Search results for: Tunisian firms

Authors: Renata Konadu

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Over the last two decades, the concept of environmental management and its related issues have received increased attention in global discourse and on management research agenda due to climate change and other environmental challenges. To abate and avert these challenges, diverse environmental policies, strategies and practices have been adopted by businesses and economies as a whole. Extant literature has placed much emphasis on whether improved environmental operational performance improves firm performance. However, there is a huge gap in the literature with regards to whether the adoption of environmental management practices and policies has a direct relationship with environmental operational performance (EOP). The current paper is intended to provide a comprehensive perspective of how different aspects of environmental management can relate to firms EOP. Using a panel regression analysis of 149 large listed firms in the UK, the study found evidence of both negative and positive statistically significant link between some Environmental Policies (EP), Environmental Processes (EPR), Environmental Management Systems (EMS) and EOP. The findings suggest that in terms of relating EP, EPR and EMS to Greenhouse Gases (GHGs) emissions for instance, the latter should be viewed separately in Scopes 1, 2 and 3 as developed by GHG protocol. The results have useful implication for policy makers and managers when designing strategies and policies to reduce negative environmental impacts.

Keywords: environmental management, environmental operational performance, GHGs, large listed firms

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Authors: Eda Orhun

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Purpose: This paper analyzes a target firm’s decision to voluntarily disclose information during a takeover event and the effect of such disclosures on the outcome of the takeover. Such voluntary disclosures especially in the form of earnings forecasts made around takeover events may affect shareholders’ decisions about the target firm’s value and in return takeover result. This study aims to shed light on this question. Design/methodology/approach: The paper tries to understand the role of voluntary disclosures by target firms during a takeover event in the likelihood of takeover success both theoretically and empirically. A game-theoretical model is set up to analyze the voluntary disclosure decision of a target firm to inform the shareholders about its real worth. The empirical implication of model is tested by employing binary outcome models where the disclosure variable is obtained by identifying the target firms in the sample that provide positive news by issuing increasing management earnings forecasts. Findings: The model predicts that a voluntary disclosure of positive information by the target decreases the likelihood that the takeover succeeds. The empirical analysis confirms this prediction by showing that positive earnings forecasts by target firms during takeover events increase the probability of takeover failure. Overall, it is shown that information dissemination through voluntary disclosures by target firms is an important factor affecting takeover outcomes. Originality/Value: This study is the first to the author's knowledge that studies the impact of voluntary disclosures by the target firm during a takeover event on the likelihood of takeover success. The results contribute to information economics, corporate finance and M&As literatures.

Keywords: takeovers, target firm, voluntary disclosures, earnings forecasts, takeover success

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Authors: Lamia Bouzgarrou, Amira Omrane, Malika Azzouzi, Asma Kheder, Amira Saadallah, Ilhem Boussarsar, Kamel Rejeb

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Introduction: Increasing the women’s labor force participation is a political issue in countries with developed economies and those with low growth prospects. However, in the labor market, women continue to face several obstacles, either for the integration or for the maintenance at work. This study aims to assess the prevalence of premature withdrawal from working life -due to invalidity or medical justified early retirement- among active women in the Tunisian center and to identify its determinants. Material and methods: We conducted a cross-sectional study, over one year, focusing on the agreement for invalidity or early retirement for premature usury of the body- delivered by the medical commission of the National Health Insurance Fund (CNAM) in the central Tunisian district. We exhaustively selected women's files. Data related to Socio-demographic characteristics, professional and medical ones, were collected from the CNAM's administrative and medical files. Results: During the period of one year, 222 women have had an agreement for premature departure of their professional activity. Indeed, 149 women (67.11%) benefit of from invalidity agreement and 20,27% of them from favorable decision for early retirement. The average age was 50 ± 6 years with extremes of 23 and 62 years, and 18.9% of women were under 45 years. Married women accounted for 69.4% and 59.9% of them had at least one dependent child in charge. The average professional seniority in the sector was 23 ± 8 years. The textile-clothing sector was the most affected, with 70.7% of premature departure. Medical reasons for withdrawal from working life were mainly related to neuro-degenerative diseases in 46.8% of cases, rheumatic ones in 35.6% of cases and cardiovascular diseases in 22.1% of them. Psychiatric and endocrine disorders motivated respectively 17.1% and 13.5% of these departures. The evaluation of the sequels induced by these pathologies concluded to an average permanent partial disability equal to 61.4 ± 17.3%. The analytical study concluded that the agreement of disability or early retirement was correlated with the insured ‘age (p = 10-3), the professional seniority (p = 0.003) and the permanent partial incapacity (PPI) rate assessed by the expert physician (p = 0.04). No other social or professional factors were correlated with this decision. Conclusion: Despite many advances in labour law and Tunisian legal text on employability, women still exposed to several social and professional inequalities (payment inequality, precarious work ...). Indeed, women are often pushed to accept working in adverse conditions, thus they are more vulnerable to develop premature wear on the body and being forced to premature departures from the world of work. These premature withdrawals from active life are not only harmful to the concerned women themselves, but also associated with considerable costs for the insurance organism and the society. In order to ensure maintenance at work for women, a political commitment is imperative in the implementation of global prevention strategies and the improvement of working conditions, particularly in our socio-cultural context.

Keywords: Active Women , Early Retirement , Invalidity , Maintenance at Work

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Authors: Frikha Rim, Abdelmoula Bouayed Nouha, Rebai Tarek

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Pregnancy is a hypercoagulable state which causing a defective maternal haemostatic response and leading to thrombosis of the uteroplacental vasculature, that might cause pregnancy complications as recurrent pregnancy loss (RPL). Since heritable Thrombophilic defects are associated with increased thrombosis, their prevalence was evaluated in patients with special emphasis on combinations of the above pathologies. Especially, Factor V Leiden (FVL) G1691A, methylene tetra hydro folate reductase (MTHFR) C677T, and factor II (FII) G20210A mutations are three important causes of thrombophilia, which might be related to recurrent pregnancy loss (RPL). In this study we evaluated the presence of these three mutations [factor V Leiden (FVL), prothrombin G20210A (PTG) and methylenetetrahydrofolate reductase (MTHFR) C677T] amongst 35 Tunisian women with more than 2 miscarriages, referred to our genetic counseling. DNA was extracted from peripheral blood samples and PCR-RFLP was performed for the molecular diagnosis of each mutation. Factor V Leiden and Prothrombin mutation were detected respectively in 5.7% and 2.9% of women with particular history of early fetal loss and thrombotic events. Despites the luck of strength of this study, we insist that testing for the most inherited thrombophilia (FVL and FII mutation) should be performed in women with RPL in the context of thrombotic events. Multi-centre collaboration is necessary to clarify the real impact of thrombotic molecular defects on the pregnancy outcome, to ascertain the effect of thrombophilia on recurrent pregnancy loss and then to evaluate the appropriate therapeutic approach.

Keywords: thrombophilia, recurrent pregnancy loss, factor V Leiden, prothrombin G20210A, methylene tetra hydro folate reductase

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Authors: Ichiro Takahashi

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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

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Authors: O. Berriche, R. Ben Othmen, H. Sfar, H. Abdesslam, S. Bou Meftah, S. Bhouri, F. Mahjoub, C. Amrouche, H. Jamoussi

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Introduction: Although current evidence emphasizes a high prevalence of vitamin D deficiency and an inverse association between serum 25-hydroxyvitamin D (25-OHD) concentration and obesity, no studies have been conducted in Tunisian obese. The objectives of our study were to estimate the vitamin D deficiency in obese, identify risk factors for vitamin D deficiency, demonstrating a possible association between vitamin D levels and metabolic parameters. Methods: This was a descriptive study of 100 obese 18-65 year-old. Anthropometric measurements were determined. Fasting blood samples were assessed for the following essays : serum calcium, 25 OH vitamin D, inorganic phosphorus, fasting glucose, HDL, LDL cholesterol and triglyceride. Insulin resistance was evaluated by fasting insulin, HOMA-IR and HOMA-ß. Consumption of foods riche in vitamin D, sunscreen use, wearing protective clothes and exposed surface were assessed through applied questionnaires. Results: The deficit of vitamin D (< 30 ng/ml) among obese was 98,8%. Half of them had a rate < 10ng/ml. Environmental factors involved in vitamin D deficiency are : the veil (p = 0,001), wearing protective clothes (p = 0,04) and the exposed surface (p = 0,011) and dietary factors are represented by the daily caloric intake (p = 0,0001). The percent of fat mass was negatively related to vitamin D levels (p = 0,01) but not with BMI (p = 0,11) or waist circumference (p = 0,88). Similarly, lipid and glucose profile had no link with vitamin D. We found no relationship between Insulin resistance and vitamin D levels. Conclusion: At the end of our study, we have identified a very important vitamin D deficiency among obese. Dosage and systematic supplementation should be applied and for that physician awareness is needed.

Keywords: insulinresistance, risk factors, obesity, vitamin D

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Authors: Nadine khadraoui, Rym Essid, Olfa Tabbene, Imen Chniba, Safa Boujemaa, Selim Jallouli, Nadia Fares, Behija Mlik, Boutheina Ben Abdelmoumen Mardassi

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Background and aim: Mycoplasma hominis is an opportunistic pathogen that can cause various gynecological infections such cervicitis, infertility, and, less frequently, extra-genital infections. Previous studies on the antimicrobial susceptibility of Mycoplasma hominis Tunisian strains have highlighted a significant resistance, even multi-resistance, to the most used antibiotic in the therapy of consequential infections. To address this concern, the present study aimed for the alternative of phytotherapy. Peganum harmala seed extract was tested as an antibacterial agent against multidrug-resistant M.hominis clinical strains. Material and Methods: Peganum harmala plant was collected from Ain Sebaa, Tabarka, North West region of Tunisia in April 2018, air-dried, grounded and extracted by different solvents.The crude methanolic extract was further partitioned with n-HEX, DCM, EtOAC and n-BuOl. Antibacterial activity was evaluated against M. hominis ATCC 23114 and 20 M. hominis clinical strains.The antimycoplasmal activity was tested by the microdilution method, and MIC values were determined. Phytochemical analysis and hemolytic activity on human erythrocytes were also performed. The active fraction was then subjected to purification, and the chemical identification of the active compound was investigated. Results: Among the tested fractions, the n-BuOH extract was the most active fraction since it exhibited an inhibitory effect against M. hominis ATCC 23114 and 80% of the tested clinical strains with MIC between 125 and 1000 µg/ml. The phytochemical analysis of the n-BuOH revealed its metabolic abundance in polyphenols, flavonoids and condensed tannin with levels of 257.37 mg AGE/g, 172.27 mg EC/g and 58.27 mg EC/g, respectively. In addition, P. harmala n-BuOH extract exhibited potent bactericidal activity against all M. hominis isolates with CMB values ranging between 125 and 4000 µg/ml. Further, the active fraction exhibited weak cytotoxicity effect at active concentrations when tested on human erythrocytes. The active compound was identified by gas chromatography–mass spectrometry as an indole alkaloid harmaline. Conclusion: In summary, Peganum harmala extract demonstrated an interesting anti-mycoplasmal activity against M. hominis Tunisian strains. Therefore, it could be considered as a potential candidate for the treatment of consequential infections. However, further studies are necessary to evaluate its mechanism of action in mycoplasmas.

Keywords: mycoplasma hominis, peganum harmala, antibioresistance, phytotherapy, phytochemical analysis

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Authors: Raed Hanandeh

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This empirical study examines how knowledge sharing behaviors mediate the effect Technology-driven strategy on virtual organization success in Jordanian tourism sector firms. The results reveal that Social network ties are positively related to web knowledge seeking, web knowledge contributing and interactive system, but negatively related to accidental knowledge leakage. Furthermore, all types of knowledge sharing behavior are positively related to virtual organization success. Data collected from 23 firms. The total number of questionnaires mailed, 250 questionnaires were delivered. 214 were considered valid out of 241 Responses were received. The findings provide evidence that knowledge sharing behavior play a mediating role between Social network ties and virtual organization success and show that, web knowledge seeking, web knowledge contributing and interactive system playing an important impact on virtual organization success through knowledge sharing behaviors.

Keywords: social network ties, virtual organization success, knowledge sharing behaviors, web knowledge

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Authors: Aymen Arfaoui, Abdelkader Soumaya, Ali Kadri, Noureddine Ben Ayed

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The Tunisian dorsal backland is located on the Eastern Atlas side of the Maghrebides (North Africa). The analysis of collected field data in the Rouas and Ruissate mountains area allowed us to develop new interpretations for its structural framework. Our kinematic analysis of fault-slip data reveals the presence of an extensional tectonic regime with NE-SW Shmin, characterizing the Mesozoic times. In addition, geophysical data shows that the synsedimentary normal faulting is accompanied by thickness variations of sedimentary sequences and Triassic salt movements. Then, after the Eurasia-Africa plate’s convergence during the Eocene, compressive tectonic deformations affected and reactivated the inherited NW-SE and N-S trending normal faults as dextral strike-slip and reverse faults, respectively. This tectonic inversion, with compression to the transpressional tectonic regime and NW-SE SHmax, continued during the successive shortening phases of the upper Miocene and Quaternary. The geometry of the Rouas and Ruissate belt is expressed as a fault propagation fold, affecting Jurassic and Cretaceous deposits. The Triassic evaporates constitute the decollement levels, facilitating the detachment and deformation of the sedimentary cover. The backland of this thrust belt is defined by NNE-SSW trending imbrication features that are controlled by a basement N-S fault.

Keywords: Tunisian dorsal backland, fault slip data; synsedimentary faults, tectonic inversion, decollement level, fault propagation fold

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Authors: Samir Falhi, Neji Gharsallah, Adel Kadri

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Ruta chalpensis L. is a medicinal plant in the family of Rutaceae, has been used as an important traditional in the Mediterranean basin in the treatment of many diseases. The current study was devoted to investigate and evaluate the chemical composition, total phenolic, flavonoid and tannin contents, and in vitro antioxidant activities of ethyl acetate, ethanol and hydroalcoholic extracts and essential oil from the aerial parts of Ruta chalpensis from Tunisian Sahara. Total phenolic, flavonoid and tannin contents of extracts ranged from 40.39 ± 1.87 to 75.13 ± 1.22 mg of GAE/g, from 22.62 ± 1.55 to 27.51 ± 1.04 mg of QE/g, and from 5.56 ± 1.32 to 10.89 ± 1.10 mg of CE/g respectively. Results showed that the highest antioxidant activities was determined for ethanol extract with IC50 value of 26.23 ± 0.91 µg/mL for 2,2-diphenyl-1-picrylhydrazyl assay, and for hydroalcoholic extract with EC50 value of 412.95±6.57 µg/mL and 105.52±2.45 mg of α-tocopherol/g for ferric reducing antioxidant power and total antioxidant capacity assays, respectively. Furthermore, Gas Chromatography–Mass Spectrometry (GC-MS) analysis of essential oil led to identification of 20 compounds representing 98.96 % of the total composition. The major components of essential oil were 2-undecanone (39.13%), 2-nonanone (25.04), 1-nonene (13.81), and α-limonene (7.72). Spectral data of Fourier-transform infrared spectroscopy analysis (FT-IR) of extracts revealed the presence of functional groups such as C= O, C─O, ─OH, and C─H, which confirmed its richness on polyphenols and biological active functional groups. These results showed that Ruta chalpensis could be a potential natural source of antioxidants that can be used in food and nutraceutical applications.

Keywords: antioxidant, FT-IR analysis, GC-MS analysis, phytochemicals contents, Ruta chalpensis

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Authors: Kais Ben-Ahmed, Mhamed Ali-El-Aroui

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This paper develops a Local Generalized Linear Spatial Model (LGLSM) to describe the spatial variation of Visceral Leishmaniasis (VL) infection risk in northern and central Tunisia. The response from each region is a number of affected children less than five years of age recorded from 1996 through 2006 from Tunisian pediatric departments and treated as a poison county level data. The model includes climatic factors, namely averages of annual rainfall, extreme values of low temperatures in winter and high temperatures in summer to characterize the climate of each region according to each continentality index, the pluviometric quotient of Emberger (Q2) to characterize bioclimatic regions and component for residual extra-poison variation. The statistical results show the progressive increase in the number of affected children in regions with high continentality index and low mean yearly rainfull. On the other hand, an increase in pluviometric quotient of Emberger contributed to a significant increase in VL incidence rate. When compared with the original GLSM, Bayesian locally modeling is improvement and gives a better approximation of the Tunisian VL risk estimation. According to the Bayesian approach inference, we use vague priors for all parameters model and Markov Chain Monte Carlo method.

Keywords: generalized linear spatial model, local model, extra-poisson variation, continentality index, visceral leishmaniasis, Tunisia

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Authors: Adèle Oliva, Samuel Fosso Wamba

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This study looks at how firms can create competitive advantages through effective reserve logistics strategies. Upon using data collected from reverse supply chain managers of electronic commerce companies, the study found that improved reverse logistics management can have a positive impact on companies’ business benefits. These include playing a role in the implementation of many factors that highly influence the decision to purchase, customers’ loyalty, as well as increasing companies’ turnover. As a result, through an efficient design and management of their reverse flow, companies can decrease the costs associated to returned products.

Keywords: reverse logistics, competitive advantage, case study, business value

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Authors: S. Ping Ho, R. Dahal

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The global economy has drastically changed how firms operate and compete. Although the construction industry is ‘local’ by its nature, the internationalization of the construction industry has become an inevitable reality. As a result of global competition, staying domestic is no longer safe from competition and, on the contrary, to grow and become an MNE (multi-national enterprise) becomes one of the important strategies for a firm to survive in the global competition. For the successful entrance into competing markets, the firms need to re-define their competitive advantages and re-identify the sources of the competitive advantages. A firm’s initiation of internationalization is not necessarily a result of strategic planning but also involves certain idiosyncratic events that pave the path leading to a firm’s internationalization. For example, a local firm’s incidental or unintentional collaboration with an MNE can become the initiating point of its internationalization process. However, because of the intensive competition in today’s global movement, many firms were compelled to initiate their internationalization as a strategic response to the competition. Understandingly stepping in in the process of internationalization and appropriately implementing the strategies (in the process) at different stages lead the construction firms to a successful internationalization journey. This study is carried out to develop a model of the internationalization process, which derives appropriate strategies that the construction firms can implement at each stage. The proposed model integrates two major and complementary views of internationalization and expresses the dynamic process of internationalization in three stages, which are the pre-international (PRE) stage, the foreign direct investment (FDI) stage, and the multi-national enterprise (MNE) stage. The strategies implied in the proposed model are derived, focusing on capability building, market locations, and entry modes based on the resource-based views: value, rareness, imitability, and substitutability (VRIN). With the proposed dynamic process model the potential construction firms which are willing to expand their business market area can be benefitted. Strategies for internationalization, such as core competence strategy, market selection, partner selection, and entry mode strategy, can be derived from the proposed model. The internationalization process is expressed in two different forms. First, we discuss the construction internationalization process, identify the driving factor/s of the process, and explain the strategy formation in the process. Second, we define the stages of internationalization along the process and the corresponding strategies in each stage. The strategies may include how to exploit existing advantages for the competition at the current stage and develop or explore additional advantages appropriate for the next stage. Particularly, the additionally developed advantages will then be accumulated and drive forward the firm’s stage of internationalization, which will further determine the subsequent strategies, and so on and so forth, spiraling up the stages of a higher degree of internationalization. However, the formation of additional strategies for the next stage does not happen automatically, and the strategy evolution is based on the firm’s dynamic capabilities.

Keywords: construction industry, dynamic capabilities, internationalization process, internationalization strategies, strategic management

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: Noor Hasmini Abdghani, Nik Kamariah Nikmat, Nor Hayati Ahmad

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Rapid growth of the internet technology led to changes in the consumer lifestyles. This involved customer buying behaviour-based internet that create new kind of buying strategy. Hence, it has summoned many of world firms including Malaysia to generate new quality strategy in preparation to face new customer buying lifestyles. Particularly, this study focused on identifying online customer segment of automobile passenger car customers. Secondly, the objective is to understand online customer’s receptiveness towards internet technologies. This study distributed 700 questionnaires whereby 582 were returned representing 83% response rate. The data were analysed using factor and regression analyses. The result from the factor analysis precipitates four online passenger car segmentations in Malaysia, which are: Segment (1)- Automobile Online shopping Preferences, Segment (2)- Automobile Online Brand Comparison, Segment (3)- Automobile Online Information Seeking and Segment (4)- Automobile Offline Shopping Preferences. In understanding the online customer’s receptiveness towards internet, the regression result shows that there is significant relationship between each of four segments of online passenger car customer with attitude towards automobile online shopping. This implies that, for online customers to have receptiveness toward internet technologies, he or she must have preferences toward online shopping or at least prefer to browse any related information online even if the actual purchase is made at the traditional store. With this proposed segmentation strategy, the firms especially the automobile firms will be able to understand their online customer behavior. At least, the proposed segmentation strategy will help the firms to strategize quality management approach for their online customers’ buying decision making.

Keywords: Automobile, Market Segmentation, Online Shopping Attitude, Quality Management Strategy

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Authors: Pulkeria Pascoe, Hawa P. Tundui, Marcia Dutra de Barcellos, Hans de Steur, Xavier Gellynck

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A majority of Micro and Small Enterprises (MSEs) experience low or no growth. Understanding their performance remains unfinished and disjointed as there is no consensus on the factors influencing it, especially in developing countries. Using a Resource-Based View (RBV) as the theoretical background, this cross-sectional study employed four regression models to examine the influence of firm-level factors (firm-specific characteristics, firm resources, manager socio-demographic characteristics, and selected management practices) on the overall performance variations among 442 Tanzanian micro and small agri-food processing firms. Study results confirmed the RBV argument that intangible resources make a larger contribution to overall performance variations among firms than that tangible resources. Firms' tangible and intangible resources explained 34.5% of overall performance variations (intangible resources explained the overall performance variability by 19.4% compared to tangible resources, which accounted for 15.1%), ranking first in explaining the overall performance variance. Firm-specific characteristics ranked second by influencing variations in overall performance by 29.0%. Selected management practices ranked third (6.3%), while the manager's socio-demographic factors were last on the list, as they influenced the overall performance variability among firms by only 5.1%. The study also found that firms that focus on proper utilization of tangible resources (financial and physical), set targets, and undertake better working capital management practices performed higher than their counterparts (low and average performers). Furthermore, accumulation and proper utilization of intangible resources (relational, organizational, and reputational), undertaking performance monitoring practices, age of the manager, and the choice of the firm location and activity were the dominant significant factors influencing the variations among average and high performers, relative to low performers. The entrepreneurial background was a significant factor influencing variations in average and low-performing firms, indicating that entrepreneurial skills are crucial to achieving average levels of performance. Firm age, size, legal status, source of start-up capital, gender, education level, and total business experience of the manager were not statistically significant variables influencing the overall performance variations among the agri-food processors under the study. The study has identified both significant and non-significant factors influencing performance variations among low, average, and high-performing micro and small agri-food processing firms in Tanzania. Therefore, results from this study will help managers, policymakers and researchers to identify areas where more attention should be placed in order to improve overall performance of MSEs in agri-food industry.

Keywords: firm-level factors, micro and small enterprises, performance, regression analysis, resource-based-view

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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: Hien T. T. Ho, Tsunemi Watanabe

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The regulatory and market pressures on the restriction of nonylphenol and its ethoxylates in textile articles have confronted the textile manufacturers, particularly those in developing countries. This study aimed to examine the tentative behavior of the textile manufacturers in Vietnam from the perspectives of attitude and the perceptions of technical and organizational adaptabilities, risks, benefits, and barriers. Personal interviews were conducted with five technical specialists from four textile firms and one chemical supplier. The environmental regulatory and market situations regarding the chemical use in Vietnam were also described. The findings revealed two main opposing trends of chemical substitution depending on the market orientation of firms that governed the patterns of risk and benefit perception. The indirect influence of perceived adaptabilities on firm tentative behavior through perceived risks was elucidated, which initiated a conceptual model of firm’s behavior combining the organizational-based and the rational-based relationships. The intermediary role of non-governmental textile and garment industrial/ trade associations is highlighted to strengthen private firm’s informative capacity.

Keywords: firm behavior, institutional analysis, organizational adaptation, technical adaptation

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Authors: Urmi Khatri

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Capital asset pricing model (CAPM) draws a direct relationship between the risk and the expected rate of return. There was a criticism on the beta and the assumptions of CAPM, as they are not applicable in the real world. Fama French Three Factor Model and Fama French Five Factor Model have given different factors, which have an impact on the return of any asset like size, value, investment and profitability. This study proposes to see Capital Asset pricing Model through the lenses of the quality aspect. In the study, the six factors are studied. The Fama French Five Factor Model and addition of the quality dimension are studied. Here, Graham’s seven quality and quantity criteria are measured to determine the score of the sample firms. Thus, this study tries to check the model fit. The beta coefficient of the quality dimension and the R square value is seen to determine validity of the proposed model. The sample is drawn from the firms listed on Indian Stock Exchange (BSE). For the study, only nonfinancial firms are been selected. The time period of the study is from January 1999 to December 2019. Hence, the primary objective of the study is to check how robust the model becomes after giving the quality dimension to the capital asset pricing model in addition to the size, value, profitability and investment.

Keywords: asset pricing model, CAPM, Graham’s score, G-score, multifactor model, quality

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Authors: Ade Oyedijo

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This paper reports the findings of a study on the strategic and organizational antecedents and effects of two opposing pay patterns used by some manufacturing companies in Lagos Nigeria with particular reference to the behavioural correlates of the pay strategies considered. The assumed relationship between pay strategies and some organizational correlates such as business and corporate strategies and firm size was considered problematic in view of their likely implications for employee motivation and citizenship behaviour and firm performance. The survey research method was used for the study. Structured, close ended questions were used to collect primary data from the respondents. A multipart Likert scale was used to measure the pay orientations of the respondent firms and the job and organizational involvement of the respondent employees. Utilizing hierarchical linear regression method and "t-test" to analyze the data obtained from 48 manufacturing companies of various sizes and strategies, it was found that the dominant pattern of employee compensation in the sampled manufacturing companies. The study also revealed that the choice of a pay strategy was strongly influenced by organizational size as well as the type of business and corporate level strategies adopted by afirm. Firms pursuing a strategy of related and unrelated diversification are more likely to adopt the algorithmic compensation system than single product firms because of their relatively larger size and scope. However; firms that pursue a competitive advantage through a business level strategy of cost efficiency are more likely to use the experiential, variable pay strategy. The study found that an algorithmic compensation strategy is as effective as experiential compensation strategy in the promotion of organizational citizenship behaviour and motivation of employees.

Keywords: compensation, corporate strategy, business strategy, motivation, citizenship behaviour, algorithmic, experiential, organizational commitment, work environment

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Authors: S. Tavuyanago

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Cartels within the international competition law framework have been dubbed the most egregious of competition law violations; this is because they entail a concerted effort by two or more competitor firms to knowingly ‘rob’ consumers of their welfare through their cooperation instead of competition. The net effect of cartel conduct is that the market is distorted as the colluding firms gain enough market power to constrain the supply of goods or services, ultimately driving up prices. As a result, consumers end up paying inflated prices for goods and services, which eventually affects their welfare. It is against this backdrop that competition authorities worldwide have mounted a robust fight against the proliferation of cartels. In South Africa, the fight against cartels saw an amendment to the Competition Act to allow for criminal prosecution of individuals who cause their firms to take part in cartels. The Competition Amendment Act 1 of 2009 introduced section 73A into the principal Competition Act, making it a criminal offence to engage in cartel conduct. This paper assesses the rationale for criminalisation of cartel conduct, discusses the challenges or potential challenges associated with criminalisation, and provides an evaluation of the efficacy of criminalisation of cartel conduct. It questions whether criminal sanctions for cartel conduct as a competition enforcement tool aimed at deterring such conduct are generally effective and whether they have been effective in South Africa specifically. It concludes by offering recommendations on how to effectively root out cartels.

Keywords: cartels, criminalisation, competition, deterrence, South Africa

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Authors: Luan Vardari, Dena Arapi-Vardari

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Financial stability is a critical component of economic growth and development, and it has been recognized as a key policy objective in many countries around the world. In the Western Balkans, financial stability has been a key issue in recent years, with a number of challenges facing the region, including high levels of public debt, weak banking systems, and economic volatility. Corporate finance, which refers to the financial management practices of firms, is an important factor that can impact financial stability. This paper aims to investigate corporate finance's impact on financial stability in Western Balkan countries. This study will use a mixed-methods approach to investigate the impact of corporate finance on financial stability in the Western Balkans. The study will begin with a comprehensive review of the existing literature on corporate finance and financial stability, focusing on the Western Balkan region. This will be followed by an empirical analysis of regional corporate finance practices using data from various industries and firms. The analysis will explore the relationship between corporate finance practices and financial stability, taking into account factors such as regulatory frameworks, economic conditions, and firm size. The results of the study are expected to provide insights into the impact of corporate finance on financial stability in the Western Balkans. Specifically, the study will identify the key corporate finance practices that contribute to financial stability in the region, as well as the challenges and obstacles that firms face in implementing effective corporate finance strategies. The study will also provide recommendations for policymakers and firms looking to enhance financial stability and resilience in the region.

Keywords: financial regulation, debt management, investment decisions, dividend policies, economic volatility, banking systems, public debt, prudent financial management, firm size, policy recommendations

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Authors: Augustar Omoze Ehighalua, Itotenaan Henry Ogiri

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As a mono-product economy, Nigeria relies largely on oil revenues for its foreign exchange earnings and the exploration activities of firms operating in the Niger Delta region have left in its wake tales of environmental degradation, poverty and misery. This, no doubt, have created corporate social responsibility issues in the region. The focus of this research is the critical evaluation of the ethical response to Corporate Social Responsibility (CSR) practice by firms operating in Nigeria Delta Swamplands. While CSR is becoming more popular in developed society with effective practice guidelines and reporting benchmark, there is a relatively low level of awareness and selective applicability of existing international guidelines to effectively support CSR practice in Nigeria. This study, haven identified the lack of CSR institutional framework attempts to develop an ethically-driven CSR transparency benchmark laced within a regulatory framework based on international best practices. The research adopts a qualitative methodology and makes use of primary data collected through semi-structured interviews conducted across the six core states of the Niger Delta Region. More importantly, the study adopts an inductive, interpretivist philosophical paradigm that reveal deep phenomenological insights into what local communities, civil society and government officials consider as good ethical benchmark for responsible CSR practice by organizations. The institutional theory provides for the main theoretical foundation, complemented by the stakeholder and legitimacy theories. The Nvivo software was used to analyze the data collected. This study shows that ethical responsibility is lacking in CSR practice by firms in the Niger Delta Region of Nigeria. Furthermore, findings of the study indicate key issues of environmental, health and safety, human rights, and labour as fundamental in developing an effective CSR practice guideline for Nigeria. The study has implications for public policy formulation as well as managerial perspective.

Keywords: corporate social responsibility, CSR, ethics, firms, Niger-Delta Swampland, Nigeria

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Authors: Imen Blibech, Mohiedine Ksantini, Mohamed Bouaziz

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Prays oleae is a major insect of olive in the Mediterranean Region. In an effort to find effective and affordable ways of controlling this pest, larvicidal activity of essential oils from Tunisian Thymus capitatus were analyzed in comparison to Azadirachtin, a biologically active compound insecticide. The essential oils were extracted by hydrodistillation, and their chemical composition was determined by gas liquid-chromatography coupled with mass spectroscopy. The main components of chemical components were oxygenated monoterpenes (60.24%). The most abundant oxygenated monoterpenes were carvacrol (54.11%). Monoterpenes hydrocarbons were much more abundant and dominated by the o-cymene (16.68%). Both active compounds of Azadirachtin and Thymus capitatus oil extracts exhibited significant larvicidal activity against P. oleae with LC50 values 81.30 ppm and 52.49 ppm respectively. Dose-response relationships were established with almost 100% mortality when using the highest dose 100 ppm of T. capitatus oil extracts and 80 ppm of Azadirachtin. At the lowest dose (10 ppm), T. capitatus oil extracts and Azadirachtin caused 60% and 76% larval mortality in 48 hours respectively. The larval mortality rate greatly decreased with increases of the dilution of both oil extract compounds. Larval development duration appeared to be prolonged to about 12 days for larvae feeding on control diet. The maximum antifeedant activity was shown by both T. capitatus oil extract and Azadirachtin at LC90 values (47.5 and 50.1 ppm respectively). Tunisian T. capitatus oil extract used at low concentrations could be considered as eco-friendly promising insecticide similar to Azadirachtin that has significant potential for the biological control of P. oleae.

Keywords: Thymus capitatus, chemical composition, azadirachtin, larvicidal effects, antifeedant activity, Prays oleae

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Authors: Catherine Heyjung Sonu

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This paper examines the effect of accounting quality on the process in which stock price is determined by focusing on contribution-in-kind valuations using Korean setting. In Korea, a number of chaebol firms have transformed into holding company system starting in 2003. With an attempt to gain as much voting right, management sold shares of subsidiaries to purchase shares of the holding company. In so doing, management of these firms received share issues for the contribution in kind that has been made to obtain additional shares of the holding company. The price of these share issues against contribution in kind is allowed to be discounted up to 30%. Using this interesting setting in Korea, this paper examines whether accounting quality affects the extent of the discount applied to the share issues. If the accounting quality of the firm for which the management is receiving share issues is poor, the extent of discount is likely to be high. The extent of discount is likely lower for firms with superior accounting quality. Using 24 cases, we find that, on average, the extent of discount is larger for share issues in which the accounting quality, proxied by the absolute value of discretionary accruals, is poor. This paper provides insight by examining the effect of accounting quality on the stock market. It sheds light on the intersection between finance and accounting research and should be of interest to researchers and practitioners.

Keywords: Accounting quality, Contribution-in-kind, discount, holding company

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Authors: Veronica S. Moertini, Niko Ibrahim, Verliyantina

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As market intermediary firms, e-commerce transaction broker firms need to strongly collaborate with suppliers in order to develop brands seek by customers. Developing suitable electronic Supplier Relationship Management (e-SRM) system is the solution to the need. In this paper, we propose our concept of e-SRM for transaction brokers owned by small medium enterprises (SMEs), which includes the integrated e-SRM and e-CRM architecture, the e-SRM applications with their functions. We then discuss the customization and implementation of the proposed e-SRM model in a specific transaction broker selling hotel rooms, which owned by an SME, KlikHotel.com. The implementation of the e-SRM in KlikHotel.com has been successfully boosting the number of suppliers (hotel members) and hotel room sales.

Keywords: e-CRM, e-SRM, SME, transaction broker

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Authors: Sibongile Masemola

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In 2018, South Africa decriminalised recreational cannabis use and private cultivation, since then, cannabis businesses have been established to meet the demand. However, marketing activities remain limited in this industry, and businesses are unable to disseminate promotional messages, however, as a solution, firms can promote their brands and positioning instead of the actual product (Bick, 2015). Branding is essential to create differences among cannabis firms and to attract and keep customers (Abrahamsson, 2014). Building cannabis firms into brands can better position them in the mind of the consumer so that they become and remain competitive. The aim of this study was to explore how South African cannabis retailers can build brand equity in a stigmatised market, despite significant restrictions on marketing efforts. Keller’s (2001) customer-based brand equity (CBBE) model was used as the as the theoretical framework and explored how cannabis firms build their businesses into brands through developing their brand identity, meaning, performance, and relationships, and ultimately creating brand equity. The study employed a qualitative research method, using semi-structured in-depth interviews among 17 participants to gain insights from cannabis owners and marketers in the recreational cannabis environment. Most findings were presented according to the blocks of CBBE model. Furthermore, a conceptual framework named the stigma-based brand equity (SBBE) model was adapted from Keller’s CBBE model to include an additional building block that accounts for industry-specific characteristics unique to stigmatised markets. Findings revealed the pervasiveness of education and its significance to brand building in a stigmatised industry. Results also demonstrated the overall effect stigma has on businesses and their consumers due to the longstanding negative evaluations of cannabis. Hence, through stigma-bonding, brands can develop deep identity-related psychological bonds with their consumers that will potentially lead to strong brand resonance. This study aims to contribute business-relevant knowledge for firms operating in core-stigmatised markets under controlled marketing regulations by exploring how cannabis firms can build brand equity. Practically, this study presents recommendations for retailers in stigmatised markets on how to destigmatise, build brand identity, create brand meaning, elicit desired brand responses, and develop brand relationships – ultimately building brand equity.

Keywords: branding, brand equity, cannabis, organisational stigma

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Authors: Vaishali Joshi, Pallav Joshi

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Environment concern has become an important topic and continues to acquire more popularity in the coming scenario. We all are exposed to messages daily, which encourage us to involve in green behavior. Factors such as Global Warming, Climate change are creating a big buzz amongst the people. Realizing this, many firms/companies are adopting the bright way of making profit along with creating a brand image, by going green. These firms/companies persuade consumers to use purchase eco-friendly products for the benefit of the environment and the society. In such scenario, it becomes very essential for such firms/companies to approach the customers in a better way. In other words, we can say that marketing approach plays a crucial role for such firm/companies. Hence in this research study, we have tried to create a marketing approach for the firms/companies for selling the eco-friendly apparels. We have studied the hypothetical apparel brand who has taken a green initiative of making their products eco-friendly. We have named this hypothetical brand as “Go-Green”. By taking this hypothetical brand we have studied about how this brand can achieve better marketing approach. In particular, we have studied the four types of print advertisements of this brand as follows :(i) print advertisement showing only eco-friendly apparel (ii) print advertisement showing eco-friendly apparel labeled with eco-label (iii) print advertisement showing eco-friendly apparel along with information about the benefit of the featured apparel and (iv) print advertisement showing eco-friendly apparel with both eco-label and information about the benefit of the featured apparel. The conclusion of this research suggest that respondents more positively evaluate the print advertisement of eco-friendly apparel labeled with eco-labels and information about the benefit of the featured apparel, compared by other three print advertisement. Moreover, in this research study, we have studied environment knowledge, as the moderating factor affecting the consumer green purchase behavior.

Keywords: eco-friendly apparel, print advertisement, eco-label, environment knowledge

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Authors: Seyedehfatemeh Golrizgashti, Seyedali Dalil

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The goal of this paper is proposing a supply chain value dashboard in home appliance manufacturing firms to create more value for all stakeholders via balanced scorecard approach. Balanced scorecard is an effective approach that managers have used to evaluate supply chain performance in many fields but there is a lack of enough attention to all supply chain stakeholders, improving value creation and, defining correlation between value indicators and performance measuring quantitatively. In this research the key stakeholders in home appliance supply chain, value indicators with respect to create more value for stakeholders and the most important metrics to evaluate supply chain value performance based on balanced scorecard approach have been selected via literature review. The most important indicators based on expert’s judgment acquired by in survey focused on creating more value for. Structural equation modelling has been used to disclose relations between value indicators and balanced scorecard metrics. The important result of this research is identifying effective value dashboard to create more value for all stakeholders in the supply chain via balanced scorecard approach and based on an empirical study covering ten home appliance manufacturing firms in Iran. Home appliance manufacturing firms can increase their stakeholder's satisfaction by using this value dashboard.

Keywords: supply chain management, balanced scorecard, value, structural modeling, stakeholders

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Authors: Zohreh Hajiha

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Culture affects the ability of the organization in expressing and achieving the goals. Organizational culture influences the selection of instruments applied in the management of organizations. All the instruments applied in organizations to control, promote and create innovations are influenced by organizational culture. This research studies organizational culture based on the cultural model of Muijen and its relationship with applying management accounting innovations in Iranian listed firms. Management accounting innovations of this study include activity-based costing, activity-based management, balanced scorecard, target costing, standard costing, quality costing, Kaizen costing and dimensions of organizational culture include support orientation, innovation orientation, rules orientation and goal orientation. 105 questionnaires were sent to financial executives of production companies and 73 questionnaires were returned. The findings show that there is a significant difference between organizational culture of firms that have applied management accounting innovations and those which have used these innovations less. Also, dimensions of support orientation and culture goal orientation are the highest in groups that apply management accounting innovations. The findings suggest that proper organization culture could promote the use od management accounting tools in Iranian firms.

Keywords: organizational culture, innovation, management accounting, muijen model

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