Search results for: financial leaders

Authors: Gulnara Moldasheva

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The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of randomly selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.

Keywords: ownership, corporate governance, debt to equity ratio, corporate performance

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Authors: Ada Adoga James

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This paper discussed the concept of community participation and identified tertiary education problems; strategies and methods communities could be involved to reduce conflict witnessed in our tertiary institutions of learning due to government inability to fund education. The paper pointed out that community participation through the use of Parent Teachers Association (PTA), age grade, traditional leaders, village based associations, religious and political organs could be sensitized to raise financial resources. The paper identified different sources of conflicts, the outcome of which causes prolonged academic activities, destruction of lives and properties and in some cased render school environment completely insecure for serious academic activities. It recommends involvement of community participation in assisting government, proper handling of tertiary institutions in management, and more democratic procedure in conflict resolution like cordial relationship between staff, students and trade unions in decision making process.

Keywords: community, conflict resolution, tertiary education, psychology, psychiatry

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Authors: Javaid Ahmad Dar, Mohammad Asif

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The present study investigates the long-run impact of financial development, energy consumption and economic growth on greenhouse gas emissions for India, in presence of endogenous structural breaks, over a period of 1971-2013. Autoregressive distributed lag bounds testing procedure and Hatemi-J threshold cointegration technique have been used to test the variables for cointegration. ARDL bounds test did not confirm any cointegrating relationship between the variables. The threshold cointegration test establishes the presence of long-run impact of financial development, energy use and economic growth on greenhouse gas emissions in India. The results reveal that the long-run relationship between the variables has witnessed two regime shifts, in 1978 and 2002. The empirical evidence shows that financial sector development and energy consumption in India degrade environment. Unlike previous studies, this paper finds no statistical evidence of long-run relationship between economic growth and environmental deterioration. The study also challenges the existence of environmental Kuznets curve in India.

Keywords: cointegration, financial development, global warming, greenhouse gas emissions, regime shift, unit root

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Authors: Shehu Usman Hassan

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Published accounting information in financial statements are required to provide various users - shareholders, employees, suppliers, creditors, financial analysts, stockbrokers and government agencies – with timely and reliable information useful for making prudent, effective and efficient decisions. The widespread failure in the financial information quality has created the need to improve the financial information quality and to strengthen the control of managers by setting up good firms structures. This paper investigates firm attributes from perspective of structure, monitoring, performance elements of listed deposit money banks in Nigeria. The study adopted correlational research design with balanced panel data of 14 banks as sample of the study using multiple regression as a tool of analysis. The result reveals that firms attributes (leverage, profitability, liquidity, bank size and bank growth) has as significant influence on earnings quality of listed deposit money banks in Nigeria after the adoption of IFRS, while the pre period shows that the selected firm attributes has no significant impact on earnings quality. It is therefore concluded that the adoption of IFRS is right and timely.

Keywords: earnings quality, firm attributes, listed deposit money bank, Nigeria

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Authors: Liwen Wang, Yuting Chen, Tong Wu, Shaolei Hu

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In order to enhance the security of critical financial infrastructure, this study carries out a transformation of the architecture of a financial trading terminal to a zero trust architecture (ZTA), constructs an active defense system for cybersecurity, improves the security level of trading services in the Internet environment, enhances the ability to prevent network attacks and unknown risks, and reduces the industry and security risks brought about by cybersecurity risks. This study introduces the SDP technology of ZTA, adapts and applies it to a financial trading terminal to achieve security optimization and fine-grained business grading control. The upgraded architecture of the trading terminal moves security protection forward to the user access layer, replaces VPN to optimize remote access, and significantly improves the security protection capability of Internet transactions. The study achieves 1. deep integration with the access control architecture of the transaction system; 2. no impact on the performance of terminals and gateways, and no perception of application system upgrades; 3. customized checklist and policy configuration; 4. introduction of industry-leading security technology such as single-packet authorization (SPA) and secondary authentication. This study carries out a successful application of ZTA in the field of financial trading and provides transformation ideas for other similar systems while improving the security level of financial transaction services in the Internet environment.

Keywords: zero trust, trading terminal, architecture, network security, cybersecurity

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Authors: Nikki Berrange, Gizelle Willows

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Business rescue has become increasingly popular since its inclusion in the Companies Act of South Africa in May 2011. The Alternate Exchange (AltX) of the Johannesburg Stock Exchange has experienced a marked increase in the number of companies entering business rescue. This study sampled twenty companies listed on the AltX to determine whether Altman’s Z-score model for emerging markets (ZEM) or Taffler’s Z-score model is a more accurate model in predicting financial distress for small to medium size companies in South Africa. The study was performed over three different time horizons; one, two and three years prior to the event of financial distress, in order to determine how many companies each model predicted would be unlikely to succeed as well as the predictive ability and accuracy of the respective models. The study found that Taffler’s Z-score model had a greater ability at predicting financial distress from all three-time horizons.

Keywords: Altman’s ZEM-score, Altman’s Z-score, AltX, business rescue, Taffler’s Z-score

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Authors: Adebiyi Sunday Adeyanju, Kola Benson Ajeigbe, Fortune Ganda

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In the past three decades, there has been a notable increase in the number of firms delisting from the Johannesburg Stock Exchange (JSE) in South Africa. The recent increasing rate of delisting waves of corporate listed firms motivated this study. This study aims to explore the influence of institutional investor perceptions on the financial distress experienced by delisted firms within the South African market. The study further examined the impact of financial distress on the corporate performance of delisted firms. Using the data of delisted firms spanning from 2000 to 2023 and the FGLS (Feasible Generalized Least Squares) for the short run and PCSE (Panel-Corrected Standard Errors) for the long run effects of the relationship. The finding indicated that a decline in institutional investors’ perceptions was associated with the corporate financial distress of the delisted firms, particularly during the delisting year and the few years preceding the announcement of the delisting. This study addressed the importance of investor recognition in corporate financial distress and the delisting wave among listed firms- a finding supporting the stakeholder theory. This study is an insight for companies’ managements, investors, governments, policymakers, stockbrokers, lending institutions, bankers, the stock market, and other stakeholders in their various decision-making endeavours. Based on the above findings, it was recommended that corporate managements should improve their governance strategies that can help companies’ financial performances. Accountability and transparency through governance must also be improved upon with government support through the introduction of policies and strategies and enabling an easy environment that can help companies perform better.

Keywords: delisting wave, institutional investors, financial distress, corporate performance, investors’ perceptions

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Authors: N. Farahin Ali, Naharriah Mohamed, Hafiz Majdi, Fathiyyah, Fadliana Saman

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This paper investigates the imperative for developing Islamic accounting standards tailored to Baitulmal, waqaf, and zakat transactions, with the goal of strengthening accountability and transparency in financial reporting. Current financial reporting frameworks in Malaysia—namely, the Malaysian Financial Reporting Standards (MFRS) and Malaysian Private Entities Reporting Standards (MPERS)—are designed predominantly for conventional financial transactions and fail to fully capture the Shariah-specific nature of these religious funds. The objective of this study is to critically examine the discrepancies between these conventional reporting standards and the requirements of Shariah-compliant financial transactions, specifically for Baitulmal, waqaf, and zakat. This research adopts a qualitative methodology, utilizing case studies from four different State Islamic Religious Councils to explore the current reporting practices. The findings reveal significant gaps between the conventional frameworks and the specific needs of Shariah-compliant accounting, leading to off-balance-sheet reporting of certain transactions and inconsistencies in financial disclosures across different states. These disparities undermine both the comparability and integrity of the financial reports, raising critical concerns regarding transparency and governance. The broader implications of this study underscore the necessity for a unified Islamic accounting standard that would align more closely with Shariah principles. Such a standard would not only enhance the disclosure and presentation of baitulmal, waqaf, and zakat transactions, but also improve decision-making processes, thereby fostering greater accountability and trust in the management of these Islamic funds. This paper advocates for a concerted effort to bridge the existing gap, ensuring that the distinctive characteristics of Islamic charitable funds are appropriately reflected in the financial reporting process.

Keywords: islamic accounting, waqf, zakat, islamic finance

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Authors: Vithul Kalki

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The mainstream political economy failed to explain the nature and causes of systemic failures and thus to compare and comprehend how contemporary capitalist systems work. An alternative research framework of Critical Macro-Finance (CMF) is an attempt to collaborate political theory with post-Keynesian economics with an objective to find answers to unresolved questions that emerged since the international financial crisis and repeated failures of capital systems. This unorthodox approach brings out four main propositions, namely : (a) that the adoption of American financial practices has anchored financial globalization in market-based finance; (b) that global finance is a set of interconnected, hierarchical balance sheets, increasingly subject to time-critical liquidity; (c) that credit creation in market-based finance involves new forms of money; and (d) that market-based finance structurally requires a de-risking state capable both of protecting systemic liabilities and creating new investment opportunities. The ongoing discussion of CMF literature is yet to be tested or even fully framed. This qualitative paper will critically examine the CMF framework and will engage in discussions aiming to connect the CMF with theories of capitalism in a wider context to bring a holistic approach for analyzing contemporary financial capitalism.

Keywords: critical macro-finance, capitalism, financial system, comparative political economy

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Authors: Bamlaku Tadesse Mengistu

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Resource-based inter-ethnic conflicts are common in eastern Ethiopia among the Afar, Ittu-Oromo, and Issa-Somali pastoral groups. The qualitative data required for the study were collected from community leaders, ordinary members of the communities, and administrative and political bodies at various levels through one-on-one interviews, focus group discussions and field observations. The quantitative data were also collected through a household survey from the 128 households drawn from the three districts of Meiso-Mullu, Meiso, and Amibara. This research tried to assess the triggering factors of inter-ethnic violent conflicts and tensions observed and other motivating factors that encourage the rival groups to instigate the recent conflicts. The research revealed some of the triggering factors that instigate violent conflicts among the rival groups such as the bad actions of conflict entrepreneurs/rent seekers, the incidence of plunder (banditry), the encroachment of farmers’ to pastoral lands/vice versa, the destruction of farmers’ crops by pastoralists’ livestock, and among others. The roles of conflict entrepreneurs such as low and medium level administrators/leaders, illicit arms traffickers, local level elites, and among others are very much significant in fueling up inter-ethnic conflicts and tensions. Leaders of various levels wrongly agitate the politicization of ethnicity and ethnic identity as well as regional boundaries as they are political boundaries rather than administrative boundaries.

Keywords: eastern ethiopia, resource competition, ethnic conflict, AFAR, ISSA and ITTU.

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Authors: Mengistu Tulu Balcha, Endale Gadisa Motuma

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The purpose of this study was to assess the effect of leadership styles on employees’ organizational commitments in Ambo Woreda public organizations. The study was guided by a Descriptive survey and correlation research design of the quantitative method. By using simple random sampling techniques, 80 participants of employees and by purposive sampling technique, 32 leaders were involved in research from five purposely selected Woreda public organizations without a non-response rate. Two separate instruments adopted from previous studies, namely the multifactor leadership questionnaire (MLQ), which has 36 items and the Organizational Commitment Questionnaire (OCQ), which has 12 items, were used as a data instrument tool. These items were rated by using a five-point Likert-scale. The survey data was processed by using an SPSS (version 27). Descriptive statistics to calculate mean and standard deviations of leaders’ and employees’ responses to leadership styles dominantly practiced in order to determine their perceptions, MLQ of leaders’ and employees’ responses (independent sample), and multiple linear regressions were used to calculate the effect of leadership styles on organizational commitment. The findings of the study show that the leadership style dominantly practiced in Ambo Woreda public organizations was more transactional than transformational and followed by laissez-faire. The level of EOC was ranked as continuance commitment and had the highest mean score, followed by normative commitment and then affective commitment. There is a strong, positive and significant relationship between leadership style dimensions and employees’ organizational commitment. Leadership styles were found statistically significant to predict employee commitment and there was a significant linear relationship between independent variables and dependent variables. Out of the three leadership variables, the transactional leadership style has the highest contribution, followed by the transformational leadership style, whereas the laissez-faire leadership style has the least contribution in predicting employees’ organizational commitment. Finally, the researcher forwarded possible recommendations for Ambo Woreda public organizational leaders and employees to work on improving leadership styles and employees’ commitment collaboratively.

Keywords: organizations, employee, relations, commitments, style

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Authors: Rym Ghariani, Younes Boujelbene

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In contemporary times, global technological advancements, particularly those in the realm of digital technology, have emerged as pivotal instruments for enterprises in fostering viable partnerships and forging meaningful alliances with other firms. The advent of these digital innovations is poised to revolutionize nearly every facet and operation within corporate entities. The primary objective of this study is to explore the correlation between digitization, integration of supply chains, and the financial efficacy of the agro-industrial sector in Tunisia. To accomplish this, data collection employed a questionnaire as the primary research instrument. Subsequently, the research queries were addressed, and hypotheses were examined by subjecting the gathered data to principal component analysis and linear regression modeling, facilitated by the utilization of SPSS26 software. The findings revealed that digitalization within the supply chain, along with external supply chain integration, exerted discernible impacts on the financial performance of the organization.

Keywords: digitalization, supply chain integration, financial performance, Tunisian agro-industrial sector

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Authors: Ms. Patamasuda Intuprapa , Professor Dr. Nancy Longnecker

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This research examines the impact of biodiversity and wildlife conservation messages on school children. It was designed to document science communication activities that relate to biodiversity and wildlife conservation in a residential camp held at Research Station X in Thailand. This research is one of the case studies in a PhD research project. The objectives of this research are to examine environmental program and ultimately develop a model of communicating biodiversity and wildlife conservation issues to Thai children. Observations and report of the surveys were used to examine the residential camp at Research Station X. There were 49 children and five camp leaders agreed to participate in this study. The results of the study show that the children enjoyed their stay at the camp and have positive attitudes toward wildlife and environment but not actually related them with their own well-being. The camp leaders were well prepared and enthusiastic on leading the camp but fail in related contents with the activities.

Keywords: informal education, environmental education, wildlife conservation, residential camp, excursion, Thailand

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Authors: Pedram Saadati, Zahra Nazari

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Today, the role and importance of financial technology businesses in Iran have increased significantly. Although, in Iran, there is no Islamic or non-Islamic personal financial planning field of study in the universities or educational centers, the profession of personal financial planning is not defined, and there is no software introduced in this regard for advisors or consumers. The largest sales network of financial services in Iran belongs to the insurance industry, and there is an untapped market for international companies in Iran that can contribute to 130 thousand representatives in the insurance industry and 28 million families by providing training and personal financial advisory software. To the best of the author's knowledge, despite the lack of previous internal studies in this field, the present study investigates the level of readiness of the salesforce of the insurance industry to accept this career and its technology. The statistical population of the research is made up of managers, insurance sales representatives, assistants and heads of sales departments of insurance companies. An 18-minute video was prepared that introduced and taught the job of Islamic personal financial planning and explained its difference from its non-Islamic model. This video was provided to the respondents. The data collection tool was a research-made questionnaire. To investigate the factors affecting technology acceptance and job change, independent T descriptive statistics and Pearson correlation were used, and Friedman's test was used to rank the effective factors. The results indicate the mental perception and very positive attitude of the insurance industry activists towards the usefulness of this job and its technology, and the studied sample confirmed the intention of training in this knowledge. Based on research results, the change in the customer's attitude towards the insurance advisor and the possibility of increasing income are considered as the reasons for accepting. However, Restrictions on using investment opportunities due to Islamic financial services laws and the uncertainty of the position of the central insurance in this regard are considered as the most important obstacles.

Keywords: fintech, insurance, personal financial planning, wealth management

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Authors: Henry Lee, Daniel Shiu

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Educational organizations are currently exploring ways to increase equity, diversity, and inclusion (EDI), and this is now evident within the K-12 school system, universities, and teacher unions. These organizations have been creating and implementing new EDI specific policies. Their goal is to provide the framework and supports needed to establish EDI into the organizational culture. However, the implementation of EDI policies does not always lead to the intended outcomes. The purpose of this paper is to explore some factors regarding why the implementation of EDI policies within educational organizations can be problematic. This includes how Whiteness is replicated, promoted, and celebrated in educational leadership. How Whiteness and White supremacy are operationalized by BIPOC leaders within educational spaces, and how EDI specific training fails to understand the different training needed for both IBPOC (Indigenous, Black, People of Colour) and non-IBPOC leaders. This paper also addresses the model minority myth and how this informs and guides IBPOC identity and leadership within a predominately White dominant leadership in education.

Keywords: critical race theory, equity & diversity & inclusion, educational leadership, intersectionality

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Authors: Shobhit Mittal

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Headcount budgeting stands as a pivotal element in organizational financial management, extending beyond traditional budgeting to encompass strategic resource allocation for workforce-related expenses. This process is integral to maintaining financial stability and fostering a productive workforce, requiring a comprehensive analysis of factors such as market trends, business growth projections, and evolving workforce skill requirements. It demands a collaborative approach, primarily involving Human Resources (HR) and finance departments, to align workforce planning with an organization's financial capabilities and strategic objectives. The dynamic nature of headcount budgeting necessitates continuous monitoring and adjustment in response to economic fluctuations, business strategy shifts, technological advancements, and market dynamics. Its significance in talent management is also highlighted, aligning financial planning with talent acquisition and retention strategies to ensure a competitive edge in the market. The consequences of incorrect headcount budgeting are explored, showing how it can lead to financial strain, operational inefficiencies, and hindered strategic objectives. Examining case studies like IBM's strategic workforce rebalancing and Microsoft's shift for long-term success, the importance of aligning headcount budgeting with organizational goals is underscored. These examples illustrate that effective headcount budgeting transcends its role as a financial tool, emerging as a strategic element crucial for an organization's success. This necessitates continuous refinement and adaptation to align with evolving business goals and market conditions, highlighting its role as a key driver in organizational success and sustainability.

Keywords: strategic planning, fiscal budget, headcount planning, resource allocation, financial management, decision-making, operational efficiency, risk management, headcount budget

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Authors: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: economic development, environmental destruction, financial development, institutional development, seemingly unrelated regression

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Authors: Kristel Faye Tandog

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The State Owned Enterprise (SOE) or also called Public Enterprise (PE) has been playing a vital role in a country’s social and economic development. Following this idea, this study focused on the Factor Structures of Financial Performance of the Local Economic Enterprises (LEEs) namely: Food Court, Market, Slaughterhouse, and Terminal in Matalam, Cotabato. It aimed to determine the profile of the LEEs in terms of organizational structure, manner of creation, years in operation, source of initial operating requirements, annual operating budget, geographical location, and size or description of the facility. This study also included the different financial ratios of LEE that covered a five year period from Calendar Year 2009 to 2013. Primary data using survey questionnaire was administered to 468 respondents and secondary data were sourced out from the government archives and financial documents of the said LGU. There were 12 dominant factors identified namely: “management”, “enforcement of laws”, “strategic location”, “existence of non-formal competitors”, “proper maintenance”, “pricing”, “customer service”, “collection process”, “rentals and services”, “efficient use of resources”, “staffing”, and “timeliness and accuracy”. On the other hand, the financial performance of the LEE of Matalam, Cotabato using financial ratios needs reformatting. This denotes that refinement as to the following ratios: Cash Flow Indicator, Activity, Profitability and Growth is necessary. The cash flow indicator ratio showed difficulty in covering its debts in successive years. Likewise, the activity ratios showed that the LEE had not been effective in putting its investment at work. Moreover, profitability ratios revealed that it had operated in minimum capacity and had incurred net losses and thus, it had a weak profit performance. Furthermore, growth ratios showed that LEE had a declining growth trend particularly in net income.

Keywords: factor structures, financial performance, financial ratios, state owned enterprises

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Authors: Rodrigo Zepeda

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Transaction cost analysis (TCA) is a way of analyzing the relative performance of different intermediaries and different trading strategies for trades undertaken in financial instruments. It is a way for an investor to determine the overall quality of execution of a particular trade, and there are many different approaches to undertaking TCA. Under the updated Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), investment firms are required when executing orders, to take all sufficient steps to obtain the best possible result for their clients. This requirement for 'Best Execution' must take into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. The new regulatory compliance framework under MiFID II will now also apply across a very broad range of financial instruments. This article will provide a comprehensive technical analysis of how TCA and Best Execution will significantly change under MiFID II. It will also explain why harmonization of post-trade reporting requirements under MiFID II could potentially support the development of peer group analysis, which in turn could provide a new and highly advanced framework for TCA that could more effectively support Best Execution requirements under MiFID II. The study is significant because there are no studies that have dealt with TCA and Best Execution under MiFID II in the literature.

Keywords: transaction cost analysis, execution quality, best execution, MiFID II, financial instruments

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Authors: Thomas Ogilegwu Orohu

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This paper presents agricultural education as a vocational study, an impetus for youths, economic empowerment. The survival of Nigeria’s agriculture rests squarely on the youth who are the farmers and leaders of tomorrow. Hitherto, the teaching and learning of agriculture has proceeded in such a manner that graduates of such programs have failed to make the successful launch into the world of agricultural enterprises (entrepreneurship). Major constraints that predisposed this anomalous situation were identified to include poor policy framework, socio-economic pressures, undue parental and peer influences, improper value orientation and of course, the nature of curricula. In response to the situation, some programs and/or initiatives aimed at inculcating entrepreneurial skills were proposed by this paper with identified target beneficiaries. The initiatives bordered on curricular reorientation that integrate entrepreneurship/enterprise education, retraining of graduates, financial support system among others.

Keywords: Program initiatives. vocational agriculture, youths’ empowerment, introduction

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Authors: Ifedapo Francis Awolowo

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The unrelenting series of embarrassing audit failures should stimulate a paradigm shift in accounting. And in this age of information revolution, there is need for a constant improvement on the products or services one offers to the market in order to be relevant. This study explores the perceptions of external auditors, forensic accountants and accounting academics on whether a paradigm shift to forensic accounting can reduce financial statement frauds. Through Neo-empiricism/inductive analytical approach, findings reveal that a paradigm shift to forensic accounting might be the right step in the right direction in order to increase the chances of fraud prevention and detection in the financial statement. This research has implication on accounting education on the need to incorporate forensic accounting into present day accounting curriculum. Accounting professional bodies, accounting standard setters and accounting firms all have roles to play in incorporating forensic accounting education into accounting curriculum. Particularly, there is need to alter the ISA 240 to make the prevention and detection of frauds the responsibilities of bot those charged with the management and governance of companies and statutory auditors.

Keywords: financial statement fraud, forensic accounting, fraud prevention and detection, auditing, audit expectation gap, corporate governance

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Authors: Rodrigo Zeidan

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The paper identifies failures of decision making and corporate governance that allow non-financial companies around the world to develop hedging strategies that lead to hefty losses in the aftermath of the financial crisis. The sample is comprised of 346 companies from 10 international markets, of which 49 companies (and a subsample of 13 distressed companies) lose a combined US$18.9 billion. An event study shows that most companies that present losses in derivatives experience negative abnormal returns, including a number of companies in which the effect is persistent after a year. The results of a probit model indicate that the lack of a formal hedging policy, no monitoring to the CFOs, and considerations of hubris and remuneration contribute to the mismanagement of hedging policies.

Keywords: risk management, hedging, derivatives, monitoring, corporate governance structure, event study, hubris

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-of-sample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: financial algorithm, GPU, S&P 500, stock market prediction

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Authors: Simeon Adebayo Oladipo

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Institutional administrators are currently facing pressure and challenges in their daily operations. Reasons for this may include the increasing multiplicity, uncertainty and tension that permeate institutional leadership. Authentic engagement for institutional leadership is premised on the ethical foundation that the leaders in the schools are engaged. The institutional effectiveness is dependent on the relationship that exists between the leaders and employees in the workplace. Leader’s self-awareness, relational transparency, emotional control, strong moral code and accountability have a positive influence on authentic engagement which variably determines leadership effectiveness. This study therefore examined the role of authentic engagement in effective school leadership; explored the interrelationship of authentic engagement indices in school leadership. The study adopted the descriptive research of the survey type using a quantitative method to gather data through a questionnaire among school leaders in Lagos State Tertiary Institutions. The population for the study consisted of all Heads of Departments, Deans and Principal Officers in Lagos State Tertiary Institutions. A sample size of 255 Heads of Departments, Deans and Principal Officers participated in the study. The data gathered were analyzed using descriptive and inferential statistical tools. The findings indicated that authentic engagement plays a crucial role in increasing leadership effectiveness amongst Heads of Departments, Deans and Principal Officers. The study recommended among others that there is a need for effective measures to enhance authentic engagement of institutional leadership practices through relevant educational support systems and effective quality control.

Keywords: authentic engagement, self-awareness, relational transparency, emotional control

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Authors: Rose Chapman Rodriguez

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Problem: Evidence-based practice (EBP) attributes are significantly associated with EBP implementation science, which improves patient care outcomes. Nurses influence EBP, yet little is known of the specific EBP attributes of pediatric nurses in their clinical sub-specialties. Aim: This study aims to investigate the relationship between nursing academic degree, years of experience, and clinical specialty, with mean survey scores on EBP belief, organizational culture, and implementation scales across all levels of nursing in a Children’s Hospital. Methods: A convenience sample of nurses (n=185) participated in a descriptive, cross-sectional, correlational study in May 2023. The electronic surveys comprised 11 demographic questions and nine survey items from the short-version EBP Beliefs Scale (Cronbach α = 0.81), Organizational Culture and Readiness Scale for System-wide Integration Scale (Cronbach α = 0.87), and EBP Implementation Scale (Cronbach α = 0.89). Findings: EBP belief scores were notably higher in nurses working in neonatology (m=4.33), critical care (m=4.47), and among nurse leaders (m=4.50). There was a statistically significant difference in EBP organizational culture among nurse leaders (m = 3.95, p=0.039) compared to clinical nurses (m = 3.34) and advanced practice nurses (m = 3.34). EBP implementation was favorable in neonatology (m=4.20), acute care (m=4.05), and nurse leaders (m=4.33). No significant difference or correlation was found in EBP belief, organizational culture, or implementation mean scores related to nurses' age, academic nursing degree, or years of experience in our cohort (EBP beliefs (r = -.06, p = .400), organizational readiness (r = .02, p = .770), and implementation scales (r = .01, p = .867). Conclusions: This study identified nurse’s EBP attributes in a Children’s Hospital using key variables studied in EBP social cognitive theory and learning theory. Magnet status, shared governance structure, specialty certification, and nurse leaders play a significant role in favorable EBP culture and implementation. Nurses’ unit level ‘group culture’ may vary depending on the EBP attributes and collaborative efforts of local teams. Opportunities for mentoring were identified, which may continue to enhance EBP implementation science across all nursing roles in our pediatric organization.

Keywords: evidence-based practice, peditrics, nursing roles, implementation

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: rail transport infrastructure, financial viability, scenario analysis, rail project feasibility

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Authors: Ahmad Alsolami, Darren Mundy, Manuel Hernandez-Perez

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Social media networks, such as Twitter, offer the perfect opportunity to either positively or negatively affect political attitudes on large audiences. The existence of influential users who have developed a reputation for their knowledge and experience of specific topics is a major factor contributing to this impact. Therefore, knowledge of the mechanisms to identify influential users on social media is vital for understanding their effect on their audience. The concept of the influential user is related to the concept of opinion leaders' to indicate that ideas first flow from mass media to opinion leaders and then to the rest of the population. Hence, the objective of this research was to provide reliable and accurate structural mechanisms to identify influential users, which could be applied to different platforms, places, and subjects. Twitter was selected as the platform of interest, and Saudi Arabia as the context for the investigation. These were selected because Saudi Arabia has a large number of Twitter users, some of whom are considerably active in setting agendas and disseminating ideas. The study considered the scientific methods that have been used to identify public opinion leaders before, utilizing metrics software on Twitter. The key findings propose multiple novel metrics to compare Twitter influencers, including the number of followers, social authority and the use of political hashtags, and four secondary filtering measures. Thus, using ratio and percentage calculations to classify the most influential users, Twitter accounts were filtered, analyzed and included. The structured approach is used as a mechanism to explore the top ten influencers on Twitter from the political domain in Saudi Arabia.

Keywords: Twitter, influencers, structured mechanism, Saudi Arabia

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Authors: Gururaj Bhajantri

Abstract:

Financial sector is the backbone of any economy and it plays a crucial role in the mobilisation and allocation of resources. One of the main objectives of financial sector is inclusive growth. The constituents of the financial sector are banks, and financial Institutions, which mobilise the resources from the surplus sector and channelize the same to the different needful sectors in the economy. Micro Small and the Medium Enterprises sector in India cover a wide range of economic activities. These enterprises are divided on the basis of investment on equipment. The micro enterprises are divided into manufacturing and services sector. Micro Service enterprises have investment limit up to ten lakhs on equipment. Hairdresser is one who not only cuts and shaves but also provides different types of hair cut, hairstyles, trimming, hair-dye, massage, manicure, pedicure, nail services, colouring, facial, makeup application, waxing, tanning and other beauty treatments etc., hairdressing salons provide these services with the help of equipment. They need investment on equipment not more than ten lakhs. Hence, they can be considered as Micro service enterprises. Hairdressing salons require more than Rs 2.50,000 to start a moderate salon. Moreover, hairdressers are unable to access the organised finance. Still these individuals access finance from money lenders with high rate of interest to lead life. The socio economic conditions of hairdressers are not known properly. Hence, the present study brings a light on the role of financial institutions in promoting hairdressing salons. The study also focuses the socio-economic background of individuals in hairdressings salons, problems faced by them. The present study is based on primary and secondary data. Primary data collected among hairdressing salons in Davangere city. Samples selected with the help of simple random sampling techniques. Collected data analysed and interpreted with the help of simple statistical tools.

Keywords: micro service enterprises, financial institutions, hairdressing salons, financial sector

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

Abstract:

The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: financial performance, human resource management, high performance working systems, person-environment fit

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Authors: Collins Nkapnwo Formella

Abstract:

The democratic wave of the 1980s and 1990s brought a lot of hopes to the politics of African states as many nation-states adopted ‘democracy.’ The end of the Cold War ushered in, with a lot of rush, pro-democracy movements, which led to multi-party politics, following constitutional reviews. For the very first time since independence, Africans revolted against personalized dictatorship and adopted the idea of limited office terms for the presidents. This paper dives deep into the history of Africa post-independence with the aim of allowing the readers to understand the nature of the differences in the political setups that currently govern the continent and the central region in particular. Time has proven the euphoria that characterized post-Cold War African politics at least for many countries short-lived, as their leaders were unable to re-design the institutions of governance from the compromise and interest-oriented structures handed down after independence. The result has been that politics in many of the countries have been tailored down along the lines of winner takes all approach, with the accumulation of state power being the sole objective of the leaders. The paper contends that 21ˢᵗ Century African politics is exactly the politics of inclusion/exclusion based on ethnic and interest groups, leading to the flourishing of patrimonial authoritarian regimes. It also puts to the test, whether authoritarian responses to delivering growth (economic, political, social) and peace as has been the model adopted by many leaders is superior compared to democracy. This paper then concludes by adding that the practice of democracy in the Central African region in its current form is inherently flawed from its foundations, thus incapable of rooting out the crises faced in the region.

Keywords: authoritarianism, democracy, development, power, institutions

Procedia PDF Downloads 192