Search results for: investors’ perceptions

Authors: Moyosooore A. Babalola, Ayodeji S. Ogunleye

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The main focus of the study was to determine the profitability of investment in the Oil Palm value chain of Osun State, Nigeria in 2015. The specific objectives were to describe the socio-economic characteristics of Oil Palm investors (producers, processors and marketers), to determine the profitability of the investment to investors in the Oil Palm value chain, and to determine the factors affecting the profitability of the investment of the oil palm investors in Osun state. A sample of 100 respondents was selected in this cross-sectional survey. Multiple stage sampling procedure was used for data collection of producers and processors while purposive sampling was used for marketers. Data collected was analyzed using the following analytical tools: descriptive statistics, budgetary analysis and regression analysis. The results of the gross margin showed that the producers and processors were more profitable than the marketers in the oil palm value chain with their benefit-cost ratios as 1.93, 1.82 and 1.11 respectively. The multiple regression analysis showed that education and years of experience were significant among marketers and producers while age and years of experience had significant influence on the gross margin of processors. Based on these findings, improvement on the level of education of oil palm investors is recommended in order to address the relatively low access to post-primary education among the oil palm investors in Osun State. In addition to this, it is important that training be made available to oil palm investors. This will improve the quality of their years of experience, ensuring that it has a positive influence on their gross margin. Low access to credit among processors and producer could be corrected by making extension services available to them. Marketers would also greatly benefit from subsidized prices on oil palm products to increase their gross margin, as the huge percentage of their total cost comes from acquiring palm oil.

Keywords: oil palm, profitability analysis, regression analysis, value chain

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Authors: Weiqi Xia

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We assess the perceptions of China’s hotel m-bookers using the E-SERVQUAL model and technology affordance assessment metrics. The data analysis provides insight into Chinese hotel m-bookers’ perceptions of information quality items, system quality items, and functional quality items. Respondents’ perceived value of such items is greatly enhanced via mini-program support and self-service innovation, which are predicted to be of increasing importance in the future. The findings of this study help close the gap between hotel operators’ understanding and customers’ perceptions. Our findings may also provide valuable insights into the functioning of China’s hotel industry.

Keywords: mobile hotel booking, hotel m-bookers, user perception, China’s WeChat mini program, hotel booking apps.

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Authors: Yan Liu

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The Gini coefficient indicates that the inequality of income distribution is rising in China. How individuals viewing the equality of current society is an important predicator of social turbulence. Perceptions of social justice may vary according to the social stratification. People usually use socioeconomic status to identify divisions between social stratifications. The objective of this study is to explore the potential influence of socioeconomic status on citizens’ perceptions of social justice in China. Socioeconomic status (SES) is usually reflected by either an SES indicator or a composite of three core dimensions: education, income and occupation. With data collected in the 2010 Chinese General Social Survey (CGSS), this study uses OLS regression analyses to examine the relationship between socioeconomic status (SES) and citizens’ perceptions of social justice. This study finds that most Chinese citizens believe that the current society is fair or more than fair. Socioeconomic status (SES) has a positive impact on citizens’ perceptions of social justice, which means individuals with higher indicator of socioeconomic status prefer to believe current society is fair. However, the three core dimensions which are used to measure socioeconomic status (SES) have different influences on perceptions of social justice: First, income helps enhance citizens’ sense of social justice. Second, education weakens citizens’ sense of social justice. Third, compared to the middle occupational status, people of both higher occupational status and lower occupational status have higher levels of perceptions of social justice. Though education creates a negative influence on perceptions of social justice, its effect is much weaker than that of income, which indicates income is a determining factor for enhancing people’s perceptions of social justice in China’s market society. Policy implications are discussed.

Keywords: education, income, occupation, perceptions of social justice, social stratification, socioeconomic status

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Authors: Haruna Maama

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Environmental, social and governance (ESG) reporting is gaining considerable attention despite being voluntary. Meanwhile, it consumes resources to provide ESG reporting, raising a question of its value relevance. The study examined the impact of ESG reporting on the market value of listed firms in SSA. The annual and integrated reports of 276 listed sub-Sahara Africa (SSA) firms. The integrated reporting scores of the firm were analysed using a content analysis method. A multiple regression estimation technique using a GMM approach was employed for the analysis. The results revealed that ESG has a positive relationship with firms’ market value, suggesting that investors are interested in the ESG information disclosure of firms in SSA. This suggests that extensive ESG disclosures are attempts by firms to obtain the approval of powerful social, political and environmental stakeholders, especially institutional investors. Furthermore, the market value analysis evidence is consistent with signalling theory, which postulates that firms provide integrated reports as a signal to influence the behaviour of stakeholders. This finding reflects the value placed on investors' social, environmental and governance disclosures, which affirms the views that conventional investors would care about the social, environmental and governance issues of their potential or existing investee firms. Overall, the evidence is consistent with the prediction of signalling theory. In the context of this theory, integrated reporting is seen as part of firms' overall competitive strategy to influence investors' behaviour. The findings of this study make unique contributions to knowledge and practice in corporate reporting.

Keywords: environmental accounting, ESG accounting, signalling theory, sustainability reporting, sub-saharan Africa

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Authors: Razzaghifard P., Arya F., Chen S. Chien-I, Abdi B., Razzaghifard V., Arya A. H., Nazary A., Hosseinpour H., Ghabelnezam K.

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E-learning, also known as online learning, has indicated increased growth in recent years. One of the critical factors in the successful application of e-learning in higher education is students’ perceptions towards it. The main purpose of this paper is to investigate the perceptions of engineering students about e-learning in the UK. For the purpose of the present study, 145 second-year engineering students were randomly selected from the total population of 1280 participants. The participants were asked to complete a questionnaire containing 16 items. The data collected from the questionnaire were analyzed through the Statistical Package for Social Science (SPSS) software. The findings of the study revealed that the majority of participants have negative perceptions of e-learning. Most of the students had trouble interacting effectively during online classes. Furthermore, the majority of participants had negative experiences with the learning platform they used during e-learning. Suggestions were made on what could be done to improve the students’ perceptions of e-learning.

Keywords: e-learning, higher, education, engineering education, online learning

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: Bo Sun, Ni Zhong

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Bilateral investment treaties have played a role in the construction of the Belt and Road, providing institutional protection for Chinese companies' overseas investments. However, such treaties between China and countries along the Belt and Road were signed in the 1980s and 1990s, and their provisions are outdated and insufficiently detailed to provide adequate legal protection for Chinese investors when they initiate investment arbitration against host countries. By studying cases involving China in international investment arbitration, this paper suggests that China should pay attention to further clarifying the identity of "investors", the scope of disputes that can be submitted to arbitration, and the concept of "indirect expropriation" when updating bilateral investment treaties in the future, in order to reduce the risk of losing cases for Chinese investors.

Keywords: belt and road, bilateral investment agreement, investment arbitration, indirect expropriation

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Authors: Chiung-Yao Huang, Yu-Cheng Lin, Chiung-Hui Chen

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This study seeks to examine perceived environmental corporate social responsibility (ECSR) with a focus on negative environmental questions, related to intention of ethical investment intention after a environmental failure recovery. An empirical test was employed to test the hypotheses. We manipulated the information on negative ECSR activities of a hypothetical firm in a experimental design with a failure recovery treatment. The company’s negative ECSR recovery was depicted in a positive perspective (depicting a follow-up strong social action), whereas in the negative ECSR treatment it was described in a negative perspective (depicting a follow-up non social action). In both treatments, information about other key characteristics of the focal company were kept constant. Investors’ intentions to invest in the company’s stock were evaluated by multi-item scales. Results indicate that positive ECSR recovery information about a firm enhances investors’ intentions to invest in the company’s stock. In addition, perceived moral intensity has a significant impact on the intention of ethical investment and that perceived moral intensity also serves as a key moderating variable in the relationship between negative ECSR and the intention of ethical investment. Finally, theoretical and managerial implications of the findings are discussed. Practical implications: The results suggest that managers may need to be aware of perceived moral intensity as a key variable in restoring the intention of ethical investment. The results further suggest that perceived moral intensity has a direct, and it also has an moderating influence between ECSR and the intention of ethical investment. Originality/value: In an attempt to deepen the understanding of how investors perceptions of firm environmental CSR are connected with other investor‐related outcomes through ECSR recovery, the present research proposes a comprehensive model which encompasses ECSR and other key relationship constructs after a ECSR failure and recovery.

Keywords: ethical investment, Environmental Corporate Social Responsibility(ECSR), ECSR recovery, moral intensity

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Authors: Harinder Singh

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The paper sheds light on the perceptions of the uninsured workers employed in the urban informal sector of India, towards the health insurance. In addition to this, it also explores the association of the identified perceptions with household decisions to enroll for health insurance schemes in India. Firstly the data taken from the primary survey of the uninsured workers employed in the urban informal sector was analyzed using exploratory factor analysis to evaluate the perceptions. Thereafter, logistic regression was employed to determine the association of the identified perceptions regarding the enrollment. Our study identifies twelve perceptions related to the health insurance enrollment of the uninsured workers employed in the urban informal sector of India. The study demonstrates that perceptions have the strongest association with the voluntary enrollment. These specifically relate to the lack of awareness about the need to buy health insurance; comprehensive coverage; income constraint; future contingencies and social obligations; lack of information; availability of subsidized government health care; linkage with government hospitals and preference for government schemes. Conclusions: Along with the food security, health security has become a crying need of the workers employed in the informal sector and the time has come to scale up the health insurance schemes for them in the country. Policy makers or marketers of health insurance policies should recognize the household perceptions as a potential barrier and try to develop a health insurance package as per the actual needs of the informal sector (low income) in India.

Keywords: association, enrollment, health insurance, informal sector, perceptions, uninsured

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Authors: Zain Ul Abideen

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The study examines the potentially dark and bright parts of behavioral biases in investors’ investment decisions in the Pakistani equity market. These biases, directly and indirectly, play a comprehensive role in controlling and deciding the investor’s investment decisions. Stock market anomalies are used as a mediator, while financial literacy is used as a moderator to check the mentioned relationship. The sample consisted of investors who have trading experience of more than two years in the stock market. The result indicates that calendar anomalies do not mediate between overconfidence bias and investment decisions. However, the study investigates the mediating role of fundamental and technical anomalies between overconfidence bias and investment decisions. Furthermore, calendar anomalies play a significant role between the disposition effect and investment decisions. Calendar anomalies also mediate between herding bias and investment decisions. Financial literacy significantly moderates between behavioral biases and stock market anomalies. This research would be beneficial for individual and professional investors in their investment decisions. They should be financially literate, consequently less biased and have no market anomalies. Investors in emerging and developed economies can make optimal decisions in their respective stock markets.

Keywords: behavioral biases, financial literacy, stock market anomalies, investment decision

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Authors: Pamela-Zoe Topalli, Niina Junttila, Päivi M. Niemi, Klaus Ranta

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Adolescents’ biased perceptions about their social competence (SC), whether negatively or positively, serve to influence their socioemotional adjustment such as early feelings of social phobia (nowadays referred to as Social Anxiety Disorder-SAD). Despite the importance of biased self-perceptions in adolescents’ psychosocial adjustment, the extent to which discrepancies between self- and others’ evaluations of one’s SC are linked to social phobic symptoms remains unclear in the literature. This study examined the perceptual discrepancy profiles between self- and peers’ as well as between self- and teachers’ evaluations of adolescents’ SC and the interrelations of these profiles with self-reported social phobic symptoms. The participants were 390 3^rd graders (15 years old) of Finnish lower secondary school (50.8% boys, 49.2% girls). In contrast with variable-centered approaches that have mainly been used by previous studies when focusing on this subject, this study used latent profile analysis (LPA), a person-centered approach which can provide information regarding risk profiles by capturing the heterogeneity within a population and classifying individuals into groups. LPA revealed the following five classes of discrepancy profiles: i) extremely negatively biased perceptions of SC, ii) negatively biased perceptions of SC, iii) quite realistic perceptions of SC, iv) positively biased perceptions of SC, and v) extremely positively biased perceptions of SC. Adolescents with extremely negatively biased perceptions and negatively biased perceptions of their own SC reported the highest number of social phobic symptoms. Adolescents with quite realistic, positively biased and extremely positively biased perceptions reported the lowest number of socio-phobic symptoms. The results point out the negatively and the extremely negatively biased perceptions as possible contributors to social phobic symptoms. Moreover, the association of quite realistic perceptions with low number of social phobic symptoms indicates its potential protective power against social phobia. Finally, positively and extremely positively biased perceptions of SC are negatively associated with social phobic symptoms in this study. However, the profile of extremely positively biased perceptions might be linked as well with the existence of externalizing problems such as antisocial behavior (e.g. disruptive impulsivity). The current findings highlight the importance of considering discrepancies between self- and others’ perceptions of one’s SC in clinical and research efforts. Interventions designed to prevent or moderate social phobic symptoms need to take into account individual needs rather than aiming for uniform treatment. Implications and future directions are discussed.

Keywords: adolescence, latent profile analysis, perceptual discrepancies, social competence, social phobia

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Authors: Rachel Bechtold, Catherine Shoulders, Donald Johnson, Jennie Popp, Elena Garcia, Lisa Wood

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Creating successfully restored urban landscapes involves both the sound design of natural resources and the incorporation of human perceptions of landscape. Moving forward with an invested interest from society is a challenge for the efficacy of reclaimed landscape design. In particular, urban areas present a dynamic environment wherein society and nature compete for resources and space. This review is meant to examine how perceptions of urban community members, the stakeholders for the plant species that share their environment, are reflected in aesthetic considerations. Findings from this literature review include themes of (1) aesthetic perceptions of stakeholders in rehabilitated landscapes and (2) the importance of organizing indicators of aesthetic perception for future design decisions. Recommendations include addressing the gap in research on aesthetic perceptions of reclaimed urban landscapes and addressing the lack of a consistent and widely accepted framework for these interdisciplinary studies. With knowledge of stakeholder perceptions, improved aesthetic and ecologic designs can more seamlessly merge into reclaimed urban landscapes.

Keywords: phytoremediation, urban landscape design, aesthetic perception, landscape ecology, phytorestoration, landscape reclamation, rehabilitation

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Authors: Juniarti, Agus Arianto Toly

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This study aims to examine the effect of capital expenditure on the investors’ responses. The respondents were companies with the best stock performance in each sector in 2017. The observation period is 2017 to 2019. Top 10 companies in each sector with the best stock performance in companies listed on the Indonesia Stock Exchange were selected. The main variables are a growth signal which is proxied by growth in capital spending and capital expenditure, and risk and investor response, which is proxied by CAR. Financial performance as measured by ROA is a control variable in this study. The results showed that the signal of growth as measured by capital expenditures responded positively by the market, the risk moderates this influence, companies with high risk will be responded negatively by investors and vice versa. This finding corrects previous findings that only looked at the signal aspect of growth, without linking it to risk. In addition, these findings reinforce the argument that investors buy the future of the company, not a momentary financial performance. This can be seen from the absence of ROA influence on investor response. This study found that companies need to manage risk appropriately, because the risk aspect of the company is a crucial factor for investors. High risks will eliminate the benefits of strategic decisions in this case in the form of capital expenditures.

Keywords: capital expenditure, growth signals, investor response, risk

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Authors: Azaz Zaman, Imtiaz Uddin Chowdhury, Mohammad Shariful Islam

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Corporate governance has become a crucial issue in both the business and academic world as a result of world-wide financial scandals and lack of trust in corporate practices. There is no doubt that in order to thrive and attain growth in the market, a company must earn the trust of its stakeholders by consistently delivering on its commitments. Directors of the companies thus comprehend the importance of upfront communication with relevant stakeholders to increase their confidence. The authors of this article argue that practicing good corporate governance is not enough in this highly competitive market place; corporate leaders need to market their good corporate governance practices in order to make the company more attractive to investors. This article also contends that the strength of corporate governance relies wholly upon the extent to which it is communicated simply, effectively and unceasingly to its stakeholders. The main objective of this study, therefore, is to explore the importance of branding good corporate governance in order to increase corporate brand equity, attract investors, and capture market share. A structured questionnaire comprising three sections and a total of 34 questions was prepared and surveyed by the authors among respondents residing in Bangladesh and who also have an academic and corporate background, to investigate the potential impact of branding good corporate governance in the market place. High mean values for individual questions and overall section depict that communicating and branding good corporate governance to the stakeholders will not only boost the investors’ confidence but also increase the corporate brand equity, yielding both profitable and sustainable business environment.

Keywords: brand equity, investors’ preference, good corporate governance, sustainable business environment

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Authors: Kofi Kyei, Kenchi Matsui

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Loss of vegetable products has been a major constraint in the post-harvest chain. Sources of post-harvest loss in the vegetable industry start from the time of harvesting to its handling and at the various market centers. Identifying vegetable farmers’ perceptions about post-harvest loss sources is one way of addressing this issue. In this paper, we assessed farmers’ perceptions about sources of post-harvest losses in the Ashanti Region of Ghana. We also identified the factors that influence their perceptions. To clearly understand farmers’ perceptions, we selected Sekyere-Kumawu District in the Ashanti Region. Sekyere-Kumawu District is one of the major producers of vegetables in the Region. Based on a questionnaire survey, 100 vegetable farmers growing tomato, pepper, okra, cabbage, and garden egg were purposely selected from five communities in Sekyere-Kumawu District. For farmers’ perceptions, the five points Likert scale was employed. On a scale from 1 (no loss) to 5 (extremely high loss), we processed the scores for each vegetable harvest. To clarify factors influencing farmers’ perceptions, the Pearson Correlation analysis was used. Our findings revealed that farmers perceive post-harvest loss by pest infestation as the most extreme loss. However, vegetable farmers did not perceive loss during transportation as a serious source of post-harvest loss. The Pearson Correlation analysis results further revealed that farmers’ age, gender, level of education, and years of experience had an influence on their perceptions. This paper then discusses some recommendations to minimize the post-harvest loss in the region.

Keywords: Ashanti Region, pest infestation, post-harvest loss, vegetable farmers

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Authors: Pei Xin Ker

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The purpose of this study is to examine the influence of teachers’ self-efficacy (TSE) on teachers’ perceptions of the levels of implementation of the NPSC. A total of 187 respondents were selected by using purposive homogeneous sampling to represent preschool teachers in Selangor and Kuala Lumpur. This study involved a cross-sectional survey in which quantitative data were collected and analysed using descriptive statistics. The survey was containing 74 questionnaire items created using Google Form and distributed through online platforms such as WhatsApp, Telegram, and Facebook Messenger. The results indicated a high level of overall self-efficacy among the preschool teachers and the overall teachers' perceived level of NPSC. The findings also showed a significant and positive relationship at a high level between TSE and teachers' perceptions of the level of implementation of NPSC. Student involvement was one of the TSE factors that had the greatest influence in shaping teachers' perceptions of the level of implementation of NPSC. The findings of the predictors to teachers' perceptions of the implementation of NPSC within this study can be used as an indication to the researchers to reassure the validity of this study by repeating with similar research settings. Further studies to include other factors are also encouraged to explore the possible factors that may influence the teachers' perceptions of the implementation of NPSC.

Keywords: teachers’ self-efficacy, national preschool standard curriculum, preschool teachers, preschool education

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Authors: Zhikal Qadir Salih, Hanife Bensen

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As the advent of modern technology continues to make towering impacts on everything, its relevance permeates to all spheres, language learning, and writing skills in particular not an exception. This study aimed at finding out how EFL learners perceive online tools to improve their writing skills. The study was carried out at Tishk University. Copies of the questionnaire were distributed to the participants, in order to elicit their perceptions. The collected data were subjected to descriptive and inferential statistics. The outcome revealed that the participants have positive perceptions about online tools in using them to enhance their writing skills. The study however found out that both gender and the class level of the participants do not make any significant difference in their perceptions about the use of online tools, as far as writing skill is concerned. Based on these outcomes, relevant recommendations were made.

Keywords: online tools, writing skills, EFL learners, language learning

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Authors: Mabel Ortiz, Claudio Díaz

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This paper explores Chilean pre-service teachers' perceptions about the provision of corrective feedback in a wiki environment during the collaborative writing of an argumentative essay. After conducting a semi-structured interview on 22 participants, the data were processed through the content analysis technique. The results show that students have positive perceptions about corrective feedback, provided through a wiki virtual environment, which in turn facilitates feedback provision and impacts language learning effectively. Some of the positive perceptions about virtual feedback refer to permanent access, efficiency, simultaneous revision and immediacy. It would then be advisable to integrate wiki-based feedback as a methodology for the language classroom and collaborative writing tasks.

Keywords: argumentative essay, focused corrective feedback, perception, wiki environment

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Authors: Salih Uzun

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The laboratory activities are seen an indispensable part of science, teaching, and learning. In this study, the aim was to identify pre-service science teachers’ perceptions related to the concept of laboratory through metaphors. It is expressed that metaphors can be used as a powerful research tool in order to understand personal perceptions. Therefore, metaphors were used with the aim of revealing a picture regarding how pre-service science teachers perceive laboratory. Within the scope of this aim, phenomenographic research design was adopted for this study and an answer was sought to the question; ‘What are pre-service science teachers’ perceptions about the concept of laboratory?’. The sample of this study was a total of 80 pre-service science teachers at various grade levels in Turkey. Participants were asked to complete the sentence; ‘Laboratory is like…; because…’. Documents including pre-service science teachers’ answers to the open-ended questions were used as data sources and the data were analysed with content analysis.

Keywords: laboratory, metaphor, phenomenology, pre-service science teachers

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Authors: Seyedmohammad Mousavian, Hanlu Fan, Quingliang Tang

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Climate change is emerging as a severe threat to our society, so businesses are expected to take actions to mitigate carbon emissions. However, the actions to be taken depend on managers’ perceptions of climate change risks. Yet, there is scant research on this issue, and understanding of the determinants of corporate perceptions of climate change is extremely limited. The purpose of this study is to close this gap by examining the relationship between perceptions of climate risk and firm-level and country-level factors. In this study, climate change risk captures physical, regulatory, and other risks, and we use data from European companies that participated in CDP from 2010 to 2017. This study reveals those perceptions of climate change risk are significantly positively associated with the environmental, social, and governance score, firm size, and membership in a carbon-intensive sector. In addition, we find that managers in firms operating in a geographic area that is sensitive to the consequences of global warming are more likely to perceive and formally recognize carbon-related risks in their CDP reports.

Keywords: carbon actions, CDP, climate change risk, risk perception

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Authors: Debalkie Demissie Addisu, Ejigu Alemu Abebe, Tsegay Tensay Assefa

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This study examines the indirect effect of servant leadership on organizational citizenship behavior through perceptions of organizational politics moderated by political skill. This study reports the responses of 321 respondents from six federal public service organizations in Ethiopia. A multi-stage random sampling procedure was employed to select the sampled federal public service organizations. To test hypotheses, the study employed structural equation modeling using AMOS version-26 software. The result revealed that all direct effects have a significant effect. Specifically, servant leadership has a positive effect on organizational citizenship behavior. Likewise, servant leadership has a negative effect on perceptions of organizational politics. Also, a perception of organizational politics has a negative effect on organizational citizenship behavior. Moreover, perceptions of organizational politics competitively mediated the effect of servant leadership on organizational citizenship behavior. As well, political skill moderated the effect of perceptions of organizational politics on organizational citizenship behavior but not the indirect effect. To the best of our knowledge, no one else employs perceptions of organizational politics as a mediating effect between servant leadership and organizational citizenship behavior. Furthermore, we are not aware of anyone else employing political skill as a moderating role in the indirect effect of servant leadership on organizational citizenship behavior through perceptions of organizational politics.

Keywords: servant leadership, organizational citizenship behavior, perceptions of organizational politics, political skill, public service organization, Ethiopia

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Authors: Chiara De Amicis, Sonia Falconieri, Mesut Tastan

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In this study, we analyze the language employed by Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) during earnings conference calls from a gender perspective. We find evidences that conference calls held by female CEOs and/or CFOs exhibit a higher level of optimism compared to conference calls held by male CEOs and/or CFOs. Moreover, female managers tend to present and discuss firm performances with less vagueness as compared to their male colleagues. We then observe the market reaction around each earnings conference call: while manager optimism is perceived as a good signal by investors, manager vagueness significantly dampens the market reaction around the call. Whether the gender of the CEO and/or the CFO delivering the conference call affects investors’ perceptions about the firm performance is still an open question. Some evidences show that the language employed by female managers conveys more valuable information for market participants as compared to the language employed by their male counterparts. This study contributes to a growing literature in finance and accounting that uses textual analysis to assess the informativeness of corporate disclosure. To our knowledge, this is the first paper that aims at answering the question whether the gender of firm’s top managers does matter when it comes to assess the informativeness of corporate spoken communication. We believe that our results will be of relevance for future research in the field. Moreover, our evidence may be used in support of the debate if a larger participation by women in the management of companies should be encouraged or not.

Keywords: conference calls, even study, gender, market reaction, textual analysis

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Authors: André Rafael Ferreira, Laurentina Vareiro, Raquel Mendes

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This study’s main objective is to explore residents’ perceptions of film-induced tourism and the impacts of filmmaking on the development of a destination. Specifically, the research examines resident´s perceptions of the social, economic, and environmental impacts on a Portuguese municipality (Arcos de Valdevez) given its feature in a popular Portuguese television series. Data is collected by means of an Internet survey, in which resident´s perceptions of the impacts of filmmaking are solicited. Residents generally agree that the recording and exhibition of the television series is important to the municipality, and contributes to the increased number of tourists. Given that residents consider that the positive impacts are more significant than the negative impacts, they supported the recording of another television series in the same municipality. Considering that destination managers and tourism development authorities aim to plan for optimal tourism development, and at the same time wish to minimize the negative impacts of this development on the local communities, monitoring residents’ opinions of perceived impacts is a good way of incorporating their reaction into tourism planning and development. The results of this research may provide useful information in this sense.

Keywords: film-induced tourism, residents’ perceptions, tourism development, tourism impacts

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Authors: Olawale-Olakunle Olajumoke Elizabeth

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There are many challenges which are been encountered in the area of tourism in Nigeria. This research work on Tourism Challenges and Prospects: The Nigerian Experience with a case study of Benin City, was carried out so as to identify the various challenges. Questionnaires were designed and administered in the various locations of Benin City, using the designed objectives and hypothesis. Use is made of both primary and secondary data collections, to gather information. The obtained data were subjected to statistical analysis where results were obtained for discussion. The results obtained showed that Tourism in the area is grossly affected by factors such as lack of preferred destination, lack of consistency in policy, erratic power-supply, bad road networks, insecurity in the city and perennial conflicts, no enabling environment for investors or tourists among others. It was revealed that touristic activities in the area are at low level due to economic hardship and this is rubbing the city of its contribution to the national economy. It is however recommended that the government should create an enabling environment for both investors and tourists, as this will fasten the development of tourism in the city.

Keywords: destination, network, tourists and investors, Nigeria, industry

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Authors: Alireza Saviz, Sedigheh Zarei

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Foreign Direct Investment (FDI) is an integral part of an open and effective international economic system and a major catalyst to development. Developing countries, emerging economies and countries in transition have come increasingly to see FDI as a source of economic development modernization, income growth and employment. FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. Exploratory research is being conducted here. The data for the study is collected from secondary sources like research papers, journals, websites and reports. This paper aim was to generate knowledge on Iran’s situation through these factors after lifting sanction in comparison to Turkey. Although the most important factors that influence foreign investor decisions vary depending on the countries, sectors, years, and the objective of investor, nowadays governments should pay more attention to human resources education, marketing, infrastructure and administrative process in order to attracting foreign investors. A proper understanding of these findings will help governments to create appropriate policies in order to encourage more foreign investors

Keywords: foreign direct investment, host country, competitive advantage, FDI

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Authors: Ricky Munyaradzi Mukonza

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E-government literature continues to grow as scholars and practitioners endeavour to understand this phenomenon. There are many facets of e-government that have been written about including its definition, adoption, and implementation and so on. However, more still needs to be known particularly in relation to how e-government is being adopted in different contexts. There could be many context specific factors that have a bearing on e-government adoption and in this paper focus is on attitudes and perceptions. Association between usage of e-government services and various perceptions such as ease of use, transparency, security, ease of understanding, communication, reliability, relevancy, perceived usefulness and perceived trust is examined. Within the Zimbabwean context and in particular the country’s local government sphere, such a study has not been done. The main aim of the paper is therefore to establish perceptions and attitudes towards e-government services among residents in Zimbabwe’s two local authorities. In terms of research methodology the paper is based on a Mixed Methods Approach (MMA) to collect and analyse data giving the researcher a holistic picture of the phenomenon being investigated. A sample of 785 residents from the two local authorities was used and these were selected using a combination of cluster and purposive sampling methods. A key finding in this paper is that a majority of respondents who have had the opportunity to use e-government services perceive the services to be easy to use, transparent, secure, easy to understand, reliable, relevant, useful and trustworthy. The paper, therefore, makes an important contribution on the relationship between residents’ perceptions and attitudes and e-government usage within the chosen cases.

Keywords: adoption, attitudes, e-government, perceptions

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Authors: Carlson Murray, Ali Lazrak

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Robust experimental evidence of systematic violations of expected utility (EU) establishes that individuals facing risk overweight utility from low probability gains and losses when making choices. These findings motivated development of models of preferences with probability weighting functions, such as rank dependent utility (RDU). We solve for the optimal investing strategy of an RDU investor in a dynamic binomial setting from which we derive implications for investing behavior. We show that relative to EU investors with constant relative risk aversion, commonly measured probability weighting functions produce optimal RDU terminal wealth with significant downside protection and upside exposure. We additionally find that in contrast to EU investors, RDU investors optimally choose a portfolio that contains fair bets that provide payo↵s that can be interpreted as lottery outcomes or exposure to idiosyncratic returns. In a calibrated version of the model, we calculate that RDU investors would be willing to pay 5% of their initial wealth for the freedom to trade away from an optimal EU wealth allocation. The dynamic trading strategy that supports the optimal wealth allocation implies portfolio weights that are independent of initial wealth but requires higher risky share after good stock return histories. Optimal trading also implies the possibility of non-participation when historical returns are poor. Our model fills a gap in the literature by providing new quantitative and qualitative predictions that can be tested experimentally or using data on household wealth and portfolio choice.

Keywords: behavioral finance, probability weighting, portfolio choice

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Authors: Abdul Rauf, Xiaoxing Liu, Waqas Amin

Abstract:

Stock markets are fascinating more and more conductive to each other due to liberalization and globalization trends in recent years. China Pakistan Economic Corridor (CPEC) has dragged Pakistan stock exchange to the new heights and global investors are making investments to reap its benefits. So, in investors and government perspective, the study focuses co-integration of Pakistan stock exchange with world’s five big economies i-e US, China, England, Japan, and France. The time period of study is seven years i-e 2010 to 2016 and daily values of major indices of corresponding stock exchanges collected. All variables of that particular study are stationary at first difference confirmed by unit root test. The study Johansen system co integration test for analysis of data along with Granger causality test is performed for result purpose. Co integration test asserted that Pakistan stock exchange integrated with Shanghai stock exchange (SSE) and NIKKEI stock exchange in short run. Granger causality test also proclaimed these results. But NASDAQ, FTSE, DAX not co integrated and Granger cause at a short run but long run these markets are bonded with Pakistan stock exchange (KSE). VECM also confirmed this liaison in short and long run. Investors, therefore, need to be updated regarding co-integration of world’s stock exchanges to ensure well diversified and risk adjusted high returns. Equally, governments also need updated status so that they could reduce co-integration through multiple steps and hence drag investors for diversified investment.

Keywords: CPEC, DAX, FTSE, liberalization, NASDAQ, NIKKEI, SSE, stock markets

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

Abstract:

How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: financial bubble detection, future return, forecasting, pairs trading, preferred stocks

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Authors: Khalid Bashir, Hammad Zahid

Abstract:

Most of the investors consider that economic and financial information is the most important at the time of making investment decisions. But it is not true, as in the past two decades, the Behavioral aspects and the behavioral biases have gained an important place in the decision-making process of an investor. This study is basically conducted on this fact. The purpose of this study is to examine the impact of behavioral factors on the decision-making of the individual real estate investor in Pakistan. Some important behavioral factors like overconfidence, anchoring, gambler’s fallacy, home bias, loss aversion, regret aversion, mental accounting, herding and representativeness are used in this study to find their impact on the psychology of individual investors. The targeted population is the real estate investor of Pakistan, and a sample of 650 investors is selected on the basis of convenience sampling technique. The data is collected through the questionnaire with a response rate of 46.15 %. Descriptive statistical techniques and SEM are used to analyze the data by using statistical software. The results revealed the fact that some behavioral factors have a significant impact on the decision-making of investors. Among all the behavioral biases, overconfidence, anchoring, gambler’s fallacy, loss aversion and representativeness have a significant positive impact on the decision-making of the individual investor, while the rest of biases like home bias, regret aversion, mental accounting, herding have less impact on the decision-making process of an individual.

Keywords: behavioral finance, anchoring, gambler’s fallacy, loss aversion

Procedia PDF Downloads 48