Search results for: corporate finance

Authors: Renata Hrecska

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This research aims to present today's corporate law reforms in the micro, small and medium-sized enterprise sector. The UN Commission on International Trade Law (UNCITRAL) currently deals with emerging issues in the sector in its Working Group I that has specifically focused on possible company law simplifications, including the creation of a fully unique company, the UNCITRAL Limited Liability Organization. However, beyond the work at the UN, the different states has also been focusing on simplification efforts and demands in the sphere of commercial law. We can observe that e.g. Slovakia, Serbia, Poland, Croatia, Hungary, Romania and France are undergoing legal reforms aimed at restructuring the sector through simplification of registration or operation. An important objective of the research is to examine where the boundary is for the legal entity to be more transparent and accountable, while the legislator wants to bring the possibility of establishing a company closer to the citizen. The research material presents the advantages and disadvantages of different initiatives with comparative legal instruments and draws conclusions on the possible future vision. The researcher herself attended some of the meetings of the relevant UNCITRAL working group as a national delegated expert, giving her a personal insight into the UNLLO discourse.

Keywords: commercial law, company formation, MSME, UNCITRAL

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Authors: Reuben Govender, M. L. Woermann

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The ISO 14001 management system standard was first published in 1996. It is a voluntary standard adopted by both private and public sector organizations globally. Adoption of the ISO 14001 standard at the corporate level is done to help manage business impacts on the environment e.g. pollution control. The International Organization for Standardization (ISO) revised the standard in 2004 and recently in 2015. The current revision of the standard appears to adopt a communitarian-type philosophy. The inclusion of requirements to consider external 'interested party' needs and expectations implies this philosophy. Therefore, at operational level businesses implementing ISO 14001 will have to consider needs and expectations beyond local laws. Should these external needs and expectations be included in the scope of the environmental management system, they become requirements to be complied with in much the same way as compliance to laws. The authors assert that the recent changes to ISO 14001 introduce an ethical dimension to the standard. The authors assert that business ethics as a discipline now finds relevance in ISO 14001 via contemporary stakeholder theory and discourse ethics. Finally, the authors postulate implications of (not) addressing these requirements before July 2018 when transition to the revised standard must be complete globally.

Keywords: business ethics, environmental ethics, ethics practice, ISO 14001:2015

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Authors: Abida Zanib

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Social entrepreneurship is an attention-grabbing area to meet social needs. Stakeholders in the social sector of Pakistan, particularly investors, development activists and policy makers are considering it as an engine to economic growth and powerful tool to address social issues in inventive ways. However, absence of specific policy and legitimacy issues create hurdles in the way of success for emerging start-ups. The review of the literature reveals that research in this emerging phenomenon particularly in the case of Pakistan is inadequate. To fill this gap in the literature, this study aims to scrutinize characteristics of nascent social enterprises. The study collects data from 65-emerging social enterprises using questionnaire. The results of factor analysis highlight optimistic and driving qualities of Pakistani social entrepreneurs, which help them to survive and grow in the business world. Moreover, the study identifies several areas for improvements such as information disclosure, networking, corporate governance, mentorship programs, and trainings. The study notes that despite the absence of specific policy, dynamic entrepreneurial culture is fostering in Pakistan and recommends re-framing the education policy to support the development of social entrepreneurship.

Keywords: emerging, entrepreneurs, Pakistan, social, start-ups

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Authors: Yusuf Sani Abubakar

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This paper investigates mechanisms of settlement of disputes at the Islamic Financial Institutions (IFIs). Dispute settlement at the Islamic Financial Institutions (IFIs) can be both through litigation as well as Alternative Dispute Resolution (ADR). The paper aims to investigate how disputes are settled at the Islamic Financial Institutions (IFIs), as it is natural to have disagreements between different parties involved in the business of Islamic Financial Institutions (IFIs). The paper adopts a qualitative methodology where the sources are taken from journals, books, websites etc. In analyzing the data obtained from the sources, content analysis will be used. In addition to writings on this topic by various writers, this paper will add to the literature and will recommend certain effective ways of solving disputes arising between parties participating in the business of Islamic Financial Institutions (IFIs).

Keywords: Islamic finance, dispute resolution, Islamic financial institutions, litigation

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Authors: Zane Turner, Kevin Labille, Susan Gauch

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Sentiment analysis is a broad and expanding field that aims to extract and classify opinions from textual data. Lexicon-based approaches are based on the use of a sentiment lexicon, i.e., a list of words each mapped to a sentiment score, to rate the sentiment of a text chunk. Our work focuses on predicting stock price change using a sentiment lexicon built from financial conference call logs. We present a method to generate a sentiment lexicon based upon an existing probabilistic approach. By using a domain-specific lexicon, we outperform traditional techniques and demonstrate that domain-specific sentiment lexicons provide higher accuracy than generic sentiment lexicons when predicting stock price change.

Keywords: computational finance, sentiment analysis, sentiment lexicon, stock movement prediction

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Authors: Zane Turner, Kevin Labille, Susan Gauch

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Sentiment analysis is a broad and expanding field that aims to extract and classify opinions from textual data. Lexicon-based approaches are based on the use of a sentiment lexicon, i.e., a list of words each mapped to a sentiment score, to rate the sentiment of a text chunk. Our work focuses on predicting stock price change using a sentiment lexicon built from financial conference call logs. We introduce a method to generate a sentiment lexicon based upon an existing probabilistic approach. By using a domain-specific lexicon, we outperform traditional techniques and demonstrate that domain-specific sentiment lexicons provide higher accuracy than generic sentiment lexicons when predicting stock price change.

Keywords: computational finance, sentiment analysis, sentiment lexicon, stock movement prediction

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Authors: Olubisi Friday Oluduro

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The Paris Agreement 2015, the result of negotiations under the United Nations Framework Convention on Climate Change (UNFCCC), after Kyoto Protocol expiration, sets a long-term goal of limiting the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels, and of pursuing efforts to limiting this temperature increase to 1.5 degrees Celsius. An advancement on the erstwhile Kyoto Protocol which sets commitments to only a limited number of Parties to reduce their greenhouse gas (GHGs) emissions, it includes the goal to increase the ability to adapt to the adverse impacts of climate change and to make finance flows consistent with a pathway towards low GHGs emissions. For it achieve these goals, the Agreement requires all Parties to undertake efforts towards reaching global peaking of GHG emissions as soon as possible and towards achieving a balance between anthropogenic emissions by sources and removals by sinks in the second half of the twenty-first century. In addition to climate change mitigation, the Agreement aims at enhancing adaptive capacity, strengthening resilience and reducing the vulnerability to climate change in different parts of the world. It acknowledges the importance of addressing loss and damage associated with the adverse of climate change. The Agreement also contains comprehensive provisions on support to be provided to developing countries, which includes finance, technology transfer and capacity building. To ensure that such supports and actions are transparent, the Agreement contains a number reporting provisions, requiring parties to choose the efforts and measures that mostly suit them (Nationally Determined Contributions), providing for a mechanism of assessing progress and increasing global ambition over time by a regular global stocktake. Despite the somewhat global look of the Agreement, it has been fraught with manifold limitations threatening its very existential capability to produce any meaningful result. Considering these obvious limitations some of which were the very cause of the failure of its predecessor—the Kyoto Protocol—such as the non-participation of the United States, non-payment of funds into the various coffers for appropriate strategic purposes, among others. These have left the developing countries largely threatened eve the more, being more vulnerable than the developed countries, which are really responsible for the climate change scourge. The paper seeks to examine the mitigation and adaptation measures under the Paris Agreement 2015, appraise the present situation since the Agreement was concluded and ascertain whether the developing countries have been better or worse off since the Agreement was concluded, and examine why and how, while projecting a way forward in the present circumstance. It would conclude with recommendations towards ameliorating the situation.

Keywords: mitigation, adaptation, climate change, Paris agreement 2015, framework

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Authors: Ikenna Stephen Ezennia, Sebnem Onal Hoscara

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Successive governments in Nigeria are faced with the pressing problem of how to house an ever-expanding urban population, usually low-income earners. The question of housing and affordability presents a complex challenge for these governments, as the commodification of housing links it inextricably to markets and capital flows. Therefore, placing it as at the center of the government’s agenda. However, the provision of decent and affordable housing for average Nigerians has remained an illusion, despite copious schemes, policies and programs initiated and carried out by various successive governments. Similarly, this phenomenon has also been observed in many countries of Africa, which is largely a result of economic unpredictability, lack of housing finance and insecurity, among other factors peculiar to a struggling economy. This study reviews recent dynamics and factors challenging the provision and development of affordable housing for the low income urban populace of Nigeria. Thus, the aim of the study is to present a comprehensive approach for understanding recent trends in the provision of affordable housing for Nigerians. The approach is based on a new paradigm of research: transdisciplinarity; a form of inquiry that crosses the boundaries of different disciplines. Therefore, the review takes a retrospective gaze at the various housing development programs/schemes/policies taken by successive governments of Nigeria within the last few decades and exams recent efforts geared towards eradicating the problems of housing delivery. Sources of data included relevant English language articles and the results of literature search of Elsevier Science Direct, ISI Web of Knowledge, Pro Quest Central, Scopus, and Google Scholar. The findings reveal that factors such as; rapid urbanization, inadequate planning and land use control, lack of adequate and favorable finance, high prices of land, high prices of building material, youth/touts harassment of developers, poor urban infrastructure, multiple taxation, and risk share are the major factors posing as a hindrance to adequate housing delivery. The results show that the majority of Nigeria’s affordable housing schemes, programs and policies are in most cases poorly implemented and abandoned without proper coordination. Consequently, the study concludes that the affordable housing delivery strategies in Nigeria are an epitome of lip service politics by successive governments; and the current trend of leaving housing provision to the vagaries of market forces cannot be expected to support affordable housing especially for the low income urban populace.

Keywords: affordable housing, housing delivery, national housing policy, urban poor

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Anneline Chetty

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Innovation is not always born in a sterile lab or is not always about applications and technology. Innovative solutions to community challenges can be borne out of the creativity of community members. This was proven by Professor Anil Gupta who for more than two decades scoured rural India for its hidden innovations motivated by the belief that the most powerful ideas for fighting poverty and hardship will not come from corporate research labs, but from ordinary people struggling to survive. The Ethekwini Municipality is a city in South Africa which adopted a similar approach, recognising the innovativeness of youth (students and school pupils) in its area. The intention was to make the youth a part of the solution to challenges faced by the Municipality. In this regard, five areas were selected and five groups of students were identified. Each group was sent into the community to identify challenges and engage with community leaders as well as members. Each group was tasked to come with solutions to these challenges which were to be presented at an Innovation Summit. The presented solutions were judged and the winning solution would be implemented by the Municipality. This paper, documents the experience of the students as well as the kinds of solutions that were presented. The purpose is to highlight the importance of using the ingenious minds and creativity of youth and channel their energy into becoming part of society’s solutions as opposed to being the problem

Keywords: innovation, indigenous, entrepreneurship, community

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Authors: M. Macchiaroli, V. Pellecchia, L. Dolores

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The water supply for production users (craft, commercial, industrial), understood as the set of water supply and wastewater collection services becomes an increasingly felt problem in a water scarcity regime. In fact, disputes are triggered between the different social parties for the fair and efficient use of water resources. Within this aspect, the problem arises of the different pricing of services between civil users and production users. Of particular interest is the question of defining the tariff classes depending on consumption levels. If for civil users, this theme is strongly permeated by social profiles (a topic dealt with by the author in a forthcoming research contribution) connected with the inalienability of the right to have water and with the reconciliation of the needs of the weakest groups of the population, for consumers in the production sector the logic adopted by the manager may be inspired by criteria of greater corporate rationality. This work illustrates the Italian regulatory framework and shows an optimization model of tariff classes in the production sector that reconciles the public objective of sustainable use of the resource and the needs of a production system in search of recovery after the depressing effects caused by COVID-19 pandemic.

Keywords: decision making, economic evaluation, urban water management, water tariff

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Authors: Mohammad Hosein Panahi, Naser Yazdani

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we present a technical trading strategy that leverages the FinBERT language model and financial news analysis with a focus on news related to a subset of Nasdaq 100 stocks. Our approach surpasses the baseline Range Break-out strategy in the Bitcoin market, yielding a remarkable 24.8% increase in the win ratio for all Friday trades and an impressive 48.9% surge in short trades specifically on Fridays. Moreover, we conduct rigorous hypothesis testing to establish the statistical significance of these improvements. Our findings underscore considerable potential of our NLP-driven approach in enhancing trading strategies and achieving greater profitability within financial markets.

Keywords: quantitative finance, technical analysis, bitcoin market, NLP, language models, FinBERT, technical trading

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Authors: Patricia Crentsil, Alvina Oriekhova

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The aim of the study is to determine social responsibility in the theory of organisation management. The main objectives are to examine the link between accountability,transparency, and ethical onorganisation management. The study seeks to answer questions that have received inadequate attention in social responsibility literature. Specifically, how accountability, transparency of policy, and ethical aspect enhanced organisation management? The target population of the study comprises of Deans and Head of Departments of Public Universities and Technical Universities in Ghana. The study used purposive sampling technique to select the Public Universities and technical universities in Ghana and adopted simple random Technique to select 300 participants from all Technical Universities in Ghana and 500 participants from all Traditional Universities in Ghana. The sample size will be 260 using confidence level = 95%, Margin of Error = 5%. The study used both primary and secondary data. The study adopted exploratory design to address the research questions. Results indicated thataccountability, transparency, and ethical have a positive significant link with organisation management. The study suggested that management can motivate an organization to act in a socially responsible manner.

Keywords: corporate social responsibility, organisation management, organisation management theory, social responsibility

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Authors: Hiroki Yoshikai, Shin’ichi Arakawa, Tetsuya Takine, Masayuki Murata

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API (Application Programming Interface) economy is expected to create new value by converting corporate services such as information processing and data provision into APIs and using these APIs to connect services. Understanding the dynamics of a market of API economy under the strategies of participants is crucial to fully maximize the values of the API economy. To capture the behavior of a market in which the number of participants changes over time, we present a time-evolving market model for a platform in which API providers who provide APIs to service providers participate in addition to service providers and consumers. Then, we use the market model to clarify the role API providers play in expanding market participants and forming ecosystems. The results show that the platform with API providers increased the number of market participants by 67% and decreased the cost to develop services by 25% compared to the platform without API providers. Furthermore, during the expansion phase of the market, it is found that the profits of participants are mostly the same when 70% of the revenue from consumers is distributed to service providers and API providers. It is also found that when the market is mature, the profits of the service provider and API provider will decrease significantly due to their competition, and the profit of the platform increases.

Keywords: API economy, ecosystem, platform, API providers

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Authors: Sulaiman Kassim Ibrahim

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Human Resource is one of the most important elements in any country. They are very important in actualizing the potential of every sector in the country, i.e Agric, Education, Finance, Judiciary and all formal and informal sectors. The purpose of this study is to investigate the loss of human resource in Nigeria through street begging. The study used intensive literature review. Finding from the review indicate that a significant number of human resource are into street begging in the country undeveloped and untapped. The paper recommend that policy should be initiated to discourage street begging, develop this resource through education and empowerment, stop rural-urban migration by providing infrastructure in the rural areas and abolish informal (Almajiri or beggars school) and transform it into formal school.

Keywords: human resource, street begging, Nigeria, Almajiri

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Authors: Dana Lee, Young Chan Kim

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The purpose of this paper is to examine the relationship between the fashion corporate social responsibility (CSR) ad framing and consumer purchase behaviours with the focus on consumer’s concern and involvement towards fashion brands. A self-completion questionnaire was administered to 200 respondents. Factor analysis and other statistical analyses were applied to test hypotheses. The results suggested that the quality of the product was the most important factor when consumers purchase fashion brand products with high level of responsibility towards unethical practices but surprisingly favourability for fast fashion. Unexpectedly, it was shown that consumers took the plenty of blame, but not much responsibility on buying fast fashion evading their responsibility to CSR ad, and their purchase intentions remained unchanged. The result, on the other hand, showed that fashion CSR ads can significantly moderate individuals’ emotions even though this had no significant correlation with the purchase intentions. Despite the limited sample size and geographical region, this research has important implications for contemporary fashion brands that use ad framing to understand how consumers’ involvement and concernedness toward the CSR actions in ad, influence their favourability (purchase intention) for fashion brands.

Keywords: framing effect, CSR advertisements, consumer behaviour, purchase intention

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Authors: Temitayo Olaitan

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There is a growing concern about the quality of Nigerian tertiary education. This paper maintains that quality in tertiary education relates to the development of intellectual independence, which sharpens the minds of the individual and helps transform the society economically, socially and politically. However, the paper underscores underfunding as a critical challenge to the quality of teaching and learning in tertiary education. To this end, this paper emphasizes the role of internally generated revenue (IGR) and other alternative funding strategies (public-private partnership) as inevitable for quality tertiary education. This paper hinges on stakeholders approach as a means of ensuring quality teaching and learning in tertiary education. This paper recommends that school managers should seek professional and more efficient ways of developing their revenue generating systems. It also recommends that institutions should restructure to accommodate an alternative funding strategy such as private/corporate sponsorship to ensure that sustainable initiatives are created. The paper concludes that Nigerian government should come up with a policy on how private sectors should support in improving the quality of tertiary education through active participation in funding and physical facilities development in Nigerian higher institutions of learning.

Keywords: alternative funding, budgetary allocation, quality education, tertiary education

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Authors: Nevruz Zogu, Shpetim Rezniqi

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In the framework of transformational economic development social pluralism and the free, market health systems operating in the countries of our region are naturally involved in a process of profound change and reform. Health systems actually represent complex ensembles centers and public and private institutions (domestic and foreign), who administer substantial amounts of human, technological, material, financial, information and scientific facts • The goal of health systems is much more than medical care. It includes the promotion, protection, treatment and rehabilitation of health of the population. • Meeting the needs of increasingly diverse broader health services efficient, secure the quality and affordability of their increasing cost of unstoppable, requires the necessary reform of health systems and implementing policies and new management methods, to ensure effectiveness and health benefits as higher population.

Keywords: health, management, economy, finance

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Authors: Philip Tachin

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Despite the positive contributions that religion has impacted human society, religious discrimination and violence also have been growing globally with extreme negative effects on human life and social relationships. Believers in religious extremism are motivated by a sense of exhibiting true religious piety in which case they do not only withhold their practical benevolence from those who do not belong to their faith but they even seek the elimination of other adherents from human existence. This phenomenon has a very high magnitude in Nigeria over the years, which deserves more research for the purpose of finding sustainable solutions to the problem. Calvin believed that true religious piety must, among other things, be categorized in personal and corporate positive social actions that esteem human needs irrespective of ethnic, ideological and belief differences. It is therefore appropriate to pose the following questions: Should true religious piety be seen in terms of how the actions of adherents positively impact human society? Could Calvin’s idea on this issue be very significant and helpful in the context of the Nigerian situation? In answering these questions, this research will limit its investigation to Calvin’s Institutes and some of his Commentaries. The goal of this research is to offer an instructive orientation to the readers that will help in building a more tolerable, peaceful, and a free and virtuous society.

Keywords: Calvin, human good, religious piety, virtuous society

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Authors: Lydia Nkechi Philip

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Due to its well-documented commitment to sustainability across diverse global markets, Unilever, a multinational consumer goods powerhouse, serves as a compelling case study. The study's goal is to critically examine Unilever's CSR initiatives, assessing their alignment with international standards and the impact on consumer perceptions and loyalty. The study investigates how Unilever's CSR practices resonate with consumers in various regions using a mixed-methods approach that includes surveys and interviews. The conceptual framework considers the role of sustainable marketing practices as a bridge builder in the CSR-consumer relationship. The findings are expected to provide valuable insights for businesses seeking to navigate the complex terrain of global markets while remaining ethical and sustainable. As consumers place a higher value on socially responsible brands, this study examines Unilever's CSR impact on consumer behavior. The abstract captures the essence of the study, providing a sneak peek at the methodology, key objectives, and anticipated contributions to our understanding of CSR's role in shaping consumer attitudes and loyalty in the global marketplace.

Keywords: Unilever, consumer loyalty, sustainable marketing practices, consumer loyalties

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Authors: Arnaud Deshais

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The supply chain industry has integrated the need for supplier Diversity and Inclusion (D&I), mostly from an ethical and moral argument. In addition, in some countries, it is also a legal requirement for companies reaching a certain size. As a matter of fact, a lot of successful companies have developed a Corporate Social Responsibility Program that encourages diversity and inclusion in the supply chain, such as building strong relationships with minority owned businesses (women, LGBT, veterans, etc.). Outside ethical and legal perspectives, it is also worth researching the economic and financial benefits of pursuing such efforts. Through surveys of purchasing and supply chain managers in their current roles as well as review of some case studies on supplier based D&I programs, it becomes apparent that a financial return on investment is to be expected as well for companies who make a concerted effort to grow their D&I programs. The study explores the levers to increase shareholder value and business efficiencies. Finally, the research highlights the competitive advantage related to a broad minority based supplier network. The benefits manifest themselves in the areas of competitiveness, innovation, and collaboration. The economic reward ends up being at the forefront of those programs while being an opportunity for organizations to become 'a good citizen'.

Keywords: diversity, inclusion, purchasing, supplier

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Authors: Rabail Khalid

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Social media has changed the business communication strategies in the corporate world. Firms are using social media to reach their maximum stakeholders in minimum time at different social media forums. The current study examines the role of firm-created social media communication on consumer brand perceptions and their loyalty to brand. An online survey is conducted through social media forums including Facebook and Twitter to collect data regarding social media communication of a well-reputed clothing company’s brand in Pakistan. A link is sent to 900 customers of that company. Out of 900 questionnaires, 534 were received. So, the response rate is 59.33%. During data screening and entry, 13 questionnaires are rejected due to incomplete answer. Therefore, 521 questionnaires are completed in all respect and seem to be helpful for the study. So, the positive response rate is 57.89%. The empirical results report positive and significant influence of company-generated social media communication on brand trust, brand equity, and brand loyalty. The findings of this study provide important information to the marketing professionals and brand managers to understand consumer behavior through social media communication.

Keywords: firm-created social media communication, brand trust, brand equity, consumer behavior, brand loyalty

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Authors: Ramona Zharfpeykan

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The concept of sustainability is generally considered as a key topic in many countries, and sustainability reporting is becoming an important tool for companies to communicate their sustainability plans and performance to their stakeholders. There have been various studies on factors that may influence sustainability reporting in companies. This study examines the possible effect of some of the organisational factors on corporate sustainability reporting. The organisational factors included in this study are a company’s type (public or private), industry, and size as well as managers’ perception of the level of importance of indicators in reporting these indicators. A survey was conducted from 240 Australian and New Zealand companies in various industries. They were asked about their perception of the importance of sustainability indicators in their performance and if they report these indicators. The GRI indicators used to develop the survey. A multiple regression model was developed using reporting strategy score as dependent and type, size, industry categorisation, and managers’ perception of the level of importance of the GRI indicators as independent factors. The results show that among all the factors included in the model, size of a company and the perception of managers of the level of importance of environmental and labour practice indicators can affect the sustainability scores of these companies.

Keywords: sustainability reporting, global reporting initiative, sustainability reporting strategy, organisational features

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Authors: Mark Omu

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Education has remained the greatest fulcrum on which the developmental aspirations of societies and the world over is Anchored. This has been the case from the antiquity. As a result of recognition of this fact, education occupies a crucial and centripetal position at different epochs of societal formation and transformation. This paper recognized the all-embracing role of education to society and it utilized the literary research and review of literature to espouse on the role of alternative sources of financing education. This position was borne out of the dwindling resources available to education. Especially to finance teaching, learning, research and retraining of staffers. This paper found among other things that alternative funding of education is possible and it can be achieved through selling of its research products like entrepreneurial skills, collaborative ventures in public private partnership, philanthropic of endowments, etc. These are capable of bridging the financial gap currently bedevilling the educational sectors.

Keywords: alternative sources, funding, tertiary, education, society, partnership, Nigeria

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Authors: Kanhaiya Singh

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Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices.

Keywords: ADR, GDR, cross listing, liquidity, exchange rate

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Authors: Sofia Stoica

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In this paper, we use historical data to predict the stock price of a tech company. To this end, we use a dataset consisting of the stock prices in the past five years of ten major tech companies – Adobe, Amazon, Apple, Facebook, Google, Microsoft, Netflix, Oracle, Salesforce, and Tesla. We experimented with a variety of models– a linear regressor model, K nearest Neighbors (KNN), a sequential neural network – and algorithms - Multiplicative Weight Update, and AdaBoost. We found that the sequential neural network performed the best, with a testing error of 0.18%. Interestingly, the linear model performed the second best with a testing error of 0.73%. These results show that using historical data is enough to obtain high accuracies, and a simple algorithm like linear regression has a performance similar to more sophisticated models while taking less time and resources to implement.

Keywords: finance, machine learning, opening price, stock market

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Authors: Mani Gupta

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This study deals with question: i) Whether ICT plays a positive role in improvement of efficiency of LIPs in terms of providing efficient services to the Users in LICs? and ii) Role of finance in terms of required technological logistics and infrastructure for usage of ICT based services to comfort in accessing databases by Users in LICs. This is based on primary data which are collected from various libraries and Information Centers of NCR Delhi. The survey conducted during December 15 and 31, 2010 on 496 respondents across 96 libraries and information centers in NCR Delhi through electronic data collection method. There is positive and emphatic relationship between ICT and its effect on improving the level of efficient services providing by LIPs in LICs in NCR Delhi. This is divided into 6 sub-headings and finally the outcomes.

Keywords: modern globalization, linear correlation, efficient service, internet revolution, logistics

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Authors: Jingjing Ye, Cijun Fan, Yan Dong

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The development of financial sector plays an important role in shaping industrial structure. However, evidence on the micro-level channels through which this relation manifest remains relatively sparse, particularly for developing countries. In this paper, we compile an industry-by-city dataset based on manufacturing firms and registered banks in 287 Chinese cities from 1998 to 2008. Based on a difference-in-difference approach, we find the highly concentrated banking sector decreases the competitiveness of firms in each manufacturing industry. There are two main reasons: i) bank accessibility successfully fosters firm expansion within each industry, however, only for sufficiently large enterprises; ii) state-owned enterprises are favored by the banking industry in China. The results are robust after considering alternative concentration and external finance dependence measures.

Keywords: bank concentration, China, difference-in-difference, industry structure

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Authors: Abu Umar Faruq Ahmad, Muhammad Ayub

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Tabarru` (unilateral gratuitous contribution) is thought to be the basic concept that distinguishes Takaful from conventional non-Sharīʿah compliant insurance. The Sharīʿah compliance of its current practice has been questioned in the premise that, a) it is a form of commutative contract; b) it is akin to the commercial corporate structure of insurance companies due to following the same marketing strategies, allocation to reserves, sharing of underwriting surplus by the companies one way or the other, providing loans to the Takaful funds, and resultantly absorbing the underwriting losses. The Sharīʿah scholars are of the view that the relationship between participants in Takaful should be in the form of commitment to donate, under which a contributor makes commitments himself to donate a sum of money for mutual help and cooperation on the condition that the balance, if any, should be returned to him. With the aim of finding solutions to the above mentioned concerns and other Sharīʿah related issues the study seeks to investigate whether the Takaful companies are functioning in accordance with the Islamic principles of brotherhood, solidarity, and cooperative risk sharing. Given that it discusses the cooperative model of Takaful to address the current and future Sharīʿah related and legal concerns. The study proposed an alternative model and considers it to best serve the objectives of Takaful which operates on the basis of ta`awun or mutual co-operation.

Keywords: hibah, musharakah ta`awuniyyah, Tabarru`, Takaful

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Authors: Azam Abkhiz, Abolghasem Nasir

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To achieve sustainable competitive advantage in the market, it is necessary to provide and improve customer satisfaction and Loyalty. To reach this objective, companies need to identify and analyze their customers. Thus, it is critical to measure the level of customer satisfaction and Loyalty very carefully. This study attempts to build a conceptual model to provide clear insights of customer loyalty. Using Bayesian networks (BNs), a model is proposed to evaluate customer loyalty and its consequences, such as repurchase and positive word-of-mouth. BN is a probabilistic approach that predicts the behavior of a system based on observed stochastic events. The most relevant determinants of customer loyalty are identified by the literature review. Perceived value, service quality, trust, corporate image, satisfaction, and switching costs are the most important variables that explain customer loyalty. The data are collected by use of a questionnaire-based survey from 1430 customers of a home appliances manufacturer in Iran. Four scenarios and sensitivity analyses are performed to run and analyze the impact of different determinants on customer loyalty. The proposed model allows businesses to not only set their targets but proactively manage their customer behaviors as well.

Keywords: customer satisfaction, customer loyalty, Bayesian networks, home appliances industry

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