Search results for: socially responsible investment

Authors: Lydia Nkechi Philip

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

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

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Authors: Ritu Ahuja

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Globally the built environment sector is striving to be highly efficient, quality-centred and socially-responsible. Built environment sector is an integral part of the economy and plays an important role in urbanization, industrialization and improved quality of living. The inherent challenges such as excessive material and process waste, over reliance on resources, energy usage, and carbon footprint need to be addressed in order to meet the needs of the economy. It is envisioned that these challenges can be resolved by integration of Lean-Green-Building Information Modelling (BIM) paradigms. Ipso facto, with BIM as a catalyst, this research identifies the operational and tactical connections of lean and green philosophies by providing a conceptual integration framework and underpinning theories. The research has developed a framework for BIM-based organizational capabilities for enhanced adoption and effective use of BIM within architectural organizations. The study was conducted through a sequential mixed method approach focusing on collecting and analyzing both qualitative and quantitative data. The framework developed as part of this study will enable architectural organizations to successfully embrace BIM on projects and gain lean and green benefits.

Keywords: BIM, lean, green, AEC organizations

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Authors: Huma Sarwar, Muhammad Ishtiaq Ishaq, Junaid Aftab

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The hospitality sector contributes significantly to the global economy but it is also responsible for imposing adverse influences both environmentally and socially. The objective of this research is two-fold: (1) examining the direct impact of internal CSR and external CSR and indirect impact via organizational identification on creative performance and organizational citizenship behavior (OCB), and (2) determining the moderating role of ethical leadership in the relationships of internal- and external- CSR with organizational identification in a cross-cultural context. The data was were collected using multi-respondents and time-lagged data from 260 Pakistani and 239 UK respondents working in upscale hotels of the United Kingdom and Pakistan. The results demonstrate significant differences in both cultures as external CSR has a more substantial impact on organizational identification in the UK, whereas organizational identification has a relatively stronger influence on OCB and creative performance in collectivistic culture (i.e., Pakistan). The findings also confirmed that ethical leadership significantly moderates the relationship of internal- and external - CSR on organizational identification.

Keywords: Huma Sarwar, Muhammad Ishtiaq Ishaq, Junaid Aftab

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Authors: Carol Anne Hargreaves

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A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.

Keywords: machine learning, stock market trading, logistic regression, cluster analysis, factor analysis, decision trees, neural networks, automated stock investment system

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Authors: Abdelkader Guendouz, Fatima Zohra Adel

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Since about two decades, the Algerian government created a new instrument in the field of its fiscal policy, which is the FRR (Fonds de Régulation des Recettes). The FRR is a sovereign fund, which the initial role was saving the surplus generated by the fixation of a referential oil price to establish the state budget in the aim equilibrium between budgetary incomes and public expenditures. After a while, the government turns to use this instrument in boosting the public investment more than keeping for funding a deficit budget in periods of crisis. This lead to ask some justified questions about the efficiency of this sovereign fund and its real role.

Keywords: FRR sovereign fund, public expenditures, public investment, efficiency

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Authors: Elif Berna Var

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Cultural, physical, socio-economic, or politic changes occurred in urban areas might be resulted in the decaying period which may cause social problems. As a solution to that, urban renewal projects have been used in European countries since World War II whereas they have gained importance in Turkey after the 1980s. The first attempts were mostly related to physical or economic aspects which caused negative effects on social pattern later. Thus, social concerns have also started to include in renewal processes in developed countries. This integrative approach combining social, physical, and economic aspects promotes creating more sustainable neighbourhoods for both current and future generations. However, it is still a new subject for developing countries like Turkey. Concentrating on Trabzon-Turkey, this study highlights the importance of socially sustainable urban renewal processes especially in historical neighbourhoods where protecting the urban identity of the area is vital, as well as social structure, to create sustainable environments. Being in the historic city centre and having remarkable traditional houses, Ortahisar is an important image for Trabzon. Because of the fact that architectural and historical pattern of the area is still visible but need rehabilitations, it is preferred to use 'urban rehabilitation' as a way of urban renewal method for this study. A project is developed by the local government to create a secondary city centre and a new landmark for the city. But it is still ambiguous if this project can provide social sustainability of area which is one of the concerns of the research. In the study, it is suggested that social sustainability of an area can be achieved by several factors. In order to determine the factors affecting the social sustainability of an urban rehabilitation project, previous studies have been analysed and some common features are attempted to define. To achieve this, firstly, several analyses are conducted to find out social structure of Ortahisar. Secondly, structured interviews are implemented to 150 local people which aims to measure satisfaction level, awareness, the expectation of them, and to learn their demographical background in detail. Those data are used to define the critical factors for a more socially sustainable neighbourhood in Ortahisar. Later, the priority of those factors is asked to 50 experts and 150 local people to compare their attitudes and to find common criterias. According to the results, it can be said that social sustainability of Ortahisar neighbourhood can be improved by considering various factors like quality of urban areas, demographical factors, public participation, social cohesion and harmony, proprietorial factors, facilities of education and employment. In the end, several suggestions are made for Ortahisar case to promote more socially sustainable urban neighbourhood. As a pilot study highlighting the importance of social sustainability, it is hoped that this attempt might be the contributory effect on achieving more socially sustainable urban rehabilitation projects in Turkey.

Keywords: urban rehabilitation, social sustainability, Trabzon, Turkey

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Authors: Iris Maria Velez Osorio

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There has been in the last decade a concern about the environment, particularly about clean and enough water for human consumption but, some enterprises had some trouble to understand the limited resources in the environment. This research tries to understand how some industries are better oriented to the preservation of the environment through investment for strategic management of scarce resources and try in the best way possible, the contaminants. It was made an industry classification since four different group of theories for Corporate Social Responsibility agree with variables of: investment in environmental care, water protection, and residues treatment finding different levels of commitment with CSR.

Keywords: corporate social responsibility, environment, strategic management, water

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Authors: Veronica Onyemauwa

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This research work examines the socio-ethical issues embedded in resource management and wealth creation in Nigeria, using Akwa Ibom State as a case study. The work is poised to proffer answers to the problematic questions raised, “why is the wealth of Akwa Ibom State not prudently managed, and wastages curbed in order to cater for the satisfaction of the indigent citizens, as Jesus Christ did in the feeding of five thousand people (John 6:12) ? Could ethical and responsible resource management not solve the paradox of poverty stricken people of Akwa Ibom in a rich economy? What ought to be done to better the lot of Akwa Ibomites? The research adopts phenomenological and sociological research methodology with primary and secondary sources of information to explore the socio-ethical issues embedded in resource management and wealth creation in Akwa Ibom State. Findings revealed that, reckless exploitation and mismanagement of the rich natural and human resources of Akwa Ibom State have spelt doom to the economic progress and survival of Akwa Ibomites in particular and Nigerians in general. Hence, hunger and poverty remain adversaries to majority of the people. Again, the culture of diversion of funds and squandermania institutionalized within the confine of Akwa Ibom State government, deter investment in economic enterprises, job and wealth creation that would have yielded economic dividends for Akwa Ibomites. These and many other unwholesome practices are responsible for the present deplorable condition of Akwa Ibom State in particular and Nigerian society in general. As a way out of this economic quagmire, it is imperative that, every unwholesome practice within the State be tackled more proactively and innovatively in the interest of the masses through responsible resource management and wealth creation. It is believed that, an effective leadership, a statesman with vision and commitment would transform the abundant resources to achieve meaningful development, create wealth and reduce poverty. Ethical leadership is required in all the tiers of government and public organizations to transform resources into more wealth. Thus, this paper advocates for ethics of virtue: a paradigm shift from exploitative leadership style to productive leadership style; change from atomistic human relation to corporative human relation; change from being subsistence to abundant in other to maximize the available resources in the State. To do otherwise is unethical and lack moral justification.

Keywords: corrective, mismanagement, resources, virtue ethics

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Authors: Hina Munir Abbasi

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The current paper examines the relationship and diversification ability of Islamic stock indices /conventional stocks indices and Real Estate Investment Trust (REITs).To represent conditional dependency between stocks and REITs in a more realistic way, new modeling technique, time-varying copula with switching dependence is used. It represents reliance structure more accurately and realistically than a single copula regime as dependence may alter between positive and negative correlation regimes with time. The fluctuating behavior of markets has significant impact on economic variables; especially the downward trend during crisis. Overall addition of Real Estate Investment Trust in stocks portfolio reduces risks and provide better diversification benefit. Results varied depending upon the circumstances of the country. REITs provides better diversification benefits for Islamic Stocks, when both markets are bearish and can provide hedging benefit for conventional stocks portfolio.

Keywords: conventional stocks, real estate investment trust, copula, diversification, risk spillover, safe heaven

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Authors: Yu Shan Wang

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Different from other industries, the structure of the tourism industry depends to a large degree the environmental and cultural resources. The industry has to undertake social responsibilities for its commercial behaviour. This paper refers to the seven dimensions of the KLD STATS in 1991-2011 as the indicator to CSR practices. The purpose is to investigate what CSR activities create significant impacts on accounting-based financials and firm values by delving into different CSR dimensions. Meanwhile, this paper takes into consideration S&P 500 and control variables (firm sizes and financial leverage). In fact, the commercial behavior of the tourism-related industry may result in negative impacts on the economy and the society. Therefore, this paper classifies a positive set of CSR elements and a negative set of CSR elements for the tourism-related industry in order to examine their respective effects on short-term profitability and long-term firm values. This can shed light on which CSR dimensions exhibit significant impacts on CFP better than holistic CSR indicators, and hence provide more useful information to investors and corporates. This paper uses quantile regressions to avoid the impact of outliers in the data set. This helps to offer specific information so that companies can make informed decisions.

Keywords: corporate social responsibility, CSR, firm value, tourism, corporate financial performance, CFP

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Authors: Mohammad Maruf Hasan

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Foreign Direct Investment (FDI) has been increased at a remarkable position around the globe in which emerging economies are getting more FDI compared to industrialized economies. This study aims to examine the determinants of inward FDI flows in Bangladesh. To estimate the long and short-run impact of the FDI determinants for 1996-2020, we employed the Autoregressive-Distributed Lag (ARDL) model. Results show that: (1) macroeconomic determinants, such as economic growth, infrastructure, and market size, have a significant and strong positive effect.(2) Inflation exchange rate shows insignificant effects, while trade openness has mixed (short-run negative, long-run positive) effects on FDI inflows in both the long and short run. (3) Current institutional determinants rule of law has a positive effect on FDI inflows but is statistically insignificant, political stability has a negative, and the rule of law has a considerable beneficial impact on inflows of FDI. (4) The macroeconomic factors have been determined to impact Bangladesh's FDI inflows. Finally, a stable macroeconomic climate is more effective at luring FDI, as this study confirms. From a policy perspective, this study will help the government and policymakers to make a new investment policy.

Keywords: determinants, FDI, ARDL, Bangladesh

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Authors: Najmeh Malekpour Bahabadi

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Small fast-developing Iranian cities with a historical background have no defined criteria for their social sustainability. However, their traditional architecture is well-known as a socially and environmentally sustainable role model. In today's cities, citizens' participation has been considered an effective strategy to achieve social sustainability. By scrutinizing the extent and manner of public participation in traditional Iranian cities, taking Yazd's historical context as a case study, this study examines how these criteria can be applied to developing parts of the city. The paper first reviews the concepts, levels, and approaches of public participation to analyze different modes of citizen participation. Then, exploring social behavior and activities in Yazd, using the qualitative-analytical methodology, the paper compares diverse elements influencing participation with contemporary approaches. The findings of this study would lead to suggestions for the developing parts of the city to enhance their socially sustainable development.

Keywords: citizen participation, social behaviors, traditional city, built environment, social sustainability

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Authors: Gabriel Dwomoh, Williams Kwasi Boachie, Kofi Kwarteng

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The study looked at the relationship between organizations’ acquired knowledge, skills, abilities, and shareholders wealth with training playing the mediating role. The sample of the study consisted of organizations that spent 10% or more of its annual budget on training and those whose training budget is less than 10% of the organization’s annual budget. A total of 620 questionnaires were distributed to employees working in various organizations out of which 580 representing 93.5% were retrieved. The respondents that constitute the sample were drawn using convenience sampling. The researchers used regression models for their analyses with the help of SPSS 16.0. Analyzing multiple models, it was discovered that organizations training investment plays a considerable indirect and direct effect with partial mediation between organizations acquired skills, knowledge, abilities, and shareholders wealth. Shareholders should allow their agents to invest part of their holdings to develop the human capital of the organization but this should be done with caution since shareholders returns do not depend much on how much organizations spend in developing its human resource capital.

Keywords: skills, knowledge, abilities, shareholders wealth, training investment

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Authors: Sandra Cecilia Muhirirwe, Bart Van Der Bruggen, Violet Kisakye

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Economic analysis of Rainwater harvesting (RWH) systems is vital in search of a cost-effective solution to water unreliability, especially in low-income countries. There is little literature focusing on the financial aspects of RWH for dairy farmers. The main purpose was to assess the economic viability of rainwater harvesting for diary framers in the Rwenzori region. The study focused on the use of rainwater harvesting systems from the rooftop and collection in above surface tanks. Daily rainfall time series for 12 years was obtained across nine gauging stations. The daily water balance equation was used for optimal sizing of the tank. Economic analysis of the investment was carried out based on the life cycle costs and the accruing benefits for the period of 15 years. Roof areas were varied from 75m2 as the minimum required area to 500m2 while maintaining the same number of cattle and keeping the daily water demand constant. The results show that the required rainwater tank sizes are very large and may be impractical to install due to the strongly varying terrain and the initial cost of investment. In all districts, there is a significant reduction of the volume of the required tank with an increasing collection area. The results further show that increasing the collection area has a minor effect on reducing the required tank size. Generally, for all rainfall areas, the reliability increases with an increase in the roof area. The results indicate that 100% reliability can only be realized with very large collection areas that are impractical to install. The estimated benefits outweigh the cost of investment. The Present Net Value shows that the investment is economically viable and investment with a short payback of a maximum of 3 years for all the time series in the study area.

Keywords: dairy cattle, optimisation, rainwater harvesting, economic analysis

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Authors: Alireza Saviz, Sedigheh Zarei

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Foreign Direct Investment (FDI) is an integral part of an open and effective international economic system and a major catalyst to development. Developing countries, emerging economies and countries in transition have come increasingly to see FDI as a source of economic development modernization, income growth and employment. FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. Exploratory research is being conducted here. The data for the study is collected from secondary sources like research papers, journals, websites and reports. This paper aim was to generate knowledge on Iran’s situation through these factors after lifting sanction in comparison to Turkey. Although the most important factors that influence foreign investor decisions vary depending on the countries, sectors, years, and the objective of investor, nowadays governments should pay more attention to human resources education, marketing, infrastructure and administrative process in order to attracting foreign investors. A proper understanding of these findings will help governments to create appropriate policies in order to encourage more foreign investors

Keywords: foreign direct investment, host country, competitive advantage, FDI

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Authors: Imen Dhaou

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This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.

Keywords: CVaR, Dow Jones Islamic index, GJR-GARCH-EVT-pair copula, portfolio optimization

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Authors: Francis Sichimba

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Literature has increasingly acknowledged the important role that grandparents play in child care with evidence highlighting differences in grand-parental investment between countries and cultures. However, there are very few systematic cross cultural studies on grandparents’ participation in child care. Thus, we decided to conduct this study in Zambia and the Netherlands because the two countries differ rather drastically socially and culturally. The objective of this study was to investigate grand-parental involvement in child care in Zambia and the Netherlands. In line with the general objective, four hypotheses were formulated using nationality, family size, social economic status (SES), attachment security as independent variables. The study sample consisted of 411 undergraduate students from the University of Zambia and the University of Leiden. A questionnaire was used to measure grand-parental involvement in child care. Results indicated that grandparent involvement in child care was prevalent in both Zambia and Netherlands. However, as predicted it was found that Zambian grandparents (M = 9.69, SD=2.40) provided more care for their grandchildren compared to their Dutch counterparts (M = 7.80, SD=3.31) even after controlling for parents being alive. Using hierarchical logistic regression analysis the study revealed that nationality and attachment-related avoidance were significant predictors of grand-parental involvement in child care. It was concluded that grand-parental care is a great resource in offering complementary care in both countries.

Keywords: attachment, care, grand-parenting involvement, social economic status

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Authors: Nayyra Zeb, Fu Qiang, Sundas Rauf

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Foreign Direct Investment (FDI) is often seen as a significant factor of economic development in developing countries like Pakistan. The aim of this article is to investigate the effect of FDI on Pakistan’s economic growth during 1972–2012. Besides FDI, three other variables such as trade openness, political instability and terrorist attacks are also used in this study. The least square method has been applied to check the effect of these variables on GDP of Pakistan. The results show that FDI has a positive significant effect on economic growth of Pakistan.

Keywords: FDI inflows, trade openness, political instability, terrorist attacks

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Authors: Berta Rodrigues Maia, Mariana Marques, Frederica Carvalho

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Introduction: Personality traits play is related to many forms of psychological distress, such as body dissatisfaction. Aim: To explore the associations between appearance schemas and personality traits. Method: 494 Portuguese university students (80.2% females, and 99.2% single), with a mean age of 20.17 years old (SD = 1.77; range: 18-20), filled in the appearance schemas inventory-revised, the NEO personality inventory (a Portuguese short version), and the composite multidimensional perfectionism scale. Results: An independent-samples t-test was conducted to compare the scores in appearance schemas by sex, with a significant difference being found in self-evaluation salience scores [females (M = 37.99, SD = 7.82); males (M = 35.36, SD = 6.60); t (489) = -3.052, p = .002]. Finally, there was no significant difference in motivational salience scores, by sex [females (M = 27.67, SD = 4.84); males (M = 26.70, SD = 4.99); t (489) = -1.748, p = .081]. Having conducted correlations separately, by sex, self-evaluation salience was positively correlated with concern over mistakes (r = .27), doubts about actions (r = .35), and socially prescribed perfectionism (r = .23). moreover, for females, self-evaluation salience was positively correlated with concern over mistakes (r = .34), personal standards (r = .25), doubts about actions (r = .33), parental expectations (r = .24), parental criticism (r = .24), organization (r = .11), socially prescribed perfectionism (r = .31), self-oriented perfectionism (r = .32), and neuroticism (r = .33). concerning motivational salience, in the total sample (not separately, by sex), this scale/dimension significantly correlated with conscientiousness (r = . 18), personal standards (r = .23), socially prescribed perfectionism (r = . 10), and self-oriented perfectionism (r = .29). All correlations were significant at a level of significance of 0.01 (2-tailed), except for socially prescribed perfectionism. All the other correlations (with neuroticism, extroversion, openness, agreeableness, concern over mistakes, doubts about actions, parental expectations, and parental criticism) were not significant. Conclusions: Females seem to value more their self-appearance than males, and, in females, the salience of appearance in life seems to be associated with maladaptive perfectionism, as well as with adaptive perfectionism. In males, the salience of appearance was only related to adaptive perfectionism. These results seem to show that males are more concerned with their own standards regarding appearance, while for females, other's standards are also relevant. In females, the level of the salience of appearance in life seems to relate to the experience of feelings, such as anxiety and depression (neuroticism). The motivation to improve appearance seemed to be particularly related, in both sexes, to adaptive perfectionism (in a general way concerning more the personal standards). Longitudinal studies are needed to clarify the causality of the results. Acknowledgment: This study was carried out under the strategic project of the Centre for Philosophical and Humanistic Studies (CEFH) UID/FIL/00683/2019, funded by the Fundação para a Ciência e a Tecnologia (FCT).

Keywords: appearance schemas, personality traits, university students, sex

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Authors: Ayanda Ndokwana, Stanley Fore

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Industrial prosperity and rapid expansion of human population in South Africa over the past two decades, have increased the use of conventional fossil fuels such as crude oil, coal and natural gas to meet the country’s energy demands. However, the inevitable depletion of fossil fuel reserves, global volatile oil price and large carbon footprint are some of the crucial reasons the South African Government needs to make a considerable investment in the development of the biofuel industry. In South Africa, this industry is still at the introductory stage with no large scale manufacturing plant that has been commissioned yet. Bioethanol is a potential replacement of gasoline which is a fossil fuel that is used in motor vehicles. Using bioethanol for the transport sector as a source of fuel will help Government to save heavy foreign exchange incurred during importation of oil and create many job opportunities in rural farming. In 2007, the South African Government developed the National Biofuels Industrial Strategy in an effort to make provision for support and attract investment in bioethanol production. However, capital investment in the production of bioethanol on a large scale, depends on the sound economic assessment of the available manufacturing technologies. The aim of this study is to evaluate the profitability of an advanced bioethanol manufacturing technology which uses maize as a feedstock in South Africa. The impact of fiber or bran fractionation in this technology causes it to possess a number of merits such as energy efficiency, low capital expenditure, and profitability compared to a conventional dry-mill bioethanol technology. Quantitative techniques will be used to collect and analyze numerical data from suitable organisations in South Africa. The dependence of three profitability indicators such as the Discounted Payback Period (DPP), Net Present Value (NPV) and Return On Investment (ROI) on plant capacity will be evaluated. Profitability analysis will be done on the following plant capacities: 100 000 ton/year, 150 000 ton/year and 200 000 ton/year. The plant capacity with the shortest Discounted Payback Period, positive Net Present Value and highest Return On Investment implies that a further consideration in terms of capital investment is warranted.

Keywords: bioethanol, economic evaluation, maize, profitability indicators

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Authors: Lucian J. Pitt

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The primary purpose of this study is to understand the differences in the relationship between working capital management efficiency, working capital investment decisions and working capital finance decisions and the profitability of firms within the context of two African developing economies, Kenya and Nigeria. The study finds that there is a significant difference in the relationship between the firm’s profitability and the working capital variables which suggests different challenges for working capital management in each of these countries.

Keywords: working capital management, working capital investment, working capital finance, profitability, cash conversion cycle

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Authors: O. Starineca

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Some organizations as employers have difficulties to attract job seekers and retain their employees. Strategic planning of Human Resources (HR) presumes broad analysis of perspectives including analysis of potential job seekers in the field. Human Resources Recruitment (HRR) influences employer brand of an organization and peculiarities of both external organizational factors and stakeholders. Defining peculiarities of the future job seekers, who could potentially become the employees of the organization, could help to adjust HRR tools and methods adapt to the youngest generation employees’ preferences and be more successful in selecting the best candidates, who are likely to be loyal to the employer. The aim of the empirical study is definition of some students’ as job seekers peculiarities and their requirements to their potential employer. The survey in Latvia, Lithuania and Spain. Respondents were students from these countries’ tertiary education institutions Public Administration (PA) or relevant study programs. All three countries students’ peculiarities have just a slight difference. Overall, they all wish to work for a socially responsible employer that is able to provide positive working environment and possibilities for professional development and learning. However, respondents from each country have own peculiarities. The study might have a practical application. PA of the examined countries might use the results developing employer brand and creating job advertisements focusing on recent graduates’ recruitment.

Keywords: generation Y, human resources recruitment, job seekers, public administration

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Authors: D. De Matías Batalla

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This paper develops and extended eclectic paradigm to fit the firm internationalization process with the real international business world. The approach is based on Dunning´s, introducing new concepts like mode of entry, international joint venture o international mergers and acquisitions. At the same time is presented a model to describe the Spanish international mergers and acquisitions in order to determinate the most important factor that influence in this type of foreign direct investment.

Keywords: dunning, eclectic paradigm, foreign direct investment, IJV, international business, international management, multinational firms, firm internationalization process, M&A

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Authors: Nihal Kartaltepe Behram, Göksel Ataman, Dila Okçu

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With the development of foreign direct investments, the social, cultural, political and economic interactions between countries and institutions have become visible and they have become determining factors for the strategic structuring and market goals. In this context the purpose of this study is to investigate the effects of cultural distance and institutions on foreign direct investment choices in terms of location and investment model. For international establishments, the concept of culture, as well as the concept of cultural distance, is taken specifically into consideration, especially in the selection of methods for entering the market. In the researches and empirical studies conducted, a direct relationship between cultural distance and foreign direct investments is set and institutions and effective variable factors are examined at the level of defining the investment types. When the detailed calculation strategies and empirical researches and studies are taken into consideration, the most common methods for determining the direct investment model, considering the cultural distances, are full-ownership enterprises and joint ventures. Also, when all of the factors affecting the investments are taken into consideration, it was seen that the effect of institutions such as Government Intervention, Intellectual Property Rights, Corruption and Contract Enforcements is very important. Furthermore agglomeration is more intense and effective on the investment, compared to other factors. China has been selected as the target country, due to its effectiveness in world economy and its contributions to developing countries, which has commercial relationships with. Qualitative research methods are used for this study conducted, to measure the effects of determinative variable factors in the hypotheses of study, on the direct foreign investors and to evaluate the findings. In this study in-depth interview is used as a data collection method and the data analysis is made through descriptive analysis. Foreign Direct Investments are so reactive to institutions and cultural distance is identified by all interviews and analysis. On the other hand, agglomeration is the most strong determiner factor on foreign direct investors in Chinese Market. The reason of this factors, which comprise the sectorial aggregate, are not the strongest factors as agglomeration that the most important finding. We expect that this study became a beneficial guideline for developed and developing countries and local and national institutions’ strategic plans.

Keywords: China, cultural distance, Foreign Direct Investments, institutions

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Authors: Vera Lucia da S. Ventura, Valmir Alves Ventura, Marcelo E. Fernandes, Marcelo T. Okano, Osmildo S. Santos, Heide Landi

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The paper aims to present the attitude of consumers regarding the environmental practices adopted by Brazilian organizations. It is understood organizations adopt practices about environment is essential, as their internal processes as external actions, the corporative and social changes are considered in this scene. It is observed consumers are important, therefore, more and more they analyze the responsible performance of Brazilian organizations. It was performed a quantitative research through questionnaire for achieving the objectives of this study. The sample was composed by 336 people at capacity consumption fully. The survey results demonstrate environmental management can be an excellent tool for conquering consumers, because consumers realize the great responsibility assumed by organizations regarding to the environment, nowadays. This finding was possible because most of the respondents answered the environmentally responsible behavior of organizations is decisive factor at the purchase’s moment. However, the data revealed consumers do not realize the practices adopted by companies. This lack of awareness may prejudice environmentally responsible organizations’ worth by consumers.

Keywords: environmental management, sustainability, conscious consumption, Brazilian organizations

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Authors: Musthaya Patchanee

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This research aimed to study form of traffic distribution and environmental factors of road that affect traffic accidents in Dusit District, only areas responsible of Samsen Police Station. Data used in this analysis is the secondary data of traffic accident case from year 2011. Observed area units are 15 traffic lines that are under responsible of Samsen Police Station. Technique and method used are the Cartographic Method, the Correlation Analysis, and the Multiple Regression Analysis. The results of form of traffic accidents show that, the Samsen Road area had most traffic accidents (24.29%), second was Rachvithi Road (18.10%), third was Sukhothai Road (15.71%), fourth was Rachasrima Road (12.38%), and fifth was Amnuaysongkram Road (7.62%). The result from Dusit District, only areas responsible of Samsen police station, has suggested that the scale of accidents have high positive correlation with statistic significant at level 0.05 and the frequency of travel (r=0.857). Traffic intersection point (r=0.763)and traffic control equipments (r=0.713) are relevant factors respectively. By using the Multiple Regression Analysis, travel frequency is the only one that has considerable influences on traffic accidents in Dusit district only Samsen Police Station area. Also, a factor in frequency of travel can explain the change in traffic accidents scale to 73.40 (R2 = 0.734). By using the Multiple regression summation from analysis was Y ̂=-7.977+0.044X6.

Keywords: form of traffic distribution, environmental factors of road, traffic accidents, Dusit district

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Authors: Peng Yew Wong

Abstract:

House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

Abstract:

Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

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Authors: Saheed Olakunle Sanusi, Israel Ajibade Adedeji

Abstract:

The study analysed the effect of microfinance on the profit level of small and medium scale enterprises in Lagos. The data for the study were obtained by simple random sampling, and total of one hundred and fifty (150) small and medium scale enterprises (SMEs) were sampled for the study. Seventy-five (75) each are microfinance users and non-users. Data were analysed using descriptive statistics, logit model, t-test and ordinary least square (OLS) regression. The mean profit of the enterprises using microfinance is ₦16.8m, while for the non-users of microfinance is ₦5.9m. The mean profit of microfinance users is statistically different from the non-users. The result of the logit model specified for the determinant of access to microfinance showed that three of specified variables- educational status of the enterprise head, credit utilisation and volume of business investment are significant at P < 0.01. Enterprises with many years of experience, highly educated enterprise heads and high volume of business investment have more potential access to microfinance. The OLS regression model indicated that three parameters namely number of school years, the volume of business investment and (dummy) participation in microfinance were found to be significant at P < 0.05. These variables are therefore significant determinants of impacts of microfinance on profit level in the study area. The study, therefore, concludes and recommends that to improve the status of small and medium scale enterprises for an increase in profit, the full benefit of access to microfinance can be enhanced through investment in social infrastructure and human capital development. Also, concerted efforts should be made to encouraged non-users of microfinance among SMEs to use it in order to boost their profit.

Keywords: credit utilisation, logit model, microfinance, small and medium enterprises

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Authors: Sarkar Humayun Kabir

Abstract:

This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

Procedia PDF Downloads 275