Search results for: Islamic financial institutions

Authors: Anna M. Pretorius

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The emerging markets category for portfolio investment was introduced in 1986 in an attempt to promote capital market development in less developed countries. Investors traditionally diversified their portfolios by investing in different developed markets. However, high growth opportunities forced investors to consider emerging markets as well. Examples include the rapid growth of the “Asian Tigers” during the 1980s, growth in Latin America during the 1990s and the increased interest in emerging markets during the global financial crisis. As such, portfolio flows to emerging markets have increased substantially. In 2002 7% of all equity allocations from advanced economies went to emerging markets; this increased to 20% in 2012. The stronger links between advanced and emerging markets led to increased synchronization of asset price movements. This increased level of stock market integration for emerging markets is confirmed by various empirical studies. Against the background of increased interest in emerging market assets and the increasing level of integration of emerging markets, this paper focuses on the determinants of stock market integration of emerging market countries. Various studies have linked the level of financial market integration with specific economic variables. These variables include: economic growth, local inflation, trade openness, local investment, budget surplus/ deficit, market capitalization, domestic bank credit, domestic institutional and legal environment and world interest rates. The aim of this study is to empirically investigate to what extent trade-related determinants have an impact on stock market integration. The panel data sample include data of 16 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Malaysia, Pakistan, Peru, Philippines, Poland, Russian Federation, South Africa, Thailand and Turkey for the period 1998-2011. The integration variable for each emerging stock market is calculated as the explanatory power of a multi-factor model. These factors are extracted from a large panel of global stock market returns. Trade related explanatory variables include: exports as percentage of GDP, imports as percentage of GDP and total trade as percentage of GDP. Other macroeconomic indicators – such as market capitalisation, the size of the budget deficit and the effectiveness of the regulation of the securities exchange – are included in the regressions as control variables. An initial analysis on a sample of developed stock markets could not identify any significant determinants of stock market integration. Thus the macroeconomic variables identified in the literature are much more significant in explaining stock market integration of emerging markets than stock market integration of developed markets. The three trade variables are all statistically significant at a 5% level. The market capitalisation variable is also significant while the regulation variable is only marginally significant. The global financial crisis has highlighted the urgency to better understand the link between the financial and real sectors of the economy. This paper comes to the important finding that, apart from the level of market capitalisation (as financial indicator), trade (representative of the real economy) is a significant determinant of stock market integration of countries not yet classified as developed economies.

Keywords: emerging markets, financial market integration, panel data, trade

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Authors: Puwanenthiren Pratheepkanth

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This study considers whether national development level influences a firm’s voluntary intellectual capital disclosure (ICD) provided by a sample of 100 Australian and 100 Sri Lankan firms in terms of a two-years during 2015-16. This two-nation study uses a content analysis and literature-review analysis to provide an understanding of the underlying forces and issues. It was found that Australian firms tend to rely heavily on external structure disclosures (with particular attention to brands, customer loyalty, and research collaborations), but Sri Lankan relatively larger firms prefer intellectual property disclosures and the smaller firms tend to be as adept at external structure as their Australian counterparts. It was also found that the nature of a firm tends to trump the nurture of the development level of the country in which the firm is embedded. While a wider diffusion of better ICD methodology under International Financial Reporting Standard (IFRS) could improve the cost-effectiveness of financial reporting and generally increase efficiency, this is unlikely to occur until competition is more of a spur.

Keywords: developed countries, developing countries, content analysis, intellectual capital disclosure

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Authors: Reshma P. Nuri, Ebenezer Dassah

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Introduction: Raising a child with a disability can affect family members in different ways. However, this can be determined by the way in which a family member copes with the situation. There is little research that explores how families develop coping strategies to overcome barriers in raising CWDs. Objective: This study explored family members’ coping mechanism in raising a child with disability in Bangladesh. Method: A qualitative approach that involved 20 interviews with family members of CWDs. A purposive sampling procedure was used in selecting the study participants. A digital recorder was used to record all the interviews. Transcriptions were done in Bengali, translated into English, and then imported to NVivo software 12 for analysis. Thematic analysis was used to analyze the data. Results: The study revealed that family members adopted different coping strategies for their CWDs, including seeking support from formal (e.g., service providers) and informal sources (family members and friends); relying on religious beliefs; accepting the situation. Additionally, to cope with extra cost in raising CWDs, family members strategies included relying on overtime work; borrowing money from financial institutions; selling or mortgaging assets; and replying on donations from community members. Finally, some families had to reduce spending on food and buying toys for their CWDs. Conclusion: This qualitative study highlighted a range of coping mechanism adopted by family members in Bangladesh. The information provided in this study is potentially important to policy makers and service providers as it presents evidence on the coping mechanism of families in raising their CWDs. This underscores the need for policy design and service delivery in government support system in Bangladesh and potentially in other low- and middle-income contexts.

Keywords: Bangladesh, children with disabilities, coping mechanism, family members

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Authors: German Ricci

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The research aims to analyse the symbolic power of the International Monetary Fund (IMF) in its relationship with a borrowing country, drawing upon Pierre Bourdieu’s Field Theory. This theory of power, typical of constructivist structuralism, has been minor used in international relations. Thus, selecting this perspective offers a new understanding of how the IMF's power operates and is structured. The IMF makes periodic economic reviews in which the staff evaluates the Government's performance. It also offers “last instance” loans when private external credit is not accessible. This relationship generates great expectations in financial agents because the IMF’s statements indicate the capacity of the Nation-State to meet its payment obligations (or not). Therefore, it is argued that the IMF is a legitimate actor for financial agents concerned about a government facing an economic crisis both for the effects of its immediate economic contribution through loans and the promotion of adjustment programs, helpful to guarantee the payment of the external debt. This legitimacy implies a symbolic power relationship in addition to the already known economic power relationship. Obtaining the IMF's consent implies that the government partially puts its political-economic decisions into play since the monetary policy must be agreed upon with the Fund. This has consequences at the local level. First, it implies that the debtor state must establish a daily relationship with the Fund. This everyday interaction with the Fund influences how officials and policymakers internalize the meaning of political management. On the other hand, if the Government has access to the IMF's seal of approval, the State will be again in a position to re-enter the financial market and go back into debt to face external debt. This means that private creditors increase the chances of collecting the debt and, again, grant credits. Thus, it is argued that the borrowing country submits to the relationship with the IMF in search of the latter's economic and symbolic capital. Access to this symbolic capital has objective and subjective repercussions at the national level that might tend to reproduce the relevance of the financial market and legitimizes the IMF’s intervention during economic crises. The paper has Argentina as its case study, given its historical relationship with the IMF and the relevance of the current indebtedness period, which remains largely unexplored. Argentina’s economy is characterized by recurrent financial crises, and it is the country to which the Fund has lent the most in its entire history. It surpasses more than three times the second, Egypt. In addition, Argentina is currently the country that owes the most to the Fund after receiving the largest loan ever granted by the IMF in 2018, and a new agreement in 2022. While the historical strong association with the Fund culminated in the most acute economic and social crisis in the country’s contemporary history, producing an unprecedented political and institutional crisis in 2001, Argentina still recognized the IMF as the only way out during economic crises.

Keywords: IMF, fields theory, symbolic power, Argentina, Bourdieu

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Authors: Ateba Benedict Belobo, Faan Pelser, Ambe Marcus

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Aims: This study arise from repeated complaints from both electronic mails about the underperformance of Mafikeng Small and Medium-Size enterprises after the global financial crisis. The authors were on the view that, this poor performance experienced could be as a result of the negative effects on the cash flow of these businesses due to volatilities in the business environment in general prior to the global crisis. Thus, the paper was mainly aimed at determining the shortcomings experienced by these SMEs with regards to cash flow management. It was also aimed at suggesting possible measures to improve cash flow management of these SMEs in this tough time. Methods: A case study was conducted on 3 beverage suppliers, 27 bottle stores, 3 largest fast consumer goods super markets and 7 automobiles enterprises in the Mafikeng local municipality. A mixed method research design was employed and a purposive sampling was used in selecting SMEs that participated. Views and experiences of participants of the paper were captured through in-depth interviews. Data from the empirical investigation were interpreted using open coding and a simple percentage formula. Results: Findings from the empirical research reflected that majority of Mafikeng SMEs suffer poor operational performance prior to the global financial crisis primarily as a result of poor cash flow management. However, the empirical outcome also indicted other secondary factors contributing to this poor operational performance. Conclusion: Finally, the authorsproposed possible measures that could be used to improve cash flow management and to solve other factors affecting operational performance of SMEs in the Mafikeng local municipality in other to achieve a better business performance.

Keywords: cash flow, business performance, global financial crisis, SMEs

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Authors: Nirali Shukla, Neel Shah

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The World Bank Institute (WBI) is undertaking a review of government interventions aimed at facilitating sustainable investment in public private partnerships (PPPs) in various under developed countries. The study presents best practice for applying financial model to make PPPs financially viable. The lessons presented here, if properly implemented, can help countries use limited funds to attract more private investment, get more infrastructure built and, as a result, achieve greater economic growth. The four countries Brazil, Colombia, Mexico, and India in total develop an average of nearly US$50 billion in PPPs per year. There are a range of policies and institutional arrangements governments use to provide subsidies to PPPs. For example, some countries have created dedicated agencies, or ‘funds’, capitalized with money from the national budget to manage and allocate subsidies. Other countries have established well-defined policies for appropriating subsidies on an ad hoc basis through an annual budget process. In this context, subsidies are direct fiscal contributions or grants paid by the government to a project when revenues from user fees are insufficient to cover all capital and operating costs while still providing private investors with a reasonable rate of return. Without subsidies, some infrastructure projects that would provide economic or social gains, but are not financially viable, would go undeveloped. But the Financial model of BOLT (PPP) model described in this study suggests that it is most feasible option rather than going for subsidy schemes for making infrastructure projects financially viable. The major advantage for implementing this model is the government money is saved and can be used for other projects as well as the private investors are getting better rate of return than subsidized schemes.

Keywords: PPP, BOLT, subsidy schemes, financial model

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Authors: Hoora Dehghani, Meisam Shahbazi, Reza Zare

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During the previous decade, a significant evolution has occurred in the number of private educational centers and, accordingly, the increase in the number of providers and students of these centers around the world. The number of language teaching institutes in Iran that are considered private educational sectors is also growing exponentially as the request for learning foreign languages has extremely increased in recent years. This fact caused competition among the institutions in improving better services tailored to the students’ demands to win the competition. Along with the growth in the industry of education, higher education institutes should apply the marketing-related concepts and view students as customers because students’ outlooks are similar to consumers with education. Studying the influential factors in the selection of an institute has multiple benefits. Firstly, it acknowledges the institutions of the students’ choice factors. Secondly, the institutions use the obtained information to improve their marketing methods. It also helps institutions know students’ outlooks that can be applied to expand the student know-how. Moreover, it provides practical evidence for educational centers to plan useful amenities and programs, and use efficient policies to cater to the market, and also helps them execute the methods that increase students’ feeling of contentment and assurance. Thus, this study explored the influencing factors in the selection of a language learning institute by language learners and examined and compared the importance among the varying age groups and genders. In the first phase of the study, the researchers selected 15 language learners as representative cases within the specified age ranges and genders purposefully and interviewed them to explore the comprising elements in their language institute selection process and analyzed the results qualitatively. In the second phase, the researchers identified elements as specified items of a questionnaire, and 1000 English learners across varying educational contexts rated them. The TOPSIS method was used to analyze the data quantitatively by representing the level of importance of the items for the participants generally and specifically in each subcategory; genders and age groups. The results indicated that the educational quality, teaching method, duration of training course, establishing need-oriented courses, and easy access were the most important elements. On the other hand, offering training in different languages, the specialized education of only one language, the uniform and appropriate appearance of office staff, having native professors to the language of instruction, applying Computer or online tests instead of the usual paper tests respectively as the least important choice factors in selecting a language institute. Besides, some comparisons among different groups’ ratings of choice factors were made, which revealed the differences among different groups' priorities in choosing a language institute.

Keywords: choice factors, EFL institute selection, english learning, need analysis, TOPSIS

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Authors: Nasir Sulman

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In Pakistan, the inclusion of persons with disabilities in higher education institutions has significantly been increased with every passing year and anyone can observe a sizeable number of these students in each faculty. The study executes to conduct a baseline survey for measuring faculty understanding about the special needs, experiences of students with disabilities and support provided by university administration in order to teach these students effectively. The researcher has used mixed methods and the University of Karachi was selected through non-probability-based sampling method. This university is one of the largest universities in Pakistan where more than 40,000 students have been enrolled. Data was gathered through a questionnaire and focused group discussion from three stakeholders including students with disabilities, faculty members and members of the university administration. The key findings show that students with disabilities experience a number of problems related to accommodating their special needs. However, the most encouraging factors identified are the attitude, support, and motivation they received from various faculty members and university administration. On the basis of the findings of the study the researcher has prepared a faculty guidebook and established a ‘Model Learning Assistance Centre for Students with Disabilities’ in the Department of Special Education, University of Karachi. Both these efforts will be helpful for improving the support services for students with disabilities to strengthen the existing laws, policies, and practices in institutions of higher education.

Keywords: persons with disabilities, higher education, learning assistance center, faculty guidebook

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Authors: Salah Kayed Kayed, Jessica Hong Yang

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This study investigates, whether earnings management in the audited financial statements is associated with tone management in the narrative sections of the annual report in the UK. Earnings management and narrative disclosure are communication strategies used from managers to communicate with investors or other users. Because earnings management and narrative disclosure stem from managers, they can exploit this by doing manipulation in their earnings, and simultaneously disclosing qualitative text (narrative information) in their reports as a tone of words, which will affect users’ perception, and hence users will be misinformed. The association between earnings and tone management can be explained by the self-serving, through cognitive reference points, theory. The sample period lasts from 2010 to 2015, and the sample comprises all non-financial firms that consider under FTSE 350 in any year during the sample period. A list of words from previous research is used to measure the tone in the narrative sections of the annual report. Because this study focuses on the managerial strategic choice and the subjective issues that come from management, it uses the abnormal tone to capture the managerial discretion on tone, and a number of different discretionary accruals proxies to measure earnings management, where accruals management is considered as a manipulation tool from managers to change the users' perception. This research is motivated to fulfil the literature gap by examining the association between earnings and tone management. Moreover, if firms that apply earnings management use tone management to mislead investors, it is beneficial for investors, policy makers, standard setters, or other users to know whether there is an association between earnings management and tone management. Clearly, we believe that this study is fundamental in the accounting context, where it evaluates the communication strategies that are used in firms' financial reports. Consistent with prior research, it is expected that tone management is positively associated with earnings management. This means that firms that use earnings management have incentives to manipulate in their narrative disclosure through tone of words, to reflect a good perception for users, which will conceal the earnings management techniques used in their reporting.

Keywords: earnings management, FTSE 350, narrative disclosure, tone management

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Authors: Aurelia Samuel

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Socio-economic modelling approaches linked to water management have contributed to impact assessments of agricultural policies and management practices on water quality at catchment level. With an increasing interest in informing water management policy that considers complex links between socioeconomic factors, climate change, agricultural production, and water quality, several models have been developed and applied in the literature to capture these relationships. This paper offers an overview of socio-economic approaches that have been incorporated within an integrated framework. It also highlights how data gaps on socio-economic factors have been addressed using forecasting techniques. Findings of the review show that while integrated frameworks have the potential to account for complexities within dynamic systems, they generally do not provide direct, measurable financial impact of socio-economic factors on biophysical water parameters that affect water quality. The paper concludes with a recommendation that modelling framework is kept simple to make it more transparent and easier to capture the most important relationship.

Keywords: financial impact, integrated framework, socio-economic modelling, water quality

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Authors: Shree Kumar Maharjan

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Climate change has varied impacts on diverse livelihood sectors, which is more prominent at the community level. The stakeholders and local institutions have been supporting the communities either by building adaptive capacities and resilience or minimizing the impacts of different adaptation interventions. Some of these interventions are effective, whereas others need further dynamisms and exertions considering the complexity of the risks and vulnerabilities. Hence, consolidated efforts of concerned stakeholders are required to minimize and adapt the present and future impacts. This study digs out and analyses the perceptions of local stakeholders in climate change adaptation in Madi and Deukhuri valleys of Nepal through a questionnaire survey. The study has categorized the local stakeholders into 5 groups in the study sites – Farmers groups and cooperatives, Government, I/NGOs, Development banks and education and other organizations. The local stakeholders revealed flood, drought, cold wave and riverbank erosion as the major climatic risks and hazards found in the sites eventually impacting on the loss of agricultural production, loss of agricultural land and properties, loss of livestock, the emergence of diseases and pest. The stakeholders believed that most of the farmers dealing with these impacts based on their traditional knowledge and practices, followed by with the support of NGOs and with the help of neighbors and community. The major supports of the stakeholders to deal with these impacts were on training and awareness, risk analysis and minimization, livelihood improvement, financial support, coordination and networking and facilitation in policy formulation. The stakeholders emphasized primarily on capacity building, appropriate technologies, community-based planning and monitoring, prioritization to the poor and the marginalized and establishment of community fund respectively for building adaptive capacities.

Keywords: climate change adaptation, local stakeholders, Madi, Deukhuri, Nepal

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Authors: Erfan Memarian, Seyyed Fazayel Alizadeh

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This study aims to evaluate the impacts of the oil and financial markets of the United States on Iran stock exchange and to develop an ARDL model to predict the short and long-term relationship between these markets. In this regard, all 713 weekly data between 28 July 1999 and 20 March 2013 were analyzed by using Microfit4.0 and Eviews7 econometric softwares. The independent variable of the study is the “Price and Yield Index (TEDPIX)” of Tehran Stock Exchange and the independent variables include S & P 500 Index, the US three-month treasury bill rate and West Texas Intermediate oil spot price index. The results show that the West Texas Intermediate oil spot price and the S&P 500 indices have significant positive relationships with Iran's TEDPIX. Also, there exists a significant negative relationship between Iran's TEDPIX and the US three-month Treasury bill rate.

Keywords: TEDPIX; Tehran Stock Exchange; S&P 500 index; USA three-month Treasury bill rate; West Texas Intermediate oil

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Authors: E. K. Soyele

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This study is on capacity building and motivation as determinants of productivity among library personnel in colleges of education in South West, Nigeria. This study made use of a descriptive research design of survey type. A total enumeration sampling technique was used for the selected sample. The research sample consisted of 40 library personnel. The instrument used for the study was a structured questionnaire divided into four parts. Statistics data analysis used were descriptive statistics with frequencies, percentages, and regression statistics analysis. Findings from this study revealed that capacity building and motivation have positive impact on library personnel productivity with their percentages greater than 50% acceptance level. A test of null hypotheses at P < 0.05 significant level was tested to see the significance between capacity building and productivity, which was positive at P < 0.05 significant level. This implies that capacity building and motivation significantly determine productivity among library personnel in selected college libraries in Nigeria. The study concluded that there is need for institutions to equip their library personnel via training programmes, in-service, digital training, ICT training, seminars, and conferences, etc. Incentives should be provided to motivate personnel for high productivity. The study, therefore, recommends that government, institutions and library management should fund college libraries adequately so as to enhance capacity building, staff commitment and training for further education

Keywords: capacity building, library personnel, motivation, productivity

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Authors: Mahdieh Dehghan Nayeri, Hani Arbabi, Seid Pooyan Ghafoori

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Civic crowdfunding- crowdfunding public projects- which goes beyond people management- as a significant part of public projects stakeholders- and requires the active engagement of the public in both the financing and decision-making processes of public projects, is expanding. However, in most countries of the world, no specific legal framework has been approved for governing and managing the implementation of projects through this method. Through a systematic literature review, following the Preferred Reporting Items for Systematic Reviews (PRISMA), this article has studied and discussed the legal issues of civic crowdfunded projects in the countries leading the use of this method, in four themes; one related to the legal environment and three related to three leading players in civic crowdfunded projects include the investor, the platform, and the investee. The review showed that despite the increasing attention to people's engagement in public projects -financial and non-financial- not much scientific research has been done to formulate fully structured legal structures. Finally, neglected areas in research have been discussed as a guide for future research.

Keywords: civic crowdfunding, equity crowdfunding, public projects, legal issues, crowdsourcing

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Authors: Pradip Kumar Das

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India is a developing country and is also one of the most industrialized developing countries of the world. In post-independence period, industry has grown rapidly in India and with industrialization corporate sector in the country has been growing day after day. Nowadays, the investment is not limited to be shareholders alone, apart from the shareholders the common people of the society have also started investing in shares of the corporate sectors. Thus, the responsibilities of the corporate sectors have increased much. Corporate financial reporting refers to a system which provides valuable information to different types of users in the society for taking resourceful decisions with regards to investment policy, organization credit worthiness, profitability, liquidity, provision of taxation etc. The quality of information available to different users fosters the efficient allocation of resources which are very urgent for economic development of a country like India. It is the responsibility of the management of the corporate sector to convey reliable and authentic information with the help of generally accepted accounting principles. Corporate sectors which disclose information through annual reports should be sufficient enough for the purpose of bringing out the salient features relating to business performances and other activities. However, the disclosures practices of the corporate sectors though annual reports have undergone several major changes from time to time. Many a time, these vital changes are in the fashion of presenting information in the annual reports and addition of so many non-statutory disclosures of the company. Very often managements of the corporate sectors are blamed for concealing true picture which is not desirable at all. The corporate financial reporting practice which in the current period has gained a place of prime importance suffers from certain limitations and invites question from the public about its reliability. Thus, the wide gap created by management between the exhibited picture and the real picture sometimes attains to such extent that the purpose of the reporting practice loses its importance. The requirement of full and adequate disclosure of information including information relating to human resources in the annual report in free trade economy of India helps the prospective investors to select the best portfolio of their investments. This paper is a reflection of a modest attempt of the author to highlight the corporate reporting practices followed in India. A cursory glance of the conceptual study shows limitations along with reliability of the reporting practices and suggests measures to overcome the shortcomings of the financial reporting practices.

Keywords: corporate enterprise, cursory glance, portfolio, yawning gap

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Authors: Farshid Marbouti, Jale Ulas, Julia Thompson

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The main sources of stress among college students are: changes in sleeping and eating habits, undertaking new responsibilities, and financial difficulties as the most common sources of stress, exams, meeting new people, career decisions, fear of failure, and pressure from parents, transition to university especially if it requires leaving home, working with people that they do not know, trouble with parents, and relationship with the opposite sex. The students use a variety of stress coping strategies, including talking to family and friends, leisure activities and exercising. The Yerkes–Dodson law indicates while a moderate amount of stress may be beneficial for performance, too high stress will result in weak performance. In other words, if students are too stressed, they are likely to have low academic performance. In a preliminary study conducted in 2017 with engineering students enrolled in three high failure rate classes, the majority of the students stated that they have high levels of stress mainly for academic, financial, or family-related reasons. As the second stage of the study, the main purpose of this research is to investigate the students’ level of stress, sources of stress, their relationship with student demographic background, students’ coping strategies, and academic performance. A device is being developed to gather data from students breathing patterns and measure their stress levels. In addition, all participants are asked to fill out a survey. The survey under development has the following categories: exam stressor, study-related stressors, financial pressures, transition to university, family-related stress, student response to stress, and stress management. After the data collection, Structural Equation Modeling (SEM) analysis will be conducted in order to identify the relationship among students’ level of stress, coping strategies, and academic performance.

Keywords: college student stress, coping strategies, academic performance, measuring stress

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Authors: Salim Ahmad, Ahamed Sani Kazaure, Haruna Musa

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Outsourcing had been the contractual relationship in which the responsibility for a function or task is handed over to an outside firm for a fixed period of time which is not the same as contracting where a specific one-off task is allocated to an external business; therefore in information technology a specialist area such as maintenance of web servers is controlled by an outside firm or if the department is not a critical factor the whole IT section may be outsourced. Organisation contracts is frequently a major area in successful outsourcing relationship, whereby the contracts specify the right, liability and expectation of the vendor and contracts are mostly of high value and last for very long. Therefore, in this research one particular project that is been outsourced for the financial industry (Guarantee Trust Assurance PlC) is been discussed along with the approach used and the various problems encountered, though Outsourcing is not necessarily a perfect and easy way out for business. It is extremely critical for a company to look at all the aspect of outsourcing before deciding to use it as an instrument for development. Moreover, critical analysis of the management issues encountered while implementing the outsourcing project have been fully discussed in the paper.

Keywords: outsourcing, techniques used in outsourcing, challenges of outsourcing implementation, management issues during implementation of outsourcing project

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Authors: Edward C. W. Chan, Benny C. F. Cheung

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In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilisation efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: intellectual capital, intellectual capital measurement, property development, property investment, Skandia navigator, VAIC

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Authors: Peter Oyelere, Fernando Zanella

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Corporate governance is one of the most discussed and researched issues in recent times in countries around the world, with different countries developing and adopting different governance structures, models and mechanisms. While the Codes of corporate governance have been weaved into the regulatory fabrics of most countries, it is equally critically important that their mechanisms, procedures and practices be transparent, and be transparently communicated to all stakeholders. The Internet can be a very useful and cost-effective tool for the timely and voluntary communication of corporate governance matters to stakeholders. The current paper details the results of an investigation on the extent of which companies listed in the UAE are using the Internet for communicating corporate governance issues, matters and procedures. We surveyed the websites of companies listed on the two UAE Stock Exchanges – the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) – to find out their level and nature of usage of the Internet for corporate governance disclosures. Regulatory and policy implications of the results of our investigation, as well as other areas for further studies, are also presented in the paper.

Keywords: corporate governance, internet financial reporting, regulation, transparency, United Arab Emirates

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Authors: Jesvin Puay-Hwa Yeo, Laavanya Kathiravelu, Sa’Eda Binte Buang

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In the early days, myths and taboos were used by our ancestors to give explanations to the existence of nature and man, as well as to propitiate fortunes and to avoid unluckiness and harm. Myths and taboos are deeply rooted in our cultures and environment, and they form certain characteristics of any society, even in modern societies. With decades of the three main ethnic communities in Singapore – Malay, Indian and Chinese – living together, there has been intermingling and intermixing of traditions and practices. This may mean that what we think is a ‘Malay’ practice is actually one that is a hybrid of the Chinese and Malay. A good example would be the practice of covering all mirrors in a house of mourning. Therefore, the proposed seeks to explore and understand the underlying social influences of Singapore’s oral tradition. As part of a bigger cultural research project: Designing Cultures, the proposed paper focused on using secondary data to contribute to the overall cultural understanding of the integral connections between oral traditions, people and landscapes. The proposed paper will discuss in details the initials findings of the research project, including the two manners that contributed to the intermixing of myths and taboos. The first is the presence of social institutions such as religions, and the second is the presence of cross-cultural minorities such as the Straits Chinese. As well as other observations included the use and influence of Chinese oral traditions such as folklore among the early Chinese immigrants through social institutions.

Keywords: cultural belief, multiracial society, myths, oral tradition

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Authors: Guliz Kolburan

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Juvenile delinquency studies has a special place and importance in criminality researches. Young adolescents, have not reached psychological, mental and physical maturity, and they cannot understand their roles and duties in society. In this case, if such an adolescent turns into a crime machine as a gang leader, he has the least responsibility of this result. All institutions, like family, school, community and the state as a whole have duties and responsibilities in this regard. While planning the studies about prevention of juvenile delinquency, all institutions related with the development of the children, should be involved in the center of the study. So that effective goals for prevention studies can be determined only in this way. Most of youth who commit homicide feel no attachment to anybody or society except for themselves. Children who committed homicide generally developed defense mechanisms about their guilt, sadness, fear and anger. For this reason, treatment of these children should be based on the awareness of these feelings and copying with them. In the movie, events making the youth realize his own feelings and responsibilities were studied from a theoretical perspective. In this study, some of the dialogs and the scenes in the movie were analyzed and the factors cause the young gang leader to be drawn to crime were evaluated in terms of the science of psychology. The aim of this study is to analyze the process of the youth to being drawn into criminal behavior in terms of social and emotional developmental phases in a theoretical perspective via the movie produced in 2005 (94. Min.). The method of this study is discourse analysis.

Keywords: crime, child, evaluation (development), psychology

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Authors: Mihaela Munteanu (Pila), Silvius Stanciu

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This paper presents the aspects of the official control of fishery in the Republic of Moldova. Currently, the regulations and the activity of national institutions with responsibilities in the field of food quality are in a process of harmonization with the European rules, aiming at European integration, quality improvement and providing a higher level of food safety. The National Agency for Food Safety is the main national body with responsibilities in the field of food safety. In the field of fishery products, the Agency carries out an intensive activity of informing the citizen and controlling the products marketed. The paper presents the dangers related to the consumption of fish and fishery products traded on the national market, the sanitary-veterinary inspections conducted by the profile institution and the improper situations identified. The national market of fishery products depends largely on imports, mainly focused on ocean fish. The research carried out has shown that during the period 2011-2018, following the inspections carried out on fishery products traded on the national market, a number of inconsistencies have been identified. Thus, indigenous products were frequently detected with sensory characteristics unfit for consumption, and being commercialized in inappropriate locations or contaminated with chemical pollutants. On import products controlled, the most frequent inconsistent situations have been represented by inconsistent sensory aspects and by parasite contamination. Taking into account the specific aspects of aquatic products, including the high level of alterability, special conditions of growth, marketing, culinary preparation and consumption are necessary in order to decrease the risk of disease over the population. Certificates, attestations and other documents certifying the quality of batches, completed by additional laboratory examinations, are necessary in order to increase the level of confidence on the quality of products marketed in the Republic. The implementation of various control procedures and mechanisms at national level, correlated with the focused activity of the specialized institutions, can decrease the risk of contamination and avoid cases of disease on the population due to the consumption of fishery products.

Keywords: fishery products, food safety, quality control, Republic of Moldova

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Authors: Savas Yildiz

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The article assesses the performance of international aid donors to determine the sub-national distribution of their aid projects dependent on recipient countries’ governance. The present paper extends the scope from a cross-country perspective to a more detailed analysis by looking at the effects of institutional qualities on the sub-national distribution of foreign aid. The analysis examines geo-referenced aid project in 37 countries and 404 regions at the first administrative division level in Sub-Saharan Africa from the World Bank (WB) and the African Development Bank (ADB) that were approved between the years 2000 and 2011. To measure the influence of institutional qualities on the distribution of aid the following measures are used: control of corruption, government effectiveness, regulatory quality and rule of law from the World Governance Indicators (WGI) and the corruption perception index from Transparency International. Furthermore, to assess the importance of ethnic heterogeneity on the sub-national distribution of aid projects, the study also includes interaction terms measuring ethnic fragmentation. The regression results indicate a general skew of aid projects towards regions which hold capital cities, however, being incumbent presidents’ birth region does not increase the allocation of aid projects significantly. Nevertheless, with increasing quality of institutions aid projects are less skewed towards capital regions and the previously estimated coefficients loose significance in most cases. Higher ethnic fragmentation also seems to impede the possibility to allocate aid projects mainly in capital city regions and presidents’ birth places. Additionally, to assess the performance of the WB based on its own proclaimed goal to aim the poor in a country, the study also includes sub-national wealth data from the Demographic and Health Surveys (DSH), and finds that, even with better institutional qualities, regions with a larger share from the richest quintile receive significantly more aid than regions with a larger share of poor people. With increasing ethnic diversity, the allocation of aid projects towards regions where the richest citizens reside diminishes, but still remains high and significant. However, regions with a larger share of poor people still do not receive significantly more aid. This might imply that the sub-national distribution of aid projects increases in general with higher ethnic fragmentation, independent of the diverse regional needs. The results provide evidence that institutional qualities matter to undermine the influence of incumbent presidents on the allocation of aid projects towards their birth regions and capital regions. Moreover, even for countries with better institutional qualities the WB and the ADB do not seem to be able to aim the poor in a country with their aid projects. Even, if one considers need-based variables, such as infant mortality and child mortality rates, aid projects do not seem to be allocated in districts with a larger share of people in need. Therefore, the study provides further evidence using more detailed information on the sub-national distribution of aid projects that aid is not being allocated effectively towards regions with a larger share of poor people to alleviate poverty in recipient countries directly. Institutions do not have any significant influence on the sub-national distribution of aid towards the poor.

Keywords: aid allocation, georeferenced data, institutions, spatial analysis

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Authors: Argyro Maria Skourmalla

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Internationalization and management of linguistic diversity in Higher Education (HE) have gained much attention in research in the last few years. Internationalization policies in HE aims at promoting the dual role of Higher Education Institutions (HEIs), civilization and competitiveness. In the context of the European Union, the European Education Area initiative aims at “inclusive national education and training systems” through networking and exchange between HEIs. However, the use of English as a ‘lingua academica’ in the place of the official, national, and regional/minority languages raises questions regarding linguistic diversity, linguistic rights and concerns that have to do with the scientific weakening of these languages. In fact, the European Civil Society Platform for Multilingualism, in the Declaration for Multilingualism in Higher Education, draws attention to the use of English at the expense of other regional/national languages and the impact of English-only language policy on an epistemological level. The above issues were brought up during semi-structured interviews with lecturing staff coming from three multilingual Universities in Europe. Lecturers shared their experiences and the practices they use to manage linguistic diversity in these three Universities. Findings show that even though different languages are used in teaching across disciplines, English -or ‘Globish’ as mentioned during an interview- is widely used in research. Despite English being accepted as the “lingua academica,” issues regarding loss of identity come up

Keywords: higher education, internationalization, linguistic diversity, teaching, research, English

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Authors: Muhammad Naveed, Yang Caixia

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The need for national space legislation is pivotal, particularly in light of the fact that in recent years space activities have grown immensely both in volume and diversity. Countries are progressively developing capabilities in space exploration and scientific discoveries, market their capabilities to manufacture satellites, provide launch services from their facilities and are looking to privatize and commercialize their space resources. Today, nations are also seeking to comprehend the technological and financial potential of the private sector and are considering to share their financial burdens with them and to limit their exposures to risks, but they are lagging behind in legal framework in this regard. In the perspective of these emerging developments, it is therefore, felt that national space legislation should be enacted with the goal of building and implementing a vibrant and transparent legal framework at the national level to hasten investments and to ensure growth in this capital intensive - highly yield strategic sector. This study looks at (I) the international legal framework that governs space activities; (II) motivation behind making national space laws; and (III) the need for national space legislation. The paper concludes with some recommendations with regards to the conceivable future direction for national space legislation, in particular space empowered sub-areas for countries.

Keywords: international conventions, national legislation, space faring nations, space law

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Authors: Asmita A. Vaidya, Shahista S. Inamdar

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Society is dynamic, in this changing and development processes, Indian Muslim women where no exception to this social change. Islam has elevated her status from being chattels/commodity to individual human being having separate legal personality and equal to that of men but in India, even two women are not equal in availing their matrimonial rights and remedies, separate personal laws are applicable to them and thus gender justice is a fragile myth.

Keywords: Muslim women, gender justice, polygamy, Islamic jurisprudence, equality

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Authors: Esther Kelechi Soyele

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Job satisfaction is the expression of an organisation's fulfillment of work output. In order to achieve effective job satisfaction, the motivation of employees is very essential in stimulating their obligation towards their work. The study examined the motivational strategies, job satisfaction as a correlation of library service delivery in some selected tertiary institutions in southwest Nigeria. The study adopted a descriptive survey research design. A simple random sampling method was employed to select 200 library staff consisting of both library professionals and para-professionals. Two hundred (200) questionnaires were given out, but only one hundred and twenty-nine 129 (96% response rate) were used for the study. Both simple percentage and one and two way ANOVA was used for data analysis. Findings revealed that 60.4% of the respondents were males while 39.6% were female; most of the respondents’ relatively belong to the age group of 31-40 and 41-50, 93.3% were within the age range of 21-50 years, and 43.2 % were M.Sc degree holders. The result revealed a (p < 0.05) significant relationship between work motivational strategies and library service delivery. The results also revealed that motivational development program strategies and job satisfaction have (p < 0.05) a positive significant relationship with library service delivery. It was concluded that work motivation strategies are essential for job satisfaction which is very important in any organization in the attainment of its goals and objectives and helps in maintaining a high standard. The study recommended that more incentive plans that will enhance job satisfaction should be put in place to encourage employees to be more active in carrying out their job effectively.

Keywords: job satisfaction, library, library services, motivational strategies

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Authors: Lindrianasari Stefanie, Aminah Khairudin

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This study aims to provide empirical evidence regarding the ability of Price to Earnings Ratio and PEG Ratio in predicting future stock returns issuers. The samples used in this study are stocks that go into LQ45. The main contribution is to assign empirical evidence if the PEG Ratio can provide optimum return compared to Price to Earnings Ratio. This study used a sample of the entire company into the group LQ45 with the period of observation. The data used is limited to the financial statements of a company incorporated in LQ45 period July 2013-July 2014, using the financial statements and the position of the company's closing stock price at the end of 2010 as a reference benchmark for the growth of the company's stock price compared to the closing price of 2013. This study found that the method of PEG Ratio can outperform the method of PE ratio in predicting future returns on the stock portfolio of LQ45.

Keywords: price to earnings growth, price to earnings ratio, future returns, stock price

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Authors: Francesco Paolone

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This paper investigates the role of Operating Cash Flow (OCF) and accruals in firm valuation analyzing financial statement information from the largest European companies and evaluating their relation to firm market value. Using a dataset of 500 largest European companies in 2018, the study investigates the relative value-relevance of equity, net income and operating cash flow (OCF). Findings show that the cash flow measure has the same explanatory power and intensity as equity and earnings to explain the market value. This study contributes to the debate on the value relevance of OCF incremental to book value and earnings. It also extends the literature, showing that OCF has information content (value relevance) superior to earnings and book value in the main European markets (Bepari et al., 2013). Finally, the study provides a support that accounting method choice may confuse investors, who have reduced confidence in accounting earnings and book value; in other words, nowadays European investors rely more on cash flows instead of accruals numbers.

Keywords: Cash Flow Statement, Value Relevance, Accounting, Financial Statement Analysis

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Authors: Fatimah Opebiyi

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Economic growth promotion, inflation reduction and consumer protection are among the core public interest aims of governments. Nevertheless, higher rates of default by consumers in relation to credit card loans and mortgages in recent times illustrate that government’s performance in balancing the protection of the economy and consumer is subpar. This thereby raises an important question on the role of government in protecting consumers during prolonged spells of inflation, particularly when such inflationary trends may be traceable to the acts of the government. Adopting a doctrinal research methodology, this article investigates the evolution of the concept of consumer protection in the United Kingdom and also brings to the fore the tensions and conflicts of interests in the aims and practices of the main regulators within the financial services industry. Relying on public interest theories of regulation and responsive regulatory theory, the article explores the limitations in the state’s ability to strike the right balance in meeting regulatory aims of the regulatory agencies at the opposite ends of the spectrum.

Keywords: financial regulation, consumer protection, prudential regulation, public interest theories of regulation, central bank

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