abdulkadir, Satish Kumar J

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Land Productivity is a measure of the greenness of above-ground biomass in health and potential gain and is not related to agricultural productivity. Monitoring land productivity dynamics is essential to identify, especially when and where the trend is characterized degraded for mitigation measures. This research aims to monitor the land productivity trend of Gombe State between 2001 and 2015. QGIS was used to compute NDVI from AVHRR/MODIS datasets in a cloud-based method. The result appears that land area with improving productivity account for 773sq.km with 4.31%, stable productivity traced to 4,195.6 sq.km with 23.40%, stable but stressed productivity represent 18.7sq.km account for 0.10%, early sign of decline productivity occupied 5203.1sq.km with 29%, declining productivity account for 7019.7sq.km, represent 39.2%, water bodies occupied 718.7sq.km traced to 4% of the state’s area.

Keywords: above-ground biomass, dynamics, land productivity, man-environment relationship

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Authors: Ajayi Oluwasola Felix

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This paper examines how firm investments in technology-based employee monitoring impact both misconduct and productivity. We use unique and detailed theft and sales data from 392 restaurant locations from five firms that adopt a theft monitoring information technology (IT) product. We use difference-in-differences (DD) models with staggered adoption dates to estimate the treatment effect of IT monitoring on theft and productivity. We find significant treatment effects in reduced theft and improved productivity that appear to be primarily driven by changed worker behavior rather than worker turnover. We examine four mechanisms that may drive this productivity result: economic and cognitive multitasking, fairness-based motivation, and perceived increases of general oversight. The observed productivity results represent substantial financial benefits to both firms and the legitimate tip-based earnings of workers. Our results suggest that employee misconduct is not solely a function of individual differences in ethics or morality, but can also be influenced by managerial policies that can benefit both firms and employees.

Keywords: information technology, monitoring, misconduct, employee theft

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Authors: Arezou Javadi

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The use of algorithmic models dependent on software calculations and simulation of new government management assays with the help of specialized software had increased the productivity and efficiency of the government management system recently. This has caused the management approach to change from the old bitch & fix model, which has low efficiency and less usefulness, to the capable management model with higher efficiency called the partnership with resident model. By using Govpilot TM software, the relationship between people in a system and the government was examined. The method of two tailed interaction was the outsourcing of a goal in a system, which is formed in the order of goals, qualified executive people, optimal executive model, and finally, summarizing additional activities at the different statistical levels. The results showed that the participation of people in a financial implementation system with a statistical potential of P≥5% caused a significant increase in investment and initial capital in the government system with maximum implement project in a smart government.

Keywords: machine learning, financial income, statistical potential, govpilot

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Authors: Arezou Javadi

Abstract:

The use of algorithmic models dependent on software calculations and simulation of new government management assays with the help of specialized software had increased the productivity and efficiency of the government management system recently. This has caused the management approach to change from the old bitch & fix model, which has low efficiency and less usefulness, to the capable management model with higher efficiency called the partnership with resident model. By using Govpilot TM software, the relationship between people in a system and the government was examined. The method of two tailed interaction was the outsourcing of a goal in a system, which is formed in the order of goals, qualified executive people, optimal executive model, and finally, summarizing additional activities at the different statistical levels. The results showed that the participation of people in a financial implementation system with a statistical potential of P≥5% caused a significant increase in investment and initial capital in the government system with maximum implement project in a smart government.

Keywords: machine learning, financial income, statistical potential, govpilot

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Authors: Vasiliki A. Tzora, Nikolaos D. Philippas

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The paper measures the financial literacy of youth in Greece derived from the examined aspects of financial knowledge, behaviours, and attitudes that high school students performed. The findings reveal that less than half of participant high school students have an acceptable level of financial literacy. Also, students who are in the top of their class cohort exhibit higher levels of financial literacy. We also find that the father’s education level has a significant effect on financial literacy. Students who keep records of their income and expenses are likely to show better levels of financial literacy than students who do not. Students’ perception/estimation of their parents’ income changes is also related to their levels of financial literacy. We conclude that financial education initiatives should be embedded in schools in order to embrace the young generation.

Keywords: financial literacy, financial knowledge, financial behaviour, financial attitude, financial wellbeing, 15-year-old students

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Authors: Barbora Chmelíková

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Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason this study analyses financial knowledge, financial behavior and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, as well as socio-demographic data enabling more thorough analysis. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.

Keywords: financial literacy, financial behavior, personal finance management, university students

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Authors: Barbora Chmelikova

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Current financial markets offer a wide range of financial products to the consumers. However, access to the financial products is not always provided or guaranteed, particularly in less developed countries. For this reason, financial inclusion is an important component in the modern society. This paper investigates financial inclusion and what financial products are held by university students majoring in finance fields. The OECD methodology was used to examine the awareness and use of financial products. The study was conducted via online questionnaire at Masaryk University in the Czech Republic among finance students. The results show that the students use current and savings accounts more than any other financial products.

Keywords: financial inclusion, financial products, personal finance, university students

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Authors: Jiří Klečka, Dagmar Čámská

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This paper is focused on the investigation of productivity (total productivity and partial productivity). The value productivity is an indicator of level and changes in technical economic efficiency of production factors. It represents an important factor in achieving corporate objectives. This text works with the contemporary concept of value productivity that means that indicators of the productivity express the effect of economic efficiency not only of inputs consumption, but also of inputs binding efficiency. This approach is based on principles of the economic profit, respectively the economic value added (EVA). The research is done on the sample of Czech enterprises operating in the automotive industry in the regions of Liberec and the Central Bohemia. The data sample covers the time period 2006-2011 which allows the comparison of development before crisis and during crisis period. It enables to discover the companies' reaction during crises and the regional comparison allows to showing if there are significant differences between regions.

Keywords: automotive industry, Czech Republic, economic efficiency, regional comparison, value productivity

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Authors: Elham Dehghan, A. Shirzadi Javid, Mohsen Tadayon

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Labor productivity is very important and gained special concerns among professionals in the construction industry, worldwide. Productivity improvements on labors achieve higher cost savings with minimal investment. Due to the fact that profit margins are small on construction projects, cost savings associated with productivity are crucial to become a successful contractor. This research program studies and highlights the factors affecting labor productivity in Iranian construction industry. A questionnaire was used to gather the relevant data from respondents who involve in managing various types of projects in wide areas in Iran. It involved ranking 57 predefined factors divided into 5 categories: Human/Labor; Financial; Management; Equipments/Materials and Environmental. Total 62 feedbacks were analyzed through the Relative Importance Index (RII) technique. The top ten factors affecting construction labor productivity in Iran are: 1) Professional capability of contractor project manager, 2) skills of contractor’s project management team, 3) professional capability of owner project manager, 4) professional capability of Consulting Project manager, 5) discipline working, 6) delay payments by the owner, 7) material shortages, 8) delays in delivery of materials, 9) turnover power of the owner, 10) poor site management. Recommendations have been made in the study to address these factors. The research has direct benefits to key stakeholders in Iranian construction industry.

Keywords: Iranian construction projects, labor, productivity, relative importance index

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Authors: Sudipto Jana

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Background and significance of the study: Banking industry performs as a catalyst for industrial growth and agricultural growth, however, as well involves the existence and welfare of the citizens. The banking system in India was described by unmatched growth and the recreation of bunch making in the pre-liberalization era. At the time of financial sector reforms Reserve Bank of India issued a regulatory norm concerning capital adequacy, income recognition, asset classification and provisioning that have increasingly precede meeting by means of the international paramount performs. Bank management ceaselessly manages the triumph, effectiveness, productivity and performance of the bank as good performance, high productivity and efficiency authorizes the triumph of the bank management targets as well as aims of bank. In a comparable move toward performance of any economy depends upon the expediency and effectiveness of its financial system of nation establishes its economic growth indicators. Profitability and productivity are the most important relevant parameters of any banking group. Keeping in view of this, this study examines the profitability and productivity performance of the selected public sector banks in India. Methodology: This study is based on secondary data obtained from Reserve Bank of India database for the periods between 2006 and 2015. This study purposively selects four types of commercial banks, namely, State Bank of India, United Bank of India, Punjab National Bank and Allahabad Bank. In order to analyze the performance with relation to profitability and productivity, productivity performance indicators in terms of capital adequacy ratio, burden ratio, business per employee, spread per employee and advances per employee and profitability performance indicators in terms of return on assets, return on equity, return on advances and return on branch have been considered. In the course of analysis, descriptive statistics, correlation statistics and multiple regression have been used. Major findings: Descriptive statistics indicate that productivity performance of State Bank of India is very satisfactory than other public sector banks in India. But management of productivity is unsatisfactory in case of all the public sector banks under study. Correlation statistics point out that profitability of the public sector banks are strongly positively related with productivity performance in case of all the public sector banks under study. Multiple regression test results show that when profitability increases profit per employee increases and net non-performing assets decreases. Concluding statements: Productivity and profitability performance of United Bank of India, Allahabad Bank and Punjab National Bank are unsatisfactory due to poor management of asset quality as well as management efficiency. It needs government’s interference so that profitability and productivity performance are increased in the near future.

Keywords: India, productivity, profitability, public sector banks

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Authors: Hossein Boromandfar, Ahmad Ghalavandi

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This paper examines the importance of human resources as a strategic resource and the factors that lead to increased Labor productivity in Applied Science Center Andimeshk pay. First, the concepts and definitions of productivity and factors affecting it, and then determine the center Recommendations for improving the productivity of the university at a high level its improvement. What leads to increased productivity of labor is worth. The most competent human resources infrastructure is set, because by moving towards the development and promotion. The use of qualified employees in the university with a focus on specific objectives can be effective on its promotion.

Keywords: productivity, manage, human resources, center for applied science

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Authors: Saeed Rabea Baatwah, Zalailah Salleh, Norsiah Ahmad

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This study examines whether audit committee chair with financial expertise enhances the audit committee role in financial reporting quality in emerging market. We investigate this influence by employing the direct effect and moderating effect of audit committee chair with financial expertise on financial reporting timeliness. By using Omani data and the panel data method for two proxies for financial reporting timeliness, we find that audit committee chair with financial expertise enhances the timeliness of financial reporting through making the disclosure of annual reports timely. Further, we report evidence showing that both accounting and non-accounting financial expertise on the audit committee have a positive and significant influence on the timeliness of financial reporting. We also document that the association between financial expertise and the timeliness of financial reporting is more pronounced when the chair of the audit committee has financial expertise. This study is among the first to comprehensively prove that audit committee chair with financial expertise contributes to the quality of financial reporting in emerging market.

Keywords: audit committee, chair with financial expertise, timeliness of financial reporting, Oman

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Authors: Prasansha Kumari

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Financial Literacy is the possession of knowledge and understanding of financial matters. Financial Literacy often entails the knowledge of properly making decisions pertaining to certain personal financial areas like real estate, insurance investing, and savings. This paper intends to identify and analyze the financial knowledge among university undergraduates by using 200 undergraduates in four faculties of University of Kelaniya, Sri Lanka. Collected data will be analyzed by descriptive research method using SPSS package. Expected outcomes are considerable percentage of undergraduates have basic knowledge on financial matters while it has a law percentage for advanced financial literacy among undergraduates. Students from faculty of Commerce and Management and Science have good understanding about financial matters than undergraduates in other two faculties

Keywords: advanced finance, undergraduates, financial literacy, savings

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Authors: Saad Bin Nasir

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This study imperially evaluated of five human resource (HR) practices (Wellness program extents are Employee’s assistance program, Health care screenings, and Recreation trips, Seminars for life style, Indoor and Outdoor activities) and there likely impact on the organization productivity in Pakistani organizations. The data were gathering by administrating questionnaires. The result indicated that all five variables are positively and significantly correlated with organization productivity. Results of regressing the all variables on organization productivity show that seminars for life style and employee’s assistance program strong predictors of organization productivity.

Keywords: wellness program, organization’s productivity, employee’s assistance program, health care screening

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Authors: Sophia Hayes, Kenny L. Liang, Sahil Sharma, Austin Shema, Mahmoud Bader, Mohamed Elbarkouky

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Despite being one of the most significant economic contributors of the country, Canada’s construction industry is lagging behind other sectors when it comes to labor productivity improvements. The construction industry is very collaborative as a general contractor, will hire trade contractors to perform most of a project’s work; meaning low productivity from one contractor can have a domino effect on the shared success of a project. To address this issue and encourage trade contractors to improve their productivity tracking methods, an investigative study was done on the productivity views and tracking methods of various trade contractors. Additionally, an in-depth review was done on four standard tracking methods used in the construction industry: cost codes, benchmarking, the job productivity measurement (JPM) standard, and WorkFace Planning (WFP). The four tracking methods were used as a baseline in comparing the trade contractors’ responses, determining gaps within their current tracking methods, and for making improvement recommendations. 15 interviews were conducted with different trades to analyze how contractors value productivity. The results of these analyses indicated that there seem to be gaps within the construction industry when it comes to an understanding of the purpose and value in productivity tracking. The trade contractors also shared their current productivity tracking systems; which were then compared to the four standard tracking methods used in the construction industry. Gaps were identified in their various tracking methods and using a framework; recommendations were made based on the type of trade on how to improve how they track productivity.

Keywords: labor productivity, productivity tracking methods, trade contractors, construction

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Authors: Abidemi C. Adegboye, Samuel Iweriebor

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The primary link between financial institutions and economic performance is the provision of resources by these institutions to businesses in order to drive enterprise expansion, sustainability, and development. In this study, the role of access to finance in driving innovations and productivity in Nigerian SMEs is investigated using the World Bank Enterprise Survey (ES) dataset. Innovation is defined based on the ES analysis using five compositions including product, method, organisational, use of foreign-licensed technology, and spending on R&D. The study considers finance in terms of source in meeting investment needs and in terms of access. Moreover, finance access is categorized as external and internal to a firm with each having different implications. The research methodology adopted a survey analysis based on the 2014 World Bank Enterprise Survey of 19 states in Nigeria. The survey comprised over 10,000 manufacturing and services firms, both at the small scale and medium scale levels. The logit estimation technique is used to estimate the relationships in the study. The results from the empirical analysis show that in general, access to finance drives SME innovation in Nigeria. In particular, ease of accessing bank loans and credit is shown to be the strongest positive force in driving all types of innovation among SMEs in Nigeria. In the same vein, the type of finance source for investment matters in terms of how it affects innovation: it is shown that both internal and external sources improve investment in product, process, and organisational innovation, but only external financing has effect on R&D spending and use of foreign licensed technology. Overall spending on R&D is only driven by access to external finance by the SMEs. For productivity, the results show that while structure of financing investment improves productivity, increased access to finance may actually lead to productivity decline among SMEs in Nigeria. There is a need for the financial system to evolve structures to increase fund availability to SMEs in Nigeria, especially for the purpose of innovation investment.

Keywords: access to finance, financing investment, innovation, productivity, SMEs

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Authors: Kristine Joy Simpao

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Improving labour productivity is one of the most enthralling and challenging aspects of managing hotels and restaurant business. The demand to secure countless productivity became an increasingly pivotal role of managers to survive and sustain the business. Besides making business profitable, they are in the doom to make every resource to become productive and effective towards achieving company goal while maximizing the value of organization. This paper examines what productivity means to the services industry, in particular, to the hotel industry. This is underpinned by an investigation of the extent of practice of respondent hotels to the labour productivity aspect in the areas of materials management, human resource management and leadership management and in a way, computing the labour productivity ratios using the hotel simple ratios of productivity in order to find a suitable measurement and control standards for hotels with SBMA, Olongapo City as the locale of the study. The finding shows that hotels labour productivity ratings are not perfect with some practices that are far below particularly on strategic and operational decisions in improving performance and productivity of its human resources. It further proves of the no significant difference ratings among the respondent’s type in all areas which indicated that they are having similar perception of the weak implementation of some of the indicators in the labour productivity practices. Furthermore, the results in the computation of labour productivity efficiency ratios resulted relationship of employees versus labour productivity practices are inversely proportional. This study provides a potential measurement and control standards for the enhancement of hotels labour productivity. These standards should also contain labour productivity customized for standard hotels in Subic Bay Freeport Zone to assist hotel owners in increasing the labour productivity while meeting company goals and objectives effectively.

Keywords: labour productivity, hotel, measurement and control, standards, efficiency ratios, practices

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Authors: Laura de Zwaan, Tracey West

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There is a sustained observable gender gap in financial literacy, with females consistently having lower levels than males. This research explores the knowledge and experiences of high school students in Australia aged 14 to 18 in order to understand how this gap can be improved. Using a predominantly qualitative approach, we find evidence to support impacts on financial literacy from financial socialization and socio-economic environment. We also find evidence that current teaching and assessment approaches to financial literacy may disadvantage female students. We conclude by offering recommendations to improve the way financial literacy education is delivered within the curriculum.

Keywords: financial literacy, financial socialization, gender, maths

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Authors: Simiso Fisokuhle Nyandeni

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Climate change has turned out to be a pandemic that has drawn the attention of many countries’ households around the globe, especially those whose livelihood and economic status depend on agricultural productivity. Hence, the agricultural sector is regarded as the sector that is most dependent on climate conditions for its productivity/harvest, yet in recent years this sector has been experiencing drought. However, adaptation seems to be a tool that every farmer looks upon as a solution to their challenges as their productivity keeps on being vulnerable to climate effects. Thus, exposure/access to the market seems to be a major challenge that faces especially small-scale farmers. We, therefore, examine the small-scale farmers’ constraints or challenges towards getting access to the market for them to get proper sales of their farming products. As a result, the adaptation capacity of every farm household varies on the financial status.

Keywords: climate change, small-scale farming, agriculture sector, adaptation

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Authors: Yasmine Ahmed Shemeis

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Determining the impact of productivity increases on wage levels is often difficult due to the unavailability of individual-level productivity data. Accordingly, we proxy for productivity using a self-perceived measure of health based on the postulated positive relationship between better health and productivity improvements. Using Egypt’s labour market data for the years 2012 and 2018 and utilizing a Maximum Likelihood Estimation method, we address two issues: the endogeneity of health in the estimation of wages and a sample selection bias. Our findings indicate the great value that better health has in enhancing wage levels in Egypt’s private sector. Also, we find that overlooking the endogeneity of health underestimates its effect on wages. Thus, the improvement of health states is likely to be beneficial in improving labour market outcomes in terms of wages as well as labour productivity in Egypt.

Keywords: labour, Productivity, Wages, Endogeneity, Sample Selection

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Authors: Seyed Sajjad Habibi

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The aim of this study is to investigate the impact of global financial crises and corporate financial crisis on tax evasion of companies listed on the Tehran Stock Exchange. For this purpose, panel data in the periods of financial crisis period (2007 to 2012) and without a financial crisis (2004, 2005, 2006, 2013, 2014, and 2015) was analyzed using multivariate linear regression. The results indicate a significant relationship between the corporate financial crisis (bankruptcy risk) and tax evasion in the global financial crisis period. The results also showed a significant relationship between the corporate bankruptcy risk and tax evasion in the period with no global financial crisis. A significant difference was found between the bankruptcy risk and tax evasion in the period of the global financial crisis and that with no financial crisis so that tax evasion increased in the financial crisis period.

Keywords: global financial crisis, corporate financial crisis, bankruptcy risk, tax evasion risk, emerging markets

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Authors: Zouari Ezzeddine, Ghraieb Ikram

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From the results of the academic literature which evokes the limitations of previous studies, this article shows the reasons for multidimensionality Prediction of financial bubbles. A new framework for modeling study predicting financial bubbles by linking a set of variable presented on several dimensions dictating its multidimensional character. It takes into account the preferences of financial actors. A multicriteria anticipation of the appearance of bubbles in international financial markets helps to fight against a possible crisis.

Keywords: classical measures, predictions, financial bubbles, multidimensional, artificial neural networks

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Authors: Bilal Arshad

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This study aims to analyse the impact of financial globalisation on economic growth, specifically focusing on how it is influenced by the implementation of International Financial Reporting Standards (IFRS). In addition, we analyze the influence of IFRS and a country's level of financial development on this relationship. Available literature suggested that this study expands upon previous research on financial globalization, financial development, and economic growth by examining the impact of International Financial Reporting Standards (IFRS) on advanced and developed countries from 1996 to 2019. The application of the Generalised Method of Moments estimator reveals that financial globalisation in nations that have adopted the International Financial Reporting Standards (IFRS) has a substantial and favourable impact on economic growth. The impact of financial globalisation on economic growth is influenced by the level of financial development.

Keywords: financial globalization, financial development, IFRS, economic growth

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Authors: Eunsup Daniel Shim, Jooh Lee

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The US financial crisis of 2008 and subsequent Global Financial Crisis were considered by many economists the worst financial crisis since the Great Depression of the 1930s. As a results, Dodd-Frank Act has passed and aims '(1) to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", (2) to protect the American taxpayer by ending bailouts, (3) to protect consumers from abusive financial services practices, and for other purposes.' The enactment of Dodd-Frank Act, in part, intended to significantly influence accountability on executive compensation especially for the financial institutions. This paper empirically investigates the changes in Financial CEOs’ compensation since the Financial Crisis of 2008. Our findings show that in the post- Financial Crisis period financial leverage is significant factor influencing the CEOs’ total compensation. In addition market based performance such as stock price and market-to-book ratio shows significant positive relationship with CEO compensation. This change can be interpreted an attempt to reduce opportunistic behavior of top executives after the financial crisis and the enactment of the Dodd-Frank Act.

Keywords: financial CEO compensation, firm performance, financial crisis of 2008, dodd-frank act

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Authors: Fatemeh Abbasi, Sahand Daneshvar

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Productivity is one of the essential goals of companies to improve performance, which as a strategy-oriented method, determines the basis of the company's economic growth. The history of productivity goes back centuries, but most researchers defined productivity as the relationship between a product and the factors used in production in the early twentieth century. Productivity as the optimal use of available resources means that "more output using less input" can increase companies' economic growth and prosperity capacity. Also, having a quality life based on economic progress depends on productivity growth in that society. Therefore, productivity is a national priority for any developed country. There are several methods for calculating productivity growth measurements that can be divided into parametric and non-parametric methods. Parametric methods rely on the existence of a function in their hypotheses, while non-parametric methods do not require a function based on empirical evidence. One of the most popular non-parametric methods is Data Envelopment Analysis (DEA), which measures changes in productivity over time. The DEA evaluates the productivity of decision-making units (DMUs) based on mathematical models. This method uses multiple inputs and outputs to compare the productivity of similar DMUs such as banks, government agencies, companies, airports, Etc. Non-parametric methods are themselves divided into the frontier and non frontier approaches. The Malmquist productivity index (MPI) proposed by Caves, Christensen, and Diewert (1982), the Hicks–Moorsteen productivity index (HMPI) proposed by Bjurek (1996), or the Luenberger productivity indicator (LPI) proposed by Chambers (2002) are powerful tools for measuring productivity changes over time. This study will compare the Malmquist, Hicks–Moorsteen, and Luenberger indices theoretically and empirically based on DEA models and review their strengths and weaknesses.

Keywords: data envelopment analysis, Hicks–Moorsteen productivity index, Leuenberger productivity indicator, malmquist productivity index

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