Search results for: Cardiff Capital Region

Authors: Laurent Maurin, Mervi Toivanen

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This paper estimates euro area banks’ internal target capital ratios and investigates whether banks’ adjustment to the targets have an impact on credit supply and holding of securities during the financial crisis in 2005-2011. Using data on listed banks and country-specific macro-variables a partial adjustment model is estimated in a panel context. The results indicate, firstly, that an increase in the riskiness of banks’ balance sheets influences positively on the target capital ratios. Secondly, the adjustment towards higher equilibrium capital ratios has a significant impact on banks’ assets. The impact is found to be more size-able on security holdings than on loans, thereby suggesting a pecking order.

Keywords: Euro area, capital ratios, credit supply, partial adjustment model

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Authors: Marjan Majdi, MohammadAli Moradi, Elham Samarikhalaj

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Income distribution is one of the most topics in macro economic theories. There are many categories in economy such as income distribution that have the most influenced by economic policies. Human capital has an impact on economic growth and it has significant effect on income distributions. The results of this study confirm that the effects of oil revenue and human capital on income distribution are negative and significant but the value of the estimated coefficient is too small in a real sample in period time (1969-2006).

Keywords: gini coefficient, human capital, income distribution, oil revenue

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Authors: Yu-Chen Wei

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The relationship between organizational human capital and organizational effectiveness have been a common topic of interest to organization researchers. Much of this research has concluded that higher human capital can predict greater organizational outcomes. Whereas human capital research has traditionally focused on organizations, the current study turns to the team level human capital. In addition, there are no known empirical studies assessing the effect of human capital divergence on team performance. Team human capital refers to the sum of knowledge, ability, and experience embedded in team members. Team human capital divergence is defined as the variation of human capital within a team. This study is among the first to assess the role of human capital divergence as a moderator of the effect of team human capital on team performance. From the traditional perspective, team human capital represents the collective ability to solve problems and reducing operational risk of all team members. Hence, the higher team human capital, the higher the team performance. This study further employs social learning theory to explain the relationship between team human capital and team performance. According to this theory, the individuals will look for progress by way of learning from teammates in their teams. They expect to have upper human capital, in turn, to achieve high productivity, obtain great rewards and career success eventually. Therefore, the individual can have more chances to improve his or her capability by learning from peers of the team if the team members have higher average human capital. As a consequence, all team members can develop a quick and effective learning path in their work environment, and in turn enhance their knowledge, skill, and experience, leads to higher team performance. This is the first argument of this study. Furthermore, the current study argues that human capital divergence is negative to a team development. For the individuals with lower human capital in the team, they always feel the pressure from their outstanding colleagues. Under the pressure, they cannot give full play to their own jobs and lose more and more confidence. For the smart guys in the team, they are reluctant to be colleagues with the teammates who are not as intelligent as them. Besides, they may have lower motivation to move forward because they are prominent enough compared with their teammates. Therefore, human capital divergence will moderate the relationship between team human capital and team performance. These two arguments were tested in 510 team-seasons drawn from major league baseball (1998–2014). Results demonstrate that there is a positive relationship between team human capital and team performance which is consistent with previous research. In addition, the variation of human capital within a team weakens the above relationships. That is to say, an individual working with teammates who are comparable to them can produce better performance than working with people who are either too smart or too stupid to them.

Keywords: human capital divergence, team human capital, team performance, team level research

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Authors: Kalinina Anatasiia, Pevnaya Mariya

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The article concerns theoretical basis in the research of student volunteering, identifies references of student volunteering as a social community, classifies human capital indicators of student volunteers. Also there are presented the results of research of 450 student volunteers in Russia concerning the correlation between international volunteering and indicators of human capital of youth. Findings include compared characteristics of human capital of “potential” and “real” international student volunteers. Factor analysis revealed two categories of active students categories of active students.

Keywords: human capital, international volunteering, student volunteering, social community, youth volunteering, youth politics

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Authors: Ahmed Bellakhdhar

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This paper aims to test the impact of various variables-namely, investment in physical capital, investment in human capital, openness to trade and foreign direct investments, and distance from the technology frontier-on economic growth in the Tunisian context during the period 1976-2010. Empirical results identify that the impact of human capital is significantly positive. This finding confirms the hypothesis that human capital is a main driver of economic performance through its role of improving the internal productive capacity and the absorption of foreign technology especially via foreign direct investments. The effect of FDI is significantly positive in all alternative regressions and the coefficient associated to physical capital variable is positive, but not significant overall. Concerning the import of technologically advanced equipments, our estimates show the absence of a significant direct impact on economic growth in Tunisia. Our empirical results also support the assumption of a non linear relationship between tax and growth and demonstrate the existence of an inverted-U curve between the two variables, in the spirit of the “Laffer curve”.

Keywords: Endogenous growth, Human capital, Technology transfer, Absorptive capacity

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Authors: Sung-Min Park, Chan Kwon Park, Chae-Bogk Kim

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The purpose of this study is to analyze the relationship between transaction fairness, social capital, supply chain integration and sustainability. Based on the previous studies, measurement items were determined by using SPSS 22 and exploratory factor analysis was performed, and again, using AMOS 21 for confirmatory factor analysis and path analysis was performed by using study items that satisfy reliability, validity, and appropriateness of measurement model. It has shown that transaction fairness has a (+) significant effect on social capital, social capital on supply chain integration, supply chain integration on economic sustainability and social sustainability, and has a (+), but not significant effect on environmental sustainability. It has shown that supply chain integration has been proven to play a role as a parameter between social capital and economic and social sustainability, but not as a parameter between environmental sustainability. Through this study, it is suggested that clearly examining the relationship between fairness of trade, social capital, supply chain integration and sustainability, maintaining fairness of the transaction make formation of social capital, and further integration of supply chain, and achieve sustainability of entire supply chain.

Keywords: transaction fairness, social capital, supply chain integration, sustainability

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Authors: Ivana Tadić, Željana Aljinović Barać, Nikolina Plazonić

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Living today in turbulent business environment forces companies to distinguish from each other, securing sustainable competitive growth and competitive advantage. The best possible solution is to invest (effort and financial resources) within companies’ different practices of human resource management (HRM), more specifically in employees’ knowledge, skills and abilities. Applying this approach companies will create enviable level of human capital securing its economic growth. Employees become human capital for their employers at the moment when they contribute with their own knowledge and abilities in creating material and non-material value of the company. The main aim of this research is to explore the relations between human capital investments and business excellence of Croatian companies. Furthermore, the differences in the level of human capital investments with regard to several companies’ characteristics (e.g. size of the company, ownership and type of the industry) are investigated.

Keywords: business excellence, Croatian industries, human capital investments, human resource management

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Authors: Ishmael Tingbani

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This paper adopts a contingency theory approach to investigate the relationship between working capital management and profitability using data of 225 listed British firms on the London Stock Exchange for the period 2001-2011. The paper employs a panel data analysis on a series of interactive models to estimate this relationship. The findings of the study confirm the relevance of the contingency theory. Evidence from the study suggests that the impact of working capital management on profitability varies and is constrained by organizational contingencies (environment, resources, and management factors) of the firm. These findings have implications for a more balanced and nuanced view of working capital management policy for policy-makers.

Keywords: working capital management, profitability, contingency theory approach, interactive models

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Authors: Hussen Nasir, Mohd Fitri Mansor, Noor Hidayah Abu

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Liberation of the SME market led to a dynamic competitive business environment. SMEs are considered as an engine for economic growth of most nations. SMEs must be willing to adopt the latest technology and incorporate innovation as part of their business strategies. The aim of this study is to examine the innovation practices (innovation strategy and innovation culture) towards sustaining SME’s performance and the moderating effect of intellectual capital on the relationship of innovation practices on SME’s performance. The study will identify the strongest variables that influence the SMEs performance and proposed several hypothesis toward innovation and intellectual capital. Finally, the study will propose a theoretical framework. The current study will contribute to the knowledge of important on the element of intellectual capital as well as innovation practices in the SMEs performance.

Keywords: intellectual capital, innovation practices, SMEs, performance, innovation strategy, innovation culture

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Authors: Zelalem B. Gurmessa, Ignatius W. Ferreira, Henry F. Wissink

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The aim of this paper is to critically examine the factors contributing to academic brain drain in the Sub-Saharan Africa with specific reference to the higher education sector. Africa in general and Sub-Saharan African (SSA) countries, in particular, are experiencing an exodus of highly trained, qualified and competent human resources to other developing and developed countries thereby threatening the overall development of the relevant regions and impeding both public and private service delivery systems in the nation states. The region is currently in a dire situation in terms of health care services, education, science, and technology. The contribution of SSA countries to Science, Technology and Innovation is relatively minimal owing to the migration of skilled professionals due to both push and pull factors. The phenomenon calls for both international and trans-boundary, regional, national and institutional interventions to curb the exodus. Based on secondary data and the review of the literature, the article conceptualizes the antecedents and impacts of human capital flight or brain drain in the SSA countries from a higher education perspective. To this end, the article explores the magnitude, causes, and impacts of brain drain in the region. Despite the lack of consistent data on the magnitude of academic brain drain in the region, a critical analysis of the existing sources shows that pay disparity between developing and developed countries, the lack of enabling working conditions at source countries, fear of security due to political turmoil or unrest, the availability of green pastures and opportunity for development in the receiving countries were identified as major factors contributing to academic brain drain in the region. This hampers the socio-economic, technological and political development of the region. The paper also recommends that further research can be undertaken on the magnitude, causes, characteristics and impact of brain drain on the sustainability and competitiveness of SSA higher education institutions in the region.

Keywords: brain drain, higher education, sub-Saharan Africa, sustainable development

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Authors: Aphiradee Wongsiri

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The purpose of this study is to investigate the role of social capital in the relationships between community influences consisting of community attachment and community support on civic engagement among the household-header and non-household header volunteers. The data were collected from 216 household header volunteers and 204 non-household header volunteers across rural communities in seven sub-districts in Nong Khai Province, Thailand. A good fit structural equation modeling (SEM) was tested for both groups. The findings indicate that the SEM model for the group of household header volunteers, social capital had a direct effect on civic engagement, while community support had an indirect effect on civic engagement through social capital. On the other hand, the SEM model for the group of non-household header volunteers shows that social capital had a direct effect on civic engagement. Also, community attachment and community support had indirect effects on civic engagement through social capital. Therefore, social capital in this study played an important role as a mediator in the relationships between community influences and civic engagement in both groups.

Keywords: social capital, civic engagement, volunteer, rural development

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Authors: Hye Rim Lee, Eui Jun Jeong, Ju Woo Kim

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This study will examine how the therapeutic factors (therapeutic catharsis-seeking and game-efficacy of the game player) and self-construal factors (independent and interdependent self-construal of the game player) as well as social capital factors (bonding and bridging social capital of the game player) affect trait aggression in the game. Results show that both therapeutic catharsis-seeking and game self-efficacy are particularly important to the players since they cause the game players’ aggressive tendencies to be greatly diminished. Independent self-construal reduces the level of the players’ aggression. Interestingly enough, the bonding social capital enhances the level of the players’ aggression, while individuals with bridging social capital did not show any significant effects. The results and implications will be discussed herein.

Keywords: aggression catharsis, game self-efficacy, self-construal, social capital, therapeutic catharsis seeking

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Authors: Ebrahim Mansoori, Datin Joriah Muhammad

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Recent studies in finance have focused on the effect of external variables on working capital management. This study investigates the effect of corruption indexes on firms' working capital management. A large data set that covers data from 2005 to 2013 from five ASEAN countries, namely, Malaysia, Indonesia, Singapore, Thailand, and the Philippines, was selected to investigate how the level of corruption in these countries affect working capital management. The results of panel data analysis include fixed effect estimations showed that a high level of countries' corruption indexes encourages managers to shorten the CCC length. Meanwhile, the managers reduce the level of investment in cash and cash equivalents when the levels of corruption indexes increase. Therefore, increasing the level of countries' corruption indexes encourages managers to select conservative working capital strategies by reducing the level of NLB.

Keywords: ASEAN, corruption indexes, panel data analysis, working capital management

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Authors: G. P. Gupta, B. Kumar, S. Singh, U. C. Kulshrestha

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Very high loadings of atmospheric dust in the Indian region contribute to remarkably higher levels of particulate matter. During dry weather conditions which prevail most of the year, dustfall is deposited onto the foliar surfaces affecting their morphology, stomata and biochemical constituents. This study reports chemical characteristics of dustfall, its effect on foliar morphology and biochemical constituents of two medicinal plants i.e. Morus (Morus alba) and Arjun (Terminalia arjuna) in the urban environment of National Capital Region (NCR) of Delhi at two sites i.e. Jawaharlal Nehru University (residential) and Sahibabad (industrial). Atmospheric dust was characterized for major anions (F-, Cl-, NO3-, SO4--) and cations (Na+, NH4+, K+, Mg++, Ca++) along with the biochemical parameters Chl a, Chl b, total chlorophyll, carotenoid, total soluble sugar, relative water content (RWC), pH, and ascorbic acid. The results showed that the concentrations of major ions in dustfall were higher at the industrial site as compared to the residential site due to the higher level of anthropogenic activities. Both the plant species grown at industrial site had significantly lower values of chlorophyll ‘a’, chlorophyll ‘b’, total chlorophyll, carotenoid but relatively higher values of total soluble sugar and ascorbic acid indicating stressful conditions due to industrial and vehicular emissions.

Keywords: dustfall, urban environment, biochemical constituents, atmospheric dust

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Authors: Ikaputra

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This paper will focus on the concept of social capital for especially housing reconstruction Post Disaster. The context of the study is Indonesia and Yogyakarta Post Earthquake 2006 as a case, but it is expected that the concept can be adopted in general post disaster reconstruction. The discussion will begin by addressing issues on House Reconstruction Post Disaster in Indonesia and Yogyakarta; defining Social Capital as a concept for effective management capacity based on community; Social Capital Post Java Earthquake utilizing Gotong Royong—community mutual self-help, and Approach and Strategy towards Community-based Reconstruction.

Keywords: community empowerment, Gotong Royong, post disaster, reconstruction, social capital, Yogyakarta-Indonesia

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Authors: Shoji Katagiri, Hugang Han

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This paper clarifies the role of ICT capital in Economic Growth. Albeit ICT remarkably contributes to economic growth, there are few studies on ICT capital in ICT sector from theoretical point of view. In this paper, production function of ICT which is used as input of intermediate good in final good and ICT sectors is incorporated into our model. In this setting, we analyze the role of ICT on balance growth path and show the possibility of general equilibrium solutions for this model. Through the simulation of the equilibrium solutions, we find that when ICT impacts on economy and economic growth increases, it is necessary that increases of efficiency at ICT sector and of accumulation of non-ICT and ICT capitals occur simultaneously.

Keywords: endogenous economic growth, ICT, intensity, capital accumulation

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Authors: Naushaba Naseem Ahmed

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Economic development does not merely depend upon the level of development but also on its distributive aspect. As it is a serious issue, the fruit of development is not equally distributed among the different section of peoples and different part of the country this cause the regional disparities in the levels of social economic development. Different part of the country has different resource endowments in term of natural, human and capital. If there is the uniform condition to grow, these areas that have better resources, are favourably placed grow comparatively faster as other areas. Thus with the very stage of development, gap between resourceful and less resourceful area goes on widening. This paper is an attempt to highlight the levels of disparities in term of economic development with the help of selected variables. Principal component analysis, correlation, and coefficient of variation are the techniques which were used in paper and employed published data for analysis. The result shows that Western region of Uttar Pradesh is more developed followed by Central Region. There will be urgent need in investment and developmental policies for the backward region like Bundelkhand region of Uttar Pradesh.

Keywords: coefficient of variation, correlation, economic development, principal component analysis

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Authors: Blen Telayneh Melese

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Rural development, the unending quest of a developing country, cannot be succeeded in deprived of human capital development. Human capital, the economic pillars of a country's development, appeals a policy-based supports while fulfilling what is expected. Ethiopia, one of the rural countries with untouched and forgotten land and human force, owes historical experiences of educational policy intending for mobilization of its citizen for the advancement of the overall economy. Rural Ethiopia as well has been the focus of those educational policies, considering the economic resources entrenched with in. In this literature review paper, Ethiopian educational policy and its contribution to human capital development, as well as its role in generating quality human labor force, is assessed concisely. The author argues that the foundation of rural development such as technology, knowledge, infrastructure, market chain, communication and etc., can only be achieved through enhanced education policy that conciliates the existing reality of rural communities. Ethiopia still needs an education policy that enables it to generate a human capital that is oriented with the rural areas economic opportunities and challenges.

Keywords: Ethiopia, rural development, human capital development, education policy

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Authors: Merve Ak Efe

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Youth branches in Turkey are one of the sub-fields where political ideologies are intersected with daily life practices. When the youth branches are examined within the framework of daily life practices, a social area can be defined where many types of capital turn into gains. The relationship between politics and capital is not only financial but can also be observed in the form of social, cultural, or emotional capital. This paper examines the political mobilization of young people who are members of the Youth Branch of the Justice and Development Party. The reason why JDP (Adalet ve Kalkınma Partisi) was chosen is that they have been the ruling party for twenty years, and there is a considerable number of young members within the party. Since Bayrampaşa is a district where JDP is politically active, This study is based on Bayrampaşa youth branches. The study examines how young people who are members of the party are mobilized and the everyday life practices and emotions underlying this mobilization. The data was collected through in-depth interviews with 13 young people, and the participant observation method was applied at the weekly meetings of the Justice and Development Party Bayrampaşa Youth Branch. Youth Branches represent a political space in which emotions turn into action for the young people who are involved in the party. During the field study at the micro level, it has been observed that the Bayrampaşa JDP Youth Branch hosted a transformation that incorporates political and social practices into modern tactics. One of the other results shows that being a member of youth branches causes a significant rise in social capital for young people. On the other hand, for the members with low cultural capital, there is an increase in social capital; however, an increase in cultural capital is not prominent.

Keywords: political mobilization, everyday practices, emotional capital, social capital, cultural capital

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Authors: Azadeh Shahbazi

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This study tries to find out the determinants of capital structure in hotel industry in 7 important hotel chains in USA within the period of 12 years of 2000 to 2012. The study is used a panel pooled regression to realize the relation among different variables. Results show that the variables which could make changes in the capital structure of firms are Non-Debt Tax Shield and Tangibility.

Keywords: capital structure, service industry, hospitality, finance

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Authors: Bashir Tijjani Abubakar

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Capital markets play a very important role in financing of private and public institutions in both developing and developed economies. Unfortunately, small and medium enterprises (SMEs) in those economies are yet to fully utilize the markets to finance their long financial needs. This study assesses the factors that influence the decisions of the Muslim Owners/Managers of SMEs in Nigeria and specifically in Kano to seek capital market financing. Logit regression model was used to assess the factors such as control of ownership, perception of the owners/managers on the interest rate charged by commercial banks, educational qualification, size, and age of the SMEs. The study reveals that all the factors have significant positive influence on the willingness of the SMEs Owners/Managers to seek capital market financing. The study recommends educating the Owners/Managers on the operations and products of the markets.

Keywords: capital markets, capital market financing, small and medium enterprise and willingness, size of an enterprise, age of an enterprise and control of ownership

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Authors: Ryan Vincent Teodoro, Adrian Paul Virador, Jan Christopher Cardenas

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In the field of construction, managerial positions are completely dominated by males. The researchers conducted this study to see if there is a significant difference between the competencies of male and female project managers in the construction field. To see if there is a significant difference, they subdivided the competency of project managers into three components; decision making, organizing skills, and resiliency. The researchers conducted a five-point Likert scale survey of 28 project managers in the construction field, 18 of them are males and 10 are females. The researchers used Cronbach’s alpha to translate the raw scores of the respondents into competency scores. Then, the competency scores are analyzed using the Mann-Whitney U Test to see if there is a significant difference between the male’s and female’s competency scores. A p-value of 0.808 was calculated, which is greater than 0.05, which means that the null hypothesis is accepted. Therefore, the researchers concluded that there is no significant difference between the competencies of male and female project managers in terms of decision making, organizing skills, and resiliency in the construction field in the National Capital Region, Philippines.

Keywords: competency, resiliency, project managers, Mann-Whitney U test

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Authors: Hossein Emari, Hossein Vazifehdoust, Hashem Nikoo Maram

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This study aims to develop an original framework of Environmental Consciousness (EC) to explore the positive effect of environmental consciousness on financial performance through the partial mediator - green intellectual capital. A questionnaire survey on the environmental consciousness, intellectual capital, and financial performance of Iran’s manufacturing firms was conducted, and 324 samples were analyzed. This study utilizes structural equation modeling to explore the direct and indirect influences of EC on financial performance. Research results reveal that environmental consciousness had an indirect impact on financial performance through investment in green intellectual capital. It was thus known that green intellectual capital is a mediator of the relationship between environmental consciousness and financial performance. This paper may serve as a reference for firms mapping out future environmental policies and provide an input of various perspectives and arguments into the discipline of green management.

Keywords: environmental consciousness, social responsibility, green intellectual capital, financial performance

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Authors: Farzam Chakherlouy, Amirmehdi Dokhanchi

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Nowadays organizations have to identify, evaluate and manage intangible assets which enable them to provide maximum requirements to achieve their goals and strategies. Organizations also have to try to promote and improve these kinds of assets continuously. It seems necessary to implement developed strategies in today’s competitive world where all the organizations and companies spend great amounts of expenses for developing their own strategies. In fact, after determining strategies to be implemented, the management process is not completed and it will not have any effect on the success and existence of the organization until these strategies are implemented. The objective of this article is to define the intellectual capital and it components and studying the impact of intellectual capital on the implementation of strategy based upon the Bozbura model. Three dimensions of human capital, relational capital, and the structural capital. According to the test’s results, the correlation between the intellectual capital and three components of strategic implementation (leadership, human resource management, and culture) has not been approved yet. According to results of Friedman’s test in relation with the intellectual capital, the maximum inadequacy of this company is in the field of human capital (with an average of 3.59) and the minimum inadequacy is in the field of the relational capital (customer) with an average of 2.83. Besides, according to Friedman test in relation with implementation of the strategy, the maximum inadequacy relates to the culture of the organization and the corporate control with averages of 2.60 and 3.45 respectively. In addition, they demonstrate a good performance in scopes of human resources management and financial resources management strategies.

Keywords: Bozbura model, intellectual capital, strategic management, implementation of strategy, Modiran Ideh Pardaz company

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Authors: Molla Tadesse Lakew

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Researchers tried to find out the socio-economic and supply-side constraint factors to adoption. However, they overlooked the role of social networks and relationships among the community. Therefore, the aims of this review were to review the roles and negative effects of social capital. Based on its contents, relevancy, and time duration, only 121 (journals, books, and paper reports) were selected. It concludes that social capital has an indispensable role in facilitating cooperation and connection between members of the farmers' community, informal and experiential knowledge sharing, and access to research-based knowledge and contributes to reducing the transaction cost of adoption. On the contrary, inside the black box of social capital, the negative effects include the exclusion of outsider’s knowledge and experiences, excessive claims on group members, and restrictions on individual freedom.

Keywords: social capital, local institutions, adoption, Ethiopia

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Authors: Juliana Osman, David Gilbert, Caroline Tan

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Innovation capability is recognized as a critical factor that contributes to promoting firm growth and wealth creation. While studies on innovation are in abundance, few empirical studies have been undertaken to examine the relationships of intellectual capital with innovation capability, and research investigating the combinations of strategic orientation dimensions is limited and virtually nothing in regard to the Malaysian context. This research investigates the impact of intellectual capital and three strategic orientations on the innovation capability and firm performance of Malaysian ICT SMEs. Data was collected from 213 firms relating to intellectual capital and the three strategic orientations; market orientation, learning orientation and technology orientation. Using partial least squares structural equation modelling (PLS-SEM) to analyse the data, results indicate that while market orientation has a direct negative relationship to firm performance, it is positively related to performance through the mediating effect of innovation capability. Learning orientation and technology orientation are mediated by innovation capability, while intellectual capital was found to be partially mediated by innovation capability. Findings indicate that firm performance is positively and significantly related to innovation capability and that market orientation, learning orientation, technology orientation and intellectual capital are all significant and positively related to innovation capability. The developed model indicates that Malaysian ICT SMEs would perform better with greater emphasis on developing innovation capability through enhancement of intellectual capital and the strategic orientations measured in this study.

Keywords: innovation capability, intellectual capital, strategic orientations, PLS-SEM

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Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

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The purpose of this study is to examine the effect of asymmetric information on the composition of capital inflows. This study uses the stock market microstructure to capture the asymmetric information. Such an approach allows one to capture the level and extent of the asymmetric information from a firm’s perspective. This study focuses on the two-dimensional measure of the market microstructure in capturing asymmetric information. The composition of capital inflows is measured by running six models simultaneously. By employing the panel data technique, the main finding of this research shows an increase in the asymmetric information of the stock market, in any of the two dimensions of width and depth. This leads to the reduction of foreign investments in both forms of foreign portfolio investment (FPI) and foreign direct investment (FDI), while the reduction in FPI is higher than that of the FDI. The significant effect of asymmetric information on capital inflows implicitly suggests for policymakers to control the changes of foreign capital inflows through transparency in the level of the market.

Keywords: capital flows composition, asymmetric information, stock market microstructure, foreign portfolio investment, foreign direct investment

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Authors: Thuan Nguyen

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In the present time, data to a data-driven knowledge-based economy is the same as oil to the industrial age hundreds of years ago. Data is everywhere in vast volumes! Big data analytics is expected to help firms not only efficiently improve performance but also completely transform how they should run their business. However, employing the emergent technology successfully is not easy, and assessing the roles of big data in improving firm performance is even much harder. There was a lack of studies that have examined the impacts of big data analytics on organizational performance. This study aimed to fill the gap. The present study suggested using firms’ intellectual capital as a proxy for big data in evaluating its impact on organizational performance. The present study employed the Value Added Intellectual Coefficient method to measure firm intellectual capital, via its three main components: human capital efficiency, structural capital efficiency, and capital employed efficiency, and then used the structural equation modeling technique to model the data and test the models. The financial fundamental and market data of 100 randomly selected publicly listed firms were collected. The results of the tests showed that only human capital efficiency had a significant positive impact on firm profitability, which highlighted the prominent human role in the impact of big data technology.

Keywords: big data, big data analytics, intellectual capital, organizational performance, value added intellectual coefficient

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Authors: Chang Lee Shu-Jung, Mei-Se Chien, Chien-Chiang Lee, Hui-Ting Hu

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This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: investment, savings, recursive cointegration test, ASEAN, China

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Authors: Agnieszka P. Regiec

Abstract:

Capital companies are based on monetary capital. In the traditional model, the capital is the sum of the nominal values of all shares issued. For a few years within the European countries, the limited liability companies’ (LLC) regulations are leaning towards liberalization of the capital structure in order to provide higher degree of autonomy regarding the intra-corporate governance. Reforms were based primarily on the legal system of the USA. In the USA, the tradition of no-par shares is well-established. Thus, as a point of reference, the American legal system is being chosen. Regulations of Germany, Great Britain, France, Netherlands, Finland, Poland and the USA will be taken into consideration. The analysis of the share capital is important for the development of science not only because the capital structure of the corporation has significant impact on the shareholders’ rights, but also it reflects on relationships between creditors of the company and the company itself. Multi-level comparative approach towards the problem will allow to present a wide range of the possible outcomes stemming from the novelization. The dogmatic method was applied. The analysis was based on the statutes, secondary sources and judicial awards. Both the substantive and the procedural aspects of the capital structure were considered. In Germany, as a result of the regulatory competition, typical for the EU, the structure of LLCs was reshaped. New LLC – Unternehmergesellschaft, which does not require a minimum share capital, was introduced. The minimum share capital for Gesellschaft mit beschrankter Haftung was lowered from 25 000 to 10 000 euro. In France the capital structure of corporations was also altered. In 2003, the minimum share capital of société à responsabilité limitée (S.A.R.L.) was repealed. In 2009, the minimum share capital of société par actions simplifiée – in the “simple” version of S.A.R.L. was also changed – there is no minimum share capital required by a statute. The company has to, however, indicate a share capital without the legislator imposing the minimum value of said capital. In Netherlands the reform of the Besloten Vennootschap met beperkte aansprakelijkheid (B.V.) was planned with the following change: repeal of the minimum share capital as the answer to the need for higher degree of autonomy for shareholders. It, however, preserved shares with nominal value. In Finland the novelization of yksityinen osakeyhtiö took place in 2006 and as a result the no-par shares were introduced. Despite the fact that the statute allows shares without face value, it still requires the minimum share capital in the amount of 2 500 euro. In Poland the proposal for the restructuration of the capital structure of the LLC has been introduced. The proposal provides among others: devaluation of the capital to 1 PLN or complete liquidation of the minimum share capital, allowing the no-par shares to be issued. In conclusion: American solutions, in particular, balance sheet test and solvency test provide better protection for creditors; European no-par shares are not the same as American and the existence of share capital in Poland is crucial.

Keywords: balance sheet test, limited liability company, nominal value of shares, no-par shares, share capital, solvency test

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