Search results for: relationship market orientation

Authors: Marilia M. Camargo, Luisa A. Gachet-Barbosa, Rosa C. C. Lintz

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The addition of fibers into concrete matrix can enhance some properties of the composite, such as tensile, flexural and impact strengths, toughness, deformation capacity and post-cracking ductility. Many factors affect the mechanical behavior of fiber reinforced concrete, such as concrete matrix (concrete strength, additions, aggregate diameter, etc.), characteristics of the fiber (geometry, type, aspect ratio, volume, orientation, distribution, strength, stiffness, etc.), specimen (size, geometry, method of preparation and loading rate). This research investigates the effects of fiber volume and orientation on the post-cracking behavior of steel fiber reinforced concrete (SFRC). Hooked-end steel fibers with aspect ratios of 45 were added into concrete with volume of 0,32%, 0,64%, 0,94%. The post-cracking behaviour was assessed by double punch test of cubic specimens and the actual volume and orientation of the fibers were determined by non-destructive tests by means of electromagnetic induction. The results showed that the actual volume of fibers in each sample differs in a small amount from the dosed volume of fibers and that the deformation and toughness of the concrete increase with the increase in the actual volume of fibers. In determining the orientation of the fibers, it was found that they tend to distribute more in the X and Y axes due to the influence of the walls of the mold. In addition, it was concluded that the orientation of the fibers is important in the post-cracking behaviour of FRC when analyzed together with the actual volume of fibers, since the greater the volume of fibers, the greater the number of fibers oriented orthogonally to the application of loadings and, consequently, there is a better mechanical behavior of the composite. These results provide a better understanding of the influence of volume and fiber orientation on the post-cracking behavior of the FRC.

Keywords: fiber reinforced concrete, steel fibers, volume of fibers, orientation of fibers, post-cracking behaviour

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Authors: Johann Valentowitsch, Wolfgang Burr

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In organizational research, strategies of exploration and exploitation are often considered to be contradictory. Building on the tradeoff argument, many authors have assumed that a company's market performance should be positively dependent on its strategic balance between exploration and exploitation over time. In this study, we apply this reasoning to the pharmaceutical industry. Using exploratory regression analysis we show that the long-term market performance of a pharmaceutical company is linked to both its ability to carry out exploratory projects and its ability to develop exploitative competencies. In particular, our findings demonstrate that, on average, the company's annual sales performance is higher the better the strategic alignment between exploration and exploitation is balanced. The contribution of our research is twofold. On the one hand, we provide empirical evidence for the initial tradeoff hypothesis and thus support the theoretical position of those who understand exploration and exploitation as strategic substitutes. On the other hand, our findings show that a balanced relationship between exploration and exploitation is also important in research-intensive industries, which naturally tend to place more emphasis on exploration.

Keywords: exploitation, exploration, market performance, pharmaceutical industry, strategy

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Authors: M. Chavleishvili

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The paper presents the trends of Georgian hazelnut market development and analyses the competitive advantages which will help Georgia to enter international hazelnut market using modern technologies. The history of hazelnut crop development and hazelnut species in Georgia are discussed. For hazelnut supply analysis trends in hazelnut production are considered, trends in export and import development is evaluated, domestic hazelnut market is studied and analysed based on expert interviews and initial accounting materials. In order to achieve and strengthen its position in international market, potential advantages and disadvantages of Georgian hazelnut are revealed, analysis of export and import possibilities of hazelnut is presented. Recommendations are developed based on the conclusions, which are made through identifying the key factors that hinder development of Georgian hazelnut market.

Keywords: hazelnut market, hazelnut export and import, competitiveness of hazelnut

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Authors: Necira Okba, Nesrine Bouzaher

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The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore, the national economy needs to develop the insurance market in order to support the investments, externally and intern ally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: Hana Janáčková

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Housing can be sorted as basic needs of households. Purchase of acceptable ownership housing is important investments for most them. For rental housing households must consider the part of rent expenditure paid in the total household income. For this reason, financial considerations of households in this area depend on the government innervations (public administration) in housing - on housing policy. Market system of housing allocation, whether ownership or tenancy, is based on the fact that housing is a scarce good. The allocation of housing is based on demand and supply. The market system of housing can sometimes have a negative impact on some households, the market is unable to satisfy certain groups of the population that are not able or willing to accept market price. For these reasons, there is a more or less regulation of the market. Regulation is both on the demand and supply side, and the state determines the rules of behaviour for all economic entities of the housing market. This article submits results of analysis of selected regulatory interference of the state in the housing market and assesses their implications deforming the market in the selected region of the Czech Republic. The first part describes tools of supports and the second part discusses deformations and analyses their consequences on the demand side of housing market and on supply side.

Keywords: housing, housing market, microeconomic consequences, deformation

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Authors: Hamad Albadr

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With the development that has occurred in the orientation of universities from liability cognitive and maintain the culture of the community to responsibility job formation graduates to work according to the needs of the community development; representing universities in today's world, the prime motivator for the wheel of development in the community and find appropriate solutions to the problems they are facing and adapt to the demands of the changing environment. In this paper review of the reality of engineering education in the Kingdom of Saudi Arabia and its suitability to the requirements of the labor market, where they will be looking at the university as a system administrator educational using System Analysis Approach as one of the methods of modern management to analyze the performance of organizations and institutions, administrative and quality assessment. According to this approach is to deal with the system as a set of subsystems as components of the main divided into : input, process, and outputs, and the surrounding environment, will also be used research descriptive method and analytical , to gather information, data and analysis answers of the study population that consisting of a random sample of the beneficiaries of these services that the universities provided that about 500 professionals about employment in the business sector.

Keywords: universities in Saudi Arabia, engineering education, labor market, administrative, quality assessment

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Authors: Ihsane Modhaffar, Kamal Gueraoui, Abouelkacem Qais, Abderrahmane Maaouni, Samir Men-La-Yakhaf, Hamid Eltourroug

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The main objective of this paper is to develop a Computational Fluid Dynamics (CFD) model to simulate and characterize the fiber suspension in flow in rectangular cavities. The model is intended to describe the velocity profile and to predict the fiber orientation. The flow was considered to be incompressible, and behave as Newtonian fluid containing suspensions of short-fibers. The numerical model for determination of velocity profile and fiber orientation during mold-filling stage of injection molding process was solved using finite volume method. The governing equations of this problem are: the continuity, the momentum and the energy. The obtained results were compared to available experimental findings. A good agreement between the numerical results and the experimental data was achieved.

Keywords: injection, composites, short-fiber reinforced thermoplastics, fiber orientation, incompressible fluid, numerical simulation

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Authors: Kamran Rashid, Tashfeen M. Azhar, Asad-ur-Rahman Wahla

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Current research aims to understand the role of successful buyer-supplier relationship in achieving supply chain competitiveness in a developing country perspective. Five hypotheses are developed to test structural model. Survey data is collected from the manufacturing sector of Pakistan. Analysis is conducted using Partial Least Squares (PLS) Structural Equation Modeling (SEM) through Smart PLS version 2.0 M3. Results demonstrate positive impact of effective supplier selection, buyer-supplier engagement, and information sharing capability on success of buyer supplier relationship. This successful buyer supplier relationship drives the supply chain firm financial and market performance. Additional analyses with large sample sizes are required in other developing countries to cross validate the results. Current study provides empirical evidence of the role of successful buyer supplier relationship in achieving supply chain competitiveness.

Keywords: supply chain management, successful buyer-supplier relationship, supply chain competitiveness, developing country

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Authors: D. M. Koers, A. J. Groen, P. D. Englis, R. Harms

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We are witnessing the largest level of displacement of people since World War II. Refugees want to become independent as quickly as possible and build a new, safe future; however, access to the labor market is difficult and they face many problems that are not easily solved. This makes self-employment including social entrepreneurship a valuable alternative. Our research studied refugee-based entrepreneurship and examined whether prior knowledge, unmet personal needs and contextual factors influence how refugees recognize opportunities and if this influences their social orientation. In addition, we examine the barriers refugees face when starting up a company in the Netherlands. We use a case study design with a mixed-method approach, combining in-depth interviews and survey data. Data was collected from two Dutch entrepreneurial training programs in the Netherlands. We have a sample size of 27 latent refugee entrepreneurs. Our results show that refugees score high on the social entrepreneurial measures. They perceive themselves as having a strong social vision and are determined to defend a social need. They also score high on sustainability and state that their business ideas improve the quality of life on the long run. Based on these findings, we did not expect that only 5 participants had business ideas with a social orientation. In this group, 37,5% started a company before and 77.8% used their personal experience to come up with this business idea. Another 70,3% had the higher professional education or academic education. In the interviews, we found that they often copy and paste their gained experience from a previous profession on their new context and expect that it would work well. The social aspect lies in their cultural values and personal beliefs but is not reflected in their business models. One of the reasons could be that the context in which the refugee operates as a moderator suppressing the social mission and social value creation opportunities. Refugees are first and foremost focused on their survival. They do not want to be on social welfare and feel a strong need to be independent. Since they cannot access the labor market easily and face labor market discrimination they want to start a company. Another factor that explains lack of the social orientation in their business ideas is that social entrepreneurship is not a known concept in their home countries. Their idea of entrepreneurship differs substantially. We found that a huge barrier for refugees is their expectations about setting up a business, which are often not realistic because they have little knowledge about the system, institutions and corresponding red tape. In those instances, can the institutional configuration of a country, cultural differences, and perspective on entrepreneurship hinders social entrepreneurship. In conclusion, there might be latent potential for social entrepreneurship in refugees but there are many barriers to overcome. Overcoming these barriers can enhance local communities and enhance integration. In addition it has a positive financial impact on the host country because it reduces the pressure on the social system and stimulate the economy.

Keywords: immigrant entrepreneurship, refugee entrepreneurship, social entrepreneurship, prior experience, opportunity recognition

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Authors: Bryan Christian Baybay, M. Francesca Ronario

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This study is intended to answer the question “What are the communication styles of selected Filipino gays in breaking their silence on their sexual orientation to their parents?” In this regard, six cases of Filipino gay disclosures were examined through in-depth interviews. The participants were selected through purposive sampling and snowball technique. The theories, Rhetorical Sensitivity of Roderick Hart and Communicator Style of Robert Norton were used to analyze the gathered data and to give support to the communication attitudes, message processing, message rendering and communication styles exhibited in each disclosure. As secondary data and validation, parents and experts in the field of communication, sociology, and psychology were also interviewed and consulted. The study found that Filipino gays vary in the communication styles they use during the disclosure with their parents. All communication styles: impression-leaving, contentious, open, dramatic, dominant, precise, relaxed, friendly, animated, and communicator image were observed by the gays depending on their motivation, relationship and thoughts contemplated. These results lend ideas for future researchers to look into the communication patterns and/or styles of lesbians, bisexuals, transgenders and queers or expand researches on the same subject and the utilization of Social Judgment and Relational Dialectics theories in determining and analyzing LGBTQ communication.

Keywords: communication attitudes, communication styles, Filipino gays, self-disclosure, sexual orientation

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Authors: Herjuno Bagus Wicaksono, Emma Almira Fauni, Salma Amelia Dina

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The Efficient Market Hypothesis (EMH) states that, in an efficient capital market, price fully reflects the information available in the market. This theory has influenced many investors behavior in trading in the stock market. Advanced researches have been conducted to test the efficiency of the stock market in particular countries. Indonesia, as one of the emerging countries, has performed substantial growth in the past years. Hence, this paper aims to examine the efficiency of Islamic stock market in Indonesia in its weak form. The daily stock price data from Indonesia Sharia Stock Index (ISSI) for the period October 2015 to October 2016 were used to do the statistical tests: Run Test and Serial Correlation Test. The results show that there is no serial correlation between the current price with the past prices and the market follows the random walk. This research concludes that Indonesia Islamic stock market is weak form efficient.

Keywords: efficient market hypothesis, Indonesia sharia stock index, random walk, weak form efficiency

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Authors: Quang Dong Dang

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This paper examines the possible effects of stock market developments by channels on income and wealth inequality. We use the Bayesian Multilevel Model with the explanatory variables of the market’s channels, such as accessibility, efficiency, and market health in six selected countries: the US, UK, Japan, Vietnam, Thailand, and Malaysia. We found that generally, the improvements in the stock market alleviate income inequality. However, stock market expansions in higher-income countries are likely to trigger income inequality. We also found that while enhancing the quality of channels of the stock market has counter-effects on wealth equality distributions, open accessibilities help reduce wealth inequality distributions within the scope of the study. In addition, the inverted U-shaped hypothesis seems not to be valid in six selected countries between the period from 2006 to 2020.

Keywords: Bayesian multilevel model, income inequality, inverted u-shaped hypothesis, stock market development, wealth inequality

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Authors: Iyad M. Muslih, Yehya Abdellatif, Sara Qutishat

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Renewable energy and in particular solar photovoltaic energy is emerging as a reasonable power generation source. The intermittent and unpredictable nature of solar energy can represent a serious challenge to the utility grids, specifically at relatively high penetration. To minimize the impact of PV power systems on the grid, self-consumption is encouraged. Self-consumption can be improved by matching the PV power generation with the electrical load consumption profile. This study will focus in studying different load profiles and comparing them to typical solar PV power generation at the selected sites with the purpose of analyzing the mismatch in consumption load profile for different users; residential, commercial, and industrial versus the solar photovoltaic output generation. The PV array orientation can be adjusted to reduce the mismatch effects. The orientation shift produces a corresponding shift in the energy production curve. This shift has a little effect on the mismatch for residential loads due to the fact the peak load occurs at night due to lighting loads. This minor gain does not justify the power production loss associated with the orientation shift. The orientation shift for both commercial and industrial cases lead to valuable decrease in the mismatch effects. Such a design is worth considering for reducing grid penetration. Furthermore, the proposed orientation shift yielded better results during the summer time due to the extended daylight hours.

Keywords: grid impact, HOMER, power mismatch, solar PV energy

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Authors: Ioana Neamtu

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This paper investigates the potential for demand-side management for the system price in the Nordic electricity market and the price effects of introducing wind-power into the system. The model proposed accounts for the micro-structure of the Nordic electricity market by modeling each hour individually, while still accounting for the relationship between the hours within a day. This flexibility allows us to explore the differences between peak and shoulder demand hours. Preliminary results show potential for demand response management, as indicated by the price elasticity of demand as well as a small but statistically significant decrease in price, given by the wind power penetration. Moreover, our study shows that these effects are stronger during day-time and peak hours,compared to night-time and shoulder hours.

Keywords: structural model, GMM estimation, system of equations, electricity market

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Authors: Shazia Ali, Yves Mard, Éric Severin

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To the best of our knowledge, this is the first study to have analyzed the impact of a) firm-specific product-market power and b) industry competition on earnings management behavior of European firms in distress versus healthy years while controlling for firm-level characteristics. We predicted a significant relationship between firms’ product market power and earnings management tools and their trade-off under the moderation effect of financial distress. We found that the firm-level market power hereinafter referred to as MP (proxied by the industry-adjusted Lerner Index) is positively associated with both real and accrual earnings management. However, MP is associated with a higher level of real earnings management compared to accrual earnings management in distress years compared to healthy years. On the other hand, industry product market power (representing low competition and proxied by the inverse of the total number of firms in an industry hereinafter referred to as NUMB) and firms product market power (proxied by firm market share hereinafter referred to as MS) are associated with lower inflationary accruals and higher deflationary accruals respectively. On the other hand, they are found to be linked with higher real earnings management in distress versus healthy years. When we divided the sample into small and big firms based on their respective industry-year median total assets, we found that all three measures of industry competition (Industry Median Lerner Index (hereinafter referred to as IMLI), NUMB, and Herfindahl–Hirschman Index (hereinafter referred to as HHI) indicate that small firms in low-competitive industries in financial distress are more likely to inflate their earnings through discretionary accruals. While big firms in this situation are more likely to lower the use of both inflationary and deflationary discretionary accruals as indicated by IMLI and HHI and trade-off accruals earnings management for real earnings management as indicated by NUMB. Moreover, IMLI and HHI did not show any interesting results when we divided the sample based on the firm Lerner Index/Market Power. However, the distressed firms with high market power (MP>industry median) are found to engage in income-decreasing discretionary accruals in low-competitive industries (high NUMB). Whereas firms with low market power in the same industry use downward discretionary accruals but inflate income using real activities (abnCFO). Our findings are robust across alternate measures of discretionary accruals and financial distress, such as the Altman Z-Score. The finding of the study is valuable for accounting standard setters, competition authorities, policymakers, and investors alike to help in informed decision-making.

Keywords: financial distress, earnings management, market competition

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Authors: Vithaya Intaraphimol

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is chosen for analyzing the data. The empirical results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. Whereas, market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship.

Keywords: corporate credibility, financial and non-financial reports, firms performance, economics

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Authors: Ly Nguyen, Vidit Munshi

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During the Covid-19 recession, the United States government has implemented several instruments to mitigate the impacts and revitalize the economy. This paper explores the effects of the various government policy decisions on stock returns, housing prices, and investor psychology during the pandemic in the United States. A numerous previous literature studies on this subject, yet very few focus on the context similar to what we are currently experiencing. Our monthly data covering the period from January 2019 through July 2021 were collected from Datastream. Utilizing the VAR model, we document a dynamic relationship between the market and policy actions throughout the period. In particular, the movements of Unemployment, Stock returns, and Housing prices are strongly sensitive to changes in government policies. Our results also indicate that changes in production level, stock returns, and interest rates decisions influence how investors perceived future market risk and expectations. We do not find any significant nexus between monetary and fiscal policy. Our findings imply that information on government policy and stock market performance provide useful feedback to one another in order to make better decisions in the current and future pandemic. Understanding how the market responds to a shift in government practices has important implications for authorities in implementing policy to avoid assets bubbles and market overreactions. The paper also provides useful implications for investors in evaluating the effectiveness of different policies and diversifying portfolios to minimize systematic risk and maximize returns.

Keywords: Covid-19 recession, United States, government policies, investor psychology, housing prices, stock market returns

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Authors: Arunas Burinskas, Manuela Tvaronavičienė

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Although the new trade theories, unlike the theories of an industrial organisation, see the structure of the market and competition between enterprises through their heterogeneity according to various parameters, they do not pay any particular attention to the analysis of the market structure and its development. In this article, although we relied mainly on models developed by the scholars of new trade theory, we proposed a different approach. In our simulation model, we model market demand according to normal distribution function, while on the supply side (as it is in the new trade theory models), productivity is modeled with the Pareto distribution function. The results of the simulation show that companies with higher productivity (lower marginal costs) do not pass on all the benefits of such economies to buyers. However, even with higher marginal costs, firms can choose to offer higher value-added goods to stay in the market. In general, the structure of the market is formed quickly enough and depends on the skills available to firms.

Keywords: market, structure, simulation, heterogenous firms

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Authors: Vadivel Ayyasamy

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The present approach deals with the identification of Emotions and classification of Emotional patterns at Phrase-level with respect to Positive and Negative Orientation. The proposed approach considers emotion triggered terms, its co-occurrence terms and also associated sentences for recognizing emotions. The proposed approach uses Part of Speech Tagging and Emotion Actifiers for classification. Here sentence patterns are broken into phrases and Neuro-Fuzzy model is used to classify which results in 16 patterns of emotional phrases. Suitable intensities are assigned for capturing the degree of emotion contents that exist in semantics of patterns. These emotional phrases are assigned weights which supports in deciding the Positive and Negative Orientation of emotions. The approach uses web documents for experimental purpose and the proposed classification approach performs well and achieves good F-Scores.

Keywords: emotions, sentences, phrases, classification, patterns, fuzzy, positive orientation, negative orientation

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Authors: Cem Ozatalay, Senem Ornek

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The Artprice Contemporary Art Market Annual Report 2014 notices that Istanbul, with its art market volume of $3.6 million has become the first city of the Middle East and North Africa region and the 14th city of the World. Indeed, the period 2004–2014 has been significant in terms of the growth of the art market, during which the majority of contemporary art galleries and museums in Istanbul was inaugurated. This boom means that with the joining of new agents, the structure of the art market has dramatically changed. To use Nathalie Heinich’s terminology, in the current art field, three art genres – namely classical art, modern art and contemporary art – coexist, but in the case of Istanbul, such as many art cities in the world, the latter genre has become increasingly dominant. This presentation aims to show how the power shifts away from the classical art agents to contemporary art agents, and the effects produced by the conflicts between the old and new agents of current art field. Based on the data obtained from an ongoing field research in Istanbul among the art market agents such as art dealers, curators, art critics and artists, it will be shown that even if the agents of different art genres are in conflict with each other, there is, at the same time, a continuum between the three art worlds.

Keywords: contemporary art market, economic sociology of art, Istanbul art market, structure of the art field in Istanbul

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Authors: Chonlada Choovanichchanon

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This research paper was aimed to investigate a relationship between the customer service marketing mix and the level of customers’ satisfaction from purchasing goods and service from small business around campus, Suan Sunandha Rajabhat University, Bangkok, Thailand. Based on the survey of 200 customers who frequently purchased goods and service around campus, the level of satisfaction for each factor of marketing mix was reached. An accidental random sampling was applied by using questionnaire in collecting the data. The findings revealed that the means values can help to rank these variables from high to low mean as follows: 1) forms and system of service, 2) physical environment of service center, 3) service from staff and employee, 4) product quality and service, 5) market channel and distribution, 6) market price, and 7) market promotion and distribution.

Keywords: service marketing mix, satisfaction, small business, survey

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Authors: Aïda C. Terblanché-Greeff

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Afro-polychronism is a unique amalgamated cultural value of social self-construal and time orientation. As such, the construct Afro-polychronism is conceptually analysed by focusing on the aspects of Ubuntu as collectivism and African time as polychronism. It is argued that these cultural values have a reciprocal and thus inseparable relationship. As it is general practice to measure cultural values empirically, the author conducted empirically engaged philosophy and aimed to develop a scale to measure Afro-polychronism based on its two dimensions of Ubuntu as social self-construal and African time as time orientation. From the scale’s psychometric properties, it was determined that the scale was, in fact, not reliable and valid. It was found that the correlation between the Ubuntu dimension and the African time is moderate (albeit statistically significant). In conclusion, the author abduced why this cultural value cannot be empirically measured based on its theoretical definition and indicated which different path would be more promising.

Keywords: African time, Afro-polychronism, empirically engaged African philosophy, Ubuntu

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Authors: Sunil Bandaru, Suresh Yv, Srinivas Vanapalli

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Heavy machinery especially compactors has more vibrations induced from the compactor mechanism than the engines. Since the operator’s comfort is most important in any of the machines, this paper shows interest in studying the vibrations on the steering wheel for a double drum compactor. As there are no standard procedures available for testing vibrations on the steering wheel of double drum compactors, this paper tries to evaluate the vibrations on the steering wheel by considering most of the possibilities. In addition to the feasibility for the operator to adjust the steering wheel tilt as in the case of automotive, there is an option for the operator to change the orientation of the operator platform for the complete view of the road’s edge on both the ends of the front and rear drums. When the orientation is either +/-180°, the operator will be closer to the compactor mechanism; also there is a possibility for the shuffle in the modes with respect to the operator. Hence it is mandatory to evaluate the vibrations levels in both cases. This paper attempts to evaluate the vibrations on the steering wheel by considering the two operator platform positions and three steering wheel tilting angles.

Keywords: FEA, CAE, steering column, steering column orientation position

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Authors: Anna Savchenko

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The dissolution of the Soviet Union brought about a wave of decolonisation throughout the Soviet space in the 1990s. While this emancipation ushered in an era of reform in the newly independent states, it also opened up the opportunity for countries such as Ukraine to be (re)colonised by a different ruling power: the European Union. Ukraine’s relationship with the EU has been further complicated by the fact that the country’s political leadership has aligned itself with a Western agenda of democratisation. This article challenges the neoliberal belief that the global market can spurn democratisation by analysing the way in which market privatisation in Ukraine has allowed for mass corruption to flourish. I submit that neoliberalism, or the sheer force of the global market, is just as colonising as modern-day imperialism has proven to be by providing an analytical synthesis of Russia and Ukraine’s century-old conflict. The EU’s demonstrated inability to mediate cross-border conflict in the region foreshadows that Ukraine may have been economically colonised by another failing state.

Keywords: neoliberalism, imperealism, Russian-Ukrainian conflict, democratisation, colonisation

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Authors: Sarthak Kumar Jena, Chandra Sekhar Mishra, Prabina Rajib

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Purpose: This paper aims to derive undervaluation signal from the insiders trading of Indian companies where the ownership is complex and concentrated, investors protection is weak, and the insider rules and regulations are not stringent like developed country. This study examines the relationship between insider trading with short term and long term abnormal return. The study also examines the relationship between insider trading and the actual share repurchase by the firm. Methodology: A sample of 78 companies over the period 2008-2013 are analyzed in the study due to not availability of insider data in Indian context. For preliminary analysis T-test and Wilcoxon rank sum test is used to find the difference between the insider trading before and after the share repurchase announcement. Tobit model is used to find out whether insider trading influence shares repurchase decisions or not. Return on the basis of market model and buy hold are calculated in the previous year and the following year of share repurchase announcement. Findings: The paper finds that insider trading around share repurchase is more than control firms and there is positive and significant difference in insider buying between the previous year of share buyback announcement and the following year of buyback announcement. Insider buying before share repurchase announcement has a positive influence on share repurchase decisions. We find insider buying has a positive and significant relationship with announcement return, whereas insider selling has a negative significant relationship with announcement return. Actual share repurchase and program completion also depend on insider trading before share repurchase. Research limitation: The study is constrained by the small sample size, so the results should be viewed by keeping this limitation in mind. Originality: The paper is to our best knowledge the first study based on Indian context to extend the insider trading literature to share repurchase event and examine insider trading to find out undervaluation signal associated with insider buying.

Keywords: insider trading, buyback, open market share repurchase, signalling

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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: Abisola Akinola, Akinsulere Femi

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The stock market has continually been a source of economic development in most developing countries. This study examined the relationship between investors’ ratio analysis and profitability of quoted companies in Nigeria using secondary data obtained from the annual reports of forty-two (42) companies. The study employed the multiple regression technique to analyze the relationship between investors’ ratio analysis (measured by dividend per share and earning per share) and profitability (measured by the return on equity). The results from the analysis show that investors’ ratio analysis, when measured by earnings per share, have a positive and significant impact on profitability. However, the study noted that investors’ ratio analysis, when measured by dividend per share, tend to have a positive impact on profitability but it is statistically insignificant. By implication, investors and other stakeholders that are interested in investing in stocks can predict the earning capacity of listed firms in the stock market.

Keywords: dividend per share, earnings per share, profitability, return on equity

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Authors: Godwin Chigozie Okpara, Eugene Iheanacho

Abstract:

This paper examined the dynamic behavior of stock market development and the growth of Nigerian economy. The variables; market capitalization ratio, turnover ratio and liquidity proxies by the ratio of market capitalization to gross domestic product were sourced and computed from the Nigerian stock exchange fact books and the CBN statistical bulletin of the Central Bank of Nigeria. The variables were tested and found stationary and cointregrated using the augumented Dickey Fuller unit root test and the Johnson cointegration test respectively. The dynamic behavior of the stock market development model was verified using the error correction model. The result shows that about 0.4l percent of the short run deviation is corrected every year and also reveals that market capitalization ratio and market liquidity are positive and significant function of economic growth. In other words market capitalization ratio and liquidity positively and significantly impact economic growth. Market development variables such as turnover ratio and market restriction can exert positive but insignificant impact on the growth of the economy suggesting that securities transaction relative to the size of the securities market are not high enough to significantly engender economic growth in Nigeria. In the light of this, the researchers recommend that the regulatory body as well as the government, should provide a conducive environment capable of encouraging the growth and development of the stock market. This if well articulated will enhance the market turnover and the growth of the economy.

Keywords: market capitalization ratio, turnover ratio, liquidity, unit root test, cointegration

Procedia PDF Downloads 301

Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

Abstract:

In this study, an attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However, the global oil prices is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However, the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate and corruption index.

Keywords: fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality

Procedia PDF Downloads 441

Authors: Daurenbek Kuleimenov, Elmira Otar

Abstract:

Market institutions extension within transit societies contributes to constituting the new type of middle class and households livelihood strategies. The middle class households as an example of prosperity in many cases encourage the ordinary ones to do the same economic actions. Therefore, practices of using market institutions by middle class households in transit societies, which are mostly characterized by huge influence of traditional attitudes, can carry habitual features for the whole society. Market institutions consumption habit of the middle class households makes them trendsetters of economic habits of other households while adapting to the market economy. Moreover different social-economic positions of households lead them to different consuming results such as worsening or improving household economy due to indebtedness.

Keywords: middle class, households, market institutions, transition

Procedia PDF Downloads 332